Matthews International (NASDAQ: MATW) details Q2 2026 earnings, debt cuts
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Matthews International Corporation reported fiscal 2026 second-quarter sales of $258.6 million, down 39.5% from a year earlier, mainly due to divestitures of SGK, warehouse automation and European packaging businesses. The company recorded a GAAP diluted loss per share of $(0.69) versus $(0.29) last year, driven by a $16.3 million loss on debt extinguishment and other unusual items.
Non-GAAP results were steadier: adjusted earnings per share rose to $0.37 from $0.34, and adjusted EBITDA was $44.7 million versus $51.4 million. Memorialization grew sales to $215.3 million with higher adjusted EBITDA, helped by the accretive acquisition of The Dodge Company and pricing actions. Industrial Technologies saw lower sales and negative adjusted EBITDA, reflecting divestitures and weakness in engineering and energy storage.
The company benefited from lower interest expense after redeeming $300 million of 8.625% notes and cut total debt to $579.2 million at March 31, 2026. Matthews’ 40% Propelis joint venture contributed an estimated $9.5 million of adjusted EBITDA in the quarter. Management maintained its full-year fiscal 2026 adjusted EBITDA outlook of $180 million, including the Propelis share.
Positive
- None.
Negative
- None.
Insights
Reshaped portfolio, cleaner balance sheet, but mixed operating trends.
Matthews International is transitioning its portfolio while emphasizing non-GAAP performance. Q2 2026 sales fell to $258.6 million, down 39.5%, largely from prior divestitures. GAAP results showed a net loss of $21.8 million, but adjusted EPS improved to $0.37 from $0.34, and adjusted EBITDA reached $44.7 million.
The Memorialization segment remains the core profit engine with Q2 sales of $215.3 million and adjusted EBITDA of $48.8 million, benefiting from The Dodge Company acquisition and pricing. By contrast, Industrial Technologies reported lower sales of $43.4 million and negative adjusted EBITDA of $(3.3) million, hurt by divestitures, softer engineering demand and energy storage challenges.
Debt reduction is notable: total debt declined from $710.8 million at September 30, 2025 to $579.2 million at March 31, 2026, helped by divestiture proceeds and a $300 million notes redemption. The Propelis joint venture contributed about $9.5 million of adjusted EBITDA in Q2, and management reaffirmed full-year $180 million adjusted EBITDA guidance, including its 40% Propelis share. Actual outcomes will depend on executing cost reductions, stabilizing Industrial Technologies, and realizing planned Propelis synergies over the remainder of fiscal 2026.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Sales: $258.6 million
Q2 2026 GAAP diluted EPS: $(0.69)
Q2 2026 adjusted EPS: $0.37
+5 more
8 metrics
Q2 2026 Sales
$258.6 million
Three months ended March 31, 2026; down 39.5% year over year
Q2 2026 GAAP diluted EPS
$(0.69)
Three months ended March 31, 2026 loss per share
Q2 2026 adjusted EPS
$0.37
Non-GAAP; up from $0.34 in Q2 2025 (8.8% increase)
Q2 2026 adjusted EBITDA
$44.7 million
Consolidated adjusted EBITDA for quarter ended March 31, 2026
Debt outstanding
$579.2 million
Total debt at March 31, 2026 after redemptions
Net debt
$543.2 million
Net of $36.1 million cash at March 31, 2026
FY 2026 adjusted EBITDA guidance
$180 million
Full-year outlook including 40% share of Propelis adjusted EBITDA
Propelis Q2 adjusted EBITDA contribution
$9.5 million
Estimated contribution to consolidated adjusted EBITDA for fiscal Q2 2026
Key Terms
adjusted EBITDA, non-GAAP, loss on debt extinguishment, constant currency sales, +2 more
6 terms
adjusted EBITDA financial
"Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial
"Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
loss on debt extinguishment financial
"Loss on debt extinguishment | (16,343) | — | NM | | | (16,343) | — | NM"
Loss on debt extinguishment is a one-time accounting charge a company records when it pays off, refinances, or otherwise cancels debt for more than the outstanding amount on its books — think of it like paying a penalty to break a loan early. Investors care because it reduces reported earnings in the period it’s recorded and uses cash, but it can also signal a strategic move to cut future interest costs or a sign of financial stress.
constant currency sales financial
"The Company has presented constant currency sales and constant currency adjusted EBITDA and believes these measures provide relevant and useful information"
Constant currency sales measure a company’s revenue as if exchange rates had not changed over the comparison period, isolating underlying business growth from swings in foreign currencies. For investors, this is like comparing two years’ prices after converting both into the same currency rate so you can see whether sales rose because of real demand and pricing or merely because the local currency moved; it helps assess true operational performance.
equity-method investment financial
"the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from October 2025 through December 2025"
An equity-method investment is an accounting treatment used when a company owns a large minority stake in another company and can influence its decisions but does not fully control it. Like owning a meaningful slice of a bakery and recording your share of its daily profits or losses on your own books, the investor reports its proportionate share of the investee’s earnings rather than only the dividends received, which affects reported income, balance sheet size, and how investors view profitability and risk.
net debt financial
"The Company has also presented net debt and believes this measure provides relevant and useful information"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
Earnings Snapshot
Sales: $258.6 million · Guidance included
Q2 2026
Sales
$258.6 million
-39.5% YoY
GAAP diluted EPS
$(0.69)
vs. $(0.29) prior year
Adjusted EPS
$0.37
+8.8% YoY
Adjusted EBITDA
$44.7 million
Guidance
Maintains fiscal 2026 adjusted EBITDA guidance of $180 million, including estimated 40% share of Propelis adjusted EBITDA and preferred equity income.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2026
____________________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________________
| (State or other jurisdiction of | (Commission | (I.R.S. Employer | ||||||
| Incorporation or organization) | File Number) | Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(412 ) 442-8200
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, Matthews International Corporation ("Matthews" or the "Company") issued a press release announcing its earnings for the second fiscal quarter of 2026. A copy of the press release is furnished hereto as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure.
On April 30, 2026, Matthews posted to the Company's website (www.matw.com/investors) its earnings teleconference presentation which includes selected financial results for the second fiscal quarter of 2026. The presentation is furnished herewith as Exhibit 99.2. This information, including exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to this Form 8-K in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
99.1 | Press Release, dated April 30, 2026, issued by Matthews International Corporation | |||||||
99.2 | Matthews International Corporation earnings teleconference presentation for the second fiscal quarter of 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MATTHEWS INTERNATIONAL CORPORATION | |||||||||||
| (Registrant) | |||||||||||
| By: | /s/ Daniel E. Stopar | ||||||||||
| Daniel E. Stopar | |||||||||||
| Chief Financial Officer and Treasurer | |||||||||||
Date: May 1, 2026
 | NEWS RELEASE | ||||
Matthews International Corporation
Corporate Office
Two NorthShore Center
Pittsburgh, PA 15212-5851
Phone: (412) 442-8200
| April 30, 2026 | Contact: | Daniel E. Stopar | ||||||
| Chief Financial Officer and Treasurer | ||||||||
MATTHEWS INTERNATIONAL REPORTS RESULTS FOR
FISCAL 2026 SECOND QUARTER
Fiscal 2026 Second Quarter Financial Highlights: | ||
•Memorialization reports higher sales and adjusted EBITDA
•Arbitrator reaffirms Matthews' right to develop, produce, market and sell proprietary dry battery electrode solutions to third parties
•Propelis JV achieves key milestone toward executing on synergy targets
•Bond refinancing and reduced debt drive lower recurring interest expense
•Company maintains outlook for fiscal 2026
•Webcast: Friday, May 1, 2026, 9:00 a.m., 203-518-9843
PITTSBURGH, PA, April 30, 2026 - Matthews International Corporation (NASDAQ GSM: MATW) today announced financial results for its second quarter of fiscal 2026.
