#deleveraging

Mativ Holdings is not an obvious growth story.

It is a specialty-materials company formed in 2022 through the combination of SWM and Neenah, with businesses spanning filtration, engineered films, adhesives, release liners, healthcare materials, packaging, and other industrial applications.

The interesting part of the investment case is not that sales are suddenly exploding.

They are not.

The more interesting question is whether Mativ is becoming a substantially better business while operating with roughly the same revenue base.

In 2026, margins have improved sharply. Free cash flow has strengthened. Debt has started moving downward. And management appears to be extracting more economic value from a complicated collection of businesses assembled through merger and restructuring.

This is a snapshot of that thesis as it stands in September 2026.

It is not a recommendation to buy or sell Mativ shares.

It is an attempt to define what would have to keep improving, and what would have to go wrong, for the turnaround thesis to hold together.

At a Glance

Company: Mativ Holdings
Ticker: MATV
Thesis type: Turnaround / margin expansion / deleveraging
Snapshot date: September 2026

Why it may be interesting:
Mativ has shown two consecutive quarters of sharply improving adjusted EBITDA margins despite little overall revenue growth. If stronger operating efficiency continues producing free cash flow and debt reduction, the equity could benefit disproportionately.

Cenovus Energy is not an obscure speculative oil company.

It is a large integrated Canadian energy producer with upstream oil and gas operations, refining assets, and, after its acquisition of MEG Energy, an even larger footprint in the Canadian oil sands.

That makes the investment question more interesting than simply asking whether oil prices will go up.

The more useful question is whether Cenovus is entering a period in which stronger production, lower costs, acquisition synergies, and falling debt can steadily translate into greater value for shareholders.

This is a snapshot of that thesis as it stands in September 2026.

It is not a recommendation to buy or sell Cenovus shares.

It is an attempt to define what would have to go right, and what would have to go wrong, for the current investment thesis to hold up.

At a Glance

Company: Cenovus Energy
Ticker: CVE
Thesis type: Deleveraging / operational improvement
Snapshot date: September 2026

Why it may be interesting:
Cenovus is combining strong oil-sands production, lower operating costs, MEG integration synergies, and rapid debt reduction. If those trends persist, more future cash flow could shift from deleveraging toward shareholder returns.

What the market may be underestimating:
The combined impact of higher production, lower unit costs, acquisition synergies, and a cleaner balance sheet.

What would strengthen the thesis:

• Net debt continues falling