# EDGAR Filing Document

**Accession Number:** 0001000623
**File Stem:** 0001000623-25-000064
**Filing Date:** 2025-11
**Character Count:** 319972
**Document Hash:** bfa6b728e4f5ce4f59b3074159594da4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001000623-25-000064.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001000623-25-000064

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mativ Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001000623
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPER MILLS [2621]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 621612879
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13948
- **FILM NUMBER:** 251459302

**BUSINESS ADDRESS:**
- **STREET 1:** 100 KIMBALL PLACE
- **STREET 2:** SUITE 600
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30009
- **BUSINESS PHONE:** 8005140186

**MAIL ADDRESS:**
- **STREET 1:** 100 KIMBALL PLACE
- **STREET 2:** SUITE 600
- **CITY:** ALPHARETTA
- **STATE:** GA
- **ZIP:** 30009

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCHWEITZER MAUDUIT INTERNATIONAL INC
- **DATE OF NAME CHANGE:** 19950914

?xml version='1.0' encoding='ASCII'? matv-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

---

| | | |
|:---|:---|:---|
| ☒ | | |
| | **For the quarterly period ended** | **September 30, 2025** |

---

**OR**

---

| | |
|:---|:---|
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.** |
| | **For the transition period from __________________to __________________** |

---

**1-13948**

(Commission file number)

 **MATIV HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **62-1612879** |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **100 Kimball Pl,** | **Suite 600** | |
| **Alpharetta,** | **Georgia** | **30009** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**1-770-569-4229** 

(Registrant's telephone number, including area code)

---

| | | |
|:---|:---|:---|
| **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, $0.10 par value | MATV | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Company had 54,681,114 shares of common stock outstanding as of November 3, 2025.

------

**MATIV HOLDINGS, INC.**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| | **Part I. - Financial Information** | |
| Item 1. | <u>[Financial Statements](#ia081d7d453a648ae8c790d2ceb4a1116_13)</u> | <u>[2](#ia081d7d453a648ae8c790d2ceb4a1116_13)</u> |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia081d7d453a648ae8c790d2ceb4a1116_211)</u> | <u>[31](#ia081d7d453a648ae8c790d2ceb4a1116_211)</u> |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ia081d7d453a648ae8c790d2ceb4a1116_229)</u> | <u>[43](#ia081d7d453a648ae8c790d2ceb4a1116_229)</u> |
| Item 4. | <u>[Controls and Procedures](#ia081d7d453a648ae8c790d2ceb4a1116_232)</u> | <u>[43](#ia081d7d453a648ae8c790d2ceb4a1116_232)</u> |
| | **Part II. - Other Information** | |
| Item 1. | <u>[Legal Proceedings](#ia081d7d453a648ae8c790d2ceb4a1116_238)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_238)</u> |
| Item 1A. | <u>[Risk Factors](#ia081d7d453a648ae8c790d2ceb4a1116_241)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_241)</u> |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#ia081d7d453a648ae8c790d2ceb4a1116_244)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_244)</u> |
| Item 3. | <u>[Defaults Upon Senior Securities](#ia081d7d453a648ae8c790d2ceb4a1116_253)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_253)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#ia081d7d453a648ae8c790d2ceb4a1116_256)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_256)</u> |
| Item 5. | <u>[Other Information](#ia081d7d453a648ae8c790d2ceb4a1116_259)</u> | <u>[45](#ia081d7d453a648ae8c790d2ceb4a1116_259)</u> |
| Item 6. | <u>[Exhibits](#ia081d7d453a648ae8c790d2ceb4a1116_262)</u> | <u>[47](#ia081d7d453a648ae8c790d2ceb4a1116_262)</u> |
| <u>[Signatures](#ia081d7d453a648ae8c790d2ceb4a1116_265)</u> | <u>[Signatures](#ia081d7d453a648ae8c790d2ceb4a1116_265)</u> | <u>[48](#ia081d7d453a648ae8c790d2ceb4a1116_265)</u> |

---

------

**PART I - FINANCIAL INFORMATION**

**Item 1. *Financial Statements***

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)**

**(in millions, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net sales | $513.7 | $498.5 | $1523.9 | $1522.5 |
| &nbsp;&nbsp;&nbsp;Cost of products sold | 414.3 | 404.9 | 1248.2 | 1236.0 |
| Gross profit | 99.4 | 93.6 | 275.7 | 286.5 |
| &nbsp;&nbsp;&nbsp;Selling and general expense | 53.7 | 54.3 | 174.2 | 181.0 |
| &nbsp;&nbsp;&nbsp;Research and development expense | 5.6 | 5.7 | 18.6 | 17.5 |
| &nbsp;&nbsp;&nbsp;Intangible asset amortization expense | 16.0 | 15.4 | 47.3 | 46.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonmanufacturing expenses | 75.3 | 75.4 | 240.1 | 245.4 |
| &nbsp;&nbsp;&nbsp;Goodwill impairment expense |  |  | 411.9 |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other impairment expense | 8.1 | 11.2 | 18.2 | 37.4 |
| Operating profit (loss) | 16.0 | 7.0 | (394.5) | 3.7 |
| &nbsp;&nbsp;&nbsp;Interest expense | 17.7 | 18.3 | 54.1 | 55.0 |
| &nbsp;&nbsp;Other expense, net | (3.9) | (12.7) | (4.2) | (12.1) |
| &nbsp;&nbsp;Loss before income taxes | (5.6) | (24.0) | (452.8) | (63.4) |
| &nbsp;&nbsp;Income tax benefit, net | (2.4) | (3.2) | (14.6) | (13.2) |
| Net loss | $(3.2) | $(20.8) | $(438.2) | $(50.2) |
| Net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.06) | $(0.38) | $(8.04) | $(0.93) |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.06) | $(0.38) | $(8.04) | $(0.93) |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 54671900 | 54327500 | 54582100 | 54305800 |
| &nbsp;&nbsp;&nbsp;Diluted | 54671900 | 54327500 | 54582100 | 54305800 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(in millions)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(3.2) | $(20.8) | $(438.2) | $(50.2) |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (0.7) | 21.7 | 10.4 | 10.9 |
| &nbsp;&nbsp;Unrealized loss on derivative instruments | (3.3) | (13.5) | (15.1) | (13.8) |
| &nbsp;&nbsp;Net gain (loss) from postretirement benefit plans | (8.3) | 0.2 | (8.2) | 0.5 |
| Other comprehensive income (loss) | (12.3) | 8.4 | (12.9) | (2.4) |
| Comprehensive loss | $(15.5) | $(12.4) | $(451.1) | $(52.6) |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in millions, except per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,** <br>**2025** | **December 31, 2024** |
| **ASSETS** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $97.1 | $94.3 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 5.8 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 200.6 | 162.4 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 330.3 | 355.1 |
| &nbsp;&nbsp;&nbsp;Income taxes receivable | 16.7 | 20.6 |
| &nbsp;&nbsp;&nbsp;Other current assets | 21.9 | 25.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 672.4 | 658.1 |
| Property, plant and equipment, net | 614.6 | 620.3 |
| Finance lease right-of-use assets | 16.2 | 16.2 |
| Operating lease right-of-use assets | 49.9 | 46.4 |
| Deferred income tax benefits | 0.1 | 8.1 |
| Goodwill | 57.3 | 465.6 |
| Intangible assets, net | 528.9 | 553.4 |
| Other assets | 62.1 | 79.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2001.5 | $2447.9 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Current debt | $2.9 | $2.6 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 1.7 | 1.6 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 9.2 | 9.5 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 185.1 | 151.7 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 2.7 | 8.4 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 113.1 | 100.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 314.7 | 274.5 |
| Long-term debt | 1026.0 | 1086.7 |
| Finance lease liabilities, noncurrent | 16.4 | 16.3 |
| Operating lease liabilities, noncurrent | 40.0 | 36.4 |
| Pension and other postretirement benefits | 56.0 | 54.3 |
| Deferred income tax liabilities | 80.6 | 100.9 |
| Other liabilities | 70.4 | 20.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1604.1 | 1589.4 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding |  |  |
| Common stock, $0.10 par value; 100,000,000 shares authorized; 54,681,114 and 54,335,830 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 5.5 | 5.4 |
| &nbsp;&nbsp;&nbsp;Additional paid-in-capital | 682.6 | 675.7 |
| &nbsp;&nbsp;Retained earnings (accumulated deficit) | (290.9) | 164.3 |
| &nbsp;&nbsp;Accumulated other comprehensive income, net of tax | 0.2 | 13.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 397.4 | 858.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2001.5 | $2447.9 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(in millions, except per share amounts)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In Capital** | **Retained Earnings (Accumulated Deficit)** | **Accumulated Other Comprehensive Income** | |
| | **Shares** | **Amount** | **Additional<br>Paid-In Capital** | **Retained Earnings (Accumulated Deficit)** | **Accumulated Other Comprehensive Income** |<br>**Total** |
| **Balance, June 30, 2024** | **54324185** | $**5.4** | $**669.7** | $**194.6** | $**28.3** | $**898.0** |
| &nbsp;&nbsp;Net loss |  |  |  | (20.8) |  | (20.8) |
| &nbsp;&nbsp;Other comprehensive income, net of tax |  |  |  |  | 8.4 | 8.4 |
| &nbsp;&nbsp;Dividends paid ($0.10 per share) |  |  |  | (5.5) |  | (5.5) |
| &nbsp;&nbsp;Issuances of common stock under stock-based compensation plan | 1928 |  |  |  |  |  |
| &nbsp;&nbsp;Stock-based employee compensation expense<sup>(1)</sup> |  |  | 2.0 |  |  | 2.0 |
| &nbsp;&nbsp;&nbsp;Stock issued to directors as compensation | 2800 |  | 0.3 |  |  | 0.3 |
| &nbsp;&nbsp;&nbsp;Shares withheld for employee taxes |  |  | (0.1) |  |  | (0.1) |
| **Balance, September 30, 2024** | **54328913** | $**5.4** | $**671.9** | $**168.3** | $**36.7** | $**882.3** |
| **Balance, June 30, 2025** | **54648991** | $**5.5** | $**680.7** | $**(282.1)** | $**12.5** | $**416.6** |
| &nbsp;&nbsp;Net loss |  |  |  | (3.2) |  | (3.2) |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (12.3) | (12.3) |
| &nbsp;&nbsp;Dividends paid ($0.10 per share) |  |  |  | (5.6) |  | (5.6) |
| &nbsp;&nbsp;Issuances of common stock under stock-based compensation plan | 32123 |  |  |  |  |  |
| &nbsp;&nbsp;Stock-based employee compensation expense |  |  | 1.9 |  |  | 1.9 |
| &nbsp;&nbsp;&nbsp;Stock issued to directors as compensation |  |  | 0.1 |  |  | 0.1 |
| &nbsp;&nbsp;&nbsp;Shares withheld for employee taxes |  |  | (0.1) |  |  | (0.1) |
| **Balance, September 30, 2025** | **54681114** | $**5.5** | $**682.6** | $**(290.9)** | $**0.2** | $**397.4** |
| <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(in millions, except per share amounts)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income** | |
| | **Shares** | **Amount** | **Additional<br>Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income** |<br>**Total** |
| **Balance, December 31, 2023** | **54211124** | $**5.4** | $**669.6** | $**235.0** | $**39.1** | $**949.1** |
| &nbsp;&nbsp;Net loss |  |  |  | (50.2) |  | (50.2) |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (2.4) | (2.4) |
| &nbsp;&nbsp;Dividends paid ($0.30 per share) |  |  |  | (16.5) |  | (16.5) |
| &nbsp;&nbsp;Issuances of common stock under stock-based compensation plan | 106248 |  |  |  |  |  |
| &nbsp;&nbsp;Stock-based employee compensation expense<sup>(1)</sup> |  |  | 2.3 |  |  | 2.3 |
| &nbsp;&nbsp;&nbsp;Stock issued to directors as compensation | 11541 |  | 0.8 |  |  | 0.8 |
| &nbsp;&nbsp;&nbsp;Shares withheld for employee taxes |  |  | (0.8) |  |  | (0.8) |
| **Balance, September 30, 2024** | **54328913** | $**5.4** | $**671.9** | $**168.3** | $**36.7** | $**882.3** |
| **Balance, December 31, 2024** | **54335830** | $**5.4** | $**675.7** | $**164.3** | $**13.1** | $**858.5** |
| &nbsp;&nbsp;Net loss |  |  |  | (438.2) |  | (438.2) |
| &nbsp;&nbsp;Other comprehensive loss, net of tax |  |  |  |  | (12.9) | (12.9) |
| &nbsp;&nbsp;Dividends paid ($0.30 per share) |  |  |  | (17.0) |  | (17.0) |
| &nbsp;&nbsp;Issuances of common stock under stock-based compensation plan | 280367 | 0.1 |  |  |  | 0.1 |
| &nbsp;&nbsp;Stock-based employee compensation expense |  |  | 7.8 |  |  | 7.8 |
| &nbsp;&nbsp;&nbsp;Stock issued to directors as compensation | 18614 |  | 0.5 |  |  | 0.5 |
| &nbsp;&nbsp;&nbsp;Deferred compensation directors stock trust | 46303 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares withheld for employee taxes |  |  | (1.4) |  |  | (1.4) |
| **Balance, September 30, 2025** | **54681114** | $**5.5** | $**682.6** | $**(290.9)** | $**0.2** | $**397.4** |
| <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. | <sup>(1)</sup>Includes the impact of the equity-to-liability modification of certain restricted stock awards. |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| *Operating* |  |  |
| Net loss | $(438.2) | $(50.2) |
| &nbsp;&nbsp;Adjustments to reconcile Net loss to Net cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 106.3 | 108.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred issuance costs | 6.2 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment | 411.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other impairments | 11.3 | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (19.5) | (22.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefits | (2.9) | (4.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 8.6 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets | (0.8) | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on foreign currency transactions | 5.8 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 6.8 | (2.9) |
| &nbsp;&nbsp;&nbsp;Other operating | (3.5) | (2.2) |
| &nbsp;&nbsp;&nbsp;Changes in operating working capital, net of assets acquired: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (34.3) | (33.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 22.5 | (14.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (0.4) | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other current liabilities | 37.1 | 47.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes | (2.4) | 1.8 |
| &nbsp;&nbsp;&nbsp;Net changes in operating working capital | 22.5 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operations | 114.5 | 70.7 |
| *Investing* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital spending | (28.7) | (32.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets | 2.9 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash received from (paid on) settlement of cross-currency swap contracts | 3.4 | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing | (0.6) | 0.7 |
| Net cash used in investing of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | (23.0) | (29.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | (12.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing | (23.0) | (41.4) |

---

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| *Financing* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (16.8) | (16.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 64.0 | 127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (131.1) | (97.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on financing lease obligations | (2.5) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares withheld for employee taxes | (1.4) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing | (87.8) | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on Cash and cash equivalents and Restricted cash | 4.9 | 0.5 |
| Increase in Cash and cash equivalents and Restricted cash | 8.6 | 42.0 |
| Cash and cash equivalents and Restricted cash at beginning of period | 94.3 | 120.2 |
| Cash and cash equivalents and Restricted cash at end of period | $102.9 | $162.2 |
| **Supplemental Cash Flow Disclosures** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, net | $55.2 | $63.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes, net | $9.4 | $8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital spending in Accounts payable and Accrued expenses and other current liabilities | $4.0 | $6.5 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 1. General**

**Nature of Business**

***Organization and operations*** - Mativ Holdings, Inc. ("Mativ," "we," "our," or the "Company") is a global leader in specialty materials, solving our customers' most complex challenges by engineering bold, innovative solutions that connect, protect, and purify our world. Mativ manufactures globally through our family of business-to-business and consumer product brands. Mativ targets premium applications across diversified and growing end-markets, from filtration to healthcare to sustainable packaging and more. Our broad portfolio of technologies combines polymers, fibers, and resins to optimize the performance of our customers' products across multiple stages of the value chain.

The Engineered Papers business ("EP business"), sold in November 2023 (the "EP Divestiture"), is presented as a discontinued operation where applicable. The unaudited condensed consolidated financial statements and the notes thereto, unless otherwise indicated, are on a continuing operations basis.

***Reportable Segments*** - the Company has two reportable segments: (1) Filtration & Advanced Materials ("FAM"), focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products, and (2) Sustainable & Adhesive Solutions ("SAS") focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions.

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions on Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC") and do not include all the information and disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025.

**Reclassifications**

Selling expense and General expense prior year amounts in the Condensed Consolidated Statements of Income (Loss) have been reclassified to Selling and general expense and Intangible asset amortization expense to conform to the current year presentation for comparative purposes.

**Use of Estimates**

The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the revenues and expenses during the reporting period. Actual results could differ significantly from these estimates. The significant estimates underlying our unaudited condensed consolidated financial statements include, but are not limited to, inventory valuation, goodwill valuation, useful lives of tangible and intangible assets, equity-based compensation, derivatives, receivables valuation, pension, postretirement and other benefits, taxes and contingencies.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Recently Adopted Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendment enhances reportable segment disclosure requirements, primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. The amendments in this ASU became effective on a retrospective basis for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025. The adoption of this standard is reflected in Note 14. Segment Information.

**Recently Issued Accounting Pronouncements**

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The adoption of this accounting standard will not have an impact on our consolidated financial statements, but this standard will require certain additional disclosures.

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures." The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." The ASU provide entities with a practical expedient to simplify the estimation of expected credit losses on current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers, by allowing the assumption that current conditions as of the balance sheet date will not change during the remaining life of the asset. The ASU is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The ASU modernizes existing internal use software guidance to adapt to concepts and processes present in an agile development environment. Key amendments include the elimination of software project development stages in favor of a requirement to commence capitalization once management has authorized the project, committed to funding, and project completion is probable. This ASU is effective for interim and annual reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements.

**Note 2. Revenue Recognition**

The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company's manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in Net sales. The cost the Company pays to deliver finished goods to our customers is recorded as a component of Cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods.

Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the promised goods or services is transferred to the customer, in an amount

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Generally, the Company considers collectability of amounts due under a contract to be probable upon inception of a sale based on an evaluation of the credit worthiness of each customer. If collectability is not considered to be probable, the Company defers recognition of revenue on satisfied performance obligations until the uncertainty is resolved. We record estimates for credit losses based on our expectations for the collectability of amounts due from customers, considering historical collections, expectations for future activity and other discrete events as applicable.

Variable consideration, such as discounts or price concessions, is set forth in the terms of the contract at inception and is included in the assessment of the transaction price at the outset of the arrangement. The transaction price is allocated to the individual performance obligations due under the contract based on the relative stand-alone fair value of the performance obligations identified in the contract. The Company typically uses an observable price to determine the stand-alone selling price for separate performance obligations.

The Company does not typically include extended payment terms or significant financing components in its contracts with customers. Certain sales contracts may include cash-based incentives (volume rebates or credits), which are accounted for as variable consideration. We estimate these amounts at least quarterly based on the expected forecast quantities to be provided to customers and adjust revenues recognized accordingly. Incidental items that are immaterial in the context of the contract are recognized as expense in the period incurred. The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Selling and general expense. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As a practical expedient, the Company treats shipping and handling activities that occur after control of the good transfers as fulfillment activities, and therefore, does not account for shipping and handling costs as a separate performance obligation.

Net sales are attributed to the following geographic locations of the Company's direct customers during the three months ended September 30, 2025 and 2024 were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **FAM** | **SAS** | **Total** | **FAM** | **SAS** | **Total** |
| United States | $107.2 | $184.6 | $291.8 | $101.2 | $178.1 | $279.3 |
| Europe  | 49.6 | 86.8 | 136.4 | 46.0 | 83.4 | 129.4 |
| Asia-Pacific | 28.9 | 19.8 | 48.7 | 32.2 | 21.1 | 53.3 |
| Americas (excluding U.S.) | 7.3 | 17.5 | 24.8 | 7.0 | 19.4 | 26.4 |
| Other foreign countries | 5.3 | 6.7 | 12.0 | 3.2 | 6.9 | 10.1 |
| &nbsp;&nbsp;&nbsp;Net sales | $198.3 | $315.4 | $513.7 | $189.6 | $308.9 | $498.5 |

---

Net sales are attributed to the following geographic locations of the Company's direct customers during the nine months ended 2025 and 2024 were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **FAM** | **SAS** | **Total** | **FAM** | **SAS** | **Total** |
| United States | $320.2 | $541.5 | $861.7 | $326.3 | $515.3 | $841.6 |
| Europe  | 145.8 | 255.8 | 401.6 | 150.6 | 259.5 | 410.1 |
| Asia-Pacific | 87.6 | 57.4 | 145.0 | 96.2 | 64.7 | 160.9 |
| Americas (excluding U.S.) | 20.9 | 54.6 | 75.5 | 18.1 | 61.5 | 79.6 |
| Other foreign countries | 15.8 | 24.3 | 40.1 | 7.5 | 22.8 | 30.3 |
| &nbsp;&nbsp;&nbsp;Net sales | $590.3 | $933.6 | $1523.9 | $598.7 | $923.8 | $1522.5 |

---

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Net sales as a percentage by product category for the business were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Filtration & netting | 26% | 25% | 26% | 25% |
| Advanced films | 13% | 13% | 13% | 14% |
| Tapes, labels & liners | 29% | 30% | 29% | 30% |
| Paper & packaging | 17% | 17% | 17% | 17% |
| Healthcare & other | 15% | 15% | 15% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | 100% | 100% | 100% | 100% |

---

FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets.

*Filtration & netting –* includes high efficiency filtration media and components used in transportation applications, water filtration, industrial processes, life science, HVAC, and air pollution control, as well as extruded mesh products used in agriculture, and various packaging applications.

*Advanced films –* includes paint protection films used in the transportation aftermarket channel, optical films for glass and glazing applications, interlayer films and lamination for ballistic resistance, medical films and composites for advanced wound care and consumer products, security glass, high-performance graphic substrates, and emerging smart glass applications.

SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets.

*Tapes, labels & liners* – includes substrates for tapes used in building & construction, infrastructure, DIY, athletic, and industrial applications, substrates critical to protection and adhesive separation (including release liners and carriers) for applications in the personal care, label, tape, industrial, graphic arts, composites, and medical categories, as well as performance labels, and cable wrapping.

*Paper & packaging –* includes premium printing and other specialty papers and packaging applications used for print collateral, advertising, direct mail, product packaging, graphics, wallpaper, and education, as well as consumer office, stationery and craft papers sold to large retailers, for small business, personal use and educational applications.

*Healthcare & other –* includes advanced wound care, consumer wellness, device fixation, medical packaging, as well as a wide range of other solutions and applications.

**Transfer of Receivables**

On December 23, 2022, and further amended on October 20, 2023, the Company entered into an accounts receivables sales agreement (the "Receivables Sales Agreement") to sell certain trade receivables arising from revenue transactions of the Company's U.S. subsidiaries on a revolving basis. The maximum funding commitment of the Receivables Sales Agreement is $175.0 million. The agreement has an initial term of three years. On November 5, 2025, the Company entered into an amendment to the Receivable Sales Agreement to, among other things, (1) extend the term until November 5, 2026, and (2) reduce the maximum funding commitment from $175.0 million to $150.0 million.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

In connection with the Receivables Sales Agreement, the Company formed a separate bankruptcy-remote special purpose entity ("SPE"), which is a wholly owned and controlled subsidiary. The Company continuously transfers receivables to the SPE and the SPE transfers ownership and control of certain receivables that meet certain qualifying conditions to a third-party financial institution in exchange for cash. Certain receivables are held by the SPE and are pledged to secure the collectability of the sold receivables.

The amount of receivables pledged as collateral as of September 30, 2025 and December 31, 2024 was $30.0 million and $28.7 million, respectively. The SPE incurs fees due to the third-party financial institution related to accounts receivable sales transactions.

The Company has continuing involvement with the receivables transferred by the SPE to the third-party financial institution by providing collection services.

The Company also participates in uncommitted trade accounts receivable sales programs ("Reverse Receivables Programs") under which certain trade receivables are sold, without recourse, to a third-party financial institution in exchange for cash. The Company does not retain any interest in or continuing involvement with the invoices after they are sold. The invoices are sold at face value, less a transaction fee.

The Company accounts for transactions under the Receivables Sales Agreement and Reverse Receivables Programs as sales of financial assets, with the associated receivables derecognized from the Company's unaudited Condensed Consolidated Balance Sheets. Total fees related to the Receivables Sales Agreement and Reverse Receivables Programs are considered to be a loss on the sale of financial assets. Continuous cash activity related to the Receivables Sales Agreement and Reverse Receivables Programs is reflected in cash from operating activities in the unaudited Condensed Consolidated Statements of Cash Flows.

