We maintain our prior 2025 estimates for MATV ahead of the company's 2Q:25 earnings release. While 1Q:25 results modestly exceeded expectations, we opt to remain conservative at this time. However, continued strength in the company's Sustainable & Adhesive Solutions (SAS) segment remains a strong point, in our view. Overall, we maintain our $505 million sales estimate for 2Q:25, which reflects 4.2% sequential growth. After recording its fifth consecutive quarter of margin growth in 1Q:25, we are looking for strength in SAS to drive EPS of $0.18 in 2Q:25 compared to a loss of $0.14 in the prior quarter. MATV's Filtration & Advanced Materials (FAM) segment has remained under pressure, particularly in paint protection films. However, given ongoing initiatives in the segment to stabilize performance, we model 4.2% sequential sales growth. We remain optimistic on MATV's long-term outlook and believe the company will benefit from CEO Shruti Singhal's clear turnaround strategy to improve commercial execution, reduce costs and streamline the product portfolio. Under Mr. Singhal, cost reduction and cash flow initiatives are underway. In 2025, the company aims to deliver $10 million-$15 million in cost reductions. With free cash flow (FCF) a top priority moving forward, the company says it expects to reduce capital spending to $40 million in 2025 (from $55 million in 2024).