UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11430
MINERALS TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Delaware |  | 25-1190717
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

622 Third Avenue, New York, New York 10017-6707
(Address of principal executive offices, including zip code)
(212) 878-1800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol | Name of exchange on which registered
Common Stock, $0.10 par value | MTX | New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ |  | No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ |  | No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or and emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ | Accelerated Filer ☐
Non-accelerated Filer ☐ | Smaller Reporting Company ☐
Emerging Growth Company ☐ |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ |  | No ☒

As of October 14, 2025, there were 31,134,308 shares of common stock, par value of $0.10 per share, of the registrant outstanding.
1

MINERALS TECHNOLOGIES INC.
INDEX TO FORM 10-Q

| Page No.
PART I. FINANCIAL INFORMATION |
Item 1. | Financial Statements: |
| Condensed Consolidated Statements of Income (Loss) for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (Unaudited) | 3
| Condensed Consolidated Statements of Comprehensive Income (Loss) for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024 (Unaudited) | 4
| Condensed Consolidated Balance Sheets as of September 28, 2025 (Unaudited) and December 31, 2024 | 5
| Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 28, 2025 and September 29, 2024 (Unaudited) | 6
| Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three-month periods ended September 28, 2025 , June 29, 2025 and March 30, 2025 and September 29, 2024, June 30, 2024 and March 31, 2024 (Unaudited) | 7
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 9
| Report of Independent Registered Public Accounting Firm | 22
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 33
Item 4. | Controls and Procedures | 34
PART II. OTHER INFORMATION |
Item 1. | Legal Proceedings | 34
Item 1A. | Risk Factors | 34
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 34
Item 3. | Default Upon Senior Securities | 35
Item 4. | Mine Safety Disclosures | 35
Item 5. | Other Information | 35
Item 6. | Exhibits | 35
Signature |  | 36

2

PART 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars, except per share data) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Net sales | $ | 532.4 |  |  | $ | 524.7 |  |  | $ | 1,553.1 |  |  | $ | 1,600.4 |
Cost of goods sold |  | 395.4 |  |  |  | 389.5 |  |  |  | 1,159.6 |  |  |  | 1,185.4 |
Production margin |  | 137.0 |  |  |  | 135.2 |  |  |  | 393.5 |  |  |  | 415.0 |
Marketing and administrative expenses |  | 53.0 |  |  |  | 50.1 |  |  |  | 155.8 |  |  |  | 156.4 |
Research and development expenses |  | 5.6 |  |  |  | 5.9 |  |  |  | 17.1 |  |  |  | 17.3 |
Provision for litigation reserve and credit losses |  | - |  |  |  | - |  |  |  | 215.0 |  |  |  | 30.0 |
Restructuring and other items |  | - |  |  |  | - |  |  |  | 11.3 |  |  |  | - |
Gain on sale of assets, net |  | - |  |  |  | - |  |  |  | (5.6 | ) |  |  | - |
Litigation expenses |  | 7.5 |  |  |  | 2.6 |  |  |  | 14.5 |  |  |  | 8.9 |
Income (loss) from operations |  | 70.9 |  |  |  | 76.6 |  |  |  | (14.6 | ) |  |  | 202.4 |
Interest expense, net |  | (13.8 | ) |  |  | (14.0 | ) |  |  | (41.6 | ) |  |  | (43.8 | )
Other non-operating deductions, net |  | (0.5 | ) |  |  | (3.1 | ) |  |  | (4.4 | ) |  |  | (4.4 | )
Total non-operating deductions, net |  | (14.3 | ) |  |  | (17.1 | ) |  |  | (46.0 | ) |  |  | (48.2 | )
Income (loss) before tax and equity in earnings |  | 56.6 |  |  |  | 59.5 |  |  |  | (60.6 | ) |  |  | 154.2 |
Provision (benefit) for taxes on income |  | 13.5 |  |  |  | 13.7 |  |  |  | (4.7 | ) |  |  | 43.2 |
Equity in earnings of affiliates, net of tax |  | 1.1 |  |  |  | 1.9 |  |  |  | 3.4 |  |  |  | 5.2 |
Net income (loss) |  | 44.2 |  |  |  | 47.7 |  |  |  | (52.5 | ) |  |  | 116.2 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to non-controlling interests |  | 1.2 |  |  |  | 1.0 |  |  |  | 3.1 |  |  |  | 3.1 |
Net income (loss) attributable to Minerals Technologies Inc. | $ | 43.0 |  |  | $ | 46.7 |  |  | $ | (55.6 | ) |  | $ | 113.1 |
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Minerals Technologies Inc. | $ | 1.37 |  |  | $ | 1.45 |  |  | $ | (1.76 | ) |  | $ | 3.51 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Minerals Technologies Inc. | $ | 1.37 |  |  | $ | 1.45 |  |  | $ | (1.76 | ) |  | $ | 3.49 |
Cash dividends declared per common share | $ | 0.11 |  |  | $ | 0.10 |  |  | $ | 0.33 |  |  | $ | 0.30 |
Shares used in computation of earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 31.3 |  |  |  | 32.1 |  |  |  | 31.6 |  |  |  | 32.2 |
Diluted |  | 31.3 |  |  |  | 32.3 |  |  |  | 31.6 |  |  |  | 32.4 |

See accompanying Notes to Condensed Consolidated Financial Statements.
3

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Net income (loss) | $ | 44.2 |  |  | $ | 47.7 |  |  | $ | (52.5 | ) |  | $ | 116.2 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (5.0 | ) |  |  | 24.7 |  |  |  | 34.8 |  |  |  | (9.7 | )
Pension and postretirement plan adjustments |  | 0.1 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.7 |
Unrealized losses on derivative instruments |  | (0.1 | ) |  |  | (2.1 | ) |  |  | (0.3 | ) |  |  | (0.6 | )
Total other comprehensive income (loss), net of tax |  | (5.0 | ) |  |  | 22.8 |  |  |  | 34.8 |  |  |  | (9.6 | )
Total comprehensive income (loss) including non-controlling interests |  | 39.2 |  |  |  | 70.5 |  |  |  | (17.7 | ) |  |  | 106.6 |
Comprehensive income attributable to non-controlling interests |  | 0.8 |  |  |  | 4.6 |  |  |  | 2.2 |  |  |  | 5.1 |
Comprehensive income (loss) attributable to Minerals Technologies Inc. | $ | 38.4 |  |  | $ | 65.9 |  |  | $ | (19.9 | ) |  | $ | 101.5 |

See accompanying Notes to Condensed Consolidated Financial Statements.
4

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS

|  | Sep. 28, |  |  |  | Dec. 31, |
(in millions of dollars) |  | 2025* |  |  |  | 2024** |
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 319.6 |  |  | $ | 333.1 |
Short-term investments |  | 8.7 |  |  |  | 4.0 |
Accounts receivable, net |  | 413.4 |  |  |  | 385.2 |
Inventories |  | 363.7 |  |  |  | 342.1 |
Prepaid expenses and other current assets |  | 67.9 |  |  |  | 66.6 |
Total current assets |  | 1,173.3 |  |  |  | 1,131.0 |
Property, plant and equipment |  | 2,307.3 |  |  |  | 2,236.6 |
Less accumulated depreciation and depletion |  | (1,294.4 | ) |  |  | (1,246.9 | )
Property, plant and equipment, net |  | 1,012.9 |  |  |  | 989.7 |
Goodwill |  | 916.2 |  |  |  | 913.8 |
Intangible assets |  | 211.5 |  |  |  | 218.1 |
Deferred income taxes |  | 15.7 |  |  |  | 14.8 |
Other assets and deferred charges |  | 129.2 |  |  |  | 126.5 |
Total assets | $ | 3,458.8 |  |  | $ | 3,393.9 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Short-term debt | $ | 13.4 |  |  | $ | 5.1 |
Current maturities of long-term debt |  | 6.5 |  |  |  | 6.5 |
Accounts payable |  | 196.9 |  |  |  | 185.5 |
Other current liabilities |  | 374.7 |  |  |  | 200.6 |
Total current liabilities |  | 591.5 |  |  |  | 397.7 |
Long-term debt, net of unamortized discount and deferred financing costs |  | 957.8 |  |  |  | 959.6 |
Deferred income taxes |  | 87.4 |  |  |  | 130.5 |
Accrued pension and post-retirement benefits |  | 14.2 |  |  |  | 20.5 |
Other non-current liabilities |  | 98.4 |  |  |  | 102.4 |
Total liabilities |  | 1,749.3 |  |  |  | 1,610.7 |
Commitments and contingencies |  |  |  |  |  |  |
Shareholders’ equity: |  |  |  |  |  |  |
Common stock |  | 5.0 |  |  |  | 5.0 |
Additional paid-in capital |  | 530.4 |  |  |  | 523.9 |
Retained earnings |  | 2,448.5 |  |  |  | 2,514.5 |
Accumulated other comprehensive loss |  | (351.5 | ) |  |  | (387.1 | )
Less common stock held in treasury |  | (957.2 | ) |  |  | (909.3 | )
Total Minerals Technologies Inc. shareholders’ equity |  | 1,675.2 |  |  |  | 1,747.0 |
Non-controlling interests |  | 34.3 |  |  |  | 36.2 |
Total shareholders’ equity |  | 1,709.5 |  |  |  | 1,783.2 |
Total liabilities and shareholders’ equity | $ | 3,458.8 |  |  | $ | 3,393.9 |

* Unaudited
** Condensed from audited financial statements
See accompanying Notes to Condensed Consolidated Financial Statements.
5

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

| Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |
Operating Activities: |  |  |  |  |  |  |
Net income (loss) | $ | (52.5 | ) |  | $ | 116.2 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation, depletion and amortization |  | 67.9 |  |  |  | 70.6 |
Reduction of right of use asset |  | 11.7 |  |  |  | 10.6 |
Provision for litigation reserve and credit losses |  | 215.0 |  |  |  | 30.0 |
Restructuring costs |  | 11.3 |  |  |  | - |
Pension funding |  | (6.4 | ) |  |  | (11.3 | )
Other non-cash items, net |  | (37.0 | ) |  |  | 0.8 |
Net changes in operating assets and liabilities |  | (80.6 | ) |  |  | (50.9 | )
Net cash provided by operating activities |  | 129.4 |  |  |  | 166.0 |
Investing Activities: |  |  |  |  |  |  |
Purchases of property, plant and equipment, net |  | (74.7 | ) |  |  | (61.4 | )
Payments related to acquisition of business, net of cash acquired |  | - |  |  |  | (4.0 | )
Proceeds from sale of short-term investments |  | 7.8 |  |  |  | 4.2 |
Purchases of short-term investments |  | (11.7 | ) |  |  | (7.7 | )
Other investing activities |  | (16.7 | ) |  |  | (8.7 | )
Net cash used in investing activities |  | (95.3 | ) |  |  | (77.6 | )
Financing Activities: |  |  |  |  |  |  |
Proceeds from issuance of short-term debt |  | 8.2 |  |  |  | - |
Repayment of long-term debt |  | (3.2 | ) |  |  | (7.2 | )
Repayment of short-term debt |  | - |  |  |  | (25.4 | )
Purchase of common stock for treasury |  | (47.5 | ) |  |  | (57.4 | )
Proceeds from issuance of stock under option plan |  | 0.6 |  |  |  | 13.9 |
Excess tax benefits related to stock incentive programs |  | (3.5 | ) |  |  | (2.8 | )
Dividends paid to non-controlling interests |  | (4.1 | ) |  |  | (1.0 | )
Cash dividends paid |  | (10.4 | ) |  |  | (9.7 | )
Net cash used in financing activities |  | (59.9 | ) |  |  | (89.6 | )
Effect of exchange rate changes on cash and cash equivalents |  | 12.3 |  |  |  | 1.1 |
Net decrease in cash and cash equivalents |  | (13.5 | ) |  |  | (0.1 | )
Cash and cash equivalents at beginning of period |  | 333.1 |  |  |  | 317.2 |
Cash and cash equivalents at end of period | $ | 319.6 |  |  | $ | 317.1 |
Supplemental disclosure of cash flow information: |  |  |  |  |  |  |
Interest paid | $ | 46.5 |  |  | $ | 51.5 |
Income taxes paid | $ | 53.2 |  |  | $ | 49.8 |
Non-cash investing and financing activities: |  |  |  |  |  |  |
Property, plant and equipment additions related to asset retirement obligations | $ | - |  |  | $ | 7.0 |
Treasury stock purchases settled after period end | $ | 0.2 |  |  | $ | 0.2 |
Excise tax charged to equity not paid | $ | 0.2 |  |  | $ | 0.4 |

