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NTIC’s environmentally friendly technologies deliver leading corrosion inhibiting products and services, as well as advanced bioplastic packaging solutions Northern Technologies International Corporation Fourth Quarter Fiscal Year 2025 Investor Presentation Nasdaq: NTIC
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Disclaimers Forward-Looking Statements Statements contained in this presentation that are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include NTIC’s belief that its near-term outlook remains cautious and that it continues to uncover new business opportunities and other statements that can be identified by words such as “believes,” “continues,” “expects,” “anticipates,” “intends,” “potential,” “outlook,” “will,” “may,” “would,” “should,” “guidance” or words of similar meaning, the use of future dates and any other statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of NTIC’s management and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Such potential risks and uncertainties include, but are not limited to, in no particular order: the effects of the COVID-19 pandemic on NTIC’s business and operating results; the ability of NTIC to pay dividends; the effect of economic uncertainty and trade disputes; NTIC’s dependence on the success of its joint ventures and fees and dividend distributions that NTIC receives from them; NTIC’s relationships with its joint ventures and its ability to maintain those relationships; NTIC’s dependence on its joint venture in Germany in particular due to its significance and the effect of a termination of this or its other joint ventures on NTIC’s business and operating results; the ability of NTIC China to achieve significant sales; costs and expenses incurred by NTIC in connection with its ongoing litigation against its former Chinese joint venture partner; the effect of the United Kingdom’s proposed exit from the European Union, economic slowdown and political unrest; risks associated with NTIC’s international operations; exposure to fluctuations in foreign currency exchange rates and tariffs, including in particular the Euro compared to the U.S. dollar; the health of the U.S. and worldwide economies, including in particular the U.S. automotive industry; the level of growth in NTIC’s markets; NTIC’s investments in research and development efforts; acceptance of existing and new products; timing of NTIC’s receipt of purchase orders under supply contracts; variability in sales to customers in the oil and gas industry and the effect on NTIC’s quarterly financial results; increased competition; the costs and effects of complying with changes in tax, fiscal, government and other regulatory policies, including the new tax reform law, which could result in a write-down of our deferred tax assets, and rules relating to environmental, health and safety matters; pending and potential litigation; and NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others. More detailed information on these and additional factors which could affect NTIC’s operating and financial results is described in the Company’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the fiscal year ended August 31, 2025, and subsequent quarterly reports on Form 10-Q. NTIC urges all interested parties to read these reports to gain a better understanding of the many business and other risks that the Company faces. Additionally, NTIC undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), NTIC uses certain non-GAAP financial measures in this presentation. NTIC uses non-GAAP financial measures as supplemental measures of performance and believes these measures facilitate operating performance comparisons from period to period and company to company by factoring out potential differences caused by non-recurring, unusual or infrequent charges not related to NTIC’s regular, ongoing business, variations in capital structure, tax positions, depreciation, non-cash charges and certain large and unpredictable charges. NTIC believes that the presentation of certain non-GAAP financial measures provides useful information to investors in evaluating its operations, period over period. Non-GAAP measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of NTIC’s results as reported under GAAP. When analyzing NTIC’s operating performance, investors should not consider NTIC’s net income, as adjusted, for example, as a substitute for NTIC’s net income prepared in accordance with GAAP or any other non-GAAP financial measure as a substitute for the comparable GAAP financial measure. Investors should note that any non-GAAP financial measures used by NTIC may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. Whenever NTIC uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure. Industry Information Information regarding market and industry statistics contained in this presentation is based on information available to NTIC that NTIC believes is accurate. It is generally based on publications that are not produced for these purposes or economic analysis. 2
