Mativ Holdings Inc (MATV) 2025 Q2 法說會逐字稿

Welcome to Mativ's second-quarter 2025 earnings conference call. On the call today from Mativ are Shruti Singhal, Chief Executive Officer; Greg Weitzel, Chief Financial Officer; and Chris Cooper, Director of Investor Relations. Today's call is being recorded and will be available for replay later this afternoon.

歡迎參加 Mativ 2025 年第二季財報電話會議。Mativ 今天參加電話會議的有執行長 Shruti Singhal、財務長 Greg Weitzel 和投資者關係總監 Chris Cooper。今天的通話正在錄音，將於今天下午晚些時候重播。

(Operator Instructions) It is now my pleasure to turn the call over to Mr. Chris Cooper. You may begin. Mr. Chris Cooper, you may begin.

（操作員指示）現在我很高興將電話轉給克里斯庫柏先生。你可以開始了。克里斯·庫柏先生，您可以開始。

Good morning, everyone, and thank you for joining us for Mativ's second quarter 2025 earnings call. Before we begin, I'd like to remind you that comments included in today's conference call include forward-looking statements. Actual results may differ materially from these comments for reasons shown in detail in our Securities and Exchange Commission filings, including our annual report on Form 10-K and our quarterly reports on Form 10-Q.

大家早安，感謝您參加 Mativ 2025 年第二季財報電話會議。在我們開始之前，我想提醒您，今天的電話會議中包含的評論包括前瞻性陳述。實際結果可能與這些評論有重大差異，原因已在我們提交給美國證券交易委員會的文件中詳細列出，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Some financial metrics discussed during this call are non-GAAP financial metrics. Reconciliations of these metrics to the closest GAAP metrics are included in the appendix of the earnings release. Unless stated otherwise, financial and operational metric comparisons are to the prior-year period and relate to continuing operations.

本次電話會議討論的一些財務指標是非 GAAP 財務指標。這些指標與最接近的 GAAP 指標的對帳包含在收益報告的附錄中。除非另有說明，財務和營運指標比較均與去年同期進行，並與持續經營有關。

The earnings release issued yesterday afternoon and the accompanying slide deck are available on our website at ir.mativ.com. With that, I'll send the call over to Shruti.

昨天下午發布的財報和隨附的幻燈片可以在我們的網站 ir.mativ.com 上找到。之後，我會把電話轉給 Shruti。

Thanks, Chris. Good morning, everyone, and thank you for joining a call. On our last earnings call in May, we communicated our expectations that we would see a material step-up in both sales and adjusted EBITDA over Q1 results. Sequentially, our sales in Q2 came in more than $40 million higher or up more than 8%, and adjusted EBITDA increased $30 million or up more than 80%. Overall, a significant step change versus the previous quarter.

謝謝，克里斯。大家早安，感謝大家參加電話會議。在 5 月的上一次收益電話會議上，我們表達了我們的預期，即銷售額和調整後的 EBITDA 將比第一季業績大幅成長。與上一季相比，我們的銷售額成長了 4,000 多萬美元，增幅超過 8%，調整後的 EBITDA 成長了 3,000 萬美元，增幅超過 80%。總體而言，與上一季相比，這是一個顯著的變化。

On a year-over-year basis, we delivered strong results in Q2 with both adjusted EBITDA and free cash flow, comparing favorably and exceeding our expectations, driven by improvements in volume and lower SG&A expenses across the company.

與去年同期相比，我們在第二季度取得了強勁的業績，調整後的 EBITDA 和自由現金流均表現良好並超出了我們的預期，這得益於公司銷量的提高和銷售、一般及行政費用的降低。

Much of this improvement is attributable to the great work of our global cross-functional teams who delivered continued improvements in this challenging trade, ever-changing tariff, and uncertain macroeconomic environment. Our return to a more normalized performance in Q2 is also more reflective of the shape of the P&L we expect to see in the back half of this year.

這項進步很大程度上歸功於我們全球跨職能團隊的出色工作，他們在充滿挑戰的貿易、不斷變化的關稅和不確定的宏觀經濟環境中不斷取得進步。我們第二季的業績恢復到更正常的水平也更能反映出我們預計今年下半年的損益狀況。

On a year-over-year basis, sales were up over 2% organically, and adjusted EBITDA was up 1% over a strong Q2 comp in the prior year. I am extremely proud of the resilience and creativity that our teams demonstrate on a daily basis and which yield tangible results in finding new and innovative ways to win in the marketplace and drive commercial execution.

與去年同期相比，銷售額有機成長超過 2%，調整後的 EBITDA 較去年同期強勁的第二季成長 1%。我為我們的團隊每天展現出的韌性和創造力感到非常自豪，他們在尋找新的創新方法以贏得市場並推動商業執行方面取得了切實的成果。

We have made impactful changes by delayering the organization, promoting talent from within, and optimizing our resource allocation for faster decision making. These are some of the factors behind this quarter's results, which represents our second-highest adjusted EBITDA and free cash flow quarter since the merger.

我們透過精簡組織架構、從內部提拔人才以及優化資源配置以加快決策速度，做出了具有影響力的改變。這些是本季業績背後的一些因素，這是我們自合併以來調整後 EBITDA 和自由現金流第二高的季度。

Let me touch briefly on our segment results. SAS sales continued the strong momentum from the previous quarters and were up 5% on an organic basis, the fifth consecutive quarter of year-over-year improvement in sales. Adjusted EBITDA was down slightly versus a strong comp in the prior year, mainly due to higher manufacturing and distribution costs.

