Inferra AI / Company / MTX / Slides
Minerals Technologies Inc. — minerals technologies 2026 investor day (company IR deck)
Minerals Technologies Inc. (MTX) · 40 slides · Filed Oct 23, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MTX deck slides
Slide 1 — Investor Day Presentation
© 2026 Minerals Technologies Inc. All Rights Reserved. Investor Day Presentation September 22, 2026
Slide 2 — Forward-Looking Statements and Non-GAAP Measures
2 Forward-Looking Statements and Non-GAAP Measures This presentation may contain "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 “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. 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; 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 and cautionary statements in our 2025 Annual Report on Form 10‐K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward‐looking statement, whether as a result of new information, future events, or otherwise. Also, this presentation will include certain financial measures that were not prepared in accordance with generally accepted accounting principles. In particular, operating margin, adjusted EBITDA, and return on invested capital, referenced in this presentation exclude special items, such as provision for litigation accrual and credit losses, litigation expenses, and other significant non-recurring or unusual items and related tax effects for all periods presented. The Company also provides underlying sales for the twelve months ended December 31, 2021, which underlying figures exclude sales from BMI OldCo Inc. The Company also provides figures for free cash flow for the twelve months ended December 31, 2023, December 31, 2024 and December 31, 2025. These are non-GAAP measures that the Company believes provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix to this presentation and our Current Report on Form 8-K dated January 29, 2026, and in our other reports filed with the Securities and Exchange Commission, available on our website at www.mineralstech.com in the "Investor Information -- SEC Filings" section. It is not possible, without unreasonable effort, for the Company to identify and estimate the amount or significance of future non-recurring or unusual items. Accordingly, the Company does not provide reconciliations of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis.
Slide 3 — Company overview
3 Today’s Agenda 1 Company overview 2 Long-term growth strategy update 3 Product line and innovation spotlight Specialty Additives and High-Temperature Technologies 4 Q&A 5 In-person R&D facility tour
Slide 4 — Chairman and Chief Executive Officer
Douglas T. Dietrich Chairman and Chief Executive Officer
Slide 5 — Key Differentiators
5 Key Differentiators Leading market positions across all four product lines Attractive financial profile and strong cash generation Growth driven by innovation and new product development capabilities Vertically integrated global footprint of local resources Balanced portfolio of consumer and industrial businesses
Slide 6 — A Global Specialty Minerals Company
6 A Global Specialty Minerals Company Providing Essential Solutions for Everyday Life BENTONITE CALCIUM CARBONATE MINERALOGY Structure · Chemistry · Color · Quality At Home Food and supplements, personal care, pet care, household care, building materials, consumer and container boxes UNIQUE GLOBAL RESOURCES APPLIED TECHNOLOGIES VALUABLE FUNCTIONAL COMPONENTS Outside Agriculture, livestock, water purification, treatment and remediation, landfill At Work & Travel Printing paper, commercial buildings, cars and trucks, tunnels, wires and pipes, renewable energy Functional Additives Crystal Engineering Engineered Blends Particle Surface Modification
Slide 7 — A Global Specialty Minerals Company
7 EMEA Asia Auto/transportation Environmental solutions Construction Paper and packaging Latin America North America Engineered Solutions Consumer & Specialties Industrial applications Balanced Portfolio Functional Solutions Essential for Everyday Life Global Presence with Unique Mineral Reserves in All Key Regions 47% 53% 56% 17% 24% 3% 27% 11% 9% 17% 18% 8% 9% Consumer *2025 Sales Steel production ~4,000 Employees $2.1B Net Sales* 34 Countries 12 R&D Centers MINERALS TECHNOLOGIES A Global Specialty Minerals Company