See accompanying Notes to Condensed Consolidated Financial Statements.
6

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)

| Equity Attributable to MTI |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Additional |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Common |  |  |  | Paid-in |  |  |  | Retained |  |  |  | Comprehensive |  |  |  | Treasury |  |  |  | Non-controlling |  |  |  |  |
(in millions of dollars) |  | Stock |  |  |  | Capital |  |  |  | Earnings |  |  |  | Loss |  |  |  | Stock |  |  |  | Interests |  |  |  | Total |
Balance as of December 31, 2024 | $ | 5.0 |  |  | $ | 523.9 |  |  | $ | 2,514.5 |  |  | $ | (387.1 | ) |  | $ | (909.3 | ) |  | $ | 36.2 |  |  | $ | 1,783.2 |
Net income (loss) |  | - |  |  |  | - |  |  |  | (144.0 | ) |  |  | - |  |  |  | - |  |  |  | 1.0 |  |  |  | (143.0 | )
Other comprehensive income, net |  | - |  |  |  | - |  |  |  | - |  |  |  | 10.3 |  |  |  | - |  |  |  | (0.6 | ) |  |  | 9.7 |
Dividends declared |  | - |  |  |  | - |  |  |  | (3.6 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.6 | )
Issuance of shares pursuant to employee stock compensation plans |  | - |  |  |  | 0.1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.1 |
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (11.5 | ) |  |  | - |  |  |  | (11.5 | )
Stock-based compensation |  | - |  |  |  | 3.0 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3.0 |
Conversion of RSU's for tax withholding |  | - |  |  |  | (3.1 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.1 | )
Balance as of March 30, 2025 | $ | 5.0 |  |  | $ | 523.9 |  |  | $ | 2,366.9 |  |  | $ | (376.8 | ) |  | $ | (920.8 | ) |  | $ | 36.6 |  |  | $ | 1,634.8 |
Net income |  | - |  |  |  | - |  |  |  | 45.4 |  |  |  | - |  |  |  | - |  |  |  | 0.9 |  |  |  | 46.3 |
Other comprehensive income, net |  | - |  |  |  | - |  |  |  | - |  |  |  | 29.9 |  |  |  | - |  |  |  | 0.2 |  |  |  | 30.1 |
Dividends declared |  | - |  |  |  | - |  |  |  | (3.4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.4 | )
Dividends paid to non-controlling interests |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.7 | ) |  |  | (3.7 | )
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (19.1 | ) |  |  | - |  |  |  | (19.1 | )
Stock-based compensation |  | - |  |  |  | 3.0 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3.0 |
Balance as of June 29, 2025 | $ | 5.0 |  |  | $ | 526.9 |  |  | $ | 2,408.9 |  |  | $ | (346.9 | ) |  | $ | (939.9 | ) |  | $ | 34.0 |  |  | $ | 1,688.0 |
Net income |  | - |  |  |  | - |  |  |  | 43.0 |  |  |  | - |  |  |  | - |  |  |  | 1.2 |  |  |  | 44.2 |
Other comprehensive income, net |  | - |  |  |  | - |  |  |  | - |  |  |  | (4.6 | ) |  |  | - |  |  |  | (0.4 | ) |  |  | (5.0 | )
Dividends declared |  | - |  |  |  | - |  |  |  | (3.4 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.4 | )
Dividends paid to non-controlling interests |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.5 | ) |  |  | (0.5 | )
Issuance of shares pursuant to employee stock compensation plans |  | - |  |  |  | 0.5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.5 |
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (17.3 | ) |  |  | - |  |  |  | (17.3 | )
Stock-based compensation |  | - |  |  |  | 3.0 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3.0 |
Balance as of September 28, 2025 | $ | 5.0 |  |  | $ | 530.4 |  |  | $ | 2,448.5 |  |  | $ | (351.5 | ) |  | $ | (957.2 | ) |  | $ | 34.3 |  |  | $ | 1,709.5 |

See accompanying Notes to Condensed Consolidated Financial Statements.
7

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)

| Equity Attributable to MTI |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Additional |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Common |  |  |  | Paid-in |  |  |  | Retained |  |  |  | Comprehensive |  |  |  | Treasury |  |  |  | Non-controlling |  |  |  |  |
(in millions of dollars) |  | Stock |  |  |  | Capital |  |  |  | Earnings |  |  |  | Income (Loss) |  |  |  | Stock |  |  |  | Interests |  |  |  | Total |
Balance as of December 31, 2023 | $ | 4.9 |  |  | $ | 501.2 |  |  | $ | 2,360.6 |  |  | $ | (369.4 | ) |  | $ | (845.3 | ) |  | $ | 34.7 |  |  | $ | 1,686.7 |
Net income |  | - |  |  |  | - |  |  |  | 46.7 |  |  |  | - |  |  |  | - |  |  |  | 0.9 |  |  |  | 47.6 |
Other comprehensive loss, net |  | - |  |  |  | - |  |  |  | - |  |  |  | (21.9 | ) |  |  | - |  |  |  | (0.8 | ) |  |  | (22.7 | )
Dividends declared |  | - |  |  |  | - |  |  |  | (3.2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.2 | )
Issuance of shares pursuant to employee stock compensation plans |  | 0.1 |  |  |  | 2.3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2.4 |
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15.0 | ) |  |  | - |  |  |  | (15.0 | )
Stock-based compensation |  | - |  |  |  | 2.9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2.9 |
Conversion of RSU's for tax withholding |  | - |  |  |  | (2.8 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2.8 | )
Balance as of March 31, 2024 | $ | 5.0 |  |  | $ | 503.6 |  |  | $ | 2,404.1 |  |  | $ | (391.3 | ) |  | $ | (860.3 | ) |  | $ | 34.8 |  |  | $ | 1,695.9 |
Net income |  | - |  |  |  | - |  |  |  | 19.7 |  |  |  | - |  |  |  | - |  |  |  | 1.2 |  |  |  | 20.9 |
Other comprehensive loss, net |  | - |  |  |  | - |  |  |  | - |  |  |  | (8.9 | ) |  |  | - |  |  |  | (0.7 | ) |  |  | (9.6 | )
Dividends declared |  | - |  |  |  | - |  |  |  | (3.3 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.3 | )
Dividends paid to non-controlling interests |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.4 | ) |  |  | (0.4 | )
Issuance of shares pursuant to employee stock compensation plans |  | - |  |  |  | 10.7 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10.7 |
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (19.7 | ) |  |  | - |  |  |  | (19.7 | )
Stock-based compensation |  | - |  |  |  | 3.0 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3.0 |
Balance as of June 30, 2024 | $ | 5.0 |  |  | $ | 517.3 |  |  | $ | 2,420.5 |  |  | $ | (400.2 | ) |  | $ | (880.0 | ) |  | $ | 34.9 |  |  | $ | 1,697.5 |
Net income |  | - |  |  |  | - |  |  |  | 46.7 |  |  |  | - |  |  |  | - |  |  |  | 1.0 |  |  |  | 47.7 |
Other comprehensive income, net |  | - |  |  |  | - |  |  |  | - |  |  |  | 19.3 |  |  |  | - |  |  |  | 3.5 |  |  |  | 22.8 |
Dividends declared |  | - |  |  |  | - |  |  |  | (3.2 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (3.2 | )
Dividends paid to non-controlling interests |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.6 | ) |  |  | (0.6 | )
Issuance of shares pursuant to employee stock compensation plans |  | - |  |  |  | 0.8 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.8 |
Purchase of common stock for treasury |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (23.1 | ) |  |  | - |  |  |  | (23.1 | )
Stock-based compensation |  | - |  |  |  | 2.9 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2.9 |
Balance as of September 29, 2024 | $ | 5.0 |  |  | $ | 521.0 |  |  | $ | 2,464.0 |  |  | $ | (380.9 | ) |  | $ | (903.1 | ) |  | $ | 38.8 |  |  | $ | 1,744.8 |

See accompanying Notes to Condensed Consolidated Financial Statements.
8

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements have been prepared by management of Minerals Technologies Inc. (together with its subsidiaries, the “Company”, “MTI”, “we”, or “us”) in accordance with the rules and regulations of the United States Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for a fair presentation of the financial information for the periods indicated, have been included. The results for the three-month and nine-month period ended September 28, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Company Operations
The Company is a global, technology-driven specialty minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services. We utilize global mineral reserves with our core technologies and applications to deliver innovative solutions for products that are part of everyday life. We serve customers in consumer and industrial markets worldwide.
The Company has two reportable segments: Consumer & Specialties and Engineered Solutions.

- The Consumer & Specialties segment serves consumer end markets directly and provides mineral-based solutions and technologies that are essential to our customers’ products. The two product lines in this segment are Household & Personal Care - our mineral-to-shelf product line that serves pet care, personal and household care, fluid purification and other consumer oriented markets, and Specialty Additives, delivering specialty mineral additives to a variety of consumer and industrial end markets including p aper, packaging, construction, automotive, and food and pharmaceuticals.

- The Engineered Solutions segment combines all engineered systems, mineral blends, and technologies that are designed to aid in customer processes and projects. The two product lines in this segment are High-Temperature Technologies – combining all of our mineral-based blends, technologies, and systems serving the foundry, steel, glass, aluminum and other high-temperature processing industries, and Environmental & Infrastructure, which includes environmental and remediation solutions such as geosynthetic clay lining systems, water remediation technologies as well as drilling, commercial building and infrastructure-related products.

Use of Estimates
The Company employs accounting policies that are in accordance with U.S. generally accepted accounting principles and require management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Significant estimates include those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances, contingent liabilities, provision for credit losses, and pension plan assumptions. Actual results could differ from those estimates.
Reclassifications
Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three and nine-month periods ended September 28, 2025.
9

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Recently Issued Accounting Standards
Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for periods beginning on or after December 15, 2024. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but could result in disaggregation of the Company’s tax footnote.
Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, that requires entities to disclose additional information in the notes to the financial statements about prescribed categories underlying any relevant income statement expense caption. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements but will result in disaggregation of the Company’s income statement expenses.
Note 2. Revenue from Contracts with Customers
The following table disaggregates our revenue by major source (product line) for the three and nine-month periods ended September 28, 2025 and September 29, 2024:

(in millions of dollars) | Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
Net Sales |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Household & Personal Care | $ | 129.8 |  |  | $ | 130.9 |  |  | $ | 380.3 |  |  | $ | 396.1 |
Specialty Additives |  | 147.6 |  |  |  | 149.4 |  |  |  | 443.1 |  |  |  | 465.4 |
Consumer & Specialties Segment |  | 277.4 |  |  |  | 280.3 |  |  |  | 823.4 |  |  |  | 861.5 |
High-Temperature Technologies |  | 178.9 |  |  |  | 174.8 |  |  |  | 526.7 |  |  |  | 536.8 |
Environmental & Infrastructure |  | 76.1 |  |  |  | 69.6 |  |  |  | 203.0 |  |  |  | 202.1 |
Engineered Solutions Segment |  | 255.0 |  |  |  | 244.4 |  |  |  | 729.7 |  |  |  | 738.9 |
Total net sales | $ | 532.4 |  |  | $ | 524.7 |  |  | $ | 1,553.1 |  |  | $ | 1,600.4 |

Note 3. Earnings (loss) per Share (EPS)
Basic earnings (loss) per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are based upon the weighted average number of common shares outstanding during the period, assuming the issuance of common shares for all potentially dilutive common shares outstanding.
10

