MATV participated in the Sidoti September Conference and held 1x1 meetings with investors. Management reiterated the same key themes from its 2Q:25 earnings call, emphasizing commercial execution, deleveraging, operational discipline, cost savings, and portfolio actions as central levers to strengthen earnings power. Expectations remain for stronger performance in the second half of 2025, with sales momentum in Sustainable & Adhesive Solutions (SAS) and improving execution in Filtration & Advanced Materials (FAM). The company expects targeted cost reductions of $15-$20 million in 2025 (part of a broader $35-$40 million program by 2026) to support earnings, with early benefits already visible in SG&A and working capital improvements. Progress continues in Advanced Films, HVAC, and optical films within FAM, while SAS is benefiting from customer demand in tapes, healthcare, and commercial print. The company's balance sheet focus remains unchanged: net debt reduction and a leverage target of 2.5x-3.5x. Net debt declined to $995 million in 2Q:25 (from $1.04 billion in 1Q:25), and the leverage ratio improved to 4.5x. Macro uncertainty and tariff related volatility remain external headwinds, though execution and self-help initiatives are expected to offset these pressures, in our view. 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, the company's portfolio transformation, and its focus on the higher-growth platforms of its business support our moderate risk rating.