Slide 8 — A Well-Balanced Portfolio Positioned For Growth
8 Environmental & Infrastructure High-Temperature Technologies A Well-Balanced Portfolio Positioned For Growth CONSUMER & SPECIALTIES ENGINEERED SOLUTIONS Mineral-to-market products serving consumer- oriented end markets, including cat litter, household and personal care, natural oil purification, animal health, and agriculture Mineral additives serving food and pharma, paper and packaging, residential construction, and automotive markets Value-added solutions and technologies for high-temperature industries such as steel and foundry Project-based products and solutions for environmental, remediation, water treatment, building materials, and infrastructure markets 2025 sales. Total company sales $2.1B. Functional components in a variety of consumer and industrial goods Designed to improve our customers’ manufacturing processes and projects $513M (25%) $585M (28%) $705M (34%) $270M (13%) Household & Personal Care Specialty Additives Sales $1.1B Sales $1.0B
Slide 9 — 9
9 Three Engines Driving Our Growth #1 Deepening positions in core markets and geographies Expansion in higher growth markets New products and solutions • Consumer-based products • Natural ingredients for personal care • Asia cat litter • Renewable fuels • Asia metalcasting • Packaging • Steelmaking • North America metalcasting • Environmental products • Automation for EAF steelmaking • PFAS remediation • Waste repurposing in paper and packaging • Sustainable Aviation Fuel filtration • + other N E X T: Innovation powering all three engines — 19% of 2025 sales from new products
Slide 10 — Strong Pipeline of Innovation to Support Long-Term Growth
10 Strong Pipeline of Innovation to Support Long-Term Growth 19%* of 2025 sales from new products ~300 new products launched in 5 years ~$1.4B pipeline from ideation to commercialization >80% of projects developed with input from customers 67% of new products have a sustainable profile – Next-generation solutions from our core technologies, for existing and new markets – Close collaboration with customers to solve their toughest challenges – Focusing on high-growth high- margin opportunities INNOVATION STRATEGY ✓ Strengthening positions in existing markets and geographies ✓ Opening new markets and revenue streams * Percent of sales from commercialization in the last five years Household & Personal Care Specialty Additives High-Temperature Technologies Environmental & Infrastructure Total innovation pipeline ~$1.4B Project pipeline from ideation to commercialization
Slide 11 — Senior Vice President, Finance and
Erik C. Aldag Senior Vice President, Finance and Treasury and Chief Financial Officer
Slide 12 — Financial Targets
12 Financial Targets Organic sales growing at 5% CAGR 1 Operating margin of 15% 2 Strong FCF generation of ~7% of sales 3 Strong balance sheet with flexibility for inorganic growth 4 Return on invested capital of 12% 5
Slide 13 — Strong Execution on Growth Strategy with Additional
13 Strong Execution on Growth Strategy with Additional Upside from Market Recovery in the Future *Underlying sales 2021 Actual* +$540M Organic Growth Strategy +$100M Inorganic Growth -$240M End-Market Impacts & FX 2026 Consensus Year 5 Revenue at Target Growth Rate $1.8B $2.2B $2.8B+ Organic Growth + Innovation +5% CAGR Res. and comm. construction Environmental projects Agriculture Transportation Past 5 Years Next 5 years 5% CAGR +1% CAGR -2% CAGR 1 ▲Expansion in higher growth markets ▲Deepening positions in core markets and geographies ▲New products and solutions +4% CAGR Sales
Slide 14 — 16%+
14 Clear Line of Sight to Margin Recovery and Further Expansion Operating Margin, % 2 LONG-TERM TARGET 16%+ total company operating margin driven by innovation and further volume leverage 1st Half 2026 Price / Cost Recovery Volume Leverage Innovation & Growth of High-Margin Products Target Margin 13% +75 to 100bps +75 to 100bps +50bps 15% Operating margin excludes special items
