Matthews International : Quarterly Presentation Q3 23

INVESTOR PRESENTATION -

QUARTERLY UPDATE

Fiscal Third Quarter 2023

www.matw.com | Nasdaq: MATW

© 2023 Matthews International Corporation. All Rights Reserved.

DISCLAIMER

Any forward-looking statements contained in this presentation are included pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, 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 changes in domestic or international economic conditions, changes in foreign currency exchange rates, changes in the cost of materials used in the manufacture of the Company's products, 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 supply chain disruptions, 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, cybersecurity concerns, 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 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 ("SEC").

The information contained in this presentation, including any financial data, is made as of June 30, 2023 unless otherwise noted. The Company does not, and is not obligated to, update this information after the date of such information. 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, ERP integration costs, strategic initiative and other charges (which includes non-recurring charges related to 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 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, divestiture and ERP 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.

The Company has also presented net debt and a net debt leverage ratio and believes each measure provides relevant and useful information, which is widely used by analysts and investors as well as by our management. These measures provide management with insight on the indebtedness of the Company, net of cash and cash equivalents and relative to adjusted EBITDA. These measures allow management, as well as analysts and investors, to assess the Company's leverage..

Lastly, the Company has presented free cash flow as supplemental measures of cash flow that are not required by, or presented in accordance with, GAAP. Management believes that these measures provide relevant and useful information, which is widely used by analysts and investors as well as by our management. These measures provide management with insight on the cash generated by operations, excluding capital expenditures. These measures allows management, as well as analysts and investors, to assess the Company's ability to pursue growth and investment opportunities designed to increase Shareholder value.

© 2023 Matthews International Corporation. All Rights Reserved.

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OUR BUSINESS SEGMENTS

Matthews today builds on its legacy with development of new technologies

that provide a platform for continued evolution and growth.

	The Memorialization segment is a leading
The Industrial Technologies segment	provider of memorialization products,	The SGK Brand Solutions segment is a
including memorials, caskets, cremation-
designs, manufactures, services and
related products, and cremation and	leading provider of packaging solutions and
distributes high-tech custom energy storage
incineration equipment, primarily to cemetery	brand experiences, helping companies
solutions, product identification, and
and funeral home customers that help	simplify their marketing, amplify their brands
warehouse automation technologies and
families move from grief to remembrance.	and provide value.
solutions.

© 2023 Matthews International Corporation. All Rights Reserved.

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Q3 2023 SUMMARY

	($ in millions except per-share amounts)
Q3
			Q3 2022		Q3 2023
		Sales	$	421.7	$	471.9
		Diluted EPS	$	0.09	$	0.28
		Non-GAAP Adjusted EPS*	$	0.58	$	0.74
		Net Income Attributable to Matthews	$	2.9	$	8.7
		Adjusted EBITDA*	$	46.0	$	56.2

YTD
		YTD 2022		YTD 2023
	Sales	$	1,305.3	$	1,400.7
	Diluted (L)EPS	$	(0.60)	$	0.69
	Non-GAAP Adjusted EPS*	$	2.06	$	1.92
	Net (Loss) Income Attributable to Matthews	$	(18.8)	$	21.6
	Adjusted EBITDA*	$	154.5	$	163.9

Q3 Highlights

Strong operating performance driven by all business segments

• Strong sales growth
• • Consolidated sales up 11.9% YoY
  • Industrial Technologies increased 66%
  • Memorialization also higher
• Higher adjusted EBITDA
• • Consolidated adjusted EBITDA grew 22.1% YoY
  • All segments contribute to adjusted EBITDA increase
  • Net leverage ratio improved to 3.35x
• Energy business continues to grow
• • Higher energy storage sales on a YoY basis
  • Recent acquisitions contribute to sales growth and capacity
• Outlook
• • Guidance of adjusted EBITDA of $215M to $235M reaffirmed for FY 2023
  • Projected adjusted EBITDA of at least $220M
  • Cautious on timing of energy storage orders

* See supplemental slides for Adjusted EPS and Adjusted EBITDA reconciliations and other important disclaimers regarding Matthews' use of Non-GAAP measures

© 2023 Matthews International Corporation. All Rights Reserved.

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FINANCIAL SUMMARY

(Unaudited)

(Dollars in thousands)		Fiscal Year Ended September 30,				Year to Date June 30,
	2020			2021			2022			2022			2023
Sales:
Memorialization	$	656,035	$	769,016	$	840,124	$	633,868	$	638,119
Industrial Technologies		228,453			284,495			335,523			230,928			365,190
SGK Brand Solutions		613,818			617,519			586,756			440,480			397,419
Consolidated Sales
$	1,498,306		$	1,671,030		$	1,762,403		$	1,305,276		$	1,400,728
Adjusted EBITDA:
Memorialization	$	146,285	$	165,653	$	151,849	$	118,404	$	127,096
Industrial Technologies		23,055			34,889			56,762			33,377			42,808
SGK Brand Solutions		90,342			91,435			60,120			43,422			39,616
Corporate and Non-Operating		(56,602)			(64,227)			(58,323)			(40,656)			(45,594)
Total Adjusted EBITDA(1)	$	203,080	$	227,750	$	210,408	$	154,547	$	163,926

See Disclaimer (Page 2) for Management's assessment of supplemental information related to total adjusted EBITDA.

1. Total 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. See reconciliation at Appendix B.

© 2023 Matthews International Corporation. All Rights Reserved.

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