The Middleby Corporation · NASDAQ:MIDD
The Middleby — MIDDLEBY — Investor Presentation (March 2026)
25 slides from The Middleby's investor presentation, Mar 5, 2026
Slide 1: Business Overview March 2026
Exhibit 99.1 BUSINESS OVERVIEW MARCH 2026 AI: \\firmwide.corp.gs.com\ibdroot\proje cts\IBD- NY\mineral2025\942221_1\08. Graphics 2025\AI\02 Middleby Cover Dividers Widescreen.ai JPG: \\firmwide.corp.gs.com\ibdroot\proje cts\IBD- NY\mineral2025\942221_1\08. Graphics 2025\JPG 26-03-2025
Slide 2: Forward Looking and Non-GAAP Statements
Forward Looking and Non-GAAP Statements Safe Harbor Statement This presentation contains “forward-looking statements” subject to the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause
Slide 3: Portfolio Transformation Creates Three Leading & Independent Capability-Aligned Companies
Portfolio Transformation Creates Three Leading & Independent Capability-Aligned Companies COMMERCIAL FOODSERVICE 1 1 1 1 1 1 $2.4bn $627m ~27% $850m $172m ~20% $733m $80m ~11% 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA
Slide 4: Pure-Play Leader in Food Processing Technology
Middleby Food Processing Pure-Play Leader in Food Processing Technology Poultry Solution Introduction 2026 – Release of the Complete Line Enter Snack & Tortilla 2024 – Acquisition of JC Ford Expansion of Global Capabilities 2023 – India Manufacturing Engineering Open Bakery Innovation Center Mark Sa
Slide 5: Team Members
Middleby Food Processing Team Members Mark Bowie Matt Fuchsen Rob Fagan Chief Operating Officer Chief Strategy Officer VP Finance Mark was appointed Chief Operating Matt Fuchsen is currently Chief Rob Fagan joined Middleby in early Officer of Middleby Food Processing Development Officer of Middleby
Slide 6: Today's Key Takeaways
Today’s Key Takeaways Market Leader Across High-Growth #1 / #2 30+ 17+ 1 In Total Line Industry Leading Categories across Protein, Food Categories Solutions Brands Bakery and Snack Installed Base and Leading Brands 20% ~40% 30+ 2025 Adj. EBITDA Aftermarket Parts & Years of Median tenure 2 Drive a Pr
Slide 7: Strong Foundations By the Numbers
Middleby Food Processing Strong Foundations By the Numbers Diverse & Large End-Markets Bakery & Snack Protein 1 $850m $172m¹ 20% • Alternative• Artisan / flatbread • Bacon• Biscuits / crackers Revenue Adj. EBITDA Adj. EBITDA Margin Category • Case ready• Bread • Buns • Charcuterie Leader • Deli / lu
Slide 8: Portfolio of Premium Food Processing Brands
Portfolio of Premium Food Processing Brands Bakery & Snack Brands High-Capacity Automated Bakery Equipment Professional Mixers German Bakery Bread Dough Serpentine Solution for Proof | Bake | Cool & Comm. Bag Closures Technology Make-up Machinery all Bakery Categories Professional Baking High-Capaci
Slide 9: Leveraging Our Global Footprint to Serve Customers Around the World
Leveraging Our Global Footprint to Serve Customers Around the World MFP’s Global Footprint of 52 Facilities Includes 28 Manufacturing Facilities, 4 Innovation Global Expansion for Global Customer Base Centers and 20 Sales, Parts & Service Offices Global Installed Base 15 13 International Manufacturi
Slide 10: Where We Specialize in the Value Chain
Where We Specialize in the Value Chain Engineered Solutions Driving ROI and Further End-of-Line Processing Positioned in Value-Add Primary Secondary Further Segments End-of-Line Processing Processing Processing • Global thermal processing leader in cooking and baking • Harvesting • Cutting • Materia
Slide 11: Favorable Industry Trends
Favorable Industry Trends Shifting Dietary Demand Long-Term Advanced Increasing Elevating Preferences for for Local Underlying Automation Demand for Sustainability High Quality Food Security Consumption & Labor “Ready-to-Go” Goals Foods Growth Resilience Options Evolving consumer Geopolitical tensio
Slide 12: Drivers of Growth Across Attractive End Markets
Middleby Food Processing Drivers of Growth Across Attractive End Markets 4 3 M&A Upside 2 Aftermarket Market 1 Penetration Established Total Line operational Solutions High-margin playbook to aftermarket acquire Industry Trends Sales growth business pipeline driven by grows with targets, High ROI to
Slide 13: Offers Best-In-Class Total Line Solutions