讓我簡單談談我們的分部績效。SAS 銷售額延續了前幾季的強勁勢頭，有機成長 5%，這是銷售額連續第五個季度同比增長。調整後的 EBITDA 與去年同期的強勁表現相比略有下降，主要原因是製造和分銷成本上升。

We continue to see solid sales improvement this quarter across many of our SAS categories -- with tapes and labels, liners, healthcare, and commercial print leading the charge, and our pricing efforts were key in offsetting slight input headwinds. Our SAS commercial teams have secured new long-term commitments from customers that are driving incremental annual revenue in construction tape, consumer tape, and healthcare categories, and driving market share gains in commercial print and consumer. Disciplined management of a growing sales pipeline is also enabling us to expand our customer base and volumes and is expected to have a positive impact in the second half of this year.

本季度，我們繼續看到許多 SAS 類別的銷售穩步增長——其中膠帶和標籤、襯墊、醫療保健和商業印刷處於領先地位，我們的定價努力是抵消輕微投入阻力的關鍵。我們的 SAS 商業團隊已從客戶那裡獲得了新的長期承諾，這些承諾推動了建築膠帶、消費膠帶和醫療保健類別的年度收入成長，並推動了商業印刷和消費市場份額的成長。對不斷增長的銷售管道進行嚴格的管理也使我們能夠擴大客戶群和銷售量，預計將在今年下半年產生積極的影響。

In our FAM segment, while overall demand patterns continue to be mixed and affected by the ongoing challenges in the construction and automotive sectors, we saw strong pockets of growth in HVAC, air pollution control filtration, and optical films. Embracing our heightened sense of urgency and pace of execution, the FAM team has started to implement a proven cross-company go-to-market approach that has been the driver behind SAS's continued momentum.

在我們的 FAM 領域，雖然整體需求模式繼續混合併受到建築和汽車行業持續挑戰的影響，但我們看到暖通空調、空氣污染控制過濾和光學薄膜方面出現強勁增長。憑藉著高度的緊迫感和執行速度，FAM 團隊已開始實施經過驗證的跨公司上市方法，這也是 SAS 持續發展勢頭的驅動力。

Additionally, we made measurable progress over the past quarter on closing the year-over-year GAAP. We expect FAM to compare favorably on a year-over-year basis for the remainder of the fiscal year. We have also seen sequential improvement in our advanced films business as a result of our focus on operations, customers, and the investments we have made.

此外，我們在上個季度在完成同比 GAAP 方面取得了顯著進展。我們預計，在本財年剩餘時間內，FAM 的表現將比去年同期呈現良好表現。由於我們注重營運、客戶和投資，我們的先進薄膜業務也取得了連續的改善。

While our paint protection film volumes are still below the corresponding 2024 levels, the GAAP is narrowing, and we are seeing good momentum on a sequential basis for the past two quarters. We have made good progress in our initiatives regarding mid-tier strategy in Asia and are prioritizing our improved quality in North America, where we are regaining share in our premium segment with the long-term and new customers.

雖然我們的漆面保護膜銷售仍低於 2024 年的相應水平，但 GAAP 正在縮小，我們看到過去兩個季度的連續成長勢頭良好。我們在亞洲中端策略舉措方面取得了良好進展，並優先考慮提高北美地區的質量，在北美，我們正在從長期客戶和新客戶手中重新奪回高端市場的份額。

On the commercial side, FAM teams have driven 20%-plus growth in HVAC and air pollution control markets, with significant increases in customer commitments. These products ultimately go into the data center market, which has seen strong year-over-year growth. We expect this trend to continue as AI data center capacity expansions continue to see growth for the foreseeable future. Our optical films category is also up over 20% year over year on strong incremental customer commitments for high performance application in transportation, military, and construction end markets.

在商業方面，FAM 團隊推動了 HVAC 和空氣污染控制市場 20% 以上的成長，客戶承諾顯著增加。這些產品最終進入資料中心市場，該市場實現了逐年強勁成長。我們預計，隨著人工智慧資料中心容量擴張在可預見的未來持續成長，這一趨勢將持續下去。由於客戶對運輸、軍事和建築終端市場的高性能應用的承諾強勁增加，我們的光學薄膜類別同比增長了 20% 以上。

Finally, on the product innovation side, we are actively supporting our filtration customers with new-to-market, reduced carbon footprint solutions. Much of the momentum that you can see in our Q2 results is measurable evidence that a pivot and turnaround plan is working.

最後，在產品創新方面，我們正在積極支持我們的過濾客戶推出新上市的、減少碳足跡的解決方案。您可以在我們的第二季業績中看到的大部分勢頭都是可衡量的證據，表明轉型和扭轉計劃正在發揮作用。

On our last earnings call, we announced three priorities to improve performance and position matter for value creation. These were driving enhanced commercial execution, sharpening efforts to de-level the balance sheet, and conducting a strategic review of our portfolio. To drive enhanced commercial execution, we transitioned a uniform commercial leadership structure across FAM and SAS that is focused on profitable growth, generating incremental demand, strategic pricing initiatives, and a cross-company go-to-market strategy.

在我們上次的收益電話會議上，我們宣布了提高績效和定位以創造價值的三個優先事項。這些措施正在推動商業執行力的增強、加強降低資產負債表的平衡度以及對我們的投資組合進行策略性審查。為了推動商業執行力的提升，我們在 FAM 和 SAS 之間轉變了統一的商業領導結構，專注於獲利成長、創造增量需求、策略定價計畫和跨公司市場進入策略。

The impact of this change drove organic volumes and select pricing actions, especially in our SAS segment, and is expected to drive FAM favorability as well in the back half of 2025. To sharpen our efforts to delever the balance sheet, we announced a number of initiatives that are aimed at driving marginal improvement and cash flow generation. The team accepted my challenge to deliver $30 million to $35 million in cost reductions by year end 2026.

