Midera Food Processing, Inc. · NASDAQ:MFP
Midera Food Processing — Investor Day (May 2026)
82 slides from Midera Food Processing's investor day presentation, May 12, 2026
Slide 1: Investor Day 2026
INVESTOR DAY 2026 May 12, 2026 midera.com Keep in touch 1
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, including statements regarding The Middleby Corporation’s (“Middleby”) and Midera Food Processing, Inc.’s (“Midera” a
Slide 3: Agenda
Agenda 1:00pm Midera Strategy Mark Salman Chief Executive Officer 1:30pm Aftermarket & Mark Bowie Chief Operating Officer Operations 1:45pm Overview of Market Peter Jongen Protein Categories Andrea Colussi Bakery Scott Ruhe Snack 2:15pm M&A Strategy Matt Fuchsen Chief Strategy Officer 2:30pm Financi
Slide 4: Company Overview
1 Company Overview 4
Slide 5: Investment Thesis
Investment Thesis Built on Proven Success, Engineered for What's Next Strong Foundation of Customer-Focused, Best-In-Class Brands Growth Supported by Attractive Industry Tailwinds 5-7% Organic Net Sales CAGR1,3 Organic Growth Drivers: Total Line Solutions, Market Penetration, Aftermarket ~500 Basis
Slide 6: Pure-play Leader in Food Processing Technology
Pure-play Leader in Food Processing Technology Customer Focused Platform Built on Innovation and Acquisition Poultry Solution Introduction 2026 – Release of the Complete Line Enter Snack & Tortilla 2024 – Acquisition of JC Ford Mark Salman CEO Expansion of Global Capabilities 2023 – India Manufactur
Slide 7: The Future Powered by Experience
The Future Powered by Experience To be a global leader in innovative food processing technologies, recognized for delivering unmatched efficiency, Vision Statement sustainability, and customer value Total Line Solutions 7
Slide 8: Midera Food Processing Presenting Team Members
Midera Food Processing Presenting Team Members Mark Salman Amy Campbell Mark Bowie Matt Fuchsen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Strategy Officer Rob Fagan Andrea Colussi Peter Jongen Scott Ruhe VP Finance Group President - Bakery Group President - Protei
Slide 9: A Strong Foundation
Midera Food Processing A Strong Foundation By the Numbers (FY 2025A) Diverse & Large End-Markets Protein Bakery & Snack $853M $140M¹ 16.4%¹ Category Leader Sausage & hot dog Buns Bacon Cakes / muffins Net Sales Standalone Adj. EBITDA Standalone Adj. EBITDA Margin Growing Solutions in Charc
Slide 10: Our Premium Food Processing Brands
Our Premium Food Processing Brands Driving the Connection to the Customer Our Bakery Brands High Capacity Serpentine Solution for Proof / Bake / Automated Bakery Equipment & Dough Mixing Industrial Specialty Bread Bread Dough all Bakery Categories Cool Commercial Bag Closures Specialists Systems Mak
Slide 11: Leveraging Our Global Footprint for Customers
Leveraging Our Global Footprint for Customers Global Expansion for Global Customer Base 29 Manufacturing Facilities / 4 Innovation Centers / 20 Sales, Parts & Service Offices 13 16 U.S. Manufacturing Locations International Manufacturing Locations Rosemont, IL 4 20 Innovation Centers Sales, Parts &
Slide 12: We Specialize in the Highest Value Add Parts of the Chain
We Specialize in the Highest Value Add Parts of the Chain A Further Processing Global Leader Value-Add Capabilities ⏵ Over 100,000 units installed Primary Processing Secondary Processing Further Processing End-of-Line ⏵ A global leader in thermal processing (protein & bakery) ⏵ Harvesting ⏵ Cutting
Slide 13: Value Creation Algorithm
2 Value Creation Algorithm 13
Slide 14: Stable Industry Growth
Stable Industry Growth Historical & Forecasted CapEx CAGR Over the last 10 years, end market CAPEX 2015-2025 Capex Spend CAGR1 has delivered consistent low to mid- single-digit growth across Protein, Bakery and Snack ~5% ~4% Diversified exposure across growing end- +3 - 4%2 markets drives strong
