We expect MATV to report 3Q:25 sales of $505 million, up 1.3% year over year, and adjusted EPS of $0.27, compared to $0.21 in 3Q:24 and $0.33 in 2Q:25. Our forecast reflects sequential moderation following the company's seasonally strongest quarter. We model continued improvement in the Filtration & Advanced Materials (FAM) segment, driven by better execution, early benefits from commercial realignment, and stabilization in Advanced Films. The Sustainable & Adhesive Solutions (SAS) segment should remain the driver, supported by volume gains in tapes, healthcare, and commercial print, with pricing discipline and efficiency initiatives helping offset higher manufacturing costs. We anticipate another solid quarter of free cash flow (FCF) generation, forecasting $36.4 million in 3Q:25 and reiterating our $80 million full-year FCF estimate, which is more than 2x the amount generated in 2024. We continue to view MATV's balance sheet improvement as a key positive. Net debt ended 2Q:25 at $995 million, down more than $40 million sequentially, with leverage improving to 4.5x. We believe ongoing FCF strength and lower capex support further deleveraging toward management's 2.5x–3.5x target. For 2025, we maintain our estimates of $2.0 billion in sales and $0.56 in adjusted EPS, and for 2026 we continue to model $2.1 billion in sales and $1.10 in adjusted EPS, with $105 million in FCF. We maintain our $19 price target on MATV shares, which remains based on a 17x multiple to our 2026 EPS estimate of $1.10. New leadership combined with the company's portfolio transformation and focus on the higher-growth platforms of its business support our moderate risk rating.