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table sets forth the computation of basic and diluted earnings (loss) per share:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars, except per share data) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Net income (loss) attributable to Minerals Technologies Inc. | $ | 43.0 |  |  | $ | 46.7 |  |  | $ | (55.6 | ) |  | $ | 113.1 |
Weighted average shares outstanding |  | 31.3 |  |  |  | 32.1 |  |  |  | 31.6 |  |  |  | 32.2 |
Dilutive effect of stock options and deferred restricted stock units |  | - |  |  |  | 0.2 |  |  |  | - |  |  |  | 0.2 |
Weighted average shares outstanding, adjusted |  | 31.3 |  |  |  | 32.3 |  |  |  | 31.6 |  |  |  | 32.4 |
Basic earnings (loss) per share attributable to Minerals Technologies Inc. | $ | 1.37 |  |  | $ | 1.45 |  |  | $ | (1.76 | ) |  | $ | 3.51 |
Diluted earnings (loss) per share attributable to Minerals Technologies Inc. | $ | 1.37 |  |  | $ | 1.45 |  |  | $ | (1.76 | ) |  | $ | 3.49 |

Of the options outstanding of 1,582,083 and 1,466,366 for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024, respectively, options to purchase 1,209,857 shares and 660,373 shares of common stock for the three-month and nine-month periods ending September 28, 2025 and September 29, 2024, respectively, were not included in the computation of diluted earnings (loss) per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares. Due to our net loss in the nine month period ended September 28, 2025, all options to purchase shares were anti-dilutive and were excluded.
Note 4. Restructuring and Other Items
In the second quarter of 2025, the Company recorded a $5.8 million charge in restructuring and other items for the write-down of assets and other charges relating to the consolidation of two facilities.
In the first quarter of 2025, the Company initiated a cost savings program, primarily through workforce reductions, and recorded a charge of $5.5 million for severance and other related costs associated with this program.
The following table outlines the amount of restructuring charges recorded within the Condensed Consolidated Statements of Income (Loss) and the segment they relate to:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Write-down of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | - |  |  | $ | - |  |  | $ | 1.7 |  |  | $ | - |
Engineered Solutions |  | - |  |  |  | - |  |  |  | 1.7 |  |  |  | - |
Total charge for asset write-downs | $ | - |  |  | $ | - |  |  | $ | 3.4 |  |  | $ | - |
Severance and other related costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | - |  |  | $ | - |  |  | $ | 4.1 |  |  | $ | - |
Engineered Solutions |  | - |  |  |  | - |  |  |  | 1.6 |  |  |  | - |
Corporate |  | - |  |  |  | - |  |  |  | 2.2 |  |  |  | - |
Total severance and other related costs | $ | - |  |  | $ | - |  |  | $ | 7.9 |  |  | $ | - |
Total restructuring and other items | $ | - |  |  | $ | - |  |  | $ | 11.3 |  |  | $ | - |

11

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
At September 28, 2025, the Company had $5.9 million included within other current liabilities in the Condensed Consolidated Balance Sheet for cash expenditures needed to satisfy remaining obligations under workforce reduction initiatives. The Company expects to pay these amounts within the next twelve months.
The following table is a reconciliation of our restructuring liability balance relating to workforce reductions as of September 28, 2025:

(in millions of dollars) |  |  |
Restructuring liability, December 31, 2024 | $ | 2.4 |
Additional provisions |  | 5.5 |
Cash payments |  | (2.0 | )
Restructuring liability, September 28, 2025 | $ | 5.9 |

Note 5. Income Taxes
Provision (benefit) for taxes was $13.5 million and $(4.7) million during the three-month and nine-month periods ended September 28, 2025. Provision for taxes was $13.7 million and $43.2 million during the three-month and nine-month periods ended September 29, 2024. The benefit from taxes for the nine-month period ended September 28, 2025 relates to pre-tax losses, primarily as a result of the provision for litigation reserve and credit losses recorded in the first quarter of 2025. The effective tax rate was 23.9% for the three-month period ended September 28, 2025, as compared with 23.0% for the three-month period ended September 29, 2024. The effective tax rate was 7.8% for the nine-month period ended September 28, 2025, as compared with 28.0% for the nine-month period ended September 29, 2024. The lower rate in the current year was primarily due to the provision for the litigation reserve and credit losses and the mixture of earnings.
As of September 28, 2025, the Company had approximately $2.1 million of total unrecognized income tax benefits. Included in this amount were a total of $1.4 million of unrecognized income tax benefits that, if recognized, would affect the Company’s effective tax rate. While it is expected that the amount of unrecognized tax benefits will change in the next 12 months, the Company does not expect the change to have a significant impact on the results of operations or the financial position of the Company.
The Company’s accounting policy is to recognize interest and penalties accrued, relating to unrecognized income tax or benefit as part of its provision for income taxes. The Company recorded net immaterial additions during the three-month period ended September 28, 2025 and had an accrued balance of $0.5 million of interest and penalties as of September 28, 2025.
The Company operates in multiple taxing jurisdictions, both within and outside the U.S. In certain situations, a taxing authority may challenge positions that the Company has adopted in its income tax filings. The Company, with a few exceptions (none of which are material), is no longer subject to U.S. federal, state, local, and international income tax examinations by tax authorities for years prior to 2017.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The Company is currently evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position, but we expect that the legislation will likely not have a material impact on our financial statements.
In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two Model Rules which aim to reform international corporate taxation rules, including the implementation of a global minimum tax rate. The Company began implementation of the Pillar Two Model Rules in the first quarter of 2024. The Company continues to assess the effect of the Pillar Two Model Rules in all jurisdictions and does not expect that Pillar Two will have a material impact on its consolidated financial statements.
12

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 6. Inventories
The following is a summary of inventories by major category:

|  | Sep. 28, |  |  |  | Dec. 31, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |
Raw materials | $ | 171.6 |  |  | $ | 167.7 |
Work-in-process |  | 15.2 |  |  |  | 12.3 |
Finished goods |  | 118.6 |  |  |  | 106.7 |
Packaging and supplies |  | 58.3 |  |  |  | 55.4 |
Total inventories | $ | 363.7 |  |  | $ | 342.1 |

Note 7. Goodwill and Other Intangible Assets
Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually. The carrying amount of goodwill was $916.2 million and $913.8 million as of September 28, 2025 and December 31, 2024, respectively. The net change in goodwill from December 31, 2024 to September 28, 2025 is attributable to the effects of foreign exchange.
Acquired intangible assets subject to amortization as of September 28, 2025 and December 31, 2024 were as follows:

|  |  |  |  | Sep. 28, 2025 |  | Dec. 31, 2024
|  | Weighted Average |  |  |  | Gross |  |  |  |  |  |  |  | Gross |  |  |  |  |
|  | Useful Life |  |  |  | Carrying |  |  |  | Accumulated |  |  |  | Carrying |  |  |  | Accumulated |
(in millions of dollars) |  | (Years) |  |  |  | Amount |  |  |  | Amortization |  |  |  | Amount |  |  |  | Amortization |
Tradenames |  | 34 |  |  | $ | 221.4 |  |  | $ | 66.4 |  |  | $ | 221.5 |  |  | $ | 63.0 |
Technology |  | 13 |  |  |  | 18.8 |  |  |  | 15.4 |  |  |  | 18.8 |  |  |  | 15.1 |
Patents and trademarks |  | 19 |  |  |  | 6.4 |  |  |  | 6.4 |  |  |  | 6.4 |  |  |  | 6.4 |
Customer relationships |  | 21 |  |  |  | 80.4 |  |  |  | 27.3 |  |  |  | 77.5 |  |  |  | 21.6 |
|  | 29 |  |  | $ | 327.0 |  |  | $ | 115.5 |  |  | $ | 324.2 |  |  | $ | 106.1 |

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $3.0 million for the remainder of 2025, $46.0 million for 2026–2029 and $162.5 million thereafter.
Note 8. Derivative Financial Instruments
As a multinational corporation with operations throughout the world, the Company is exposed to certain market risks. The Company uses a variety of practices to manage these market risks, including, when considered appropriate, derivative financial instruments. The Company’s objective is to offset gains and losses resulting from interest rate and foreign currency exposures with gains and losses on the derivative contracts used to hedge them. The Company uses derivative financial instruments only for risk management and not for trading or speculative purposes.
By using derivative financial instruments to hedge exposures to changes in interest rates and foreign currencies, the Company exposes itself to credit risk and market risk. Credit risk is the risk that the counterparty will fail to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty, and therefore, it does not face any credit risk. The Company minimizes the credit risk in derivative instruments by entering into transactions with major financial institutions.
Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, currency exchange rates, or commodity prices. The market risk associated with interest rate and forward exchange contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
13

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Cash Flow Hedges
For derivative instruments that are designated and qualify as cash flow hedges, the Company records the effective portion of the gain or loss in accumulated other comprehensive income (loss) as a separate component of shareholders’ equity. The Company subsequently reclassifies the effective portion of gain or loss into earnings in the period during which the hedged transaction is recognized in earnings.
The Company utilizes interest rate swaps to limit exposure to market fluctuations on floating-rate debt. In the second quarter of 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this swap is a liability of $0.1 million at September 28, 2025 and is recorded in other current liabilities on the Condensed Consolidated Balance Sheet. This interest rate swap is designated as a cash flow hedge. As a result, the gains and losses associated with this interest rate swap are recorded in accumulated other comprehensive income (loss).
Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows:

- Market approach - prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
- Cost approach - amount that would be required to replace the service capacity of an asset or replacement cost.
- Income approach - techniques to convert future amounts to a single present amount based on market expectations, including present value techniques, option-pricing and other models.

The Company primarily applies the income approach for interest rate derivatives for recurring fair value measurements and attempts to utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value of our interest rate swap contract is determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets and is categorized as Level 2.
Note 9. Long-Term Debt and Commitments
The following is a summary of long-term debt:

|  | Sep. 28, |  |  |  | Dec. 31, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |
Secured Credit Agreement: |  |  |  |  |  |  |
Term Loan due 2031, net of unamortized deferred financing cost and original issue discount of $6.7 million and $7.3 million | $ | 565.4 |  |  | $ | 567.7 |
Senior Notes: |  |  |  |  |  |  |
5.00% due 2028, net of unamortized deferred financing costs of $2.6 million and $3.2 million |  | 397.4 |  |  |  | 396.8 |
Other debt |  | 1.5 |  |  |  | 1.6 |
Total | $ | 964.3 |  |  | $ | 966.1 |
Less: Current maturities of long-term debt |  | 6.5 |  |  |  | 6.5 |
Total long-term debt | $ | 957.8 |  |  | $ | 959.6 |

On November 26, 2024 the Company entered into a Refinancing Facility Agreement and Incremental Facility Amendment (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement; the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”).
14

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $400 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $575 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”). The Revolving Facility and the Term Loan Facility replace the facilities under the Previous Credit Agreement, which provided for, among other things, a $550 million senior secured term loan facility and a $300 million senior secured revolving credit facility. The maturity date for loans and commitments under the Revolving Facility is November 26, 2029, and the maturity date for loans under the Term Loan Facility is November 26, 2031; provided that the maturity dates of the Revolving Facility and the Term Loan Facility will be adjusted to the date that is 91 days prior to the stated maturity date of the Company’s 5.0% Senior Notes due 2028 (the “Notes”) unless, prior to the date that is 91 days prior to the stated maturity date of the Notes, all amounts in excess of $50 million of the Notes have been either (a) refinanced with indebtedness permitted under the Amended Credit Agreement maturing later than 90 days after the scheduled maturity date of the Revolving Facility or of the Term Loan Facility, as applicable, or (b) repaid, discharged or repaid (other than with the proceeds of any indebtedness maturing earlier than 91 days after the scheduled maturity date of the Revolving Facility or of the Term Loan Facility, as applicable). Loans under the Term Loan Facility amortize at a rate equal to 1.00% per annum, payable in equal quarterly instalments, and were issued with original issue discount at 99.875% of par.
Loans under the Revolving Facility will bear interest at a rate equal to (a) for loans denominated in U.S. dollars, at the election of the Company, Term SOFR plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, (b) for loans denominated in Euros, adjusted EURIBOR plus an applicable margin equal to 1.375% per annum and (c) for loans denominated in Pounds Sterling, SONIA plus an applicable margin equal to 1.375% per annum, subject in each case to (i) an increase of 37.5 basis points in the event that, and for so long as, the Net Leverage Ratio (as defined in the Amended Credit Agreement) is greater than or equal to 3.00 to 1.00 as of the last day of the preceding fiscal quarter, (ii) an increase of 12.5 basis points in the event that, and for so long as, the Net Leverage Ratio is less than 3.00 to 1.00 and greater than or equal to 2.00 to 1.00 as of the last day of the preceding fiscal quarter and (iii) a decrease of 12.5 basis points in the event that, and for so long as, the Net Leverage Ratio is less than 1.00 to 1.00 as of the last day of the preceding fiscal quarter. Loans under the Term Loan Facility will bear interest at a rate equal to, at the election of the Company, Term SOFR plus an applicable margin equal to 2.00% per annum or a base rate plus an applicable margin equal to 1.00% per annum. The Company will pay certain fees under the Amended Credit Agreement, including (a) a commitment fee of 0.175% per annum on the undrawn portion of the Revolving Facility (subject to a step-ups to 0.300% and 0.250% and a step-down to 0.150% at the same levels described above), (b) a fronting fee of 0.125% per annum on the average daily undrawn amount of, plus unreimbursed amounts in respect of disbursements under, letters of credit issued under the Revolving Facility and (c) customary annual administration fees. The obligations of the Company under the Senior Secured Credit Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors.
As of September 28, 2025, there were $13.0 million in loans and $9.3 million in letters of credit outstanding under the Revolving Facility.
On June 30, 2020, the Company issued $400 million aggregate principal amount of Notes. The Notes were issued pursuant to an indenture, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). The Notes bear an interest rate of 5.0% per annum payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2021. The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company’s obligations under its Senior Secured Credit Facilities or that guarantees the Company’s or any of the Company’s wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $50 million.
The Company may redeem some, or all, of the Notes at any time and from time to time at the applicable redemption prices listed in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
If the Company experiences a change of control (as defined in the indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
15

