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© 2026 Minerals Technologies Inc. All Rights Reserved. SECOND QUARTER 2026 EARNINGS CONFERENCE CALL July 31, 2026
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2 Forward-Looking Statements and Non-GAAP Measures This presentation may contain "forward -looking statements" within the meaning of the Pri vate Securities Litigation Reform Act of 1995. Forw ard-looking statements provide current expect ations and forecasts of future events such as new products, revenues, and financial performance, and are not limited to describing historical or current facts. They can be identified by th e use of words such as “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning. Forward-looking statement s are necessarily based on assumptions, estimates, and limited informati on available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumption s and estimates, can affect the realization of the expectations or fore casts in these statements. Actual future results may vary materially. Significant factors that could affect the expectations and forecasts inc lude worldwide general economic, business, and industry conditions; the c yclicality of our customers’ businesses and their changing regional demands; our ability to compete in very compet itive industries; consolidation in customer industrie s, principally paper, foundry, and steel; our ability to ren ew or extend long term sales contracts for our satellite operations; our ability to generate cash to service our debt; our ability to comply with the covenants in the agreements governing our debt; our ability to effectively achieve and implement our growth initiatives or consummate the transactions described in the statements; our ability to successfully develop new products; our abi lity to defend our intellectual property; the increased risks of doing bu siness abroad; the availability of raw materials and access to ore reserves at our mining operations, or increases in costs of raw materials, energy, or shi pping; compliance with or changes to regulation in the areas of environmenta l, health and safety, and tax; risks and uncertainties related to the voluntary petitions for relief under Chapter 11 of the U.S. Bank ruptcy Code filed by our subsidiaries BMI OldCo Inc. (f/k/a Barretts Minerals Inc.) and Barretts Ventures Texas LLC; claims for legal , environmental, and tax matters or product stewardship issues; operating risks and capacity limitations a ffecting our production facilities; seasonality of some of our businesses; cybersecurity and other threats relating to our information technology systems; and other risk factors and cautionary statements in our 2025 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Also, this presentation will include certain financial measures that we re not prepared in accordance with gener ally accepted accounting principles. In particular, operating income, oper ating margin, adjusted EBITDA, adjusted EBITDA margin, and EPS referenced in this presentation exclude special items, such as acquisition-related costs, restructuring, gains/(losses) on asset sales, litigation and impairment costs, and other significant non-recurring or unusual items and related tax effects for all per iods presented. The Company also provides figures for free cash flow for the three months and six mon ths ended July 5, 2026. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding it s performance as inclusion of such special items are not indicative of th e ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measur es also provides consistency in its financial reporting and facilitates in vestors' understanding of historic operat ing trends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix to this presentation and our Current Report on Form 8-K dated July 30, 2026, and in our other reports filed with the Securities and Exchange Commission, available on our website at www .mineralstech.com in the "Investor Information -- SEC Filings" section . It is not possible, without unreasonable effort, for the Company to identify and estimate the amount or significance of future non-recurring or unusual it ems. Accordingly, the Company does not provide reconciliations of forw ard-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis.
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Douglas T. Dietrich Chairman and Chief Executive Officer
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4 +3% vs. Prior Year Sales momentum continues; on track for full year MSD growth 7% sales growth in H1’26 Consumer & Specialties’ growth projects on track Strong performance in Engineered Solutions Higher energy, transportation, and raw material costs impacted margins in Q2’26; pricing adjustments ongoing $1.60 Earnings per Share +4% vs. Prior Year (6%) vs. Prior Year $75M Operating Income $548M Sales Second Quarter 2026 Overview Operating income and earnings per share exclude special items Strong cash flow and balance sheet Filed Plan of Reorganization in BMI OldCo Chapter 11 cases Published 18th Sustainability Report and established new 10-year targets