這項變化的影響推動了有機銷售和選擇性定價行動，尤其是在我們的 SAS 部門，預計也將在 2025 年下半年推動 FAM 的受歡迎程度。為了加強降低資產負債表槓桿的力度，我們宣布了一系列旨在推動邊際改善和現金流產生的措施。團隊接受了我的挑戰，到 2026 年底實現 3,000 萬至 3,500 萬美元的成本削減。

I am pleased to also announce that after comprehensively reviewing our expense and operating structure to further reduce costs, we identified an additional $5 million in cost improvement opportunities that are comprised mainly of expenses at the SG&A level.

我還很高興地宣布，在全面審查了我們的費用和營運結構以進一步降低成本後，我們發現了額外的 500 萬美元成本改進機會，主要包括銷售、一般和行政費用 (SG&A) 層面的費用。

In total, we are now targeting $35 million to $40 million in cost reductions by year end 2026, $15 million to $20 million of which are expected to be realized and flowing through the P&L in 2025. To support our cash flow improvement goals, we are well underway in reducing our annual capital expenditure levels to $40 million, and the team is working hard to reduce our year-end 2025 inventory by $20 million to $30 million versus year-end 2024, with no impact on customer service levels.

整體而言，我們現在的目標是到 2026 年底削減 3,500 萬至 4,000 萬美元的成本，其中 1,500 萬至 2,000 萬美元預計將在 2025 年實現併計入損益表。為了支持我們的現金流改善目標，我們正在將年度資本支出水準降低至 4,000 萬美元，團隊正在努力將 2025 年底的庫存與 2024 年底相比減少 2,000 萬美元至 3,000 萬美元，同時不會對客戶服務水準產生影響。

We kicked off our strategic portfolio review with the aim of evaluating opportunities to unlock value, strengthen our balance sheet, and go-to-market positioning. We will share updates as this review moves along.

我們啟動了策略性投資組合審查，旨在評估釋放價值、加強資產負債表和進入市場定位的機會。隨著審查的進展，我們將分享更新內容。

Greg will provide a more detailed overview of our outlook for the remainder of 2025 and Q3 in particular. But when you add up all the initiatives we just walked through, you see the key components that make us confident in our ability to outperform in Q3 and Q4 versus the prior-year quarters from both an adjusted EBITDA and free cash flow perspective.

Greg 將更詳細地概述我們對 2025 年剩餘時間（尤其是第三季）的展望。但是，當你把我們剛剛討論過的所有舉措加在一起時，你會看到一些關鍵因素，這些因素讓我們有信心從調整後的 EBITDA 和自由現金流的角度看，在第三季度和第四季度的表現優於去年同期。

As a matter of fact, for the full year 2025, we're expecting to deliver approximately twice the free cash flow as compared to the full year 2024. Let me take a pause here to highlight the incredible transformation we have made over the past five months.

事實上，我們預計 2025 年全年的自由現金流將比 2024 年全年增加約兩倍。請容許我在此稍作停頓，強調我們在過去五個月中所取得的令人難以置信的轉變。

I am very pleased at how the entire Mativ team embraced this new sense of urgency and pace of execution throughout everything they do. We are acting swiftly, comprehensively, and decisively to undertake the necessary changes to grow our market share, return our performance to sustainable and profitable growth, and most importantly, deliver value to our shareholders.

我很高興看到整個 Mativ 團隊在所做的每一件事中都體現了這種新的緊迫感和執行速度。我們正在迅速、全面、果斷地採取必要變革，以擴大我們的市場份額，使我們的業績恢復可持續和盈利的增長，最重要的是，為我們的股東創造價值。

From an operation standpoint, we have several manufacturing, supply chain excellence, and continuous improvement work streams underway that will have a tangible impact on its results going forward. Early results of these work streams are improved on time in full service levels that compare favorably year over year in Q2. Additionally, we are seeing improved employee engagement, better morale, and reduced turnover across our global workforce.

從營運的角度來看，我們正在進行多項製造、供應鏈卓越和持續改善工作流程，這些工作流程將對未來的業績產生實際的影響。這些工作流程的早期成果在第二季度得到了及時的改善，全面服務水準與去年同期相比有所提高。此外，我們看到全球員工敬業度提高、士氣增強、人員流動減少。

On the supply chain side, we are streamlining our product portfolios and SKUs, repurposing slow-moving stocks, optimizing inventory levels and enhancing our demand planning through S&OP. These initiatives are already making a favorable impact on our results, and we expect to gain further momentum over the coming two quarters.

在供應鏈方面，我們正在精簡產品組合和 SKU，重新利用滯銷庫存，優化庫存水平，並透過 S&OP 加強需求計劃。這些舉措已經對我們的業績產生了有利影響，我們預計未來兩個季度將獲得進一步的發展動力。

Finally, on the distribution cost side, we have multiple initiatives underway to ensure more favorable levels starting in the back half of 2025. Those are comprised of managing order cutoff times, optimizing our warehouse processes and footprint, and controlling our freight costs.

最後，在分銷成本方面，我們正在採取多項舉措，以確保從 2025 年下半年開始達到更優惠的水平。這些包括管理訂單截止時間、優化我們的倉庫流程和占地面積以及控制我們的運費成本。

The team fully understands that we need to keep a confident stance, an agile footing, and an innovative mindset to successfully navigate and execute in the current demand environment. We must first and foremost serve our existing customers on time and on spec as they value certainty and reliability even more in this environment.

