The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q4 2025 Earnings Presentation
21 slides from The Middleby's earnings presentation, Feb 26, 2026
Slide 1: Q4 Earnings Update
Q4 Earnings Update February 26, 2026 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Safe Harbor Statement Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Slide 3: Middleby Portfolio Transformation
MIDDLEBY PORTFOLIO TRANSFORMATION Portfolio transformation underway with completed 51% sale of Residential Business completed in Q1 2026 & in process Food Processing Spin expected to be completed in Q2 2026 Next chapter of growth for highly successful businesses that will benefit from a focus on ind
Slide 4: Portfolio Transformation Update
PORTFOLIO TRANSFORMATION UPDATE On Track Q2 2026 Completed Q1 2026 • Announced Mark Salman as future CEO • 51% sale to 26North with $885m valuation • March 5, 2026 Baird Food Processing Symposium • $565m in upfront cash proceeds in Q1 2026 • April 2026 Public Filing of Registration Statement • $135m
Slide 5: Portfolio Transformation Creates Three Leading & Independent Capability-Aligned Companies
PORTFOLIO TRANSFORMATION CREATES THREE LEADING & INDEPENDENT CAPABILITY-ALIGNED COMPANIES COMMERCIAL FOODSERVICE $2.4bn $627m1 ~27%1 $850m $172m1 ~20%1 $733m $80m1 ~11%1 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA Margin
Slide 6: Share Repurchase Update
SHARE REPURCHASE UPDATE $710m in Share Repurchases FY 2025 & $250m YTD Feb 2026 Net Leverage of 2.5x1 • Repurchased 4.9m shares, or ~9% of equity 2.5x • Average purchase price of $144.50/share • YTD Feb 2026 repurchases ~$250m 2.0x • 5.2m shares remaining under repurchase authorization • Target majo
Slide 7: Residential Kitchen JV Accounting
RESIDENTIAL KITCHEN JV ACCOUNTING Q4 2025 & FY 2025 Financials Restated to exclude Residential Business Financial Reporting Summary of Residential Transaction • Residential Kitchen results reported as discontinued operations as of Q4 2025 with all prior periods restated for comparability • The asset
Slide 8: Financial Results
FINANCIAL RESULTS Excludes Residential Kitchen Business restated as Discontinued Operations Q4 & FY 2025 Financial Results1 2025 PROFORMA REVENUE BY SEGMENT2 (US$ millions) Q4 ’25 Q4 ’24 % Change FY ’25 FY ’24 % Change Net Sales $866.4 $828.8 4.5% $3,201.2 $3,150.2 1.6% Commercial 73% Food Processin
Slide 9: Results vs Guidance – Q4 & FY 2025
RESULTS VS GUIDANCE – Q4 & FY 2025 Q4 2025 results on historical basis in comparison to guidance exceeded high end of range Results Commentary Q4 2025 Q4 2025 Guidance Guidance Q4 2025 Q4 2025Actuals Actuals FY 2025 Guidance FY 2025 Actuals • Commercial Foodservice sales were driven by strength in t
Slide 10: Commercial Foodservice Results
COMMERCIAL FOODSERVICE RESULTS Q4 & FY 2025 Financial Results Results Commentary (In Millions, Except • U.S. dealer channel delivered double-digit Percentages) Q4 ’25 Q4 ’24 % Change FY ’25 FY ’24 % Change quarterly & H2 growth, led by broad market Net Sales $601.7 $597.4 0.7% $2,351.0 $2,380.4 (1.2
Slide 11: Commercial Foodservice – 2025 Revenue Composition
COMMERCIAL FOODSERVICE – 2025 REVENUE COMPOSITION REVENUE BY CUSTOMER SEGMENT COMMENTARY (Change in mix from 2024) • Strong growth with US-based dealer businesses PARTS realized in H2 2025 driven by share gains and pent-up 17% (-) QSR demand with independent restaurants, travel & leisure, 24% (-1%)
