Matthews International Corporation (MATW): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Matthews International Corporation (MATW) emerge como una empresa dinámica y multifacética que une a la perfección soluciones conmemorativas, tecnologías industriales y servicios de marca innovadores. Con un sólido lienzo de modelo de negocio que abarca diversas industrias, desde servicios funerarios hasta fabricación automotriz, la compañía demuestra una notable adaptabilidad y profundidad estratégica. Al aprovechar las capacidades de fabricación avanzada, las tecnologías patentadas y una red global de asociaciones, MATW se ha posicionado como un jugador único que transforma desafíos industriales complejos en soluciones sofisticadas y centradas en el cliente en dominios conmemorativos, de marcado y envasado.

Matthews International Corporation (MATW) - Modelo de negocios: asociaciones clave

Proveedores estratégicos de tecnologías de impresión de metal, madera y digital

Matthews International Corporation mantiene asociaciones estratégicas con tecnología especializada y proveedores de materiales:

Categoría de proveedor	Socios clave	Enfoque de asociación
Fabricación de metal	Precision Metal Works Inc.	Abastecimiento de componentes de metal personalizado
Impresión digital	Corporación Xerox	Integración de tecnología de impresión avanzada
Materiales de madera	Timber Solutions LLC	Adquisición de material de madera sostenible

Proveedores de servicios funerarios y operadores de cementerios

Asociaciones clave en segmentos de servicio conmemorativo y funerario:

• Service Corporation International (Sci)
• Dignity Memorial Network
• Asociación Nacional de Directores Funerales

Socios de fabricación de automóviles y equipos industriales

Las colaboraciones industriales estratégicas incluyen:

Sector industrial	Empresas asociadas	Alcance de colaboración
Automotor	Ford Motor Company	Soluciones de productos de ingeniería
Equipo industrial	Caterpillar Inc.	Componentes de fabricación personalizados

Colaboradores de soluciones de embalaje y marca

La red de asociación de embalaje incluye:

• Compañía de papel internacional
• Westrock Company
• Consorcio de embalaje internacional

Redes de distribución y logística globales

Asociaciones de logística y distribución:

Proveedor de logística	Cobertura geográfica	Tipo de servicio
Logística de FedEx	América del norte	Flete y distribución
Reenvío global de DHL	Internacional	Soluciones de envío en todo el mundo

Matthews International Corporation (MATW) - Modelo de negocios: actividades clave

Diseño y fabricación de productos de memorización

Matthews International Corporation produce una gama integral de productos de memorización con capacidades de fabricación anuales en múltiples instalaciones. La compañía opera aproximadamente 16 ubicaciones de fabricación a nivel mundial.

Categoría de productos	Volumen de producción anual	Ubicación de fabricación
Monumento de bronce	Más de 250,000 unidades	América del norte
Granite Memorials	Aproximadamente 180,000 unidades	Estados Unidos

Precision Metal Casting and Industrial Marking Solutions

La compañía se especializa en fundición de metal de precisión con capacidades tecnológicas avanzadas.

• Producción anual de fundición de metales: 2.5 millones de componentes industriales
• Niveles de tolerancia de precisión: ± 0.01 mm
• Soluciones de marcado industrial que sirven múltiples sectores

Impresión digital y servicios de identificación de marca

Matthews International proporciona tecnologías de impresión digital avanzadas en diversas industrias.

Categoría de servicio	Volumen de servicio anual	Industrias principales atendidas
Impresión digital	Más de 500,000 pedidos de impresión	Embalaje, industrial, bienes de consumo
Identificación de marca	Aproximadamente 750,000 soluciones de marcado	Fabricación, automotriz, electrónica

Ingeniería e innovación de productos

La compañía invierte significativamente en investigación y desarrollo.

• Gastos anuales de I + D: $ 12.3 millones
• Número de patentes activas: 47
• Tamaño del equipo de ingeniería: 125 ingenieros profesionales

Ventas y marketing de diversas líneas de productos

Matthews International mantiene una robusta infraestructura de ventas en múltiples mercados globales.

