Matthews International Corporation (MATW): Business Model Canvas [Jan-2025 Mis à jour]

Matthews International Corporation (MATW) apparaît comme une entreprise dynamique et multiformée qui plie de manière transparente les solutions commémoratives, les technologies industrielles et les services de marque innovants. Avec une toile de modèle commerciale robuste qui couvre diverses industries - des services funéraires à la fabrication automobile - l'entreprise démontre une adaptabilité remarquable et une profondeur stratégique. En tirant parti des capacités de fabrication avancées, des technologies propriétaires et un réseau mondial de partenariats, MATW s'est positionné comme un acteur unique qui transforme les défis industriels complexes en solutions sophistiquées et centrées sur le client à travers les domaines commémoratifs, de marquage et d'emballage.

Matthews International Corporation (MATW) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques de technologies d'impression en métal, en bois et en numérique

Matthews International Corporation entretient des partenariats stratégiques avec des technologies spécialisées et des fournisseurs de matériaux:

Catégorie des fournisseurs	Partenaires clés	Focus de partenariat
Fabrication de métaux	Precision Metal Works Inc.	Source des composants métalliques personnalisés
Impression numérique	Xerox Corporation	Intégration avancée de la technologie d'impression
Matériaux en bois	Timber Solutions LLC	Achat de matériaux en bois durable

Fournisseurs des funérailles et opérateurs de cimetière

Partenariats clés dans les segments commémoratifs et funéraires:

• Service Corporation International (SCI)
• Réseau commémoratif de dignité
• Association nationale des directeurs funéraires

Fabrication automobile et partenaires d'équipement industriel

Les collaborations industrielles stratégiques comprennent:

Secteur de l'industrie	Entreprises partenaires	Portée de collaboration
Automobile	Ford Motor Company	Solutions de produits d'ingénierie
Équipement industriel	Caterpillar Inc.	Composants de fabrication personnalisés

Collaborateurs de solutions d'emballage et de marque

Le réseau de partenariat d'emballage comprend:

• Entreprise de papier internationale
• Westrock Company
• Consortium d'emballage International

Réseaux mondiaux de distribution et de logistique

Partenariats logistiques et de distribution:

Fournisseur de logistique	Couverture géographique	Type de service
FedEx Logistics	Amérique du Nord	Fret et distribution
DHL Global Forwarding	International	Solutions d'expédition mondiales

Matthews International Corporation (MATW) - Modèle d'entreprise: activités clés

Conception et fabrication de produits de commémoration

Matthews International Corporation produit une gamme complète de produits de commémoration avec des capacités de fabrication annuelles dans plusieurs installations. La société exploite environ 16 emplacements de fabrication dans le monde.

Catégorie de produits	Volume de production annuel	Lieux de fabrication
Mémoriaux de bronze	Plus de 250 000 unités	Amérique du Nord
Mémoriaux en granit	Environ 180 000 unités	États-Unis

Solutions de coulée de métal de précision et de marquage industriel

La société est spécialisée dans la coulée de métal de précision avec des capacités technologiques avancées.

• Production annuelle de coulée métallique: 2,5 millions de composants industriels
• Niveaux de tolérance de précision: ± 0,01 mm
• Solutions de marquage industrielles desservant plusieurs secteurs

Services d'impression numérique et d'identification de la marque

Matthews International fournit des technologies avancées d'impression numérique dans diverses industries.

Catégorie de service	Volume de services annuel	Les industries primaires servies
Impression numérique	Plus de 500 000 commandes d'impression	Emballage, biens industriels, de consommation
Identification de la marque	Environ 750 000 solutions de marquage	Fabrication, automobile, électronique

Ingénierie et innovation du produit

La société investit considérablement dans la recherche et le développement.

• Dépenses annuelles de R&D: 12,3 millions de dollars
• Nombre de brevets actifs: 47
• Taille de l'équipe d'ingénierie: 125 ingénieurs professionnels

Ventes et commercialisation de diverses gammes de produits

Matthews International maintient une infrastructure commerciale robuste sur plusieurs marchés mondiaux.