Slide 15: Total Addressable Market Opportunity
Total Addressable Market Opportunity Midera is a Natural Partner in a Highly Fragmented Industry Key Drivers For Market Share Gain ~8% ‣ Best-in-class brands that drive meaningful ROI for ~1% customers ‣ Geographic and product category expansion driven by global scale and product breadth ~$70B1 ~91%
Slide 16: Favorable Industry Trends
Favorable Industry Trends Global End Markets with Localized Needs Shifting Advanced Underlying Need for Local Demand for Elevating Preference for Automation Consumption Food Security “Ready-to-Go” Sustainability High Quality Foods & Labor Growth Options Goals Resilience LSD to MSD ~10% CAGR 2.1M $45
Slide 17: Midera Growth Strategy
Midera Growth Strategy Deep Relationships & Culture of Innovation Make us the Partner Customers Choose and Keep Revenue and Margin Drivers Evergreen focus on the customer Total Line Total Line ‣ Larger orders 1 Solutions Solutions ‣ Higher aftermarket attachment rate 2 Market ‣ Innovative product 12
Slide 18: Total Line Solutions Drive Growth Above Market
1 Total Line Solutions Drive Growth Above Market Solves Pain Points of Labor, Complexity, Service & Maintenance Example Pre-Cooked Bacon Total Line Solutions Acquired in 2011 Acquired in 2015 Acquired in 2005 Acquired in 2017 Acquired in 2019 Acquired in 2022 Press Slicer Oven Chiller Sheeter / Stac
Slide 19: Driving Significant ROI for Customers
1 …Driving Significant ROI for Customers Headline Savings In Practice – Pre-Cooked Bacon Total Line Solution Illustrative Total Line Solution Purchase Price across 6 Midera brands ~$8M ~7 Operatives (2 shifts, $60K Salary) ~$0.8M Total Line Solution Package Cost Savings ~$0.3M Customer Impact Mainte
Slide 20: Total Line Solutions
1 Total Line Solutions Highest Return Opportunity for Customers Growth Categories We Develop Innovative, Industry-leading Equipment Designed to . . . ACCELERATE PROCESSING Protein Bakery Improve throughput ‣ Poultry: ‣ Pizza & Pinsa: fastest growing category as fastest growing category INCREASE YIEL
Slide 21: Market Penetration Drivers
2 Market Penetration Drivers Expansion by Geography to Help Our Customers Grow Global Scale Enables Organic and Inorganic Market Penetration Midera Growth Global Scale is a Differentiator Scandinavia Germany France Eastern Europe Sweden ‣ Our customers are increasingly global Denmark United ‣ Global
Slide 22: Driven by Leading Product Innovation
2 …Driven by Leading Product Innovation Partnering with Customers to Help Them Grow Investment in Innovation Innovation Centers Drive Market Penetration Italian Innovation Center (MCI) Full-suite experience for customers to collaborate and tailor innovative solutions Innovation Product Industry Vali
Slide 23: Transformational Product Innovation
2 Transformational Product Innovation Scanico Helix Oven – First Spiral Microwave Oven Case Study: Scanico Helix Oven Problem Need for a poultry oven that delivers high speed, strong yields, and consistent product quality through optimized airflow Designed to solve customer challenges… deliverin
Slide 24: Strong Foundation in Aftermarket Parts & Service
3 Strong Foundation in Aftermarket Parts & Service Brand Focused Service Model Aftermarket is a Significant % of Net Sales Aftermarket Capabilities Parts New & Replacement ‣ Sale of OEM parts to support Equipment Spend1 uptime, safety and performance ~20%2 62% service level Service ‣ Maintenance, re
Slide 25: Midera Food Processing Playbook
Midera Food Processing Playbook An Industry Leading Platform Favorable Industry Trends Organic Growth Enablers Inorganic Growth Enablers Improving Living Standards in 30+ Best in Large, Global Developing Countries Total Line Market Disciplined M&A Synergy Class Brands Install Base Solutions Penetrat
Slide 26: Investment Thesis