團隊充分理解，我們需要保持自信的立場、敏捷的步伐和創新的思維，才能在當前的需求環境中成功導航和執行。我們必須先按時、按規格為現有客戶提供服務，因為在這種環境下，他們更重視確定性和可靠性。

Secondly, we need to attract new customers and new volumes by proving our value proposition and how we can be a critical partner in where and how they go to market. Additionally, we need to allocate our assets and resources in the most efficient way possible.

其次，我們需要透過證明我們的價值主張以及我們如何成為他們進入市場的地點和方式的關鍵合作夥伴來吸引新客戶和新銷售。此外，我們需要以最有效的方式分配我們的資產和資源。

As we align this clear-cut go-to-market approach with the increased cadence and prominence of our pipeline reviews and the unwavering engagement and commitment that we have seen firsthand in our employees, we are creating meaningful value for all our stakeholders in the process. I am confident our team will continue to successfully execute on this mandate.

當我們將這種明確的市場進入方式與管道審查的節奏和突出性以及我們在員工身上親眼看到的堅定參與和承諾相結合時，我們正在為所有利益相關者創造有意義的價值。我相信我們的團隊將繼續成功執行這項任務。

On the tariff front, while changes in trade policies and actual tariffs imposed have had both direct and indirect impact on our business over the past quarter, less than 7% of our annual sales are currently subject to tariffs, with China at 2%, Mexico at 1%, Europe 1.5%, the UK at 1% of total Mativ annual sales.

在關稅方面，雖然貿易政策的變化和實際徵收的關稅在過去一個季度對我們的業務產生了直接和間接的影響，但目前我們年銷售額中只有不到 7% 受到關稅影響，其中中國為 2%，墨西哥為 1%，歐洲為 1.5%，英國為 1%。

Most of our business with Canada remains exempt under USMCA. We are striving to fully offset our direct exposures to alternative sourcing strategies and pricing negotiations. We remain focused on driving enhanced commercial execution and tactical network optimization to minimize the more indirect impacts that affect our customers' order patterns and impose operational inefficiencies throughout the system.

根據 USMCA，我們與加拿大的大部分業務仍享有豁免。我們正在努力完全抵消替代採購策略和定價談判的直接影響。我們將繼續致力於推動商業執行力的增強和戰術網路優化，以盡量減少對客戶訂單模式和整個系統營運效率低下的間接影響。

As a result of our localized supply chain and our ability to partner with our customers in each of their go-to-market regions, the direct impacts of the current trade environment remain fully manageable, while the indirect effects introduce a level of uncertainty that is reflected in weak demand patterns and transactional inefficiencies. We are leveraging a proven playbook to focus on what we can control in mitigating these ramifications until trade policies stabilize.

由於我們擁有本地化的供應鏈，並且能夠與每個市場區域的客戶建立合作夥伴關係，因此當前貿易環境的直接影響仍然完全可控，而間接影響則帶來了一定程度的不確定性，這反映在需求模式疲軟和交易效率低下上。我們正在利用一套行之有效的策略來集中精力控制哪些因素可以減輕這些影響，直到貿易政策穩定下來。

With that, I'll turn it over to Greg for a more detailed discussion of our financial performance.

接下來，我將把話題交給格雷格，讓他更詳細地討論我們的財務表現。

Thanks, Shruti, and good morning, everyone. Consolidated net sales from continuing operations for the quarter were $525 million, up slightly compared to $524 million in the prior year on a reported basis, and up $40 million, or 8% versus Q1 of this year. Sales were up over 2% year over year on an organic basis as increases in volume mix, currency, and SAS selling prices were partially offset by slightly unfavorable FAM selling prices.

謝謝，Shruti，大家早安。本季持續經營業務的綜合淨銷售額為 5.25 億美元，與去年同期的 5.24 億美元相比略有成長，與今年第一季相比成長 4,000 萬美元，增幅為 8%。由於銷量組合、貨幣和 SAS 銷售價格的上漲被略微不利的 FAM 銷售價格部分抵消，銷售額同比有機增長超過 2%。

Adjusted EBITDA from continuing operations was $67.2 million, up 1% from $66.6 million in the prior year, our strongest quarter in 2024, and also up $30 million sequentially. Versus the prior year, high volume mix and lower SG&A costs represent a combined $8 million favorable impact, which was partially offset by a combined $5 million of higher manufacturing and distribution costs, which were isolated to a small number of sites and $2 million of unfavorable net selling price versus input cost primarily in FAM.

持續經營業務的調整後 EBITDA 為 6,720 萬美元，較上年同期的 6,660 萬美元（2024 年表現最強勁的一個季度）增長 1%，且比上一季增長 3,000 萬美元。與去年相比，高產量組合和較低的銷售、一般及行政費用共帶來 800 萬美元的有利影響，但這一影響被 500 萬美元的製造和分銷成本增加（僅涉及少數幾個站點）和 200 萬美元的不利淨售價（主要在 FAM）與投入成本之比所部分抵消。

Price versus input cost, while unfavorable for this quarter, was a slight improvement versus last quarter and is expected to be a favorable for the remainder of this year. Adjusted EPS were $0.33 a share versus $0.34 a share in the prior-year period.

本季價格與投入成本的對比雖然不利，但與上一季相比略有改善，預計今年剩餘時間內價格與投入成本的對比將有利。調整後每股收益為 0.33 美元，去年同期為每股 0.34 美元。

Turning to each of our segments, net sales in our filtration and advanced materials segment of $204 million were down 1% versus Q2 of 2024. The year-over-year decrease reflected lower selling prices, slightly lower volume mix due to continued customer caution and the uncertain macroeconomic environment, partially offset by favorable currency translation.