Région de vente	Revenus annuels	Nombre de représentants commerciaux
Amérique du Nord	487,6 millions de dollars	95
Marchés internationaux	213,4 millions de dollars	65

Matthews International Corporation (MATW) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Matthews International Corporation exploite des installations de fabrication sur plusieurs emplacements mondiaux:

Emplacement	Type d'installation	Fabrication totale en pieds carrés
États-Unis	Casket métallique et équipement de crémation	285 000 pieds carrés
Mexique	Fabrication de commémoration	75 000 pieds carrés
Europe	Installations de revêtement industriel	120 000 pieds carrés

Capacités d'ingénierie et de conception spécialisées

Les ressources d'ingénierie et de conception comprennent:

• 95 professionnels de l'ingénierie enregistrés
• 12 centres de R&D dédiés
• 27 équipes de développement de produits actifs

Propriété intellectuelle et technologies propriétaires

Détails du portefeuille de propriété intellectuelle:

• 42 brevets actifs
• 18 demandes de brevet en instance
• Technologies de revêtement et de commémoration propriétaires

Main-d'œuvre qualifiée

Catégorie des employés	Total des employés	Niveau d'expertise technique
Fabrication de travailleurs	2,100	Compétences de haute précision
Personnel d'ingénierie	350	Expertise technique avancée
Professionnels du design	175	Compétences de conception spécialisées

Infrastructure financière

Ressources financières à partir de l'exercice 2023:

• Actif total: 1,2 milliard de dollars
• Equivalents en espèces et en espèces: 87,5 millions de dollars
• Dette totale: 425 millions de dollars
• Fonds de roulement: 210 millions de dollars

Matthews International Corporation (MATW) - Modèle d'entreprise: propositions de valeur

Solutions complètes de produits commémoratifs et commémoratifs

Matthews International Corporation fournit des produits commémoratifs avec les caractéristiques du marché suivantes:

Catégorie de produits	Revenus annuels	Part de marché
Mémoriaux de bronze	87,4 millions de dollars	42%
Mémoriaux en granit	63,2 millions de dollars	35%
Produits commémoratifs personnalisés	41,6 millions de dollars	23%

Technologies d'identification et de marquage industrielles de haute qualité

Solutions de marquage industrielles avec des mesures de performance spécifiques:

• Revenu total des technologies industrielles: 156,3 millions de dollars
• Pénétration mondiale du marché du marquage industriel: 27%
• Taux de précision des produits: 99,8%

Services de protection et d'emballage personnalisés

Segment de service	Revenus annuels	Taux de croissance
Solutions d'emballage	112,7 millions de dollars	6.2%
Technologies de protection de la marque	45,6 millions de dollars	8.5%

Capacités de conception et d'ingénierie innovantes

Investissement en génie et métriques de performance:

• Investissement annuel R&D: 24,3 millions de dollars
• Portefeuille de brevets: 87 brevets actifs
• Taux de réussite de l'innovation des produits: 72%

Offres de produits durables et technologiquement avancées

Métrique de la durabilité	Performance actuelle	Année cible
Réduction des émissions de carbone	Réduction de 32%	2025
Utilisation des matériaux recyclés	45% du total des matériaux	2026
Amélioration de l'efficacité énergétique	Réduction de 28% de la consommation d'énergie	2024

Matthews International Corporation (MATW) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels à long terme avec les clients de l'industrie

Matthews International Corporation maintient 127 partenariats contractuels à long terme actifs entre les services funéraires, les revêtements industriels et les segments de solutions de marque à partir de l'exercice 2023. La durée du contrat moyen est de 4,7 ans, une valeur de contrat annuelle allant de 250 000 $ à 3,2 millions de dollars.

Segment	Nombre de contrats	Valeur du contrat moyen
Funérailles	47	1,5 million de dollars
Revêtements industriels	53	2,3 millions de dollars
Solutions de marque	27	1,8 million de dollars

Support client et consultation personnalisés

MATW emploie 214 spécialistes du support client dédié dans les bureaux mondiaux. La cote de satisfaction du client s'élève à 88,6% sur la base de 2023 enquête client indépendante.

