Minerals Technologies (MTX) posts Q1 2026 growth and returns to profitability

Rhea-AI Filing Summary

Minerals Technologies Inc. (MTX) returned to profitability in Q1 2026 as sales and margins improved while prior-year talc-related charges rolled off. Net sales rose 11% to $546.9 million, and net income attributable to MTX was $36.2 million, or $1.17 per diluted share, versus a $144.0 million loss a year earlier.

Both segments grew: Consumer & Specialties sales increased 11% to $296.6 million and Engineered Solutions rose 12% to $250.3 million, with segment operating income up 18% and 17%, respectively. Operating income reached $58.7 million including $8.8 million of talc-related litigation expenses, compared with a prior-year operating loss driven by a $215 million talc provision and restructuring costs. Cash from operations was $32.1 million; cash, cash equivalents and short-term investments totaled $321.3 million against $960.2 million of total debt, and management highlighted more than $700 million of available liquidity.

Insights

Equity Analyst – Specialty Materials

Q1 2026 shows solid top-line growth and normalized earnings, but talc liabilities remain a key overhang.

Minerals Technologies grew net sales 11% to $546.9 million, with Consumer & Specialties up 11% and Engineered Solutions up 12%. Segment operating income rose to $71.8 million from $61.1 million, while consolidated operating income swung to $58.7 million from a prior-year loss largely because last year included a $215 million talc-related provision and restructuring costs.

Q1 2026 results still reflect talc costs: litigation expenses increased to $8.8 million from $2.8 million. The company previously accrued $215 million in 2025 for funding a talc trust and related Chapter 11 costs and continues to note that additional losses beyond the accrual are reasonably possible but not estimable, underscoring ongoing uncertainty.

Leverage appears manageable with total assets of $3.47 billion, cash, cash equivalents and short-term investments of $321.3 million, and long-term debt of $954.0 million. Operating cash flow of $32.1 million funded $23.1 million of capex, dividends, and $5.4 million of share repurchases. Future filings will be important for tracking talc case counts, trust funding developments, and adherence to the Amended Credit Agreement’s net leverage covenant.

Key Figures

Net sales: $546.9 million Net income attributable to MTX: $36.2 million Diluted EPS: $1.17 per share +5 more

8 metrics

Net sales $546.9 million Three months ended April 5, 2026; up 11% year over year

Net income attributable to MTX $36.2 million Three months ended April 5, 2026; versus $144.0 million loss in 2025

Diluted EPS $1.17 per share Three months ended April 5, 2026; versus $(4.51) in prior year

Operating income $58.7 million Q1 2026, includes $8.8 million talc-related litigation expenses

Cash from operating activities $32.1 million Three months ended April 5, 2026

Cash, equivalents and short-term investments $321.3 million As of April 5, 2026

Long-term debt $954.0 million As of April 5, 2026, net of discounts and costs

Open talc-related cases 978 claims Pending as of April 5, 2026, related to Oldco talc products

Key Terms

Production margin, Debtor-in-Possession Credit Agreement, Net Leverage Ratio, cash flow hedge, +1 more

5 terms

Production margin financial

"Production margin decreased from 24.3% of sales in the prior year to 24.0% of sales in the first quarter of 2026."

Debtor-in-Possession Credit Agreement regulatory

"the Company entered into a Debtor-in-Possession Credit Agreement with Oldco (the “DIP Credit Agreement”)"

Net Leverage Ratio financial

"requires the Company to maintain a maximum Net Leverage Ratio of 4.00 to 1.00 for each four fiscal quarter period"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

cash flow hedge financial

"This interest rate swap is designated as a cash flow hedge."

A cash flow hedge is an accounting label for a contract or arrangement used to offset expected future swings in a company’s cash payments or receipts — for example from variable-rate interest, foreign currency sales, or forecasted purchases. It matters to investors because it aims to smooth future cash and earnings volatility: gains or losses on the hedge are held out of current profit and reported separately until the underlying transaction affects results, much like buying insurance to steady future bills.

Section 524(g) regulatory

"confirm a plan of reorganization under Section 524(g) of the U.S. Bankruptcy Code"

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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 April 5, 2026

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 April 22, 2026, there were 31,008,734 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 periods ended April 5, 2026 and March 30, 2025 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three-month periods ended April 5, 2026 and March 30, 2025 (Unaudited)	4
	Condensed Consolidated Balance Sheets as of April 5, 2026 (Unaudited) and December 31, 2025	5
	Condensed Consolidated Statements of Cash Flows for the three-month periods ended April 5, 2026 and March 30, 2025 (Unaudited)	6
	Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three-month periods ended April 5, 2026 , and March 30, 2025 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
	Report of Independent Registered Public Accounting Firm	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	29
Item 4.	Controls and Procedures	30
PART II.   OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3.	Default Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	31
Item 6.	Exhibits	31
Signature		32