談到我們的各個部門，過濾和先進材料部門的淨銷售額為 2.04 億美元，與 2024 年第二季相比下降了 1%。同比下降反映了銷售價格下降、由於客戶持續謹慎和不確定的宏觀經濟環境導致的銷售組合略有下降，但有利的貨幣換算部分抵消了這一影響。

FAM adjusted EBITDA $40 million decreased by just under $2 million year over year, narrowing the year-over-year comparison GAAP from Q1 and reflecting the effects of higher manufacturing and distribution costs and unfavorable relative net selling price versus input cost, partially offset by lower SG&A expenses and favorable cost mix.

FAM 調整後的 EBITDA 為 4000 萬美元，較上年同期減少近 200 萬美元，縮小了與第一季相比的 GAAP 同比差異，反映了製造和分銷成本上升以及相對淨售價相對於投入成本不利的影響，但銷售、一般及行政費用下降和成本結構有利部分抵消了這一影響。

In our sustainable and adhesive solutions segment, net sales of $321 million were up more than $15 million or 5% on an organic basis and increased by just over $3 million or 1% from last year on a reported basis. Organic growth reflected higher volumes across key categories and higher selling prices across the segment, along with favorable currency translation.

在我們的永續和黏合劑解決方案部門，淨銷售額為 3.21 億美元，有機成長超過 1,500 萬美元或 5%，報告顯示比去年同期成長略高於 300 萬美元或 1%。有機成長反映了主要類別銷售的增加、整個部門銷售價格的上漲以及有利的貨幣換算。

SAS adjusted EBITDA performance of $45 million decreased by just under 2% year over year. The year-over-year performance reflected higher manufacturing and distribution costs, partially offset by lower SG&A expenses, higher volume across key categories, and favorable relative net selling price versus input cost.

SAS 調整後的 EBITDA 表現為 4,500 萬美元，較去年同期下降近 2%。同比業績表現反映出製造和分銷成本的上升，但被銷售、一般及行政費用的降低、主要品類銷量的增加以及相對於投入成本有利的相對淨售價部分抵消。

Turning to a few of the corporate items, unallocated corporate adjusted EBITDA expense of $19 million improved by more than $3 million versus the prior year, heavily driven by lower SG&A expenses as a measurable result of the cost-cutting initiatives we put in place last quarter.

談到一些公司項目，未分配的公司調整後 EBITDA 費用為 1900 萬美元，比上年改善了 300 多萬美元，這主要得益於上個季度實施的成本削減舉措導致的銷售、一般和行政費用下降。

Interest expense of just over $18 million was in line with the prior year. When taking hedges into account, over 80% of our debt is at a fixed rate and matures on a staggered basis between 2027 and 2029. Other income was $1.5 million in the current period, which compared to other expense of $1 million in the prior-year period, largely due to gains on asset sales and gains on foreign exchange.

利息支出略高於 1,800 萬美元，與前一年持平。考慮到對沖，我們 80% 以上的債務都是固定利率，並在 2027 年至 2029 年期間分階段到期。本期其他收入為 150 萬美元，而去年同期其他支出為 100 萬美元，主要歸因於資產出售收益和外匯收益。

Our tax rate was 417% in the quarter due to a combination of valuation allowances, one-time tax adjustments, and the ratio between tax expense and pre-tax income. At the end of the quarter, net debt was $995 million a reduction of more than $40 million versus the last quarter, and available liquidity was $453 million. Our net leverage ratio, as defined in our credit agreement, was 4.5 times, approximately one full turn of headroom versus our covenant level of 5.5 times.

由於估值準備金、一次性稅收調整以及稅費與稅前收入之間的比率等因素，本季我們的稅率為 417%。截至本季末，淨負債為 9.95 億美元，較上一季減少超過 4,000 萬美元，可用流動資金為 4.53 億美元。我們的信用協議中定義的淨槓桿率為 4.5 倍，與我們的契約水準 5.5 倍相比，大約有整整一倍的上升空間。

With the high watermark from last quarter behind us, we expect leverage to continue improving throughout the second half of this year. As a reminder, our target leverage range is 2.5 to 3.5 times, and with the cash flow initiatives we have discussed earlier underway, we expect to continue to make meaningful progress toward reducing our leverage profile in the back half of 2025.

隨著上個季度的高水位過去，我們預計今年下半年槓桿率將持續改善。提醒一下，我們的目標槓桿率範圍是 2.5 到 3.5 倍，並且隨著我們之前討論過的現金流計劃的實施，我們預計在 2025 年下半年將繼續在降低槓桿率方面取得有意義的進展。

Our number one priority for cash flow utilization is and continues to be deleveraging an actual debt reduction. With that in mind, as discussed earlier, we have major strategic initiatives underway to materially improve our cash flow generation throughout 2025.

我們對現金流利用的首要任務是並將繼續是去槓桿和實際減少債務。考慮到這一點，如前所述，我們正在實施重大策略性舉措，以在 2025 年大幅提高我們的現金流量產生能力。

They are comprised of the aforementioned pricing actions as well as our cost optimization initiatives. Shruti mentioned earlier that we identified an additional $5 million in cost savings versus what we announced last quarter. So we are now targeting $35 million to $40 million by the end of 2026 with $15 million to $20 million realized and flowing through the P&L in 2025.