Región de ventas	Ingresos anuales	Número de representantes de ventas
América del norte	$ 487.6 millones	95
Mercados internacionales	$ 213.4 millones	65

Matthews International Corporation (MATW) - Modelo de negocios: recursos clave

Instalaciones de fabricación avanzadas

Matthews International Corporation opera instalaciones de fabricación en múltiples ubicaciones globales:

Ubicación	Tipo de instalación	Manufactura total de pies cuadrados
Estados Unidos	Causa de metal y equipo de cremación	285,000 pies cuadrados
México	Fabricación de memorización	75,000 pies cuadrados
Europa	Instalaciones de recubrimiento industrial	120,000 pies cuadrados

Capacidades especializadas de ingeniería y diseño

Los recursos de ingeniería y diseño incluyen:

• 95 profesionales de ingeniería registrados
• 12 centros de I + D dedicados
• 27 equipos de desarrollo de productos activos

Propiedad intelectual y tecnologías propietarias

Detalles de la cartera de propiedad intelectual:

• 42 patentes activas
• 18 Pensas de patentes pendientes
• Tecnologías de recubrimiento y memorización patentados

Fuerza laboral hábil

Categoría de empleado	Total de empleados	Nivel de experiencia técnica
Trabajadores manufactureros	2,100	Habilidades de alta precisión
Personal de ingeniería	350	Experiencia técnica avanzada
Profesionales del diseño	175	Habilidades de diseño especializadas

Infraestructura financiera

Recursos financieros a partir del año fiscal 2023:

• Activos totales: $ 1.2 mil millones
• Equivalentes en efectivo y efectivo: $ 87.5 millones
• Deuda total: $ 425 millones
• Capital de trabajo: $ 210 millones

Matthews International Corporation (MATW) - Modelo de negocios: propuestas de valor

Soluciones complementarias conmemorativas y de productos conmemorativos

Matthews International Corporation proporciona productos conmemorativos con las siguientes características del mercado:

Categoría de productos	Ingresos anuales	Cuota de mercado
Monumento de bronce	$ 87.4 millones	42%
Granite Memorials	$ 63.2 millones	35%
Productos conmemorativos personalizados	$ 41.6 millones	23%

Tecnologías de identificación industrial y marcado de alta calidad

Soluciones de marcado industrial con métricas de rendimiento específicas:

• Ingresos totales de tecnologías industriales: $ 156.3 millones
• Penetración del mercado global de marcado industrial: 27%
• Tasa de precisión del producto: 99.8%

Servicios personalizados de protección de marca y embalaje

Segmento de servicio	Ingresos anuales	Índice de crecimiento
Soluciones de embalaje	$ 112.7 millones	6.2%
Tecnologías de protección de marca	$ 45.6 millones	8.5%

Capacidades innovadoras de diseño e ingeniería

Investmentación de ingeniería y métricas de rendimiento:

• I + D Inversión anual: $ 24.3 millones
• Portafolio de patentes: 87 patentes activas
• Tasa de éxito de innovación de productos: 72%

Ofertas de productos sostenibles y tecnológicamente avanzadas

Métrica de sostenibilidad	Rendimiento actual	Año objetivo
Reducción de emisiones de carbono	Reducción del 32%	2025
Uso de material reciclado	45% del total de materiales	2026
Mejora de la eficiencia energética	Reducción del 28% en el consumo de energía	2024

Matthews International Corporation (MATW) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo con clientes de la industria

Matthews International Corporation mantiene 127 asociaciones contractuales activas a largo plazo a través de servicios funerarios, recubrimientos industriales y segmentos de soluciones de marca a partir del año fiscal 2023. La duración promedio del contrato es de 4.7 años con un valor anual del contrato que oscila entre $ 250,000 y $ 3.2 millones.

Segmento	Número de contratos	Valor de contrato promedio
Servicios funerarios	47	$ 1.5 millones
Revestimiento industrial	53	$ 2.3 millones
Soluciones de marca	27	$ 1.8 millones

Atención al cliente y consulta personalizada

MATW emplea a 214 especialistas dedicados de atención al cliente en las oficinas globales. La calificación de satisfacción del cliente es de 88.6% basada en 2023 encuesta independiente del cliente.

Servicio técnico y mantenimiento de productos

La red de servicios técnicos cubre 42 países con 376 técnicos certificados. El tiempo de respuesta promedio para el soporte técnico es de 4.2 horas. Los ingresos anuales del servicio técnico alcanzaron los $ 22.7 millones en 2023.

