The Middleby Corporation · NASDAQ:MIDD
The Middleby — Jefferies Industrials Conference 2026
25 slides from The Middleby's conference presentation, Sep 10, 2026
Slide 1: Middleby Update
Middleby Update Jefferies Industrials Conference New York September 10, 2026 Steve Spittle Chief Commercial Officer Brittany Cerwin Chief Financial Officer
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Safe Harbor Statement Statements in this presentation 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 Re
Slide 3: One Focused Business, One Clear Equity Story
ONE FOCUSED BUSINESS, ONE CLEAR EQUITY STORY Prior Food Processing Spin Residential JV with Pure-Play Commercial Middleby Ann. (Feb 2025) 26North (Feb 2026) Foodservice (July 2026) Scaled Innovation Shareholder Platform Leadership Returns Leveraging platform scale to IoT, automation, ventless Focuse
Slide 4: What We Will Cover Today
WHAT WE WILL COVER TODAY Reinforcement and commitment to 2028 Investor Day targets and initiatives The separations were a deliberate step, creating a focused, pure-play commercial foodservice equipment company that aims to grow above its market and operate at the top of its peer group Organic net sa
Slide 5: Commercial Foodservice Segment at a Glance
COMMERCIAL FOODSERVICE SEGMENT AT A GLANCE 2025 Sales by Demand Requirement 2025 Sales by Product Type Menu Driven 9% Ice & Replacement & ~27% Beverage $2.4b $627m Upgrade Parts 30% 39% 17% Adj. Segment FY2025A Net Sales FY2025A Adj. EBITDA EBITDA Margin Cooking 70% 65 38 56% New Build 35% Brands Fa
Slide 6: …With a Leading Portfolio of Brands
…WITH A LEADING PORTFOLIO OF BRANDS Cooking & Warming Ice & Beverage Leading Portfolio of Best-in-Class Brands #1 or #2 position in most categories Recognized and desired by chefs and operators Globally recognized Trusted for quality and service Diversified across customer segments Comprehensive por
Slide 7: Our Growth Strategy
OUR GROWTH STRATEGY Disciplined execution across 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- Innovation growth capabilities Cooking,
Slide 8: Transforming Our Sales Processes
TRANSFORMING OUR SALES PROCESSES Recent Go-To-Market Investments are Driving Growth Investments in tools, innovation, and end- user engagement are designed to drive growth. These investments have led to: • Overall ease of doing business across all Middleby brands • Shift from transactional to consul
Slide 9: Leveraging Scale & Solution Selling
LEVERAGING SCALE & SOLUTION SELLING KFC Beverage Platform Case Study 1 KFC approached Middleby for help on launching a multi-product beverage platform, primarily focused in international markets 2 Utilizing the MIK Dallas and UK, leveraging the Middleby culinary network, Middleby worked with food su
Slide 10: Our Financial Outlook
OUR FINANCIAL OUTLOOK Three-Year Financial Metrics & Targets Metric 3-Year Target (2025 – 2028E) KEY DRIVERS Net Sales Growth 3-6% ~⅓ market growth, ~⅔ share gains from innovation, go-to-market Organic Net Sales CAGR initiatives, and higher-value aftermarket and services penetration Adj. EBITDA Grow
Slide 11: Revenue Outpacing the Industry, with Margin Work Underway
REVENUE OUTPACING THE INDUSTRY, WITH MARGIN WORK UNDERWAY Demand is broad-based; the 2026 margin headwind is mix and inflation +8% +7% 17% H1 2026 organic net sales growth FY2026 growth guidance of net sales is parts and service, ~$400M recurring WHERE GROWTH IS COMING FROM WHAT IT MEANS FOR MARGIN
Slide 12: Ice & Beverage: A Margin Opportunity
ICE & BEVERAGE: A MARGIN OPPORTUNITY Total Cooking & Ice & Platform Commercial 1 No material structural differences FY 2025 Warming Beverage Investments Foodservice Ice & Beverage adjusted EBITDA % is 25% against 29% for Segment Cooking & Warming, and the mature ice division already earns more. The