它們包括上述定價行動以及我們的成本優化措施。Shruti 先前提到，與上個季度宣布的相比，我們又節省了 500 萬美元的成本。因此，我們現在的目標是到 2026 年底實現 3,500 萬至 4,000 萬美元，到 2025 年實現 1,500 萬至 2,000 萬美元並流入損益表。

We are on track to reduce our capital expenditures to $40 million in 2025 and are working diligently to reduce our year-end inventory levels by $20 million to $30 million in 2025 versus 2024. Working capital expectations remain a source of cash of around $10 million. Taken together, all of these efforts and initiatives have made Q2 of 2025 our second highest cash flow quarter since the merger and are expected to drive significant year over year improvements in cash flow generation for the remainder of 2025.

我們預計在 2025 年將資本支出減少至 4,000 萬美元，並正在努力將 2025 年的年終庫存水準與 2024 年相比減少 2,000 萬美元至 3,000 萬美元。營運資金預期仍為約 1,000 萬美元的現金來源。綜合起來，所有這些努力和舉措使 2025 年第二季度成為我們自合併以來現金流第二高的季度，並有望推動 2025 年剩餘時間現金流產生同比顯著改善。

We did not repurchase any shares during the quarter. Once our leverage returns to our target range, we may continue to opportunistically repurchase shares to offset dilution, but the priority of cash flow until then remains on paying down debt.

本季我們沒有回購任何股票。一旦我們的槓桿率回到目標範圍，我們可能會繼續機會性地回購股票以抵消稀釋，但在此之前現金流的優先事項仍然是償還債務。

As we look ahead, we acknowledge that the market demand remains uncertain, with additional impact from tariffs and macroeconomic policy in the market impacting our level of sales and operating leverage. However, with the positive momentum we have seen through early August across key categories in FAM and SAS, combined with our strategic initiatives driving tangible results, we expect Q3 adjusted EBITDA to increase by 5% to 10% versus last year.

展望未來，我們承認市場需求仍然不確定，關稅和市場宏觀經濟政策的額外影響將影響我們的銷售水準和營運槓桿。然而，鑑於我們在 8 月初看到的 FAM 和 SAS 主要類別的積極勢頭，加上我們的戰略舉措推動了切實的成果，我們預計第三季度調整後的 EBITDA 將比去年增長 5% 至 10%。

Cash flow generation is also expected to compare favorably versus Q3 of last year. This step up will be driven by a year-over-year increase in volume, particularly on the SAS side, favorable relative net selling price versus input cost, operational improvements, and cost savings. We also expect Q4 adjusted EBITDA and cash flow levels to compare favorably year over year.

預計現金流產生情況也將與去年第三季相比有所改善。這一成長將受到銷量年增（尤其是 SAS 方面）、相對於投入成本的有利淨售價、營運改善和成本節約的推動。我們也預計第四季度調整後的 EBITDA 和現金流水準將較去年同期有所提升。

For modeling purposes for the full year 2025, we are expecting cost reductions of $15 million to $20 million realized in 2025; depreciation, amortization, and stock-based comp to be around $100 million; interest expense to be around $75 million plus another $9 million in fees for our A/R facility; capital expenditures of around $40 million; one-time cash costs to be around $15 million to $20 million; working capital to be a $10 million source of cash driven primarily by the previously mentioned inventory reduction of $20 million to $30 million. And for our normalized tax rate, we suggest using 24%.

為了對 2025 年全年進行建模，我們預計 2025 年將實現成本削減 1500 萬至 2000 萬美元；折舊、攤銷和股票補償約為 1 億美元；利息支出約為 7,500 萬美元，外加 900 萬美元的應收帳款設施費用；現金資本支出約為 4000 萬美元； 1000 萬美元的現金來源，主要由前面提到的 2000 萬至 3000 萬美元的庫存減少推動。對於我們的標準化稅率，我們建議使用 24%。

With that, Shruti, I'll hand it back over to you for your closing remarks.

說完這些，Shruti，我將把時間交還給你，請你做最後的總結發言。

Thank you, Greg. What everyone should take away from this call is that a pivot towards our three strategic priorities: driving enhanced commercial execution, sharpening efforts to delever the balance sheet, and conducting a strategic review of our portfolio. Combined with a company-wide increased pace of execution, delayering of the organization for faster decision making, and improved employee engagement are driving quantifiable results that are already reflected in our Q2 performance.

謝謝你，格雷格。大家應該從這次電話會議中了解到，我們的重點將集中在三個策略重點：推動商業執行力的提高、加強降低資產負債表的槓桿率、以及對我們的投資組合進行策略審查。結合全公司範圍內執行速度的提高、組織層級的削減以加快決策速度以及員工敬業度的提高，這些都推動了可量化的成果，這些成果已經反映在我們的第二季度業績中。

Throughout Mativ, there is a renewed focus on strategic initiatives that drive incremental value and a determined mindset to act swiftly, comprehensively, and decisively to do what it takes to succeed in this challenging environment.

在整個 Mativ 中，人們重新專注於推動增量價值的策略性舉措，並堅定地採取迅速、全面和果斷的行動，盡一切努力在充滿挑戰的環境中取得成功。

I want to thank our talented and engaged global Mativ team that is executing with unwavering results and delivering results that grow our market share, return our performance to sustainable and profitable growth, and most importantly, restore value to our shareholders.

我要感謝我們才華橫溢、積極參與的全球 Mativ 團隊，他們以堅定不移的成果執行任務，取得了成果，擴大了我們的市場份額，使我們的業績恢復了可持續的盈利增長，最重要的是，為我們的股東恢復了價值。

Thank you for joining us this morning. Operator, please open the line for questions.