The following table summarizes the activity under the Receivables Sales Agreement and Reverse Receivables Programs (in millions):

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| Trade accounts receivable sold to financial institutions | $797.7 | $778.7 |
| Cash proceeds from financial institutions | $797.2 | $778.1 |

---

**Note 3. Other Comprehensive Income (Loss)**

Comprehensive loss includes Net loss, as well as items charged directly to stockholders' equity, which are excluded from Net loss. The Company has presented Comprehensive loss in the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Reclassification adjustments of derivative instruments from Accumulated other comprehensive income, net of tax are presented in Other expense, net or Interest expense in the unaudited Condensed Consolidated Statements of Income (Loss). Refer to Note 10. Derivatives for additional information. Amortization of accumulated pension and other post-employment benefit ("OPEB") liabilities are included in the computation of net pension and OPEB costs, which are discussed in Note 12. Postretirement and Other Benefits.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Components of Accumulated other comprehensive income, net of tax, were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,** <br>**2025** | **December 31, 2024** |
| Accumulated pension and OPEB liability adjustments, net of income tax benefit of $4.8 million and $4.7 million at September 30, 2025 and December 31, 2024, respectively | $(28.9) | $(20.7) |
| Accumulated unrealized gain on derivative instruments, net of income tax expense of $10.2 million and $10.2 million at September 30, 2025 and December 31, 2024, respectively | 4.8 | 19.9 |
| Accumulated unrealized foreign currency translation adjustments, net of income tax benefit of $15.5 million and $14.6 million at September 30, 2025 and December 31, 2024, respectively | 24.3 | 13.9 |
| &nbsp;&nbsp;Accumulated other comprehensive income, net of tax | $0.2 | $13.1 |

---

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Changes in the components of Accumulated other comprehensive income, net of tax, were as follows (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Pre-tax** | **Tax** | **Net of<br>Tax** | **Pre-tax** | **Tax** | **Net of<br>Tax** |
| Pension and OPEB liability adjustments | $(8.3) | $— | $(8.3) | $(0.1) | $0.3 | $0.2 |
| Derivative instrument adjustments | (3.3) |  | (3.3) | (17.0) | 3.5 | (13.5) |
| Unrealized foreign currency translation adjustments | (1.0) | 0.3 | (0.7) | 18.9 | 2.8 | 21.7 |
| &nbsp;&nbsp;Total | $(12.6) | $0.3 | $(12.3) | $1.8 | $6.6 | $8.4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Pre-tax** | **Tax** | **Net of<br>Tax** | **Pre-tax** | **Tax** | **Net of<br>Tax** |
| Pension and OPEB liability adjustments | $(8.3) | $0.1 | $(8.2) | $0.3 | $0.2 | $0.5 |
| Derivative instrument adjustments | (15.1) |  | (15.1) | (15.7) | 1.9 | (13.8) |
| Unrealized foreign currency translation adjustments | 9.5 | 0.9 | 10.4 | 7.7 | 3.2 | 10.9 |
| &nbsp;&nbsp;Total | $(13.9) | $1.0 | $(12.9) | $(7.7) | $5.3 | $(2.4) |

---

**Note 4. Net Loss Per Share**

The Company uses the two-class method to calculate Net loss per share. The Company has granted restricted stock that contains non-forfeitable rights to dividends on unvested shares. Since these unvested shares are considered participating securities under the two-class method, the Company allocates loss per share to common stock and participating securities according to dividends declared and participation rights in undistributed earnings.

Diluted net loss per common share is computed based on Net loss divided by the weighted average number of common and potential common shares outstanding. Potential common shares during the respective periods are those related to dilutive stock-based compensation, including long-term stock-based incentive compensation and directors' accumulated deferred stock compensation, which may be received by the directors in the form of stock or cash.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

A reconciliation of the average number of common and potential common shares outstanding used in the calculations of basic and diluted net loss per share follows (in millions, shares in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Numerator (basic and diluted): |  |  |  |  |
| &nbsp;&nbsp;Net loss | $(3.2) | $(20.8) | $(438.2) | $(50.2) |
| &nbsp;&nbsp;Less: Dividends to participating securities | (0.2) | (0.1) | (0.5) | (0.2) |
| Net loss attributable to Common Stockholders | $(3.4) | $(20.9) | $(438.7) | $(50.4) |
| Denominator: |  |  |  |  |
| &nbsp;&nbsp;Average number of common shares outstanding | 54671.9 | 54327.5 | 54582.1 | 54305.8 |
| &nbsp;&nbsp;Effect of dilutive stock-based compensation<sup>(1)</sup> |  |  |  |  |
| Average number of common and potential common shares outstanding | 54671.9 | 54327.5 | 54582.1 | 54305.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Diluted loss per share excludes an immaterial amount of weighted average potential common shares for the three and nine months ended September 30, 2025 and 2024 as their inclusion would be anti-dilutive.

**Note 5. Inventories, Net**

Inventories, net are valued at the lower of cost (using the first-in, first-out and weighted average methods) or net realizable value. The Company's costs included in inventory primarily include resins, pulp, chemicals, direct labor, utilities, maintenance, depreciation, finishing supplies and an allocation of certain overhead costs. Machine start-up costs or unplanned machine shutdowns are expensed in the period incurred and are not reflected in inventory. The Company reviews inventories at least quarterly to determine the necessity of write-offs for excess, obsolete or unsalable inventory. The Company estimates write-offs for inventory obsolescence and shrinkage based on its judgment of future realization. These reviews require the Company to assess customer and market demand. There were no material inventory write-offs during the three and nine months ended September 30, 2025 and 2024.

The following table summarizes inventories by major class (in millions):&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| Raw materials | $118.1 | $125.8 |
| Work in process | 55.7 | 53.5 |
| Finished goods | 143.2 | 160.7 |
| Supplies and other | 13.3 | 15.1 |
| &nbsp;&nbsp;&nbsp;Total inventories | $330.3 | $355.1 |

---

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 6. Goodwill**

The changes in the carrying amount of goodwill by reportable segment were as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **FAM** | **SAS** | **Total** |
| Balance at December 31, 2024 | $411.9 | $53.7 | $465.6 |
| &nbsp;&nbsp;Goodwill impairment | (411.9) |  | (411.9) |
| &nbsp;&nbsp;Foreign currency translation |  | 3.6 | 3.6 |
| Balance at September 30, 2025 | $— | $57.3 | $57.3 |

---

Accumulated impairment loss for the FAM segment was $411.9 million as of September 30, 2025. Accumulated impairment loss for the SAS segment was $401.0 million as of September 30, 2025.

During the first quarter of 2025, primarily in response to a sustained decline in the Company's share price, an interim quantitative goodwill impairment test was performed.

The fair value of a reporting unit is determined based on an income approach, utilizing estimated future cash flows discounted at a rate commensurate with the risk involved. This approach considers significant assumptions including projections of future performance, specifically our ability to sustain and grow market share at forecasted margins. It also includes significant assumptions regarding the rate a market participant would use to discount those cash flows. Changes in these assumptions could have a significant impact on the assessment of fair value. The fair value of each reporting unit was estimated using the income approach; however, management also evaluated the fair value under the market approach to ensure the reasonableness of the estimated fair values.

While significant estimates and assumptions related to forecasted future cash flows used in the March 1, 2025, interim impairment test were generally aligned with those used in the annual impairment test performed as of October 1, 2024, the discount rate for the FAM reporting unit which is aligned with the operating and reportable segment, was increased to 14%, to reflect a market participant view of additional risk associated with achieving forecasted cash flows in the growing end markets with which FAM is aligned. The interim impairment test resulted in a full impairment of all goodwill attributable to the FAM reporting unit.

The fair value of the SAS reporting unit, also aligned with the operating and reportable segment, was estimated to exceed its carrying value by approximately 6% as of March 1, 2025. Forecasted cash flows for SAS are primarily aligned with both growing and mature end markets, therefore it is subject to less risk than FAM. The interim impairment test for SAS utilized a discount rate and long-term growth rate of 10.5% and 2%, respectively.

The Company's ability to achieve forecasted cash flows in SAS may be negatively impacted by factors including, but not limited to, deterioration of general economic conditions, seasonal or cyclical market and industry fluctuations, adverse changes in our end-market sectors, and the imposition of tariffs and other trade barriers.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 7. Intangible Assets**

The gross carrying amount and accumulated amortization for intangible assets as of September 30, 2025 consisted of the following (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Amount** |
| **Amortized Intangible Assets** | **Amortized Intangible Assets** | **Amortized Intangible Assets** | **Amortized Intangible Assets** |
| &nbsp;&nbsp;&nbsp;Customer relationships | $756.2 | $300.6 | $455.6 |
| &nbsp;&nbsp;&nbsp;Acquired and developed technology | 93.2 | 57.0 | 36.2 |
| &nbsp;&nbsp;&nbsp;Trade names | 49.4 | 12.4 | 37.0 |
| &nbsp;&nbsp;&nbsp;Non-compete agreements | 2.9 | 2.9 |  |
| &nbsp;&nbsp;&nbsp;Patents | 1.9 | 1.8 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $903.6 | $374.7 | $528.9 |

---

The gross carrying amount and accumulated amortization for intangible assets as of December 31, 2024 consisted of the following (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross<br>Carrying<br>Amount** | **Accumulated<br>Amortization** | **Net<br>Carrying<br>Amount** |
| **Amortized Intangible Assets** | **Amortized Intangible Assets** | **Amortized Intangible Assets** | **Amortized Intangible Assets** |
| &nbsp;&nbsp;&nbsp;Customer relationships | $726.6 | $254.3 | $472.3 |
| &nbsp;&nbsp;&nbsp;Acquired and developed technology | 90.3 | 47.9 | 42.4 |
| &nbsp;&nbsp;&nbsp;Trade names | 47.2 | 9.4 | 37.8 |
| &nbsp;&nbsp;&nbsp;Non-compete agreements | 2.9 | 2.9 |  |
| &nbsp;&nbsp;&nbsp;Patents | 1.9 | 1.0 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $868.9 | $315.5 | $553.4 |

---

Amortization expense of intangible assets was $16.0 million and $15.4 million for the three months ended September 30, 2025 and 2024, respectively, and $47.3 million and $46.9 million for the nine months ended September 30, 2025 and 2024, respectively. Intangibles are expensed using the straight-line amortization method.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 8. Restructuring and Other Impairment Activities**

In January 2024, we announced an organizational realignment initiative (the "Plan") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. Activities associated with a first wave of the Plan were completed during 2024, with additional initiatives expected through 2026. Restructuring activities associated with the current initiative are substantially complete; additional costs are not expected to be significant.

During the third quarter of 2025, we recognized an impairment charge of $4.7 million associated with long-lived assets at one of our North American facilities, which will be closed during the fourth quarter of 2025.

Assets held for sale of $5.0 million and $10.3 million were included in Other current assets as of September 30, 2025 and December 31, 2024, respectively.

The following table summarizes total restructuring and other impairment expense (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Filtration and Advanced Materials**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and termination benefits | $0.7 | $0.3 | $2.8 | $3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other exit costs | 0.4 | 0.4 | 1.2 | 1.4 |
| &nbsp;&nbsp;FAM restructuring expense | 1.1 | 0.7 | 4.0 | 5.2 |
| **Sustainable and Adhesive Solutions**<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and termination benefits | 1.0 | 0.5 | 1.4 | 10.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other exit costs |  | 1.0 | 0.1 | 2.1 |
| &nbsp;&nbsp;SAS restructuring expense | 1.0 | 1.5 | 1.5 | 12.7 |
| **Unallocated** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and termination benefits |  | 0.1 | 1.4 | 3.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other exit costs |  |  |  |  |
| &nbsp;&nbsp;Unallocated restructuring expense |  | 0.1 | 1.4 | 3.4 |
| Total restructuring expense | 2.1 | 2.3 | 6.9 | 21.3 |
| **Filtration and Advanced Materials** |  |  |  |  |
| &nbsp;&nbsp;Other impairment expense | 6.0 |  | 11.3 |  |
| **Sustainable and Adhesive Solutions** |  |  |  |  |
| &nbsp;&nbsp;Other impairment expense |  | 8.9 |  | 16.1 |
| Total restructuring and other impairment expense | $8.1 | $11.2 | $18.2 | $37.4 |

---

<sup>(1)</sup> Includes costs associated with facility closures initiated in prior years of $0.4 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively and $1.2 million and $2.0 million for the nine months ended September 30, 2025 and 2024, respectively. Through September 30, 2025, the Company has recognized accumulated restructuring and impairment charges of $11.4 million related to an ongoing facility closure. During the remainder of 2025, the Company expects to record additional restructuring costs in the FAM segment, not expected to exceed $0.5 million related to the closure of this facility.

<sup>(2)</sup> Includes costs associated with facility closures initiated in prior years of $0.8 million and $2.4 million for the three and nine months ended September 30, 2024, respectively, related to facilities closed in prior years.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table summarizes changes in restructuring liabilities (in millions):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Balance at beginning of the period | $2.2 | $3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges for restructuring programs | 6.9 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments and other | (4.9) | (22.3) |
| Balance at end of the period | $4.2 | $2.8 |

---

Restructuring liabilities were classified within Accrued expenses and other current liabilities and Other liabilities in the unaudited Condensed Consolidated Balance Sheets.

**Note 9. Debt**

Total debt, net of debt issuance costs, is summarized in the following table (in millions):

---

| | | |
|:---|:---|:---|
| | **September 30,** <br>**2025** | **December 31, 2024** |
| Revolving facility - U.S. dollar borrowings | $172.0 | $237.0 |
| Term loan A facility | 83.3 | 83.3 |
| Term loan B facility | 116.5 | 116.5 |
| Delayed draw term loan | 270.1 | 270.1 |
| 8.000% Senior unsecured notes due October 1, 2029 | 400.0 | 400.0 |
| German loan agreement | 4.4 | 5.9 |
| Debt issuance costs | (17.4) | (23.5) |
| &nbsp;&nbsp;&nbsp;Total debt | 1028.9 | 1089.3 |
| &nbsp;&nbsp;&nbsp;Less: Current debt | (2.9) | (2.6) |
| Total long-term debt | $1026.0 | $1086.7 |

---

**Credit Facility** 

On September 25, 2018, the Company entered into a $700.0 million credit agreement (the "Credit Agreement"), which replaced the Company's previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the "Revolving Credit Facility") and a seven-year $200.0 million bank term loan facility (the "Term Loan A Facility"). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with the financial covenants set forth in the Credit Agreement and the aggregate of such increases does not exceed $400.0 million.

On February 10, 2021, the Company amended its Credit Agreement to, among other things, add a new seven-year $350.0 million Term Loan B Facility (the "Term Loan B Facility") and to decrease the incremental loans that may be extended at the Company's request to $250.0 million. The amended Credit Agreement was further amended effective February 22, 2022 to adjust the step-down schedule for the maximum net debt to EBITDA ratio.

On May 6, 2022, the Company further amended its Credit Agreement in order to extend the maturity of the Revolving Credit Facility and the Term Loan A Facility to May 6, 2027, and to increase the availability under the Revolving Credit Facility, to $600.0 million. Additionally, the Company added a $650.0 million delayed draw term loan facility (the "Delayed Draw Term Loan Facility"), which the Company borrowed on July 5, 2022, in connection with the Neenah merger. The Delayed Draw Term Loan Facility matures on May 6, 2027.

Borrowings under the amended Term Loan A Facility ("Term Loan A Credit Facility") will bear interest, at a rate equal to either (1) a forward-looking term rate based on the Secured Overnight Financing Rate ("Term SOFR"), plus the applicable margin or (2) the highest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest as

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

published by the Wall Street Journal as the "bank prime loan" rate, and (c) Term SOFR plus 1.0%, in each case plus the applicable margin. The applicable margin for borrowings under the Term Loan A Credit Facility is expected to range from 1.25% to 3.00% for SOFR loans and from 0.25% to 2.00% for base rate loans, in each case depending on the Company's then current net debt to EBITDA ratio.

Borrowings under the amended Revolving Facility or the Delayed Draw Term Loan facility in U.S. dollars will bear interest, at the Company's option, at a rate equal to either (1) a forward-looking term rate based on Term SOFR, plus the applicable margin or (2) the highest of (a) the federal funds effective rate plus 0.5%, (b) the rate of interest as published by the Wall Street Journal as the "bank prime loan" rate, and (c) one-month Term SOFR plus 1.0%, in each case plus the applicable margin. Borrowings under the Revolving Facility in Euros will bear interest at a rate equal to the reserve-adjusted Euro interbank offered rate, or EURIBOR, plus the applicable margin. The applicable margin for borrowings under the revolving credit agreement is expected to range from 1.00% to 2.75% for SOFR loans and EURIBOR loans, and from 0.00% to 1.75% for base rate loans, in each case, depending on the Company's then current net debt to EBITDA ratio.

Borrowings under the Term Loan B Facility will bear interest, equal to a forward-looking term rate based on Term SOFR (subject to a minimum floor of 0.75%) plus 2.75%. Borrowings under the Term Loan B Facility in Euros will bear interest equal to EURIBOR (subject to a minimum floor of 0%) plus 3.75%.

Under the terms of the amended Credit Agreement, the Company is required to maintain certain financial ratios and comply with certain financial covenants, including maintaining a net debt to EBITDA ratio, as defined in the amended Credit Agreement, calculated on a trailing four fiscal quarter basis, not greater than 5.50x and an interest coverage ratio, also as defined in the amended Credit Agreement, of not less than 2.50x. In addition, borrowings and loans made under the amended Credit Agreement are secured by substantially all of the Company's and the guarantors' personal property, excluding certain customary items of collateral, and will be guaranteed by the Company's existing and future wholly-owned direct material domestic subsidiaries and by Mativ Luxembourg (formerly known as SWM Luxembourg).

The Company was in compliance with all of its covenants under the amended Credit Agreement at September 30, 2025.

**Indenture for 8.000% Senior Unsecured Notes Due 2029** 

On October 7, 2024, the Company closed a private offering of $400.0 million of 8.000% senior unsecured notes due 2029 (the "2029 Notes"). The 2029 Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement between the Company, certain subsidiaries of the Company and a third-party financial institution, as representative of the initial purchasers. The 2029 Notes are senior unsecured obligations of the Company and are guaranteed on a senior unsecured basis by each of the Company's existing and future wholly-owned subsidiaries that is a borrower under or that guarantees obligations under the Company's senior secured credit facilities or that guarantees certain other indebtedness, subject to certain exceptions.

The 2029 Notes were issued pursuant to an Indenture (the "Indenture"), dated as of October 7, 2024, among the Company, the guarantors listed therein and a third-party financial institution, as trustee. The Indenture provides that interest on the 2029 Notes will accrue from October 7, 2024 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2025, and the 2029 Notes mature on October 1, 2029, subject to earlier repurchase or redemption.

The Company may redeem all or a portion of the 2029 Notes at any time on or after October 1, 2026, at the redemption prices specified in the Indenture, plus any accrued and unpaid interest up to, but not including, the redemption date. If the Company sells certain assets or consummates certain change of control transactions, the Company will be required to make an offer to repurchase the 2029 Notes, subject to certain conditions.

The Indenture contains certain covenants that, among other things, limit the Company's ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate and enter into transactions with the Company's affiliates. Such covenants are subject to a number of exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the 2029 Notes, failure to make payments of interest on the 2029 Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency. The Company was in compliance with all of its covenants under the Indenture at September 30, 2025.

As of September 30, 2025, the average interest rate was 6.82% on outstanding Revolving Facility borrowings, 7.01% on outstanding Term Loan A Credit Facility borrowings, 8.03% on outstanding Term Loan B Facility borrowings, and 6.76% on outstanding Delayed Draw Term Loan Facility borrowings. The effective rate on the Notes was 8.000%. The weighted average effective interest rate on the Company's debt facilities, including the impact of interest rate hedges, was approximately 7.45% and 6.16% for the nine months ended September 30, 2025 and 2024, respectively.

**Principal Repayments**

The following is the expected maturities for the Company's debt obligations as of September 30, 2025 (in millions):

---

| | |
|:---|:---|
| 2025 | $0.7 |
| 2026 | 2.9 |
| 2027 | 526.2 |
| 2028 | 116.5 |
| 2029 | 400.0 |
| Thereafter |  |
| &nbsp;&nbsp;Total | $1046.3 |

---

**Fair Value of Debt**

At September 30, 2025 and December 31, 2024, the fair market value of the 2029 Notes was $396.0 million and $383.5 million, respectively. The fair market value for the Notes was determined using quoted market prices, which are directly observable Level 1 inputs. The fair market value of all other debt as of September 30, 2025 and December 31, 2024 approximated the respective carrying amounts as the interest rates approximate current market indices.

**Note 10. Derivatives**

In the normal course of business, the Company is exposed to foreign currency exchange rate risk and interest rate risk on its variable-rate debt. To manage these risks, the Company utilizes a variety of practices including derivative instruments. The Company has no derivative instruments for trading or speculative purposes or derivatives with credit risk-related contingent features. All derivative instruments used by the Company are either exchange traded or are entered into with major financial institutions to reduce credit risk and risk of nonperformance by third parties. The fair values of the Company's derivative instruments are determined using observable inputs and are considered Level 2 assets or liabilities.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

***Foreign Currency Risk Management***

The Company utilizes currency forward, swap and, to a lesser extent, option contracts to selectively hedge its exposure to foreign currency risk when it is practical and economical to do so. The use of these contracts minimizes transactional exposure to exchange rate changes. We designate certain of our foreign currency hedges as cash flow hedges. Changes in the fair value of cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. Changes in the fair value of foreign exchange contracts not designated as hedges are recorded to Net income (loss) each period.

The Company also uses cross-currency swap contracts to selectively hedge its exposure to foreign currency related changes in our net investments in certain foreign operations. We designate these cross-currency swap contracts as net investment hedges based on the spot rate of the EUR. Changes in the fair value of these hedges are deferred within the foreign currency translation component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the foreign investment is sold or substantially liquidated. Future changes in the components related to the spot change on the notional will be recorded in Other Comprehensive Income ("OCI") and remain there until the hedged subsidiaries are substantially liquidated. Gains and losses excluded from the assessment of hedge effectiveness are recognized in earnings (Interest expense) over the term of the swap. Gains and losses associated with the settlement of derivative instruments designated as a net investment hedge are classified within investing activities in the Condensed Consolidated Statement of Cash Flows. As of September 30, 2025 and December 31, 2024 the gross notional amount of outstanding cross-currency swaps contracts designated as a net investment hedge was €450 million.

***Interest Rate Risk Management***

The Company selectively hedges its exposure to interest rate increases on variable-rate, long-term debt when it is practical and economical to do so. Changes in the fair value of pay-fixed, receive-variable interest rate swap contracts considered cash flow hedges are reported as a component of Accumulated other comprehensive income (loss), net of tax and reclassified into earnings when the forecasted transaction affects earnings. The terms of the interest rate swaps mirror the terms of the underlying debt, including timing of the payments and interest rates. As of September 30, 2025 and December 31, 2024 the gross notional amounts of outstanding interest rate swaps designated as a cash flow hedge were $514.2 million and $589.2 million, respectively.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at September 30, 2025 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Balance Sheet<br>Location** | **Fair<br>Value** | **Balance Sheet<br>Location** | **Fair<br>Value** |
| **Derivatives designated as hedges:** | | | | |
| &nbsp;&nbsp;Foreign exchange contracts | Accounts receivable, net | $2.3 | Accounts payable | $— |
| &nbsp;&nbsp;Foreign exchange contracts | Other assets |  | Other liabilities | 55.1 |
| &nbsp;&nbsp;Interest rate contracts | Accounts receivable, net |  | Accrued expenses and other current liabilities |  |
| &nbsp;&nbsp;Interest rate contracts | Other assets | 1.8 | Other liabilities | 0.1 |
| Total derivatives designated as hedges |  | 4.1 |  | 55.2 |
| **Derivatives not designated as hedges:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign exchange contracts | Accounts receivable, net |  | Accrued expenses and other current liabilities |  |
| Total derivatives not designated as hedges |  |  |  |  |
| Total derivatives |  | $4.1 |  | $55.2 |

---

The following table presents the fair value of asset and liability derivatives and the respective balance sheet locations at December 31, 2024 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| | **Balance Sheet<br>Location** | **Fair<br>Value** | **Balance Sheet<br>Location** | **Fair<br>Value** |
| **Derivatives designated as hedges:** | | | | |
| &nbsp;&nbsp;Foreign exchange contracts | Accounts receivable, net | $6.5 | Accrued expenses and other current liabilities | $— |
| &nbsp;&nbsp;Foreign exchange contracts | Other assets | 4.4 | Other liabilities | 2.9 |
| &nbsp;&nbsp;Interest rate contracts | Other assets | 10.1 | Other liabilities |  |
| Total derivatives designated as hedges |  | 21.0 |  | 2.9 |
| **Derivatives not designated as hedges:** |  |  |  |  |
| &nbsp;&nbsp;Foreign exchange contracts | Accounts receivable, net | 0.8 | Accrued expenses and other current liabilities |  |
| Total derivatives not designated as hedges |  | 0.8 |  |  |
| Total derivatives |  | $21.8 |  | $2.9 |

---

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Gains (losses) on derivatives designated as cash flow and net investment hedges recognized in other comprehensive income (loss) are summarized below (in millions) on a pretax basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Designated in Hedging Relationships** | **Gains (Losses) Recognized in Accumulated Other Comprehensive Loss** | **Gains (Losses) Recognized in Accumulated Other Comprehensive Loss** | **Gains (Losses) Recognized in Accumulated Other Comprehensive Loss** | **Gains (Losses) Recognized in Accumulated Other Comprehensive Loss** |
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Derivatives designated as cash flow hedge** |  |  |  |  |
| Amounts included in assessment of effectiveness | $0.5 | $(11.0) | $(3.6) | $2.8 |
| **Derivatives designated as net investment hedge** |  |  |  |  |
| Amounts included in assessment of effectiveness | 3.9 | (18.7) | (57.9) | (6.1) |
| Total gain (loss) | $4.4 | $(29.7) | $(61.5) | $(3.3) |

---

The Company's designated derivative instruments are highly effective. As such, there were no gains or losses recognized immediately in income related to the hedge ineffectiveness or amounts excluded from hedge effectiveness testing for the three and nine months ended September 30, 2025 or 2024, other than those related to derivatives designated as a net investment hedge, noted below.