In discussing the results for the Company’s fiscal 2026 second quarter, Joseph C. Bartolacci, President and Chief Executive Officer, stated:
“We are pleased with our operating results for the fiscal 2026 second quarter. While our GAAP earnings were unfavorably impacted by unusual charges and amortization, we are happy to report non-GAAP adjusted earnings per share growth this quarter compared to last year despite recent divestitures. The Memorialization segment reported higher sales and adjusted EBITDA, and the Product Identification business also delivered higher sales. Although we continue to experience challenges in our energy storage solutions business, customer interest remains very strong. Corporate and other non-operating costs also declined meaningfully compared to last year. We continue to work on additional cost reduction plans to scale our structure as post-divestiture support obligations expire over the coming quarters.”
“Sales for the Memorialization segment for the fiscal 2026 second quarter were higher than a year ago primarily reflecting the recent acquisition of The Dodge Company. This acquisition continues to be nicely accretive to earnings as we leverage the benefits of our Memorialization commercial platform and have already begun to realize cost synergies from integration. Sales volumes of caskets and cemetery memorials declined in the quarter due to lower U.S. casketed deaths. Inflationary price realization offset lower sales volumes of caskets and cemetery memorials in the quarter. The earnings impact of these sales increases and benefits from the segment’s ongoing productivity initiatives were significant factors in the segment’s improved operating margins.”
“The Propelis Group (“Propelis”) continues to report solid operating results since formation of the joint venture between our SGK business and SGS in May of 2025. During the quarter, Propelis successfully converted to a new business system platform that is expected to enable the integration of graphic
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
production work across the global enterprise, activating a significant portion of the estimated $60 million of targeted cost synergies for realization in the second half of calendar 2026. Additionally, we expect Propelis to redeem a portion of preferred shareholders’ interests in the second half of our fiscal year.”
“The Industrial Technologies segment reported a decline in sales for the fiscal 2026 second quarter. The decrease mainly resulted from the divestiture of the warehouse automation business during the fiscal first quarter of 2026 and challenges in our engineering business, including the impacts of the ongoing Tesla dispute. During the quarter, we received a favorable ruling from an arbitrator again confirming our right to develop, produce, market and sell our proprietary dry battery electrode ("DBE") solutions to third parties. Matthews successfully defeated Tesla's most meaningful claims as the arbitrator issued an interim decision denying the broad injunctive relief requested by Tesla and rejecting Tesla's attempts to prohibit us from selling Matthews' proprietary DBE technology and equipment. Instead, the interim decision includes a narrow injunction preventing Matthews from using certain parts in dry battery electrode machines. Matthews already has replacement parts, and thus the injunction is not expected to materially impede Matthews' operations or sales. Importantly, this most recent ruling provides further clarity for Matthews and its customers on a going forward basis. Interest from other customers in our dry battery electrode solutions remains very strong, and we anticipate will start to convert to orders in the second half of fiscal 2026. The Product Identification business achieved a major milestone during the quarter by recording its first commercial sales of the MPERIA® Axian Inkjet (XIJ) systems. We have received significant customer interest in the new product, and buildout of the supply chain to meet anticipated market demand is ongoing.”
“During the fiscal 2026 second quarter, we redeemed $300 million aggregate principal of 8.625% Senior Secured Second Lien Notes due 2027, which has reduced interest expense for the quarter. The refinancing was funded using the proceeds from the recent divestitures of the warehouse automation and European packaging businesses combined with additional borrowings from our existing revolving credit facility.”
“The Board, with the support of J.P. Morgan, identified several alternatives for evaluation and consideration toward improving shareholder value and better alignment with the underlying value of the organization. The divestitures of SGK in 2025, and the warehouse automation and European packaging businesses in the first quarter are all outcomes of this effort to simplify Matthews’ business structure and enhance shareholder value. The Company’s strategic alternatives review remains ongoing.”
"For the remainder of fiscal 2026, we expect the Memorialization segment to continue to deliver modest year-to-year sales growth. Additionally, we expect conditions for the engineering business to remain challenging and dependent upon winning substantial new orders. Lastly, our projected share of the Propelis’ financial results includes the expectation for significant cost synergies to be executed and realized during the remainder of the year. Based on our results through March 31, 2026, and projections for the remainder of fiscal 2026, we are maintaining our previous earnings guidance of adjusted EBITDA of $180 million (which includes our estimated 40% share of Propelis adjusted EBITDA) for fiscal 2026."
Divestiture of the SGK Business
As previously reported, on May 1, 2025, the Company contributed the SGK business to a newly formed entity, Propelis, in exchange for cash and other consideration. The fiscal 2025 consolidated financial information presented in this release reflects the financial results of the SGK business through the closing date. As a result of the integration process of Propelis and transition to its stand-alone reporting systems, our 40% portion of the financial results of Propelis is reported on a one-quarter lag. Consequently, for the three months ended March 31, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from October 2025 through December 2025. For the six months ended March 31, 2026, the Company's portion of earnings (losses) for its equity-method investment in Propelis includes the months from July 2025 through December 2025.
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
The Company’s consolidated adjusted EBITDA for the fiscal second quarter of 2026 includes approximately a $9.5 million adjusted EBITDA contribution from Propelis. Based on preliminary financial projections provided by Propelis, their current estimate of adjusted EBITDA for the period January 1, 2026 through March 31, 2026 was $24.8 million. For comparison, our 40% portion of this amount would be $9.9 million. The Company’s consolidated adjusted EBITDA for the fiscal six months ended March 31, 2026 includes a $22.4 million adjusted EBITDA contribution from Propelis. Based on preliminary financial projections provided by Propelis, their current estimate of adjusted EBITDA for the period October 1, 2025 through March 31, 2026 was $48.5 million. For comparison, our 40% portion of this amount would be $19.4 million. Please note that these projections are unaudited and subject to review and, as a result, may change.
Webcast
The Company will host a conference call and webcast on Friday, May 1, 2026 at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by dialing (203)-518-9843, Conference ID: Matthews. The audio webcast can be monitored at www.matw.com. As soon as available after the call, a transcript of the call will be posted on the Investor Relations section of the Company’s website at www.matw.com.