感謝您今天上午加入我們。接線員，請打開熱線來回答問題。

(Operator Instructions) Daniel Harriman, Sidoti.

（操作員指示）Daniel Harriman，Sidoti。

Hey, guys, good morning. Thank you so much for taking my questions and congratulations on the great quarter. I just have two pretty quick ones here this morning. Number one, Shruti, can you just provide a little bit more of an update on the turnaround effort within paint protective films? Obviously, you've made a lot of progress there and just wanted to get an update in terms of how you're regaining share in that market and then maybe an update on optical films because that seems to be a bright spot over the last couple of quarters.

嘿，大家早安。非常感謝您回答我的問題，並祝賀本季取得如此出色的成績。今天早上我只有兩個非常簡短的問題。第一，Shruti，您能否提供一些有關油漆保護膜轉型工作的最新進展？顯然，你們在那裡取得了很大的進展，只是想了解一下你們是如何重新獲得該市場份額的，然後也許了解一下光學薄膜的最新情況，因為這似乎是過去幾個季度的亮點。

And then Greg, you talked about cash flow for 2025 being double the level of 2024. And I'm just curious, should we think of that as at a minimum $80 million and could you just kind of walk us through how you get there and the cadence between the third quarter and the fourth quarter? Thanks so much.

然後格雷格，您談到 2025 年的現金流將是 2024 年的兩倍。我只是好奇，我們是否應該將其視為至少 8000 萬美元，您能否向我們介紹您如何實現這一目標以及第三季度和第四季度之間的節奏？非常感謝。

Thanks, Dan, for your kind words. I appreciate it. And regarding the question on paint protection films. So as you may recall, when I came in on board, we repurposed resources to address any capacity issues, lead time issues. We invested to improve our quality. All those things, I would say, are behind us at this time. Customers are really feeling that positive momentum from us.

謝謝丹，謝謝你的好意。我很感激。關於漆面保護膜的問題。您可能還記得，當我加入時，我們重新利用資源來解決任何產能問題和交貨時間問題。我們進行了投資以提高我們的品質。我想說，所有這些事情現在都已成為過去。客戶確實感受到了我們帶來的正面動力。

We've shared the data with the customers. They see it. Our mid-tier strategy is working in Asia, as I mentioned. But also the premium segment because of the improvements we have made, that is gaining traction in North America. Our optical films market is growing very well right now, and we are also gaining share back on -- in the premium segment with the films business.

我們已經與客戶分享了數據。他們看到了。正如我所提到的，我們的中端策略在亞洲正在發揮作用。但由於我們所做的改進，高端市場在北美也越來越受歡迎。目前，我們的光學薄膜市場成長勢頭良好，而且我們也透過薄膜業務重新獲得了高端市場的份額。

So I see an area that we address the challenge. We -- the team is on it and we are continuing to gain share in this segment as we move forward. I'll let Greg answer the question around cash flow.

因此，我看到了我們應對挑戰的一個領域。我們——團隊正在努力，隨著我們不斷前進，我們將繼續在這一領域獲得份額。我會讓格雷格回答有關現金流的問題。

Sure, yeah. Thanks, Daniel. Yeah, as far as cash flow in the past 80, we started the first quarter with a large increase in accounts receivable with the seasonal change in business. We took a huge step forward in Q2 with close to $49 million in free cash flow.

當然，是的。謝謝，丹尼爾。是的，就過去 80 年的現金流而言，隨著業務的季節性變化，我們第一季的應收帳款大幅增加。我們在第二季度邁出了一大步，自由現金流接近 4,900 萬美元。

If you look at the first half overall, one of the biggest differences versus last year is the reduction in one-time costs that we've had. A lot of the programs that we've been working through this year have been pretty cash flow efficient in terms of the one-time costs.

如果縱觀整個上半年，與去年相比最大的區別之一就是一次性成本的減少。我們今年開展的許多項目在一次性成本方面都具有相當高的現金流效率。

As we look forward to Q3 and Q4, that's really where all of the efforts that the extended teams have been working on with inventory as well as terms, CapEx management will really come through. And we expect to have a very strong Q3 for cash flow as well, and yes, should put us well on the path for $80 million for the year.

當我們展望第三季和第四季時，擴展團隊在庫存、條款和資本支出管理方面所做的所有努力都將真正發揮作用。我們預計第三季的現金流也會非常強勁，是的，這將使我們全年的現金流順利達到 8,000 萬美元。

Lars Kjellberg, Stifel.

拉爾斯·謝爾伯格（Lars Kjellberg），Stifel。

Good morning and thanks again for taking my questions and really solid performance in the quarter. Coming back into that pace of execution, it seems as if suddenly relative to our expectations you outperformed. Is there anything particular that came through early than you had expected in terms of what you did yourself considering the really challenging markets?

早安，再次感謝您回答我的問題，本季的表現確實非常穩健。回到執行速度，似乎突然間你的表現超出了我們的預期。考慮到市場確實充滿挑戰，就您自己所做的事情而言，是否有比您預期更早出現的特殊情況？

And on a similar on that same note, I should say, you're quite a few companies are talking about incremental uncertainty in the market. So it's interesting to hear your views on what sort of self-help or self-generated profit improvement you can generate considering the current environment.

類似地，我應該說，有不少公司在談論市場上日益增加的不確定性。因此，考慮到當前環境，我很想聽聽您對可以實現哪些自助或自我創造利潤改善的看法。

And then just finally, just separate question, I guess, the strategic review, there's a lot of things moving and I appreciate this early innings on this one. But have you already identified business lines that you could separate possibly without disrupting the significant positive transformation that you have?

