Mgp Ingredients, Inc. · NASDAQ:MGPI
Mgp Ingredients — Q4 2025 Earnings Presentation
25 slides from Mgp Ingredients's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
INVESTOR PRESENTATION Fourth Quarter 2025 February 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 the whiskey inventories of MGP Ingredients, Inc. (t
Slide 3: Quarterly and Full-Year Highlights
QUARTERLY AND FULL-YEAR HIGHLIGHTS 2025 FULL-YEAR RESULTS ABOVE THE TOP END OF GUIDANCE • Consolidated 4Q sales decreased 23% to $138.3 million. Full-year sales declined by 24% to $536.4 million. • Branded Spirits accounted for approximately 45% of consolidated sales in 2025, driven by 10% and 5% pr
Slide 4: Fourth-Quarter and Full-Year Consolidated Results
FOURTH-QUARTER AND FULL-YEAR CONSOLIDATED RESULTS TANGIBLE PROGRESS ON EACH OF THE FIVE KEY INITIATIVES Fourth Quarter Full Year Price/ Change Price/ Change Reported ($, million) Q4 '24 Q4 '25 Vol. Mix (%) Reported ($, million) 2024 2025 Vol. Mix (%) Branded Spirits $64.0 $63.4 -1% 0% -1% Branded Sp
Slide 5: Fourth-Quarter and Full-Year Adjusted EPS Bridge
FOURTH-QUARTER AND FULL-YEAR ADJUSTED EPS BRIDGE Fourth Quarter Full Year 2025 $5.64 $1.57 $0.09 $0.02 $0.01 $0.05 $2.85 $0.01 $0.02 ($2.87) ($0.05) $0.02 $0.63 ($0.04) ($0.98) ($0.01) Adjusted Basic Operating Interest Other income Weighted Effective tax Participanting NCI Adjusted Basic Adjusted Ba
Slide 6: Disciplined Inventory Management Through the Cycle
DISCIPLINED INVENTORY MANAGEMENT THROUGH THE CYCLE AGING WHISKEY INVENTORIES CONTINUE TO PROVIDE POTENTIAL LONG-TERM OPTIONALITY AND UPSIDE $350 $80 $300 $70 $68.6 Annual Net Whiskey Putaway ($, million) $60 Barreled Inventory* ($, million) $250 $51.1 $50 $200 $40 $150 $32.9 $30 $25.0 $100 $18.5 $20
Slide 7: Strong Focus on Cash Generation
STRONG FOCUS ON CASH GENERATION TIGHTER WORKING CAPITAL MANAGEMENT, INCLUDING LOWER WHISKEY PUTAWAY, DROVE DOUBLE DIGIT INCREASE IN CASHFLOW FROM OPERATIONS Cashflow from Operations 2025 vs. 2024 $ in millions $23.4 $121.6 $102.3 $25.4 $14.4 $36.6 -$80.5 2024 Cashflow from Decrease in Adj. EBITDA Ch
Slide 8: Balance Sheet Flexibility
BALANCE SHEET FLEXIBILITY PROACTIVE AND PRUDENT ACTIONS TO UPSIZE CREDIT FACILITY SUPPORT NEAR-TERM LIQUIDITY NEEDS • Strong cash-flows from operations and lower capital spending enabled debt paydown of nearly $69 million in 2025. • Operating cash flows increased 19% in 2025 compared to 2024. • Capi
Slide 9: Branded Spirits – Fourth-Quarter and Full-Year Results
BRANDED SPIRITS – FOURTH-QUARTER AND FULL-YEAR RESULTS CONTINUED PREMIUM PLUS MOMENTUM DROVE SEGMENT PERFORMANCE Fourth Quarter Full Year Change Change Reported ($, million) Q4 '24 Q4 '25 (%) Reported ($, million) 2024 2025 (%) Premium Plus $28.3 $31.2 10% Premium Plus $111.0 $116.7 5% Mid/Value $27
Slide 10: Premium Plus Has Driven Sales and Gross Margin
PREMIUM PLUS HAS DRIVEN SALES AND GROSS MARGIN Premium Plus Share of Branded Spirits Sales 50% 50% Reported Branded* Sales 46% Premium Plus' Share of 46% 42% 42% 38% 36% 34% 30% 2022 2023 2024 2025 Branded Spirits Gross Margin 51.0% 49.5% 49.1% 49.0% Branded Spirits Gross 47.0% 44.4% 45.0% Margin 43
Slide 11: Focused on Our Biggest Growth Opportunities
FOCUSED ON OUR BIGGEST GROWTH OPPORTUNITIES PENELOPE CONTINUES TO BE ONE OF THE FASTEST GROWING PREMIUM PLUS BRANDS IN AMERICAN WHISKEY 13W 26W 52W +48% +66% +76% *13 Week Y/Y *26 Week Y/Y *52 Week Y/Y Industry Premium Plus Industry Premium Plus Industry Premium Plus American Whiskey: -6% American W
Slide 12: Consumer Centric Innovation Across Focus Brands
CONSUMER CENTRIC INNOVATION ACROSS FOCUS BRANDS BUILDING A STRONG PIPELINE OF ON-TREND NEW PRODUCT INNOVATION AMERICAN WHISKEY PREPARED COCKTAILS PACKAGE & SIZE UNIQUE FLAVORS
Slide 13: Portfolio of Award-Winning Brands Continued in 2025