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Erik C. Aldag Senior Vice President, Finance and Treasury and Chief Financial Officer
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6 Financial Summary Operating income and operating margin exclude special items Second Quarter 2026 versus Prior Year ($M) H1 ’25 +1 5 H&PC Spec Adds +2 6 HTT +2 4 Env & Inf H1 ’26 1,021 +1 0 1,095 +7% Sales Operating Income Consumer & Specialties Engineered Solutions 13.6%14.9% Operating Margin First Half 2026 versus Prior Year ($M) 79 75 (16) Q2 ’25 +4 Vol / Mix +8 Price Cost Q2 ’26 -6% (4) Q2 ’25 H&PC Spec Adds +1 2 HTT +1 1 Env & Inf Q2 ’26 529 +1 548 +4% Sales Operating Income 13.0%13.9% Operating Margin Consumer & Specialties Engineered Solutions (27) H1 ’25 +1 3 Vol / Mix +1 4 Price Cost H1 ’26 142 142 0%
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7 $278M $275M Q2 ’25 Q2 ’26 -1% CONSUMER & SPECIALTIES SEGMENT Financial Performance Sales Operating Income Performance Summary Sales up 3% to 5% YoY Additional pricing actions to offset higher cost Third Quarter Outlook Operating income and operating margin exclude special items $546M $571M H1 ’25 H1 ’26 +5% Second Quarter First Half 67 62 (14) H1 ’25 Vol / Mix +7 Price Cost H1 ’26 +2 -8% Household & Personal Care Q2 global cat litter sales similar YoY; YTD sales up 9% Edible oil & renewable fuel purification expansion achieved target production levels late in Q2 Personal care sales lower YoY due to customer campaign timing Specialty Additives Q2 sales up 1% YoY; YTD sales up 3% - Ramp up of new paper & packaging satellites in Asia Slow residential construction demand Q2/H1 Operating Performance Higher costs & contractual price lag Temporarily lower volumes in Household & Personal Care in Q2 YoY First Half
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8 ENGINEERED SOLUTIONS SEGMENT Financial Performance High-Temperature Technologies Q2 and YTD sales up 7% YoY - N. America steel remained on its solid growth track; Improved pull from steel customers in Europe - Strong growth in Asia Foundry Environmental & Infrastructure Q2 sales up 15% YoY; YTD sales up 19% - Strong demand for building materials, drilling products and environmental project solutions Operating Performance Operating income up 12% in Q2 and up 13% YTD Volume growth, pricing and solid operational execution Record operating margin at 17.8% of sales in Q2 Sales up 3% to 5% YoY across the segment Continued strong operating performance Performance Summary Third Quarter Outlook $251M $274M Q2 ’25 Q2 ’26 +9% Sales Operating Income $475M $524M H1 ’25 H1 ’26 +10% Second Quarter First Half 78 88 (8) H1 ’25 +1 1 Vol / Mix +8 Price Cost H1 ’26 13% First Half Operating income and operating margin exclude special items
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9 Balance Sheet and Capital Deployment Cash Flow and Capital Deployment Q2 ‘26 $346MCash, Cash Equivalents, and Short- Term Investments $385MAvailable Revolver $731MTotal Liquidity Liquidity 1.6X EBITDA Net Leverage Ratio Debt and Leverage $663M $619M Q2 ’25 Q2 ’26 -7% Net Debt EBITDA excludes special items YoYYTD ’26 +$37M$95MCash Flow from Operations +$3M$50MCapital Expenditures +$34M$45MFree Cash Flow
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10 Consumer & Specialties sales +3-5% YoY - Cat litter growth momentum resumes - Acceleration of sales from natural oil purification expansion - Slow demand in residential construction persists Engineered Solutions sales +3-5% YoY - Continued steady growth in steel - Stronger YoY demand in Environmental & Infrastructure continues ~$550M ~$75M Sales Operating Income $1.55 - $1.60 EPS Third Quarter Outlook
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Douglas T. Dietrich Chairman and Chief Executive Officer
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12 Sustainability Is Part of MTI’s DNA - 34% reduction in Scope 1 - 42% in Scope 2 - 70% reduction in coal usage, transitioned >30% of fuel oil to renewable - 44% reduction in landfill waste - 31% water withdrawal and 56% water discharge reductions Visit mineralstech.com/sustainability to download a copy Record safety performance 67% of new products developed in last 5 years have a sustainable profile Announced new 10-year environmental targets, with further reductions of 20% on an absolute basis and 30% on a per ton basis Achieved and exceeded all 12 of our environmental targets from 2018: Published 2025 Sustainability Report
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13 2026 Investor Day Date: September 22, 2026 Location: R&D facility in Bethlehem, PA Event format: • Webcast of management presentation and live Q&A • For in-person attendees, tour of our R&D facility and overview of our technologies and innovation pipeline To attend in person: reach out to Lydia Kopylova, VP of Investor Relations Highlights • Management updates on our progress against mid-term targets • Deep dive on our Crystal Engineering and Engineered Blends technologies • Showcase of our innovation capabilities, specific high-potential opportunities for new markets and long-term sustainable growth
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© 2026 Minerals Technologies Inc. All Rights Reserved.
