The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q2 2026 Earnings Presentation
19 slides from The Middleby's earnings presentation, Aug 11, 2026
Slide 1: Q2 Earnings Update
Q2 Earnings Update August 11, 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 ✓ Q1 2026 completed 51% sale of the Residential business through formation of a JV with 26North July 6, 2026 completed the spin of Food Processing, with Midera successfully launched as a new standalone ✓ public company (ticker “MFP”) with shares distributed to Middl
Slide 4: Why Middleby Leads: Investment Highlights
MIDDLEBY CORPORATION Pure-Play Leader of Commercial Foodservice Equipment Solutions WHY MIDDLEBY LEADS INVESTMENT HIGHLIGHTS Most complete portfolio for demanding commercial Innovation-led leadership with deep R&D pipeline: kitchens worldwide automation, controls & IoT, and ventless Core to menu, cr
Slide 5: Middleby Growth Strategy
MIDDLEBY GROWTH STRATEGY 5 Disciplined execution across five strategic priorities 5 4 Drive 3 Operational 1 2 Excellence Platform Leverage investments Go-To-Market resulting in Scale margin expansion Expand commercial Lead in Sell Markets reach & Solutions Focus on high- capabilities Innovation grow
Slide 6: Middleby Financial Outlook
MIDDLEBY FINANCIAL OUTLOOK Three-Year Financial Metrics & Targets 2025 – 2028E Three-Year Financial Targets Net Sales Growth Organic Net Sales CAGR ~1/3 market growth, ~2/3 share gains 3-6% Adj. EBITDA Growth Adj. EBITDA CAGR Volume-driven scale and operational excellence 6-9% Adj. EBITDA Margin Adj
Slide 7: Key Initiatives Driving Margin Expansion
KEY INITIATIVES DRIVING MARGIN EXPANSION Operational capabilities & pareto review executing in parallel 1 · SUPPLY CHAIN 2 · PRODUCT LINE SIMPLIFICATION 3 · DESIGN & TEAR-DOWN Centralized procurement, global sourcing, Focused on high-volume products and Competitive benchmarking, BOM cost validation,
Slide 8: Share Repurchase Update
SHARE REPURCHASE UPDATE $566m in Share Repurchases YTD 2026, ~8% of shares outstanding • Q2 repurchased 1.4m shares, or ~3% of shares outstanding Net Leverage of 2.7x1 2.7x • Since start of 2025 repurchased 8.7m shares, or ~16% of 2.5x shares outstanding • Pro-Forma Q2 post-spin Net Leverage of 2.7x
Slide 9: Financial Results
FINANCIAL RESULTS Excludes Residential Kitchen Business restated as discontinued operations Q2 2026 Financial Results1 Q2 2026 REVENUE BY SEGMENT (US$ millions) Q2 ’26 Q2 ’25 % Change Net Sales $875.5 $796.8 9.9% Commercial Food Gross Profit 335.1 316.1 6.0% 72% Processing 28% % of Net Sales 38.3% 3
Slide 10: Results vs Guidance – Q2 2026
RESULTS VS GUIDANCE – Q2 2026 Q2 2026 results in comparison to guidance exceeded high end of range Results Commentary Q2 2026 Guidance Q2 2026 Actuals Q4 2025 Guidance Q4 2025 Actuals • Commercial Foodservice sales strength continues to Total Revenue $815-$850 million $876 million be driven by QSR n
Slide 11: 2026 Q2 Adjusted EPS Bridge
2026 Q2 ADJUSTED EPS BRIDGE 0.03 0.02 0.18 0.03 0.25 2.35 (0.23) 2.35 2.20 (0.13) (0.15) Q2 2025 EPS Residential Q2 2025 Organic EPS Benefit from Carryover Incremental Other Tax rate Increased Q2 2026 EPS with Residential Kitchen Continuing EPS Growth Share from 2025 2026 Share Income differential I
Slide 12: Commercial Foodservice Results
COMMERCIAL FOODSERVICE RESULTS Q2 2026 Financial Results Results Commentary • QSR segment sales remained positive in Q2 due to new (In Millions, Except Percentages) Q2 ’26 Q2 ’25 % Change product adoptions and increased replacement demand Net Sales $630.6 $580.6 8.6% • U.S. dealer channel maintained
Slide 13: Food Processing Results
FOOD PROCESSING RESULTS Q2 2026 Financial Results Results Commentary • Food Processing Q2 results will be addressed by Midera in (In Millions, Except Percentages) Q2 ’26 Q2 ’25 % Change conjunction with standalone earnings release on 8/13 Net Sales $244.9 $216.2 13.3% Organic Net Sales Growth 1.3% A
Slide 14: Financial Outlook – Q3 2026
FINANCIAL OUTLOOK – Q3 2026 Q3 2026 Guidance Q3 2025 Actuals1 Growth v Midpoint Revenue $620-640 million $606 million 4% Adjusted EBITDA2 $143-150 million $142 million 3% Adjusted EPS3 $1.67-1.83 $1.72 2% 1 Beginning in the third quarter of 2026, the historical financial results of the Food Processi
Slide 15: Financial Outlook – FY 2026
FINANCIAL OUTLOOK – FY 2026 FY 2026 Guidance FY 2025 Actuals1 Growth v Midpoint Revenue $2.48-2.53 billion $2.35 billion 7% Adjusted EBITDA2 $572-588 million $551 million 5% Adjusted EPS3 $6.73-6.89 $6.10 12% 1 Beginning in the third quarter of 2026, the historical financial results of the Food Proc
Slide 16: Tariff / Inflation Comments and Outlook
TARIFF / INFLATION COMMENTS AND OUTLOOK • Annual tariff cost impact for continuing operations is estimated between $70 million and $80 million; dollar impact of tariffs offset however, margin headwind persisted in H1 • The elimination of IEEPA tariffs are expected to be offset by increases related t
Slide 17: Appendix: Middleby Standalone Q1 2026 EPS Bridge
APPENDIX Middleby Standalone Q1 20261 2.08 1.87 0.03 0.01 0.04 (0.21) 0.12 0.21 (0.14) (0.13) 1.55 1.47 (0.06) (0.40) Q1 2025 EPS Residential Q1 2025 EPS Food Q1 2025 EPS Organic EPS Benefit Other Amortization Carryover Stock Increased Tax rate Q1 2026 EPS with (ex Resi) Processing (ex Resi Growth f
Slide 18: Appendix: Middleby Standalone Q2 2026 EPS Bridge
APPENDIX Middleby Standalone Q2 20261 2.35 2.20 (0.15) 0.14 0.01 0.01 0.16 1.74 0.22 (0.13) (0.07) 1.40 (0.80) Q2 2025 EPS Residential Q2 2025 EPS Food Q2 2025 EPS Other Organic EPS Benefit from Carryover Incremental Increased Tax rate Q2 2026 EPS with Residential (ex Resi) Processing (ex Resi Incom
Slide 19: Appendix: Residential Kitchen JV Accounting
APPENDIX RESIDENTIAL KITCHEN JV ACCOUNTING Sale completed in Q1 2026 and reflected within discontinued operations Financial Reporting Summary of Residential Transaction • Middleby received net cash proceeds of $565m, 49% minority investment in Composition Brands and a $135m note receivable upon clos