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About NTIC
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Northern Technologies International Corporation 4 Environmentally friendly corrosion inhibiting products and services and advanced bioplastic packaging solutions ZERUST®/EXCOR® offers a wide range of products and solutions to solve corrosion issues Natur-Tec® provides biobased and compostable packaging solutions for a sustainable world ZERUST® Oil and Gas technologies reduce facility downtime, increase service life, and produce less waste
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At a Glance 5 Northern Technologies International Corp. Key Growth Strategies • Converting environmentally beneficial technologies into value- added products and services for industrial and consumer applications • Providing Volatile Corrosion Inhibitor (VCI) based solutions for over 50 years – Industrial applications – Oil & Gas applications • Natur-Tec® market leading compostable bioplastic compounds and products – Zero-waste solutions – Sustainable packaging applications • Flexible, asset-light business model, with 15 Joint Ventures (JVs) globally – Sales by JVs are not consolidated on the Company’s income statement • Focused on creating long-term value for customers, employees, communities and shareholders FY 2025 Sales Mix by Product Category 65%9% 26% ZERUST® Industrial Zerust® Oil & Gas Natur-Tec® • Strategy focused on maximizing the potential of ZERUST® Oil and Gas and Natur-Tec® growth opportunities – From FY 2015 to FY 2025, Natur-Tec® and ZERUST® Oil & Gas have achieved compound annual growth rates (CAGR) of 17.7% and 14.5%, respectively, compared to the 8.6% CAGR of the established ZERUST® industrial business • Capital light business model supports growth-oriented capital allocation strategies and dividend policy
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Growing Global Market Share With 15 JVs and 11 operating subsidiaries, NTIC operates in over 65 countries and is the only VCI company that can supply and service customers globally Geographic Coverage via NTIC’s Network of Global JVs and Subsidiaries 6
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Compelling Joint Venture Model – 15 international joint ventures • JVs have allowed rapid global expansion with little capital investment. Most JV’s established in 80’s & 90’s • Generally, 50/50 ownership with local JV partner • NTIC receives ~7% fee based on JV sales and 50% of JV dividend distributions after year end (varies by country’s tax treatment), local partner receives the same – Equity method accounting on GAAP financial statements • Equity in income is reported on GAAP income statement • Gross JV sales not consolidated into NTIC’s net sales but are disclosed in notes to consolidated financials – JV operating income contribution to NTIC has averaged ~11% of total JV sales over the past five fiscal years. – Direct expenses to support JVs are relatively fixed, representing significant operating leverage on incremental JV sales – Local partners provide: • Direct sales • Product support • Local contacts and local marketing expertise • Local manufacturing oversight Overview Financial Model Capital Investment Capital Investment Joint Venture Efficient Investment and Structure Compelling Financial Model JV Sales COGS & Expenses JV Net Income - = Management Fees Equity in Income Royalty & Service Fees Equity in Income Cash Dividend Retained Earnings Local Partner NTIC Local Partner NTIC 7
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Creating Value for Shareholders Through a Proven, Multi-Year Growth Strategy
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Strategic Plan Focused on Creating Long-Term Shareholder Value 9 Strategic Objective: >15% top line revenue growth w/ SG&A expense growth <~10% Total Net Sales (in millions) Control operating expenses domestically and at subsidiaries Maximize potential of ZERUST® Oil and Gas and Natur-Tec® growth opportunities Diversify revenues by product categories and geographies Grow dividend in line with earnings growth Increase topline ZERUST® Industrial, ZERUST® Oil and Gas and Natur-Tec® revenues globally Generate free cash flow and maintain strong balance sheet $47.6 $56.5 $74.2 $79.9 $85.1 $84.2 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
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Diversifying Revenue by Product Category 10 65% 9% 26% Fiscal 2025 Net Sales by Product Category 80% 6% 14% Fiscal 2015 Net Sales by Product Category NTIC has successfully identified opportunities across large, rapidly growing, global markets that leverage the Company’s corrosion prevention technologies and bio-based and compostable plastic solutions ZERUST® Industrial ZERUST® Oil & Gas Natur-Tec®