最後，我想問一個單獨的問題，關於策略評估，有很多事情正在推進，我很欣賞這個早期階段的努力。但是，您是否已經確定了可以分開的業務線，而不會破壞您已經取得的重大積極轉型？

Thank you, Lars, for your question and your kind words. I appreciate it. Let me take the first question regarding demand and performance. As I've mentioned in the previous calls as well as today, the market is giving us what it is. We've seen some good progress whether it's with our liners and carrier business or our tapes and labels segment, our commercial print business, filtration categories like HVAC, air pollution. I talked about the optical films, so we're seeing some really positive momentum there.

拉爾斯，謝謝你的提問和善意的話語。我很感激。讓我回答有關需求和績效的第一個問題。正如我在之前的電話會議以及今天所提到的，市場正在告訴我們事實。無論是我們的襯墊和載體業務、膠帶和標籤業務、商業印刷業務、暖通空調等過濾類別、空氣污染，我們都看到了一些良好的進展。我談到了光學薄膜，我們看到了一些非常積極的勢頭。

But then the sense of urgency, the pace of execution, and a very disciplined approach and also delayering the organization for faster decision-making, that's really making a positive impact on our performance. So if you combine all those things together, we are outperforming the market and we outperform the market in Q2.

但是緊迫感、執行速度、非常嚴謹的方法以及簡化組織結構以便更快地做出決策，這些確實對我們的績效產生了積極的影響。因此，如果將所有這些因素結合起來，我們的表現就會優於市場，而且我們在第二季的表現也會優於市場。

On the strategic review, as I mentioned, we are going through the process. We are -- I'm pleased with the progress that the team has continued to make. We are not committed to any specific asset or any product line at this time, but we will work through the entire process for that. So I feel that we made quite a good progress in that and due course of time. When ready, we will come back and announce that.

關於策略審查，正如我所提到的，我們正在進行這一過程。我們—我對團隊不斷取得的進步感到高興。我們目前還沒有承諾任何特定的資產或任何產品線，但我們將為此完成整個過程。所以我覺得我們在這方面以及隨著時間的推移取得了相當好的進展。準備好後，我們會回來宣布。

Just to follow up on the first -- the second-quarter outperformance. My question was really about self-help and how you think about that in the confidence that you have in continued, I guess, outperformance both versus your prior year but equally so versus the market, I suppose, considering the opaqueness of the current situation. So if you can sort of help us understand what sort of controllables you have to have that confidence in your capability to drive EBITDA growth in H2.

只是為了跟進第一季——第二季的優異表現。我的問題實際上是關於自助的，以及考慮到當前情況的不透明性，您如何看待這個問題，您是否有信心繼續保持優異的表現，我想，與去年相比，與市場相比，同樣如此。因此，如果您能幫助我們了解您必須具備哪些可控因素，才能對推動下半年 EBITDA 成長的能力充滿信心。

Correct. So we are -- what I mentioned that having a very solid pipeline, gaining share within our existing customers, attracting new customers, a very strong cadence, a review of the pipeline that I'm personally involved with the commercial team and the sales leaders, that all coupled together is what's helping us with our performance in Q2 as well as going into the second half.

正確的。所以，正如我所提到的，我們擁有非常穩固的管道，在現有客戶中獲得份額，吸引新客戶，非常強勁的節奏，以及我個人與商業團隊和銷售領導一起參與的管道審查，所有這些結合在一起，幫助我們在第二季度以及下半年取得良好的業績。

Regarding your question on yeah. (technical difficulty) Sorry, Lars, yeah, you had mentioned also around profitability. And on the profitability, I would say that the initiatives that we have taken in terms of looking at the organization, the -- what we talked about, delayering, we talked about SG&A, and the team has really responded very well in terms of taking up the challenge, as I mentioned, we identified another -- an additional $5 million in cost reduction.

關於你的問題，是的。（技術難題）抱歉，拉爾斯，是的，你也提到了獲利能力。關於獲利能力，我想說，我們在組織方面採取的舉措——我們談到了削減層級，我們談到了銷售、一般及行政費用，團隊在接受挑戰方面確實反應良好，正如我提到的，我們確定了另一項——額外 500 萬美元的成本削減計劃。

So altogether $30 million to $35 million by year end 2026. $15 million to $20 million of that would flow through 2025, to the P&L this year. So I'm very proud of what the team has been able to accomplish there. And then we are constantly looking at -- I talked about manufacturing, supply chain, distribution costs, all those put together are helping with the profitability of the company.

因此，到 2026 年底，總計將達到 3,000 萬至 3,500 萬美元。其中，1,500 萬至 2,000 萬美元將流入 2025 年，併計入今年的損益表。因此，我為團隊在那裡所取得的成就感到非常自豪。然後我們不斷關注——我談到了製造、供應鏈、分銷成本，所有這些加在一起都有助於提高公司的獲利能力。

Thank you very much. That concludes the question-and-answer session. I will now hand back over to Shruti for any closing remarks.

非常感謝。問答環節到此結束。現在我將把發言權交還給 Shruti，請他做最後發言。

Thank you, everyone, for joining us this morning for our second-quarter 2025 earnings call. We look forward to connecting with you throughout the week, the coming months, and our next earning call in November. Have a great day ahead. Thank you.

感謝大家今天上午參加我們的 2025 年第二季財報電話會議。我們期待在本週、未來幾個月以及 11 月的下一次收益電話會議上與您保持聯繫。祝您有美好的一天。謝謝。

Thank you very much, everyone, for joining. That concludes today's call. You may now disconnect your lines.

非常感謝大家的參與。今天的電話會議到此結束。現在您可以斷開線路了。