Minerals Technologies Investor Day 2026

Good morning everyone, and welcome to Minerals Technologies' 2026 Investor Day. We are broadcasting today from our Bethlehem, Pennsylvania, which is the center for R&D for crystal engineering technology, and also our corporate offices. Please note that some of the statements may be forward-looking, within the meaning of federal securities laws. There is a cautionary statement that you can find on this page in the presentation. Also, some of the numbers in the presentation might be non-GAAP. There is a reconciliation to GAAP financials at the appendix of this presentation, at the end of this presentation, that is also available online. Today's agenda, we will start with company overview presented by Doug Dietrich, our Chairman and Chief Executive Officer, followed by a presentation about our financial targets and our performance and strategy going forward, presented by Eric Aldag, our Chief Financial Officer.

Two of our product line leaders will present our growth strategies as well as innovative pipeline for specialty additives and crystal engineering, as well as high-temperature technologies focusing on steel making and metallization. Followed their presentation, we will have time for Q&A. For those who are online, you can type in your question and I will read it. We will try to answer as many as possible. Once we conclude webcast presentation, we will have an in-person R&D tour of our labs, where our leaders of our R&D for crystal engineering and steel making metallization will have a special presentation. Now I will introduce Doug, please.

Thank you, Lydia. Thanks, Lydia. Thanks really for everyone joining today, and it is really good for those that have joined online as well. We are really excited actually to do this here today. I know we did a couple of years ago at our Hoffman Estates laboratories. We showed you a couple of our product lines in our bentonite-based businesses. This will be a little bit different. This is the other side of the company. This is our high-temperature technologies refractories portion. We are going to take you through some of those technologies and pipelines today, and also our crystal engineering, which is associated with our specialty additives product line. Bethlehem, a little bit about Bethlehem, Pennsylvania. We have four buildings on this campus. This one you are in is our research and development campus, or research and development building. It is about 120 people reside here. No manufacturing, but R&D. We have our back offices, some of our business unit leaders as you see here, commercial, marketing, and some of the shared services and accounting are here.

So about 120 people. It has been a longstanding place, one of the largest centers of people for Minerals Technologies in the U.S. Let us get started. I know many of you are familiar with the company and those online might not be, but I wanted to take you through just a quick overview of the company before I hand it over to the product line managers. First couple things, key differentiators for MTI. We talk about this all the time, but it is our balanced portfolio of consumer and industrial businesses, and leading market positions that we have driven by the value we provide by some of the technologies you are going to see today that give us these leading positions in our markets.

I'm going to take you more into why that balance of consumer industrial matters to our long-term growth. It's also founded on our vertical integration of our natural resources. We have mines throughout the world. These are world-class mines, and that provides that stability to be able to provide local content, local solutions to customers, which actually is becoming more important these days with supply chain disruptions. We're able to operate around the world with these technologies, giving us these leading positions in the markets we serve. Minerals Technologies. Technologies has always been in our name. We are very focused on innovation and new product development. You're going to see some of that today. Being able to apply these core technologies that we call them, to these mineral reserves to provide valuable solutions into multiple markets, and I'll take you through that.

Another key differentiator of us, not just vertically integrated, balanced portfolio, leading positions in our markets, we're very financially stable. We generate a lot of cash flow, significant cash flow, about 6%-7% of our revenue goes to free cash flow every year. That enables us to fund the organic growth, fund returns to shareholders, fund inorganic growth as well. So a lot of optionality to the company. It's that growth that we're going to show you today, the profit margin improvement, that cash flow that provides the resources for the company to continue this and continue to drive value through that cash flow. You don't realize that every day from the time you get up to the time you go to bed, you're probably coming across one of our products, throughout your day. Whether you're actually consuming it, we have some products over here.

You're consuming it in a calcium-fortified beverage or a candy or food or some sort of pharmaceutical. You might be consuming it if you have a cat, as a cat litter product, a cat on the shelf. It might also be in something that you're consuming every day. It all starts with these unique global resources. We have, as I mentioned, resources around the world. It's really only two main minerals that we supply. We have global bentonite reserves. We're the largest bentonite producer in the world. Sodium bentonite is a very unique form of that bentonite, and calcium carbonate. Now there's limestone everywhere, but to have a global kind of a world-class mine is very different because having these unique resources, you have to have the right type of mineral. You have to have the right size and particle shape.