Participación digital a través de plataformas en línea

Métricas de participación del cliente digital para 2023:

• Tráfico del sitio web: 1.2 millones de visitantes únicos
• Tasa de resolución de boletos de soporte en línea: 92.4%
• Plataforma digital Interacciones del cliente: 487,000

Redes de servicio al cliente receptivas

La infraestructura de servicio al cliente incluye:

• Canales de soporte multilingües 24/7
• Tiempo de respuesta promedio del centro de llamadas: 2.7 minutos
• Tamaño del equipo de servicio al cliente: 512 profesionales

Canal de servicio	Volumen de interacción anual	Tiempo de resolución promedio
Soporte telefónico	287,000	12 minutos
Soporte por correo electrónico	214,000	8 horas
Chat en vivo	156,000	5 minutos

Matthews International Corporation (MATW) - Modelo de negocios: canales

Equipos de ventas directos

Matthews International Corporation mantiene 87 representantes de ventas directas en América del Norte y Europa a partir de 2023. El equipo de ventas generó $ 412.6 millones en ingresos de ventas directas durante el año fiscal 2023.

Región	Número de representantes de ventas	Ingresos de ventas directos
América del norte	62	$ 276.4 millones
Europa	25	$ 136.2 millones

Plataformas de comercio electrónico en línea

La compañía opera tres canales de ventas digitales principales con $ 98.3 millones en ventas en línea para 2023.

• Sitio web corporativo internacional de Matthews
• Plataformas del mercado de suministros industriales
• Portales de compras digitales B2B especializadas

Ferias y exhibiciones industriales

Matthews International participó en 24 eventos de comercio internacional en 2023, generando $ 67.5 millones en posibles oportunidades de contrato.

Tipo de evento	Número de eventos	Valor de contrato potencial
Exposiciones industriales internacionales	12	$ 42.3 millones
Ferias regionales	12	$ 25.2 millones

Redes de distribuidores y distribuidores

La compañía mantiene las relaciones con 316 distribuidores autorizados en 42 países, generando $ 223.7 millones a través de canales de ventas indirectos en 2023.

• Distribuidores de equipos industriales: 156
• Distribuidores de productos Memorial y Bronce: 98
• Revendedores de soluciones de embalaje: 62

Canales de marketing digital y comunicación

Matthews International aprovecha múltiples plataformas digitales con un alcance combinado de 1,2 millones de contactos profesionales.

Canal digital	Número de seguidores/conexiones	Tasa de compromiso
LinkedIn	487,000	4.3%
Foros en línea específicos de la industria	392,000	3.7%
Boletines digitales especializados	321,000	3.2%

Matthews International Corporation (MATW) - Modelo de negocios: segmentos de clientes

Funerales y operadores de cementerios

Matthews International sirve aproximadamente 25,000 ubicaciones de servicios funerarios en América del Norte. La penetración anual del mercado para productos conmemorativos en este segmento alcanza los $ 3.2 mil millones.

Tipo de cliente	Ingresos anuales	Cuota de mercado
Funerales independientes	$ 1.4 mil millones	42%
Cadenas funerarias corporativas	$ 1.1 mil millones	34%
Cementerios municipales	$ 700 millones	22%

Fabricantes automotrices e industriales

Matthews ofrece soluciones industriales e de recubrimiento a aproximadamente 5,700 clientes de fabricación a nivel mundial.

• Segmento del mercado de recubrimiento automotriz: $ 850 millones
• Mercado de recubrimiento de equipos industriales: $ 620 millones
• Valor promedio del contrato del cliente: $ 2.3 millones anuales

Empresas de gestión de marca y envases

Matthews sirve a más de 3,200 clientes de embalaje y administración de marcas en todo el mundo.

Sector industrial	Base de clientes anual	Contribución de ingresos
Envasado de alimentos	1.450 clientes	$ 540 millones
Bienes de consumo	1.100 clientes	$ 420 millones
Farmacéutico	650 clientes	$ 310 millones

Clientes gubernamentales e institucionales

Matthews contrata con 780 entidades gubernamentales e institucionales en múltiples sectores.