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
		Apr. 5,				Mar. 30,
(in millions of dollars, except per share data)		2026				2025
Net sales	$	546.9			$	491.8
Cost of goods sold		415.8				372.2
Production margin		131.1				119.6
Marketing and administrative expenses		57.5				50.6
Research and development expenses		6.1				5.8
Provision for litigation accrual and credit losses		-				215.0
Restructuring and other items		-				5.5
Litigation expenses		8.8				2.8
Income (loss) from operations		58.7				(160.1	)
Interest expense, net		(13.3	)			(14.2	)
Other non-operating income (deductions), net		0.5				(2.0	)
Total non-operating deductions, net		(12.8	)			(16.2	)
Income (loss) before tax and equity in earnings		45.9				(176.3	)
Provision (benefit) for taxes on income		9.9				(32.1	)
Equity in earnings of affiliates, net of tax		1.3				1.2
Net income (loss)		37.3				(143.0	)
Less:
Net income attributable to non-controlling interests		1.1				1.0
Net income (loss) attributable to Minerals Technologies Inc.	$	36.2			$	(144.0	)
Earnings (loss) per share:
Basic:
Net income (loss) attributable to Minerals Technologies Inc.	$	1.17			$	(4.51	)
Diluted:
Net income (loss) attributable to Minerals Technologies Inc.	$	1.17			$	(4.51	)
Cash dividends declared per common share	$	0.12			$	0.11
Shares used in computation of earnings (loss) per share:
Basic		31.0				31.9
Diluted		31.0				31.9

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
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Net income (loss)	$	37.3			$	(143.0	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(13.4	)			9.9
Pension and postretirement plan adjustments		-				0.1
Unrealized gain (loss) on derivative instruments		0.1				(0.3	)
Total other comprehensive income (loss), net of tax		(13.3	)			9.7
Total comprehensive income (loss) including non-controlling interests		24.0				(133.3	)
Comprehensive income attributable to non-controlling interests		1.0				0.4
Comprehensive income (loss) attributable to Minerals Technologies Inc.	$	23.0			$	(133.7	)

See accompanying Notes to Condensed Consolidated Financial Statements.

4

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		Apr. 5,				Dec. 31,
(in millions of dollars)		2026*				2025**
ASSETS
Current assets:
Cash and cash equivalents	$	315.9			$	329.0
Short-term investments		5.4				3.6
Accounts receivable, net		412.7				400.1
Inventories		357.9				350.2
Prepaid expenses and other current assets		63.6				72.7
Total current assets		1,155.5				1,155.6
Property, plant, and equipment		2,317.4				2,308.9
Less accumulated depreciation and depletion		(1,290.8	)			(1,283.9	)
Property, plant, and equipment, net		1,026.6				1,025.0
Goodwill		915.6				915.9
Intangible assets		205.5				208.7
Deferred income taxes		15.7				15.2
Other assets and deferred charges		146.4				148.6
Total assets	$	3,465.3			$	3,469.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt	$	6.0			$	0.4
Current maturities of long-term debt		6.2				6.3
Accounts payable		199.7				187.9
Other current liabilities		331.5				360.8
Total current liabilities		543.4				555.4
Long-term debt, net of unamortized discount and deferred financing costs		954.0				955.0
Deferred income taxes		90.8				90.7
Accrued pension and postretirement benefits		16.8				19.5
Other non-current liabilities		98.8				98.7
Total liabilities		1,703.8				1,719.3
Commitments and contingencies
Shareholders’ equity:
Common stock		5.0				5.0
Additional paid-in capital		535.8				535.1
Retained earnings		2,514.4				2,481.9
Accumulated other comprehensive loss		(353.5	)			(340.4	)
Less common stock held in treasury		(973.6	)			(968.2	)
Total Minerals Technologies Inc. shareholders’ equity		1,728.1				1,713.4
Non-controlling interests		33.4				36.3
Total shareholders’ equity		1,761.5				1,749.7
Total liabilities and shareholders’ equity	$	3,465.3			$	3,469.0

*    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)