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Amended Credit Agreement and the Indenture both contain certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions, as well as customary events of default. In addition, the Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum Net Leverage Ratio of 4.00 to 1.00 for each four fiscal quarter period (subject to an increase to 5.00 to 1.00 for four quarters in connection with certain significant acquisitions). The Company is in compliance with all the covenants contained in the Amended Credit Agreement throughout the period covered by this report.
The Company has a committed loan facility in Japan. As of September 28, 2025, $0.7 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.2 million on this loan during the first nine months of 2025.
As part of the acquisition of Concept Pet Heimtierprodukte GmbH (“Concept Pet”) in 2022, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two terms loans, one that matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate. The Company repaid $0.1 million on these loans during the first nine months of 2025.
As of September 28, 2025, the Company had $15.2 million in uncommitted short-term bank credit lines, of which $0.4 million were in use.
Note 10. Benefit Plans
The Company and its subsidiaries have pension plans covering the majority of its eligible employees on a contributory or non-contributory basis. The Company also provides post-retirement health care and life insurance benefits for the majority of its U.S. retired employees. Disclosures for the U.S. plans have been combined with those outside of the U.S., as the international plans do not have significantly different assumptions, and together represent less than 20% of our total benefit obligation.
Components of Net Periodic Benefit Cost

| Pension Benefits
| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Service cost | $ | 1.0 |  |  | $ | 1.0 |  |  | $ | 3.0 |  |  | $ | 3.3 |
Interest cost |  | 4.2 |  |  |  | 4.0 |  |  |  | 12.6 |  |  |  | 12.0 |
Expected return on plan assets |  | (5.5 | ) |  |  | (5.0 | ) |  |  | (16.5 | ) |  |  | (14.9 | )
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognized net actuarial loss |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.7 |  |  |  | 1.2 |
Net periodic benefit cost | $ | (0.1 | ) |  | $ | 0.4 |  |  | $ | (0.2 | ) |  | $ | 1.6 |

| Post-Retirement Benefits
| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Service cost | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Interest cost |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognized net actuarial gain |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.3 | )
Net periodic benefit cost | $ | (0.1 | ) |  | $ | (0.1 | ) |  | $ | (0.2 | ) |  | $ | (0.3 | )

Amortization amounts of prior service costs and recognized net actuarial losses are recorded, net of tax, as increases to accumulated other comprehensive income.
16

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company expects to contribute approximately $11.0 million to its pension plans and $0.1 million to its other post-retirement benefit plans in 2025. As of September 28, 2025, $6.4 million has been contributed to the pension plans and no contributions have been made to the other postretirement benefit plans.
Note 11. Comprehensive Income
The following table summarizes the amounts reclassified out of accumulated other comprehensive loss attributable to the Company:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Amortization of pension items: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax amount | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | 0.9 |
Tax |  | - |  |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.2 | )
Net of tax | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.7 |

The pre-tax amounts in the table above are included within the components of net periodic pension benefit cost (see Note 10 to the Condensed Consolidated Financial Statements) and the tax amounts are included within the provision for taxes on income line within the Condensed Consolidated Statements of Income (Loss).
The major components of accumulated other comprehensive loss, net of related tax, attributable to MTI are as follows:

|  | Foreign Currency |  |  |  |  |  |  |  | Net Gain (Loss) |  |  |  |  |
|  | Translation |  |  |  | Unrecognized |  |  |  | on Derivative |  |  |  |  |
(in millions of dollars) |  | Adjustment |  |  |  | Pension Costs |  |  |  | Instruments |  |  |  | Total |
Balance as of December 31, 2024 | $ | (399.6 | ) |  | $ | 1.9 |  |  | $ | 10.6 |  |  | $ | (387.1 | )
Other comprehensive income (loss) before reclassifications |  | 35.6 |  |  |  | 0.3 |  |  |  | (0.3 | ) |  |  | 35.6 |
Amounts reclassified from AOCI |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net current period other comprehensive income (loss) |  | 35.6 |  |  |  | 0.3 |  |  |  | (0.3 | ) |  |  | 35.6 |
Balance as of September 28, 2025 | $ | (364.0 | ) |  | $ | 2.2 |  |  | $ | 10.3 |  |  | $ | (351.5 | )

Note 12. Contingencies
The Company is party to a number of lawsuits arising in the normal course of our business. The Company and certain of the Company’s subsidiaries are among numerous defendants in a number of cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”).
On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, the Company’s subsidiaries, Oldco and Barretts Ventures Texas LLC (“BVT” and, together with Oldco, the “Chapter 11 Debtors”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”) to address and comprehensively resolve Oldco’s liabilities associated with talc. Minerals Technologies Inc. and the Company’s other subsidiaries were not included in the Chapter 11 filing.
The Chapter 11 Debtors’ ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims. Discussions regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust are ongoing.
17

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of September 28, 2025, we had 840 open cases related to certain talc products previously sold by Oldco, which is an increase in volume from previous years. The following table details case activity related to talc products previously sold by Oldco:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(number of claims) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Claims pending, beginning of period |  | 775 |  |  |  | 638 |  |  |  | 684 |  |  |  | 574 |
Claims filed |  | 79 |  |  |  | 39 |  |  |  | 224 |  |  |  | 118 |
Less: Claims dismissed, settled or otherwise resolved |  | 14 |  |  |  | 14 |  |  |  | 68 |  |  |  | 29 |
Claims pending, end of period |  | 840 |  |  |  | 663 |  |  |  | 840 |  |  |  | 663 |

These claims typically allege various theories of liability, including negligence, gross negligence and strict liability and seek compensatory and, in some cases, punitive damages, but most of these claims do not provide adequate information to assess their merits, the likelihood that the Company will be found liable, or the magnitude of such liability, if any. We are unable to state an amount or range of amounts claimed in any of these lawsuits because state court pleading practices do not require the plaintiff to identify the amount of the claimed damage. The Company’s position, as stated publicly, is that the talc products sold by Oldco are safe and do not cause cancer.
During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against the Chapter 11 Debtors. In addition, the Bankruptcy Court temporarily enjoined the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors’ non-debtor affiliates, subject to certain exceptions. Such exceptions consist of claims premised solely on alleged inadequacies in testing of talc sold by Oldco. The Company is vigorously opposing and defending against these claims.
While costs relating to the talc-related cases have increased concurrently with the volume, the majority of these costs have historically been borne by Pfizer Inc. (“Pfizer”) in connection with certain agreements entered into in connection with the Company’s initial public offering in 1992, and as long as the litigation is subject to the stay under the Chapter 11 Cases (subject to certain exceptions), the Company will not be required to make any payments in respect thereof. The Company is entitled to indemnification, pursuant to agreement, for liabilities arising from sales prior to the initial public offering. On May 22, 2024, Pfizer filed a motion in the Chapter 11 Cases seeking permission to file a lawsuit against the Company related to the 1992 agreement. That motion has been adjourned, and Pfizer and the Company have agreed to mediate their disputes. The Company continues to receive information from Pfizer with respect to potential costs associated with the defense and/or settlement of talc-related cases that Pfizer alleges are not subject to indemnification. Although the Company believes that the talc products are safe and that claims to the contrary are without merit, Oldco opportunistically settled certain talc-related cases in 2022 and 2023. None of such settlements were material to the Company.
In the second quarter of 2024, Oldco sold its talc assets under section 363 of the Bankruptcy Code. In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”) and recorded a provision for credit loss of $30 million for the maximum principal amount under such Credit Agreement. In the second quarter of 2025, the Company agreed to amend the DIP Credit Agreement to increase the maximum principal amount under such Credit Agreement by $30 million. Proceeds of the sale of Oldco’s talc assets and funds drawn by Oldco under the DIP Credit Agreement have been and will be used to fund the Chapter 11 Cases.
Following the Chapter 11 filing, the activities of the Chapter 11 Debtors are now subject to review and oversight by the bankruptcy court. As a result, the Chapter 11 Debtors were deconsolidated as of the Petition Date, and their assets and liabilities were derecognized from the Company’s consolidated financial statements on a prospective basis.
On June 25, 2024, the committee representing talc claimants (the “Committee”) filed a motion to dismiss the Chapter 11 Cases. On April 29, 2025, the Bankruptcy Court denied dismissal of the Chapter 11 Cases. On May 13, 2025, the Committee filed a motion with the United States District Court for the Southern District of Texas (the “District Court”) seeking leave to appeal the order denying the motion to dismiss, which the Chapter 11 Debtors opposed.
18

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
On May 14, 2025, the Bankruptcy Court entered a Report and Recommendation (i) recommending that the District Court determine whether any of the talc sold by Oldco contained sufficient quantity and form of asbestos to cause mesothelioma or other asbestos-related diseases and (ii) abating the Chapter 11 Cases pending a determination by the District Court. The Company supports this path forward. The Chapter 11 Cases remain pending.
In the first quarter of 2025, the Company recorded a provision to establish a reserve of $215 million for estimated costs to fund a trust to resolve all current and future talc-related claims as well as fund the Chapter 11 Cases and related litigation costs (including the aforementioned $30 million increase to the maximum principal amount of the DIP Credit Agreement). The parties have not yet reached a final resolution of all matters in the Chapter 11 Cases, and the Company is unable to estimate the possible loss or range of loss beyond the amount accrued.
The Company records accruals for loss contingencies associated with legal matters, including talc-related litigation and the Chapter 11 Cases, when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. Amounts accrued for legal contingencies often result from a complex series of judgments about future events and uncertainties that rely heavily on estimates and assumptions including timing of related payments. The ability to make such estimates and judgments can be affected by various factors, including whether damages sought in the proceedings are unsubstantiated or indeterminate, the stage of the litigation, the factual and legal matters in dispute, the ability to achieve comprehensive settlements, the availability of co-defendants with substantial resources and assets participating in the litigation, and our evaluation of the unique attributes of each claim.
The broader litigation and regulatory environments for talc-related claims continue to evolve. Moreover, although the Chapter 11 Cases are progressing, it is not possible at this time to predict how the District Court will rule on the pending motions, whether an appellate court will affirm or reverse the Bankruptcy Court order denying the Committee’s motion to dismiss, the form of any ultimate resolution or when an ultimate resolution might occur. Given the foregoing factors, it is reasonably possible that the Company will incur a loss for liabilities associated with talc claims in excess of the amount accrued. This risk is based on the potential for new talc-related claims that could eventually be asserted together with their associated disposition cost and related legal costs, despite the automatic stay with respect to claims against the Chapter 11 Debtors, taking into account the portion of such hypothetical claims that may be subject to indemnification by Pfizer, as well as the inability to predict the amount that may ultimately be necessary to fully and finally resolve all of the Chapter 11 Debtors’ future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization. In light of the uncertainties involved in such matters, the resolution of, or recognition of additional liabilities in connection with, current or future talc claims could have a material adverse effect on the Company’s results of operations, cash flows and financial condition.
Note 13. Segment and Related Information
The Company determines its operating segments based on the discrete financial information that is regularly evaluated by its chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and in assessing performance. The Company’s operating segments are strategic business units that offer different products and serve different markets. They are managed separately and require different technology and marketing strategies.
The Company has two reportable segments: Consumer & Specialties and Engineered Solutions. See Note 1 to the Condensed Consolidated Financial Statements.
The Company evaluates performance based on the operating income of the respective business units. The costs deducted to arrive at operating profit do not include several items, such as net interest or income tax expense. Depreciation expense related to corporate assets is allocated to the business segments and is included in their income from operations. However, such corporate depreciable assets are not included in the segment assets. Intersegment sales and transfers are not significant.
19

