Mativ reported one of its strongest quarters since the 2022 merger, with consolidated sales of $514 million up 3% year over year and up 5% on an organic basis. Profitability improved meaningfully. The EBITDA margin expanded 80 basis points to 13%, the highest level since the merger. Results reflected broad-based improvement across both segments, with favorable pricing, mix, and lower manufacturing costs more than offsetting higher distribution expenses. In Sustainable & Adhesive Solutions (SAS), sales of $315 million increased 2% year over year and 5% organically, marking the sixth consecutive quarter of organic growth. Segment profit increased 17%, and margin reached a post-merger high of 15.3% on higher volume, pricing, and efficiency gains. Filtration & Advanced Materials (FAM) delivered a meaningful turnaround, with sales up 5% to $198 million and segment profit up 1%. Balance sheet and cash generation improved sharply in 3Q:25. Free cash flow (FCF) of $66.7 million more than doubled year over year, net debt declined by over $60 million to $932 million, and leverage improved to 4.2x with $517 million of liquidity. We model 2025 sales of $1.985 billion (from $2.000 billion), adjusted EPS of $0.67 (from $0.56), and free cash flow (FCF) of $80 million, reflecting strong 3Q:25 execution and continued cost discipline, offset by normal seasonality. For 2026, we forecast $2.050 billion in sales (from $2.100 billion), $1.00 in EPS (from $1.10), and $100 million in FCF, adopting a cautious view given demand uncertainty, while maintaining confidence in the company's cash generation. We introduce 2027 estimates of $2.150 billion in sales, $1.25 in adjusted EPS, and $115 million in FCF, reflecting further progress in cost efficiency and operational execution. We increase our price target on MATV shares to $21 (from $19), applying an intact 17x multiple to our new 2027 adjusted EPS estimate of $1.25. Our prior $19 price target was based on a 17x multiple to our prior 2026 adjusted 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.