	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Operating Activities:
Net income (loss)	$	37.3			$	(143.0	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, and amortization		24.9				23.5
Reduction of right of use asset		4.1				3.9
Provision for litigation accrual and credit losses		-				215.0
Restructuring and other items		-				5.5
Other non-cash items, net		4.4				(39.9	)
Net changes in operating assets and liabilities		(38.6	)			(69.4	)
Net cash provided by (used in) operating activities		32.1				(4.4	)
Investing Activities:
Purchases of property, plant, and equipment		(23.1	)			(18.3	)
Proceeds from sale of short-term investments		-				3.1
Purchases of short-term investments		(1.3	)			(4.5	)
Other investing activities		(5.0	)			(2.1	)
Net cash used in investing activities		(29.4	)			(21.8	)
Financing Activities:
Net proceeds from issuance of short-term debt		5.6				14.5
Repayment of long-term debt		(1.5	)			-
Purchase of common stock for treasury		(5.4	)			(11.5	)
Proceeds from issuance of stock under option plan		1.0				0.1
Excess tax benefits related to stock incentive programs		(3.3	)			(3.4	)
Dividends paid to non-controlling interests		(3.8	)			-
Cash dividends paid		(3.7	)			(3.6	)
Net cash used in financing activities		(11.1	)			(3.9	)
Effect of exchange rate changes on cash and cash equivalents		(4.7	)			3.6
Net decrease in cash and cash equivalents		(13.1	)			(26.5	)
Cash and cash equivalents at beginning of period		329.0				333.1
Cash and cash equivalents at end of period	$	315.9			$	306.6
Supplemental disclosure of cash flow information:
Interest paid	$	18.9			$	19.6
Income taxes paid	$	10.9			$	9.8
Non-cash financing activities:
Treasury stock purchases settled after period end	$	0.1			$	0.3
Excise tax charged to equity not paid	$	-			$	0.1

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, 2025	$	5.0			$	535.1			$	2,481.9			$	(340.4	)		$	(968.2	)		$	36.3			$	1,749.7
Net income		-				-				36.2				-				-				1.1				37.3
Other comprehensive loss, net		-				-				-				(13.1	)			-				(0.2	)			(13.3	)
Dividends declared		-				-				(3.7	)			-				-				-				(3.7	)
Dividends paid to non-controlling interests		-				-				-				-				-				(3.8	)			(3.8	)
Issuance of shares pursuant to employee stock compensation plans		-				1.0				-				-				-				-				1.0
Purchase of common stock for treasury		-				-				-				-				(5.4	)			-				(5.4	)
Stock-based compensation		-				3.1				-				-				-				-				3.1
Conversion of RSU's for tax withholding		-				(3.4	)			-				-				-				-				(3.4	)
Balance as of April 5, 2026	$	5.0			$	535.8			$	2,514.4			$	(353.5	)		$	(973.6	)		$	33.4			$	1,761.5

	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

See accompanying Notes to Condensed Consolidated Financial Statements.

7

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,” “us,” or “our”) 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, 2025. 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 period ended April 5, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

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 with mineral-to-market finished products and also provides specialty mineral-based solutions and technologies that are an essential component of our customers' finished products.

• The Engineered Solutions segment serves industrial end markets with engineered systems, mineral blends, and technologies that are designed to improve our customers' manufacturing processes and projects.

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 Condensed 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, certain pension plan assumptions, valuation of deferred income tax assets, provision for credit losses, and legal and environmental liabilities. 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 Condensed Consolidated Financial Statements for the three-month periods ended April 5, 2026.

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.

8

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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-month periods ended April 5, 2026 and March 30, 2025:

(in millions of dollars)	Three Months Ended
		Apr. 5,				Mar. 30,
Net Sales		2026				2025
Household & Personal Care	$	142.4			$	123.1
Specialty Additives		154.2				145.2
Consumer & Specialties Segment		296.6				268.3
High-Temperature Technologies		183.3				169.4
Environmental & Infrastructure		67.0				54.1
Engineered Solutions Segment		250.3				223.5
Total net sales	$	546.9			$	491.8

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.

The following table sets forth the computation of basic and diluted earnings (loss) per share:

	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars, except per share data)		2026				2025
Net income (loss) attributable to Minerals Technologies Inc.	$	36.2			$	(144.0	)
Weighted average shares outstanding		31.0				31.9
Dilutive effect of stock options and deferred restricted stock units		-				-
Weighted average shares outstanding, adjusted		31.0				31.9
Basic earnings (loss) per share attributable to Minerals Technologies Inc.	$	1.17			$	(4.51	)
Diluted earnings (loss) per share attributable to Minerals Technologies Inc.	$	1.17			$	(4.51	)

9

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Of the options outstanding of 1,678,847 and 1,596,748 for the three-month periods ended April 5, 2026 and March 30, 2025, respectively, options to purchase 943,056 shares and 1,596,748 shares of common stock for the three-month periods ending April 5, 2026 and March 30, 2025, 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 for the three-month period ending March 30, 2025, all options to purchase shares were anti-dilutive and were excluded for this period.