Slide 15 — Balance Sheet Strength and Disciplined Capital Allocation
15 Balance Sheet Strength and Disciplined Capital Allocation FREE CASH FLOW 6% of sales, FY23–FY25 average RETURN OF CASH 56% of Free Cash Flow $330M of share buybacks and dividends, FY21–Q2’26 2.4x Dividend Increase From $0.05 in 2023 to $0.12 in 2025 per quarter $619M Net debt $731M Total liquidity as of Q2’26 2.1x 1.6x 2021 Q2’26 Net debt / Adj EBITDA 3-4
Slide 16 — Disciplined Execution Plan to Deliver 12% ROIC
16 Disciplined Execution Plan to Deliver 12% ROIC 1 Underlying Sales, 2 Excluding special items, 3 FCF = Cash Flow from Operations – Capex, 4 Three-year average Metric Performance Target Revenue 4% CAGR 20211 – 2026 Consensus 5% CAGR Operating margin2 15% in 2024 15%+ of sales Long-term potential 16%+ FCF as % of sales3 6%4 7% Return on invested capital 9%4 ~12% 5-year potential at target $2.8B+ REVENUE $420M+ OPERATING INCOME $200M+ FREE CASH FLOW 12% RETURN ON INVESTED CAPITAL 5
Slide 17 — Chairman and Chief Executive Officer
Douglas T. Dietrich Chairman and Chief Executive Officer
Slide 18 — Modification
18 Core Technologies Crystal Engineering Engineered Blends Functional Additives Particle Surface Modification
Slide 19 — Core Technologies Aligned with Four Product Lines
19 Core Technologies Aligned with Four Product Lines Use of unique minerals and additives to deliver functionality to our products and our customers’ products Household & Personal Care Functional Additives Specialty Additives Proprietary process to synthesize crystal type, size, and morphology to achieve specific functionality Crystal Engineering High-Temperature Technologies Environmental & Infrastructure Development of tailored blends of specific minerals and additives to enhance customer processes and product performance Modification of the outer layer of our minerals through chemistry Engineered Blends Particle Surface Modification
Slide 20 — Core Technologies in Focus
20 Core Technologies in Focus Specialty Additives Proprietary process to synthesize crystal type, size, and morphology to achieve specific functionality Crystal Engineering High-Temperature Technologies Development of tailored blends of specific minerals and additives to enhance customer processes and product performance Engineered Blends MARKETS SERVED • Paper • Packaging • Sealants & adhesives • Food & pharmaceuticals • Building products MAIN APPLICATIONS • Foundry • Monolithic refractory • Laser measurement systems • Calcium wire
Slide 21 — President – Specialty Additives
Jim Wright President – Specialty Additives
Slide 22 — Specialty Additives
22 Specialty Additives - Vertically integrated world-class carbonate-based mining reserves - Leading satellite-based PCC manufacturer with 56 locations - Leading global supplier of Specialty PCC and the only manufacturer of Specialty PCC in North America - 100+ years of innovation in PCC - World-class crystal engineering R&D centers in US and China - Historical focus on calcium carbonate, but capability applies to other minerals and feedstock Natural limestone particles Scalenohedral Spherical Rhombohedral Acicular Crystal Engineering Platform and Mineralogy Capability Engineered for distinct end markets to enhance performance and lower costs Potential new markets
Slide 23 — Executing on Our Growth Strategy, with More in the Pipeline
23 SPECIALTY ADDITIVES Executing on Our Growth Strategy, with More in the Pipeline $130M $525M 2021 Actual* Growth Strategy -$55M End-Market Impacts & FX $600M 2026F Further Growth Year 5 Revenue at Target Growth Rate +5% CAGR GROWTH STRATEGY ✓Geographic expansion into Asia ✓Expansion into packaging ✓Innovation *Underlying sales END-MARKET IMPACTS ▼Res. construction ▼5 paper mill closures GROWTH STRATEGY ▲13 new satellites in Asia ▲5 new packaging agreements ▲Global expansion of NewYield® ▲Acquisition FURTHER GROWTH ▲New packaging opportunities ▲Further NewYield® opportunities ▲Innovation pipeline of ~$400M + Res. construction market improvement +3% CAGR 3–5% CAGR -2% CAGR 3–5% CAGR Long-term growth potential $95M to $175M $695M to $775M Sales