Slide 12: Commercial Foodservice – 2025 Revenue Composition
COMMERCIAL FOODSERVICE – 2025 REVENUE COMPOSITION REVENUE BY DEMAND REQUIREMENT COMMENTARY (Change in mix from 2024) • New construction activity, primarily within QSR, slowed MENU DRIVEN in 2025 as operators faced softer traffic and addressed 9% (-) PARTS store opening costs and re-assessed footprin
Slide 13: Food Processing Results
FOOD PROCESSING RESULTS Q4 & FY 2025 Financial Results Results Commentary (In Millions, Except • Strong organic order growth of 66% in Q4 2025 Percentages) Q4 ’25 Q4 ’24 % Change FY ’25 FY ’24 % Change following tariff disruption, including several Net Sales $264.7 $231.4 14.4% $850.2 $769.8 10.4% l
Slide 14: Middleby Food Processing
MIDDLEBY FOOD PROCESSING Pure-Play Leader in Food Processing Technology Poultry Total Solution Introduction 2026 – Release of the Complete Line Enter Snack & Tortilla TLS 2024 – Acquisition of JC Ford Expansion of Global Capabilities 2023 – India Manufacturing Engineering Open Bakery Mark Salman Inn
Slide 15: Middleby Food Processing at a Glance
MIDDLEBY FOOD PROCESSING AT A GLANCE By the Numbers Diverse & Large End-Markets Protein Bakery & Snack $850m $172m 20%1 • Bacon • Artisan / flatbread Revenue Adj. EBITDA Adj. EBITDA Margin Category • • Deli / lunch meat Egg bites • • Biscuits / crackers Bread Leader • • Poultry Philly steak • • Buns
Slide 16: Food Processing Orders & Backlog
FOOD PROCESSING ORDERS & BACKLOG Orders (in $mm) Results Commentary 85% 35% • Strong Q4 organic order intake with 66% +66%¹ +18%¹ growth over prior year following H1 deferrals $945 $322 with tariff impact and uncertainties $702 $173 • Backlog increased driven by total line solutions and internationa
Slide 17: Financial Outlook – Q1 2026
FINANCIAL OUTLOOK – Q1 2026 Q1 2026 Guidance Q1 2025 actuals Growth v Midpoint Total Revenue $760-788 million $731 million 6% 1% Commercial Foodservice $560-578 million $563 million Organic growth 1% 22% Food Processing $200-210 million $168 million Organic growth +10-15% Adjusted EBITDA $161-173 mi
Slide 18: Financial Outlook – FY 2026
FINANCIAL OUTLOOK – FY 2026 2026 Guidance FY 2025 actuals Growth v Midpoint Total Revenue $3.27-3.36 billion $3.20 billion 4% 2% Commercial Foodservice $2.37-2.43 billion $2.35 billion Organic growth +1-3% 7% Food Processing $895-925 million $850 million Organic growth +4-6% Adjusted EBITDA $745-780
Slide 19: 2026 Adjusted EPS Guidance Bridge
2026 ADJUSTED EPS GUIDANCE BRIDGE 1.08 0.45 0.10 9.27 9.28 8.39 (0.34) (0.40) (0.88) 2025 EPS with Residential 2025 Continuing Organic EPS Increased Benefit from Carryover Stock Comp 2026 EPS Residential Kitchen EPS Growth Interest Share from 2025 Guidance - Expense Due Repurchase Share Midpoint to
Slide 20: Tariff Comments and Outlook
TARIFF COMMENTS AND OUTLOOK Large U.S. manufacturing footprint and global scale positions Middleby to navigate tariffs and gain market share • Updated projected annual tariff cost impact for continuing operations is estimated between $90 million and $100 million • Approximately $7 million of tariff
Slide 21: Save the Date Investor Day
SAVE THE DATE INVESTOR DAY MAY 12, 2026 NEW YORK CITY DETAILS AND FORMAL INVITATION TO FOLLOW