Note 4.  Restructuring and Other Items

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
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Severance and other related costs
Consumer & Specialties	$	-			$	2.5
Engineered Solutions		-				0.8
Corporate		-				2.2
Total restructuring and other items	$	-			$	5.5

At April 5, 2026, the Company had $4.3 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 April 5, 2026:

(in millions of dollars)
Restructuring liability, December 31, 2025	$	4.9
Cash payments		(0.6	)
Restructuring liability, April 5, 2026	$	4.3

Note 5.  Income Taxes

Provision (benefit) for taxes was $9.9 million and $(32.1) million during the three-month periods ended April 5, 2026 and March 30, 2025. The benefit from taxes for the three-month period ended March 30, 2025 relates to pre-tax losses, primarily as a result of the provision for litigation accrual and credit losses recorded in the first quarter of 2025. The effective tax rate was 21.5% for the three-month period ended April 5, 2026, as compared with 18.2% for the three-month period ended March 30, 2025. The lower rate in the previous year was primarily due to the provision for the litigation accrual and credit losses and the mixture of earnings.

As of April 5, 2026, the Company had approximately $5.8 million of total unrecognized income tax benefits. Included in this amount were a total of $4.4 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 had a net addition of approximately $0.4 million during the three-month period ended April 5, 2026 and had an accrued balance of $0.7 million of interest and penalties as of April 5, 2026.

10

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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. It contains a broad range of tax reform provisions affecting businesses. The Company evaluated the full effects of the legislation on our annual effective tax rate and cash tax position, and it did not have a material impact on our Consolidated 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.

Note 6.  Inventories

The following is a summary of inventories by major category:

		Apr. 5,				Dec. 31,
(in millions of dollars)		2026				2025
Raw materials	$	163.8			$	160.6
Work-in-process		11.2				13.3
Finished goods		121.8				117.3
Packaging and supplies		61.1				59.0
Total inventories	$	357.9			$	350.2

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 $915.6 million and $915.9 million as of April 5, 2026 and December 31, 2025, respectively. The net change in goodwill from December 31, 2025 to April 5, 2026 is attributable to the effects of foreign exchange.

Acquired intangible assets subject to amortization as of April 5, 2026 and December 31, 2025 were as follows:

					Apr. 5, 2026								Dec. 31, 2025
		Weighted Average				Gross								Gross
		Useful Life				Carrying				Accumulated				Carrying				Accumulated
(in millions of dollars)		(Years)				Amount				Amortization				Amount				Amortization
Tradenames		34			$	221.4			$	68.5			$	221.4			$	67.6
Technology		20				18.8				15.6				18.8				15.5
Patents and trademarks		19				6.4				6.4				6.4				6.4
Customer relationships		21				79.9				30.5				80.4				28.8
		29			$	326.5			$	121.0			$	327.0			$	118.3

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $8.6 million for the remainder of 2026, $46.0 million for 2027–2030 and $150.9 million thereafter.

11

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

            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 less than $0.1 million at April 5, 2026 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.

12

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 9.  Long-Term Debt and Commitments

The following is a summary of long-term debt:

		Apr. 5,				Dec. 31,
(in millions of dollars)		2026				2025
Secured Credit Agreement:
Term Loan due 2031, net of unamortized deferred financing cost and original issue discount of $6.3 million and $6.5 million	$	561.5			$	562.7
Senior Notes:
5.00% due 2028, net of unamortized deferred financing costs of $2.1 million and $2.3 million		397.9				397.7
Other debt		0.8				0.9
Total	$	960.2			$	961.3
Less: Current maturities of long-term debt		6.2				6.3
Total long-term debt	$	954.0			$	955.0

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 installments, 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.

13

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of April 5, 2026, there were $6.0 million in loans and $9.2 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.

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 April 5, 2026, $0.3 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.1 million on this loan during the first three months of 2026.

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 matured in 2025 and one that matures in 2027. The outstanding loan has annual payments and carries a variable interest rate. The Company did not make any repayments on this loan during the first three months of 2026.

As of April 5, 2026, the Company had $18.3 million in uncommitted short-term bank credit lines, of which none 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 postretirement 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
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Service cost	$	0.9			$	1.0
Interest cost		4.0				4.2
Expected return on plan assets		(5.9	)			(5.5	)
Amortization:
Recognized net actuarial loss		0.1				0.2
Net periodic benefit cost	$	(0.9	)		$	(0.1	)

14

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	Postretirement Benefits
	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Service cost	$	-			$	-
Interest cost		-				-
Amortization:
Recognized net actuarial gain		(0.1	)			(0.1	)
Net periodic benefit cost	$	(0.1	)		$	(0.1	)

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

The Company expects to contribute approximately $10.8 million to its pension plans and $0.1 million to its other postretirement benefit plans in 2026. As of April 5, 2026, $1.9 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
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Amortization of pension items:
Pre-tax amount	$	-			$	0.1
Tax		-				-
Net of tax	$	-			$	0.1

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 (benefit) 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, 2025	$	(360.9	)		$	10.3			$	10.2			$	(340.4	)
Other comprehensive income (loss) before reclassifications		(13.2	)			-				-				(13.2	)
Amounts reclassified from AOCI		-				-				0.1				0.1
Net current period other comprehensive income (loss)		(13.2	)			-				0.1				(13.1	)
Balance as of April 5, 2026	$	(374.1	)		$	10.3			$	10.3			$	(353.5	)

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").