Slide 24 — Building On Unique Technology and Capabilities to
24 Building On Unique Technology and Capabilities to Create New Revenue Streams NewYield® PCC Pulp mill waste product Crystal Engineering Proprietary technology Paper application Packaging application Crystal Engineering New high-value revenue growth path: Repurposing steel slag for critical end markets – Current US supply of magnesium and manganese relies largely on imports – Domestic supply needed to support infrastructure, batteries, EV, aerospace, and defense – Steel slag contains valuable minerals currently not being extracted due to lack of economically viable technologies – ~3 million tons per year of steel slag currently landfilled in US – Crystal engineering is our core capability – Same science, new feedstock — high-purity Ca, Mg, and Mn minerals – World-class R&D capabilities WHERE THE OPPORTUNITY COMES FROM MTI’S UNIQUE SOLUTION
Slide 25 — TAM >$250M
25 Developing a Long-Term Growth Platform Applying core capabilities to recover critical minerals and industrial materials from an untapped domestic by-product Partnered with major US steelmaker Lab-validated process Pilot scale worth ~$5M revenue CURRENT STATUS TAM >$250M + other waste stream opportunities Steelmaking slag By-product, currently landfilled Critical minerals — Mg, Mn Batteries · Defense · Alloys · Automotive Calcium-based products Paper and packaging · Plastics · Binders Iron Oxide Steel feed · Pigments Cement - Pozzolan Low-carbon concrete THE OPPORTUNITY Proprietary MTI process TAM = total addressable market * Based on company estimates Crystal Engineering
Slide 26 — President – High-Temperature Technologies
Chad Trent President – High-Temperature Technologies
Slide 27 — Steel and Metallurgical Solutions
27 Refractories and automated equipment – Leader in monolithic refractories – Global refractory laser measurement systems leader – The only fully automated, intelligent system for steel production – Decades of operating expertise and embedded customer relationships – World-class R&D capabilities Solid core calcium wire – Producing calcium metal in US for over 40 years – Essential for serving the high-strength steel market High-Temperature Technologies Steel and Metallurgical Solutions Supporting the entire steelmaking process Leading provider of advanced solutions to steel industry
Slide 28 — Growth Strategy Gaining Momentum, with More in the Pipeline
28 +$226M $643M 2021 Actual Growth Strategy -$123M End-Market Impacts & FX +$746M 2026F Further Growth Year 5 Revenue at Target Growth Rate +6% CAGR GROWTH STRATEGY ✓Expand position in core markets ✓Geographical growth ✓Innovation END-MARKET IMPACTS Foundry business: ▼Agriculture ▼Transportation Steel business: ▼Europe steel GROWTH STRATEGY ▲Refractory share gains ▲New products for steelmaking ▲Automation for EAF market ▲Asia foundry growth FURTHER GROWTH ▲Further automation in NA and Europe EAF market ▲New products for EAF market ▲Asia foundry only 25% penetrated with GSB ▲Innovation pipeline of ~$280M + Europe market improvement 3–6% CAGR Long-term growth potential -3% CAGR +3% CAGR 3–6% CAGR $120M to $ 250M HIGH-TEMPERATURE TECHNOLOGIES Growth Strategy Gaining Momentum, with More in the Pipeline $870M to $1,000M Sales
Slide 29 — New High-Value Revenue Growth Path:
29 US-based supplier of high-purity calcium metal — the bottleneck input for domestic heavy rare earth metallization New High-Value Revenue Growth Path: High-Purity Calcium Metal for Rare Earth Production – High-purity calcium metal is critical to heavy rare earth metallization – Domestic refining capacity is required across aerospace & defense, EV transportation, renewables, electronics, and medical technology – National security and critical minerals initiatives supported by the U.S. government – Customers need scalable capacity and a reliable domestic supply partner WHERE THE DEMAND COMES FROM Engineered Blends – Established US-based operations – Proven high-purity calcium metal capability – State-of-the-art R&D facility – In-depth expertise in metallization – Scaled pilot plant in place for calcium metal purification MTI’S UNIQUE SOLUTION Canaan, CT Heavy Rare Earths (HRE)