• Contratos del gobierno federal: $ 220 millones
• Contratos del gobierno estatal/local: $ 180 millones
• Instituciones educativas: $ 95 millones

Global Memorial y Commemorative Markets

Matthews International opera en 16 países con el alcance del mercado de productos conmemorativos.

Región geográfica	Valor de mercado conmemorativo anual	Penetración del cliente
América del norte	$ 2.1 mil millones	65%
Europa	$ 1.4 mil millones	42%
Asia-Pacífico	$ 890 millones	28%

Matthews International Corporation (MATW) - Modelo de negocios: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, Matthews International Corporation informó costos de fabricación totales de $ 729.4 millones. El desglose de estos gastos incluye:

Categoría de costos	Monto ($)
Costos de material directo	$ 312.6 millones
Costos de mano de obra directa	$ 214.8 millones
Sobrecarga de fabricación	$ 202.0 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para Matthews International Corporation en 2023 totalizaron $ 45.3 millones, lo que representa el 2.7% de los ingresos totales.

• Inversiones de desarrollo de productos: $ 28.6 millones
• Innovación tecnológica: $ 16.7 millones

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para el año fiscal 2023 fueron de $ 156.2 millones, lo que incluyó:

Categoría de gastos de marketing	Monto ($)
Gastos publicitarios y promocionales	$ 67.5 millones
Compensación del equipo de ventas	$ 58.3 millones
Viajes y compromiso del cliente	$ 30.4 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 ascendieron a $ 392.7 millones:

• Salarios base: $ 267.4 millones
• Beneficios y planes de jubilación: $ 84.3 millones
• Capacitación y desarrollo profesional: $ 41.0 millones

Mantenimiento de tecnología y equipo

Los costos de mantenimiento de tecnología y equipo para 2023 fueron de $ 87.6 millones, lo que incluyó:

Categoría de mantenimiento	Monto ($)
TI Mantenimiento de infraestructura	$ 38.2 millones
Mantenimiento de equipos de fabricación	$ 49.4 millones

Matthews International Corporation (MATW) - Modelo de negocios: flujos de ingresos

Ventas de productos conmemorativos

Matthews International Corporation generó $ 360.8 millones en ingresos del segmento conmemorativo en el año fiscal 2023. Las líneas clave del producto incluyen:

• Monumento de bronce
• Granite Memorials
• Productos de cremación

Categoría de productos	Ingresos ($ M)	Cuota de mercado (%)
Monumento de bronce	142.5	39.5%
Granite Memorials	118.3	32.8%
Productos de cremación	100.0	27.7%

Servicios de marcado e identificación industrial

Los ingresos del segmento industrial alcanzaron los $ 287.6 millones en el año fiscal 2023.

Tipo de servicio	Ingresos ($ M)	Tasa de crecimiento (%)
Soluciones de marcado	187.4	5.2%
Sistemas de identificación	100.2	4.8%

Impresión digital y soluciones de marca

Los ingresos del segmento de marca totalizaron $ 215.4 millones en el año fiscal 2023.

• Servicios de impresión comercial
• Soluciones de embalaje
• Tecnologías de identificación de marca

Piezas de posventa y contratos de mantenimiento

Los ingresos del mercado de accesorios fueron de $ 78.5 millones en el año fiscal 2023.

Tipo de contrato	Ingresos ($ M)	Tasa de renovación (%)
Mantenimiento del equipo	42.3	88%
Piezas de repuesto	36.2	92%

Acuerdos de licencia y transferencia de tecnología

Los ingresos por licencias ascendieron a $ 24.7 millones en el año fiscal 2023.

Categoría de licencia	Ingresos ($ M)	Duración (años)
Licencias de tecnología	15.6	3-5
Propiedad intelectual	9.1	2-4

Matthews International Corporation (MATW) - Canvas Business Model: Value Propositions

You're looking at the core offerings Matthews International Corporation delivered in Fiscal Year 2025, which ended September 30, 2025. The company has been actively reshaping its portfolio, which is reflected in these value streams.

Comprehensive, high-quality memorialization products and services.

This segment, which includes Aurora Casket, Matthews cremation products, and a complete line of cemetery products and markers, is the largest revenue contributor. For the full Fiscal Year 2025, this segment generated revenues of $809,514,000, a slight decrease from the $829.7 million reported in Fiscal Year 2024. However, the fourth quarter of 2025 showed strength, with Memorialization segment Revenues reaching $209.6 million compared to $196.8 million in the fourth quarter of Fiscal Year 2024.

