The Middleby Corporation · NASDAQ:MIDD
The Middleby — Investor Presentation (December 2025)
21 slides from The Middleby's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025 1
Slide 2: Cautionary statements
Cautionary statements • Safe Harbor Statement • Statements in this press release 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: Middleby Undergoing Portfolio Transformation
Middleby Undergoing Portfolio Transformation As Part of a Strategic Review of its Portfolio, Middleby’s Board of Directors Has Decided to Spin- off the Company’s Food Processing Business and Sell 51% of the Residential Kitchen Business Next chapter of growth for highly successful but inherently diff
Slide 4: Strategic Review Creates Three Focused and Capability-Aligned Companies
Strategic Review Creates Three Focused and Capability-Aligned Companies COMMERCIAL FOODSERVICE $2.4bn $0.7bn1 ~27%1 $0.7bn $0.2bn1 ~26%1 $0.7bn $0.1bn1 ~10%1 2024A 2024A Adj. Adj. EBITDA 2024A 2024A Adj. Adj. EBITDA 2024A 2024A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA Margin Revenue EBI
Slide 5: Significant Value Creation for Middleby Shareholders
Significant Value Creation for Middleby Shareholders Significant Value Creation Food Processing poised to execute Opportunities growth plan as independent company Opportunity to deploy ~$540 million cash proceeds Significant upside via 49% ownership in Residential Higher-growth, more profitable Comm
Slide 6: Middleby Commercial Foodservice
Middleby Commercial Foodservice Global Leader in Commercial Kitchen Equipment Portfolio of Industry Leading Commercial 2024 Sales by Demand Competitive Advantages and Residential Brands… Requirement Commercial Foodservice Parts 1 Most innovative portfolio of cooking and beverage solutions Menu Drive
Slide 7: Commercial Foodservice: Robust Financial Profile with Through-Cycle Growth
Middleby Commercial Foodservice Robust Financial Profile with Through-Cycle Growth Commentary Segment Financial Highlights Best-in-class portfolio of innovative cooking and beverage products supports leading financial profile $2.4bn 40% 27% 2024A 2024A 2024A Limited capital expenditures drive robust
Slide 8: Transforming our Go-To-Market to Drive Growth and Customer Experience
Middleby Commercial Foodservice Transforming our Go-To-Market to Drive Growth and Customer Experience Strategic Investments Driving Future Growth… …And Improving the Experience for Our Customers Middleby has made substantial investments in selling tools and capabilities focused on end-user engagemen
Slide 9: Recent Entry Into Fast-Growing Ice & Beverage Category
Middleby Commercial Foodservice Recent Entry Into Fast-Growing Ice & Beverage Category Provides Meaningful Growth Opportunities Recently Established Ice and Beverage Platform Well Positioned for Growth Trends… ….Across Growing Portfolio of Category-Leading Brands Automated coffee and Nitro and cold
Slide 10: Current Market Conditions
Middleby Commercial Foodservice Current Market Conditions US Restaurant Sales Growth – 2024 Sales by Customer Restaurants – YoY Change in Real Segment Units Source: Technomic Long Term Forecast Source: Technomic Long Term Forecast 2024 2025E 2026E 2027E 2028E 2024 2025E 2026E 2027E 2028E Oct 2024 0.
Slide 11: Future Market Conditions
Middleby Commercial Foodservice Future Market Conditions Total Real Restaurant Sales Growth - CAGR Reasons for Optimism in 2026 and Future Years • Food and labor costs are pressuring operator profitability, which has changed equipment investment priorities in 2022-2025 2025-2030E 2025 and delayed in
Slide 12: Creating a Standalone Leader in the Protein, Baking and Snack Industries
Middleby Food Processing Creating a Standalone Leader in the Protein, Baking and Snack Industries Portfolio of Industry Leading Food 2024 Sales by Demand Competitive Advantages Processing Brands… Requirement Best-in-Class, end-to-end solutions for industrial protein, 1 bakery, and snack processors A
Slide 13: Food Processing: Best-in-Class Financial Profile
Middleby Food Processing Best-in-Class Financial Profile Supported by Long-Term Secular Tailwinds Commentary Segment Financial Highlights Best-in-class, total line solutions support differentiated financial profile $731M 40% 26% 2024A 2024A 2024A Long-term secular tailwinds supporting organic Revenu
Slide 14: Customer-Focused Innovation Leader with Long-term Industry Tailwinds
Middleby Food Processing Customer-Focused Innovation Leader with Long-term Industry Tailwinds Delivering Innovation…. ….Indexed to Favorable Industry Trends Thermal Automation Slicing Automation End-to-end solutions being powered by labor Alkar Turbochef Thurne One Bacon challenges and a greater nee
Slide 15: Robust History of Food Processing M&A
Robust History of Food Processing M&A Has Created Leading Portfolio of Innovative Platforms and Brands… Cumulative Food Processing Acquisitions Resulted in FY24A Revenue of $731mm and ~$750mm in capital allocated to Food Adj. EBITDA of $187mm Added Washing / Processing M&A since 2005 Sanitation to
Slide 16: Significant Value Created Through Proven Integration Expertise
…With Significant Value Created Through Proven Integration 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 2005
Slide 17: Strategic Update
Strategic Update Recent initiatives are the culmination of the Middleby Board of Directors’ strategic review to maximize shareholder value creation through the separation into three industry-leading standalone platforms Residential transaction announced on December 4th, 2025 delivers ~$540 million c
Slide 18: Investment Highlights
Investment Highlights Middleby on Path to Become Pure-Play Commercial Foodservice Leader • Strategic simplification sharpens focus on higher-growth, higher-return end-market Well Positioned for Continued Adoption of Automation & Other Innovative Technologies • Industry-leading solutions addressing e
Slide 19: Appendix
id MIDDLEBY APPENDIX
Slide 20: Shareholder Value Creation Initiatives
SHAREHOLDER VALUE CREATION INITIATIVES Sep ‘25 YTD Share Repurchases Net Leverage1 Target of 2.0- 2.5x $500M 2.3x • Repurchased 3.5 million shares, or 6.4% of equity 2.2x • Average purchase price of $144.55/share • 8.3 million shares remaining under share repurchase authorization • Target vast major
Slide 21: Residential Kitchen Transaction Summary
Residential Kitchen Transaction Summary 26North to acquire majority stake (51%) of Middleby Residential Kitchen at a Total Enterprise Value of $885 million1 Middleby to receive ~$540 million pre-tax proceeds from a combination of new debt issued and 26North equity investment Transaction Summary Addi