About Matthews International Corporation
Matthews International Corporation operates through two core global businesses – Industrial Technologies and Memorialization. Both are focused on driving operational efficiency and long-term growth through continuous innovation and strategic expansion. The Industrial Technologies segment evolved from our original marking business, which today is a leading global innovator committed to empowering visionaries to transform industries through the application of precision technologies and intelligent processes. The Memorialization segment is a leading provider of memorialization products, including memorials, caskets and cremation and incineration equipment, primarily to cemetery and funeral home customers that help families move from grief to remembrance. In addition, the Company also has a significant investment in Propelis, a brand solutions business formed through the merger of SGK and SGS & Co. Propelis delivers integrated solutions including brand creative, packaging, print solutions, branded environments, and content production. Matthews International has over 4,300 employees in 15 countries on four continents that are committed to delivering the highest quality products and services.
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
Forward-looking Information
Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include risks to our ability to achieve the anticipated benefits of the joint venture transaction with Peninsula Parent LLC, d.b.a. Propelis Group ("Propelis"), changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, including changes in costs due to adjustments to tariffs or supply chain disruptions, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, divestitures, and business combinations, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine and hostilities in the Middle East, and conflicts and related sanctions or trade restrictions involving Venezuela, the Company's plans and expectations with respect to its exploration, and contemplated execution, of various strategies with respect to its portfolio of businesses, the Company's plans and expectations with respect to its Board of Directors, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission.
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share data)
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Sales | $ | 258,619 | $ | 427,629 | (39.5) | % | $ | 543,382 | $ | 829,471 | (34.5) | % | |||||||||||||||||||||||
| Cost of sales | (156,635) | (283,517) | (44.8) | % | (341,725) | (559,667) | (38.9) | % | |||||||||||||||||||||||||||
| Gross profit | 101,984 | 144,112 | (29.2) | % | 201,657 | 269,804 | (25.3) | % | |||||||||||||||||||||||||||
| Gross margin | 39.4 | % | 33.7 | % | 37.1 | % | 32.5 | % | |||||||||||||||||||||||||||
| Selling and administrative expenses | (98,540) | (131,812) | (25.2) | % | (210,932) | (243,222) | (13.3) | % | |||||||||||||||||||||||||||
| Amortization of intangible assets | (2,674) | (4,280) | (37.5) | % | (5,640) | (12,888) | (56.2) | % | |||||||||||||||||||||||||||
| Gain (loss) on divestitures, net | (3,945) | (2,072) | 90.4 | % | 109,264 | (2,072) | NM | ||||||||||||||||||||||||||||
| Operating (loss) profit | (3,175) | 5,948 | (153.4) | % | 94,349 | 11,622 | NM | ||||||||||||||||||||||||||||
| Operating margin | (1.2) | % | 1.4 | % | 17.4 | % | 1.4 | % | |||||||||||||||||||||||||||
| Interest and other deductions, net | (8,533) | (17,592) | (51.5) | % | (21,639) | (29,096) | (25.6) | % | |||||||||||||||||||||||||||
| Loss on debt extinguishment | (16,343) | — | NM | (16,343) | — | NM | |||||||||||||||||||||||||||||
| (Loss) income before income taxes | (28,051) | (11,644) | 140.9 | % | 56,367 | (17,474) | NM | ||||||||||||||||||||||||||||
| Income taxes | 6,217 | 2,728 | 127.9 | % | (34,572) | 5,086 | NM | ||||||||||||||||||||||||||||
| Net (loss) income | $ | (21,834) | $ | (8,916) | 144.9 | % | $ | 21,795 | $ | (12,388) | NM | ||||||||||||||||||||||||
| (Loss) earnings per share -- diluted | $ | (0.69) | $ | (0.29) | 137.9 | % | $ | 0.69 | $ | (0.40) | NM | ||||||||||||||||||||||||
Earnings per share -- non-GAAP (1) | $ | 0.37 | $ | 0.34 | 8.8 | % | $ | 0.18 | $ | 0.48 | (62.5) | % | |||||||||||||||||||||||
| Dividends declared per share | $ | 0.255 | $ | 0.25 | 2.0 | % | $ | 0.510 | $ | 0.50 | 2.0 | % | |||||||||||||||||||||||
| Diluted Shares | 31,487 | 31,192 | 31,730 | 31,113 | |||||||||||||||||||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release | |||||||||||||||||||||||||||||||||||
| NM: Not meaningful | |||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION (Unaudited)
(In thousands)
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Sales: | |||||||||||||||||||||||
| Memorialization | $ | 215,257 | $ | 205,620 | $ | 419,432 | $ | 396,106 | |||||||||||||||
| Industrial Technologies | 43,362 | 80,835 | 112,377 | 161,368 | |||||||||||||||||||
| Brand Solutions | — | 141,174 | 11,573 | 271,997 | |||||||||||||||||||
| $ | 258,619 | $ | 427,629 | $ | 543,382 | $ | 829,471 | ||||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||||
| Memorialization | $ | 48,831 | $ | 45,038 | $ | 87,780 | $ | 81,650 | |||||||||||||||
| Industrial Technologies | (3,313) | 6,042 | (7,771) | 7,874 | |||||||||||||||||||
| Brand Solutions | 9,615 | 15,596 | 22,309 | 27,888 | |||||||||||||||||||
| Corporate and Non-Operating | (10,389) | (15,262) | (22,336) | (25,975) | |||||||||||||||||||
Total Adjusted EBITDA (1) | $ | 44,744 | $ | 51,414 | $ | 79,982 | $ | 91,437 | |||||||||||||||
(1) See reconciliation of non-GAAP financial information provided in tables at the end of this release | |||||||||||||||||||||||
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited)
(In thousands)
| March 31, 2026 | September 30, 2025 | |||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | $ | 36,088 | $ | 32,433 | ||||||||||||||||
| Accounts receivable, net | 100,734 | 132,940 | ||||||||||||||||||
| Inventories, net | 195,893 | 202,827 | ||||||||||||||||||
| Other current assets | 146,879 | 151,968 | ||||||||||||||||||
| Total current assets | 479,594 | 520,168 | ||||||||||||||||||
| Investments | 276,166 | 288,637 | ||||||||||||||||||
| Property, plant and equipment, net | 185,594 | 224,575 | ||||||||||||||||||
| Goodwill | 433,201 | 487,561 | ||||||||||||||||||
| Other intangible assets, net | 91,985 | 105,958 | ||||||||||||||||||
| Other long-term assets | 64,823 | 67,543 | ||||||||||||||||||
| Total assets | $ | 1,531,363 | $ | 1,694,442 | ||||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Long-term debt, current maturities | $ | 7,298 | $ | 7,230 | ||||||||||||||||
| Other current liabilities | 285,870 | 343,250 | ||||||||||||||||||
| Total current liabilities | 293,168 | 350,480 | ||||||||||||||||||
| Long-term debt | 571,950 | 703,602 | ||||||||||||||||||
| Other long-term liabilities | 154,026 | 159,418 | ||||||||||||||||||
| Total liabilities | 1,019,144 | 1,213,500 | ||||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Total shareholders' equity | 512,219 | 480,942 | ||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,531,363 | $ | 1,694,442 | ||||||||||||||||
Matthews International Reports Results for Fiscal 2026 Second Quarter
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April 30, 2026
CONDENSED CONSOLIDATED CASH FLOWS INFORMATION (Unaudited)
(In thousands)
| Six Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 21,795 | $ | (12,388) | |||||||
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 24,204 | 40,735 | |||||||||
| (Gain) loss on divestitures, net | (109,264) | 2,072 | |||||||||
| Loss on debt extinguishment | 16,343 | — | |||||||||
| Changes in working capital items | (37,955) | (43,362) | |||||||||
| Other operating activities | 17,447 | (5,738) | |||||||||
| Net cash used in operating activities | (67,430) | (18,681) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (9,300) | (18,271) | |||||||||
| Acquisitions, net of cash acquired | (524) | (2,218) | |||||||||
| Proceeds from sale of assets | 3,506 | 14,608 | |||||||||
| Proceeds from divestitures | 243,397 | 2,049 | |||||||||
| Other investing activities | 2,580 | (63) | |||||||||
| Net cash provided by (used in) investing activities | 239,659 | (3,895) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net (payments on) proceeds from long-term debt | (130,426) | 50,218 | |||||||||
| Purchases of treasury stock | (5,698) | (4,426) | |||||||||
| Dividends | (17,535) | (17,047) | |||||||||
| Other financing activities | (14,740) | 4,806 | |||||||||
| Net cash (used in) provided by financing activities | (168,399) | 33,551 | |||||||||
| Effect of exchange rate changes on cash | (175) | (1,545) | |||||||||
| Net change in cash and cash equivalents | $ | 3,655 | $ | (570) | |||||||
Matthews International Reports Results for Fiscal 2026 Second Quarter
Page 8 of 11
April 30, 2026
Reconciliations of Non-GAAP Financial Measures
Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, constant currency adjusted EBITDA, net debt and net debt leverage ratio. The Company defines net debt leverage ratio as outstanding debt (net of cash) relative to adjusted EBITDA. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA remove the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures.