Gains (losses) on derivatives within the Condensed Consolidated Statement of Income (Loss) were as follows (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Location of Gains (Losses)** | **Amount of Gains (Losses) Recognized** | **Amount of Gains (Losses) Recognized** | **Amount of Gains (Losses) Recognized** | **Amount of Gains (Losses) Recognized** |
| | | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | | **2025** | **2024** | **2025** | **2024** |
| **Effect of cash flow hedges** |  |  |  |  |  |
| Amount reclassified from Accumulated other comprehensive income (loss) to income | &nbsp;&nbsp;&nbsp;Interest expense | $3.8 | $6.0 | $11.5 | $18.5 |
| **Effect of net investment hedges** |  |  |  |  |  |
| Amount excluded from assessment of hedge effectiveness | &nbsp;&nbsp;&nbsp;Interest expense | 1.5 | 1.8 | 5.1 | 5.6 |
| **Effect of fair value hedges** |  |  |  |  |  |
| Hedged item | &nbsp;&nbsp;&nbsp;Interest expense |  | 0.9 |  | 2.9 |
| Derivative designated as hedges | &nbsp;&nbsp;&nbsp;Interest expense |  | (0.9) |  | (2.9) |
| **Effect of non-designated hedges** |  |  |  |  |  |
| Foreign exchange contracts | &nbsp;&nbsp;&nbsp;Other income | (1.2) | 0.8 | 3.7 | 3.7 |
| Total gain |  | $4.1 | $8.6 | $20.3 | $27.8 |

---

Deferred gains of $7.1 million attributable to settled interest rate swaps designated as cash flow hedges are expected to be reclassified to Interest expense over the next twelve months.

**Note 11. Commitments and Contingencies**

**Other Commitments**

In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of September 30, 2025, there were no material claims pending under this indemnification.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Litigation**

We are involved in various legal proceedings from time to time, including relating to contracts, commercial disputes, taxes, environmental issues, employment and workers' compensation claims, product liability and other matters. We periodically review the status of these proceedings with both inside and outside counsel. We believe that the ultimate disposition of these matters will not have a material effect on the results of operations in a given quarter or year.

**Environmental Matters**

The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, it believes that its future cost of compliance with environmental laws, regulations and ordinances, and its exposure to liability for environmental claims and its obligation to participate in the remediation and monitoring of certain hazardous waste disposal sites, will not have a material effect on its financial condition or results of operations. However, future events, such as changes in existing laws and regulations, or unknown contamination or costs of remediation of sites owned, operated or used for waste disposal by the Company (including contamination caused by prior owners and operators of such sites or other waste generators) may give rise to additional costs which could have a material effect on its financial condition or results of operations.

**Employees and Labor Relations**

As of September 30, 2025, approximately 26% of the Company's U.S. workforce and 36% of its non-U.S. workforce are under collective bargaining agreements. Approximately 2% of all U.S. employees and 18% of non-U.S. employees are under collective bargaining agreements that will expire in the next 12 months.

For the non-U.S. workforce, union membership is voluntary and does not need to be disclosed to the Company under local laws. As a result, the number of employees covered by the collective bargaining agreements in some countries cannot be determined.

**General Matters** 

In the ordinary course of conducting business activities, the Company and its subsidiaries become involved in certain other judicial, administrative and regulatory proceedings involving both private parties and governmental authorities. These proceedings include insured and uninsured regulatory, employment, intellectual property, general and commercial liability, environmental and other matters. At this time, the Company does not expect any of these proceedings to have a material effect on its reputation, business, financial condition, results of operations or cash flows. However, the Company can give no assurance that the results of any such proceedings will not materially affect its reputation, business, financial condition, results of operations or cash flows.

**Note 12. Postretirement and Other Benefits**

The Company sponsors a number of different defined contribution retirement plans, alternative retirement plans and/or defined benefit pension plans across its operations. Defined benefit pension plans are sponsored in the United States, France, United Kingdom, Germany, Italy, and Canada and OPEB benefits related to post-retirement healthcare and life insurance are sponsored in the United States, Germany, and Canada. As of September 30, 2025, retained contributions of $5.8 million related to our UK Pension scheme are included in the Restricted cash. The use of these funds is limited to obligations associated with the scheme.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Pension and Other Benefits**

The components of net pension cost (benefit) during the three months ended September 30, 2025 and 2024 were as follows (in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Other Post-employment Plans** | **Other Post-employment Plans** | **Other Post-employment Plans** | **Other Post-employment Plans** |
| | **U.S.** | **U.S.** | **Non-U.S.** | **Non-U.S.** | **U.S.** | **U.S.** | **Non-U.S.** | **Non-U.S.** |
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Service cost | $0.2 | $0.4 | $0.3 | $0.3 | $— | $— | $0.3 | $0.3 |
| Interest cost | 4.1 | 4.2 | 2.0 | 2.3 | 0.3 | 0.3 | 0.1 |  |
| Expected return on plan assets | (4.6) | (5.6) | (1.3) | (1.6) |  |  |  |  |
| Amortizations and other |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Settlement loss | 3.6 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net pension cost (benefit) | $3.3 | $(1.0) | $1.0 | $1.0 | $0.3 | $0.3 | $0.4 | $0.3 |

---

The components of net pension cost (benefit) during the nine months ended September 30, 2025 and 2024 were as follows (in millions):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Pension Benefits** | **Other Post-employment Plans** | **Other Post-employment Plans** | **Other Post-employment Plans** | **Other Post-employment Plans** |
| | **U.S.** | **U.S.** | **Non-U.S.** | **Non-U.S.** | **U.S.** | **U.S.** | **Non-U.S.** | **Non-U.S.** |
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Service cost | $0.8 | $1.0 | $0.8 | $0.9 | $0.1 | $0.1 | $0.9 | $0.9 |
| Interest cost | 12.8 | 12.7 | 6.0 | 6.7 | 0.7 | 0.8 | 0.1 | 0.1 |
| Expected return on plan assets | (14.3) | (16.8) | (3.9) | (4.6) |  |  |  |  |
| Amortizations and other |  |  |  |  |  |  |  |  |
| Settlement loss | 3.6 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Net pension cost (benefit) | $2.9 | $(3.1) | $2.9 | $3.0 | $0.8 | $0.9 | $1.0 | $1.0 |

---

The components of net pension cost (benefit) other than the service cost component are included in Other expense, net in the unaudited Condensed Consolidated Statements of Income (Loss).

The Company's cost under the qualified defined contribution retirement plans was $3.6 million and $3.9 million, respectively, for the three months ended September 30, 2025 and 2024 and $11.0 million and $11.3 million, respectively, for the nine months ended September 30, 2025 and 2024.

**United Kingdom Pension Plan Update**

During the third quarter of 2025, we entered into an agreement with a third party insurance company to execute a buy-in of plan assets with an option to elect a future buy-out conversion. All plan assets were transferred to the insurance company in exchange for an annuity contract. Effective with the buy-in, the annuity contract provides all future benefit payments to the plan participants. Mativ continues to retain primary responsibility for the benefit obligation until the buy-out conversion is completed. Upon election of the buy-out conversion, Mativ will transfer full responsibility of the plan obligations to the insurance company, at which time we will derecognize the assets and liabilities of the pension plan and recognize a settlement loss as a component of net periodic pension cost.

**U.S. Pension Plan Update**

During the third quarter of 2025, we purchased an annuity contract which transferred approximately $65.5 million of pension plan liabilities and associated risks, along with the administration of plan benefits, to an insurance company using plan assets.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

A one-time non-cash settlement loss of $3.6 million included within Other expense, net, resulted from the acceleration of a pro rata portion of actuarial losses previously included in Accumulated other comprehensive income that would have been recognized in future periods.

**Note 13. Income Taxes**

For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision in accordance with ASC 740-270, Accounting for Income Taxes in Interim Periods. These interim estimates are subject to variation due to several factors, including the ability of the Company to accurately forecast pre-tax and taxable income and loss by jurisdiction, changes in laws or regulations, and expenses or losses for which tax benefits are not recognized. Jurisdictions with a projected loss for the year or an actual year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of including these jurisdictions on the quarterly effective tax rate calculations could result in a higher or lower effective tax rate during a quarter, based upon the mix and timing of actual earnings versus annual projections.

The Company's effective tax rate from continuing operations was 42.9% and 13.3% for the three months ended September 30, 2025 and 2024, respectively. The net change was primarily due to the impact from a one-time tax adjustment and mix of earnings in the current period. The Company's effective tax rate from continuing operations was 3.2% and 20.8% for the nine months ended September 30, 2025 and 2024, respectively. The net change was primarily due to the impact from a $57.0 million increase to our valuation allowance, goodwill impairment not deductible for tax purposes, and mix of earnings in the current period.

Prior to the passage of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), the Company asserted that substantially all of the undistributed earnings of its foreign subsidiaries were considered indefinitely reinvested and accordingly, no deferred taxes were provided. Due to the Tax Act, the Company has significant previously taxed earnings and profits from its foreign subsidiaries, as a result of transition tax, that it is generally able to be repatriated free of U.S. federal tax. In addition, future earnings of foreign subsidiaries are generally expected to be able to be repatriated free of U.S. federal income tax because these earnings were taxed in the U.S. under the GILTI regime or would be eligible for a 100% dividends received deduction. As a result of the Company's treasury policy to simplify and expediate its intercompany cash flows, as evidenced by the use of cash pooling, and in light of the Company's demonstrated goal of driving growth though inorganic/acquisitional means, the Company does not assert indefinite reinvestment to the extent of each controlled foreign corporation's earnings and profits and to the extent of any foreign partnership's U.S. tax capital accounts. As a result, the Company has provided for non-U.S. withholding taxes, U.S. federal tax related to currency movement on previously taxed earnings and profits, and U.S. state taxes on unremitted earnings.

All unrecognized tax positions could impact the Company's effective tax rate if recognized. There have been no material changes to the Company's unrecognized tax positions for the three and nine months ended September 30, 2025. With respect to penalties and interest incurred from income tax assessments or related to unrecognized tax benefits, the Company's policy is to classify penalties as provision for income taxes and interest as interest expense in its unaudited Condensed Consolidated Statements of Income (Loss). There were no material income tax penalties or interest accrued during the three and nine months ended September 30, 2025 or 2024.

Many jurisdictions in which the Company operates have implemented Pillar Two legislation, and others are considering implementation of Pillar Two rules. While such new rules introduce complexity into the Company's calculation of income tax expense, Pillar Two does not have a material impact as of the third quarter of 2025. Due to the novelty and complexity of Pillar Two, the Company continues to monitor for advancements and further guidance in Pillar Two rules, considering impacts of such developments on its tax expense.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The impact to the quarter ended September 2025 income tax expense was not significant, and the Company does not expect a material impact to income tax expense for 2025.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**Note 14. Segment Information**

The Company has two reportable segments: Filtration & Advanced Materials ("FAM") and Sustainable & Adhesive Solutions ("SAS").

FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets. FAM end markets include water and air purification, life sciences, industrial processes, transportation, glass and glazing, packaging, agriculture, building and construction, safety and security.

SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets including building and construction, DIY, product packaging, consumer & commercial papers, personal care, advanced wound care, medical device fixation and medical packaging.

The accounting policies of the reportable segments are the same as those described in Note 2. Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer. The CODM considers operating profit when making resource allocation decisions for each segment.

**Segment Results**

The CODM primarily evaluates segment performance and allocates resources based on Operating profit (loss). General corporate expenses that do not directly support the operations of the business segments are unallocated expenses. Assets are managed on a company-wide basis and, as such, are not disclosed at the segment level.

------

**MATIV HOLDINGS, INC. AND SUBSIDIARIES**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

Net sales, costs of products sold, nonmanufacturing expense, restructuring and impairment expense, and operating profit (loss) by segments were (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net Sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FAM | $198.3 | $189.6 | $590.3 | $598.7 |
| &nbsp;&nbsp;&nbsp;SAS | 315.4 | 308.9 | 933.6 | 923.8 |
| Consolidated | $513.7 | $498.5 | $1523.9 | $1522.5 |
| **Cost of products sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FAM | $155.8 | $145.4 | $466.8 | $459.4 |
| &nbsp;&nbsp;&nbsp;SAS | 258.5 | 259.5 | 781.4 | 776.6 |
| Consolidated | $414.3 | $404.9 | $1248.2 | $1236.0 |
| **Total nonmanufacturing expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FAM | $24 | $23.5 | $72.3 | $74.4 |
| &nbsp;&nbsp;&nbsp;SAS | 27.5 | 28.7 | 84.5 | 88.3 |
| Total segments | 51.5 | 52.2 | 156.8 | 162.7 |
| &nbsp;&nbsp;&nbsp;Unallocated | 23.8 | 23.2 | 83.3 | 82.7 |
| Consolidated | $75.3 | $75.4 | $240.1 | $245.4 |
| **Restructuring and impairment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FAM | $7.1 | $0.7 | $427.2 | $5.2 |
| &nbsp;&nbsp;&nbsp;SAS | 1.0 | 10.4 | 1.5 | 28.8 |
| Total segments | 8.1 | 11.1 | 428.7 | 34.0 |
| &nbsp;&nbsp;&nbsp;Unallocated |  | 0.1 | 1.4 | 3.4 |
| Consolidated | $8.1 | $11.2 | $430.1 | $37.4 |
| **Operating profit (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FAM | $11.4 | $19.9 | $(376.0) | $59.7 |
| &nbsp;&nbsp;&nbsp;SAS | 28.4 | 10.3 | 66.2 | 30.1 |
| Total segments | 39.8 | 30.2 | (309.8) | 89.8 |
| &nbsp;&nbsp;&nbsp;Unallocated | (23.8) | (23.2) | (84.7) | (86.1) |
| Consolidated | $16.0 | $7.0 | $(394.5) | $3.7 |

---

**Note 15.&nbsp;&nbsp;&nbsp;&nbsp; Subsequent Events**

On November 5, 2025, we entered into an amendment to the Receivables Sales Agreement (the "Amended Receivables Sales Agreement"). Refer to Note 2. Revenue Recognition for additional information.

------

**Item 2. *Management's Discussion and Analysis of Financial Condition and Results of Operations***

*The following is a discussion of our financial condition and results of operations. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and related notes included elsewhere in this report and the audited consolidated financial statements and related notes and the selected financial data included in our Annual Report on Form 10-K for the year ended December 31, 2024. The discussion of our financial condition and results of operations includes various forward-looking statements about our markets, the demand for our products and our future prospects. These statements are based on certain assumptions we consider reasonable. For information about risks and exposures relating to us and our business, you should read the section entitled "Risk Factors" in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, the section entitled "Forward-Looking Statements" at the end of this Item 2 and the section entitled "Risk Factors" at Part II, Item 1A hereof. Unless the context indicates otherwise, references to "Mativ," "we," "us," "our," the "Company" or similar terms include Mativ Holdings, Inc. and our consolidated subsidiaries.*

This Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is designed to provide a reader of our financial statements with an understanding of our recent performance, our financial condition and our prospects.

This MD&A discusses the financial condition and results of operations of the Company as of and for the three and nine months ended September 30, 2025.

**Recent Developments**

Throughout 2025, the U.S. government has implemented a comprehensive tariff regime, including baseline tariffs on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits, including China. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign governments. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Uncertainties about tariffs and their effects on trading relationships, including as a result of future developments, may impact the macroeconomic conditions in the markets in which we operate. Although we are continuing to monitor the impact of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.

**Liquidity & Debt Overview** 

As of September 30, 2025, the Company had $1,028.9 million of total debt, $97.1 million of Cash and cash equivalents, $5.8 million of Restricted cash, and $420.2 million of undrawn capacity on its $600.0 million revolving line of credit facility (the "Revolving Facility"). Per the terms of the Company's amended credit agreement (the "Amended Credit Agreement"), net leverage was 4.2x at the end of the third quarter, versus a current maximum covenant ratio of 5.50x.

As of September 30, 2025, the Company's nearest debt maturity was our Revolving Credit Facility, Term Loan A Facility, and Delayed Draw Term Loan Facility, due on May 6, 2027. Refer to "Liquidity and Capital Resources" section for additional detail.

------

**SUMMARY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Percent of Net Sales** | **Percent of Net Sales** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Percent of Net Sales** | **Percent of Net Sales** |
| (in millions, except per share amounts) | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $513.7 | $498.5 | 100.0% | 100.0% | $1523.9 | $1522.5 | 100.0% | 100.0% |
| Gross profit | $99.4 | $93.6 | 19.3% | 18.8% | $275.7 | $286.5 | 18.1% | 18.8% |
| Restructuring & other impairment expense | $8.1 | $11.2 | 1.6% | 2.2% | $18.2 | $37.4 | 1.2% | 2.5% |
| Operating profit (loss) | $16.0 | $7.0 | 3.1% | 1.4% | $(394.5) | $3.7 | (25.9)% | 0.2% |
| Interest expense | $17.7 | $18.3 | 3.4% | 3.7% | $54.1 | $55.0 | 3.6% | 3.6% |
| Net loss | $(3.2) | $(20.8) | (0.6)% | (4.2)% | $(438.2) | $(50.2) | (28.8)% | (3.3)% |
| Diluted loss per share | $(0.06) | $(0.38) |  |  | $(8.04) | $(0.93) |  |  |
| Cash provided by operations | $72.8 | $37.6 |  |  | $114.5 | $70.7 |  |  |
| Capital spending | $6.1 | $12.1 |  |  | $28.7 | $32.9 |  |  |

---

------

**RESULTS OF OPERATIONS**

***Comparison of the Three Months Ended September 30, 2025 and 2024***

**Net Sales**

The following table presents net sales by segment for the three months ended September 30, 2025 and 2024 (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | |
| | **September 30, 2025** | **September 30, 2024** |<br>**Change** |<br>**Percent Change** |
| Filtration & Advanced Materials | $198.3 | $189.6 | $8.7 | 4.6% |
| Sustainable & Adhesive Solutions | 315.4 | 308.9 | 6.5 | 2.1% |
| &nbsp;&nbsp;&nbsp;Total | $513.7 | $498.5 | $15.2 | 3.0% |

---

Consolidated net sales of $513.7 million during the three months ended September 30, 2025 increased $15.2 million or 3.0%, compared to the prior-year quarter.

FAM segment net sales of $198.3 million during the three months ended September 30, 2025 increased $8.7 million, or 4.6%, compared to the prior-year quarter. The FAM net sales increase reflected higher volume/mix (an approximately 4% increase) along with favorable currency translation (an approximately 2% increase), partially offset by lower selling prices (an approximately 1% decrease).

SAS segment net sales of $315.4 million during the three months ended September 30, 2025 increased $6.5 million, or 2.1%, compared to the prior-year quarter, reflecting higher volume/mix (an approximately 3% increase), higher selling prices (an approximately 1% increase) and favorable currency translation (an approximately 1% increase), partially offset by sales associated with exited facilities in the prior year (an approximately 3% decrease).

**Gross Profit**

The following table presents gross profit for the three months ended September 30, 2025 and 2024 (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Percent Change** | **Percent of Net Sales** | **Percent of Net Sales** |
| | **September 30, 2025** | **September 30, 2024** |<br>**Change** | **Percent Change** | **2025** | **2024** |
| Net sales | $513.7 | $498.5 | $15.2 | 3.0% | 100.0% | 100.0% |
| Cost of products sold | 414.3 | 404.9 | 9.4 | 2.3% | 80.7% | 81.2% |
| &nbsp;&nbsp;Gross profit | $99.4 | $93.6 | $5.8 | 6.2% | 19.3% | 18.8% |

---

Gross profit of $99.4 million during the three months ended September 30, 2025 increased $5.8 million, or 6.2%, compared to the prior-year quarter. The increase in gross profit reflected favorable relative net selling price versus input cost performance, higher volume/mix, and lower manufacturing costs, partially offset by higher distribution costs.

------

**Nonmanufacturing Expenses**

The following table presents nonmanufacturing expenses for the three months ended September 30, 2025 and 2024 (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Percent Change** | **Percent of Net Sales** | **Percent of Net Sales** |
| | **September 30, 2025** | **September 30, 2024** |<br>**Change** | **Percent Change** | **2025** | **2024** |
| Selling and general expense | $53.7 | $54.3 | $(0.6) | (1.1)% | 10.5% | 10.9% |
| Research and development expense | 5.6 | 5.7 | (0.1) | (1.8)% | 1.1% | 1.1% |
| Intangible asset amortization expense | 16.0 | 15.4 | 0.6 | 3.9% | 3.1% | 3.1% |
| &nbsp;&nbsp;Nonmanufacturing expenses | $75.3 | $75.4 | $(0.1) | (0.1)% | 14.7% | 15.1% |

---

Nonmanufacturing expenses of $75.3 million during the three months ended September 30, 2025 decreased $0.1 million, or 0.1%, compared to the prior-year quarter.

**Restructuring and Other Impairment Expense**

The following table presents restructuring and other impairment expense for the three months ended September 30, 2025 and 2024 (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | | **Percent of Net Sales** | **Percent of Net Sales** |
| | **September 30, 2025** | **September 30, 2024** |<br>**Change** | **2025** | **2024** |
| Filtration & Advanced Materials | $7.1 | $0.7 | $6.4 | 3.6% | 0.4% |
| Sustainable & Adhesive Solutions | 1.0 | 10.4 | (9.4) | 0.3% | 3.4% |
| Unallocated expenses |  | 0.1 | (0.1) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $8.1 | $11.2 | $(3.1) | 1.6% | 2.2% |

---

The Company incurred total restructuring and other impairment expense of $8.1 million and $11.2 million in the three months ended September 30, 2025 and 2024, respectively.

Restructuring and other impairment expenses in the FAM segment for the three months ended September 30, 2025 included impairment charges of $6.0 million, along with severance and other costs associated with facility exits initiated in current and prior years. Restructuring and other impairment expenses for the three months ended September 30, 2024 consisted of severance charges, along with costs associated with facility exits initiated in prior years.

Restructuring and other impairment expenses in the SAS segment for the three months ended September 30, 2025 consisted of severance charges. Restructuring and other impairment expenses for the three months ended September 30, 2024 included severance charges, along with costs associated with facility exits initiated in prior years.

------

**Operating Profit (Loss)**

The following table presents operating profit (loss) by segment for the three months ended September 30, 2025 and 2024 (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | **Percent <br>Change** | **Return on Net Sales** | **Return on Net Sales** |
| | **September 30, 2025** | **September 30, 2024** |<br>**Change** | **Percent <br>Change** | **2025** | **2024** |
| Filtration & Advanced Materials | $11.4 | $19.9 | $(8.5) | (42.7)% | 5.7% | 10.5% |
| Sustainable & Adhesive Solutions | 28.4 | 10.3 | 18.1 | N.M. | 9.0% | 3.3% |
| Unallocated expenses | (23.8) | (23.2) | (0.6) | 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Total | $16.0 | $7.0 | $9.0 | N.M. | 3.1% | 1.4% |

---

Operating profit of $16.0 million during the three months ended September 30, 2025, increased $9.0 million, compared to the prior year period.

In the FAM segment, operating income was $11.4 million during the three months ended September 30, 2025 decreased $8.5 million, or 42.7%, compared to the prior year period, primarily due to higher restructuring and other impairment expenses and manufacturing costs, partially offset by higher volume/mix.

In the SAS segment, operating income of $28.4 million during the three months ended September 30, 2025 increased $18.1 million, compared to the prior year period, driven by lower restructuring and other impairment expenses, favorable net selling price versus input cost performance, lower manufacturing costs and lower selling and general expenses, partially offset by unfavorable mix and higher distribution costs.