Slide 13: The Bridge to 2028: How We Plan to Get There
THE BRIDGE TO 2028: HOW WE PLAN TO GET THERE 200-400 bps of adjusted EBITDA margin improvement by end of 2028 160+ bps from the closure of Brewing (60 bps) and operational initiatives at Pitco and Taylor (100+ bps) 4 3 Volume growth ~25-27% 2 Productivity 1 Scale efficiencies • Operating leverage on
Slide 14: Portfolio Pareto: Reducing Complexity & Improving Focus
PORTFOLIO PARETO: REDUCING COMPLEXITY & IMPROVING FOCUS ANNOUNCED YESTERDAY: EXIT OF BREWING SS Brewtech, Deutsche Beverage, Wild Goose ~$24m ~($9m) +60 bps of net sales in 2025 adjusted EBITDA loss in 2025 adjusted EBITDA margin impact in 2025 of exit SEQUENCE 2026 2027 Ongoing Brewing exit complet
Slide 15: Lean Case Study: Pitco Seeing Clear Results
LEAN CASE STUDY: PITCO SEEING CLEAR RESULTS AFTER 9 MONTHS #1/#2 share in premium fryers globally, with margin opportunity starting to be realized HOW IT HAPPENED ~$9m 24k sq. ft. Nov 2025 New building paused; capital redirected to existing plants inventory reduction vs. Q3 2025, storage converted t
Slide 16: Financial Outlook – FY 2026
FINANCIAL OUTLOOK – FY 2026 FY 2026 Guidance FY 2025 Actuals1 Growth v Midpoint Net Sales $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 Pr
Slide 17: Offsetting the $10-15M of Incremental Costs
OFFSETTING THE $10-15M OF INCREMENTAL COSTS These actions are not a response to inflation; inflation only makes them more urgent THE COST INITIATIVES UNDERWAY $10-15m 1 Facility consolidation & discretionary cost controls Footprint and overhead: EVO consolidated into the Star platform, ice consolida
Slide 18: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Free cash flow conversion is investor validation of margin expansion <2% ~$400m 2.7x → ~2.5x $1.3b CapEx as % of sales free cash flow run rate by targeted net leverage by year- returned via buybacks over 2028 end 2026 last 18 months as of 2Q, ~16% of shares CAPITAL ALL
Slide 19: Summary
SUMMARY 1 We separated Middleby for one key reason Separation gives us sharper focus and operating discipline in a single industry. MIDDLEBY IS COMMITTED TO: Demand is growing; margin is the task ahead 3-6% Organic Net Sales CAGR 2 The 2028 targets are measurable 200-400 bps 3-Yr Adj. EBITDA Margin
Slide 20: Questions & Discussion
QUESTIONS & DISCUSSION TO BE I TOBE
Slide 21: Appendix
APPENDIX
Slide 22: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES The following provides definitions of the non-GAAP financial measures included in this presentation: • Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense , income tax (expense) benef
Slide 23: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Total Commercial 2025 ($m) Cooking & Warming Ice & Beverage Platform Investments Foodservice Segment Net Sales 1,646 705 - 2,351 Operating Income 449 134 (39) 544 Depreciation 16 10 3 29 Amortization 13 30 1 44 Restructuring Expenses 2 1 - 3 Acquisition Related Adjus
Slide 24: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS ($m) 2010 2013 2016 2019 2022 2025 Net Sales 612 895 1,267 1,948 2,356 2,351 Operating Income 148 234 350 427 543 544 Depreciation 6 6 10 21 24 29 Amortization 9 13 10 45 54 44 Restructuring Expenses - - - 6 2 3 Facility Consolidation Related Expenses - - - 2 - - Acq
Slide 25: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS 2025 ($m, except per share data) Commercial Foodservice Total 2026E ($m, except per share data) Commercial Foodservice Total Net Sales 2,351 2,351 Net Sales 2,465 2,465 Operating Income 544 456 Operating Income 583 463 23% 19% 23% 19% Depreciation 29 30 Depreciation