Matthews International Reports Results for Fiscal 2026 Second Quarter
Page 9 of 11
April 30, 2026
ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (21,834) | $ | (8,916) | $ | 21,795 | $ | (12,388) | |||||||||||||||
| Income tax (benefit) provision | (6,217) | (2,728) | 34,572 | (5,086) | |||||||||||||||||||
| (Loss) income before income taxes | $ | (28,051) | $ | (11,644) | $ | 56,367 | $ | (17,474) | |||||||||||||||
Propelis depreciation, amortization, interest and other items (1) | 18,776 | — | 33,979 | — | |||||||||||||||||||
Interest expense, including RPA and factoring financing fees (2) | 10,424 | 17,010 | 25,725 | 33,864 | |||||||||||||||||||
| Loss on debt extinguishment | 16,343 | — | 16,343 | — | |||||||||||||||||||
Depreciation and amortization * | 11,508 | 18,231 | 24,204 | 40,735 | |||||||||||||||||||
Acquisition and divestiture related items (3)** | 194 | 13,701 | 1,312 | 14,278 | |||||||||||||||||||
Strategic initiatives and other items (4)**† | 6,394 | 5,373 | 21,644 | 5,988 | |||||||||||||||||||
| (Gain) loss on divestitures, net | 3,945 | 2,072 | (109,264) | 2,072 | |||||||||||||||||||
Highly inflationary accounting losses (primarily non-cash) (5) | — | 520 | 16 | 711 | |||||||||||||||||||
| Stock-based compensation | 5,136 | 6,018 | 9,543 | 10,997 | |||||||||||||||||||
Non-service pension and postretirement expense (6) | 75 | 133 | 113 | 266 | |||||||||||||||||||
| Total Adjusted EBITDA | $ | 44,744 | $ | 51,414 | $ | 79,982 | $ | 91,437 | |||||||||||||||
| Adjusted EBITDA margin | 17.3 | % | 12.0 | % | 14.7 | % | 11.0 | % | |||||||||||||||
(1) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other items incurred by Propelis. | |||||||||||||||||||||||
(2) Includes fees for receivables sold under the RPA and factoring arrangements totaling $382 and $1,145 for the three months ended March 31, 2026 and 2025, respectively and $1,050 and $2,317 for the six months ended March 31, 2026 and 2025, respectively. | |||||||||||||||||||||||
(3) Includes certain non-recurring items associated with recent acquisition and divestiture activities. | |||||||||||||||||||||||
(4) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes legal costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $2,175 and $1,757 for the three months ended March 31, 2026 and 2025, respectively and $11,172 and $8,624 for the six months ended March 31, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $4,538 for the three months ended March 31, 2025 and $4,902 for the six months ended March 31, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the six months ended March 31, 2025. Fiscal 2025 also includes loss recoveries totaling $1,170 for the six months ended March 31, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. | |||||||||||||||||||||||
5) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. | |||||||||||||||||||||||
(6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. | |||||||||||||||||||||||
* Depreciation and amortization was $8,041 and $7,170 for the Memorialization segment, $2,966 and $5,644 for the Industrial Technologies segment, and $501 and $699 for Corporate and Non-Operating, for the three months ended March 31, 2026 and 2025, respectively. Depreciation and amortization was $16,188 and $14,372 for the Memorialization segment, $6,444 and $11,318 for the Industrial Technologies segment, $609 and $13,578 for the Brand Solutions segment, and $963 and $1,467 for Corporate and Non-Operating, for the six months ended March 31, 2026 and 2025, respectively. Depreciation and amortization was $4,718 for the Brand Solutions segment for the three months ended March 31, 2026.
** Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $380 and $2,410 for the Memorialization segment, $2,739 and $192 for the Industrial Technologies segment, income of $91 and charges of $416 for the Brand Solutions segment, and $3,560 and $16,056 for Corporate and Non-Operating, for the three months ended March 31, 2026 and 2025, respectively. Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $449 and $3,713 for the Memorialization segment, $13,092 and $4,311 for the Industrial Technologies segment, $3,402 and $1,130 for the Brand Solutions segment, and $6,013 and $11,112 for Corporate and Non-Operating, for the six months ended March 31, 2026 and 2025, respectively.
† Strategic initiatives and other items includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling expenses of $782 and income of $2,471 for the three months ended March 31, 2026 and 2025, respectively, and expenses of $2,305 and income of $1,305 for the six months ended March 31, 2026 and 2025, respectively.