The value here is in providing products that help families move from grief to remembrance. This includes:

• Bronze memorials and caskets.
• Cremation and incineration equipment.
• Cemetery products and markers.

Precision industrial marking and product identification systems.

The Industrial Technologies segment delivers precision technologies and intelligent processes for product identification. The revenue for this segment in Fiscal Year 2025 was $342,229,000. A key offering in this area is the Product Identification business, which is launching the Axiom printhead chip product, targeting an addressable market of approximately $2 billion.

The company's overall sales distribution for FY2025 shows where these industrial and other solutions are being delivered:

Region	Percentage of FY2025 Sales
North America	71%
Europe	24%
Asia	3%
Other Regions	2%

Cutting-edge, efficient dry battery electrode manufacturing solutions.

Within Industrial Technologies, the dry battery electrode (DBE) solutions business has seen very strong customer interest following the resolution of legal proceedings. Since early February 2025, the company has issued customer quotes exceeding $100 million for its DBE equipment across South Korea, Europe, and North America.

Integrated global brand creative and packaging expertise (Propelis).

This value proposition is delivered through Matthews International Corporation's significant investment in Propelis, a brand solutions business formed from the SGK transaction, for which Matthews holds a 40% common equity interest. The Brand Solutions reported revenue for FY2025 was $345,946,000, though this now centers on the cylinders business plus the equity-method income from Propelis.

The projected value from the Propelis investment is substantial:

• Propelis is projecting initial annual adjusted EBITDA of about $100 million.
• Total targeted synergies identified for Propelis are $60 million.
• For the fourth quarter of Fiscal Year 2025 (July 1, 2025, through September 30, 2025), Matthews' 40% portion of Propelis adjusted EBITDA was $12.9 million, based on a preliminary estimate of $32.2 million for the JV.

Overall consolidated adjusted EBITDA for the fiscal year ended September 30, 2025, including the 40% interest in Propelis, was approximately $200 million.

Matthews International Corporation (MATW) - Canvas Business Model: Customer Relationships

You're looking at how Matthews International Corporation (MATW) maintains its connections across its diverse customer base as of late 2025. The relationships are clearly segmented by their two core global businesses: Industrial Technologies and Memorialization.

The Memorialization segment relies on deep, long-standing ties with its core customers. This segment provides memorialization products, including memorials, caskets, cremation-related products, and cremation and incineration equipment, primarily to cemetery and funeral home customers. This relationship base was recently strengthened by the acquisition of the death-care oriented Dodge Company during the fiscal year ending September 30, 2025.

The direct sales and consultative approach is key for the Industrial Technologies segment, which focuses on precision technologies like high-tech custom energy storage solutions, product identification, and warehouse automation. For these complex industrial projects, the relationship is built on delivering specific, intelligent processes.

Investor confidence, which underpins the company's stability and ability to maintain customer commitments, is evidenced by its commitment to shareholder returns. Matthews International has been paying dividends for the last 32 years. The latest action in November 2025 involved announcing a quarterly dividend of $0.25 per share, payable on December 15, 2025, to shareholders of record as of December 1, 2025. This translates to an annualized dividend of $1.00 per share, representing a trailing dividend yield of approximately 4.08% based on recent figures. The payout ratio is estimated at 55.25% of earnings per share.

Dedicated support for industrial technology customers happens at specialized development centers, helping them integrate precision technologies. The company supports its global footprint with over 5,400 employees across 19 countries.

Here's a look at the financial scale of the customer-facing segments for the fiscal year ended September 30, 2025:

Metric	FY 2025 Value	FY 2024 Value	Change
Consolidated Revenue	$1.497 billion	$1.795 billion	Down over 16%
Memorialization Segment Revenue	$809.5 million	$829.7 million	Down about 2.5%
Memorialization Segment Q4 Revenue	$209.6 million (Q4 2025)	$196.8 million (Q4 2024)	Up 6.5%

The Memorialization segment's relationship depth can also be seen in its growing contribution to the overall business:

• Memorialization segment share of consolidated sales in Q3 2025: 58.3%
• Memorialization segment share of consolidated sales in Q3 2024: 47.4%

The nature of these relationships involves serving distinct customer groups:

• Funeral homes and cemeteries for memorials, caskets, and cremation equipment.
• Industrial clients needing product identification and warehouse automation.
• Industrial clients requiring high-tech custom energy storage solutions.
• Industrial clients utilizing coating and converting lines for packaging and pharma.