PORTFOLIO OF AWARD-WINNING BRANDS CONTINUED IN 2025 INDUSTRY-LEADING CRITICAL ACCLAIM ACROSS BOTH WHISKEY AND TEQUILA #15 #17
Slide 14: Distilling Solutions – Fourth-Quarter and Full-Year Results
DISTILLING SOLUTIONS – FOURTH-QUARTER AND FULL-YEAR RESULTS FULL-YEAR RESULTS SLIGHTLY BETTER THAN INITIAL EXPECTATIONS Fourth Quarter Full Year Change Change Reported ($, million) Q4 '24 Q4 '25 (%) Reported ($, million) 2024 2025 (%) Brown Goods $67.0 $31.3 -53% Brown Goods $265.9 $128.5 -52% Wareh
Slide 15: Ingredient Solutions – Fourth-Quarter and Full-Year Results
INGREDIENT SOLUTIONS – FOURTH-QUARTER AND FULL-YEAR RESULTS RESULTS PRESSURED BY EQUIPMENT OUTAGE, OPERATIONAL RELIABILITY ISSUES, AND HIGH WASTE STARCH STREAM DISPOSAL COSTS Fourth Quarter Full Year Change Change Reported ($, million) Q4 '24 Q4 '25 (%) Reported ($, million) 2024 2025 (%) Specialty
Slide 16: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE Full Year 2026 Guidance1 Sales $480 million to $500 million Adjusted EBITDA $90 million to $98 million Adjusted basic EPS $1.50 to $1.80 Effective tax rate ~ 27% Basic weighted average shares outstanding ~ 21.4 million Capital expenditures ~ $20 million 1 Guidance is as of Fe
Slide 17: Appendix
MGP APPENDIX
Slide 18: Change in Basic and Diluted EPS
CHANGE IN BASIC AND DILUTED EPS Change in Basic and Diluted EPS, quarter versus quarter EPS Change Quarter ended December 31, 2025 $(1.91) Change in operating income 1 (6.34) (332)% Change in interest expense, net1 0.03 2% Change in other income, net1 (0.01) (1)% Change in effective tax rate 2.07 10
Slide 19: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES NET INCOME TO ADJUSTED EBITDA AND NET DEBT LEVERAGE RATIO ($ in thousands) 2021 2022 2023 2024 2025 Net Income (Loss) $90,817 $108,872 $107,130 $34,465 $(107,832) Interest 4,037 5,451 6,647 8,439 7,044 Taxes 30,279 31,300 34,616 33,977 7,482 Depre
Slide 20: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES FOR THE QUARTERS ENDED DECEMBER 31, 2025 AND 2024 Quarter Ended December 31, 2025 (in thousands, except per share amounts) Operating Income (loss) Net Income (loss) Basic and Diluted EPS Reported GAAP Results $(135,202) $(134,631) $(6.22) Goodwill
Slide 21: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 Year Ended December 31, 2025 (in thousands, except per share amounts) Operating Income (loss) Net Income (loss) Basic and Diluted EPS Reported GAAP Results $(94,615) $(107,832) $(4.99) Goodwill and in
Slide 22: Reconciliation of Selected GAAP to Non-GAAP Measures – Branded Spirits
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2025 AND 2024 – BRANDED SPIRITS Operating Operating Quarter Ended December 31, 2025 (in thousands) Year Ended December 31, 2025 (in thousands) Income Income Reported GAAP Results – Branded Spirits $(14
Slide 23: Reconciliation of Selected GAAP to Non-GAAP Measures – Distilling Solutions
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 – DISTILLING SOLUTIONS Operating Year Ended December 31, 2025 (in thousands) Income Reported GAAP Results – Distilling Solutions $65,079 Adjusted Non-GAAP Results – Distilling Solutions $65,079 Operat
Slide 24: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA Quarter Ended Quarter Ended ($ in thousands) 12/31/2025 12/31/2024 Net income (loss) $(134,631) $(41,998) Interest expense 1,554 2,041 Income tax expense (benefit) (1,773) 10,053 Depreciation and amo
Slide 25: Description of Non-GAAP Items
DESCRIPTION OF NON-GAAP ITEMS • Goodwill and indefinite-lived intangible asset impairment relates to the write down of goodwill and indefinite-lived intangible assets during the quarter and year ended December 31, 2025. Goodwill impairment relates to the write down of the goodwill during the quarter