Matthews International Reports Results for Fiscal 2026 Second Quarter
Page 10 of 11
April 30, 2026
ADJUSTED NET INCOME AND EPS RECONCILIATION (Unaudited)
(In thousands, except per share data)
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| per share | per share | per share | per share | ||||||||||||||||||||||||||||||||
| Net (loss) income attributable to Matthews | $ | (21,834) | $ | (0.69) | $ | (8,916) | $ | (0.29) | $ | 21,795 | $ | 0.69 | $ | (12,388) | $ | (0.40) | |||||||||||||||||||
Acquisition and divestiture costs (1) | 179 | 0.01 | 12,353 | 0.40 | 956 | 0.04 | 12,708 | 0.41 | |||||||||||||||||||||||||||
Strategic initiatives and other charges (2) | 4,945 | 0.15 | 3,197 | 0.11 | 17,514 | 0.55 | 3,901 | 0.13 | |||||||||||||||||||||||||||
| (Gain) loss on divestitures, net | 3,844 | 0.13 | — | — | (68,451) | (2.16) | — | — | |||||||||||||||||||||||||||
Highly inflationary accounting losses (primarily non-cash) (3) | — | — | 520 | 0.01 | 16 | — | 711 | 0.02 | |||||||||||||||||||||||||||
Non-service pension and postretirement expense (4) | 57 | — | 99 | 0.01 | 85 | — | 199 | 0.01 | |||||||||||||||||||||||||||
| Amortization | 2,006 | 0.06 | 3,210 | 0.10 | 4,230 | 0.13 | 9,666 | 0.31 | |||||||||||||||||||||||||||
| Loss on debt extinguishment | 12,242 | 0.39 | — | — | 12,242 | 0.39 | — | — | |||||||||||||||||||||||||||
Propelis amortization and other unusual items (5) | 10,209 | 0.32 | — | — | 17,250 | 0.54 | — | — | |||||||||||||||||||||||||||
| Adjusted net income | $ | 11,648 | $ | 0.37 | $ | 10,463 | $ | 0.34 | $ | 5,637 | $ | 0.18 | $ | 14,797 | $ | 0.48 | |||||||||||||||||||
Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 21.1% and 50.6% for the three and six months ended March 31, 2026, respectively, and 25.7% and 24.9% for the three and six months ended March 31, 2025, respectively. | |||||||||||||||||||||||||||||||||||
(1) Includes certain non-recurring costs associated with recent acquisition and divestiture activities. | |||||||||||||||||||||||||||||||||||
(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes legal costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $2,175 and $1,757 for the three months ended March 31, 2026 and 2025, respectively and $11,172 and $8,624 for the six months ended March 31, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $4,538 for the three months ended March 31, 2025 and $4,902 for the six months ended March 31, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the six months ended March 31, 2025. Fiscal 2025 also includes loss recoveries totaling $1,170 for the six months ended March 31, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. | |||||||||||||||||||||||||||||||||||
(3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. | |||||||||||||||||||||||||||||||||||
(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. | |||||||||||||||||||||||||||||||||||
(5) Represents the Company's portion of amortization and other items incurred by Propelis. | |||||||||||||||||||||||||||||||||||
Matthews International Reports Results for Fiscal 2026 Second Quarter
Page 11 of 11
April 30, 2026
CONSTANT CURRENCY SALES AND ADJUSTED EBITDA RECONCILIATION (Unaudited)
(In thousands)
| Memorialization | Industrial Technologies | Brand Solutions | Corporate and Non-Operating | Consolidated | |||||||||||||||||||||||||
Reported sales for the quarter ended March 31, 2026 | $ | 215,257 | $ | 43,362 | $ | — | $ | — | $ | 258,619 | |||||||||||||||||||
| Changes in foreign exchange translation rates | (1,031) | (3,104) | (804) | — | (4,939) | ||||||||||||||||||||||||
Constant currency sales for the quarter ended March 31, 2026 | $ | 214,226 | $ | 40,258 | $ | (804) | $ | — | $ | 253,680 | |||||||||||||||||||
Reported sales for the six months ended March 31, 2026 | $ | 419,432 | $ | 112,377 | $ | 11,573 | $ | — | $ | 543,382 | |||||||||||||||||||
| Changes in foreign exchange translation rates | (1,515) | (5,978) | — | — | (7,493) | ||||||||||||||||||||||||
Constant currency sales for the six months ended March 31, 2026 | $ | 417,917 | $ | 106,399 | $ | 11,573 | $ | — | $ | 535,889 | |||||||||||||||||||
Reported adjusted EBITDA for the quarter ended March 31, 2026 | $ | 48,831 | $ | (3,313) | $ | 9,615 | $ | (10,389) | $ | 44,744 | |||||||||||||||||||
| Changes in foreign exchange translation rates | (132) | 145 | 118 | (5) | 126 | ||||||||||||||||||||||||
Constant currency adjusted EBITDA for the quarter ended March 31, 2026 | $ | 48,699 | $ | (3,168) | $ | 9,733 | $ | (10,394) | $ | 44,870 | |||||||||||||||||||
Reported adjusted EBITDA for the six months ended March 31, 2026 | $ | 87,780 | $ | (7,771) | $ | 22,309 | $ | (22,336) | $ | 79,982 | |||||||||||||||||||
| Changes in foreign exchange translation rates | (167) | 429 | 63 | (70) | 255 | ||||||||||||||||||||||||
Constant currency adjusted EBITDA for the six months ended March 31, 2026 | $ | 87,613 | $ | (7,342) | $ | 22,372 | $ | (22,406) | $ | 80,237 | |||||||||||||||||||
- ### -
www.matw.com | Nasdaq: MATW Second Quarter Fiscal 2026 Earnings Review May 1, 2026 Joseph C. Bartolacci President and Chief Executive Officer Daniel E. Stopar Chief Financial Officer and Treasurer
© 2026 Matthews International Corporation. All Rights Reserved. DISCLAIMER 2 Any forward-looking statements contained in this release are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of the Company regarding the future, and may be identified by the use of words such as “expects,” “believes,” “intends,” “projects,” “anticipates,” “estimates,” “plans,” “seeks,” “forecasts,” “predicts,” “objective,” “targets,” “potential,” “outlook,” “may,” “will,” “could” or the negative of these terms, other comparable terminology and variations thereof. Such forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to be materially different from management's expectations, and no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results discussed in such forward-looking statements principally include risks to our ability to achieve the anticipated benefits of the joint venture transaction with Peninsula Parent LLC, d.b.a. Propelis Group ("Propelis"), changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in interest rates, changes in the cost of materials used in the manufacture of the Company's products, including changes in costs due to adjustments to tariffs or supply chain disruptions, any impairment of goodwill or intangible assets, environmental liability and limitations on the Company’s operations due to environmental laws and regulations, disruptions to certain services, such as telecommunications, network server maintenance, cloud computing or transaction processing services, provided to the Company by third-parties, changes in mortality and cremation rates, changes in product demand or pricing as a result of consolidation in the industries in which the Company operates, or other factors such as labor shortages or labor cost increases, changes in product demand or pricing as a result of domestic or international competitive pressures, ability to achieve cost-reduction objectives, unknown risks in connection with the Company's acquisitions, divestitures, and business combinations, cybersecurity concerns and costs arising with management of cybersecurity threats, effectiveness of the Company's internal controls, compliance with domestic and foreign laws and regulations, technological factors beyond the Company's control, impact of pandemics or similar outbreaks, or other disruptions to our industries, customers, or supply chains, the impact of global conflicts, such as the current war between Russia and Ukraine and hostilities in the Middle East, and conflicts and related sanctions or trade restrictions involving Venezuela, the Company's plans and expectations with respect to its exploration, and contemplated execution, of various strategies with respect to its portfolio of businesses, the Company's plans and expectations with respect to its Board of Directors, and other factors described in the Company’s Annual Report on Form 10-K and other periodic filings with the U.S. Securities and Exchange Commission. Included in this report are measures of financial performance that are not defined by generally accepted accounting principles in the United States (“GAAP”). The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, enterprise resource planning ("ERP") system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company’s core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provides investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures. The Company believes that adjusted EBITDA provides relevant and useful information, which is used by the Company’s management in assessing the performance of its business. Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition and divestiture costs, ERP system integration costs, and strategic initiatives and other charges. Adjusted EBITDA provides the Company with an understanding of earnings before the impact of investing and financing charges and income taxes, and the effects of certain acquisition and divestiture and ERP system integration costs, and items that do not reflect the ordinary earnings of the Company’s operations. This measure may be useful to an investor in evaluating operating performance. It is also useful as a financial measure for lenders and is used by the Company’s management to measure business performance. Adjusted EBITDA is not a measure of the Company's financial performance under GAAP and should not be considered as an alternative to net income or other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of the Company's liquidity. The Company's definition of adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The Company has presented constant currency sales and constant currency adjusted EBITDA and believes these measures provide relevant and useful information, which is used by the Company's management in assessing the performance of its business on a consistent basis by removing the impact of changes due to foreign exchange translation rates. These measures allow management, as well as investors, to assess the Company’s sales and adjusted EBITDA on a constant currency basis. The Company has also presented adjusted net income and adjusted earnings per share and believes each measure provides relevant and useful information, which is widely used by analysts and investors, as well as by the Company’s management in assessing the performance of its business. Adjusted net income and adjusted earnings per share provides the Company with an understanding of the results from the primary operations of our business by excluding the effects of certain acquisition, divestiture, and system-integration costs, and items that do not reflect the ordinary earnings of our operations. These measures provide management with insight into the earning value for shareholders excluding certain costs, not related to the Company’s primary operations. Likewise, these measures may be useful to an investor in evaluating the underlying operating performance of the Company’s business overall, as well as performance trends, on a consistent basis. Lastly, the Company has presented net debt and believes this measure provides relevant and useful information, which is widely used by analysts and investors as well as by our management. This measure provides management with insight on the indebtedness of the Company, net of cash and cash equivalents. This measure allows management, as well as analysts and investors, to assess the Company’s leverage.