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Segment revenues, expenses, operating income and a reconciliation of the operating segment totals to the applicable line items on the Condensed Consolidated Financial Statements is as follows for the three and nine-month periods ended September 28, 2025 and September 29, 2024 is as follows:

| Three Months Ended
| Sep. 28, 2025 |  | Sep. 29, 2024
|  | Consumer & |  |  |  | Engineered |  |  |  |  |  |  |  | Consumer & |  |  |  | Engineered |  |  |  |  |
(in millions of dollars) |  | Specialties |  |  |  | Solutions |  |  |  | Total |  |  |  | Specialties |  |  |  | Solutions |  |  |  | Total |
Net sales | $ | 277.4 |  |  | $ | 255.0 |  |  | $ | 532.4 |  |  | $ | 280.3 |  |  | $ | 244.4 |  |  | $ | 524.7 |
Cost of goods sold |  | 218.0 |  |  |  | 177.4 |  |  |  | 395.4 |  |  |  | 217.8 |  |  |  | 171.7 |  |  |  | 389.5 |
Segment production margin |  | 59.4 |  |  |  | 77.6 |  |  |  | 137.0 |  |  |  | 62.5 |  |  |  | 72.7 |  |  |  | 135.2 |
Marketing and administrative expenses |  | 18.9 |  |  |  | 30.3 |  |  |  | 49.2 |  |  |  | 17.5 |  |  |  | 31.3 |  |  |  | 48.8 |
Research and development expenses |  | 3.1 |  |  |  | 2.5 |  |  |  | 5.6 |  |  |  | 3.3 |  |  |  | 2.6 |  |  |  | 5.9 |
Segment income from operations | $ | 37.4 |  |  | $ | 44.8 |  |  | $ | 82.2 |  |  | $ | 41.7 |  |  | $ | 38.8 |  |  | $ | 80.5 |

| Nine Months Ended
| Sep. 28, 2025 |  | Sep. 29, 2024
|  | Consumer & |  |  |  | Engineered |  |  |  |  |  |  |  | Consumer & |  |  |  | Engineered |  |  |  |  |
(in millions of dollars) |  | Specialties |  |  |  | Solutions |  |  |  | Total |  |  |  | Specialties |  |  |  | Solutions |  |  |  | Total |
Net sales | $ | 823.4 |  |  | $ | 729.7 |  |  | $ | 1,553.1 |  |  | $ | 861.5 |  |  | $ | 738.9 |  |  | $ | 1,600.4 |
Cost of goods sold |  | 651.9 |  |  |  | 507.7 |  |  |  | 1,159.6 |  |  |  | 670.6 |  |  |  | 514.8 |  |  |  | 1,185.4 |
Segment production margin |  | 171.5 |  |  |  | 222.0 |  |  |  | 393.5 |  |  |  | 190.9 |  |  |  | 224.1 |  |  |  | 415.0 |
Marketing and administrative expenses |  | 57.1 |  |  |  | 91.7 |  |  |  | 148.8 |  |  |  | 53.8 |  |  |  | 94.3 |  |  |  | 148.1 |
Research and development expenses |  | 9.7 |  |  |  | 7.4 |  |  |  | 17.1 |  |  |  | 9.5 |  |  |  | 7.8 |  |  |  | 17.3 |
Restructuring and other items |  | 5.8 |  |  |  | 3.3 |  |  |  | 9.1 |  |  |  | - |  |  |  | - |  |  |  | - |
Gain on sale of assets, net |  | - |  |  |  | (5.6 | ) |  |  | (5.6 | ) |  |  | - |  |  |  | - |  |  |  | - |
Segment income from operations | $ | 98.9 |  |  | $ | 125.2 |  |  | $ | 224.1 |  |  | $ | 127.6 |  |  | $ | 122.0 |  |  | $ | 249.6 |

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Segment income from operations | $ | 82.2 |  |  | $ | 80.5 |  |  | $ | 224.1 |  |  | $ | 249.6 |
Interest expense, net |  | (13.8 | ) |  |  | (14.0 | ) |  |  | (41.6 | ) |  |  | (43.8 | )
Other non-operating deductions, net |  | (0.5 | ) |  |  | (3.1 | ) |  |  | (4.4 | ) |  |  | (4.4 | )
Unallocated expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for litigation reserve and credit losses |  | - |  |  |  | - |  |  |  | 215.0 |  |  |  | 30.0 |
Restructuring and other items |  | - |  |  |  | - |  |  |  | 2.2 |  |  |  | - |
Litigation expenses |  | 7.5 |  |  |  | 2.6 |  |  |  | 14.5 |  |  |  | 8.9 |
Unallocated corporate expenses |  | 3.8 |  |  |  | 1.3 |  |  |  | 7.0 |  |  |  | 8.3 |
Income (loss) before taxes and equity in earnings | $ | 56.6 |  |  | $ | 59.5 |  |  | $ | (60.6 | ) |  | $ | 154.2 |

20

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Segment information is as follows for the three and nine-month periods ended September 28, 2025 and September 29, 2024:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | 10.8 |  |  | $ | 11.6 |  |  | $ | 31.8 |  |  | $ | 35.2 |
Engineered Solutions |  | 11.6 |  |  |  | 11.5 |  |  |  | 36.1 |  |  |  | 35.4 |
Total | $ | 22.4 |  |  | $ | 23.1 |  |  | $ | 67.9 |  |  | $ | 70.6 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer & Specialties | $ | 17.4 |  |  | $ | 8.3 |  |  | $ | 47.8 |  |  | $ | 27.5 |
Engineered Solutions |  | 9.0 |  |  |  | 15.1 |  |  |  | 23.3 |  |  |  | 30.8 |
Corporate |  | 0.9 |  |  |  | 1.3 |  |  |  | 3.6 |  |  |  | 3.1 |
Total | $ | 27.3 |  |  | $ | 24.7 |  |  | $ | 74.7 |  |  | $ | 61.4 |

The Company’s segment assets as of September 28, 2025 and December 31, 2024 are as follows:

|  | Sep. 28, |  |  |  | Dec. 31, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |
Segment Assets |  |  |  |  |  |  |
Consumer & Specialties | $ | 1,338.8 |  |  | $ | 1,289.4 |
Engineered Solutions |  | 2,056.4 |  |  |  | 2,028.0 |
Corporate |  | 63.6 |  |  |  | 76.5 |
Total | $ | 3,458.8 |  |  | $ | 3,393.9 |

The Company’s sales by product category are as follows:

| Three Months Ended |  | Nine Months Ended
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | Sep. 28, |  |  |  | Sep. 29, |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |
Household & Personal Care | $ | 129.8 |  |  | $ | 130.9 |  |  | $ | 380.3 |  |  | $ | 396.1 |
Specialty Additives |  | 147.6 |  |  |  | 149.4 |  |  |  | 443.1 |  |  |  | 465.4 |
High-Temperature Technologies |  | 178.9 |  |  |  | 174.8 |  |  |  | 526.7 |  |  |  | 536.8 |
Environmental & Infrastructure |  | 76.1 |  |  |  | 69.6 |  |  |  | 203.0 |  |  |  | 202.1 |
Total | $ | 532.4 |  |  | $ | 524.7 |  |  | $ | 1,553.1 |  |  | $ | 1,600.4 |

21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors
Minerals Technologies Inc.:
Results of Review of Interim Financial Information
We have reviewed the condensed consolidated balance sheet of Minerals Technologies Inc. and subsidiaries (the Company) as of September 28, 2025, the related condensed consolidated statements of income (loss) and comprehensive income (loss) for the three-month and nine-month periods ended September 28, 2025 and September 29, 2024, the related condensed consolidated statements of cash flows for the nine-month periods ended September 28, 2025 and September 29, 2024, the related condensed consolidated statements of changes in shareholders’ equity for the three-month periods ended September 28, 2025, June 29, 2025 and March 30, 2025 and September 29, 2024, June 30, 2024 and March 31, 2024 and the related notes (collectively, the consolidated interim financial information). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial information for it to be in conformity with U.S. generally accepted accounting principles.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
This consolidated interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with the standards of the PCAOB. A review of consolidated interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ KPMG LLP
New York, New York
October 24, 2025
22

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Executive Summary
Our consolidated sales for the third quarter of 2025 were $532.4 million, an increase of 1% as compared with $524.7 million in the prior year. Income from operations was $70.9 million, as compared with income of $76.6 million in the prior year. Included in income from operations for the third quarter of 2025 and 2024 was $7.5 million and $2.6 million, respectively of litigation expenses incurred in connection with the bankruptcy of BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and lawsuits related to talc products sold by Oldco.
Net income in the third quarter of 2025 was $43.0 million, as compared to income of $46.7 million in the third quarter of 2024. Diluted earnings in the third quarter of 2025 was $1.37 per share, as compared with earnings of $1.45 per share in the third quarter of 2024.
Our balance sheet continues to be strong. The Company repurchased $17 million in shares in the third quarter of 2025 under our $200 million buyback program. Cash, cash equivalents and short-term investments were $328.3 million as of September 28, 2025 and the Company had more than $700 million of available liquidity, including cash on hand as well as availability under its revolving credit facility. We believe that these factors will allow us to meet our anticipated funding requirements.
Outlook
Beginning in the first quarter of 2025, the United States government announced additional tariffs on goods imported into the U.S. from numerous countries and multiple nations have responded with reciprocal tariffs and other actions. Certain of the U.S. government’s announcements have been followed by announcements of limited exemptions and temporary pauses, and the U.S. government stated that it is willing to negotiate with other countries regarding the tariffs, all of which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. While the Company generally manufactures products in the markets where they are sold, the imposition of tariffs as well as uncertainty about their scope and duration could negatively affect demand, result in an increase in some input costs and/or inflation, or otherwise adversely affect economic conditions. The Company continues to monitor the economic effects of such announcements and is implementing plans to mitigate their related impacts, but the effects associated with the tariffs remain uncertain.
The Company will continue to focus on innovation and new product development and other opportunities for sales growth in 2025 from its existing businesses, as follows:
Consumer & Specialties Segment

- Increase our presence and market share in global pet litter products, including in emerging markets.
- Deploy new products in pet care such as lightweight litter.
- Increase our sales of calcium carbonate products by further penetration into filling and coating applications in the paper and packaging markets.
- Promote the Company’s expertise in crystal engineering by developing crystal morphologies that help our customers achieve functional benefits.
- Deploy new calcium carbonate products in paint, coating and packaging applications.
- Continue developing products and processes for waste management and recycling opportunities to reduce the environmental impact for our customers by reducing energy consumption and improving the sustainability of their products.
- Continue to develop innovative applications for our bleaching earth products for edible oil and renewable fuel industries.
- Develop new mineral-based solutions for personal care applications.
- Increase our presence and market share globally for retinol delivery technology for personal care applications.
- Expand our bentonite product solutions for animal health applications.
- Increase our presence and market share in fabric care, including in emerging markets.

Engineered Solutions Segment

- Increase our presence and gain penetration of our bentonite-based foundry solutions in emerging markets.
- Deploy value-added formulations of refractory materials that not only reduce costs but improve performance.
- Deploy our laser measurement technologies into new applications.
- Expand our refractory maintenance model to other steel makers globally.