Unallocated expenses of $23.8 million during the three months ended September 30, 2025 increased $0.6 million, or 2.6%, compared to the prior year period.

**Interest Expense**

Interest expense of $17.7 million during the three months ended September 30, 2025 decreased $0.6 million, or 3.3%, compared to the prior year period.

**Other Expense, Net**

Other expense was $3.9 million during the three months ended September 30, 2025, compared to the prior year period expense of $12.7 million. The current period includes non-cash settlement charges associated with our U.S. Pension Plan.

**Income Taxes**

A $2.4 million income tax benefit in the three months ended September 30, 2025 resulted in an effective tax rate of 42.9% compared with 13.3% in the prior year period. The net change was primarily due to the impact from a one-time tax adjustment and mix of earnings in the current period.

**Net Loss and Net Loss per Share**

Net loss during the three months ended September 30, 2025 was $3.2 million, or $0.06 per diluted share, compared with net loss of $20.8 million, or $0.38 per diluted share, during the prior-year quarter.

------

**RESULTS OF OPERATIONS**

***Comparison of the Nine Months Ended September 30, 2025 and 2024***

**Net Sales**

The following table presents net sales by segment (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | | |
| | **2025** | **2024** |<br>**Change** |<br>**Percent Change** |
| Filtration & Advanced Materials | $590.3 | $598.7 | $(8.4) | (1.4)% |
| Sustainable & Adhesive Solutions | 933.6 | 923.8 | 9.8 | 1.1% |
| &nbsp;&nbsp;&nbsp;Total | $1523.9 | $1522.5 | $1.4 | 0.1% |

---

Consolidated net sales of $1,523.9 million during the nine months ended September 30, 2025 increased $1.4 million, or 0.1%, compared to the prior year period.

FAM segment net sales of $590.3 million during the nine months ended September 30, 2025 decreased $8.4 million, or 1.4%, compared to the prior year period primarily due to lower volume/mix (an approximately 1% decrease), and lower selling prices (an approximately 1% decrease).

SAS segment net sales of $933.6 million during the nine months ended September 30, 2025 increased $9.8 million, or 1.1%, compared to the prior year period, reflecting higher volume/mix (an approximately 3% increase), higher selling prices (an approximately 1% increase), partially offset by sales associated with exited facilities in the prior year (an approximately 4% decrease).

**Gross Profit**

The following table presents gross profit (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | | **Percent Change** | **Percent of Net Sales** | **Percent of Net Sales** |
| | **2025** | **2024** |<br>**Change** | **Percent Change** | **2025** | **2024** |
| Net sales | $1523.9 | $1522.5 | $1.4 | 0.1% | 100.0% | 100.0% |
| Cost of products sold | 1248.2 | 1236.0 | 12.2 | 1.0% | 81.9% | 81.2% |
| &nbsp;&nbsp;Gross profit | $275.7 | $286.5 | $(10.8) | (3.8)% | 18.1% | 18.8% |

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Gross profit of $275.7 million during the nine months ended September 30, 2025 decreased $10.8 million, or 3.8%, compared to the prior year period, reflecting higher manufacturing and distribution costs, partially offset by higher volume/mix.

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**Nonmanufacturing Expenses**

The following table presents nonmanufacturing expenses (in millions):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | | **Percent Change** | **Percent of Net Sales** | **Percent of Net Sales** |
| | **2025** | **2024** |<br>**Change** | **Percent Change** | **2025** | **2024** |
| Selling and general expense | $174.2 | $181.0 | $(6.8) | (3.8)% | 11.4% | 11.9% |
| Research and development expense | 18.6 | 17.5 | 1.1 | 6.3% | 1.2% | 1.1% |
| Intangible asset amortization expense | 47.3 | 46.9 | 0.4 | 0.9% | 3.1% | 3.1% |
| &nbsp;&nbsp;Nonmanufacturing expenses | $240.1 | $245.4 | $(5.3) | (2.2)% | 15.8% | 16.1% |

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Nonmanufacturing expenses of $240.1 million during the nine months ended September 30, 2025 decreased $5.3 million, or 2.2%, compared to the prior year period primarily due to lower selling and general expense, as a result of actions taken under the Plan, partially offset by $5.9 million incurred during the first quarter of 2025 related to our previously disclosed Chief Executive Officer transition.

**Restructuring and Other Impairment Expense**

The following table presents restructuring and other impairment expense by segment (in millions):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | | **Percent of Net Sales** | **Percent of Net Sales** |
| | **2025** | **2024** |<br>**Change** | **2025** | **2024** |
| Filtration & Advanced Materials | $15.3 | $5.2 | $10.1 | 2.6% | 0.9% |
| Sustainable & Adhesive Solutions | 1.5 | 28.8 | (27.3) | 0.2% | 3.1% |
| Unallocated expenses | 1.4 | 3.4 | (2.0) |  |  |
| &nbsp;&nbsp;&nbsp;Total | $18.2 | $37.4 | $(19.2) | 1.2% | 2.5% |

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The Company incurred total restructuring and other impairment expense of $18.2 million in the nine months ended September 30, 2025 compared with $37.4 million in the prior year period.

Restructuring and other impairment expenses in the FAM segment for the nine months ended September 30, 2025 included impairment charges of $11.3 million, along with severance and other costs associated with facility exits initiated in current and prior years. Restructuring and other impairment expenses for the nine months ended September 30, 2024 consisted of severance charges, along with costs associated with facility exits initiated in prior years.

Restructuring and other impairment expenses in the SAS segment for the nine months ended September 30, 2025 consisted of severance charges. Restructuring and other impairment expenses for the nine months ended September 30, 2024 included severance charges, along with costs associated with facility exits initiated in prior years.

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**Operating Profit (Loss)**

The following table presents operating profit (loss) by segment (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | | **Percent Change** | **Return on Net Sales** | **Return on Net Sales** |
| | **2025** | **2024** |<br>**Change** | **Percent Change** | **2025** | **2024** |
| Filtration & Advanced Materials | $(376.0) | $59.7 | $(435.7) | N.M. | (63.7)% | 10.0% |
| Sustainable & Adhesive Solutions | 66.2 | 30.1 | 36.1 | N.M. | 7.1% | 3.3% |
| Unallocated expenses | (84.7) | (86.1) | 1.4 | (1.6)% |  |  |
| &nbsp;&nbsp;&nbsp;Total | $(394.5) | $3.7 | $(398.2) | N.M. | (25.9)% | 0.2% |

---

Operating loss was $394.5 million during the nine months ended September 30, 2025 compared to operating profit of $3.7 million in the prior year period.

In the FAM segment, operating loss was $376.0 million during the nine months ended September 30, 2025 reflecting a $435.7 million decrease, compared to operating profit of $59.7 million in the prior year period primarily due to the $411.9 million goodwill impairment during the first quarter of 2025, see Note 6. Goodwill. Excluding the goodwill impairment, operating profit was $35.9 million, a $23.8 million decrease from the prior year due to higher restructuring and other impairment expenses, higher manufacturing and distribution costs, unfavorable net selling price versus input cost performance, partially offset by higher volume/mix and lower selling and general expenses.

In the SAS segment, operating profit was $66.2 million during the nine months ended September 30, 2025 reflecting a $36.1 million increase, compared to the prior year period, driven by lower restructuring and other impairment expenses, favorable net selling price versus input cost performance, lower selling and general expenses and lower manufacturing costs, partially offset by higher distribution costs.

Unallocated expenses of $84.7 million during the nine months ended September 30, 2025 decreased $1.4 million compared to the prior year, primarily related to a decrease in selling and general expenses as a result of actions taken under the Plan.

**Interest Expense** 

Interest expense of $54.1 million during the nine months ended September 30, 2025 decreased $0.9 million, or 1.6%, compared to the prior year period.

**Other Expense, Net** 

Other expense was $4.2 million during the nine months ended September 30, 2025, compared to the prior year period expense of $12.1 million in the prior year period. The current period includes non-cash settlement charges associated with our U.S. Pension Plan.

**Income Taxes**

A $14.6 million income tax benefit in the nine months ended September 30, 2025 resulted in an effective tax rate of 3.2% compared with 20.8% in the prior year period. The net change was primarily due to the impact from a $57.0 million increase to our valuation allowance, goodwill impairment not deductible for tax purposes, and mix of earnings in the current period.

**Net Loss and Net Loss per Share**

Net loss during the nine months ended September 30, 2025 was $438.2 million, or $(8.04) per diluted share, compared to net loss of $50.2 million, or $(0.93) per diluted share, during the prior year period.

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**LIQUIDITY AND CAPITAL RESOURCES**

A major factor in our liquidity and capital resource planning is our generation of cash flow from operations, which is sensitive to changes in the mix of products sold, volume and pricing of our products, as well as changes in our production volumes, costs and working capital. Our liquidity is supplemented by funds available under our Revolving Facility with a syndicate of banks that is used as either operating conditions or strategic opportunities warrant. Market conditions permitting, we may also seek to access the capital markets as we deem appropriate.

*Cash Requirements*

As of September 30, 2025, $78.4 million of the Company's $97.1 million of Cash and cash equivalents was held by foreign subsidiaries. Restricted cash of $5.8 million primarily represents retained contributions associated with our UK Pension scheme, the use of which is restricted to obligations related to the scheme. We believe our sources of liquidity and capital, including cash on-hand, cash generated from operations, our Revolving Facility, and our Receivables Sales Agreement (an off-balance sheet arrangement as defined in Item 303(a)(4)(ii) of SEC Regulation S-K), will be sufficient to finance our continued operations, our current and long-term growth plan, and dividend payments.

*Working Capital*

As of September 30, 2025, the Company had net operating working capital of $354.8 million, including Cash and cash equivalents of $97.1 million, compared to net operating working capital of $386.2 million, including Cash and cash equivalents of $94.3 million as of December 31, 2024. The decrease was attributable primarily to an increase in accounts payable and accrued expenses and other current liabilities, along with a decrease in inventories, partially offset by an increase in accounts receivable.

**Cash Provided By Operating Activities**

Net cash provided by operating activities was $114.5 million during the nine months ended September 30, 2025 compared to net cash provided of $70.7 million during the prior year period. The increase was due to favorable year-over-year movements in working capital related cash flows and lower cash payments associated with restructuring activities.

During the nine months ended September 30, 2025, net changes in operating working capital resulted in cash inflows of $22.5 million, compared to $0.8 million of inflows during the prior year period. The $21.7 million change was driven by inflows associated with inventories, partially offset by changes in accounts payable and accrued expenses and other current liabilities.

**Cash Used In Investing Activities**

Cash used in investing activities during the nine months ended September 30, 2025 was $23.0 million, compared to cash outflows of $29.4 million during the prior year period, primarily attributable to changes in proceeds from settlement of swap contracts. Capital spending was $28.7 million compared to $32.9 million in the prior year period.

**Cash Provided By (Used In) Financing Activities**

Cash used in financing activities during the nine months ended September 30, 2025 was $87.8 million, compared to cash inflows of $12.2 million during the prior year period. During the nine months ended September 30, 2025, financing activities primarily consisted of $64.0 million of borrowings under the Revolving Facility, $16.8 million of dividends paid to the Company's stockholders, and payments on our long-term debt of $131.1 million.

During the prior year period, financing activities primarily consisted of $127.0 million of proceeds from borrowings under the Revolving Facility, $97.0 million of payments on our long-term debt, and $16.2 million of dividends paid to the Company's stockholders.

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The Company presently believes the sources of liquidity discussed above are sufficient to meet our anticipated funding needs for the foreseeable future.

**Dividends and Share Repurchases**

On November 5, 2025, we announced a cash dividend of $0.10 per share payable on December 19, 2025 to stockholders of record as of November 28, 2025. The covenants contained in the Indenture governing the Notes and Amended Credit Agreement require that we maintain certain financial ratios as disclosed in Note 9. Debt of the notes to the unaudited condensed consolidated financial statements, none of which under normal business conditions materially limit our ability to pay such dividends. We will continue to assess our dividend policy in light of our overall strategy, cash generation, debt levels and ongoing requirements for cash to fund operations and to pursue possible strategic opportunities.

**Debt Instruments and Related Covenants**

The following table presents activity related to our debt instruments for the nine months ended September 30, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| Proceeds from long-term debt | $64.0 | $127.0 |
| Payments on long-term debt | (131.1) | (97.0) |
| &nbsp;&nbsp;Net proceeds (payments) from borrowings | $(67.1) | $30.0 |

---

Net payments from borrowings were $67.1 million during the nine months ended September 30, 2025, compared to net proceeds from borrowings of $30.0 million during the prior year period.

Unused borrowing capacity under the Amended Credit Agreement was $420.2 million as of September 30, 2025.

The Company was in compliance with all of its covenants under the Indenture and Amended Credit Agreement at September 30, 2025. With the current level of borrowing and forecasted results, we expect to remain in compliance with financial covenants under the Amended Credit Agreement.

Our total debt to capital ratios at September 30, 2025 and December 31, 2024 were 72.1% and 55.9%, respectively.

**Critical Accounting Policies and Estimates**

The preparation of our unaudited condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported. There have been no material changes to the critical accounting policies and estimates described in our Form 10-K for the 2024 fiscal year ended December 31, 2024, other than the below item related to goodwill.

During the first quarter of 2025, primarily in response to a sustained decline in the Company's share price, an interim quantitative goodwill impairment test was performed.

While significant estimates and assumptions related to forecasted future cash flows used in the March 1, 2025, interim impairment test were generally aligned with those used in the annual impairment test performed as of October 1, 2024, the discount rate for the FAM reporting unit was increased to 14%, to reflect a market participant view of additional risk associated with achieving forecasted cash flows in the growing end markets with which FAM is aligned. The interim impairment test resulted in a full (non-cash) impairment of all goodwill attributable to the FAM reporting unit of $411.9 million.

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The fair value of the SAS reporting unit, was estimated to exceed its carrying value by approximately 6% as of March 1, 2025. Forecasted cash flows for SAS are primarily aligned with both growing and mature end markets, therefore it is subject to less risk than FAM. The interim impairment test for SAS utilized a discount and long-term growth rates of 10.5% and 2%, respectively. Considering the Company's share price as of March 31, 2025, a 100bps increase in the SAS discount rate would result in an implied enterprise control premium of nil and an impairment of approximately $15.0 million.

The Company's ability to achieve forecasted cash flows in SAS may be negatively impacted by factors including, but not limited to, deterioration of general economic conditions, seasonal or cyclical market and industry fluctuations, adverse changes in our end-market sectors, and the imposition of tariffs and other trade barriers. Unfavorable changes in these factors, along with further sustained declines in our share price, could impact the fair value of SAS, leading to possible future impairment charges. No additional indicators of impairment, other than the sustained decline in share price, were identified for SAS as a result of the interim impairment test.

For further information about our critical accounting policies, please see the discussion of critical accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2024 in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates."

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**FORWARD-LOOKING STATEMENTS**

These forward-looking statements are prospective in nature and not based on historical facts, but rather on current expectations and on numerous assumptions regarding the business strategies and the environment in which the Company's business shall operate in the future and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from our expectations as of the date of this report. These risks include, among other things, those set forth in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and otherwise in our reports and filings with the Securities and Exchange Commission ("SEC"), as well as the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with the implementation of our strategic growth initiatives, including diversification, and the Company's understanding of, and entry into, new industries and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with acquisitions, dispositions, strategic transactions and global asset realignment initiatives of Mativ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse changes in our end-market sectors impacting key customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the source and intensity of competition in our commercial end-markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse changes in sales or production volumes, pricing and/or manufacturing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seasonal or cyclical market and industry fluctuations which may result in reduced net sales and operating profits during certain periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with our technological advantages in our intellectual property and the likelihood that our current technological advantages are unable to continue indefinitely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply chain disruptions, including the failure of one or more material suppliers, including energy, resin, fiber, and chemical suppliers, to supply materials as needed to maintain our product plans and cost structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in operating costs due to inflation and continuing increases in the inflation rate or otherwise, such as labor expense, compensation and benefits costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to attract and retain key personnel, labor shortages, labor strikes, stoppages or other disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in general economic, financial and credit conditions in the U.S., Europe, China and elsewhere, including the impact thereof on currency exchange rates (including any weakening of the Euro) and on interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A failure in our risk management and/or currency or interest rate swaps and hedging programs, including the failures of any insurance company or counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the manner in which we finance our debt and future capital needs, including potential acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uncertainty as to the long-term value of the common stock of Mativ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in employment, wage and hour laws and regulations in the U.S. and elsewhere, including unionization rules and regulations by the National Labor Relations Board, equal pay initiatives, additional anti-discrimination rules or tests and different interpretations of exemptions from overtime laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of tariffs, the imposition of any future additional tariffs and other trade barriers, the effects of retaliatory trade measures, and the impact of tariff uncertainty on macroeconomic conditions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Existing and future governmental regulation and the enforcement thereof that may materially restrict or adversely affect how we conduct business and our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weather conditions, including potential impacts, if any, from climate change, known and unknown, and natural disasters or unusual weather events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International conflicts and disputes, such as the ongoing conflict between Russia and Ukraine, the war between Israel and Hamas and the broader regional conflict in the Middle East, which restrict our ability to supply products into affected regions, due to the corresponding effects on demand, the application of international sanctions, or practical consequences on transportation, banking transactions, and other commercial activities in troubled regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with the FCPA and other anti-corruption laws or trade control laws, as well as other laws governing our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks associated with pandemics and other public health emergencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number, type, outcomes (by judgment or settlement) and costs of legal, tax, regulatory or administrative proceedings, litigation and/or amnesty programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased scrutiny from stakeholders related to environmental, social and governance ("ESG") matters, as well as our ability to achieve our broader ESG goals and objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Costs and timing of implementation of any upgrades or changes to our information technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure by us to comply with any privacy or data security laws or to protect against theft of customer, employee and corporate sensitive information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information technology system failures, data security breaches, network disruptions, and cybersecurity events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other factors described elsewhere in this document and from time to time in documents that we file with the SEC.

All forward-looking statements made in this document are qualified by these cautionary statements. Forward-looking statements herein are made only as of the date of this document, and Mativ undertakes no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise.

Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance unless expressed as such and should only be viewed as historical data.

**Item 3. *Quantitative and Qualitative Disclosures About Market Risk***

Our market risk exposure at September 30, 2025 is consistent with, and not materially different than, the market risk and discussion of exposure presented under the caption "Quantitative and Qualitative Disclosures about Market Risk" in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. *Controls and Procedures***

**Evaluation of Disclosure Controls and Procedures**

We currently have in place systems relating to disclosure controls and procedures designed to ensure the timely recording, processing, summarizing and reporting of information required to be disclosed in periodic reports under the Securities Exchange Act of 1934, as amended. These disclosure controls and procedures include those designed to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions about required disclosure. Upon completing our review and evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2025, our Chief Executive Officer and Chief Financial Officer have concluded that these controls and procedures were effective as of September 30, 2025.

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**Changes in Internal Control Over Financial Reporting**

No changes in our internal control over financial reporting were identified as having occurred in the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. *Legal Proceedings***

The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse effect on its financial position, results of operations, or cash flows. Refer to Note 11. Commitments and Contingencies of the notes to the unaudited condensed consolidated financial statements included in this report.

**Item 1A. *Risk Factors***

There have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, "Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

**Item 2. *Unregistered Sales of Equity Securities and Use of Proceeds***

**Purchases of Equity Securities By the Issuer and Affiliated Purchasers**

In August 2023, the Board of Directors authorized the repurchase of shares of Mativ Common Stock in an amount not to exceed $30.0 million. Under the current $30.0 million authorization, the Company repurchased 539,386 shares for $8.0 million cumulatively as of November 3, 2025.

The Company did not repurchase shares during the three months ended September 30, 2025, and the remaining amount of share repurchases currently authorized by our Board of Directors as of September 30, 2025 is $22.0 million.

**Item 3. *Defaults Upon Senior Securities***

Not applicable.

**Item 4. *Mine Safety Disclosures***

Not applicable.

**Item 5. *Other Information***

**Securities Trading Plans of Directors and Executive Officers**

During the fiscal quarter ended September 30, 2025, none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

**Amended Receivables Sales Agreement**

On November 5, 2025, the Company entered into that certain Second Omnibus Amendment, dated as of November 5, 2025 to amend (i) the Company's previously disclosed Receivables Sales Agreement (as amended, the "Amended Receivables Sales Agreement") and (ii) its previously disclosed Sale and Contribution Agreement, (as amended, the "Amended Sale and Contribution Agreement") (the "Omnibus Amendment"). Among other things, the Omnibus Amendment (1) extended the term of the Amended Receivables Sales Agreement until November 5, 2026, and (2)

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reduced the maximum funding commitment under the Amended Receivables Sales Agreement from $175.0 million to $150.0 million.

The documentation for the Omnibus Amendment includes (i) an amendment to the Receivables Purchase Agreement dated as of November 5, 2025, by and among the Company, Mativ Receivables LLC, a wholly-owned, consolidated, bankruptcy-remote subsidiary of the Company ("Seller"), the persons from time to time party thereto as purchasers (the "Purchasers"), PNC Bank, National Association, as administrative agent ("PNC" or "Administrative Agent"), and PNC Capital Markets LLC, as structuring agent (the "Receivables Purchase Agreement Amendment") and (ii) an amendment to the Sale and Contribution Agreement, dated as of November 5, 2025, by and among the Company, the originators party thereto, and the Seller. The Amended Receivables Sales Agreement amends the original Receivables Purchase Agreement, dated as of December 23, 2022 (as amended from time to time, the "Amended Receivables Purchase Agreement") and the Amended Sale and Contribution Agreement Amendment the original Sale and Contribution Agreement, dated as of December 23, 2022.

The Amended Receivables Purchase Agreement and the Amended Sale and Contribution Agreement contain certain customary representations and warranties, affirmative and negative covenants, indemnification provisions, and events of default, including those providing for the acceleration of amounts owed by the Seller to the Purchasers under the Amended Receivables Purchase Agreement upon the occurrence of certain events.

The foregoing summary of the Omnibus Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the full and complete terms of the Omnibus Amendment, which is included as Exhibit 10.1, respectively, to this Quarterly Form 10-Q and incorporated herein by reference.

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**Item 6. *Exhibits***

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Exhibit** |
| 3.1 | <u>[Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009).](https://www.sec.gov/Archives/edgar/data/1000623/000095012309056905/c91817exv3w1.htm)</u> |
| 3.2 | <u>[Certificate of Amendment to the Certificate of Incorporation of the Company (filed on August 21, 1995), effective as of July 6, 2022 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on July 6, 2022).](https://www.sec.gov/Archives/edgar/data/1000623/000119312522188253/d379466dex31.htm)</u> |
| 3.3 | <u>[Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 11, 2025).](https://www.sec.gov/Archives/edgar/data/1000623/000119312525052044/d933567dex31.htm)</u> |
| \*10.1 | <u>[Second Omnibus Amendment, dated as of November 5, 2025, by and among the Company, Mativ Receivables LLC, PNC Bank, National Association, as administrative agent, PNC Capital Markets LLC, as structuring agent, and the various purchasers and originators party thereto.](ex1012025q3.htm)</u> |
| \*31.1 | <u>[Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended.](ex3112025q3.htm)</u> |
| \*31.2 | <u>[Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15(d)-14(a) of the Securities Exchange Act of 1934, as amended.](ex3122025q3.htm)</u> |
| \*32 | <u>[Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex322025q3.htm)</u> |
| 101 | The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the unaudited condensed consolidated statements of income (loss), (ii) the unaudited condensed consolidated statements of comprehensive income (loss), (iii) the unaudited condensed consolidated balance sheets, (iv) the unaudited condensed consolidated statements of changes in stockholders' equity, (v) the unaudited condensed consolidated statements of cash flow, and (vi) notes to unaudited condensed consolidated financial statements. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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\* Filed herewith

+ Indicates management compensatory plan or arrangement

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Mativ Holdings, Inc.