Investment Thesis Built on Proven Success, Engineered for What's Next Strong Foundation of Customer-Focused, Best-In-Class Brands Growth Supported by Attractive Industry Tailwinds 5-7% Organic Net Sales CAGR1,3 Organic Growth Drivers: Total Line Solutions, Market Penetration, Aftermarket ~500 Basis
Slide 27: Aftermarket Expansion
3 Aftermarket Expansion 27
Slide 28: Aftermarket Opportunity
Aftermarket Opportunity Voice of the Customer Our Aftermarket Capabilities Our Philosophy Base of Experience Data Customization ‣ Over 100,000 unit installed base Integration ‣ Specialized service professionals across the globe ‣ 500+ engineers Durable Client Focused ‣ 300+ field technicians Design
Slide 29: Aftermarket Base to Leverage
Aftermarket Base to Leverage Illustrative Aftermarket Service Distribution Opportunity Grows With Equipment Complexity ~20% >90% High % of reoccurring service level agreement penetration on revenues driven by on new equipment sales Total Line Solutions customer requirements Service contract Long wea
Slide 30: Aftermarket Opportunity Up the Value Chain
Aftermarket Opportunity Up the Value Chain Digital Strategy Enabler Enterprise Total Line Solution Seamless coordination of highly advanced technology, software and service is the Midera difference Single piece of equipment Midera Aftermarket Value Capabilities Control & Oversight Operational Mainte
Slide 31: Innovation and Operational Excellence
4 Innovation and Operational Excellence 31
Slide 32: Innovation at Speed Defines Us
Innovation at Speed Defines Us 3-Year Total (’23-’25A) Innovation Statistics Equipment1 Innovation Net 2026 Innovation Funnel Total Net Sales Net Sales (62%) Sales2 70+ Innovations In Targeted at 17 End the Funnel market subcategories $2,384M $1,483M ~$340M >20% 20% Modernization 12 Game Changing of
Slide 33: Midera Operating System
Midera Operating System CoBot Drives Improved Efficiency, Quality & Safety CoBot welder ~120 inches / minute Lean Quality Technology Supply Intelligent Toolbox Systems Application Chain Design 7x efficiency uplift Engine for Margin Discipline Skilled welder Scale enables Midera to resource & incenti
Slide 34: Operations as a Weapon to Succeed
Operations as a Weapon to Succeed Midera Operating System Toolbox Mature ‣ Alignment on the Strategic Standard Work / Multi-Skilled Innovation SMED Poka-yoke RCCM Workforce JIT Planning Monetization Growth Plan ‣ Strengthening our Gemba front Product line management and driving Total Productive acco
Slide 35: Supply Chain Optimization
Supply Chain Optimization ~1,800 Key Suppliers Resilience & Cost Analytics Operational Roadmap ‣ Today the supply chain is largely ‣ ID 7 types of waste ‣ Purchase part level setting regionalized ‣ Value Stream Mapping ‣ OTD countermeasures for missed ‣ Technology is broader supply source deliveries
Slide 36: Midera Group Presidents
5 Midera Group Presidents 36
Slide 37: Protein - Peter Jongen
PROTEIN Peter Jongen Group President z 37
Slide 38: Protein Group Introduction
Protein Group Introduction Peter Jongen Masters Degree in Engineering In the Food Processing Industry for over 25 years Previously at Marel With Thurne over 15 Years With Midera over 10 Years Group President Slicing, Loading & Packing over 5 Years Protein Overview ~$32B1 ~$0.4B Total Addressable Mar
Slide 39: Protein Group Brand Overview
Protein Group Brand Overview Thermal Processing Processing & Preparation Slicing, Loading & Packing Facility Automation 39
Slide 40: Protein Industry & Trends
Protein Industry & Trends Industry Trends Industry Examples ‣ Upper K: Charcuterie, beef, bacon, clean label ‣ Fresh Minimally Processed ‣ Clean Label and High quality Vertically Integrating Initiated plan to build a Food Processing new $1.3B, state-of-the- ‣ Lower K: Hot dog, poultry, deli products
Slide 41: Protein Case Study