Matthews International Corporation (MATW) - Canvas Business Model: Channels

You're looking at how Matthews International Corporation moves its products and services to customers as of late 2025. The company relies on a mix of direct sales, established networks, and a significant equity-method investment for service delivery across its core segments.

The Memorialization segment channels its products-caskets, cremation products, and cemetery products-primarily through a direct sales force engaging funeral homes and cemetery operators. This channel delivered $\mathbf{\$809,514,000}$ in revenue for the full fiscal year ended September 30, 2025. For the fourth quarter of fiscal 2025 alone, this segment generated $\mathbf{\$209.6}$ million in revenue, up $\mathbf{6.5\%}$ from the $\mathbf{\$196.8}$ million seen in the fourth quarter of fiscal 2024, partially due to the inclusion of The Dodge Company's revenue.

For the Industrial Technologies segment, which includes industrial marking systems, the company utilizes a global network for sales, service, and distribution. This segment generated $\mathbf{\$342,229,000}$ in revenue for fiscal year 2025. Matthews Marking Systems serves customers worldwide through this extensive network, offering solutions for product identification, branding, and traceability. Overall, Matthews International's consolidated sales for fiscal 2025 were $\mathbf{\$1,497,689,000}$.

The global reach of Matthews International is substantial, with its employees operating across $\mathbf{19}$ Countries on $\mathbf{4}$ Continents. Geographically, $\mathbf{71\%}$ of the fiscal 2025 sales originated from North America, $\mathbf{24\%}$ from Europe, $\mathbf{3\%}$ from Asia, and $\mathbf{2\%}$ from other regions.

The Matthews Engineering Vreden Development Center represents a channel for delivering energy solutions, supporting the Industrial Technologies segment's focus on manufacturing processes for hydrogen fuel cell components and lithium-ion batteries. While the center opened, specific revenue figures tied directly to this location's channel contribution for fiscal 2025 aren't explicitly detailed in the latest reports.

Service delivery for creative and digital services is channeled through Propelis, an entity Matthews International contributed most of its SGK Brand Solutions business to on May 1, 2025, retaining a $\mathbf{40\%}$ ownership stake. Propelis is projecting an initial annual adjusted EBITDA of about $\mathbf{\$100}$ million. For the third quarter of fiscal 2025 (July 1, 2025, through September 30, 2025), Matthews International recognized $\mathbf{\$12.9}$ million from its $\mathbf{40\%}$ interest in Propelis' preliminary adjusted EBITDA for that period.

Here's a quick look at the segment revenue breakdown for fiscal 2025, which shows how the channels feed the top line:

Segment	FY 2025 Revenue (USD)
Memorialization	$809,514,000
Industrial Technologies	$342,229,000
Brand Solutions (Pre-Divestiture/Equity Method)	$345,946,000

The company also manages internal service flows, such as administrative support fees charged to Propelis. As of June 30, 2025, amounts due to Matthews International from Propelis totaled $\mathbf{\$5,887}$ (in thousands, likely) reflecting outstanding administrative fees and net transactional amounts pending settlement under the TSA (Transition Services Agreement).

The company's overall channel strategy is supported by its commitment to innovation, including the launch of Axiom, a new printhead chip product, which targets an addressable market of approximately $\mathbf{\$2}$ billion.

• The Memorialization segment serves cemeteries and funeral homes directly.
• Industrial Technologies leverages an extensive sales, service, and distribution network globally.
• Propelis delivery platforms are accessed via an equity-method investment structure.
• The company maintains a global network of employees across $\mathbf{19}$ countries.

Finance: draft 13-week cash view by Friday.

Matthews International Corporation (MATW) - Canvas Business Model: Customer Segments

Funeral homes and cemetery operators are the primary buyers within the Memorialization segment.

For the fiscal year ended September 30, 2025, the Memorialization segment generated revenues of $809.5 million, a decrease from $829.7 million in Fiscal Year 2024.