(Registrant)

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| | |
|:---|:---|
| By: | /s/ Shruti Singhal |
|  | Shruti Singhal<br>President and Chief Executive Officer<br>(duly authorized officer and principal executive officer) |
|  | November 6, 2025 |

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| | |
|:---|:---|
| By: | /s/ Greg Weitzel |
|  | Greg Weitzel<br>Executive Vice President and<br>Chief Financial Officer<br>(duly authorized officer and principal financial officer) |
|  | November 6, 2025 |

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## Exhibit 10.1

![](ex1012025q3001.jpg)

EXECUTION VERSION 1753438380 22722823 SECOND OMNIBUS AMENDMENT This SECOND OMNIBUS AMENDMENT (this "Amendment"), dated as of November 5, 2025, is: (i) THIRD AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT, among MATIV RECEIVABLES LLC, as seller (the "Seller"), MATIV HOLDINGS, INC. (f/k/a Schweitzer-Mauduit International, Inc.) ("Mativ"), as Servicer (in such capacity, the "Servicer"), and PNC BANK, NATIONAL ASSOCIATION ("PNC"), as a purchaser (in such capacity, the "Purchaser") and as administrative agent (in such capacity, the "Administrative Agent"); and (ii) THIRD AMENDMENT TO SALE AND CONTRIBUTION AGREEMENT, among the Seller, as Buyer, the Servicer and the Originators party thereto (each an "Originator", and collectively, the "Originators"). Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Purchase Agreement (defined below) or the Sale and Contribution Agreement (defined below), as applicable. BACKGROUND A. The Seller, the Servicer, the Administrative Agent, the Structuring Agent and the Persons from time to time party thereto as Purchasers have entered into a Receivables Purchase Agreement, dated as of December 23, 2022 (as amended, restated, supplemented or otherwise modified through the date hereof, the "Receivables Purchase Agreement"); B. The Seller, the Servicer and the Originators have entered into a Sale and Contribution Agreement, dated as of December 23, 2022 (as amended, restated, supplemented or otherwise modified through the date hereof, the "Sale and Contribution Agreement" and, together with the Receivables Purchase Agreement, the "Agreements"); C. Concurrently herewith, the Seller, the Administrative Agent, the Purchasers and the Structuring Agent are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof (the "Fee Letter"); and D. WHEREAS, the parties hereto desire to amend each of the Agreements as hereinafter set forth. NOW THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this Amendment hereby agrees as follows: SECTION 1. Amendments to the Receivables Purchase Agreement. The Receivables Purchase Agreement is hereby amended to incorporate the changes shown on the marked pages of the Receivables Purchase Agreement attached hereto as Exhibit A.

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 2 SECTION 2. Amendments to the Sale and Contribution Agreement. The Sale and Contribution Agreement is hereby amended to incorporate the changes shown on the marked pages of the Sale and Contribution Agreement attached hereto as Exhibit B. SECTION 3. Representations and Warranties of the Mativ Parties. Each of the Seller, the Servicer, and each Originator hereby represents and warrants to each of the parties hereto as of the date hereof as follows: (a) Representations and Warranties. The representations and warranties made by it in the Agreements and each of the other Transaction Documents to which it is a party are true and correct in all material respects on and as of the date hereof unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date. (b) Power and Authority; Due Authorization. It has all necessary power and authority to (i) execute and deliver this Amendment and (ii) perform its obligations under this Amendment, the Agreements and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Amendment, the Agreements and the other Transaction Documents to which it is a party have been duly authorized by such Person by all necessary action. (c) Binding Obligation. This Amendment, the Agreements and each of the other Transaction Documents to which it is a party have been duly authorized, validly executed and delivered by such Person and constitutes the legal, valid and binding obligations of such party, enforceable against it in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally, and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. (d) No Event of Default. No Event of Default, Potential Default or Termination Event has occurred and is continuing, and no Event of Default, Potential Default or Termination Event would result after giving effect to this Amendment or the transactions contemplated hereby. SECTION 4. Effect of Amendment; Ratification. All provisions of the Agreements and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect. After this Amendment becomes effective, all references in the Agreements (or in any other Transaction Document) to "this Receivables Purchase Agreement", "this Sale and Contribution Agreement", "this Agreement", "hereof", "herein" or words of similar effect referring to the Receivables Purchase Agreement and/or the Sale and Contribution Agreement shall be deemed to be references to the Receivables Purchase Agreement and/or the Sale and Contribution Agreement as amended and modified by this Amendment. This Amendment shall not be deemed either expressly or impliedly, to waive, amend or supplement any provision

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 3 of the Agreements other than as set forth herein. The Agreements, as amended and modified by this Amendment, are hereby ratified and confirmed in all respects. SECTION 5. Effectiveness. The satisfaction of each of the following shall constitute conditions precedent to the effectiveness of this Amendment and each and every provision hereof: (a) the Administrative Agent (or its counsel) shall have received, in form and substance satisfactory to the Administrative Agent, this Amendment, duly executed by the Seller, the Servicer, each Originator, the Purchaser and the Administrative Agent; (b) the Administrative Agent (or its counsel) shall have received, in form and substance satisfactory to the Administrative Agent, the Fee Letter, duly executed by each of the parties thereto; and (c) the Administrative Agent shall have received confirmation that the "Upfront Fee" set forth in the Fee Letter has been paid in accordance with the terms thereof. SECTION 6. Severability. Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. SECTION 7. Transaction Document. This Amendment shall be a Transaction Document for purposes of the Receivables Purchase Agreement. SECTION 8. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Amendment. The words "execution," "signed," "signature," and words of like import in this Amendment be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act SECTION 9. GOVERNING LAW AND JURISDICTION. (a) THIS AMENDMENT, AND THE OTHER TRANSACTION DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT (EXCEPT, AS TO ANY OTHER TRANSACTION DOCUMENT, AS EXPRESSLY SPECIFIED THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 4 GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. (b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY PURCHASER OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AMENDMENT OR IN ANY OTHER TRANSACTION DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT OR ANY PURCHASER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT AGAINST THE MATIV PARTIES OR ANY OTHER SELLER-RELATED PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. SECTION 10. Section Headings. The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Agreements or any provision hereof or thereof. SECTION 11. Performance Guaranty Ratification. After giving effect to this Amendment and the transactions contemplated by this Amendment, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. [SIGNATURE PAGES FOLLOW]

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 S-1 PNC-Mativ Omnibus Amendment IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written. MATIV RECEIVABLES LLC as the Seller and the Buyer By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer MATIV HOLDINGS, INC., as the Servicer and the Performance Guarantor By: /s/ Greg Weitzel Name: Greg Weitzel Title: Chief Financial Officer ARGOTEC LLC, as an Originator By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer DELSTAR TECHNOLOGIES, INC., as an Originator By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 S-2 PNC-Mativ Omnibus Amendment MATIV CONWED, LLC (f/k/a SWM AMS LLC), as an Originator By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer SCAPA TAPES NORTH AMERICA LLC, as an Originator By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer NEENAH INC., as an Originator By: /s/ Greg Weitzel Name: Greg Weitzel Title: Treasurer

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 S-3 PNC-Mativ Omnibus Amendment PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent By: /s/ Eric Bruno Name: Eric Bruno Title: Senior Vice President PNC BANK, NATIONAL ASSOCIATION, as a Purchaser By: /s/ Eric Bruno Name: Eric Bruno Title: Senior Vice President PNC CAPITAL MARKETS LLC, as Structuring Agent By: /s/ Eric Bruno Name: Eric Bruno Title: Managing Director

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 Exhibit A PNC-Mativ Omnibus Amendment Exhibit A [Amendments to the Receivables Purchase Agreement] (Attached)

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CONFORMED COPY CONFORMED TO AMENDMENT No. 23, DATED AUGUST 14NOVEMBER 5, 20242025 RECEIVABLES PURCHASE AGREEMENT Dated as of December 23, 2022 by and among MATIV RECEIVABLES LLC, as Seller, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Purchasers, PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, MATIV HOLDINGS, INC. as Servicer, and PNC CAPITAL MARKETS LLC, as Structuring Agent 1753407056 22722823

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**TABLE OF CONTENTS** Page -i-1753407056 22722823 ARTICLE I DEFINITIONS 1 SECTION 1.01 Certain Defined Terms 1 SECTION 1.02 Construction 3235 SECTION 1.03 Accounting Principles; Changes in GAAP 3236 SECTION 1.04 Benchmark Replacement Notification; Rates 3336 ARTICLE II TERMS OF THE INVESTMENTS 3337 SECTION 2.01 Purchase Facility 3337 SECTION 2.02 Making Investments; Repayment of Investments 3438 SECTION 2.03 Yield and Fees. 3640 SECTION 2.04 Daily 1M SOFR or Term SOFR Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting. 3742 SECTION 2.05 Records of Investments 4348 SECTION 2.06 Defaulting Purchasers. 4348 SECTION 2.07 Security Interest. 4549 SECTION 2.08 Secured Guaranty by Seller. 4650 SECTION 2.09 Authorization to File Financing Statements; Further Assurances 5055 ARTICLE III SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS 5055 SECTION 3.01 Settlement Procedures. 5055 SECTION 3.02 Payments and Computations, Etc 5358 SECTION 3.03 Sharing of Payments by Purchasers 5459 SECTION 3.04 Administrative Agent's Clawback. 5459 ARTICLE IV INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST 5560 SECTION 4.01 Increased Costs. 5560 SECTION 4.02 Indemnity for Funding Losses 5761 SECTION 4.03 Taxes. 5762 SECTION 4.04 Replacement of a Purchaser 6166 SECTION 4.05 Designation of a Different Lending Office 6267 ARTICLE V CONDITIONS TO EFFECTIVENESS AND INVESTMENTS 6267

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**TABLE OF CONTENTS** (continued) Page -ii-1753407056 22722823 SECTION 5.01 Conditions Precedent to Effectiveness and the Initial Investment 6267 SECTION 5.02 Conditions Precedent to All Investments 6368 SECTION 5.03 Conditions Precedent to All Releases 6368 ARTICLE VI REPRESENTATIONS AND WARRANTIES 6469 SECTION 6.01 Representations and Warranties of the Seller 6469 SECTION 6.02 Representations and Warranties of the Servicer 7175 ARTICLE VII COVENANTS 7579 SECTION 7.01 Covenants of the Seller 7579 SECTION 7.02 Covenants of the Servicer 8488 SECTION 7.03 Separate Existence of the Seller 8993 SECTION 7.04 Exception Accounts 97 ARTICLE VIII ADMINISTRATION AND COLLECTION OF RECEIVABLES 9398 SECTION 8.01 Appointment of the Servicer. 9398 SECTION 8.02 Duties of the Servicer. 9498 SECTION 8.03 Collection Account Arrangements 9599 SECTION 8.04 Enforcement Rights. 95100 SECTION 8.05 Responsibilities of the Seller. 97101 SECTION 8.06 Servicing Fee. 97102 ARTICLE IX EVENTS OF DEFAULT 97102 SECTION 9.01 Events of Default 97102 SECTION 9.02 Consequences of an Event of Default. 100105 ARTICLE X THE ADMINISTRATIVE AGENT 102107 SECTION 10.01 Appointment and Authority 102107 SECTION 10.02 Rights as a Purchaser 102108 SECTION 10.03 Exculpatory Provisions. 103108 SECTION 10.04 Reliance by Administrative Agent 104109 SECTION 10.05 Delegation of Duties 104109 SECTION 10.06 Resignation of Administrative Agent. 104110

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**TABLE OF CONTENTS** (continued) Page -iii-1753407056 22722823 SECTION 10.07 Non-Reliance on Administrative Agent and Other Purchasers 106111 SECTION 10.08 No Other Duties, Etc 106111 SECTION 10.09 Administrative Agent May File Proofs of Claim 106111 SECTION 10.10 Collateral and Guaranty Matters. 106112 SECTION 10.11 No Reliance on Administrative Agent's Customer Identification Program 107112 SECTION 10.12 ERISA Matters. 107112 SECTION 10.13 Erroneous Payments. 109113 ARTICLE XI EXPENSES; INDEMNITY; DAMAGE WAIVER 111116 SECTION 11.01 Costs and Expenses 112116 SECTION 11.02 Indemnification by the Seller 112116 SECTION 11.03 Indemnification by the Servicer 114119 SECTION 11.04 Reimbursement by Purchasers 115120 SECTION 11.05 Waiver of Consequential Damages, Etc 116120 SECTION 11.06 Payments 116120 SECTION 11.07 Survival 116121 ARTICLE XII MISCELLANEOUS 116121 SECTION 12.01 Amendments, Etc 116121 SECTION 12.02 No Implied Waivers; Cumulative Remedies 117122 SECTION 12.03 Notices; Effectiveness; Electronic Communication. 118122 SECTION 12.04 Severability 119124 SECTION 12.05 Duration; Survival 119124 SECTION 12.06 Successors and Assigns. 119124 SECTION 12.07 No Proceedings 124128 SECTION 12.08 Confidentiality. 124129 SECTION 12.09 Counterparts; Integration; Effectiveness; Electronic Execution. 125130 SECTION 12.10 CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. 126131 SECTION 12.11 Intent of the Parties 127132

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**TABLE OF CONTENTS** (continued) Page -iv-1753407056 22722823 SECTION 12.12 Mutual Negotiations 127132 SECTION 12.13 Acknowledgement and Consent to Bail-In of Affected Financial Institutions 127132 SECTION 12.14 USA PATRIOT Act Notice 128133 SECTION 12.15 Acknowledgement Regarding Any Supported QFCs 128133

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"Administrative Agent" means PNC, in its capacity as contractual representative for the Purchaser Parties, and any successor thereto in such capacity appointed in accordance with the terms hereof. "Administrative Questionnaire" means an administrative questionnaire in a form supplied by the Administrative Agent and attached hereto as Exhibit I. "Adverse Claim" means any Lien, other than (i) a Lien in favor of or assigned to the Administrative Agent (for the benefit of the Secured Parties), (ii) any bankers' liens, rights of setoff and other similar Liens existing solely with respect to cash on deposit in a Collection Account to the extent such Liens are not terminated pursuant to an Account Control Agreement or (iii) any Lien for Taxes (x) not yet due and payable or (y) if the obligations with respect to such Taxes are being contested in good faith by appropriate proceedings and for which adequate reserves are being maintained in accordance with GAAP. "Affected Financial Institution" means (a) any EEA Financial Institution or (b) any UK Financial Institution. "Affiliate" means, with respect to a specified Person, another Person that directly or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. "Affiliate Receivable" means a Receivable as to which the Obligor is an Affiliate of Mativ. "Agent Parties" has the meaning set forth in Section 12.03. "Aggregate Capital" means, at any time, the aggregate outstanding Capital of all Purchasers at such time. "Aggregate Yield" means, at any time, the aggregate accrued and unpaid Yield on the Investments of all Purchasers at such time. "Agreement" has the meaning set forth in the preamble to this Agreement. "Alternative Currency" means Euro and Canadian Dollar. "Anti-Corruption Laws" means (a) the United StatesU.S. Foreign Corrupt Practices Act of 1977, as amended,; (b) the UKU.K. Bribery Act 2010, as amended; and (c) any other similarapplicable Law relating to anti-bribery or anti-corruption Laws or regulations administered or enforced in any jurisdiction in which Mativ or any of its Subsidiaries conductany Seller-Related Party is located or doing business. "Anti-Terrorism Law" means any Law in force or hereinafter enacted related to terrorism, money laundering, or economic sanctions, including the Bank Secrecy Act, 31 U.S.C. § 5311 et seq., the USA PATRIOT Act, the International Emergency Economic Powers Act, 50 U.S.C. 2 1753407056 22722823

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unlawful; provided, however, if the Base Rate as determined above would be less than zero, then such rate shall be deemed to be zero. Any change in the Base Rate (or any component thereof) shall take effect at the opening of business on the day such change occurs. Notwithstanding anything to the contrary contained herein, in the case of any event specified in Section 2.04(a) or Section 2.04(b), to the extent any such determination affects the calculation of Base Rate, the definition hereof shall be calculated without reference to clause (iii) above until the circumstances giving rise to such event no longer exist. "Base Rate Capital" means, at any time, any Capital on which Yield accrues by reference to the Base Rate. "Benchmark Replacement" has the meaning set forth in Section 2.04(d). "Beneficial Owner" means, for the Seller, each of the following: (a) each individual, if any, who, directly or indirectly, owns 25% or more of the Seller's Equity Interests; and (b) a single individual with significant responsibility to control, manage, or direct the Seller. "Benefit Plan" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan". "Blocked Property" means any property: (a) owned, directly or indirectly, by a Sanctioned Person; (b) due to or from a Sanctioned Person; (c) in which a Sanctioned Person otherwise holds any interest; (d) located in a Sanctioned Jurisdiction; or (e) that otherwise would cause any actual or possible violation by any Purchaser Party of any applicable International Trade Law if the Purchaser Parties were to obtain an encumbrance on, lien on, pledge of, or security interest in such property, or provide services in consideration of such property. "Business Day" means any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed, or are in fact closed, for business in Pittsburgh, Pennsylvania (or, if otherwise, the Lending Office of the Administrative Agent); provided that, when used in connection with an amount that bears interest at a rate based on SOFR orfor purposes of any direct or indirect calculation or determination of, or when used in connection with any interest rate settings, fundings, disbursements, settlements, payments, or other dealings with respect to, SOFR, the term "Business Day" means any such day that is also a U.S. Government Securities Business Day. "Capital" means, with respect to any Purchaser, the aggregate amounts paid to, or on behalf of, the Seller in connection with all Investments made by such Purchaser pursuant to Article II, as reduced from time to time by Collections or other funds of the Seller that have been distributed to such Purchaser and applied as a repayment of Capital in accordance with this Agreement; provided, that if such Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though it had not been made. 4 1753407056 22722823

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"Capital Coverage Amount" means, at any time, the amount equal to the lesser of (a) the Facility Limit and (b) the amount equal to (i) the Adjusted Net Receivables Pool Balance at such time, minus (ii) the Total Reserves at such time. "Capital Coverage Amount Deficit" means, at any time, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the Capital Coverage Amount at such time. "Capital Tranche" means specified portions of Capital outstanding as follows: (a) all Capital (or portions thereof) for which the applicable Yield Rate is determined by reference to Daily 1M SOFR shall constitute one Capital Tranche, (b) all Capital (or portions thereof) for which the applicable Yield Rate is determined by reference to the Term SOFRBase Rate with the same Yield Period shall constitute one Capital Tranche, (b) all Capital for which the applicable Yield Rate is determined by reference to Daily 1M SOFR shall constitute one Capital Tranche, and (c) all Capital for which the applicable Yield Rate is determined by reference to Basethe Term SOFR Rate with the same Yield Period shall constitute one Capital Tranche. "Certificate of Beneficial Ownership" means, for the Seller, a certificate in form and substance acceptable to the Administrative Agent (as such form may be amended or modified by the Administrative Agent from time to time in its sole discretion), certifying, among other things, the Beneficial Owner of the Seller. "Change in Control" means the occurrence of any of the following: (a) Neenah, Inc. ceases to own, directly, 100% of the Equity Interests of the Seller free and clear of all Adverse Claims; (b) any Subordinated Loan ceases to be 100% owned (beneficially and of record) by Neenah, Inc. free and clear of all Adverse Claims; or (c) acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Parent. "Change in Law" means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of Law) by any Official Body; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of Law), in each case pursuant 5 1753407056 22722823

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Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors. "Conforming Changes" means, with respect to Daily 1M SOFR, the Term SOFR Rate or any Benchmark Replacement in relation thereto, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "Yield Period," the definition of "U.S. Governmental Securities Business Day," timing and frequency of determining rates and making payments of interest, timing of borrowing or investment requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of Daily 1M SOFR, the Term SOFR Rate or such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of Daily 1M SOFR, the Term SOFR Rate or the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents). "Connection Income Taxes" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. "Contra Reserve Amount" means, at any time of determination, the excess (if any) of (a) the aggregate of the Contra Amounts for all Obligors (other than any Obligor for which any Seller-Related Party has established any offset or netting arrangements (including customer deposits and advance payments (including payments relating to unearned revenues) with such Obligor in connection with the ordinary course of payment of such Obligor's Receivables), over (b) 3.00% of the aggregate Outstanding Balance of all Eligible Receivables; provided, however, that the Administrative Agent shall have the right, in its sole discretion by five (5) Business Days' prior notice to the Seller, to reduce (including to zero) the percentage specified in clause (b) above. "Contra Amount" means at any time of determination and with respect to any Obligor with respect to one or more Eligible Receivables, the aggregate amount (if any) of indebtedness and other payment obligations (including trade accounts payable) owed to such Obligor or its Affiliates by any Originator or any of its Affiliates. The Contra Amount shall be deemed to be zero ($0) for any Obligor that is not an Obligor on any Eligible Receivable(s). "Contract" means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in respect of such Receivable. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise 7 1753407056 22722823

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voting power, by contract or otherwise. "Controlling" and "Controlled" have meanings correlative thereto. "Covered Entity" means (a) each Seller-Related Party and its respective Subsidiaries, and (b) each Person that, directly or indirectly, controls a Person described in clause (a) above. For purposes of this definition, control of a Person means the direct or indirect (x) ownership of, or power to vote, 25% or more of the issued and outstanding equity interests having ordinary voting power for the election of directors of such Person or other Persons performing similar functions for such Person, or (y) power to direct or cause the direction of the management and policies of such Person whether by ownership of equity interests, contract or otherwise. "Credit and Collection Policy" means the receivables credit and collection policies and practices of the Seller-Related Parties as in effect on the Closing Date and described in Exhibit D, as modified in compliance with this Agreement. "Daily 1M SOFR" means, for any day, the rate per annum determined by the Administrative Agent by dividing (the resulting quotient (rounded upwards, at the Administrative Agent's discretion, to the nearest 1/100th of 1%) (a)equal to the Term SOFR Reference Rate for such day for a one (1) month period, as published by the Term SOFR Administrator, by (b) a number equal to 1.00 minus the SOFR Reserve Percentage; provided, that if Daily 1M SOFR, determined as provided above, would be less than the SOFR Floor, then Daily 1M SOFR shall be deemed to be the SOFR Floor. Such rate of interest will be adjusted automatically as of each Business Day based on changes in Daily 1M SOFR without notice to the Seller. "Daily Simple SOFR" means, for any day (a "SOFR Rate Day"), the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient (rounded upwards, at the Administrative Agent's discretion, to the nearest 1/100th of 1%) (A)equal to SOFR for the day (the "SOFR Determination Date") that is 2 Business Days prior to (i) such SOFR Rate Day if such SOFR Rate Day is a Business Day or (ii) the Business Day immediately preceding such SOFR Rate Day if such SOFR Rate Day is not a Business Day, by (B) a number equal to 1.00 minus the SOFR Reserve Percentage, in each case, as such SOFR is published by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source identified by the Federal Reserve Bank of New York or its successor administrator for the secured overnight financing rate from time to time. If Daily Simple SOFR as determined above would be less than the SOFR Floor, then Daily Simple SOFR shall be deemed to be the SOFR Floor. If SOFR for any SOFR Determination Date has not been published or replaced with a Benchmark Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the second Business Day immediately following such SOFR Determination Date, then SOFR for such SOFR Determination Date will be SOFR for the first Business Day preceding such SOFR Determination Date for which SOFR was published in accordance with the definition of "SOFR"; provided that SOFR determined pursuant to this sentence shall be used for purposes of calculating Daily Simple SOFR for no more than 3 consecutive SOFR Rate Days. If and when Daily Simple SOFR as determined above changes, 8 1753407056 22722823

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(u) for which the related Originator has recognized the related revenue on its financial books and records in accordance with GAAP; (v) for which neither the related Originator nor any Affiliate thereof is holding any deposits received by or on behalf of the related Obligor; provided that only the portion of such Pool Receivable in an amount equal to such deposits shall be ineligible; and (w) the sale or contribution of which does not trigger any stamp duty or similar transfer taxes. "Embargoed Property" means any property; (a) beneficially owned, directly or indirectly, by a Sanctioned Person; (b) that is due to or from a Sanctioned Person; (c) in which a Sanctioned Person otherwise holds any interest; (d) that is located in a Sanctioned Jurisdiction; or (e) that otherwise would cause any actual or possible violation by any Purchaser Party of any applicable Anti-Terrorism Law if the Purchasers or the Administrative Agent were to obtain an encumbrance on, lien on, pledge of, or security interest in such property, or provide services in consideration of such property. "Equity Interests" means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination. "ERISA" means the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. "ERISA Event" means (a) with respect to a Pension Plan, a reportable event under Section 4043 of ERISA as to which event (after taking into account notice waivers provided for in the regulations) there is a duty to give notice to the PBGC; (b) a withdrawal by Seller or any member of the ERISA Group from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Seller or any member of the ERISA Group from a Multiemployer Plan, notification that a Multiemployer Plan is insolvent, or occurrence of an event described in Section 4041A(a) of ERISA that results in the termination of a Multiemployer Plan; (d) the filing of a notice of intent to terminate a Pension Plan, the treatment of a Pension Plan amendment as a termination under Section 4041(e) of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; (f) the determination that any 15 1753407056 22722823