Protein Case Study Customer Challenge Greenfield Plant Optimization ‣ Previously required 1,300 operators at significant cost ‣ Operational complexity with many process steps across multiple products Protein Snack Production ‣ High production volume need driven by ‣ 4 brand collaboration highest dem
Slide 42: Protein Group – Strategic Priorities
Protein Group – Strategic Priorities Total Line Solutions ‣ Expand products supported ‣ Charcuterie and Portable protein snacks recently added Expansion ‣ Leverage Midera Worldwide for geographic expansion ‣ Replacement → Innovative modernization on installed base ‣ Strong innovation funnel for prot
Slide 43: Bakery - Andrea Colussi
BAKERY Andrea Colussi Group President z 43
Slide 44: Bakery Group Introduction
Bakery Group Introduction Andrea Colussi President of Bakery; 28 years industry experience Former family owner later acquired by Midera in 2022 Midera was the best opportunity for continued growth while maintaining identity and independence Centro di Innovazione (MCI) Bakery Overview ~$17B1 ~$0.3B T
Slide 45: Bakery Group Brand Overview
Bakery Group Brand Overview Processing & Preparation Thermal Processing 45
Slide 46: Bakery Industry & Trends
Bakery Industry & Trends Industry Trends Industry Examples ‣ Small Indulgences: ‣ Smaller size products ‣ More product variety ‣ Long Fermentation: Ex. Sourdough $1B Investment in US ‣ Extended production times and equipment complexity Flower Foods acquires Operations Over the Next Simple Mills for
Slide 47: Bakery Case Study - Pinsa / Pizza / Focaccia
Bakery Case Study - Pinsa / Pizza / Focaccia Customer Challenge Scale Hurdle Dough Long Resting System ‣ Different equipment for each specific shape and density across pinsa, pizza and focaccia ‣ Multi-brand collaboration ‣ Difficult to manage volume by end-product ‣ Inefficiency negatively impactin
Slide 48: Innovation Center - Italy
Innovation Center - Italy One-stop Location for Innovative Turnkey Equipment Solutions Center Detail ‣ Midera Centro di Innovazione (MCI), opened October 2025 ‣ ~$20M investment spanning 80,800 sq. ft. facility ‣ Dedicated for testing of processing equipment for the bakery, protein and snack industr
Slide 49: Bakery Group – Strategic Priorities
Bakery Group – Strategic Priorities Total Line Solutions ‣ Expand products supported ‣ Pinsa, Sourdough based bread, and Celebration Cake Expansion ‣ Aggressive growth in artisanal bread and pinsa ‣ Geographic expansion in high-growth developing countries in EMEA ‣ Grow share in Europe through Innov
Slide 50: Snack - Scott Ruhe
SNACK Scott Ruhe Group President 50
Slide 51: Snack Group Introduction
Snack Group Introduction Scott Ruhe Owner of JC Ford for 35 years and CEO for 20 36 years industry experience Active President, JC Ford Respected food industry professional Inductee Tortilla Industry Association Hall of Fame in 2026 Snack Overview ~$18B1 ~$0.1B Total Addressable Market 2025 Net Sale
Slide 52: Snack Group Brand Overview
Snack Group Brand Overview 52
Slide 53: Snack Industry & Trends
Snack Industry & Trends Industry Trends Industry Examples ‣ Mexican food: Continues to be a hot trend ‣ Hispanic population growth driving taste trends ‣ Tortilla, Doritos, and Takis ‣ Alternative Snacks: “Good for You” Increased Investment in Expanded protein ‣ Protein, cassava, beans, and lentils
Slide 54: Snack Case Study – Restaurant Style Chips
Snack Case Study – Restaurant Style Chips Customer Challenge Scale Hurdle Tortilla Chip System ‣ Different stages and equipment required for multiple steps of tortilla chip production ‣ Sub optimal yield for tortilla production ‣ Total Line Solution improved ‣ Significant limitation on throughput th
Slide 55: Snack Group – Strategic Priorities
Snack Group – Strategic Priorities Total Line Solutions ‣ Expand product supported ‣ Expansion in flour tortillas, full chip lines, portable protein snack solutions Expansion ‣ Tortilla chip chopper, Full Servo Press offering, Oil Heat (50% energy savings) ‣ Geographical growth in Latin America, Mid