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ZERUST® Industrial Growth 11 ZERUST® Industrial Sales (in millions) Value Proposition Growth Highlights Key Applications $31.7 $55.2 FY 2020 FY 2025 Packaging Films Packaging Paper Emitters & Diffusers Cleaners & Degreasers Rust Removers Tapes • Environmentally responsible corrosion protection products & services • Only VCI company with a truly global scope and scale through subsidiaries and network of JVs • Primarily subcontracts production for virtually unlimited scalability and low capital structure • Revenue generated from sales of consumable products • ZERUST® industrial net sales increased 2.4% during fiscal 2025 compared to fiscal 2024 primarily due to increased demand for North American ZERUST® industrial products. • Annual global market potential is approximately $600 million • Expanding product line increases opportunities to sell more products to new and existing customers
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ZERUST® Oil and Gas Growth 12 ZERUST® Oil and Gas Sales (in millions) $2.8 $7.3 FY 2020 FY 2025 • Patented VCI processes and solutions provide significantly lower maintenance costs and downtime on critical oil and gas industry infrastructure • VCI technologies provide new solutions that are BOTH cheaper and more efficient than legacy cathodic protection systems and coatings technologies • Oil and gas industry increasingly focused on product performance and cost containment, which supports broad conversion to VCI solutions • Partnering with large oil and gas service companies to expand customer reach and contacts Pipeline Protection & Preservation Above Ground Storage Tank Protection Corrosion inhibitors and gels that are injected into the annular pipe casing space. VCIs, can be used for the protection of aboveground storage tank bottoms from soil- side corrosion. • Seasonality and the timing of orders can impact quarterly comparisons • In November 2025, Zerust Brazil (NTIC’s 85%-owned subsidiary) secured a new three-year offshore project with a leading global EPC company to provide advanced corrosion-protection solutions for floating production storage and offloading units. The order is valued at approximately 70 million Brazilian Real, or roughly $13 million based on current exchange rates. • Annual market potential is approximately $2.5 billion. Value Proposition Growth Highlights Key Applications
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FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Natur-Tec® Growth 13 Natur-Tec® Sales (in millions) 16% CAGR 3000 Series 5000 Series 7000 Series • Compostable straws and thermoformed lids • Food-service containers • Compostable single-use cutlery and packaging alternatives • Garment industry packaging accessories • Compostable bags and liners • Carry-out and shopper bags • Produce bags • Global provider of certified 100% compostable alternatives to conventional plastics for the Circular Economy with an 18+ year track record • Patented processes allow the more efficient manufacture of finished products at a lower cost, and with a greater mechanical strength • Market-leading, patented resin compounds and a broad product portfolio provides one-stop for bioplastic solutions • Natur-Tec sales expected to benefit in FY26 from higher orders from a reacceleration of orders from a large North American customer of resin compounds • In Q4 of FY25, Natur-Tec entered into a preferred supplier agreement with the nation's leading specialized distributor for JanSan, foodservice and industrial packaging. • Annual market potential of approximately $1 billion Value Proposition Growth Highlights Key Applications
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NTIC China Opportunity and Strategy 14 $13.4 $17.3 $15.8 $13.5 $14.2 $16.2 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Annual NTIC China Sales (in millions) As market dynamics improve in China, NTIC expects to be well positioned to take advantage of a meaningful long -term growth opportunity in this market In FY 2021, NTIC purchased a new facility in Shanghai, China, to support its R&D, production, sales and marketing, and training efforts for the region The majority of NTIC China’s production and sales are for local consumption which may limit NTIC China’s exposure to tariffs, including those recently imposed by the U.S. NTIC China net sales in FY2025 was the second strongest year of sales NTIC has achieved since transitioning to a wholly owned subsidiary in fiscal 2015 NTIC China net sales for full year FY2025, increased 14.0% year-over-year to $16.2 million As the largest global steel producing country, China supports a significant market for NTIC’s corrosion prevention technologies
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Enhancing Gross Margin 15 • NTIC has been pursuing strategies aimed at improving profitability through quality system improvement initiatives • FY 2025 gross profit, as a percent of net sales, was 37.6%, compared to 39.7% for the prior fiscal year. Lower gross margin was primarily due to a less profitable mix of sales. • NTIC has focused on maintaining 30+% gross margins through strategies aimed at driving efficiencies, and optimizing pricing and purchasing actions • Longer-term, NTIC expects to benefit from higher sales of ZERUST® Oil & Gas, which have higher gross margins than the Company’s average 33.6% 37.6% FY 2020 FY 2025 5-Year Gross Margin Growth