BUSINESS OVERVIEW
© 2026 Matthews International Corporation. All Rights Reserved. 4 BRAND SOLUTIONS MEMORIALIZATION • Benefits from ongoing cost reduction initiatives and inflationary price realization • Benefits from acquisition of The Dodge Company • Sales volumes of caskets and cemetery memorials declined due to lower estimated U.S. casketed death rate • Divestiture of SGK Business completed on May 1, 2025 • Divestiture of the European roto-gravure packaging business completed on December 1, 2025 • Propelis continues to report solid operating results since the date of the acquisition BUSINESS UPDATE INDUSTRIAL TECHNOLOGIES • Divestiture of Warehouse business on December 31, 2025 • First commercial sales of MPERIA® Axian Inkjet (XIJ) in Product Identification • Engineering business remains challenged by the impact of the Tesla litigation
© 2026 Matthews International Corporation. All Rights Reserved. Key Drivers • Maintaining adjusted EBITDA guidance of $180 million (including our estimated 40% share of Propelis and income from preferred equity investment in Propelis) • Memorialization expected to continue delivering modest year to year sales growth • Conditions for engineering business remain challenging and dependent on winning substantial new orders • Propelis expected to execute and realize significant cost synergies during the remainder of the year • Strategic alternative review process remains ongoing OUTLOOK FOR FISCAL 2026 5
FINANCIAL OVERVIEW
© 2026 Matthews International Corporation. All Rights Reserved. Q2 2026 SUMMARY 7 Q2 2025 Q2 2026 Sales $ 427.6 $ 258.6 Diluted (L)PS $ (0.29) $ (0.69) Non-GAAP Adjusted EPS* $ 0.34 $ 0.37 Net Loss Attributable to Matthews $ (8.9) $ (21.8) Adjusted EBITDA* $ 51.4 $ 44.7 ($ in millions except per-share amounts) Q2 YTD YTD 2025 YTD 2026 Sales $ 829.5 $ 543.4 Diluted (L)EPS $ (0.40) $ 0.69 Non-GAAP Adjusted EPS* $ 0.48 $ 0.18 Net (Loss) Income Attributable to Matthews $ (12.4) $ 21.8 Adjusted EBITDA* $ 91.4 $ 80.0 2nd Quarter ("Q2") Highlights Sales • Acquisition of The Dodge Company • Lower energy storage sales • Divestitures of SGK (May 2025), Warehouse Automation (December 2025), and European rotogravure packaging and tooling (December 2025) GAAP EPS • Loss on debt extinguishment • Lower interest expense and higher other income • Lower acquisition and divestiture costs Adjusted EBITDA • Divestitures of SGK (May 2025), Warehouse Automation (December 2025), and European rotogravure packaging and tooling (December 2025) • Decrease in the Industrial Technologies and Brand Solutions segments • Increase in the Memorialization segment • Lower corporate and other non-operating cost Adjusted EPS • Lower interest expense • Lower corporate costs • Lower operating results * See supplemental slides for Adjusted EPS and Adjusted EBITDA reconciliations and other important disclaimers regarding Matthews’ use of Non-GAAP measures
© 2026 Matthews International Corporation. All Rights Reserved. MEMORIALIZATION 8 23.0% 21.1% $205.6 $215.3 Q2 FY2025 Q2 FY2026 $396.1 $419.4 FY2025 FY2026 $45.0 $48.8 Q2 FY2025 Q2 FY2026 $81.7 $87.8 FY2025 FY2026 21.9% 22.7% 20.6% 20.9% ($ in millions) Q2 Sales Q2 Adjusted EBITDA & Margin* YTD Sales YTD Adjusted EBITDA & Margin* Sales • Acquisition of The Dodge Company • Lower unit sales of caskets and cemetery memorials • Lower sales of cremation equipment and mausoleums • Price realization to mitigate cost increases Adjusted EBITDA • Acquisition of The Dodge Company • Cost-savings initiatives and price realization to mitigate cost increases • Lower volume and higher material, labor, and other production costs * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures
© 2026 Matthews International Corporation. All Rights Reserved. INDUSTRIAL TECHNOLOGIES 9 15.5% 12.4% 15.6%10.3% ($ in millions) $80.8 $43.4 Q2 FY2025 Q2 FY2026 $161.4 $112.4 FY2025 FY2026 $6.0 $(3.3) Q2 FY2025 Q2 FY2026 $7.9 $(7.8) FY2025 FY2026 7.5% (7.6)% 4.9% (6.9)% Q2 Sales Q2 Adjusted EBITDA & Margin* YTD Sales YTD Adjusted EBITDA & Margin* Sales • Lower energy storage sales • Divestitures of Warehouse Automation and European tooling businesses (December 2025) • Engineering sales impacted by customer delays • Higher Product Identification sales • Favorable currency impacts of $3.1 million for Q2 and $6.0 million YTD Adjusted EBITDA • Divestitures of Warehouse Automation and European tooling businesses (December 2025) • Lower Engineering sales and margins • Lower Product Identification margins • Cost-reduction initiatives and lower performance-based compensation * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures
© 2026 Matthews International Corporation. All Rights Reserved. BRAND SOLUTIONS ($ in millions) 10 15.4% 12.9% $141.2 $— Q2 FY2025 Q2 FY2026 $272.0 $11.6 FY2025 FY2026 $15.6 $9.6 Q2 FY2025 Q2 FY2026 $27.9 $22.3 FY2025 FY2026 Q2 Sales Q2 Adjusted EBITDA* YTD Sales YTD Adjusted EBITDA* Sales • Divestitures of SGK (May 2025) and European rotogravure packaging (December 2025) Adjusted EBITDA • Divestitures of SGK (May 2025) and European rotogravure packaging (December 2025) • Company's portion (40% ownership interest) of Propelis' adjusted EBITDA recognized on 3 month lag * See supplemental slide for Adjusted EBITDA reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures
© 2026 Matthews International Corporation. All Rights Reserved. • YTD cash flows reflected costs related to divestitures, legal costs, Tesla disputes, and restructuring actions • Outstanding debt reduced $132 million FY26 YTD, utilizing proceeds from divestitures • First half reflects recurring annual payments and seasonally lower earnings • Quarterly dividend of $0.255/share, payable 5/25/2026 CAPITALIZATION AND CASH FLOWS 11 Note: Dark gray shades on the left represent Total Debt. Total Debt and Net Debt* $710.8 $579.2 $678.4 $543.2 09/30/25 03/31/26 ($ in millions) Cash $32.4 $36.1 9/30/25 03/31/26 Operating Cash Flow $(18.7) $(67.4) YTD FY2025 YTD FY2026 * See supplemental slide for Net Debt reconciliation and other important disclaimers regarding Matthews’ use of Non-GAAP measures
SUPPLEMENTAL INFORMATION