15

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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.

As of April 5, 2026, we had 978 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
		Apr. 5,				Mar. 30,
(number of claims)		2026				2025
Claims pending, beginning of period		914				684
Claims filed		114				67
Less: Claims dismissed, settled, or otherwise resolved		50				36
Claims pending, end of period		978				715

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 substantial 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, the Company and Oldco have opportunistically settled certain talc-related cases not settled by Pfizer. 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.

16

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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. The Bankruptcy Court denied that motion on April 29, 2025 and the United States District Court for the Southern District of Texas (the “District Court”) denied the Committee's motion seeking leave to appeal that order on March 23, 2026.

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 an accrual 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, 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.

17

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-month periods ended April 5, 2026 and March 30, 2025 is as follows:

	Three Months Ended
	Apr. 5, 2026												Mar. 30, 2025
		Consumer &				Engineered								Consumer &				Engineered
(in millions of dollars)		Specialties				Solutions				Total				Specialties				Solutions				Total
Net sales	$	296.6			$	250.3			$	546.9			$	268.3			$	223.5			$	491.8
Cost of goods sold		240.8				175.0				415.8				215.8				156.4				372.2
Segment production margin		55.8				75.3				131.1				52.5				67.1				119.6
Marketing and administrative expenses		19.9				33.3				53.2				19.1				30.3				49.4
Research and development expenses		3.4				2.7				6.1				3.4				2.4				5.8
Restructuring and other items		-				-				-				2.5				0.8				3.3
Segment income from operations	$	32.5			$	39.3			$	71.8			$	27.5			$	33.6			$	61.1

	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Segment income from operations	$	71.8			$	61.1
Interest expense, net		(13.3	)			(14.2	)
Other non-operating income (deductions), net		0.5				(2.0	)
Unallocated expenses:
Provision for litigation accrual and credit losses		-				215.0
Restructuring and other items		-				2.2
Litigation expenses		8.8				2.8
Unallocated corporate expenses		4.3				1.2
Income (loss) before tax and equity in earnings	$	45.9			$	(176.3	)

Segment information is as follows for the three-month periods ended April 5, 2026 and March 30, 2025:

	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Depreciation, Depletion, and Amortization
Consumer & Specialties	$	11.7			$	10.8
Engineered Solutions		13.2				12.7
Total	$	24.9			$	23.5
Capital Expenditures
Consumer & Specialties	$	13.7			$	11.5
Engineered Solutions		8.9				5.8
Corporate		0.5				1.0
Total	$	23.1			$	18.3

18

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Company’s segment assets as of April 5, 2026 and December 31, 2025 are as follows:

		Apr. 5,				Dec. 31,
(in millions of dollars)		2026				2025
Segment Assets
Consumer & Specialties	$	1,330.9			$	1,333.4
Engineered Solutions		2,058.5				2,043.9
Corporate		75.9				91.7
Total	$	3,465.3			$	3,469.0

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

	Three Months Ended
		Apr. 5,				Mar. 30,
(in millions of dollars)		2026				2025
Household & Personal Care	$	142.4			$	123.1
Specialty Additives		154.2				145.2
High-Temperature Technologies		183.3				169.4
Environmental & Infrastructure		67.0				54.1
Total	$	546.9			$	491.8

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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 April 5, 2026, the related condensed consolidated statements of income (loss) and comprehensive income (loss) for the three-month periods ended April 5, 2026 and March 30, 2025, the related condensed consolidated statements of cash flows for the three-month periods ended April 5, 2026 and March 30, 2025, the related condensed consolidated statements of changes in shareholders’ equity for the three-month periods ended April 5, 2026 and March 30, 2025 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, 2025, 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 20, 2026, 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, 2025, 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

May 1, 2026

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ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

Our consolidated sales for the first quarter of 2026 were $546.9 million, an increase of 11% as compared with $491.8 million in the prior year. Income from operations was $58.7 million, as compared with a loss of $160.1 million in the prior year. Included in income (loss) from operations for the first quarter of 2026 and 2025 was $8.8 million and $2.8 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 first quarter of 2026 was $36.2 million, as compared to a loss of $144.0 million in the first quarter of 2025. Diluted earnings in the first quarter of 2026 was $1.17 per share, as compared with a loss of $4.51 per share in the first quarter of 2025.