Service technique et maintenance des produits

Le réseau de services techniques couvre 42 pays avec 376 techniciens certifiés. Le temps de réponse moyen pour le support technique est de 4,2 heures. Les revenus annuels des services techniques ont atteint 22,7 millions de dollars en 2023.

Engagement numérique via les plateformes en ligne

Mesures numériques de l'engagement client pour 2023:

• Trafic de site Web: 1,2 million de visiteurs uniques
• Taux de résolution des billets d'assistance en ligne: 92,4%
• Interactions des clients de la plate-forme numérique: 487 000

Réseaux de service à la clientèle réactifs

L'infrastructure du service client comprend:

• Canaux de support multilingues 24/7
• Temps de réponse du centre d'appel moyen: 2,7 minutes
• Taille de l'équipe du service client: 512 professionnels

Canal de service	Volume d'interaction annuel	Temps de résolution moyen
Support téléphonique	287,000	12 minutes
Assistance par e-mail	214,000	8 heures
Chat en direct	156,000	5 minutes

Matthews International Corporation (MATW) - Modèle d'entreprise: canaux

Équipes de vente directes

Matthews International Corporation maintient 87 représentants des ventes directes à travers l'Amérique du Nord et l'Europe à partir de 2023. L'équipe de vente a généré 412,6 millions de dollars de revenus de vente directe au cours de l'exercice 2023.

Région	Nombre de représentants commerciaux	Revenus de ventes directes
Amérique du Nord	62	276,4 millions de dollars
Europe	25	136,2 millions de dollars

Plateformes de commerce électronique en ligne

La société exploite trois canaux de vente numériques principaux avec 98,3 millions de dollars de ventes en ligne pour 2023.

• Matthews International Corporate Site Web
• Plateformes de marché de l'offre industrielle
• Portails d'achat numériques B2B spécialisés

Salons et expositions commerciales industrielles

Matthews International a participé à 24 événements commerciaux internationaux en 2023, générant 67,5 millions de dollars de possibilités de contrat potentielles.

Type d'événement	Nombre d'événements	Valeur de contrat potentiel
Expositions internationales industrielles	12	42,3 millions de dollars
Salons régionaux	12	25,2 millions de dollars

Réseaux de distributeur et de concessionnaire

La société entretient des relations avec 316 distributeurs autorisés dans 42 pays, générant 223,7 millions de dollars par le biais de canaux de vente indirects en 2023.

• Distributeurs d'équipements industriels: 156
• Concessionnaires de produits commémoratifs et bronze: 98
• Solutions d'emballage Revendeurs: 62

Canaux de marketing numérique et de communication

Matthews International tire parti de plusieurs plateformes numériques avec une portée combinée de 1,2 million de contacts professionnels.

Canal numérique	Nombre d'adeptes / connexions	Taux d'engagement
Liendin	487,000	4.3%
Forums en ligne spécifiques à l'industrie	392,000	3.7%
Newsletters numériques spécialisés	321,000	3.2%

Matthews International Corporation (MATW) - Modèle d'entreprise: segments de clients

Salons funéraires et opérateurs de cimetière

Matthews International dessert environ 25 000 emplacements de funérailles à travers l'Amérique du Nord. La pénétration annuelle du marché des produits commémoratives dans ce segment atteint 3,2 milliards de dollars.

Type de client	Revenus annuels	Part de marché
Salons funéraires indépendants	1,4 milliard de dollars	42%
Chaînes funéraires d'entreprise	1,1 milliard de dollars	34%
Cimetières municipaux	700 millions de dollars	22%

Fabricants automobiles et industriels

Matthews fournit des solutions de revêtement et industrielles à environ 5 700 clients manufacturiers dans le monde.

• Segment du marché du revêtement automobile: 850 millions de dollars
• Marché du revêtement d'équipement industriel: 620 millions de dollars
• Valeur du contrat client moyen: 2,3 millions de dollars par an

Sociétés de gestion et d'emballage de marque

Matthews dessert plus de 3 200 clients d'emballage et de gestion de la marque dans le monde.

Secteur de l'industrie	Clientèle annuelle	Contribution des revenus
Emballage alimentaire	1 450 clients	540 millions de dollars
Biens de consommation	1 100 clients	420 millions de dollars
Pharmaceutique	650 clients	310 millions de dollars

Clients gouvernementaux et institutionnels

Matthews se contracte avec 780 entités gouvernementales et institutionnelles dans plusieurs secteurs.

