MATV delivered 2Q:25 results ahead of our expectations, with consolidated net sales rising 8% sequentially to $525 million and company-wide margins improving on stronger mix, disciplined cost control, and better execution. Filtration & Advanced Materials (FAM) revenue totaled $204 million and margins improved sequentially on operational discipline. Sustainable and Adhesive Solutions (SAS) generated $321 million in revenue, up 1.1% year over year and 5% on an organic basis, with margin expansion versus 1Q:25, driven by volume growth, favorable mix, and improved commercial execution. Net debt declined to $995 million from $1.04 billion in the prior quarter, while the leverage ratio improved to 4.5x. Free cash flow (FCF) of $48.9 million was the second highest since the 2022 merger. Cost savings remain a central focus, with $15-$20 million expected to benefit the P&L this year and total program savings targeted at $35-$40 million by 2026. Taken together, MATV's operational execution, improved financial position, and targeted self-help actions are laying the foundation for stronger long-term earnings power and greater strategic flexibility, in our view. We maintain our full-year 2025 revenue and adjusted EPS forecasts at $2.0 billion and $0.56, respectively, reflecting a cautious posture amid macroeconomic uncertainty and uneven global demand. We raise our free cash flow estimate to $80 million (from $75 million), supported by strong first half execution. We now project 2026 revenue of $2.100 billion (up from $2.075 billion), adjusted EPS of $1.10 (up from $0.95), and free cash flow of $105 million (from $100 million), reflecting improved commercial execution, cost discipline, and volume-driven operating leverage across both segments.