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NTIC’s consolidated sales are contributing more to profitability compared to the Company’s joint venture as a result of higher levels of sales growth and profitability at NTIC In FY 2025, European joint ventures were impacted by higher energy prices and regional economic pressures that affected sales and profitability NTIC has acquired two joint venture partners over this period, which are now consolidated on NTIC’s financial results and contributing to gross profit, versus joint venture operating income From FY 2020 to FY 2025, gross profit margin has improved 400-basis points to 37.6% From FY 2020 to FY 2025, gross profit increased at a 14.6% CAGR Joint venture operating income contribution to NTIC has averaged ~10% of total joint venture sales from FY 2020 to FY 2025 Transformation in Profitability 16 Annual Gross Profit + JV Operating Income (in millions) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 JV Operating Income $8.9 $13.4 $10.5 $11.6 $9.5 $8.5 Gross Profit $16.0 $19.6 $23.1 $27.8 $33.8 $31.7 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0
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Financial Performance and Capital Allocation Priorities
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Sales Composition 18 Notes: Dollars, in millions $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 North America Zerust® Zerust® China Zerust® Brazil Zerust® India Singapore Natur-Tec® Oil & Gas Net Sales GrowthActual ($ in millions) FY 2023 FY2024 FY2025 North America 25.1 23.2 23.7 NTI China 12.2 13.1 15.0 India 10.6 11.0 10.0 Singapore 1.9 2.6 2.8 Brazil 4.1 4.0 3.6 ZERUST® INDUSTRIAL SALES 53.9 53.9 55.1 OIL & GAS - North America 5.9 7.2 4.4 OIL & GAS - Brazil 1.9 2.0 2.9 OIL & GAS SALES 7.8 9.2 7.3 Natur-Tec® North America 7.6 9.7 8.4 NTI China – Natur-Tec® 1.2 1.1 1.2 Natur-Tec® India 9.3 11.2 12.1 NATUR-TEC® SALES 18.2 22.0 21.7 NTIC SALES (GAAP) 79.9 85.1 84.1 Joint Venture Sales 100.7 95.9 91.2 WORLDWIDE SALES 180.6 181.0 175.3 Totals have been adjusted for rounding
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Capital Light Business Model 19 0% 10% 20% 30% 40% 50% 60% $- $5 $10 $15 $20 $25 $30 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Working Capital % of Sales Limited Working Capital Requirements Inventory Largest Component of Working Capital • NTIC’s operating structure and strategy support a capital light business model • $102.7 million in total assets at August 31, 2025, which included $28.6 million in investments in joint ventures, $13.6 million in goodwill and intangibles, and $7.3 million in cash • Inventory consist primarily of Finished Goods • From FY 2020 to FY 2025, inventory increased 41.6%, compared to sales growth of 76.8% 0% 20% 40% 60% 80% 100% 120% 140% $- $2 $4 $6 $8 $10 $12 $14 $16 $18 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Inventories, net % of Adjusted Working Capital* * Adjusted working capital removes cash and cash equivalents (in millions) (in millions)
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Disciplined and Balance Capital Deployment 20 CAPEX • Focus on value-add projects that improve efficiencies and capabilities • In FY 2021, NTIC purchased a new facility in Shanghai, China, to support its R&D, production, sales and marketing, and training efforts throughout the region • In FY 2023, added new facility in Circle Pines, Minnesota to expand its production and warehousing capabilities • In FY 2024, added manufacturing capacity in India to support Natur-Tec sales growth and are in the process of adding a new facility in Brazil to support growth opportunities Dividend and Share Repurchases • Since FY 2017, NTIC has increased its annual dividend five times Acquisitions • In FY 2022, NTIC acquired the remaining 50% ownership interest in Harita-NTI, the Company’s ZERUST® joint venture in India 10-Year Average Capital Allocation Capital Allocation Strategy 48% 40% 12% CAPEX Dividend Acquisitions
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Making a Difference: Commitment to Sustainability 21 At Northern Technologies International Corporation (NTIC), we are committed to creating a more sustainable future. We convert unique environmentally beneficial materials science into value-added products and services for industrial and consumer applications. Our research and development teams deliver innovative technologies and products that: address climate change, use renewable materials, and enable sustainable waste management. We do this while maintaining the highest performance and processability. – G. Patrick Lynch, President & CEO Our Environment NTIC develops technologies that support green manufacturing processes and energy production through three divisions: ZERUST ®: Solutions help reduce waste and the energy to make new items ZERUST ® Oil & Gas: Solutions and applications help prevent spillage