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15 Reconciliation Net Income and Diluted EPS Excluding Special Items The information set forth in the Analyst Presentation presents financial measures of the Company that exclude certain special items, and are therefore not in accordance with GAAP. The following is a presentation of the Company’s non-GAAP net income, operating income and EBITDA, excluding special items, and free cash flow for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025 and the six month periods ended July 5, 2026 and June 29, 2025 and a reconciliation to GAAP net income (loss), operating income (loss) and EBITDA, and cash flow from operations, respectively, for such periods. “Adjusted Net Leverage” is a non-GAAP financial measure and refers to Total Debt less Cash & Cash Equivalents, divided by trailing 12-month Adjusted EBITDA. The following also presents Adjusted Net Leverage for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025. The Company’s management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company feels inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors’ understanding of historic operating trends. Six Months EndedQuarter Ended(millions of dollars, except per share data) Jun. 29,Jul. 5,Jun. 29,Apr. 5,Jul. 5, 20252026202520262026 (98.6) $(147.4)$45.4 $36.2$(183.6) $Net income (loss) attributable to MTI **8.6%6.6%*% of sales Special items: 215.0 290.0 0.0 0.0 290.0 Provision for litigation reserve and credit losses 11.3 0.0 5.8 0.0 0.0 Restructuring and other items (5.6) 0.0(5.6) 0.0 0.0Gain on sale of assets, net 7.0 13.7 4.2 8.8 4.9 Litigation expenses (43.8)(63.7)(0.9)(2.2)(61.5)Related tax effects on special items 85.392.648.942.849.8Net income attributable to MTI, excluding special items 8.4%$8.5%$9.2%$7.8%$9.1%$% of sales 2.69 $2.98 $1.55 $1.38 $1.60 $Diluted earnings per share, excluding special items * Percentage not meaningful
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16 Reconciliation Segment Operating Income Excluding Special Items Six Months EndedQuarter Ended(millions of dollars) Jun. 29,Jul. 5,Jun. 29,Apr. 5,Jul. 5, 20252026202520262026 Segment Operating Income (Loss) 61.5 $61.8 $34.0 $32.5 $29.3 $Consumer & Specialties Segment 80.4 88.1 46.8 39.3 48.8 Engineered Solutions Segment (227.4)(311.5)(6.2)(13.1)(298.4)Unallocated Corporate Expenses (85.5) $(161.6)$74.6 $58.7$(220.3) $MTI Consolidated Special Items 5.8 $0.0 $3.3 $0.0 $0.0 $Consumer & Specialties Segment (2.3) 0.0(3.1) 0.0 0.0Engineered Solutions Segment 224.2 303.7 4.2 8.8 294.9 Unallocated Corporate Expenses 227.7 $303.7 $4.4 $8.8 $294.9 $MTI Consolidated Segment Operating Income, Excluding Special Items 67.3 $61.8 $37.3 $32.5 $29.3 $Consumer & Specialties Segment 78.1 88.1 43.7 39.3 48.8 Engineered Solutions Segment (3.2)(7.8)(2.0)(4.3)(3.5)Unallocated Corporate Expenses 142.2 $142.1 $79.0 $67.5 $74.6 $MTI Consolidated 13.9%13.0%14.9%12.3%13.6%% of Sales
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17 Reconciliation Adjusted EBITDA Excluding Special Items Six Months EndedQuarter Ended(millions of dollars) Jun. 29,Jul. 5,Jun. 29,Apr. 5,Jul. 5, 20252026202520262026 (98.6) $(147.4)$45.4 $36.2$(183.6) $Net income (loss) attributable to MTI Add back: 45.5 48.4 22.0 24.923.5 Depreciation, depletion and amortization expense 27.8 25.4 13.6 13.312.1 Interest expense, net (2.3)(3.8)(1.1)(1.3)(2.5)Equity in earnings of affiliates, net of tax 1.9 2.1 0.9 1.11.0 Net income attributable to non-controlling interests (18.2) (36.3)13.9 9.9(46.2) Provision (benefit) for taxes on income (43.9) (111.6)94.7 84.1(195.7) EBITDA Add special items: 215.0290.00.00.0290.0Provision for litigation reserve and credit losses 11.30.05.80.00.0Restructuring and other items (5.6)0.0(5.6)0.00.0Gain on sale of assets, net 7.013.7$4.28.84.9Litigation expenses 183.8$192.199.1$92.9$99.2 $Adjusted EBITDA 18.0%17.5%18.7%17.0%18.1%% of sales
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18 Reconciliation Free Cash Flow and Adjusted Net Leverage Six Months EndedQuarter Ended(millions of dollars) Jun. 29,Jul. 5,Jun. 29,Apr. 5,Jul. 5, 20252026202520262026 58.5 $95.1 $62.9 $32.1$63.0 $Cash flow from operations 47.4 50.3 29.1 23.127.2 Capital expenditures 11.1 $44.8 $33.8 $9.0$35.8 $Free cash flow Quarter Ended(millions of dollars) Jun. 29,Apr. 5,Jul. 5, 202520262026 983.3 $966.2$964.9 $Total Debt 320.0 321.3346.2 Less: cash, cash equivalents and short-term investments 663.3 $644.9$618.7 $Total 381.3 379.6379.7 TTM Adjusted EBITDA 1.7X 1.7X1.6X Adjusted net leverage