Slide 30 — $100M+
30 HEAVY RARE EARTHS METALLIZATION calcium reduction MAGNET-GRADE METAL PERMANENT MAGNETS HIGH-PURITY CALCIUM METAL Canaan, CT reductant No substitute Calcium metal is the only practical reductant that converts separated HREE oxides into metal Gatekeeper to magnets Without metallization, separated oxides cannot enter the alloy and magnet supply chain Pull from key markets Aerospace & defense, EVs, renewable energy, industrial automation, consumer electronics, medical technology CURRENT STATUS High-purity calcium lab development completed Pilot plant construction underway Customer base developing HRE metallization Customers already using our product Establishing with customer base THE OPPORTUNITY $100M+ incremental revenue near-term New High-Value Revenue Growth Path: High-Purity Calcium Metal for Rare Earth Production Based on company estimates Engineered Blends
Slide 31 — Chairman and Chief Executive Officer
Douglas T. Dietrich Chairman and Chief Executive Officer
Slide 32 — Significant Upside to Grow Beyond Our Organic Plan
32 Significant Upside to Grow Beyond Our Organic Plan 2026F $600M+ Execution on Organic Growth Strategy Year 5 Revenue at Target Growth Rate M&A Larger-scale Company $2.2B $2.8B+ $3B-$4B M&A investment strategy • Extends our positions geographically • Accelerates our expansion into higher growth markets • Increases the scale of the company Screening criteria • Same minerals new markets • New minerals similar markets • Bolt-on and transformational Sales Capital allocation at target net leverage: 50% returned to shareholders, 50% balance sheet strength and M&A >$730M of liquidity 1.6x debt leverage
Slide 33 — Key Takeaways
33 Key Takeaways Delivering on our growth strategy with more potential ahead Maintaining our 5% average growth target Applying our capabilities and differentiated technologies in higher-value markets Creating opportunities in new markets with significant long-term growth potential Driving value higher through growth and margin expansion Expanding in higher-growth and higher-margin products Financial strength to fund both organic growth and M&A Strong cashflow and financial resources to fund organic growth, returns to shareholders with capacity to pursue M&A opportunities
Slide 34 — © 2026 Minerals Technologies Inc. All Rights Reserved.
© 2026 Minerals Technologies Inc. All Rights Reserved.
Slide 35 — Appendix
© 2026 Minerals Technologies Inc. All Rights Reserved. Appendix
Slide 36 — Reconciliation of Non-GAAP Measures
36 Reconciliation of Non-GAAP Measures Information presented by Minerals Technologies Inc. during Investor Day on September 22, 2026 included non-GAAP financial measures, as defined by Securities and Exchange Commission Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. GAAP. The following is a presentation of the Company’s underlying sales, or sales excluding the sales of BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”), for the year ended December 31, 2021, and a reconciliation to GAAP sales. On October 2, 2023, Oldco filed for relief under Chapter 11 of the U.S. Bankruptcy Code and as such the results of Oldco are no longer included in the Company’s consolidated results. Sales ($ in millions) 2021 Specialty Additives product line (reported) $ 578.9 Consumer & Specialties segment (reported) 962.6 Sales attributable to exited business 54.0 Specialty Additives product line on underlying basis 524.9 Consumer & Specialties segment on underlying basis 908.6 Engineered Solutions segment 895.7 Consolidated Sales on underlying basis $ 1,804.3
Slide 37 — Reconciliation of Non-GAAP Measures