© 2026 Matthews International Corporation. All Rights Reserved. 13 Included in this report are measures of financial performance that are not defined by GAAP, including, without limitation, adjusted EBITDA, adjusted net income and EPS, constant currency sales, and constant currency adjusted EBITDA, and net debt. The Company uses non-GAAP financial measures to assist in comparing its performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect the Company’s core operations including acquisition and divestiture costs, ERP system integration costs, strategic initiative and other charges (which includes non-recurring charges related to certain commercial and operational initiatives and exit activities), stock-based compensation and the non-service portion of pension and postretirement expense. Constant currency sales and constant currency adjusted EBITDA removes the impact of changes due to foreign exchange translation rates. To calculate sales and adjusted EBITDA on a constant currency basis, amounts for periods in the current fiscal year are translated into U.S. dollars using exchange rates applicable to the comparable periods of the prior fiscal year. Management believes that presenting non-GAAP financial measures is useful to investors because it (i) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect the Company's core operations, (ii) permits investors to view performance using the same tools that management uses to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provides supplemental information that may be useful to investors in evaluating the Company’s results. The Company's calculations of its non-GAAP financial measures, however, may not be comparable to similarly titled measures reported by other companies. The Company believes that the presentation of these non-GAAP financial measures, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provided herein, provide investors with an additional understanding of the factors and trends affecting the Company’s business that could not be obtained absent these disclosures. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to adjusted EBITDA. 14 Three Months Ended March 31, Six Months Ended March 31, 2026 2025 2026 2025 Net (loss) income $ (21,834) $ (8,916) $ 21,795 $ (12,388) Income tax (benefit) provision (6,217) (2,728) 34,572 (5,086) (Loss) income before income taxes $ (28,051) $ (11,644) $ 56,367 $ (17,474) Propelis depreciation, amortization, interest and other items (1) 18,776 — 33,979 — Interest expense, including RPA and factoring financing fees (2) 10,424 17,010 25,725 33,864 Loss on debt extinguishment 16,343 — 16,343 — Depreciation and amortization * 11,508 18,231 24,204 40,735 Acquisition and divestiture related items (3)** 194 13,701 1,312 14,278 Strategic initiatives and other items (4)**† 6,394 5,373 21,644 5,988 Gains (losses) on divestitures, net 3,945 2,072 (109,264) 2,072 Highly inflationary accounting losses (primarily non-cash) (5) — 520 16 711 Stock-based compensation 5,136 6,018 9,543 10,997 Non-service pension and postretirement expense (6) 75 133 113 266 Total Adjusted EBITDA $ 44,744 $ 51,414 $ 79,982 $ 91,437 Adjusted EBITDA margin 17.3 % 12.0 % 14.7 % 11.0 % (1) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other items incurred by Propelis. (2) Includes fees for receivables sold under the RPA and factoring arrangements totaling $382 and $1,145 for the three months ended March 31, 2026 and 2025, respectively and $1,050 and $2,317 for the six months ended March 31, 2026 and 2025, respectively. (3) Includes certain non-recurring items associated with recent acquisition and divestiture activities. (4) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes legal costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $2,175 and $1,757 for the three months ended March 31, 2026 and 2025, respectively and $11,172 and $8,624 for the six months ended March 31, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $4,538 for the three months ended March 31, 2025 and $4,902 for the six months ended March 31, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the six months ended March 31, 2025. Fiscal 2025 also includes loss recoveries totaling $1,170 for the six months ended March 31, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. 5) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. (6) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non- recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. * Depreciation and amortization was $8,041 and $7,170 for the Memorialization segment, $2,966 and $5,644 for the Industrial Technologies segment, and $501 and $699 for Corporate and Non-Operating, for the three months ended March 31, 2026 and 2025, respectively. Depreciation and amortization was $16,188 and $14,372 for the Memorialization segment, $6,444 and $11,318 for the Industrial Technologies segment, $609 and $13,578 for the Brand Solutions segment, and $963 and $1,467 for Corporate and Non-Operating, for the six months ended March 31, 2026 and 2025, respectively. Depreciation and amortization was $4,718 for the Brand Solutions segment for the three months ended March 31, 2026. ** Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $380 and $2,410 for the Memorialization segment, $2,739 and $192 for the Industrial Technologies segment, income of $91 and charges of $416 for the Brand Solutions segment, and $3,560 and $16,056 for Corporate and Non-Operating, for the three months ended March 31, 2026 and 2025, respectively. Acquisition costs, ERP system integration costs, and strategic initiatives and other charges were $449 and $3,713 for the Memorialization segment, $13,092 and $4,311 for the Industrial Technologies segment, $3,402 and $1,130 for the Brand Solutions segment, and $6,013 and $11,112 for Corporate and Non-Operating, for the six months ended March 31, 2026 and 2025, respectively. † Strategic initiatives and other items includes charges for exit and disposal activities (including severance and other employee termination benefits) totaling expenses of $782 and income of $2,471 for the three months ended March 31, 2026 and 2025, respectively, and exp nses of $2,305 and income of $1,305 for the six months ded March 31, 2026 and 2025, respectively. ADJUSTED EBITDA NON-GAAP RECONCILIATION (Unaudited) (In thousands)