and leaks while dramatically extending metal asset service life Natur-Tec ®: Applications enable users to reduce their carbon footprint by offering 100% compostable resins compounds and finished products Our Employees NTIC is committed to building a diverse and inclusive workforce and is committed to providing equal opportunity regarding all hiring decisions. Our Health, Safety, Environment, & Security NTIC is dedicated to investing in the future of our planet and our people. We pledge to: ❖ Ensure that the environment is a better place because of what we do ❖ Select and evaluate all service providers with NTIC’s Quality Management Standard ❖ Ensure business activities are conducted to prevent harm and protect health and safety of all involved Our Communities NTIC believes that sustainability means being a responsible and ethical corporate citizen. To accomplish this, we: ❖ Support employees as they give back to the communities in which they work and live ❖ Strengthen community relationships ❖ Foster employee engagement ❖ Encourage fundraising and other events For More Information Click Here 41% of US workforce is female 40% of US management is female 27% of US workforce is racially or ethnically diverse 23% of US management team is racially or ethnically diverse 6% of our US workforce are veterans
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Track Record of Value Creation 22 NTIC has continually paid a quarterly cash dividend since FY 2021, reflecting the Company’s commitment to creating value for shareholders NTIC has $2.6 million remaining under its stock repurchase program as of August 31, 2025 Insiders aligned with shareholders and own approximately 18% of the Company’s outstanding stock (according to Bloomberg) NTIC has $7.3 million in cash and cash equivalents, and approximately $14.8 million of cash at its joint ventures, compared to $12.2 million of total debt
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Why NTIC • Creating a diverse portfolio of environmentally beneficial materials • Operating in large, dynamic, and global markets, with favorable long-term trends • Global footprint and service focus, as well as 12 patents and 50 trademarks create competitive advantages and barriers to entry • Investing to Support Growth – Continued strategic investments in Natur-Tec® and ZERUST® Oil & Gas – Consolidating India warehouses into a larger single facility and adding manufacturing capacity to support growth – Added a facility in Brazil to support growth opportunities in this market – Added new facility to increase capacity in Circle Pines • Commitment to creating long-term shareholder value – Compelling organic growth opportunities – Significant improvement in earnings – Disciplined capital management – History of returning capital to shareholders • Strong, experienced, and motivated management team – Management aligned with shareholders and insiders own about 18% of the total outstanding shares 23
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State of the Business 24 ZERUST ® Industrial ZERUST ® Oil & Gas Natur-Tec ® Joint Ventures • ZERUST® Industrial growth driven by increased demand for North American ZERUST® industrial products. • Sales in China continue to stabilize. The majority of current NTIC China sales are for domestic consumption and therefore the Company believes NTIC China’s exposure to tariffs is limited. • Demand for ZERUST® products and services depends heavily on the overall health of the markets in which NTIC sells its products. • Seasonality and the timing of orders can impact quarterly comparisons. • Sales pipeline continues to grow among both new and existing customers, which today still focus primarily on protecting aboveground oil storage tanks and pipeline casings from corrosion. • The Company continues to expect seasonal ordering patterns to drive fluctuations in sales but expects growth in this sector through fiscal 2026 and beyond. • In November 2025, Zerust Brazil secured a new three-year ~$13 million contract for a major offshore project with a leading global EPC company. • Recent sales trends impacted by order timing and seasonal variation. • The long-term market opportunities remain strong. In addition, U.S. organic diversion mandates and waste management rules are created at the local municipality and state levels. • The Company does not expect changes to federal priorities to impact local U.S. demand for Natur-Tec® compostable solution. • In Q4 of FY25, entered into a preferred supplier agreement with the nation's leading specialized distributor for JanSan, foodservice and industrial packaging. • Joint Venture sales reflects the continued impacts of high energy prices and regional economic pressures in the European economy, as well as increased uncertainty related to U.S. trade and economic policies and the potential impacts this will have on global supply chains. • Cautiously optimistic that recent government spending on defense and industrial production in Germany will benefit NTIC German joint venture in the coming quarters.