Our balance sheet continues to be strong. The Company repurchased $5.4 million in shares in the first quarter of 2026 under our $200 million buyback program. Cash, cash equivalents and short-term investments were $321.3 million as of April 5, 2026 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

The global trade environment is dynamic. Beginning in the first quarter of 2025, the United States government has imposed tariffs on goods imported into the U.S. from numerous countries and multiple nations have responded with reciprocal tariffs and other actions. While the Company generally manufactures products in the markets where they are sold, our businesses and suppliers import certain goods subject to U.S. imposed tariffs, in particular in our High-Temperature Technologies product line, as well as goods subject to reciprocal tariffs and other measures imposed by other countries. On February 20, 2026, the U.S. Supreme Court issued a ruling striking down certain tariffs imposed by the U.S., including those affecting certain goods that the Company imports. However, the timing and amount of any potential tariff refunds remains uncertain, and are subject to further legal, regulatory, and administrative developments. In addition, the U.S. has initiated new tariffs and may impose additional tariffs. As a result, there remains significant uncertainty regarding the scope and duration of existing and future tariffs, and the impact of such tariffs will continue to vary. We continue to pursue available options to mitigate the impact of these tariffs and other measures. We have made operational and supply chain changes, utilized available exemptions or exclusions, and, where feasible, increased the prices of our goods and services. To date, as a result of our mitigation efforts, tariffs have not had a significant effect on our financial results. However, the imposition of tariffs as well as uncertainty about their scope and duration could negatively affect demand, result in increases in some input costs and/or inflation that we are unable to mitigate, or otherwise adversely affect economic conditions. The Company continues to monitor the economic effects of the trade environment, but the effects associated with the tariffs remain uncertain.

In addition to evolving U.S. tariffs, our operating environment is affected by other market forces, including recent geopolitical events in the Middle East. As a result of such events, we have experienced higher energy prices and freight expenses, among other effects. As with tariffs, we are pursuing available options to mitigate the impacts of these market forces. To date, these market forces have not had a significant effect on our financial results, but the extent of future impacts, and our ability to mitigate them, remains uncertain.

The Company will continue to focus on innovation and new product development and other opportunities for sales growth in 2026 from its existing businesses, as follows:

Consumer & Specialties Segment

	●	Increase our presence and market share in global cat 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 of 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.

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	●	Develop natural and 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.
	●	Deploy our laser measurement technologies into new applications.
	●	Expand our refractory maintenance model to other steel makers globally.
	●	Continue the development and market penetration of our FLUORO-SORB adsorbent 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.

22

Results of Operations

Three-month period ended April 5, 2026 as compared with three-month period ended March 30, 2025

Consolidated Income Statement Review

	Three Months Ended
		Apr. 5,				Mar. 30,				%
(in millions of dollars)		2026				2025				Change
Net sales	$	546.9			$	491.8				11	%
Cost of goods sold		415.8				372.2				12	%
Production margin		131.1				119.6				10	%
Production margin %		24.0	%			24.3	%
Marketing and administrative expenses		57.5				50.6				14	%
Research and development expenses		6.1				5.8				5	%
Provision for litigation accrual and credit losses		-				215.0				*
Restructuring and other items		-				5.5				*
Litigation expenses		8.8				2.8				214	%
Income (loss) from operations		58.7				(160.1	)			*
Operating margin %		10.7	%			*
Interest expense, net		(13.3	)			(14.2	)			(6	)%
Other non-operating income (deductions), net		0.5				(2.0	)			*
Total non-operating deductions, net		(12.8	)			(16.2	)			(21	)%
Income (loss) before tax and equity in earnings		45.9				(176.3	)			*
Provision (benefit) for taxes on income		9.9				(32.1	)			*
Effective tax rate		21.5	%			18.2	%
Equity in earnings of affiliates, net of tax		1.3				1.2				8	%
Net income (loss)		37.3				(143.0	)			*
Net income attributable to non-controlling interests		1.1				1.0				10	%
Net income (loss) attributable to Minerals Technologies Inc.	$	36.2			$	(144.0	)			*

*    Percentage not meaningful

Net Sales

	Three Months Ended												Three Months Ended
	Apr. 5, 2026												Mar. 30, 2025
(in millions of dollars)		Net Sales				% of Total Net Sales				% Change				Net Sales				% of Total Net Sales
U.S.	$	280.6				51	%			7	%		$	262.4				53	%
International		266.3				49	%			16	%			229.4				47	%
Total net sales	$	546.9				100	%			11	%		$	491.8				100	%
Consumer & Specialties Segment	$	296.6				54	%			11	%		$	268.3				55	%
Engineered Solutions Segment		250.3				46	%			12	%			223.5				45	%
Total net sales	$	546.9				100	%			11	%		$	491.8				100	%

23

Worldwide net sales increased 11% to $546.9 million in the first quarter from $491.8 million in the prior year. Foreign exchange had a favorable impact on sales of $17 million.