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product of (x) 25.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus (iv) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors domiciled in the same country, over (ii) the product of (x) 5.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus (v) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors domiciled in countries that are not Investment Grade Countries, over (ii) 2.50% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus (vi) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables denominated in Alternative Currencies, over (ii) 2.50% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus (vii) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that constitute FOB Destination Receivables, over (ii) 2.50% of the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool. "Excluded Taxes" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the Laws of, or having its principal office or, in the case of any Purchaser, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Purchaser, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Purchaser with respect to an applicable interest in an Investment or Commitment pursuant to a law in effect on the date on which (i) such Purchaser becomes a Purchaser (other than pursuant to an assignment request by the Seller under Section 4.04) or (ii) such Purchaser changes its lending office, except in each case to the extent that, pursuant to Section 4.03, amounts with respect to such Taxes were payable either to such Purchaser's assignor immediately before such Purchaser became a party hereto or to such Purchaser immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 4.03(g), and (d) any U.S. federal withholding Taxes imposed under FATCA (except to the extent imposed due to the failure of the Seller to provide documentation or information to the IRS). "Facility Limit" means $175,000,000150,000,000 as reduced from time to time pursuant to Section 2.02(e). References to the unused portion of the Facility Limit mean, at any time, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital at such time. 17 1753407056 22722823

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"FATCA" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements entered into in connection with the implementation of the foregoing and any fiscal or regulatory legislation, rules or official practices implemented to give effect to any such intergovernmental agreements, or any treaty or convention among Official Bodies and implementing the foregoing. "Federal Reserve Board" means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions. "Fee Letter" has the meaning specified in Section 2.03(a). "Fees" has the meaning specified in Section 2.03(a). "Final Maturity Date" means the earlier to occur of (a) the date that is sixty (60) days following the Scheduled Termination Date, and (b) the Termination Date unless such Termination Date occurs solely as a result of the Scheduled Termination Date's occurrence. "Final Payout Date" means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Yield have been paid in full, (ii) all Seller Obligations shall have been paid in full, (iii) all other amounts owing to the Secured Parties hereunder and under the other Transaction Documents have been paid in full and (iv) all accrued Servicing Fees have been paid in full. "Financial Officer" means the chief executive officer, chief financial officer, treasurer or controller of the Parent. "First Amendment Date" means October 20, 2023. "First Lien Credit Agreement" means that certain Credit Agreement, dated as of September 25, 2018 (as amended by the SeventhEighth Amendment, dated as of September 19, 2023December 17, 2024), among Schweitzer-Mauduit InternationalMativ Holdings, Inc. and SWMMativ Luxembourg, as the borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as the administrative agent, the joint lead arrangers and joint bookrunners party thereto, and the co-syndication agents party thereto. "First Lien Credit Agreement Amendment Date" means the date the First Lien Credit Agreement is amended to remove the SOFR Adjustment, and the First Lien Credit Agreement Amendment Date shall be deemed to occur upon receipt by Administrative Agent of a copy of the First Lien Credit Agreement, in form and substance satisfactory to the Administrative Agent, showing the removal of the SOFR Adjustment (or other similar credit adjustment). "Fiscal Month" means each calendar month. "FOB Destination Receivables" means a Receivable arising from the sale of goods on an "FOB (freight on board) destination" basis and for which the related goods have been shipped by 18 1753407056 22722823

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"Indemnified Taxes" means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Seller-Related Party under any Transaction Document and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes. "Independent Director" has the meaning set forth in Section 7.03(c). "Information" has the meaning set forth in Section 12.08. "Initial Schedule of Sold Receivables" means the schedule identifying all Sold Receivables as of the Closing Date, which list the Seller delivered to the Administrative Agent and the Purchasers on or prior to the Closing Date. "Intended Tax Treatment" has the meaning set forth in Section 12.11. "International Trade Laws" means all Laws relating to economic and financial sanctions, trade embargoes, export controls, customs and anti-boycott measures. "Investment" means any payment of Capital by a Purchaser to the Seller pursuant to Section 2.02. "Investment Company Act" means the Investment Company Act of 1940. "Investment Grade Country" means, at any time, a country that then has long-term foreign currency sovereign credit ratings of both "BBB-" or better by S&P and "Baa3" or better by Moody's. "Investment Request" means a letter in substantially the form of Exhibit A hereto delivered by the Seller to the Administrative Agent pursuant to Section 2.02(a). "IRS" means the United States Internal Revenue Service. "Law" means any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any settlement arrangement, by agreement, consent or otherwise, with any Official Body, foreign or domestic. "LCR Security" means any commercial paper or security (other than equity securities issued to any Person that is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014). "Lending Office" means, as to the Administrative Agent or any Purchaser, the office or offices of such Person described as such in such Purchaser's Administrative Questionnaire, or such other office or offices as such Person may from time to time notify the Seller and the Administrative Agent. 21 1753407056 22722823

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"Moody's" means Moody's Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization. "Multiemployer Plan" means any employee pension benefit plan which is a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA and to which the Seller or any member of the ERISA Group is then making or accruing an obligation to make contributions or, within the preceding five (5) plan years, has made or had an obligation to make such contributions, or to which the Seller or any member of the ERISA Group has any liability (contingent or otherwise). "Net Receivables Pool Balance" means, at any time: (a) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool, minus (b) the Excess Concentration. "Non-Consenting Purchaser" means any Purchaser that does not approve any consent, waiver or amendment that (a) requires the approval of all or all affected Purchasers in accordance with the terms of Section 12.01 and (b) has been approved by the Required Purchasers. "Non-Defaulting Purchaser" means, at any time, each Purchaser that is not a Defaulting Purchaser at such time. "Obligor" means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable. "Obligor Percentage" means, at any time, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor and its Affiliates less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and its Affiliates and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time. "OFAC" means the Office of Foreign Assets Control of the United States Department of the Treasury. "Official Body" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). "Originator" means each Person from time to time party to the Transfer Agreement as an "Originator" thereunder. 24 1753407056 22722823

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"PBGC" means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor. "Pension Plan" means at any time an "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA) (including a "multiple employer plan" as described in Sections 4063 and 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 or Section 430 of the Code and either (a) is sponsored, maintained or contributed to by any member of the ERISA Group for employees of any member of the ERISA Group, (b) has at any time within the preceding five years been sponsored, maintained or contributed to by any entity which was at such time a member of the ERISA Group for employees of any entity which was at such time a member of the ERISA Group, or in the case of a "multiple employer" or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years or (c) or to which the Seller or any member of the ERISA Group may have any liability (contingent or otherwise). "Performance Guarantor" means Mativ. "Performance Guaranty" means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties. "Permitted Linked Account" means any Master Account. "Person" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Official Body or other entity. "PINACLE" means PNC's PINACLE® credit management service and any and all services and systems provided or used in connection therewith, and any similar or replacement electronic credit administration services implemented by PNC. "PINACLE Agreement" means a separate written agreement between Seller and PNC regarding PINACLE, and any amendments, modifications or replacements thereof. "Plan" means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Seller or any member of the ERISA Group or any such Plan to which the Seller or any member of the ERISA Group is required to contribute on behalf of any of its employees or with respect to which the Seller may have any liability (contingent or otherwise). "Platform" means PINACLE or any of Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system. "PNC" has the meaning set forth in the preamble to this Agreement. "Pool Receivable" means a Receivable in the Receivables Pool; provided, however, that (i) to the extent the Servicer is able to, and does in the Pool Reports, consistently identify and report on Affiliate Receivables (or any portion thereof) separately from the other Pool 26 1753407056 22722823

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Receivables, Affiliate Receivables (or such portion thereof) shall be excluded from "Pool Receivables" for purposes of the definitions of "Days Sales Outstanding," "Default Ratio," "Delinquency Ratio," "Dilution Horizon Ratio," "Dilution Ratio," "Foreign Currency Reserve Percentage," "Loss Horizon Ratio," and "Seller's Net Worth;" and (ii) all Affiliate Receivables shall be excluded from "Pool Receivables" for purposes of Sections 3.01(d)(i), 7.01(j) and 7.02(h) of this Agreement and Sections 3.3(a) and 6.1(i) of the Transfer Agreement. "Pool Report" means each Monthly Report and Weekly Report. "Potential Default" means any event or condition which with notice or passage of time, or both, would constitute an Event of Default. "Purchasers" means the financial institutions named on Schedule I and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Purchaser. "Purchaser Party" means each Purchaser, the Structuring Agent and the Administrative Agent. "Prime Rate" means the interest rate per annum announced from time to time by the Administrative Agent at its main offices in Pittsburgh, Pennsylvania as its then prime rate, which rate may not be the lowest or most favorable rate then being charged to commercial borrowers or others by the Administrative Agent and may not be tied to any external rate of interest or index. Any change in the Prime Rate shall take effect at the opening of business on the day such change is announced. "PTE" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. "Purchasers" means the financial institutions named on Schedule I and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Purchaser. "Purchaser Party" means each Purchaser, the Structuring Agent and the Administrative Agent. "Receivable" means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Seller (as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be rendered, and includes the obligation to pay any service charges, finance charges, interest, fees and other charges with respect thereto. Any such right to payment arising from any one transaction, including any such right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to payment arising from any other transaction. "Receivables Pool" means, at any time, all of the then outstanding Receivables transferred (or purported to be transferred) to the Seller pursuant to the Transfer Agreement (including both Sold Receivables and Unsold Receivables). 27 1753407056 22722823

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"Release" has the meaning set forth in Section 3.01(a). "Relief Proceeding" means any proceeding seeking a decree or order for relief in respect of any Seller-Related Party or Subsidiary of a Seller-Related Party in a voluntary or involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Seller-Related Party or Subsidiary of a Seller-Related Party for any substantial part of its property, or for the winding-up or liquidation of its affairs, or an assignment for the benefit of its creditors. "Removal Effective Date" has the meaning set forth in Section 10.06(b). "Reportable Compliance Event" means that: (a) any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint, or similar charging instrument, arraigned, custodially detained, penalized or the subject of an assessment for a penalty, or enters into a settlement with an Official Body in connection with any economic sanctions or other Anti-Terrorism Law or Anti-Corruption Law, or any predicate crime to any Anti-Terrorism Law or Anti-Corruption Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations represents a violation of any Anti-Terrorism Law or Anti-Corruption Law; (b) any Covered Entity engages in a transaction that has caused or would reasonably be expected to cause the Purchasers or Administrative Agent to be in violation of any Anti-Terrorism Laws or Anti-Corruption Law, including a Covered Entity's use of any proceeds of the Investments to fund any operations in, finance any investments or activities in, or, make any payments to, directly or indirectly, a Sanctioned Person or Sanctioned Jurisdiction; or (c) any Supporting Assets become EmbargoedBlocked Property. "Required Capital Amount" means $10,000,000. "Required Purchasers" means: (a) if there exists fewer than three (3) Purchasers, all Purchasers (other than any Defaulting Purchaser); and (b) if there exist three (3) or more Purchasers, Purchasers (other than any Defaulting Purchaser) having more than 50% of the aggregate amount of the Commitments of the Purchasers (excluding any Defaulting Purchaser) or, after termination of the Commitments, the outstanding Capital of the Purchasers (excluding any Defaulting Purchaser). "Resignation Effective Date" has the meaning set forth in Section 10.06(a). "Resolution Authority" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. "Restricted Payments" has the meaning set forth in Section 7.01(r). 29 1753407056 22722823

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"Returned Goods" means all right, title and interest in and to returned, repossessed or foreclosed goods and/or merchandise the sale of which gave rise to a Receivable. "S&P" means S&P Global Ratings, a division of S&P Global Inc., and any successor thereto that is a nationally recognized statistical rating organization. "Sanctioned Jurisdiction" means any country, territory, or region that is the subject of sanctions administered by OFAC. "Sanctioned Person" means (a) a Person that is the subject of sanctions administered by OFAC or the U.S. Department of State, including by virtue of being (i) named on OFAC's list of "Specially Designated Nationals and Blocked Persons"; (ii) organized under the Laws of, ordinarily resident in, or physically located in a Sanctioned Jurisdiction; (iii) owned or controlled 50% or more in the aggregate, by one or more Persons that are the subject of sanctions administered by OFAC; (b) a Person that is the subject of sanctions maintained by the European Union ("E.U."), including by virtue of being named on the E.U.'s "Consolidated list of persons, groups and entities subject to E.U. financial sanctions" or other, similar lists; (c) a Person that is the subject of sanctions maintained by the United Kingdom ("U.K."), including by virtue of being named on the "Consolidated List Of Financial Sanctions Targets in the U.K." or other, similar lists; or (d) a Person that is the subject of sanctions imposed by any Official Body of a jurisdiction whose Laws apply to this Agreement. "Santander Exception Account" means each account listed as a "Santander Exception Account" on Schedule II to this Agreement for the purpose of receiving Collections of the specified Originator. "Scapa" means Scapa Tapes North America LLC, a Connecticut limited liability company. "Scapa Receivables" means the Pool Receivables originated by Scapa. "Scheduled Termination Date" means December 23, 2025November 4, 2026. "SEC" means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor. "Secured Parties" means each Purchaser Party, each Seller Indemnified Party and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 10.05. "Securities Act" means the Securities Act of 1933. "Seller" has the meaning set forth in the preamble to this Agreement. "Seller Collateral" has the meaning set forth in Section 2.08(i)(i). "Seller Guaranty" has the meaning set forth in Section 2.08(a). 30 1753407056 22722823

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"SOFR" means, for any day, a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). "SOFR Adjustment" means either (i) if such date of determination is prior to the occurrence of the Credit Agreement Amendment Condition, ten basis points (0.10%) and (y) if such date of determination is on or after the Credit Agreement Amendment Condition, zero basis points (0.00%). "SOFR Floor" means a rate of interest per annum equal to zero basis points (0.00%). "SOFR Reserve Percentage" means, for any day, the maximum effective percentage in effect on such day, if any, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to SOFR funding. "Sold Assets" has the meaning set forth in Section 2.01(b). "Sold Receivables" means, collectively, (i) the Pool Receivables specified as "Sold Receivables" on the Initial Schedule of Sold Receivables, (ii) all additional Pool Receivables specified as "Sold Receivables" on the Investment Requests delivered with respect to all subsequent Investments made hereunder and (iii) all additional Pool Receivables designated as "Sold Receivables" and transferred by the Seller pursuant to Section 2.01(b) in connection with a Release as contemplated by the first paragraph in Section 3.01(a). "Solvent" means, with respect to any Person on any date of determination, taking into account any right of reimbursement, contribution or similar right available to such Person from other Persons, that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature, and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged. In computing the amount of contingent liabilities at any time, it is intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. "Specifically Reserved Dilution Amount" means at any time the amount, determined as of the most recent month-end date, equal to the reserves or liabilities set forth on the books and records of the Originators or Seller, as applicable, related to, or in anticipation of customer rebates, incentives, potential prompt pay discounts and other credits, deductions or reductions 32 1753407056 22722823

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with respect to Eligible Receivables, in each case to the extent such amounts have not been applied at such time to reduce the Outstanding Balance of the Eligible Receivables. Within thirty (30) days of the completion and the receipt by the Administrative Agent of the results of any field exam of the Pool Receivables or upon a change in the Seller's procedures for providing such adjustments described in the preceding sentence, the definition of "Specifically Reserved Dilution Amount" may be adjusted by the Administrative Agent upon not less than five (5) Business Days' notice to the Seller based solely on changes in actual collection history or policy changes affecting discounts, credits, deductions or reductions reflected in such field exam that are reasonably expected to recur on a prospective basis. "Statements" has the meaning set forth in Section 6.02(y). "Structuring Agent" means PNC Capital Markets LLC, a Pennsylvania limited liability company. "Sub-Servicer" has the meaning set forth in Section 8.01(d). "Subordinated Loan" has the meaning set forth in the Transfer Agreement. "Subordinated Loan Agreement" has the meaning set forth in the Transfer Agreement. "Subsidiary" means, as to any Person, any corporation, trust, partnership, limited liability company or other business entity (a) of which more than 50% of the outstanding voting securities or other interests normally entitled to vote for the election of one or more directors or trustees (regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person's Subsidiaries, or (b) which is Controlled or capable of being Controlled by such Person or one or more of such Person's Subsidiaries. "Supporting Assets" means all Sold Assets and all Seller Collateral. "Taxes" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. "Termination Date" means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the Facility Limit is terminated in whole pursuant to Section 2.02(e), (c) the date on which the "Termination Date" is declared or deemed to have occurred under Section 9.02 and (d) the date on which all Commitments have been reduced to zero. "Term SOFR Administrator" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). "Term SOFR Rate" means, with respect to any amount for which the Term SOFR Reference Rate applies, for any day in any Yield Period, the interest rate per annum determined by the Administrative Agent by dividing (the resulting quotient (rounded upwards, at the Administrative Agent's discretion, to the nearest 1/100th of 1%) (A)equal to the Term SOFR 33 1753407056 22722823

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Reference Rate for a term of one month, as such rate is published by the Term SOFR Administrator, on the day (the "Term SOFR Determination Date") that is two (2) Business Days prior to the first day of such Yield Period, as such rate is published by the Term SOFR Administrator, by (B) a number equal to 1.00 minus the SOFR Reserve Percentage. If the Term SOFR Reference Rate for the applicable tenor has not been published or replaced with a Benchmark Replacement by 5:00 p.m. (Pittsburgh, Pennsylvania time) on the Term SOFR Determination Date, then the Term SOFR Reference Rate, for purposes of clause (A) in the preceding sentence, shall be the Term SOFR Reference Rate for such tenor on the first Business Day preceding such Term SOFR Determination Date for which such Term SOFR Reference Rate for such tenor was published in accordance herewith, so long as such first preceding Business Day is not more than three (3) Business Days prior to such Term SOFR Determination Date. If the Term SOFR Rate, determined as provided above, would be less than the SOFR Floor, then the Term SOFR Rate shall be deemed to be the SOFR Floor. "Term SOFR Reference Rate" means the forward-looking term rate based on SOFR. "Threshold Amount" means $40,000,000. "Total Reserves" means, at any time, an amount equal to the product of (a) the sum of: (i) the Yield Reserve Percentage, plus (ii) the Foreign Currency Reserve Percentage plus (iii) the greater of (x) the sum of the Concentration Reserve Percentage, plus the Minimum Dilution Reserve Percentage and (y) the sum of the Loss Reserve Percentage, plus the Dilution Reserve Percentage, times (b) the Adjusted Net Receivables Pool Balance. "Transaction Documents" means this Agreement, the Transfer Agreement, the Account Control Agreements, each Fee Letter, the Subordinated Loan Agreement, the Performance Guaranty and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement. "Transfer Agreement" means the Sale and Contribution Agreement, dated as of the Closing Date, among the Servicer, the Originators and the Seller. "Transfer Termination Event" means the occurrence of any event or circumstance (including the occurrence of the "Sale and Contribution Termination Date" under the Transfer Agreement) that causes any Originator to cease selling or contributing Receivables to the Seller thereunder; provided, however, that an Originator ceasing to be a party to a Transfer Agreement with the prior written consent of the Seller and the Administrative Agent shall not constitute a Transfer Termination Event. "UCC" means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction. "Unbilled Receivable" means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet been sent to the Obligor thereof. "UK Financial Institution" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook 34 1753407056 22722823

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"Weekly Reporting Date" means the second Business Day of each calendar week. "Withholding Agent" means any Seller-Related Party and the Administrative Agent. "Write-down and Conversion Powers" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. "Yield" means, for any Capital and any Yield Period (or portion thereof), the amount of interest or yield accrued on such Capital during such Yield Period (or portion thereof) in accordance with this Agreement. "Yield Period" means, with respect to any Capital, or fees payable hereunder, (a) before the Termination Date: (i) initially, the period commencing on (and including) the date such Capital is funded through an Investment hereunder (or in the case of anysuch fees payable hereunder, commencing on (and including) the Closing Date) and ending on (but notand including) the next Monthly Settlement Datelast day of the calendar month in which such Capital was funded and (ii) thereafter, each period commencing on a Monthly Settlement Date(and including) the first day of a calendar month and ending on (but notand including) the next Monthly Settlement Datelast day of such calendar month and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative Agent or, in the absence of any such selection, each period commencing on a Monthly Settlement Date and ending on (but not including) the next Monthly Settlementdetermined pursuant to clause (a) above notwithstanding the occurrence of the Termination Date. "Yield Rate" means, subject to Sections 2.03 and 2.04, for any day in any Yield Period for any Capital (or portion thereof): (a) if no Event of Default is then continuing, the sum of (i) either (x) if the Seller has elected for such Capital to accrue interest by reference to the Term SOFR Rate during such Yield Period in accordance with Section 2.03(d)(i), the Term SOFR Rate for such day, or (y) in any other case (including if no such election has been made), Daily 1M SOFR plus (ii) the SOFR Adjustment; or (b) if an Event of Default is then continuing, the greater of (x) the sum of the Daily 1M SOFR for such day plus the SOFR Adjustment, and (y) the Base Rate for such day (in either case, plus any additional margin or spread imposed pursuant to Section 2.03(f)). 36 1753407056 22722823

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For the avoidance of doubt, if any Capital is converted to, or deemed to be, a Base Rate Capital pursuant to the terms hereof, the Yield Rate for such Capital shall be the Base Rate as in effect from time to time (plus any additional margin or spread imposed pursuant to Section 2.03(f)). "Yield Reserve Percentage" means at any time: 1.50 x DSO x (BR + SFR) 360 where: BR = the Base Rate at such time; DSO = the Days' Sales Outstanding for the most recently ended Fiscal Month; and SFR = the Servicing Fee Rate. SECTION 1.02 Construction Construction. Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Transaction Documents: (a) references to the plural include the singular, the plural, the part and the whole and the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation"; (b) the word "will" shall be construed to have the same meaning and effect as the word "shall"; (c) the words "hereof," "herein," "hereunder," "hereto" and similar terms in this Agreement or any other Transaction Document refer to this Agreement or such other Transaction Document as a whole; (d) article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Transaction Document, as the case may be, unless otherwise specified; (e) reference to any Person includes such Person's successors and assigns; (f) reference to this Agreement or any other Transaction Document, means this Agreement or such other Transaction Document, together with the schedules and exhibits hereto or thereto, as amended, modified, replaced, substituted for, superseded or restated from time to time (subject to any restrictions thereon specified in this Agreement or the other applicable Transaction Document); (g) relative to the determination of any period of time, "from" means "from and including," "to" means "to but excluding," and "through" means "through and including"; (h) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time; (i) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; (j) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms; (k) section headings herein and in each other Transaction Document are included for convenience and shall not affect the interpretation of this Agreement or such Transaction Document; and (l) unless otherwise specified, all references herein to times of day shall constitute references to Eastern Time. SECTION 1.03 Accounting Principles; Changes in GAAP. Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial 37 1753407056 22722823

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matters and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP as in effect on the Closing Date applied on a basis consistent with those used in preparing the Statements referred to in Section 6.02(y). Notwithstanding the foregoing, if at any time any change in GAAP (including the adoption of IFRS) would affect the computation of any financial ratio or requirement set forth in any Transaction Document, and either the Seller or the Required Purchasers shall so request, the Administrative Agent, the Purchasers and the Seller shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Purchasers); provided that, until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (b) the Seller shall provide to the Administrative Agent financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. For the avoidance of doubt, this Section 1.03 and any changes in GAAP or other accounting principles contemplated by this Section shall not affect or modify any computation or determination of the Days' Sales Outstanding, Default Ratio, Delinquency Ratio, Dilution Ratio, Total Reserves or any input to, or component of, any of the foregoing. SECTION 1.04 Benchmark Replacement Notification; Rates. Section 2.04(d) provides a mechanism for determining an alternative rate of interest in the event that Daily 1M SOFR or the Term SOFR Rateany Benchmark is no longer available or in certain other circumstances. The Administrative Agent does not warrant or accept any responsibility for and shall not have any liability with respect to, (a) the continuation of, the administration, submission or any other matter related to Daily 1M SOFR or the Term SOFR Rate, or with respect toany Benchmark or any component definition thereof or rates referred to in the definition thereof, or any alternative or successor rate thereto, or replacement rate therefor. (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, such Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of any Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Seller or any other person or entity. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Seller, any Purchaser or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service. 38 1753407056 22722823