37 Reconciliation of Non-GAAP Measures To supplement the Company’s consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company’s non- GAAP operating income and margin, excluding special items, for the twelve months ended December 31, 2024 and the six months ended July 5, 2026, constituting a reconciliation to GAAP operating income and margin. Management believes this non-GAAP measure provides meaningful supplemental information regarding performance, as such special items are not indicative of ongoing operating results and affect comparability between periods. ($ in millions) FY 2024 1st Half 2026 Net sales $ 2,118.5 $ 1,095.3 Operating income (loss), as reported $ 286.5 $ (161.6) Special items: Provision for litigation accrual and credit losses 30.0 290.0 Litigation expenses 11.3 13.7 Gain on sale of assets, net (12.3) – Total special items $ 29.0 $ 303.7 Operating income excluding special items $ 315.5 $ 142.1 Operating income margin excluding special items 14.9% 13.0%
Slide 38 — Reconciliation of Non-GAAP Measures
38 Reconciliation of Non-GAAP Measures “Adjusted EBITDA” is a non-GAAP financial measure referring to earnings before interest, taxes, depreciation and amortization, excluding special items. The following is a presentation of the Company’s non-GAAP EBITDA, excluding special items for the twelve months ended December 31, 2021 and the six months ended July 5, 2026, with a reconciliation to GAAP EBITDA. $ in millions FY 2021 H1 2026 Net income (loss) attributable to MTI $ 164.4 $ (147.4) Add back: Depreciation, depletion, and amortization 94.6 48.4 Interest expense, net 37.2 25.4 Equity in earnings of affiliates, net of tax (2.8) (3.8) Net income attributable to non-controlling interests 4.1 2.1 Provision (benefit) for taxes on income 36.6 (36.3) EBITDA 334.1 (111.6) Add special items: Provision for litigation accrual and credit losses – 290.0 Acquisition-related expenses 4.0 – Restructuring and other items 1.1 – Litigation expenses – 13.7 Non-cash pension settlement charge 1.8 – Adjusted EBITDA $ 341.0 $ 192.1 Net debt / Adjusted EBITDA 2.1x 1.6x
Slide 39 — Reconciliation of Non-GAAP Measures
39 Reconciliation of Non-GAAP Measures Free cash flow is defined as cash flow from operations, less capital expenditures. The following is a presentation of the Company’s non-GAAP free cash flow for the annual periods ended December 31, 2023 through December 31, 2025 and a reconciliation to cash flow from operations. Management uses this measure to evaluate the Company’s ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities. Free cash flow is not a measure of cash available for discretionary expenditures, and the Company’s definition may not be comparable to similarly titled measures reported by other companies. ($ in millions) 2025 2024 2023 Cash from operations $ 193.7 $ 236.4 $ 233.6 Capital expenditures 107.1 89.5 93.5 Free cash flow $ 86.6 $ 146.9 $ 140.1 Total net sales $ 2,072.6 $ 2,118.5 $ 2,169.9 Free cash flow % of sales, 2023 to 2025 6%
Slide 40 — Reconciliation of Non-GAAP Measures
40 Reconciliation of Non-GAAP Measures Return on Invested Capital (ROIC) is defined as net operating profit after tax (NOPAT) divided by the average of current year and prior year equity plus net debt. The following is a presentation of the Company’s non-GAAP ROIC for the annual periods ended December 31, 2022 through December 31, 2025. Management believes this non-GAAP measure provides meaningful supplemental information in evaluating how effectively the Company is using capital to generate financial returns. ($ in millions) 2025 2024 2023 2022 Gross debt $ 961.7 $ 971.2 $ 1,014.5 $ 1,062.3 Cash, cash equivalents and short-term investments 332.6 337.1 321.5 252.8 Net debt $ 629.1 $ 634.1 $ 693.0 $ 809.5 Total Minerals Technologies Inc. shareholders’ equity 1,713.4 1,747.0 1,652.0 1,579.5 Net debt + total shareholders’ equity $ 2,342.5 $ 2,381.1 $ 2,345.0 $ 2,389.0 Average invested capital 2,361.8 2,363.1 2,367.0 EBIT (excluding special items) 280.2 310.8 275.0 Effective tax rate 23.4% 23.0% 21.3% NOPAT (excluding special items) $ 214.6 $ 239.3 $ 216.4 ROIC (excluding special items) 9% 10% 9% 3-year average ROIC (excluding special items) 9%