Net sales in the United States increased to $280.6 million in the first quarter of 2026 from $262.4 million in the first quarter of 2025. International sales increased to $266.3 million from $229.4 million in the prior year.

Operating Costs and Expenses

Cost of goods sold was $415.8 million and represented 76.0% of sales for the three-month period ended April 5, 2026, as compared with $372.2 million and 75.7% of sales in the prior year. Production margin decreased from 24.3% of sales in the prior year to 24.0% of sales in the first quarter of 2026.

Marketing and administrative costs were $57.5 million and 10.5% of sales for the three-month period ended April 5, 2026, as compared to $50.6 million and 10.3% of sales in the prior year.

Research and development expenses were $6.1 million and represented 1.1% of sales for the three-month period ended April 5, 2026, as compared with $5.8 million and 1.2% of sales in the prior year.

In the first quarter of 2025, the Company recorded a provision of $215 million to establish an accrual 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 BVT, and related litigation costs (including a $30 million increase to the maximum principal amount of financing under the Debtor-in-Possession Credit Agreement the Company entered into with Oldco in 2024). Additionally, the Company initiated a cost savings program and recorded a charge of $5.5 million for severance and other related costs.

The Company recorded litigation and settlement expenses of $8.8 million and $2.8 million during the three-month periods ending April 5, 2026 and March 30, 2025, respectively in connection with the bankruptcy of Oldco and lawsuits related to talc products sold by Oldco.

Income (Loss) from Operations

The Company recorded income from operations of $58.7 million and loss from operations of $160.1 million during the three-month periods ending April 5, 2026 and March 30, 2025, respectively. Income (loss) from operations includes litigation expenses in connection with Oldco’s bankruptcy filing and lawsuits related to talc products sold by Oldco of $8.8 million and $2.8 million during the three-month periods ended April 5, 2026 and March 30, 2025, respectively. Prior year loss from operations includes a provision for litigation accrual of $215 million and restructuring costs of $5.5 million for the three-month period ended March 30, 2025.

Other Non-Operating Deductions, net

In the first quarter of 2026, non-operating deductions were $12.8 million, as compared with $16.2 million in the prior year. Included in other non-operating deductions in the first quarter of 2026 was net interest expense of $13.3 million, as compared to $14.2 million in the first quarter of the prior year.  

Provision (Benefit) for Taxes on Income

Provision for taxes on income was $9.9 million, as compared with a benefit for taxes on loss of $32.1 million in the prior year. The effective tax rate was 21.5%, as compared with 18.2% in the prior year. The rate was primarily higher due to the provision for litigation accrual recorded in the first quarter of 2025.

Net Income (Loss) Attributable to MTI Shareholders

Net income attributable to MTI shareholders was $36.2 million for the three-month period ended April 5, 2026 and included a $6.6 million charge, net of tax. This charge consisted of litigation expenses.  

Net loss attributable to MTI shareholders was $144.0 million for the three-month period ended March 30, 2025 and included a $180.4 million charge, net of tax. This charge consisted of a provision for litigation accrual and credit losses, restructuring and other items, and litigation expenses.

24

Segment Review

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

		Three Months Ended
			Apr. 5,				Mar. 30,				%
Consumer & Specialties Segment			2026				2025				Change
		(in millions of dollars)
Net Sales
Household & Personal Care		$	142.4			$	123.1				16	%
Specialty Additives			154.2				145.2				6	%
Total net sales		$	296.6			$	268.3				11	%
Income from operations		$	32.5			$	27.5				18	%
% of net sales			11.0	%			10.2	%

Net sales in the Consumer & Specialties segment was $296.6 million for the three-month period ended April 5, 2026, as compared with $268.3 million in the prior year. Household & Personal Care sales increased 16% to $142.4 million, as compared with $123.1 million in the prior year, driven by cat litter, animal health, and edible oil and renewable fuel purification sales. Sales in Specialty Additives increased 6% to $154.2 million as compared with prior year primarily driven by higher sales to paper and packaging customers.

Income from operations was $32.5 million, as compared to $27.5 million in the prior year.  