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(e) Selection, Designation and Reporting of Sold Receivables. The Seller (or the Servicer on its behalf) shall select and identify from the Pool Receivables all Sold Receivables to be sold pursuant to Section 2.01(b) in its sole discretion; provided, however, that (i) the Seller shall select Sold Receivables from the Pool Receivables and the Seller shall transfer pursuant to Section 2.01(b) 100% of its interest in such Sold Receivables, and (ii) the Seller shall not select Sold Receivables in a manner that results in the aggregate Outstanding Balance of Sold Receivables exceeding the Aggregate Capital. The Seller shall maintain (or cause the Servicer to maintain) books and records sufficient to readily identify the Sold Receivables. The Seller and Servicer shall cause (i) all Sold Receivables to be identified on each Investment Request in accordance with Section 2.02(a) and (ii) the aggregate Outstanding Balance of each Obligor's Sold Receivables to be identified on each Monthly Report delivered hereunder. SECTION 2.02 Making Investments; Repayment of Investments. (a) Each Investment hereunder shall be made at the written request fromof the Seller delivered to the Administrative Agent in the form of an Investment Request attached hereto as Exhibit A; provided that, if the Seller enters into a separate written agreement withat any time when PNC (or an Affiliate thereof) is the Administrative Agent regarding Administrative Agent's PINACLE® auto-advance service (or any similar or replacement electronic loan administration service implemented by the Administrative Agent)and the Seller has entered into a PINACLE Agreement, then any request for an Investment made by the Seller using such servicePINACLE shall constitute an Investment Request, and each . SECTION 2.02 Each Investment made pursuant to such service shall be made on the date such Investment Request is received by the Administrative Agent. Otherwise, each such request for an Investment shall be made no later than 12:00 p.mRequest (1) shall be made by Seller no later than (x) in the case of a Investment Request made pursuant to PINACLE, 4:00 p.m. Eastern Time on the proposed date of such Investment (it being understood that any such request, or (y) in the case of any other Investment Request, 12:00 noon Eastern Time on the proposed date of such Investment; provided that any Investment Request made after such applicable time shall be deemed to have been made on the following Business Day), and (2) shall specify (i) the amount of Capital requested (which shall not be less than $1,000,000 and shall be an integral multiple of $100,000), (ii) theother than for an Investment Request made pursuant to PINACLE, the allocation of such amount among the Purchasers, which shall be ratable based on the Commitments, (iii) the account to which the proceeds of such Investment shall be distributed, and (iiiiv) the date such requested Investment is to be made (, which shall be a Business Day) and (iv) all Pool Receivables that are, or upon making such Investment will be, Sold Receivables.. If an Investment Request is deemed to have been made on the following Business Day pursuant to the proviso above and such Investment Request requests an Investment to be made prior to such following Business Day, such Investment Request shall be deemed to request that such Investment be made on such following Business Day. (b) On the date of each Investment specified in the applicable Investment Request, the Purchasers (ratably in accordance with their respective Commitments)each Purchaser shall, upon satisfaction of the applicable conditions set forth in Section 5.02 and pursuant to the other conditions set forth herein, make availableremit to the SellerAdministrative Agent in same day funds an aggregate amount (which shall constituteto the account specified by the Administrative Agent for such purpose, such Purchaser's ratable share of the Capital of such 40 1753407056 22722823

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Investment) equal to the amount (as determined pursuant to Section 2.01(a)) such that the Administrative Agent is able to, and the Administrative Agent shall, to the extent the Purchasers have made funds available to it for such purpose and subject to Section 5.02 and the other conditions set forth herein, fund the Capital of such Investment requested, at the account set forth in the related Investment Request.to the Seller on the date of such Investment; provided that if any Purchaser fails to remit such funds to the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole discretion to fund with its own funds such Purchaser's portion of such Capital on the date thereof, and such Purchaser shall be subject to the repayment obligation in Section 3.04(a). (c) Each Purchaser's obligation shall be several, such that the failure of any Purchaser to make available to the Administrative Agent or the Seller any funds in connection with any Investment shall not relieve any other Purchaser of its obligation, if any, hereunder to make funds available on the date such Investments are requested (it being understood, that no Purchaser shall be responsible for the failure of any other Purchaser to make funds available to the Administrative Agent or the Seller in connection with any Investment hereunder). (d) The Seller shall repay in full the outstanding Capital, together with all accrued and unpaid Yield, Fees and other Seller Obligations, of each Purchaser on the Final Maturity Date. Prior thereto, the Seller shall, on each Settlement Date and not later than two (2) Business Days after delivery of any Pool Report that demonstrates the existence of a Capital Coverage Amount Deficit, make a prepayment of the outstanding Capital of the Purchasers to the extent required to eliminate any Capital Coverage Amount Deficit and as otherwise required under Section 3.01. Notwithstanding the foregoing, the Seller, in its discretion, shall have the right to make a prepayment, in whole or in part, of the outstanding Capital of the Purchasers (i) aton any Business Day if, at such time when(A) PNC (or an Affiliate thereof) is both the Administrative Agent and the sole Purchaser hereunder, and to the extent, (B) the Seller has entered into a separate written agreement with the Administrative Agent regarding Administrative Agent's PINACLE® auto-advance service (or any similar or replacement electronic loan administration service implemented by the Administrative Agent) pursuant to Section 2.02(a) hereof, on anyPINACLE Agreement and (C) such prepayment is made with PINACLE; provided, that any such prepayment made with PINACLE after 4:00 p.m. Eastern Time on any day shall be deemed to have been made on the next occurring Business Day, or (ii) upon same-day written notice by delivering to the Administrative Agent a Reduction Notice in the form attached hereto as Exhibit B no later than 12:00 p.m.12:00 noon Eastern Time on the proposed dateBusiness Day of such prepayment (it being understood that any such request made after such time shall be deemed to have been made on the following Business Day) to the Administrative Agent in the form of a Reduction Notice attached hereto as Exhibit B; provided, however, that (i) each such prepayment shall be in a minimum aggregate amount of $1,000,000 and shall be an integral multiple of $100,000, (ii) the Seller shall not provide any Reduction Notice or corresponding notice through PINACLE as contemplated above, and no such Reduction Notice or corresponding notice through PINACLE shall be effective, if after giving effect thereto, the Aggregate Capital at such time would be less than an amount equal to the Minimum Funding Threshold and (iii) any accrued Yield and Fees in respect of such prepaid Capital shall be paid on the immediately following Settlement Date; provided, however that notwithstanding the foregoing, a prepayment may be in an amount necessary to reduce any Capital Coverage Amount Deficit existing at such time to zero. All accrued and unpaid yield 41 1753407056 22722823

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and any associated indemnity payments due under Section 4.02 with respect to prepayments pursuant to this section shall be made on the immediately following Settlement Date. (e) The Seller may, at any time upon at least ten (10) days' prior written notice to the Administrative Agent, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the Facility Limit shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial reduction shall reduce the Facility Limit to an amount less than $75,000,000. In connection with any partial reduction in the Facility Limit, the Commitment of each Purchaser shall be ratably reduced. If the Facility Limit is terminated in whole, the Commitment of each Purchaser shall be reduced to zero. All prepayments pursuant to this section shall be accompanied by payment of all accrued and unpaid yield and any associated indemnity payments due under Section 4.02. (f) In connection with any reduction of the Commitments, the Seller shall remit to the Administrative Agent (i) instructions regarding such reduction and (ii) for payment to the Purchasers, cash in an amount sufficient to pay (A) Capital of each Purchaser in excess of the Commitment of such Purchaser and (B) all other outstanding Seller Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Seller Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion) including, without duplication, any associated indemnity payments due under Section 4.02. Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the outstanding Capital, and second to the payment of the remaining outstanding Seller Obligations with respect to such reduction, including any associated indemnity payments due under Section 4.02, by paying such amounts to the Purchasers. SECTION 2.03 Yield and Fees. (a) Fees. On each Settlement Date, the Seller shall, in accordance with the terms and priorities for payment set forth in Section 3.01(a), pay to each Purchaser, the Administrative Agent, the Structuring Agent certain fees (collectively, the "Fees") in the amounts set forth in the fee letter agreements from time to time entered into, among the Seller, the Purchasers and/or the Administrative Agent, the Structuring Agent (each such fee letter agreement is collectively referred to herein as the "Fee Letter"); provided, however, that any Defaulting Purchaser's right to receive Undrawn Fees shall be subject to the terms of Section 2.06. (b) Yield and Fees. The Capital of each Purchaser shall accrue interest on each day when such Capital remains outstanding at the then-applicable Yield Rate for such Capital. The Seller shall pay all Yield and Fees accrued during each Yield Period on the first Settlement Date occurring after the end of such Yield Period in accordance with the terms and priorities for payment set forth in Section 3.01(a). For the avoidance of doubt, Yield accrued 42 1753407056 22722823

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during each Yield Period shall be due and payable on the first Settlement Date after such Yield Period without regard to the availability of Collections for payment thereof. (c) Highest Lawful Rate. If at any time the designated rate of interest (including the Yield Rate for such purpose) applicable to any Purchaser's Capital exceeds such Purchaser's highest lawful rate, the rate of interest (including the Yield Rate for such purpose) on such Purchaser's Capital shall be limited to such Purchaser's highest lawful rate. (d) Selection of Daily 1M SOFR and Term SOFR Rate; Rate Quotations. (i) So long as no Event of Default is continuing, the Seller may, by written notice to the Administrative Agent, elect for all or any portion of the Aggregate Capital to accrue yield or interest by reference to the Term SOFR Rate (rather than Daily 1M SOFR) during any Yield Period; provided, however, that no such election shall be made for less (or more) than a full Yield Period. Any such notice must specify the amount of the Aggregate Capital subject of such election and must be delivered not later than two (2) Business Days prior to the first day of the affected Yield Period. Any such portion of the Aggregate Capital that is subject to such an election shall be apportioned among the respective Purchasers' Capital ratably based on the aggregate outstanding Capital of each Purchaser at such time. Notwithstanding the foregoing, (x) the Seller shall not make such an election if, as a result thereof, more than five (5) Capital Tranches would exist and (y) each Capital Tranche accruing interest by reference to the Term SOFR Rate shall be not be less than $1,000,000 and shall be an integral multiple of $100,000. For the avoidance of doubt, if an Event of Default is then continuing, the Yield Rate for any Capital shall be determinedin the event of any conflict between the Seller's election pursuant to this clause (i) and rate of interest applied pursuant to the definition of "Yield Rate notwithstanding any otherwise applicable election by the Seller," the definition of "Yield Rate" shall control. (ii) The Seller may call the Administrative Agent on or before the date on which an Investment Request is to be delivered to receive an indication of the rates then in effect, but it is acknowledged that such projection shall not be binding on the Administrative Agent or the Purchasers nor affect the rate of interest which thereafter is actually in effect when the election is made. (e) Conforming Changes Relating to Daily 1M SOFR and the Term SOFR Rate. With respect to Daily 1M SOFR and the Term SOFR Rate, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document; provided that, with respect to any such amendment effected, the Administrative Agent shall provide notice to the Seller and the Purchasers each such amendment implementing such Conforming Changes reasonably promptly after such amendment becomes effective. (f) Yield and Interest After Default. To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event of Default shall have been 43 1753407056 22722823

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cured or waived, at the discretion of the Administrative Agent or upon written demand by the Required Purchasers to the Administrative Agent: (i) Yield Rate. The Yield Rate applicable to any Capital shall be increased by 2.00% per annum; (ii) Other Obligations. Each other obligation (other than payments in respect of Subordinated Loan) of any Seller-Related Party hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the Base Rate plus an additional 2.00% per annum from the time such obligation becomes due and payable until the time such obligation is paid in full; and (iii) Acknowledgment. The Seller acknowledges that the increase in rates referred to in this Section 2.03(f) reflects, among other things, the fact that such Capital or other amounts have become a substantially greater risk given their default status and that the Purchasers are entitled to additional compensation for such risk; and all such interest or yield shall be payable upon demand by Administrative Agent or (if earlier) on the first Settlement Date occurring after such interest or yield accrues. SECTION 2.04 Daily 1M SOFR or Term SOFR Rate Unascertainable; Increased Costs; Illegality; Benchmark Replacement Setting. (a) Unascertainable; Increased Costs. If, on or prior to the first day of an Yield Periodat any time: (i) the Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that (x) Daily 1M SOFR or the Term SOFR Rate or Daily 1M SOFR, as applicable, cannot be determined pursuant to the definition thereof; or (y) a fundamental change has occurred with respect to Daily 1M SOFR or the Term SOFR Rate (including, without limitation, changes in national or international financial, political or economic conditions); or (ii) any Purchaser determines that for any reason that Daily 1M SOFR or the Term SOFR Rate for any requesteddoes not adequately and fairly reflect the cost to such Purchasers of funding, establishing or maintaining such Purchaser's Capital during the applicable Yield Period or that Daily 1M SOFR does not adequately and fairly reflect the cost to such Purchaser of funding, establishing or maintaining such Purchaser's Capital, and such Purchaser hasPurchasers have provided notice of such determination to the Administrative Agent; then the Administrative Agent shall have the rights specified in Section 2.04(c). (b) Illegality. If at any time any Purchaser shall have determined or any Official Body shall have asserted that the making, maintenance or funding of any Capital (or an Investment thereof) accruing interest by reference to Daily 1M SOFR or the Term SOFR Rate or the determination or charging of yield or interest by reference to Daily 1M SOFR or the Term SOFR Rate has been made impracticable or unlawful, by compliance by such Purchaser in good faith in good faith with any Law or any interpretation or application thereof by any Official Body 44 1753407056 22722823

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or with any request or directive of any such Official Body (whether or not having the force of Law), then the Administrative Agent shall have the rights specified in Section 2.04(c). (c) Administrative Agent's and Purchaser's Rights. In the case of any event specified in Section 2.04(a), the Administrative Agent shall promptly so notify the Purchasers and the Seller thereof, and in the case of an event specified in Section 2.04(b), such Purchaser shall promptly so notify the Administrative Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrative Agent shall promptly send copies of such notice and certificate to the other Purchasers and the Seller. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (i) the Purchasers, in the case of such notice given by the Administrative Agent, or (ii) such Purchaser, in the case of such notice given by such Purchaser, to allow the Seller to select, convert to or, renew or continue any Capital accruing Yield by reference to Daily 1M SOFR or the Term SOFR Rate, as applicable shall be suspended (to the extent of the affected Yield Rate or the applicable Yield PeriodsPeriod) until the Administrative Agent shall have later notified the Seller, or such Purchaser shall have later notified the Administrative Agent, of the Administrative Agent's or such Purchaser's, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. If at any timeUpon a determination by the Administrative Agent makes a determination under Section 2.04(a), (A) if the Seller has previously delivered an Investment Request for an affected Investment that has not yet been made, such Investment Request shall be deemed to request an Investment of Base Rate Capital, and (B) any outstanding affected Capital accruing yield or interest by reference to Daily 1M SOFR shall automatically be converted into Base Rate Capital and (C) any outstanding affected Capital accruing yield or interest by reference to the Term SOFR Rate shall be deemed to have been converted into Base Rate Capital at the end of the applicable Yield Period. If any Purchaser notifies the Administrative Agent of a determination under Section 2.04(b) above, the Seller shall, subject to the Seller's indemnification obligations under Section 4.02, as to any Capital of the Purchaser to which aDaily 1M SOFR or the Term SOFR Rate applies, on the date specified in such notice either convert such Capital to Base Rate Capital or prepay such Capital. Absent due notice from the Seller of conversion or prepayment, such Capital shall automatically be converted to Base Rate Capital upon such specified date. (d) Benchmark Replacement Setting. (i) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (A) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, 45 1753407056 22722823

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or further action or consent of any other party to, this Agreement or any other Transaction Document and (B) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. Eastern Time(New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Purchasers without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Purchasers comprising the Required Purchasers. (ii) Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent maywill have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. (iii) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Seller and the Purchasers of (A) the implementation of any Benchmark Replacement, and (B) the effectiveness of any Conforming Changes in connection with the use, administration, adoption, or implementation of a Benchmark Replacement. The Administrative Agent will notify the Seller of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (iv) below and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Purchaser (or group of Purchasers) pursuant to this Section 2.04(d), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document except, in each case, as expressly required pursuant to this Section 2.04(d). (iv) Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate or based on a term rate and either (I) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (II) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Yield Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or 46 1753407056 22722823

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non-representative tenor; and (B) if a tenor that was removed pursuant to clause (A) above either (I) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (II) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Yield Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor. (v) Benchmark Unavailability Period. Upon the Seller's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to Daily 1M SOFR or the Term SOFR Rate, the Seller may revoke any pending request for an Investment of Capital accruing Yield based on Daily 1M SOFR or the Term SOFR Rate,such rate or conversion to or continuation of Capital accruing Yield based on Daily 1M SOFR or the Term SOFR Ratesuch rate to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Seller will be deemed to have converted any such request into a request for aBase Rate Capital or conversion to Base Rate Capital. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. (vi) Definitions. As used in this Section 2.04(d): "Available Tenor" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is (a term rate or is based on) is Daily 1M SOFR, one month, and (b) is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the Term SOFR Rate applicable to any Capital or the length of an interest ora yield or interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor of such Benchmark that is then-removed from the definition of "Yield Period" pursuant to clause (iv) of this Section 2.04(d). "Benchmark" means, initially, SOFR, Daily 1M SOFR and the Term SOFR Rate; provided that if a Benchmark Transition Event has occurred with respect to Daily 1M SOFR, the Term SOFR Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to this Section. "Benchmark Replacement" means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be 47 1753407056 22722823

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determined by the Administrative Agent for the applicable Benchmark Replacement Date: (1) the sum of: (A) Daily Simple SOFR and (B) the SOFR Adjustment; and (2) the sum of (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Seller, giving due consideration to (x) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (y) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; provided, that if the Benchmark Replacement as determined pursuant to clause (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents; and provided further, that any Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its sole discretion. "Benchmark Replacement Adjustment" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Seller, giving due consideration to (A) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time. "Benchmark Replacement Date" means a date and time determined by the Administrative Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (A) the date of the public statement or publication of information referenced therein and (B) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide such Benchmark (or such component thereof), or, if such 48 1753407056 22722823

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Benchmark is a term rate or is based on a term rate, all Available Tenors of such Benchmark (or such component thereof); or (2) in the case of clause (3) of the definition of "Benchmark Transition Event," the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein; For the avoidance of doubt, if such Benchmark is a term rate or is based on a term rate, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). "Benchmark Transition Event" means, the occurrence of one or more of the following events, with respect to the then-current Benchmark: (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate or based on a term rate, all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); (2) a public statement or publication of information by a Official Body having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate or based on a term rate, all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or such component thereof) or, if such Benchmark is a term rate or based on a 49 1753407056 22722823

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term rate, any Available Tenor of such Benchmark (or such component thereof); or (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or a Official Body having jurisdiction over the Administrative Agent announcing that such Benchmark (or such component thereof) or, if such Benchmark is a term rate or based on a term rate, all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative. For the avoidance of doubt, if such Benchmark is a term rate or a rate based on a term rate, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). "Benchmark Unavailability Period" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 2.04(d) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 2.04(d). "Floor" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Daily 1M SOFR or the Term SOFR Rate, as applicable, or, if no floor is specified, zero. "Relevant Governmental Body" means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. "Unadjusted Benchmark Replacement" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. SECTION 2.05 Records of Investments. Each Purchaser shall record in its records, the date and amount of each Investment made by such the Purchaser hereunder, the interest or yield rate with respect thereto, the Yield accrued thereon and each repayment and payment thereof. Subject to Section 12.03(c), such records shall be conclusive and binding absent manifest error. The failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise affect the obligations of the Seller hereunder or under the other Transaction Documents to repay the Capital of each Purchaser, together with all Yield 50 1753407056 22722823

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appropriate to evidence or perfect its ownership or security interest and lien on any of the Supporting Assets, or otherwise to give effect to the intent of Sections 2.01, 2.07 and 2.08. ARTICLE III SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS SECTION 3.01 Settlement Procedures. (a) So long as the Administrative Agent has not taken dominion and control of the Collection Accounts, the Servicer shall set aside and hold in trust for the Administrative Agent, for the benefit of the Secured Parties (or, following the occurrence and during the continuance of a Potential Default or an Event of Default, if so requested by the Administrative Agent, segregate in a separate account designated by the Administrative Agent, which shall be an account maintained and/or controlled by the Administrative Agent unless the Administrative Agent otherwise instructs in its sole discretion), all Collections on Pool Receivables that are actually received by the Servicer or the Seller or received in any Lock-Box or Collection Account; provided, however, that so long as each of the conditions precedent set forth in Section 5.03 are satisfied on such date, the Servicer shall on each Distribution Date (A) release to the Seller from Collections received on Seller Collateral the amount (if any) necessary to pay the purchase price for, or distribute capital in exchange of, Receivables generated by Originators and purchased or accepted for contribution (and automatically deemed purchased or contributed) by the Seller on such date in accordance with the terms of the Transfer Agreement and (B) release to the Seller all or a portion of Collections received on Sold Assets in exchange for the Seller designating an equivalent amount (based on aggregate Outstanding Balances) of Unsold Receivables as new Sold Receivables on Seller's books and records pursuant to Section 2.01(e), which new Sold Receivables will be automatically and immediately sold and contributed by the Seller to the Administrative Agent (for the ratable benefit of the Purchasers) pursuant to Section 2.01(b) upon such release (each such release of Collections described in clauses (A) and (B) above, a "Release") via daily automatic transfers from each Originator's Collection Account to its related Master Account. On each Settlement Date, the Servicer (or, following its assumption of control of the Collection Accounts, the Administrative Agent) shall distribute such Collections in the following order of priority: (i) first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Yield Period (plus, if applicable, the amount of Servicing Fees payable for any prior Yield Period to the extent such amount has not been distributed to the Servicer); (ii) second, to the Administrative Agent for further distribution to each Purchaser and other Purchaser Party (ratably, based on the amount then due and owing), all accrued and unpaid Yield, Fees and indemnity payments under Section 4.02 due to such Purchaser and other Purchaser Party for the immediately preceding Yield Period (including any additional amounts or indemnified amounts payable under Sections 4.03 and 11.01 in respect of such payments), plus, if applicable, the amount of any such Yield, 58 1753407056 22722823

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Fees and indemnity payments (including any additional amounts or indemnified amounts payable under Sections 4.03 and 11.01 in respect of such payments) payable for any prior Yield Period to the extent such amount has not been distributed to such Purchaser or Purchaser Party; (iii) third, as set forth in clause (A), (B) or (C) below, as applicable: (A) prior to the occurrence of the Termination Date, to the extent that a Capital Coverage Amount Deficit exists on such date (as indicated in the most recent Pool Report and accounting for any Investments made since the date of such Pool Report), to the Administrative Agent for further distribution to the Purchasers (ratably, based on the aggregate outstanding Capital of each Purchaser at such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to the amount necessary to reduce the Capital Coverage Amount Deficit to zero ($0); (B) on and after the occurrence of the Termination Date, to the Administrative Agent for further distribution to each Purchaser (ratably, based on the aggregate outstanding Capital of each Purchaser at such time) for the payment in full of the aggregate outstanding Capital of such Purchaser at such time; or (C) prior to the occurrence of the Termination Date, at the election of the Seller and in accordance with Section 2.02(d), to the Administrative Agent for further distribution to the Purchasers, payment of all or any portion of the outstanding Capital of the Purchasers at such time (ratably, based on the aggregate outstanding Capital of each Purchaser at such time); (iv) fourth, to the Administrative Agent for further distribution to the Secured Parties (ratably, based on the amount due and owing at such time), for the payment of all other Seller Obligations then due and owing by the Seller to the Secured Parties; (v) fifth, the balance, if any, to be paid to the Seller for its own account. Amounts payable pursuant to each of clauses first through fourth above shall be paid (at each level of priority) first from available Collections on Sold Receivables and other Sold Assets, and second, to the extent necessary in order to make all such payments at such level of priority in full, from Collections on Unsold Receivables and other Seller Collateral. The Seller's right to receive payments (if any) from time to time pursuant to clause fifth above shall, to the extent arising from Collections on Sold Receivables, constitute compensation to the Seller for the Seller's provision of the Seller Guaranty and the Purchaser Parties' interests in the Sold Asset and the Seller Collateral. (b) All payments or distributions to be made by the Servicer, the Seller and any other Person to any Purchaser Party (or its respective related Secured Parties), shall be paid or distributed to such Purchaser Party.the Administrative Agent for further distribution to each applicable Purchaser at such account as such Purchaser has designated in writing to the 59 1753407056 22722823