Slide 56: M&A Framework
6 M&A Framework 56
Slide 57: Key Takeaways
Key Takeaways Disciplined Acquisition Strategy Strategic fit and long-term value creation focused Fragmented Market Acquirer of choice becomes the compounder of choice Builders, Not Collectors Building an integrated global automation platform Value Creation Through Operational Execution Driving ROIC
Slide 58: Robust M&A History Compounding Shareholder Value
Robust M&A History Compounding Shareholder Value Market Leading, Scale Partner with Proven Track Record Cumulative Food Processing Acquisitions Commentary ~$850M in M&A since 2005, supporting Bakery ‣ An Industry Leading Further Food Processing platform Automation & FY25A Standalone Adj. EBITDA of $
Slide 59: Midera’s Portfolio Philosophy
Midera’s Portfolio Philosophy Builders, not Collectors Targeting a Balanced Mix Disciplined Due Diligence Portfolio ‣ Small / Mid-sized Targets ‣ Ensure complete fit of target asset Philosophy ‣ Tuck-in assets ‣ Tuck-ins minimize execution risk and unwanted assets ‣ Open mind to the right sizeable d
Slide 60: Market & Funnel Overview
Market & Funnel Overview Significant Funnel Drives Repeatable Value Creation Highly Fragmented Target Market M&A Funnel Target Attributes Funnel / Pipeline Composition ‣ Off-market ~8% ~90% of the funnel is internally transactions Small (<$50M sourced ‣ High owner retention drives Revenue) ~1% syner
Slide 61: Execution and Integration as a Differentiator
Execution and Integration as a Differentiator Why Do Midera Acquisitions Succeed? Success for the Target Synergy with Midera Execution/Integration Culture Platform Extension Geographic Track record of efficient Midera’s global scale and Total Line Solutions Expansion execution, especially for innova
Slide 62: Significant Value Creation Through M&A
Significant Value Creation Through M&A Net Sales and Adj. EBITDA Growth $ Millions Commentary Acquisition A Acquisition B ‣ With enhanced scale and operational excellence, Food Processing acquisitions have flourished, positioning 4% 24% 10% 36% 2005A Adj. 2026E Adj. 2015A Adj. 2026E Adj. Midera as a
Slide 63: The Opportunity Ahead…
The Opportunity Ahead… Strong Inorganic Growth Outlook Algorithm & KPI’s Pipeline Market 1 2 3 ‣ Strong multi-vertical pipeline ~35 Margin EPS Accretive ROIC Target DD+ targets identified with similar size & Expansion Year 1 by Year 3 ‣ 2,500+ Food Processing equipment profitability as our acquired
Slide 64: Financial Review
7 Financial Review 64
Slide 65: Key Takeaways
Key Takeaways Market Leading Brands Global growing industries Clear Path to Maintain Best-in-Class Margins With above market topline growth Clean Balance Sheet & Strong Free Cash Flow Built to grow Fragmented Market Acquirer of choice becomes the compounder of choice 65
Slide 66: Track Record of Profitable Growth
Track Record of Profitable Growth Middleby Segment Net Sales1 & Adjusted EBITDA1, 2 Segment Net Sales1 (US$ M) Drivers of Performance ⏵ Strong sustained net sales1 growth $915-$945 $850 from 2019-2025 through a $757 $770 combination of organic growth and $629 $538 M&A $438 $466 ⏵ Quarter to quarter
Slide 67: Impressive Financial Profile
Impressive Financial Profile Resilient Net Industry Book to Strong Balance Sales Growth Leading Margin Bill3 Sheet Profile $200 to ~12% 16.4% 1.02x $225M 2019-2025 2025 Estimated Over Last 8 Estimated Net CAGR1(incl. M&A) Standalone Adj. Quarters Debt4at Spin EBITDA margin2 Midera has an attractive
Slide 68: Financial Results - FY 2025
Financial Results - FY 2025 Year-end Backlog Sets Up 2026 Growth Net Sales Standalone Adj. EBITDA1 Orders & Backlog 2025 vs 2024 ($ Millions) ($ Millions) ($ Millions) 11% Orders ‣ Net Sales growth driven $853 -15% 35% by acquisitions $945 ‣ Organic growth muted due $772 $165 to economic uncertainty