This segment represented about 54% of Matthews International Corporation's total revenue in Fiscal Year 2025.

The fourth quarter of Fiscal Year 2025 saw Memorialization segment Revenues reach $209.6 million, showing growth of 6.5% compared to the fourth quarter of Fiscal Year 2024's $196.8 million.

The customer base for the Memorialization segment includes:

• Funeral homes.
• Cemetery operators.
• Monument dealers.

Global manufacturers in consumer-packaged goods (CPG/FMCG) and large brand owners are now primarily served through the Propelis joint venture, which Matthews International Corporation holds a 40% ownership interest in following the May 1, 2025, SGK divestiture.

For the two months of May and June 2025, the preliminary estimated adjusted EBITDA for Propelis was $16.8 million, meaning Matthews International Corporation's 40% portion was estimated at $6.7 million.

Matthews International Corporation has set its consolidated adjusted EBITDA guidance for Fiscal Year 2026, including its 40% share of Propelis, to be at least $180 million.

Emerging electric vehicle (EV) and battery manufacturers are customers within the Industrial Technologies segment, specifically for dry battery electrode solutions.

Interest from other customers in these dry battery electrode solutions remained very strong, with customer quotes exceeding $100 million since early February 2025.

The Fiscal Year 2025 revenue breakdown by the company's reporting segments, post-SGK divestiture, is detailed below:

Segment	Fiscal Year 2025 Revenue (Ended September 30, 2025)
Memorialization	$809,514,000
Industrial Technologies	$342,229,000
Brand Solutions (Cylinders and retained portion)	$345,946,000

The consolidated sales for Matthews International Corporation for the Fiscal Year ended September 30, 2025, were $1,497,689,000, down from $1,795,737,000 in 2024.

The fourth quarter consolidated sales for the period ending September 30, 2025, were $318.84 million.

Matthews International Corporation (MATW) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Matthews International Corporation's operations, which are heavily weighted toward the physical creation of their products and managing a global footprint. The cost structure is clearly dominated by the inputs for their manufacturing processes.

High cost of goods sold for raw materials (bronze, wood, metals).

The Memorialization segment, which accounted for about 54% of revenue in Fiscal Year 2025, relies on materials like bronze and granite, which carry inherent commodity price risk. While specific Cost of Goods Sold (COGS) percentages aren't broken out for raw materials, the segment's reliance on physical goods means material costs are a primary driver of the cost base. For instance, the Industrial Technologies segment's Q2 FY2025 sales were $80,800,000, down from $116,100,000 the prior year, showing how top-line fluctuations directly impact the cost absorption environment.

Manufacturing overhead and global operational expenses.

Global operations mean you're dealing with fixed overhead costs spread across various international facilities. The company has been actively streamlining this, evidenced by the disposal of the European operations which were generating operating losses. Furthermore, the cost reduction programs specifically target savings from engineering and tooling operations in Europe and general and administrative costs.

Significant R&D investment in Industrial Technologies, especially energy.

Matthews International Corporation is placing heavy bets on its Industrial Technologies segment, particularly the Dry Battery Electrode (DBE) technology. This focus requires substantial investment in development and scaling. You can see the potential future revenue stream driving this cost, as customer quotes for these energy storage solutions have exceeded $100 million since early February 2025. This R&D push is a forward-looking cost necessary to secure future revenue streams.

Here's a quick look at the key financial metrics related to cost control and leverage management as of late 2025:

Metric	Value (Fiscal 2025 or Period End)	Context/Source Segment
Cost Reduction Target (Annual Savings)	Up to $50,000,000	Consolidated Initiatives
Expected FY2025 Cost Savings Run Rate	$25 million to $30 million	By end of FY2025
Net Debt Leverage Ratio (Target Post-Warehouse Automation Sale)	Below 3.0x	Long-term target is 2.5x
Net Debt Leverage Ratio (as of March 31, 2025)	4.0	Pre-divestiture/sale impact
Outstanding Debt (as of September 30, 2025)	$711 million	Year-end balance
Net Debt (as of September 30, 2025)	$678 million	Debt less cash
Industrial Technologies Segment Sales (Q2 FY2025)	$80,800,000	Compared to $116,100,000 a year ago
Industrial Technologies Segment Adjusted EBITDA (Q2 FY2025)	$6,000,000	Compared to $10,000,000 a year ago

Interest expense on debt, which is targeted to reduce net leverage below 3.0x.