You have to have the right chemistry, and many types, the right color. To be able to apply these minerals to these diverse end markets, they have to be world-class in nature, and we have many, many years of supply of them. So it starts with really unique global resources. More than that, you have to apply technologies to make them applicable and valuable in what they go into for our customers. We have four core technologies. We're going to talk deeper about two of them today. Those core technologies are functional additives, crystal engineering, engineered blends, and particle surface modification. We can go deeper into all of them today, but when we apply those kind of core capabilities to our global mineral reserves, it enables us to be valuable in many different products.

At home, when you wake up, your toothpaste, a lot of the articles in your house, your cat litter, as I mentioned, your household products, maybe your fabric care products, building materials all throughout your house, personal care, your boxes, the box that comes decorated, or the Amazon box that top surface is something that we've probably participated in as well. We're outside. We're in your agriculture. We're in agriculture material or products that are helping with crop enhancement. We're in livestock in terms of taking toxins out of livestock stomachs with feed additives, water purification, as you know, with our PFAS remediation treatment, remediation landfill lining systems. We're in printing and paper, commercial buildings, cars and trucks, foundry steel, you name it. You're probably coming across something directly we've produced or using something that we've helped our customer manufacture every day.

Just a quick framework of the company. Many of you know this, $2.1 billion in sales. There's the balance between consumer, about 50% consumer-oriented, 50% industrial. These are our main markets that we serve, largest being consumer applications, as I mentioned, 18% into paper and more so into packaging, steel production, construction, that's residential and commercial construction, automotive and transportation. This comes in the form of also steel, but foundry products. The cars you drive and the heavy trucks that are delivering your products are coming with cast parts made from our green sand bonds. Largely U.S.-based or North America-based, 56% here. 24% our second-largest region, EMEA, and a growing 17% in Asia. Asia defined as China, Southeast Asia, India.

Oh, I wanted to mention, I'll go back, but I wanted to mention 4,000 employees, again, global company, 34 countries, and as we mentioned, innovation is key to us, so 12 R&D centers, this being one of them. You visited one in Chicago last year or two years ago, and we have one about 10 miles down the road in Easton, Pennsylvania. Here's the balance. Here's how we report ourselves in terms of structure with the two segments, consumer and specialties and engineered solutions, both about $1 billion of the company in terms of revenue. Four product lines, the household and personal care and specialty additives, that's in consumer and specialties. Why do we put them this way?

Well, in the consumer and specialty side, these are functional components in a variety of consumer and industrial goods, meaning these are things that you're either consuming directly or they're in something that you're using, a product you're using. On the other side, the engineered solutions is not something you're necessarily consuming directly that we make. We're making something that helps our customers manufacture something. So think of steel, think of a lining system for environmental or wastewater treatment, horizontal directional drilling, foundry products that you're using in your car. So engineered solutions for manufacturing, consumer products or additives that you're consuming in your day. We're going to go through two of these today. First, I'm going to take you to our growth strategy, and we have described these product lines in a little more detail.

The way we grow the company, it's a pretty basic strategy, but it has some depth in how we go about that. The first thing was we look to grow the company in a balanced way through these Engineered Solutions and consumer products into higher growth markets. The consumer piece is one of those. We purposely put ourselves into higher growth consumer markets about five years ago, acquisition of pet litter companies, combining to be the largest private label pet litter company to move ourselves into higher growth markets. We've also innovated in natural ingredients for personal care. Again, higher growth consumer market, putting ourselves in higher growth geographies in Asia cat litter, innovating around renewable fuels. We've talked a lot about sustainable aviation fuel, and then also putting ourselves in Asia for metal casting, which is an under-penetrated region for our supply or our product.

These are higher growth markets, either themselves or in geographies that we've put ourselves into to drive growth higher in the company. The second piece of this, though, is deepening positions in our core markets. We are leading positions around the world in many of our markets, but we can do more to gain share in those markets, and we've done that by moving ourselves into packaging. We're going to talk about that today into steel making. We're going to show you how we've done that today with refractory formulations and automation and intelligent systems. We've deepened our positions in North America metal casting with new formulations for our customers here and also developing and deepening in environmental solutions as that market continues to grow for need for solutions that we provide. Underpinning all of this are new solutions and innovative products.