MATV reported 4Q:25 sales of $463.1 million, adjusted EPS of $0.15 and adjusted free cash flow (FCF) of $5.5 million. Results compared favorably to our estimates of $461.1 million in sales, $0.09 in adjusted EPS and an adjusted FCF outflow of $5.8 million. Organic sales increased nearly 2% year over year in 4Q:25, reflecting favorable currency and higher selling prices, partially offset by lower volume and mix in certain end markets. Filtration & Advanced Materials (FAM) marked its second quarter of annual sales growth since the merger, with revenue increasing more than 5% year over year, supported by improved volume and mix and favorable currency translation. Sustainable & Adhesive Solutions (SAS) organic sales were largely flat year over year on an organic basis, as favorable currency and pricing were offset by lower volumes in labels, automotive tapes and release liners, particularly in Europe. Full-year 2025 FCF of $94 million marked the highest level since the merger and more than doubled the prior year, enabling $61 million of net debt reduction and year-end net leverage of 4.2x. We are lowering our 2026 estimates to reflect continued anemic demand and muted volume growth. We now model 2026 sales of $2.015 billion (from $2.050 billion), adjusted EPS of $0.85 (from $1.00) and adjusted free cash flow of $80 million (from $100 million). We maintain our 2027 estimates of $2.150 billion in sales, $1.25 in adjusted EPS and $125 million in adjusted free cash flow, reflecting expected operating leverage once volumes normalize. We maintain our $21 price target on MATV shares, which remains based on a 17x multiple to our 2027 adjusted EPS estimate of $1.25. New leadership, combined with the company's portfolio transformation and focus on the higher-growth platforms of its business, support our moderate risk rating.