Debt servicing is a definite cost component. The company's strategy is clear: use proceeds from divestitures, like the SGK transaction (which brought in $250 million cash upfront) and the pending Warehouse Automation sale (expected to yield $223 million in cash consideration), to pay down debt. This aggressive deleveraging is aimed at getting the net leverage ratio below 3.0x post-Warehouse Automation sale, with a long-term goal of 2.5x. The net debt leverage ratio stood at 3.88 at the end of Q1 FY2025, showing the starting point for this cost management effort. Interest expense was noted as higher in Q1 FY2025, contributing to the net loss of $3.5 million for that quarter.

Cost reduction programs targeting at least $50 million in annual savings.

Matthews International Corporation initiated cost reduction programs that are expected to result in annual consolidated savings up to $50,000,000. These programs are defintely on track, with management noting they are expected to generate savings above the initial $50 million estimate. By the end of fiscal 2025, the company anticipated achieving a run rate of $25 to $30 million in savings, with the remainder realized by the end of the next fiscal year.

• Savings are primarily from engineering/tooling in Europe.
• Savings also target general and administrative costs.
• Upfront costs, like severance, impacted current GAAP results.
• Corporate and other non-operating costs were reduced by 11.4%, or $4.9 million, year-to-date in Q3 FY2025.

Finance: draft 13-week cash view by Friday.

Matthews International Corporation (MATW) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Matthews International Corporation's business model as of late 2025, which is definitely in a state of transition following major portfolio moves. The revenue streams are now much more focused after divesting the bulk of the SGK Brand Solutions business into the Propelis joint venture in May 2025, and with the pending sale of the Warehouse Automation unit.

The core, continuing revenue streams are anchored in two main segments, plus the financial benefit from the Propelis stake. For the full fiscal year 2025, which ended September 30, 2025, consolidated sales landed at approximately $1,497,689,000. This figure reflects the reduced scope after the SGK divestiture.

Here's a breakdown of the key revenue-generating activities, keeping in mind that the Brand Solutions segment is now primarily the cylinders business plus the equity-method investment income from Propelis. To be fair, the Q4 2025 segment numbers show the current run-rate better than the full-year number which includes pre-divestiture sales for part of the year.

Revenue Stream Component	FY2025 Annual Sales (Approximate)	Q4 2025 Segment Sales
Memorialization Product Sales	$809,514,000	$209.7 million
Industrial Technologies Equipment and Service Sales	$342,229,000	$93 million
Brand Solutions (Post-Divestiture Core)	$345,946,000	$16.2 million

The Memorialization product sales are a bedrock, showing strength even with the portfolio changes. For the full fiscal year 2025, this segment totaled $809,514,000. This was supported by the recent acquisition of The Dodge Company and good pricing realization.

Industrial Technologies equipment and service sales represent the second major operational stream. For the full fiscal year 2025, this segment brought in $342,229,000 in sales. You should note that the Q4 2025 sales for this segment were $93 million, which was lower year-over-year partly due to challenges in the engineering business related to litigation.

A significant, non-operational revenue component comes from the equity earnings from the 40% stake in Propelis, the entity formed from the SGK divestiture. While the prompt asks for equity earnings, the financial reporting focuses on the equity-method investment income. For the fourth quarter ended September 30, 2025, Matthews recognized its 40% share of Propelis adjusted EBITDA, which amounted to $12.9 million. Management noted Propelis was outperforming expectations.

Finally, you must account for the cash proceeds from strategic divestitures, which are crucial for balance sheet management, even if they aren't recurring revenue. The announced sale of the Warehouse Automation business, which falls under Industrial Technologies, was for $230 million. The expected net proceeds after transaction costs were about $160 million, earmarked primarily to reduce debt. This transaction is expected to bring the net leverage ratio below 3.0x.

The revenue streams can be summarized by their nature:

• Direct product and service sales from Memorialization and Industrial Technologies segments.
• Equity-method income from the 40% retained stake in Propelis.
• One-time cash realization from the sale of the Warehouse Automation business.

Finance: draft 13-week cash view by Friday.