• Contrats du gouvernement fédéral: 220 millions de dollars
• Contrats du gouvernement étatique / local: 180 millions de dollars
• Établissements d'enseignement: 95 millions de dollars

Marchés mondiaux commémoratifs et commémoratifs

Matthews International opère dans 16 pays à portée de marché des produits commémoratifs.

Région géographique	Valeur commerciale commémorative annuelle	Pénétration du client
Amérique du Nord	2,1 milliards de dollars	65%
Europe	1,4 milliard de dollars	42%
Asie-Pacifique	890 millions de dollars	28%

Matthews International Corporation (MATW) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2023, Matthews International Corporation a déclaré des coûts de fabrication totaux de 729,4 millions de dollars. La répartition de ces dépenses comprend:

Catégorie de coûts	Montant ($)
Coûts de matériel direct	312,6 millions de dollars
Coûts de main-d'œuvre directes	214,8 millions de dollars
Fabrication des frais généraux	202,0 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour Matthews International Corporation en 2023 ont totalisé 45,3 millions de dollars, ce qui représente 2,7% des revenus totaux.

• Investissements en développement de produits: 28,6 millions de dollars
• Innovation technologique: 16,7 millions de dollars

Coûts opérationnels des ventes et du marketing

Les frais de vente et de marketing pour l'exercice 2023 étaient de 156,2 millions de dollars, notamment:

Catégorie de dépenses de marketing	Montant ($)
Frais de publicité et de promotion	67,5 millions de dollars
Compensation de l'équipe de vente	58,3 millions de dollars
Voyage et engagement des clients	30,4 millions de dollars

Compensation et formation des employés

Le total des dépenses liées aux employés pour 2023 s'élevait à 392,7 millions de dollars:

• Salaires de base: 267,4 millions de dollars
• Plans d'avantages sociaux et de retraite: 84,3 millions de dollars
• Formation et développement professionnel: 41,0 millions de dollars

Entretien de la technologie et de l'équipement

Les coûts de maintenance de la technologie et de l'équipement pour 2023 étaient de 87,6 millions de dollars, notamment:

Catégorie de maintenance	Montant ($)
Maintenance d'infrastructure informatique	38,2 millions de dollars
Entretien de l'équipement de fabrication	49,4 millions de dollars

Matthews International Corporation (MATW) - Modèle d'entreprise: Strots de revenus

Ventes de produits commémoratifs

Matthews International Corporation a généré 360,8 millions de dollars de revenus du segment commémoratif au cours de l'exercice 2023. Les principales gammes de produits comprennent:

• Mémoriaux de bronze
• Mémoriaux en granit
• Produits de crémation

Catégorie de produits	Revenus ($ m)	Part de marché (%)
Mémoriaux de bronze	142.5	39.5%
Mémoriaux en granit	118.3	32.8%
Produits de crémation	100.0	27.7%

Services de marquage et d'identification industriels

Les revenus du segment industriel ont atteint 287,6 millions de dollars au cours de l'exercice 2023.

Type de service	Revenus ($ m)	Taux de croissance (%)
Marquer des solutions	187.4	5.2%
Systèmes d'identification	100.2	4.8%

Impression numérique et solutions de marque

Les revenus du segment des marques ont totalisé 215,4 millions de dollars au cours de l'exercice 2023.

• Services d'impression commerciale
• Solutions d'emballage
• Technologies d'identification de la marque

Pièces de rechange et contrats de maintenance

Les revenus du marché secondaire étaient de 78,5 millions de dollars au cours de l'exercice 2023.

Type de contrat	Revenus ($ m)	Taux de renouvellement (%)
Entretien de l'équipement	42.3	88%
Des pièces de rechange	36.2	92%

Accords de licence et de transfert de technologie

Les revenus de licence s'élevaient à 24,7 millions de dollars au cours de l'exercice 2023.

Catégorie de licence	Revenus ($ m)	Durée (années)
Licence de technologie	15.6	3-5
Propriété intellectuelle	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.