23

- Continue the development and market penetration of our FLUORO-SORB® products which address PFAS contamination in soil, groundwater, drinking water sources, landfill leachate and wastewater treatment facilities.
- Pursue opportunities for the expanded use of our products in environmental, building and construction, infrastructure, and oil and gas drilling and water treatment globally.
- Increase our presence and market share for geosynthetic clay liners globally.

All Segments

- Further operational excellence principles into all aspects of the organization, including system infrastructure and lean principles.
- Continue to explore selective acquisitions to fit our competencies in minerals and our core technologies.

However, there can be no assurance that we will achieve success in implementing any one or more of these opportunities.
Results of Operations
Three-month period ended September 28, 2025 as compared with three-month period ended September 29, 2024
Consolidated Income Statement Review

| Three Months Ended |  |  |  |
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | Change |
Net sales | $ | 532.4 |  |  | $ | 524.7 |  |  |  | 1 | %
Cost of goods sold |  | 395.4 |  |  |  | 389.5 |  |  |  | 2 | %
Production margin |  | 137.0 |  |  |  | 135.2 |  |  |  | 1 | %
Production margin % |  | 25.7 | % |  |  | 25.8 | % |  |  |  |
Marketing and administrative expenses |  | 53.0 |  |  |  | 50.1 |  |  |  | 6 | %
Research and development expenses |  | 5.6 |  |  |  | 5.9 |  |  |  | (5 | )%
Litigation expenses |  | 7.5 |  |  |  | 2.6 |  |  |  | 188 | %
Income from operations |  | 70.9 |  |  |  | 76.6 |  |  |  | (7 | )%
Operating margin % |  | 13.3 | % |  |  | 14.6 | % |  |  |  |
Interest expense, net |  | (13.8 | ) |  |  | (14.0 | ) |  |  | (1 | )%
Other non-operating deductions, net |  | (0.5 | ) |  |  | (3.1 | ) |  |  | (84 | )%
Total non-operating deductions, net |  | (14.3 | ) |  |  | (17.1 | ) |  |  | (16 | )%
Income before tax and equity in earnings |  | 56.6 |  |  |  | 59.5 |  |  |  | (5 | )%
Provision for taxes on income |  | 13.5 |  |  |  | 13.7 |  |  |  | (1 | )%
Effective tax rate |  | 23.9 | % |  |  | 23.0 | % |  |  |  |
Equity in earnings of affiliates, net of tax |  | 1.1 |  |  |  | 1.9 |  |  |  | (42 | )%
Net income |  | 44.2 |  |  |  | 47.7 |  |  |  | (7 | )%
Net income attributable to non-controlling interests |  | 1.2 |  |  |  | 1.0 |  |  |  | 20 | %
Net income attributable to Minerals Technologies Inc. | $ | 43.0 |  |  | $ | 46.7 |  |  |  | (8 | )%

* Percentage not meaningful
24

Net Sales

| Three Months Ended |  |  |  |  |  | Three Months Ended
| Sep. 28, 2025 |  |  |  |  |  | Sep. 29, 2024
(in millions of dollars) |  | Net Sales |  |  |  | % of Total Net Sales |  |  |  | % Change |  |  |  | Net Sales |  |  |  | % of Total Net Sales |
U.S. | $ | 273.3 |  |  |  | 51.3 | % |  |  | 2 | % |  | $ | 268.3 |  |  |  | 51.1 | %
International |  | 259.1 |  |  |  | 48.7 | % |  |  | 1 | % |  |  | 256.4 |  |  |  | 48.9 | %
Total net sales | $ | 532.4 |  |  |  | 100.0 | % |  |  | 1 | % |  | $ | 524.7 |  |  |  | 100.0 | %
Consumer & Specialties Segment | $ | 277.4 |  |  |  | 52.1 | % |  |  | (1 | )% |  | $ | 280.3 |  |  |  | 53.4 | %
Engineered Solutions Segment |  | 255.0 |  |  |  | 47.9 | % |  |  | 4 | % |  |  | 244.4 |  |  |  | 46.6 | %
Total net sales | $ | 532.4 |  |  |  | 100.0 | % |  |  | 1 | % |  | $ | 524.7 |  |  |  | 100.0 | %

Worldwide net sales increased 1% to $532.4 million in the third quarter from $524.7 million in the prior year.
Net sales in the United States increased to $273.3 million in the third quarter of 2025 from $268.3 million in the third quarter of 2024. International sales increased to $259.1 million from $256.4 million in the prior year.
Operating Costs and Expenses
Cost of goods sold was $395.4 million and represented 74.3% of sales for the three-month period ended September 28, 2025, as compared with $389.5 million and 74.2% of sales in the prior year. Production margin decreased from 25.8% of sales in the prior year to 25.7% of sales in the third quarter of 2025.
Marketing and administrative costs were $53.0 million and 10.0% of sales for the three-month period ended September 28, 2025, as compared to $50.1 million and 9.5% of sales in the prior year.
Research and development expenses were $5.6 million and represented 1.1% of sales for the three-month period ended September 28, 2025, as compared with $5.9 million and 1.1% of sales in the prior year.
The Company recorded litigation expenses in connection with Oldco's bankruptcy filing of $7.5 million and $2.6 million during the three-month periods ending September 28, 2025 and September 29, 2024, respectively.
Income from Operations
The Company recorded income from operations of $70.9 million and $76.6 million during the three-month periods ending September 28, 2025 and September 29, 2024, respectively. Income from operations includes litigation expenses in connection with Oldco’s bankruptcy filing and lawsuits related to talc products sold by Oldco of $7.5 million and $2.6 million during the three-month periods ended September 28, 2025 and September 29, 2024, respectively.
Other Non-Operating Deductions, net
In the third quarter of 2025, non-operating deductions were $14.3 million, as compared with $17.1 million in the prior year. Included in other non-operating deductions in the third quarter of 2025 was net interest expense of $13.8 million, as compared to $14.0 million in the third quarter of the prior year.
Provision for Taxes on Income
Provision for taxes on income was $13.5 million, as compared with $13.7 million in the prior year. The effective tax rate was 23.9%, as compared with 23.0% in the prior year.
Net Income Attributable to MTI Shareholders
Net income attributable to MTI shareholders was $43.0 million for the three-month period ended September 28, 2025, as compared with $46.7 million in the prior year.
25

Segment Review
The following discussions highlight the operating results for each of our two segments.

|  | Three Months Ended |  |  |  |
|  |  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
Consumer & Specialties Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | Change |
|  | (in millions of dollars) |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Household & Personal Care |  | $ | 129.8 |  |  | $ | 130.9 |  |  |  | (1 | )%
Specialty Additives |  |  | 147.6 |  |  |  | 149.4 |  |  |  | (1 | )%
Total net sales |  | $ | 277.4 |  |  | $ | 280.3 |  |  |  | (1 | )%
Income from operations |  | $ | 37.4 |  |  | $ | 41.7 |  |  |  | (10 | )%
% of net sales |  |  | 13.5 | % |  |  | 14.9 | % |  |  |  |

Net sales in the Consumer & Specialties segment was $277.4 million for the three-month period ended September 28, 2025, as compared with $280.3 million in the prior year. Household & Personal Care sales decreased 1% to $129.8 million, as compared with $130.9 million in the prior year. Sales in Specialty Additives decreased 1% to $147.6 million as compared with prior year.
Income from operations was $37.4 million, as compared to $41.7 million in the prior year due to higher operating costs primarily through unfavorable volume leverage and product mix.

|  | Three Months Ended |  |  |  |
|  |  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
Engineered Solutions Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | Change |
|  | (in millions of dollars) |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
High-Temperature Technologies |  | $ | 178.9 |  |  | $ | 174.8 |  |  |  | 2 | %
Environmental & Infrastructure |  |  | 76.1 |  |  |  | 69.6 |  |  |  | 9 | %
Total net sales |  | $ | 255.0 |  |  | $ | 244.4 |  |  |  | 4 | %
Income from operations |  | $ | 44.8 |  |  | $ | 38.8 |  |  |  | 15 | %
% of net sales |  |  | 17.6 | % |  |  | 15.9 | % |  |  |  |

Net sales in the Engineered Solutions segment increased 4% to $255.0 million from $244.4 million in the prior year. High-Temperature Technologies sales increased 2% to $178.9 million, as compared with $174.8 million in the prior year. Strong volume growth in Asia foundry and refractory equipment sales were partially offset by lower volumes in North America foundry business. Environmental & Infrastructure sales increased 9% to $76.1 million, as compared with $69.6 million in the prior year driven by an increase in offshore water filtration and services, as well as infrastructure drilling products.
Income from operations was $44.8 million and 17.6% of sales, as compared with $38.8 million and 15.9% of sales in the prior year.
26

Nine-month period ended September 28, 2025 as compared with nine-month period ended September 29, 2024
Consolidated Income (Loss) Statement Review

| Nine Months Ended |  |  |  |
|  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
(in millions of dollars) |  | 2025 |  |  |  | 2024 |  |  |  | Change |
Net sales | $ | 1,553.1 |  |  | $ | 1,600.4 |  |  |  | (3 | )%
Cost of goods sold |  | 1,159.6 |  |  |  | 1,185.4 |  |  |  | (2 | )%
Production margin |  | 393.5 |  |  |  | 415.0 |  |  |  | (5 | )%
Production margin % |  | 25.3 | % |  |  | 25.9 | % |  |  |  |
Marketing and administrative expenses |  | 155.8 |  |  |  | 156.4 |  |  |  | 0 | %
Research and development expenses |  | 17.1 |  |  |  | 17.3 |  |  |  | (1 | )%
Provision for litigation reserve and credit losses |  | 215.0 |  |  |  | 30.0 |  |  |  | * |
Restructuring and other items |  | 11.3 |  |  |  | - |  |  |  | * |
Gain on sale of assets, net |  | (5.6 | ) |  |  | - |  |  |  | * |
Litigation expenses |  | 14.5 |  |  |  | 8.9 |  |  |  | 63 | %
Income (loss) from operations |  | (14.6 | ) |  |  | 202.4 |  |  |  | * |
Operating margin % |  | * |  |  |  | 12.6 | % |  |  |  |
Interest expense, net |  | (41.6 | ) |  |  | (43.8 | ) |  |  | (5 | )%
Other non-operating deductions, net |  | (4.4 | ) |  |  | (4.4 | ) |  |  | 0 | %
Total non-operating deductions, net |  | (46.0 | ) |  |  | (48.2 | ) |  |  | (5 | )%
Income (loss) before tax and equity in earnings |  | (60.6 | ) |  |  | 154.2 |  |  |  | * |
Provision (benefit) for taxes on income |  | (4.7 | ) |  |  | 43.2 |  |  |  | * |
Effective tax rate |  | 7.8 | % |  |  | 28.0 | % |  |  |  |
Equity in earnings of affiliates, net of tax |  | 3.4 |  |  |  | 5.2 |  |  |  | (35 | )%
Net income (loss) |  | (52.5 | ) |  |  | 116.2 |  |  |  | * |
Net income attributable to non-controlling interests |  | 3.1 |  |  |  | 3.1 |  |  |  | 0 | %
Net income (loss) attributable to Minerals Technologies Inc. | $ | (55.6 | ) |  | $ | 113.1 |  |  |  | * |

* Percentage not meaningful
Net Sales

| Nine Months Ended |  |  |  |  |  | Nine Months Ended
| Sep. 28, 2025 |  |  |  |  |  | Sep. 29, 2024
(in millions of dollars) |  | Net Sales |  |  |  | % of Total Net Sales |  |  |  | % Change |  |  |  | Net Sales |  |  |  | % of Total Net Sales |
U.S. | $ | 817.6 |  |  |  | 52.6 | % |  |  | (1 | )% |  | $ | 824.7 |  |  |  | 51.5 | %
International |  | 735.5 |  |  |  | 47.4 | % |  |  | (5 | )% |  |  | 775.7 |  |  |  | 48.5 | %
Total net sales | $ | 1,553.1 |  |  |  | 100.0 | % |  |  | (3 | )% |  | $ | 1,600.4 |  |  |  | 100.0 | %
Consumer & Specialties Segment | $ | 823.4 |  |  |  | 53.0 | % |  |  | (4 | )% |  | $ | 861.5 |  |  |  | 53.8 | %
Engineered Solutions Segment |  | 729.7 |  |  |  | 47.0 | % |  |  | (1 | )% |  |  | 738.9 |  |  |  | 46.2 | %
Total net sales | $ | 1,553.1 |  |  |  | 100.0 | % |  |  | (3 | )% |  | $ | 1,600.4 |  |  |  | 100.0 | %