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Administrative Agent from time to time. Each Purchaser, upon its receipt of any such payments or distributions, shall distribute such amounts to such Purchaser's applicable related Secured Parties; provided that if the Administrative Agent shall have received insufficient funds to pay all of the above amounts in full on any such date, the Administrative Agent shall pay each Purchaser, and each Purchaser shall pay such amounts to such Purchaser's applicable related Secured Parties in accordance with the priority of payments set forth above, and with respect to any such category above for which there are insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such related Person) among all such related Persons entitled to payment thereof. Notwithstanding anything to the contrary set forth in this Section 3.01, the Administrative Agent shall have no obligation to distribute or pay any amount under this Section 3.01 except to the extent actually received by the Administrative Agent. Each payment by the Servicer or the Seller to the Administrative Agent for the account of any Purchaser or other Secured Party hereunder shall be deemed to constitute payment by the Servicer or the Seller directly to such Purchaser or other Secured Party. Each Purchaser shall provide timely and accurate responses to each of the Administrative Agent's requests for information necessary for the Administrative Agent to make the allocations, payments and distributions to the Purchasers and other Secured Parties hereunder. (c) If and to the extent the Administrative Agent or any other Secured Party shall be required for any reason to pay over to any Person (including any Obligor or any trustee, receiver, custodian or similar official in any Relief Proceeding) any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Seller and, accordingly, the Administrative Agent or such other Secured Party, as the case may be, shall have a claim against the Seller for such amount. (d) For the purposes of this Section 3.01: (i) if on any day the Outstanding Balance of any Pool Receivable is reduced or cancelled as a result of (A) any defective, rejected, returned, repossessed or foreclosed goods or services, (B) any revision, cancellation, allowance, rebate, credit memo, discount or other adjustment made by any Seller-Related Party or any Affiliate thereof or (C) any setoff, counterclaim or dispute between any Seller-Related Party or any Affiliate thereof, and an Obligor, the Seller shall be deemed to have received on such day a Collection of such Pool Receivable in an amount equal to the positive difference between (A) such Pool Receivable's Outstanding Balance prior to such reduction and (B) its Outstanding Balance after such reduction, and the Seller shall within two (2) Business Days pay to a Collection Account or as otherwise directed by the Administrative Agent at such time, for the benefit of the Purchaser Parties for application pursuant to Section 3.01(a), an amount equal to (x) if such reduction occurs prior to the Termination Date and no Event of Default has occurred and is continuing, the lesser of (I) the sum of all deemed Collections with respect to such reduction and (II) an amount necessary to eliminate any Capital Coverage Amount Deficit that exists at such time and (y) if such reduction occurs on or after the Termination Date or at any time when an Event of Default has occurred and is continuing, the sum of all deemed Collections with respect to such reduction (Collections deemed to have been received pursuant to this Section 3.01(d)(i) are hereinafter sometimes referred to as "Dilution"); 60 1753407056 22722823

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each day from and including the date such amount is made available to the Seller to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Purchaser, the greater of the Effective Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by the Seller, the Yield Rate applicable to Base Rate Capitals. If the Seller and such Purchaser shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Seller the amount of such interest paid by the Seller for such period. If such Purchaser pays its share of the applicable Investment to the Administrative Agent, then the amount so paid shall constitute such Purchaser's share included in such Investment. Any payment by the Seller shall be without prejudice to any claim the Seller may have against a Purchaser that shall have failed to make such payment to the Administrative Agent. (b) Payments by Seller; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Seller prior to the date on which any payment is due to the Administrative Agent for the account of the Purchasers or any other Secured Parties hereunder that the Seller will not make such payment, the Administrative Agent may assume that the Seller has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Purchasers the amount due. In such event, if the Seller has not in fact made such payment, then each of the Purchasers severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Purchaser, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Effective Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. ARTICLE IV INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST SECTION 4.01 Increased Costs. (a) Increased Costs Generally. If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Purchaser (except any reserve requirement reflected in the Term SOFR Rate); (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 63 1753407056 22722823

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(iii) impose on any Purchaser or the relevant market any other condition, cost or expense (other than Taxes) affecting this Agreement or Investments made by such Purchaser or participation therein; and the result of any of the foregoing shall be to increase the cost to such Purchaser or such other Recipient of making, converting to, continuing or maintaining any Investment or of maintaining its obligation to make any such Investment, or to reduce the amount of any sum received or receivable by such Purchaser or other Recipient hereunder (whether of Capital, principal, interest, Yield or any other amount) then, upon request of such Purchaser or other Recipient, the Seller will pay to such Purchaser or other Recipient, as the case may be, such additional amount or amounts as will compensate such Purchaser or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.; provided that upon the occurrence of any Change in Law imposing a reserve percentage on any interest rate based on SOFR, the Administrative Agent, in its reasonable discretion, may modify the calculation of each such SOFR-based yield or interest rate to add (or otherwise account for) such reserve percentage. (b) Capital Requirements. If any Purchaser determines that any Change in Law affecting such Purchaser or any Lending Office of such Purchaser or such Purchaser's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Purchaser's capital or on the capital of such Purchaser's holding company, if any, as a consequence of this Agreement, the Commitments of such Purchaser or the Investments made by such Purchaser, to a level below that which such Purchaser or such Purchaser's holding company could have achieved but for such Change in Law (taking into consideration such Purchaser's policies and the policies of such Purchaser's holding company with respect to capital adequacy), then from time to time the Seller will pay to such Purchaser such additional amount or amounts as will compensate such Purchaser or such Purchaser's holding company for any such reduction suffered. (c) Certificates for Reimbursement. A certificate of a Purchaser setting forth the amount or amounts necessary to compensate such Purchaser or its holding company, as the case may be, as specified in clause (a) or (b) of this Section and delivered to the Seller shall be conclusive absent manifest error. The Seller shall pay such Purchaser the amount shown as due on any such certificate on the first Settlement Date occurring ten (10) or more days after receipt thereof. (d) Delay in Requests. Failure or delay on the part of any Purchaser to demand compensation pursuant to this Section shall not constitute a waiver of such Purchaser's right to demand such compensation, provided that the Seller shall not be required to compensate a Purchaser pursuant to this Section for any increased costs incurred or reductions suffered more than one hundred eighty (180) days prior to the date that such Purchaser notifies the Seller of the Change in Law giving rise to such increased costs or reductions and of such Purchaser's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). SECTION 4.02 Indemnity for Funding Losses. In addition to the compensation or payments required by Section 4.01 or Section 4.03, the Seller shall indemnify each Purchaser 64 1753407056 22722823

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this Agreement or any other Transaction Document to which it is a party and the consummation by the Seller of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect. (h) Margin Regulations. The Seller is not engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System). (i) Solvency. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the Seller is Solvent. (j) Offices; Legal Name. The Seller's sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this Agreement. The office of the Seller is located at 100 North Point Center East, Suite 600, Alpharetta, Georgia, 30022. The legal name of the Seller is Mativ Receivables LLC. (k) Investment Company Act; Volcker Rule. The Seller (i) is not, and is not controlled by, an "investment company" registered or required to be registered under the Investment Company Act and (ii) is not a "covered fund" under the Volcker Rule. In determining that the Seller is not a "covered fund" under the Volcker Rule, the Seller relies on, and is entitled to rely on, the exemption from the definition of "investment company" set forth in Section 3(c)(5) of the Investment Company Act. (l) No Material Adverse Effect. Since the date of formation of the Seller there has been no Material Adverse Effect with respect to the Seller. (m) Accuracy of Information. All Pool Reports, Investment Requests, certificates, reports, statements, documents and other information furnished to the Administrative Agent or any other Purchaser Party by or on behalf of the Seller pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, are, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Purchaser Party and do not contain any material misstatement of fact. (n) Sanctions and other Anti-Terrorism Laws. None of the Seller nor any of its officers or directors, nor to the knowledge of the Seller, any of its employees, affiliates, consultants, brokers, or agents acting on Seller's behalf in connection with this Agreement: (i) is a Sanctioned Person; or (ii) directly, or indirectly through any third party, is engaged in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, or any transactions or other dealings that otherwise are prohibited by any Anti-Terrorism Laws; and (b) Supporting Assets are EmbargoedBlocked Property. (o) Anti-Corruption Laws. The Seller has (a) conducted its business in compliance with all Anti-Corruption Laws in all material respects and (b) has instituted and 74 1753407056 22722823

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(k) Credit and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy with regard to each Pool Receivable and the related Contracts. (l) Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date. (m) Servicing Programs. No license or approval is required for the Administrative Agent's use of any software or other computer program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and effect. (n) Servicing of Pool Receivables. Since the Closing Date there has been no material adverse change in the ability of the Servicer or any Sub-Servicer to service and collect the Pool Receivables and the Related Security. (o) Other Transaction Documents. Each representation and warranty made by the Servicer under each other Transaction Document to which it is a party (including the Transfer Agreement) is true and correct in all material respects as of the date when made. (p) No Material Adverse Effect. Since September 30, 2022 there has been no Material Adverse Effect on the Servicer. (q) Investment Company Act. The Servicer is not an "investment company," or a company "controlled" by an "investment company," within the meaning of the Investment Company Act. (r) Sanctions and other Anti-Terrorism Laws. No: (a) Covered Entity (other than Seller) nor any employees, officers, directors, affiliates, consultants, brokers, or agents acting on a Covered Entity's (other than Seller's) behalf in connection with this Agreement: (i) is a Sanctioned Person; or (ii) directly, or indirectly through any third party, is engaged in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, or any transactions or other dealings that otherwise are prohibited by any Anti-Terrorism Laws; and (b) Supporting Assets are EmbargoedBlocked Property. (s) Anti-Corruption Laws. Each Covered Entity (other than Seller) has (a) conducted its business in compliance with all Anti-Corruption Laws and (b) has instituted and maintains policies and procedures designed to ensure compliance with such Laws. (t) Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law. (u) Taxes. The Servicer has (i) timely filed all Tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all Taxes, assessments and other governmental charges, if any, other than Taxes, assessments and other governmental 80 1753407056 22722823

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(t) Use of Collections Available to the Seller. The Seller shall apply Collections available to the Seller to make payments in accordance with Section 3.01(a) or as otherwise permitted under the terms of this Agreement. (u) Further Assurances; Change in Name or Jurisdiction of Origination, etc.(i) The Seller hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties' rights and remedies under this Agreement and the other Transaction Documents. Without limiting the foregoing, the Seller hereby authorizes, and will, upon the request of the Administrative Agent, at the Seller's own expense, execute (if necessary) and file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing. (i) The Seller authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Pool Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other Supporting Assets without the signature of the Seller. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. (ii) The Seller shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its jurisdiction of organization. (iii) The Seller will not change its name, location, identity or corporate structure unless (x) the Seller, at its own expense, shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this Agreement (including the filing of all financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Seller shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to such UCC perfection and priority matters as the Administrative Agent may request at such time. (v) Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws. The Seller covenants and agrees that: (i) it shall immediately notify each Purchaser Party in writing upon (but in no event later than three (3) Business Days after) the occurrence of a Reportable Compliance Event; (ii) if, at any time, any Supporting Assets becomes EmbargoedBlocked Property, then, in addition to all other rights and remedies available to any Purchaser 89 1753407056 22722823

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Party, upon request by any Purchaser Party, the Seller shall provide substitute Supporting Assets acceptable to the Administrative Agent that is not EmbargoedBlocked Property; (iii) it shall, and shall require each other Covered Entity to, conduct its business in compliance with all Anti-Corruption Laws in all material respects and maintain policies and procedures reasonably designed to ensure compliance by such Covered Entity with such Laws; (iv) it and its Subsidiaries will not: (A) become a Sanctioned Person or allow any employees, officers, directors, affiliates, consultants, brokers, or agents acting on its behalf in connection with this Agreement to become a Sanctioned Person; (B) directly, or indirectly through a third party, engage in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the Investments to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Person or Sanctioned Jurisdiction; (C) pay or repay any Seller Obligations with EmbargoedBlocked Property or funds derived from any unlawful activity; (D) permit any Supporting Assets to become EmbargoedBlocked Property; or (E) cause any Purchaser Party to violate any Anti-Terrorism Law; and (v) it will not, and will not permit any of its Subsidiaries to, directly or indirectly, use the Investments or any proceeds thereof (i) in any manner that would result in a violation by the Administrative Agent or any Purchaser of Anti-Corruption Law; (ii) for any purpose which would breach any Anti-Corruption Laws in any jurisdiction in which any Covered Entity is located or conducts business or (iii) in violation of any applicable Law, including, without limitation, any applicable Anti-Corruption Law in any jurisdiction in which any Covered Entity is located or conducts business. (w) Seller's Net Worth. The Seller shall not permit the Seller's Net Worth to be less than the Required Capital Amount. (x) Taxes. The Seller will (i) timely file all Tax returns (federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all Taxes, assessments and other governmental charges, if any, other than Taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings diligently conducted and as to which adequate reserves have been provided in accordance with GAAP. (y) Seller's Tax Status. The Seller will remain a wholly-owned subsidiary of a United States person (within the meaning of Section 7701(a)(30) of the Code) and not be subject to withholding under Section 1446 of the Code. The Seller shall not (i) become treated other than as a "disregarded entity" within the meaning of U.S. Treasury Regulation § 301.7701-3 that is wholly owned by a "United States person" within the meaning of Section 7701(a)(30) of the Code for U.S. federal income tax purposes, (ii) become an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (iii) become subject to any Tax in any jurisdiction outside the United States or (iv) become subject to any material Tax imposed by a state or local taxing authority. 90 1753407056 22722823

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(m) Security Interest, Etc. The Servicer shall, at its expense, take all action necessary or reasonably desirable to establish and maintain a valid and enforceable first priority perfected ownership or security interest in the Supporting Assets, in each case free and clear of any Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request. In order to evidence the security interests of the Administrative Agent under this Agreement, the Servicer shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent's security interest in the Pool Receivables, Related Security and Collections. The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent's authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent's security interest as a first-priority interest. The Administrative Agent's approval of such filings shall authorize the Servicer to file such financing statements under the UCC without the signature of the Seller, any Originator or the Administrative Agent where allowed by applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, the Servicer shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent. (n) Further Assurances; Change in Name or Jurisdiction of Origination, etc. The Servicer hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Agreement or any other Transaction Document. Without limiting the foregoing, the Servicer hereby authorizes, and will, upon the request of the Administrative Agent, at the Servicer's own expense, execute (if necessary) and file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing. (o) Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws. The Servicer covenants and agrees that: (i) it shall immediately notify each Purchaser Party in writing upon the occurrence of a Reportable Compliance Event; (ii) if, at any time, any Supporting Assets becomes EmbargoedBlocked Property, then, in addition to all other rights and remedies available to any Purchaser Party, upon request by any Purchaser Party, it shall cause the Seller to provide substitute 95 1753407056 22722823

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Supporting Assets acceptable to the Administrative Agent that is not EmbargoedBlocked Property; (iii) it shall, and shall require each other Covered Entity to, conduct its business in compliance with all Anti-Corruption Laws and maintain policies and procedures designed to ensure compliance with such Laws; (iv) it and its Subsidiaries will not: (A) become a Sanctioned Person or allow any employees, officers, directors, affiliates, consultants, brokers, or agents acting on its behalf in connection with this Agreement to become a Sanctioned Person; (B) directly, or indirectly through a third party, engage in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the Investments to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Person or Sanctioned Jurisdiction; (C) pay or repay any Seller Obligations with EmbargoedBlocked Property or funds derived from any unlawful activity; (D) permit any Supporting Assets to become EmbargoedBlocked Property; or (E) cause any Purchaser Party to violate any Anti-Terrorism Law; and (v) it will not, and will not permit any of its Subsidiaries to, directly or indirectly, use the Investments or any proceeds thereof (i) in any manner that would result in a violation by the Administrative Agent or any Purchaser of Anti-Corruption Law; (ii) for any purpose which would breach any Anti-Corruption Laws in any jurisdiction in which any Covered Entity is located or conducts business or (iii) in violation of any applicable Law, including, without limitation, any applicable Anti-Corruption Law in any jurisdiction in which any Covered Entity is located or conducts business. (p) Taxes. The Servicer will (i) timely file all federal, state, and other material Tax returns required to be filed by it and (ii) pay, or cause to be paid, all federal, state, and other material Taxes, assessments and other governmental charges, if any, other than Taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings diligently conducted and as to which adequate reserves have been provided in accordance with GAAP. (q) Seller's Tax Status. The Servicer shall take all actions to ensure that the Seller does not become (i) being treated other than as a "disregarded entity" within the meaning of U.S. Treasury Regulation § 301.7701-3 that is wholly owned by a "United States person" within the meaning of Section 7701(a)(30) of the Code for U.S. federal income tax purposes, (ii) an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (iii) subject to any Tax in any jurisdiction outside the United States or (iv) subject to any material Tax imposed by a state or local taxing authority. (r) Linked Accounts. Except for any Permitted Linked Account, the Servicer shall not permit any Linked Account to exist with respect to any Collection Account; provided, however, that at any time during the continuance of an Event of Default, the Servicer shall, if so instructed by the Administrative Agent (in its sole discretion), cause each Permitted Linked 96 1753407056 22722823

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Schedule I-1 1753407056 22722823 Commitment SCHEDULE I Purchasers & Commitments PNC Bank, National Association $175,000,000150,000,000 Purchaser

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&nbsp;&nbsp;&nbsp;&nbsp;1753438380 22722823 Exhibit B PNC-Mativ Omnibus Amendment Exhibit B [Amendments to the Sale and Contribution Agreement] (Attached)

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CONFORMED COPY CONFORMED TO AMENDMENT No. 23, DATED AUGUST 14NOVEMBER 5, 20242025 SALE AND CONTRIBUTION AGREEMENT Dated as of December 23, 2022 among PERSONS LISTED AS ORIGINATORS ON SCHEDULE I HERETO, as Originators, MATIV HOLDINGS, INC.. as Servicer, and MATIV RECEIVABLES LLC, as Buyer 1754225619 22722823

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in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Buyer or the Administrative Agent, and does not contain any material misstatement of fact or omit to state any fact necessary to make the statements contained therein not misleading. SECTION 5.10 No Material Adverse Effect. Since September 30, 2022, there has been no Material Adverse Effect with respect to the Originators. SECTION 5.11 Names and Location. Except as described in Schedule III, such Originator has not used any corporate names, trade names or assumed names since the date occurring five calendar years prior to the Closing Date other than its name set forth on the signature pages hereto. Such Originator is "located" (as such term is defined in the applicable UCC) in the jurisdiction set forth next to such Originator's name on Schedule I and since the date occurring five calendar years prior to the Closing Date, has not been "located" (as such term is defined in the applicable UCC) in any other jurisdiction. The office(s) where such Originator keeps its records concerning the Receivables is at the address(es) set forth on Schedule II. SECTION 5.12 Margin Regulations. No Originator is engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System), and no Purchase Price payments or proceeds under this Agreement will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock. SECTION 5.13 Eligible Receivables. Each Receivable sold, transferred, contributed or assigned hereunder is an Eligible Receivable on the date of sale, transfer, contribution or assignment, unless otherwise specified in the first Pool Report that includes such Receivable. SECTION 5.14 Credit and Collection Policy. Such Originator has complied in all material respects with the Credit and Collection Policy with regard to each Receivable sold by it hereunder and the related Contracts. SECTION 5.15 Investment Company Act. Such Originator is not an "investment company", or a company "controlled" by an "investment company", within the meaning of the Investment Company Act. SECTION 5.16 Sanctions and other Anti-Terrorism Laws. No: (i) Covered Entity nor any of their officers or directors, nor to the knowledge of such Originator, any of their employees, affiliates, consultants, brokers or agents acting on a Covered Entity's behalf in connection with this Agreement (x) is a Sanctioned Person; (y) directly, or indirectly through any third party, engages in any transactions or other dealings with any Sanctioned Person or Sanctioned Jurisdiction, or which otherwise are prohibited by any Laws of the United States or Laws of other applicable jurisdictions relating to economic sanctions and other Anti-Terrorism Laws; (ii) Support Assets are EmbargoedBlocked Property. SECTION 5.17 Anti-Corruption Laws. Each Covered Entity has (a) conducted its business in compliance with all Anti-Corruption Laws in all material respects and (b) has 11 1754225619 22722823

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the Credit and Collection Policies, but in any event no less frequently than as required under the Contract related to such Receivable. (q) Receivables Not to Be Evidenced by Promissory Notes or Chattel Paper. Such Originator shall not take any action to cause or permit any Receivable created, acquired or originated by it to become evidenced by any "instrument" or "chattel paper" (as defined in the applicable UCC) without the prior written consent of the Buyer and the Administrative Agent. (r) Sanctions and other Anti-Terrorism Laws; Anti-Corruption Laws. Such Originator covenants and agrees that: (i) it shall immediately notify each Purchaser Party in writing upon (but in no event later than three (3) Business Days after) the occurrence of a Reportable Compliance Event; (ii) if, at any time, any Supporting Assets sold, contributed or otherwise transferred to the Buyer by such Originator become EmbargoedBlocked Property, then, in addition to all other rights and remedies available to any Purchaser Party, upon request by any Purchaser Party, such Originator shall provide substitute Supporting Assets acceptable to the Administrative Agent that are not EmbargoedBlocked Property; (iii) it shall, and shall require each other Covered Entity to, conduct its business in compliance with all Anti-Corruption Laws in all material respects and maintain policies and procedures reasonably designed to ensure compliance by such Covered Entity with such Laws; (iv) it and its Subsidiaries will not: (A) become a Sanctioned Person or allow any employees, officers, directors, affiliates, consultants, brokers, or agents acting on its behalf in connection with this Agreement to become a Sanctioned Person; (B) directly, or indirectly through a third party, engage in any transactions or other dealings with or for the benefit of any Sanctioned Person or Sanctioned Jurisdiction, including any use of the proceeds of the Investments to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Person or Sanctioned Jurisdiction; (C) pay or repay any Seller Obligations with EmbargoedBlocked Property or funds derived from any unlawful activity; (D) permit any Supporting Assets to become EmbargoedBlocked Property; or (E) cause any Purchaser Party to violate any Anti-Terrorism Law; and (v) it will not, and will not permit any of its Subsidiaries to, directly or indirectly, use the Investments or any proceeds thereof (i) in any manner that would result in a violation by the Administrative Agent or any Purchaser of Anti-Corruption Law; (ii) for any purpose which would breach any Anti-Corruption Laws in any jurisdiction in which any Covered Entity is located or conducts business or (iii) in violation of any applicable Law, including, without 21 1754225619 22722823

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limitation, any applicable Anti-Corruption Law in any jurisdiction in which any Covered Entity is located or conducts business. (s) Identifying of Records. The Servicer and each Originator shall cause its master data processing records relating to Pool Receivables and related Contracts to clearly and unambiguously indicate that the Pool Receivables have been sold or contributed to the Buyer hereunder and sold or pledged by the Buyer pursuant the Receivables Purchase Agreement. (t) Buyer's Tax Status. Such Originator shall take all actions to ensure that the Buyer does not become (i) being treated other than as a "disregarded entity" within the meaning of U.S. Treasury Regulation § 301.7701-3 that is wholly owned by a "United States person" within the meaning of Section 7701(a)(30) of the Code for U.S. federal income tax purposes, (ii) an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, (iii) subject to any Tax in any jurisdiction outside the United States or (iv) subject to any material Tax imposed by a state or local taxing authority. (u) Insurance. Such Originator will maintain in effect, at such Originator's expense, such casualty and liability insurance as such Originator deems appropriate in its good faith business judgment. (v) Other Additional Information. Such Originator will provide to the Administrative Agent such information and documentation as may reasonably be requested by the Administrative Agent from time to time for purposes of compliance by the Administrative Agent with Laws (including without limitation the USA PATRIOT Act and other "know your customer" and anti-money laundering rules and regulations), and any policy or procedure implemented by the Administrative Agent to comply therewith. (w) Change in Payment Instructions to Obligors. Such Originator shall not (and shall not permit the Servicer to) add, replace or terminate any Collection Account (or a related Lock-Box) or make any change in its instructions to the Obligors regarding payments to be made to the Collection Account (or any related Lock-Box), other than any instruction to remit payments to a different Collection Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account Control Agreement (or an amendment thereto) with respect to such new Collection Accounts (or any related Lock-Box) and, solely with respect to the replacement or termination of a Collection Account, the Administrative Agent shall have consented to such change in writing. (x) Ownership of Buyer. Neenah shall at all times own 100% of the Equity Interests of the Buyer free and clear of all Adverse Claims. SECTION 6.2 Separateness Covenants. Each Originator hereby acknowledges that this Agreement and the other Transaction Documents are being entered into in reliance upon the 22 1754225619 22722823

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Shruti Singhal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mativ Holdings, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 6, 2025

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| |
|:---|
| /s/ Shruti Singhal |
| Shruti Singhal<br>President and Chief Executive Officer |

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A signed original of this written statement required by Section 302 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Greg Weitzel, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Mativ Holdings, Inc. (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 6, 2025

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| |
|:---|
| /s/ Greg Weitzel |
| Greg Weitzel<br>Chief Financial Officer |

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A signed original of this written statement required by Section 302 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-32

**Exhibit 32**

**CERTIFICATION OF PERIODIC FINANCIAL REPORTS**

**UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, in their respective capacities as chief executive officer and chief financial officer of Mativ Holdings, Inc. (the "Company"), hereby certify to the best of their knowledge following reasonable inquiry that the Quarterly Report of the Company on Form 10-Q for the period ended September 30, 2025, which accompanies this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in such periodic report fairly presents, in all material respects, the financial condition of the Company at the end of such period and the results of operations of the Company for such period. The foregoing certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and no purchaser or seller of securities or any other person shall be entitled to rely upon the foregoing certification for any purpose. The undersigned expressly disclaim any obligation to update the foregoing certification except as required by law.

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| | | |
|:---|:---|:---|
| By: | /s/ Shruti Singhal | /s/ Greg Weitzel |
|  | Shruti Singhal<br>President and Chief Executive Officer | Greg Weitzel<br>Chief Financial Officer |
|  | November 6, 2025 | November 6, 2025 |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the Securities and Exchange Commission as part of the Report and is not incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

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