Matthews International: No Recovery Yet In The DBE Offering

Matthews International faces a 10% EBITDA guidance cut to $158–$162 million for fiscal 2026, reflecting restructuring costs and delayed synergies in Propelis, with no help from industrial tech's revenues. Restructuring in industrial tech aims for $10 million in annual cost savings, but near-term results are pressured by legal disputes continuing to cloud the outlook. Product identification, notably the Axian partnership with Linx, shows promise with 5% YoY growth in the business overall, while Memorialization remains resilient enough in our view, though pressured.