27

Total net sales decreased 3% from the previous year to $1,553.1 million. Net sales in the United States decreased 1% to $817.6 million from $824.7 million in the prior year. International sales decreased by 5% to $735.5 million from $775.7 million in the prior year.
Operating Costs and Expenses
Cost of goods sold decreased 2% from the prior year and was 74.7% of sales, as compared with 74.1% in the prior year. Gross margin decreased to 25.3% of sales as compared with 25.9% of sales in the prior year.
Marketing and administrative costs were $155.8 million and 10.0% of sales for the nine-month period ended September 28, 2025, as compared to $156.4 million and 9.8% of sales in the prior year.
Research and development expenses were $17.1 million and represented 1.1% of sales for the nine-month period ended September 28, 2025, as compared with $17.3 million and 1.1% of sales in the prior year.
In the second quarter of 2024, the Company, through its subsidiary by Minerals Technologies Investments LLC, entered into a Debtor-in-Possession Credit Agreement with Oldco (the "DIP Credit Agreement") and recorded a $30 million provision for credit losses for the maximum principal amount under the DIP Credit Agreement.
During the nine-month period ended September 28, 2025, the Company recorded a provision for litigation reserve and credit losses of $215.0 million to establish a reserve for estimated costs to fund a trust to resolve all current and future talc-related claims, as well as fund the bankruptcy of Oldco and Barretts Ventures Texas LLC ("BVT"), and related litigation costs. Included in this provision is $30 million of additional debtor-in-possession financing to the debtors.
During the nine-month periods ended September 28, 2025 and September 29, 2024, the Company also recorded litigation expenses of $14.5 million and $8.9 million, respectively, in connection with Oldco’s bankruptcy filing and lawsuits related to talc products sold by Oldco.
In addition, during the nine-month period ended September 28, 2025, the Company recorded a $11.3 million restructuring and other items charge for the write-down of assets and severance and other costs, offset by a $5.6 million net gain on the final installment for the sale of refractories manufacturing assets in China.
Income (loss) from Operations
The Company recorded a loss from operations of $14.6 million for the nine-month period ended September 28, 2025, as compared to income of $202.4 million in the prior year. Loss from operations for the nine-months ended September 28, 2025 includes a provision for litigation reserve and credit losses of $215.0 million and a $11.3 million restructuring and other items charge for the write-down of assets and severance and other costs, offset by a $5.6 million net gain on the final installment for the sale of refractories manufacturing assets in China. Income from operations for the nine-months ended September 29, 2024 includes a $30 million charge related to a provision for credit losses in connection with the DIP Credit Agreement.
In addition, operating income (loss) during the nine-month periods ended September 28, 2025 and September 29, 2024 includes $14.5 million and $8.9 million, respectively, of litigation expenses in connection with Oldco’s bankruptcy filing and lawsuits related to talc products sold by Oldco.
Other Non-Operating Deductions, net
The Company recorded non-operating deductions of $46.0 million for the nine-month period ended September 28, 2025, as compared with $48.2 million in the prior year. Included in non-operating deductions for the nine-month periods ended September 28, 2025 and September 29, 2024 is $41.6 million and $43.8 million, respectively, of net interest expense.
Provision (Benefit) for Taxes on Income
Provision (benefit) for taxes was $(4.7) million, as compared to $43.2 million in the prior year. The effective tax rate was 7.8%, as compared to 28.0% in the prior year. The rate was lower primarily due to the provision for litigation reserve and credit losses recorded in the first quarter of 2025.
28

Net Income (Loss) Attributable to MTI Shareholders
Consolidated net loss was $55.6 million during the nine-month period ended September 28, 2025, as compared with net income of $113.1 million in the prior year.
Segment Review
The following discussions highlight the operating results for each of our two segments.

|  | Nine Months Ended |  |  |  |
|  |  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
Consumer & Specialties Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | Change |
|  | (in millions of dollars) |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Household & Personal Care |  | $ | 380.3 |  |  | $ | 396.1 |  |  |  | (4 | )%
Specialty Additives |  |  | 443.1 |  |  |  | 465.4 |  |  |  | (5 | )%
Total net sales |  | $ | 823.4 |  |  | $ | 861.5 |  |  |  | (4 | )%
Income from operations |  | $ | 98.9 |  |  | $ | 127.6 |  |  |  | (22 | )%
% of net sales |  |  | 12.0 | % |  |  | 14.8 | % |  |  |  |

Net sales in the Consumer & Specialties segment decreased 4% to $823.4 million from $861.5 million in the prior year. Household & Personal Care sales decreased 4% to $380.3 million as compared to $396.1 million in the prior year driven by customer inventory destocking and inconsistent ordering patterns at the beginning of the year. Sales in Specialty Additives decreased 5% to $443.1 million as compared to $465.4 million in the prior year driven by weaker paper demand in North America and Europe.
Income from operations was $98.9 million and 12.0% of sales as compared to $127.6 million and 14.8% of sales in the prior year. Included in income from operations for the nine-month period ended September 28, 2025 are $5.8 million of restructuring and other items.

|  | Nine Months Ended |  |  |  |
|  |  | Sep. 28, |  |  |  | Sep. 29, |  |  |  | % |
Engineered Solutions Segment |  |  | 2025 |  |  |  | 2024 |  |  |  | Change |
|  | (in millions of dollars) |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
High-Temperature Technologies |  | $ | 526.7 |  |  | $ | 536.8 |  |  |  | (2 | )%
Environmental & Infrastructure |  |  | 203.0 |  |  |  | 202.1 |  |  |  | 0 | %
Total net sales |  | $ | 729.7 |  |  | $ | 738.9 |  |  |  | (1 | )%
Income from operations |  | $ | 125.2 |  |  | $ | 122.0 |  |  |  | 3 | %
% of net sales |  |  | 17.2 | % |  |  | 16.5 | % |  |  |  |

Net sales in the Engineered Solutions segment decreased to $729.7 million from $738.9 million in the prior year. High-Temperature Technologies’ sales decreased 2% to $526.7 million as compared to $536.8 million in the prior year. Environmental & Infrastructure sales increased slightly to $203.0 million from $202.1 million in the prior year.
Income from operations was $125.2 million and 17.2% of net sales as compared to $122.0 million and 16.5% of sales in the prior year. Included in income from operations for the nine-month period ended September 28, 2025 are $3.3 million of restructuring and other items, offset by a $5.6 million net gain on the final installment for the sale of refractories manufacturing assets in China.
Liquidity and Capital Resources
Cash flow provided by operations during the nine-month period ended September 28, 2025, was approximately $129.4 million. Cash flows from operations during the first nine months of 2025 were principally used to fund capital expenditures, repurchase shares, and to pay the Company’s dividend to common shareholders. The aggregate maturities of long-term debt are as follows: remainder of 2025 - $3.4 million; 2026 - $6.4 million; 2027 - $6.0 million; 2028 - $405.8 million; 2029 - $5.7 million; thereafter - $546.3 million.
29