		Three Months Ended
			Apr. 5,				Mar. 30,				%
Engineered Solutions Segment			2026				2025				Change
		(in millions of dollars)
Net Sales
High-Temperature Technologies		$	183.3			$	169.4				8	%
Environmental & Infrastructure			67.0				54.1				24	%
Total net sales		$	250.3			$	223.5				12	%
Income from operations		$	39.3			$	33.6				17	%
% of net sales			15.7	%			15.0	%

Net sales in the Engineered Solutions segment increased 12% to $250.3 million from $223.5 million in the prior year. High-Temperature Technologies sales increased 8% to $183.3 million, as compared with $169.4 million in the prior year, primarily related to higher sales to steel customers and supported by a stable performance in our foundry business. Environmental & Infrastructure sales increased 24% to $67.0 million, as compared with $54.1 million in the prior year driven by strength in environmental lining systems, infrastructure drilling, and offshore water treatment. 

Income from operations was $39.3 million and 15.7% of sales, as compared with $33.6 million and 15.0% of sales in the prior year.

Liquidity and Capital Resources

Cash flow provided by operations during the three-month period ended April 5, 2026, was approximately $32.1 million. Cash flows from operations during the first three months of 2026 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 2026 - $4.9 million; 2027 - $6.0 million; 2028 - $405.8 million; 2029 - $5.7 million; 2030 - $5.7 million; thereafter - $540.5 million.

25

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 installments, 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 April 5, 2026, there were $6.0 million in loans and $9.2 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.

26

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 April 5, 2026, $0.3 million was outstanding under this loan facility. Principal will be repaid in accordance with the payment schedule ending in 2026. The Company repaid $0.1 on this loan during the first three months of 2026.

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 matured in 2025 and one that matures in 2027.  The outstanding loan has annual payments and carries a variable interest rate. The Company did not make any repayments on this loan during the first three months of 2026.

As of April 5, 2026, the Company had $18.3 million in uncommitted short-term bank credit lines, of which none 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 2026 should be between $90 million and $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 April 5, 2026 is a liability less than $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 April 5, 2026, 1,079,712 shares have been repurchased under this program for $66.7 million, or an average price of approximately $61.74 per share. This authorization has no expiration date.

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 three-month period ended April 5, 2026, 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 nine 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.

27

In the first quarter of 2025, the Company recorded a provision to establish an accrual 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, 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, 2025, 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.

28

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 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 2025 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 $4.2 million in incremental interest charges on an annual basis.

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 April 5, 2026 is a liability less than $0.1 million.  

29

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 April 5, 2026 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 2025 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
January 1 - February 1		31,902			$	65.80				1,032,024			$	136,653,990
February 2 - March 1		18,049			$	71.38				1,050,073			$	135,365,651
March 2 - April 5		29,639			$	68.51				1,079,712			$	133,334,952
Total		79,590			$	68.08

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 April 5, 2026, 1,079,712 shares have been repurchased under this program for $66.7 million, or an average price of approximately $61.74 per share. This authorization has no expiration date.

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.

30

ITEM 5.  Other Information

During the three-month period ended April 5, 2026, 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).

31

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
May 1, 2026

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FAQ

How did Minerals Technologies (MTX) perform financially in Q1 2026?

Minerals Technologies delivered higher sales and a return to profitability in Q1 2026. Net sales rose 11% to $546.9 million, while net income attributable to the company was $36.2 million, or $1.17 per diluted share, versus a substantial loss a year earlier.

How did MTX’s Consumer & Specialties and Engineered Solutions segments perform?

Both MTX segments grew in Q1 2026. Consumer & Specialties net sales increased 11% to $296.6 million, led by household, personal care, and paper applications. Engineered Solutions net sales rose 12% to $250.3 million, driven by stronger high-temperature technologies and environmental and infrastructure demand.

What is the impact of talc-related litigation on MTX’s results and outlook?

Talc-related matters remain significant for MTX. Q1 2026 included $8.8 million of litigation expenses. In 2025, MTX recorded a $215 million accrual for expected costs to fund a talc trust and related Chapter 11 activities and notes that further losses beyond this amount are reasonably possible.

What is Minerals Technologies’ liquidity and debt position as of April 5, 2026?

MTX reported $315.9 million of cash and cash equivalents and $5.4 million of short-term investments, totaling $321.3 million. Total debt was $960.2 million, including $954.0 million of long-term debt. Management states it has more than $700 million of available liquidity including its revolving credit facility.

How strong was MTX’s cash flow and capital spending in Q1 2026?

MTX generated $32.1 million of cash from operating activities in Q1 2026, versus an outflow a year earlier. The company used this to fund $23.1 million of capital expenditures focused on growth and efficiency projects, pay dividends, and repurchase $5.4 million of common stock.

What are the key growth priorities MTX highlights for 2026?

MTX targets growth by expanding cat litter and pet care products, increasing specialty additives for paper, packaging, and coatings, and broadening high-temperature and environmental solutions. The company also emphasizes operational excellence, new product innovation, and selective acquisitions aligned with its minerals and core technologies.