Middleby Food Processing Offers Best-In-Class Total Line 1 Solutions… Example Pre-Cooked Bacon Total Line Solutions Acquired in 2011 Acquired in 2015 Acquired in 2017 Acquired in 2019 Acquired in 2022 Acquired in 2005 Press Slicer Oven Chiller Sheeter / Stacker Thermoformer Food Processing has combi
Slide 14: Driving Significant ROI for Customers
…Driving Significant ROI for Customers 1 Illustrative Full-Line Solution offering, combining the power of 7 acquired brands, offers a customer ~$4.4m Net Savings / Year and <2-year payback period Headline Savings In Practice – Pre-Cooked Bacon Full-Line Solution Middleby Food Processing is focused o
Slide 15: Market Penetration through Category and Geographic Expansion
Market Penetration through Category and Geographic 2 Expansion… Growth Categories Geographic Expansion Investments Snack - rise in “snacking culture”, paired with consumer preference has fueled demand for advanced processing equipment Celebration Cake - celebration culture and 20 4 6 growing demand
Slide 16: Driven by Leading Product Innovation
…Driven by Leading Product Innovation 2 Investment in Innovation Innovation Centers Drive Market Penetration Italian Innovation Center (MCI) Offer full-suite experience for customers to collaborate and tailor innovative solutions Innovation Product Industry Validation Testing Events Equipment Custom
Slide 17: Strong Foundation in Aftermarket Parts & Service
Strong Foundation in Aftermarket Parts & Service 3 Overview of MFP Aftermarket Offerings Aftermarket is a significant % of sales Parts: Sale of OEM replacement parts supporting uptime, food safety, and performance across the installed base \ Service: Maintenance, repair, and technical support delive
Slide 18: M&A as a Scalable Growth and Margin Expansion Engine
M&A as a Scalable Growth and Margin Expansion Engine 4 Cumulative Food Processing Acquisitions Acquirer of Choice $800m+ in M&A since 2005, Entrepreneurial Mindset Bakery Added Washing / Chips & supporting FY25A Adj. Automation & Sanitation to Tortilla 34 Forming Customer EBITDA of $172m Systems 32
Slide 19: With Significant Value Created Through Proven Integration Expertise
With Significant Value Created Through Proven Integration 4 Expertise Impacting Both Revenue and Adj. EBITDA Growth $ Millions ✓ Since 2005, Middleby Food Processing has Acquisition A Acquisition B Acquisition C acquired 30+ companies 4% 22% 6% 27% 15% 25% ✓ Average Adj. EBITDA margin of ~11% at 200
Slide 20: Track Record of Profitable Growth
Track Record of Profitable Growth Revenue (US$ m) Drivers of Performance Strong sustained revenue growth from 2019-2026 through a combination of organic growth and M&A $895-925 $850 $770 $757 Muted growth across Food Processing $629 industry in 2024 and 2025 driven by $538 political and macroeconomi
Slide 21: Food Processing Orders & Backlog
Food Processing Orders & Backlog Orders (in $m) Commentary 85% 35% • Strong Q4 organic order intake with 66% growth over prior year following H1 deferrals +66%¹ +18%¹ $945 $322 with tariff impact and uncertainties $702 $173 • Backlog increased driven by total line solutions and international expansi
Slide 22: Financial Outlook
Middleby Food Processing Financial Outlook Q1 2026 & FY 2026 Guidance (in $m) Stand-Alone Corporate Costs % Growth % Growth Preliminary estimate of vs Mid- vs Mid- standalone and run- Q1 ’26 Q1 ’25 Point FY ’26 FY ’25 Point rate public company costs of $27-32m +22% +7% Revenue +10-15% +4-6% Excludes
Slide 23: Timeline for Spin
Timeline for Middleby Food Processing Spin Middleby Food Processing th May 12 , 2026 • Middleby Food Processing Investor Day hosted in NYC MIDD Middleby Food Processing Middleby Food Processing th nd 4 quarter earnings April 2026 2 Quarter 2026 • Mark Salman announced • Public filing of Spin • Targe
Slide 24: Value Creation Model
Middleby Food Processing Value Creation Model Industry Leading Platform Favorable Industry Trends Organic Growth Enablers Inorganic Growth Enablers Improving Living Standards in Developing Countries Large, Global Total Line 30+ Best in Synergy Disciplined Market Install Base Increasing Demand for So
Slide 25: Investment Thesis
Investment Thesis Best-in-Class, total line solutions for protein, bakery, and snack processors with leading, blue-chip customers Favorable industry trends across end markets drive high demand for innovative automation technologies Market penetration into both existing and growth categories (incl. e