Slide 1: Investor Presentation Second Quarter 2026
INVESTOR PRESENTATION Second Quarter 2026 July 29, 2026
Slide 2: Forward looking statements and non-GAAP disclaimer
Forward looking statements and non-GAAP disclaimer This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the ability of MGP Ingredients, Inc. (the “Company” or “MGP”) to d
Slide 3: Highlights | second quarter
Highlights | second quarter Adjusted EBITDA and EPS ahead of expectations Consolidated sales of $124.4M Adjusted EBITDA of $27.6M Adjusted EPS of $0.72 Branded Spirits Distilling Solutions Ingredient Solutions • Sales of $59.6M • Sales of $29.2M • Sales of $35.5M • Premium plus sales up 5% • Rebuild
Slide 4: Branded Spirits | second quarter results
Branded Spirits | second quarter results Growth in premium plus and improvement in select mid- and value-priced brands Second Quarter Reported 2026 2025 Change US$M Branded Spirits Sales $59.6 $60.5 -1% Premium Plus $32.6 $31.1 5% Mid/Value $24.5 $24.4 - Other $2.4 $5.0 -51% Gross Profit $31.6 $32.0
Slide 5: Distilling Solutions | second quarter results
Distilling Solutions | second quarter results Maintaining healthy gross margin in oversupplied market Second Quarter Reported 2026 2025 Change US$M Distilling Solutions Sales $29.2 $50.0 -42% Brown Goods $14.3 $35.1 -59% White Goods $6.3 $6.9 -9% and Other Co-Products Warehouse Services $8.6 $8.0 8%
Slide 6: Ingredient Solutions | second quarter results
Ingredient Solutions | second quarter results Strong commercial demand and improved operational reliability Second Quarter Reported 2026 2025 Change US$M Ingredient Solutions Sales $35.5 $35.0 2% Specialty Starches $18.9 $18.5 2% Specialty Proteins $12.7 $12.6 1% All Others $3.9 $3.9 -% Gross Profit
Slide 7: Second quarter consolidated results
Second quarter consolidated results Continued to focus on controllables, sharpen strategic focus and strengthen execution across entire organization Second Quarter Reported 2026 2025 Change US$M Consolidated Sales $124.4 $145.5 -15% Branded Spirits $59.6 $60.5 -1% Distilling Solutions $29.2 $50.0 -4
Slide 8: Second quarter adjusted basic and diluted EPS
Second quarter Adjusted basic and diluted EPS $0.97 $0.10 $0.72 ($0.31) ($0.04) 2Q'25 Operations (1) Interest Expense (1) Tax rate 2Q'26 (1) Items are net of tax based on the adjusted effective tax rate for the base year (2025), excluding the impacts of non-GAAP items. 8 Note: See appendix for GAAP
Slide 9: Operating cash flow
Operating cash flow Continued focus on working capital management, including lower whiskey putaway $56,357 ($15,031) ($18,583) $3,350 ($9,144) ($8,981) $7,968 YTD 6/30/25 Decrease in Adjusted Change in Increase in Net Decrease in Other Working YTD 6/30/26 (1) EBITDA Receivables, Net Barrelled Whiske
Slide 10: Full year 2026 financial guidance
Full year 2026 financial guidance Maintaining guidance Full Year 2026 Guidance Sales $480M to $500M Adjusted EBITDA $90M to $98M Adjusted EPS $1.50 to $1.80 ~23% Effective tax rate(1) Down from ~27% Basic weighted shares outstanding ~21.4M CAPEX ~$20M Note: As of 7.29.26. (1) Change due to a recent
Slide 11: Key takeaways | second quarter
Key takeaways | second quarter Following strategic road map designed to drive growth across all three businesses Branded Spirits Distilling Solutions Ingredient Solutions - Continuing to focus on winning in - Rebuilding aged whiskey pipeline - Focusing on growth through premium plus category - Broad
Slide 12: Appendix
MGP APPENDIX
Slide 13: Change in Basic and Diluted EPS
Change in Basic and Diluted EPS EPS Change Second quarter 2025 $0.67 Operating income (1) ($0.10) (15%) Interest expense, net (1) ($0.04) (6%) Effective tax rate $0.02 3% Second quarter 2026 $0.55 (18%) (1) Items are net of tax based on the effective tax rate for the base year (2025). 13
Slide 14: Reconciliation of selected GAAP to non-GAAP measures
Reconciliation of selected GAAP to non-GAAP measures Second quarter 2025 Operating Basic and Second quarter 2026 Operating Basic and Net Income Net Income in thousands, ex. per share data Income Diluted EPS in thousands, ex. per share data Income Diluted EPS Reported GAAP results $20,318 $14,427 $0.
Slide 15: Reconciliation of net income to adjusted EBITDA
Reconciliation of selected GAAP to non-GAAP measures Reconciliation of net income to adjusted EBITDA in thousands Second Quarter 2026 Second Quarter 2025 Net income $12,009 $14,427 Interest expense $2,879 $1,897 Income tax expense $3,063 $4,308 Depreciation and amortization $6,386 $5,830 Share based
Slide 16: Thank You
MGP THANK YOU