Paid subscriptions automatically renew for the same subscription period, monthly or annual, unless you downgrade or cancel before the renewal date.
Who can use this: Workspace Owners and Admins on any paid plan.
For everything on this topic, see the Plans and billing collection.
To downgrade or cancel, open the Matter web app, go to Settings, then Billing, and use the Contact us here form. See How to cancel or downgrade Matter subscription. Your plan stays active until the end of the current billing period.