The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q3 2024 Earnings Presentation
14 slides from The Middleby's earnings presentation, Oct 31, 2024
Slide 1: Q3 Earnings Update
Q3 Earnings Update October 31, 2024 www.middleby.com www.middleby.com 1
Slide 2: Middleby Segment Summary
MIDDLEBY SEGMENT SUMMARY Three Industry-Leading Foodservice Platforms 2024 YTD PROFORMA REVENUE BY SEGMENT * Food Processing • 120+ industry-leading brands 18% • Three highly synergistic foodservice segments Commercial 63% Residential 19% • Technology and innovation leader • Differentiated go-to-mar
Slide 3: Five-Year Comparative Operating Performance
FIVE-YEAR COMPARATIVE OPERATING PERFORMANCE SALES (BN) ADJUSTED EBITDA (MM) ADJUSTED EBITDA MARGIN $3.9 $862 22.1% 20.9% $2.7 $569 +44% +51% 2018 Q3 2024 (LTM) 2018 Q3 2024 (LTM) 2018 Q3 2024 (LTM) ADJUSTED EPS ROLLING 5-YR FREE CASH FLOW (BN) LEVERAGE RATIO $9.30 $2.2 2.8x $6.35 2.3x $1.3 +46% +68%
Slide 4: Financial Results
FINANCIAL RESULTS Q3 2024 Financial Results Results Commentary (in millions, except percentages) Q3 ’24 Q3 ’23 Change • Organic revenue growth by segment: • Commercial Foodservice - 5.3% Net Sales $942.8 $980.7 -3.9% • Residential Kitchen - 4.5% Gross Profit 355.4 375.3 -5.3% • Food Processing 0.7%
Slide 5: Commercial Foodservice
COMMERCIAL FOODSERVICE Q3 2024 Financial Results Results & Outlook Commentary (in millions, except percentages) Q3 ’24 Q3 ’23 Change • Challenging comparison given Q3 ’23 strong revenues Net Sales $600.1 $634.0 -5.3% • Margins remain resilient on lower volumes Adjusted EBITDA 165.0 180.7 -8.7% due t
Slide 6: Residential Kitchen
RESIDENTIAL KITCHEN Q3 2024 Financial Results Results & Outlook Commentary (in millions, except percentages) Q3 ’24 Q3 ’23 Change • Profitability initiatives increased margins sequentially over Q2 ’24 and Q3 ’23 despite Net Sales $173.2 $180.0 -3.8% difficult macroeconomic conditions for the Adjuste
Slide 7: Food Processing
FOOD PROCESSING Q3 2024 Financial Results Results & Outlook Commentary (in millions, except percentages) Q3 ’24 Q3 ’23 Change • Margins grew sequentially over Q2 ’24 but were lower compared with prior year due to Net Sales $169.5 $166.7 1.7% product mix Adjusted EBITDA 41.2 43.5 -5.3% • Internationa
Slide 8: Debt and Liquidity
DEBT AND LIQUIDITY Q3 2024 Leverage Ratio (in millions) Liquidity Commentary Cash $606.0 • QTD operating cash flows were $157 million Debt $2,405.3 • YTD operating cash flows were $447 million Net Debt* $1,898.1 • Quarter-end borrowing capacity was LTM EBITDA* $863.3 approximately $2.8 billion Total
Slide 9: Acquisition
ACQUISITION Emery Thompson • Leading brand in frozen dessert equipment • Annual revenues of approximately $10 million • Expands product offerings to include hard ice cream, gelato, frozen yogurt and custard, sorbet, sherbet, and Italian ice equipment • Synergies with Taylor, Icetro, and Desmon, alon
Slide 10: Congratulations Nieco
CONGRATULATIONS NIECO www.middleby.com www.middleby.com 10
Slide 11: New Product Spotlight: Nieco Automated Flame Boiler
NEW PRODUCT SPOTLIGHT Nieco – Automated Flame Boiler • Automated Flame Boiler for all proteins and plant-based proteins • Improves cook time by 50% compared with competing models • Annual energy savings of 25%, or $3,000, per year over competing models • Improved maintenance requirements save operat
Slide 12: New Product Spotlight: Marco MilkPal
NEW PRODUCT SPOTLIGHT Marco – MilkPal • Automated portion-controlled milk delivery system for coffee shops, c-stores, restaurants, and B&I • Dispenses hot foam, cold foam, and cold and hot milk • Reduces milk waste up to 20% • Improves speed of service up to 40% • Improved product quality and consis
Slide 13: Middleby Service Training
MIDDLEBY SERVICE TRAINING Middleby Advantage – Service Training Facility • State-of-the-art training facility for third-party technicians; located in the Middleby Innovation Kitchens • Over 30 multiday classes and 600 technicians have been trained since opening in Q2 ’24 • Training focused on Author
Slide 14: Hurricane Relief Support
HURRICANE RELIEF SUPPORT • Middleby is a Corporate Disaster Response Partner with The American Red Cross, World Central Kitchen (WCK) and Feeding America. This supports these organizations with resources to immediately address areas of greatest need after a natural disaster • WCK and Mercy Chefs uti