On November 26, 2024 the Company entered into a Refinancing Facility Agreement and Incremental Facility Amendment (the “Amendment”) to amend the Company’s previous credit agreement (the “Previous Credit Agreement; the previous credit agreement, as amended by the Amendment, being the “Amended Credit Agreement”). The Amendment provides for, among other things, a new senior secured revolving credit facility with aggregate commitments of $400 million (the “Revolving Facility”), a portion of which may be used for the issuance of letters of credit and swingline loans, and a new senior secured term loan facility with aggregate commitments of $575 million (the “Term Loan Facility” and, together with the Revolving Facility, the “Senior Secured Credit Facilities”). The Revolving Facility and the Term Loan Facility replace the facilities under the Previous Credit Agreement, which provided for, among other things, a $550 million senior secured term loan facility and a $300 million senior secured revolving credit facility. The maturity date for loans and commitments under the Revolving Facility is November 26, 2029, and the maturity date for loans under the Term Loan Facility is November 26, 2031; provided that the maturity dates of the Revolving Facility and the Term Loan Facility will be adjusted to the date that is 91 days prior to the stated maturity date of the Company’s 5.0% Senior Notes due 2028 (the “Notes”) unless, prior to the date that is 91 days prior to the stated maturity date of the Notes, all amounts in excess of $50 million of the Notes have been either (a) refinanced with indebtedness permitted under the Amended Credit Agreement maturing later than 90 days after the scheduled maturity date of the Revolving Facility or of the Term Loan Facility, as applicable, or (b) repaid, discharged or repaid (other than with the proceeds of any indebtedness maturing earlier than 91 days after the scheduled maturity date of the Revolving Facility or of the Term Loan Facility, as applicable). Loans under the Term Loan Facility amortize at a rate equal to 1.00% per annum, payable in equal quarterly instalments, and were issued with original issue discount at 99.875% of par.
Loans under the Revolving Facility will bear interest at a rate equal to (a) for loans denominated in U.S. dollars, at the election of the Company, Term SOFR plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, (b) for loans denominated in Euros, adjusted EURIBOR plus an applicable margin equal to 1.375% per annum and (c) for loans denominated in Pounds Sterling, SONIA plus an applicable margin equal to 1.375% per annum, subject in each case to (i) an increase of 37.5 basis points in the event that, and for so long as, the Net Leverage Ratio (as defined in the Amended Credit Agreement) is greater than or equal to 3.00 to 1.00 as of the last day of the preceding fiscal quarter, (ii) an increase of 12.5 basis points in the event that, and for so long as, the Net Leverage Ratio is less than 3.00 to 1.00 and greater than or equal to 2.00 to 1.00 as of the last day of the preceding fiscal quarter and (iii) a decrease of 12.5 basis points in the event that, and for so long as, the Net Leverage Ratio is less than 1.00 to 1.00 as of the last day of the preceding fiscal quarter. Loans under the Term Loan Facility will bear interest at a rate equal to, at the election of the Company, Term SOFR plus an applicable margin equal to 2.00% per annum or a base rate plus an applicable margin equal to 1.00% per annum. The Company will pay certain fees under the Amended Credit Agreement, including (a) a commitment fee of 0.175% per annum on the undrawn portion of the Revolving Facility (subject to a step-ups to 0.300% and 0.250% and a step-down to 0.150% at the same levels described above), (b) a fronting fee of 0.125% per annum on the average daily undrawn amount of, plus unreimbursed amounts in respect of disbursements under, letters of credit issued under the Revolving Facility and (c) customary annual administration fees. The obligations of the Company under the Senior Secured Credit Facilities are unconditionally guaranteed jointly and severally by, subject to certain exceptions, all material domestic subsidiaries of the Company (the “Guarantors”) and secured, subject to certain exceptions, by a security interest in substantially all of the tangible and intangible assets of the Company and the Guarantors.
As of September 28, 2025, there were $13.0 million in loans and $9.3 million in letters of credit outstanding under the Revolving Facility.
On June 30, 2020, the Company issued $400 million aggregate principal amount of Notes. The Notes were issued pursuant to an indenture, dated as of June 30, 2020, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Indenture”). The Notes bear an interest rate of 5.0% per annum payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2021. The Notes are unconditionally guaranteed on a senior unsecured basis by each of the Company’s existing and future wholly owned domestic restricted subsidiaries that is a borrower under or that guarantees the Company’s obligations under its Senior Secured Credit Facilities or that guarantees the Company’s or any of the Company’s wholly owned domestic subsidiaries’ long-term indebtedness in an aggregate amount in excess of $50 million.
The Company may redeem some, or all, of the Notes at any time and from time to time at the applicable redemption prices listed in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
If the Company experiences a change of control (as defined in the indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
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The Amended Credit Agreement and the Indenture both contain certain customary affirmative and negative covenants that limit or restrict the ability of the Company and its restricted subsidiaries to enter into certain transactions or take certain actions, as well as customary events of default. In addition, the Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum Net Leverage Ratio of 4.00 to 1.00 for each four fiscal quarter periods (subject to an increase to 5.00 to 1.00 for four quarters in connection with certain significant acquisitions). The Company is in compliance with all the covenants contained in the Amended Credit Agreement throughout the period covered by this report.
The Company has a committed loan facility in Japan. As of September 28, 2025, $0.7 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.2 million on this loan during the first nine months of 2025.
As part of the Concept Pet acquisition, the Company assumed $1.9 million in long-term debt, recorded at fair value, consisting of two terms loans, one that matures in 2025 and one that matures in 2027. Both loans have annual payments and carry a variable interest rate. The Company repaid $0.1 million on these loans during the first nine months of 2025.
As of September 28, 2025, the Company had $15.2 million in uncommitted short-term bank credit lines, of which $0.4 million were in use. The credit lines are primarily outside the U.S. and are generally one year in term at competitive market rates at large, well-established institutions. The Company typically uses its available credit lines to fund working capital requirements or local capital spending needs.
We anticipate that capital expenditures for 2025 should be approximately $100 million, principally related to opportunities to improve our operations and meet our strategic growth objectives. We expect to meet our other long-term financing requirements from internally generated funds and committed and uncommitted bank credit lines.
In the second quarter of 2023, the Company entered into a new floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this instrument at September 28, 2025 is a liability of $0.1 million.
On October 16, 2024, the Company’s Board of Directors authorized the Company’s management to repurchase, at its discretion, up to $200 million of the Company’s shares. As of September 28, 2025, 816,990 shares have been repurchased under this program for $50.3 million, or an average price of approximately $61.56 per share.
The Company is required to make future payments under various contracts, including debt agreements and lease agreements. The Company also has commitments to fund its pension plans and provide payments for other post-retirement benefit plans. During the nine-month period ended September 28, 2025, there were no material changes in the Company’s contractual obligations.
The Company and certain of the Company’s subsidiaries are among numerous defendants in over eight hundred cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company’s subsidiary Oldco. The Company’s position is that these cases are meritless and all talc products sold by Oldco are safe. On October 2, 2023 (the “Petition Date”), notwithstanding the Company’s confidence in the safety of Oldco’s talc products, Oldco and Barretts Ventures Texas LLC (“BVT” and together with Oldco, the “Chapter 11 Debtors”) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”) to address and comprehensively resolve Oldco’s liabilities associated with talc. Minerals Technologies Inc. and the Company’s other subsidiaries were not included in the Chapter 11 filing.
The Chapter 11 Debtors’ ultimate goal in the Chapter 11 Cases is to confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code and utilize this provision of the Bankruptcy Code to establish a trust that will address all current and future talc-related claims. Discussions regarding the terms of a potential consensual plan of reorganization and the ultimate amount to be contributed to any trust are ongoing.
In the second quarter of 2024, Oldco sold its talc assets under section 363 of the U.S. Bankruptcy Code. In addition, in the second quarter of 2024, the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”) and recorded a provision for credit loss of $30 million for the maximum principal amount under such DIP Credit Agreement. In the second quarter of 2025, the Company amended the DIP Credit Agreement to increase the maximum principal amount available under the DIP Credit Agreement by $30 million. Proceeds of the sale of Oldco’s talc assets, as well as the funds drawn by Oldco under the DIP Credit Agreement, have been and will be used to fund the Chapter 11 Cases.
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In the first quarter of 2025, the Company recorded a provision to establish a reserve of $215 million for estimated costs to fund a trust to resolve all current and future talc-related claims as well as fund the Chapter 11 Cases and related litigation costs (including the aforementioned $30 million increase to the maximum principal amount of the DIP Credit Agreement). The parties have not yet reached a final resolution of all matters in the Chapter 11 Cases, and the Company is unable to estimate the possible loss or range of loss beyond the amount accrued.
During the pendency of the Chapter 11 Cases, the Company anticipates that the Chapter 11 Debtors will benefit from the operation of the automatic stay, which stays ongoing litigation in connection with talc-related claims against Oldco. In addition, the Bankruptcy Court temporarily enjoined the filing or continued prosecution of all talc-related claims against the Chapter 11 Debtors’ non-debtor affiliates, subject to certain exceptions. Such exceptions consist of claims premised solely on alleged inadequacies in testing of talc sold by Oldco. The Company is vigorously opposing and defending against these claims. The Chapter 11 Debtors have been deconsolidated from the Company’s financial statements since the Petition Date.
Although the Chapter 11 Cases are progressing, it is not possible to predict how the District Court will rule on the pending motions, whether an appellate court will affirm or reverse the Bankruptcy Court order denying the Committee’s motion to dismiss, the form of any ultimate resolution or when an ultimate resolution might occur at this time. Accordingly, the Company is unable to estimate the possible loss or range of loss related to the amount that will be necessary to fully and finally resolve all of the Chapter 11 Debtors’ current and future talc-related claims in connection with a confirmed Chapter 11 plan of reorganization beyond the amount accrued. See Note 12 to the Condensed Consolidated Financial Statements included in this report for more information.
Cautionary Statement for “Safe Harbor” Purposes under the Private Securities Litigation Reform Act of 1995
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. This report contains statements that the Company believes may be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, particularly statements relating to the Company’s objectives, plans or goals, future actions, future performance or results of current and anticipated products, sales efforts, expenditures, and financial results. From time to time, the Company also provides forward-looking statements in other publicly-released materials, both written and oral. Forward-looking statements provide current expectations 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 the use of words such as “outlook,” “forecast,” “believes,” “expects,” “plans,” “intends,” “anticipates,” and other words and phrases of similar meaning.
Forward-looking statements are necessarily based on assumptions, estimates and limited information available at the time they are made. A broad variety of risks and uncertainties, both known and unknown, as well as the inaccuracy of assumptions and estimates, can affect the realization of the expectations or forecasts in these statements. Many of these risks and uncertainties are difficult to predict or are beyond the Company’s control. Consequently, no forward-looking statement can be guaranteed. Actual future results may vary materially. Significant factors that could affect the expectations and forecasts include worldwide general economic, business, and industry conditions; the cyclicality of our customers’ businesses and their changing regional demands; our ability to compete in very competitive industries; consolidation in customer industries, principally paper, foundry and steel; our ability to renew 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 ability to defend our intellectual property; the increased risks of doing business abroad including with respect to changes in tariffs; the availability of raw materials and access to ore reserves at our mining operations, or increases in costs of raw materials, energy, or shipping; compliance with or changes to regulation in the areas of environmental, health and safety, and tax; risks and uncertainties related to the voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy 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 affecting our production facilities; seasonality of some of our businesses; cybersecurity and other threats relating to our information technology systems; and other risk factors set forth under “Item 1A — Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in Exhibit 99 to this Quarterly Report on Form 10-Q.
The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that arise after the date hereof. Investors should refer to the Company’s subsequent filings under the Securities Exchange Act of 1934 for further disclosures.
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Recently Issued Accounting Standards
Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position and results of operations.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, that requires entities to disclose additional information about federal, state, and foreign income taxes primarily related to the income tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The new standard is effective for periods beginning on or after December 15, 2024. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements but could result in disaggregation of the Company’s tax footnote.
Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, that requires entities to disclose additional information in the notes to the financial statements about prescribed categories underlying any relevant income statement expense caption. The new standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements but will result in disaggregation of the Company’s income statement expenses.
Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, valuation of long-lived assets, goodwill and other intangible assets, income taxes, including valuation allowances and pension plan assumptions. We base our estimates on historical experience and on other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates.
There have been no material changes to the critical accounting estimates that our accounting policies require us to make in the preparation of our consolidated financial statements, as described in the 2024 Annual Report on Form 10-K.
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
Market risk represents the risk of loss that may impact our financial position, results of operations or cash flows due to adverse changes in market prices and foreign currency and interest rates. We are exposed to market risk because of changes in foreign currency exchange rates as measured against the U.S. dollar. We do not anticipate that near-term changes in exchange rates will have a material impact on our future earnings or cash flows. However, there can be no assurance that a sudden and significant decline in the value of foreign currencies would not have a material adverse effect on our financial condition and results of operations. A portion of our long-term bank debt bears interest at variable rates; therefore, our results of operations would be affected by interest rate changes to the extent of such outstanding bank debt. An immediate 10 percent change in interest rates would not have a material effect on our results of operations over the next fiscal year. A one-percent change in interest rates, inclusive of the impact of our interest rate derivatives, would result in $4.4 million in incremental interest charges on an annual basis.
33

We do not enter into derivatives or other financial instruments for trading or speculative purposes. When appropriate, we enter into derivative financial instruments, such as forward exchange contracts, hedges and interest rate swaps, to mitigate the impact of foreign exchange rate movements and interest rate movements on our operating results. The counterparties are major financial institutions. Such forward exchange contracts, hedges and interest rate swaps would not subject us to additional risk from exchange rate or interest rate movements because gains and losses on these contracts would offset losses and gains on the assets, liabilities, and transactions being hedged.
In the second quarter of 2023, the Company entered into a floating to fixed interest rate swap for a notional amount of $150 million. The fair value of this instrument at September 28, 2025 is a liability of $0.1 million.
ITEM 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, and under the supervision and with participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, the Company carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, pursuant to Exchange Act Rule 13a-15(b). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this report the Company’s disclosure controls and procedures were effective.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 28, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II – OTHER INFORMATION
ITEM 1. Legal Proceedings
From time to time, the Company and its subsidiaries are the subject of various legal actions and claims arising in the ordinary course of their businesses. The most significant litigation facing the Company are cases seeking damages for alleged exposure to asbestos-contaminated talc products sold by the Company's subsidiary BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) ("Oldco") and the talc-related Chapter 11 cases of Oldco and Barretts Ventures Texas LLC. Additional information regarding legal proceedings is disclosed in Note 12 to the Condensed Consolidated Financial Statements included elsewhere in this report, which disclosure is incorporated herein by reference.
ITEM 1A. Risk Factors
For a description of Risk Factors, see Exhibit 99 attached to this report. There have been no material changes to our risk factors from those disclosed in our 2024 Annual Report on Form 10-K.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

|  | Total |  |  |  |  |  |  |  | Total Number of |  |  |  | Dollar Value of |
|  | Number |  |  |  | Average |  |  |  | Shares Purchased as |  |  |  | Shares that May |
|  | of Shares |  |  |  | Price Paid |  |  |  | Part of the Publicly |  |  |  | Yet be Purchased |
|  | Purchased |  |  |  | Per Share |  |  |  | Announced Program |  |  |  | Under the Program |
June 30 - July 27 |  | 94,099 |  |  | $ | 58.44 |  |  |  | 629,613 |  |  | $ | 161,241,032 |
July 28 - August 24 |  | 91,377 |  |  | $ | 59.50 |  |  |  | 720,990 |  |  | $ | 155,804,537 |
August 25 - September 28 |  | 96,000 |  |  | $ | 63.52 |  |  |  | 816,990 |  |  | $ | 149,706,445 |
Total |  | 281,476 |  |  | $ | 60.52 |  |  |  |  |  |  |  |  |

On October 16, 2024, the Company’s Board of Directors authorized the Company’s management to repurchase, at its discretion, up to $200 million of the Company’s shares. As of September 28, 2025, 816,990 shares have been repurchased under this program for $50.3 million, or an average price of approximately $61.56 per share.
34

ITEM 3. Default Upon Senior Securities
Not applicable.
ITEM 4. Mine Safety Disclosures
The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Quarterly Report on Form 10-Q.
ITEM 5. Other Information
During the three-month period ended September 28, 2025, none of our directors or executive officers adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
ITEM 6. Exhibits

Exhibit No. |  | Exhibit Title
15 |  | Letter Regarding Unaudited Interim Financial Information.
31.1 |  | Rule 13a-14(a)/15d-14(a) Certification executed by the Company’s principal executive officer.
31.2 |  | Rule 13a-14(a)/15d-14(a) Certification executed by the Company’s principal financial officer.
32 |  | Section 1350 Certifications.
95 |  | Information concerning Mine Safety Violations
99 |  | Risk Factors
101.INS |  | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH |  | Inline XBRL Taxonomy Extension Schema
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase
104 |  | Cover Page Interactive Data File (formatted as inline XBRL and contain in Exhibit 101).

35

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | Minerals Technologies Inc.
| By: | /s/ Erik C. Aldag
|  | Erik C. Aldag
|  | Senior Vice President, Finance and Treasury,
|  | Chief Financial Officer
October 24, 2025 |  |

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