Slide 69: Financial Results - Q1 2026
Financial Results - Q1 2026 Middleby Segment Net Sales1 & Adjusted EBITDA1, 2 Segment Net Sales1 Segment Adj. EBITDA1, 2 Orders & Backlog Q1 2026 vs Q1 2025 ($ Millions) 34% ($ Millions) ($ Millions) 38% Orders ‣ Double digit net sales $224 25% growth across protein, bakery and snack reflects $41 $2
Slide 70: Midera Food Processing Playbook
Midera Food Processing Playbook An Industry Leading Platform Favorable Industry Trends Organic Growth Enablers Inorganic Growth Enablers Improving Living Standards in 30+ Best in Large, Global Developing Countries Total Line Market Disciplined M&A Synergy Class Brands Install Base Solutions Penetrat
Slide 71: Forecast Growth Drivers
Forecast Growth Drivers Net Sales Growth (%) Growth Initiatives 4 +2-3% 3 M&A Upside 2 Aftermarket ~5-7% 2.5-3.5% Organic ⏵ Established operational 1 Market Penetration Growth1 playbook to acquire ⏵ High-margin pipeline targets, Total Line Solutions integrate and realize aftermarket business grows f
Slide 72: Forecast Scale
Forecast Scale Est. Standalone Adj. EBITDA1 Margin (%) 20-23%2 Commentary 2.5-3.5% Midera Operating System Completed ⏵ Net Sales growth drives M&A Maturity ~2-3.5% fixed cost leverage and margin accretion ~1% ⏵ Supply chain Net Sales Growth ⏵ Productivity ⏵ Further margin expansion 16.4%1 ~1-2% on c
Slide 73: Capital Allocation Priorities
Capital Allocation Priorities Organic 1 Organic first – CapEx to protect and grow what we have Reinvestment Disciplined 2 Disciplined, return-driven acquisitions M&A 3 Net leverage1 Net leverage framework < 3.0x We allocate capital with discipline and a clear set of priorities 1) Non-GAAP financial
Slide 74: Strong Balance Sheet and Free Cash Flow
Strong Balance Sheet and Free Cash Flow Significant Capacity to Fund Growth 2023-2025 Capital Expenditures Debt Free Cash Acquisition ($ Millions) 4.9% Net Debt1 Net Leverage1 Structure Flow1 Capacity2 $41.4 Innovation Center Investment ~$20M $200 to ~$290 to 2.1% 1.7% $225M ~1.25x $1B $340M >$700M
Slide 75: Financial Outlook 2026-2028
Financial Outlook 2026-2028 2026 – 2028 Medium Term Financial Framework $ Millions FY 2025A FY 2026E1 % change2 Net Sales CAGR 5-7% organic3 Net Sales $853 $915-945 ~9% 2028E Standalone Adj. EBITDA margin3 20-23% Est. FCF Conversion (% of Est. Standalone Adj. EBITDA)3 Standalone Adj. $140 $154-176 ~
Slide 76: Key Takeaways
Key Takeaways Market Leading Brands Global growing industries Clear Path to Maintain Best-in-Class Margins With above market topline growth Clean Balance Sheet & Strong Free Cash Flow Built to grow Fragmented Market Acquirer of choice becomes the compounder of choice 76
Slide 77: Q&A
Q&A 77
Slide 78: Investment Thesis
Investment Thesis Built on Proven Success, Engineered for What's Next Strong Foundation of Customer-Focused, Best-In-Class Brands Growth Supported by Attractive Industry Tailwinds 5-7% Organic Net Sales CAGR1,3 Organic Growth Drivers: Total Line Solutions, Market Penetration, Aftermarket ~500 Basis
Slide 79: Appendix
Appendix 79
Slide 80: 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 earnings before interest, income taxes, depreciation and intangible amortization, or EBITDA, adjusted to exclude restruc
Slide 81: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net earnings to Adjusted EBITDA and Estimated Standalone Adjusted EBITDA (in millions, except for percentages) 2024A 2025A Net sales $772.0 $853.2 Net earnings 122.3 82.7 Net earnings % of net sales 15.8% 9.7% Interest income, net (2.2) (2.0) Provision for
Slide 82: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Segment operating income to Segment Adjusted EBITDA (in millions, except for percentages) 2019A 2020A 2021A 2022A 2023A 2024A 2025A Q1 2025A Q1 2026A Segment net sales $437.6 $466.2 $538.5 $628.8 $756.8 $769.9 $850.2 $167.9 $224.4 Segment operating income 7