© 2026 Matthews International Corporation. All Rights Reserved. ADJUSTED NET INCOME AND EARNINGS PER SHARE NON-GAAP RECONCILIATION (Unaudited) (In thousands, except per share data) * See Disclaimer (page 2) for Management’s assessment of supplemental information related to adjusted net income and adjusted EPS. 15 Three Months Ended March 31, Six Months Ended March 31, 2026 2025 2026 2025 per share per share per share per share Net (loss) income attributable to Matthews $ (21,834) $ (0.69) $ (8,916) $ (0.29) $ 21,795 $ 0.69 $ (12,388) $ (0.40) Acquisition and divestiture costs (1) 179 0.01 12,353 0.40 956 0.04 12,708 0.41 Strategic initiatives and other charges (2) 4,945 0.15 3,197 0.11 17,514 0.55 3,901 0.13 (Gain) loss on divestitures, net 3,844 0.13 — — (68,451) (2.16) — — Highly inflationary accounting losses (primarily non-cash) (3) — — 520 0.01 16 — 711 0.02 Non-service pension and postretirement expense (4) 57 — 99 0.01 85 — 199 0.01 Amortization 2,006 0.06 3,210 0.10 4,230 0.13 9,666 0.31 Loss on debt extinguishment 12,242 0.39 — — 12,242 0.39 — — Propelis amortization and other unusual items (5) 10,209 0.32 — — 17,250 0.54 — — Adjusted net income $ 11,648 $ 0.37 $ 10,463 $ 0.34 $ 5,637 $ 0.18 $ 14,797 $ 0.48 Note: Adjustments to net income for non-GAAP reconciling items were calculated using an income tax rate of 21.1% and 50.6% for the three and six months ended March 31, 2026, respectively, and 25.7% and 24.9% for the three and six months ended March 31, 2025, respectively. (1) Includes certain non-recurring items associated with recent acquisition and divestiture activities. (2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Also includes legal costs related to an ongoing dispute with Tesla, Inc. ("Tesla"), which totaled $2,175 and $1,757 for the three months ended March 31, 2026 and 2025, respectively and $11,172 and $8,624 for the six months ended March 31, 2026 and 2025, respectively. Fiscal 2025 includes costs related to the Company's 2025 contested proxy which totaled $4,538 for the three months ended March 31, 2025 and $4,902 for the six months ended March 31, 2025. Fiscal 2025 includes net gains on the sales of certain significant property and other assets of $8,655 for the six months ended March 31, 2025. Fiscal 2025 also includes loss recoveries totaling $1,170 for the six months ended March 31, 2025 which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. (3) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries. (4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. (5) Represents the Company's portion of amortization and other items incurred by Propelis.
© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to constant currency sales and constant currency adjusted EBITDA. 16 CONSTANT CURRENCY SALES AND ADJUSTED EBITDA NON-GAAP RECONCILIATION (Unaudited) (In thousands) Memorialization Industrial Technologies Brand Solutions Corporate and Non- Operating Consolidated Reported sales for the quarter ended March 31, 2026 $ 215,257 $ 43,362 $ — $ — $ 258,619 Changes in foreign exchange translation rates (1,031) (3,104) (804) — (4,939) Constant currency sales for the quarter ended March 31, 2026 $ 214,226 $ 40,258 $ (804) $ — $ 253,680 Reported sales for the six months ended March 31, 2026 $ 419,432 $ 112,377 $ 11,573 $ — $ 543,382 Changes in foreign exchange translation rates (1,515) (5,978) — — (7,493) Constant currency sales for the six months ended March 31, 2026 $ 417,917 $ 106,399 $ 11,573 $ — $ 535,889 Reported adjusted EBITDA for the quarter ended March 31, 2026 $ 48,831 $ (3,313) $ 9,615 $ (10,389) $ 44,744 Changes in foreign exchange translation rates (132) 145 118 (5) 126 Constant currency adjusted EBITDA for the quarter ended March 31, 2026 $ 48,699 $ (3,168) $ 9,733 $ (10,394) $ 44,870 Reported adjusted EBITDA for the six months ended March 31, 2026 $ 87,780 $ (7,771) $ 22,309 $ (22,336) $ 79,982 Changes in foreign exchange translation rates (167) 429 63 (70) 255 Constant currency adjusted EBITDA for the six months ended March 31, 2026 $ 87,613 $ (7,342) $ 22,372 $ (22,406) $ 80,237
© 2026 Matthews International Corporation. All Rights Reserved. * See Disclaimer (page 2) for Management’s assessment of supplemental information related to net debt. 17 March 31, 2026 December 31, 2025 September 30, 2025 Long-term debt, current maturities $ 7,298 $ 7,271 $ 7,230 Long-term debt 571,950 529,756 703,602 Total debt 579,248 537,027 710,832 Less: Cash and cash equivalents (36,088) (31,357) (32,433) Net Debt $ 543,160 $ 505,670 $ 678,399 NET DEBT NON-GAAP RECONCILIATION (Unaudited) (Dollars in thousands)
FAQ
How did Matthews International (MATW) perform in fiscal 2026 Q2?
Matthews International reported Q2 2026 sales of $258.6 million, down 39.5% year over year, mainly from divestitures. The company posted a GAAP diluted loss per share of $(0.69), but non-GAAP adjusted EPS increased to $0.37 from $0.34.
What were Matthews International’s key profitability metrics for Q2 2026?
In Q2 2026, Matthews International generated $44.7 million of adjusted EBITDA versus $51.4 million a year earlier. Net income on a GAAP basis was a loss of $21.8 million, while adjusted net income was $11.6 million, reflecting exclusions of unusual and non-cash items.
How did Matthews International’s segments perform in Q2 2026?
The Memorialization segment grew sales to $215.3 million and adjusted EBITDA to $48.8 million. Industrial Technologies reported sales of $43.4 million and adjusted EBITDA of $(3.3) million. Brand Solutions no longer reports sales after SGK divestiture, but contributed adjusted EBITDA via Propelis.
What is the role of the Propelis joint venture for Matthews International?
Matthews holds a 40% interest in Propelis, a brand solutions joint venture formed in 2025. For the quarter ended March 31, 2026, Propelis contributed approximately $9.5 million of adjusted EBITDA to Matthews’ consolidated results, recognized on a one-quarter reporting lag.
How much debt did Matthews International reduce in early fiscal 2026?
Total debt decreased from $710.8 million at September 30, 2025 to $579.2 million at March 31, 2026, a reduction of about $132 million. The company redeemed $300 million of 8.625% Senior Secured Second Lien Notes due 2027, lowering recurring interest expense.
What earnings guidance did Matthews International provide for fiscal 2026?
Based on performance through March 31, 2026, Matthews International maintained its outlook for fiscal 2026 adjusted EBITDA of $180 million. This target includes the company’s estimated 40% share of Propelis’ adjusted EBITDA and income from its preferred equity investment in Propelis.
How is the Memorialization segment contributing to Matthews International’s results?
Memorialization delivered Q2 2026 sales of $215.3 million and adjusted EBITDA of $48.8 million, both above prior-year levels. Growth was driven by The Dodge Company acquisition, pricing actions offsetting lower casket and memorial volumes, and ongoing productivity and cost-savings initiatives.
Filing Exhibits & Attachments
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