The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q1 2025 Earnings Presentation
11 slides from The Middleby's earnings presentation, May 7, 2025
Slide 1: Q1 Earnings Update
Q1 Earnings Update May 7, 2025 1
Slide 2: Middleby Share Repurchase
MIDDLEBY SHARE REPURCHASE STRATEGIC PRIORITIZATION OF CAPITAL TO MIDDLEBY SHARE REPURCHASES Vast majority of free cash flow will be deployed to Middleby share repurchases Strategic step underscores strong confidence in our business; share price does not reflect long-term inherent value Repurchases t
Slide 3: Tariff Comments and Outlook
TARIFF COMMENTS AND OUTLOOK LARGE U.S. MANUFACTURING FOOTPRINT AND GLOBAL SCALE POSITIONS US WELL TO NAVIGATE TARIFFS AND GAIN MARKET SHARE Tariff impact expected to be fully offset by year end through operating initiatives and price increases set to take effect Q3 2025 Preliminary tariff cost effec
Slide 4: Food Processing Spin Update
FOOD PROCESSING SPIN UPDATE Food Processing spin progressing and on track for targeted completion by early 2026 Established separation management office to allow focus on delivering for all stakeholders during transition Further details related to separation, including corporate structure, stand-alo
Slide 5: Logic of Food Processing Separation
LOGIC OF FOOD PROCESSING SEPARATION AFTER A COMPREHENSIVE ASSESSMENT OF ITS PORTFOLIO, IN FEBRUARY, MIDDLEBY’S BOARD DECIDED TO SPIN OFF THE FOOD PROCESSING BUSINESS Next chapter of growth for highly successful but inherently different businesses that will benefit from renewed focus on individual co
Slide 6: Separation Enables Focused and Capability-Aligned Companies
SEPARATION ENABLES FOCUSED AND CAPABILITY-ALIGNED COMPANIES WITH BEST-IN-CLASS FINANCIAL PROFILES REMAINCO $3.1bn $0.7bn1 ~23%1 $0.7bn $0.2bn1 ~26%1 2024A 2024A Adj. Adj. EBITDA 2024A 2024A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA Margin ✓ Market-leading brands in kitchen equipment acro
Slide 7: Financial Results
FINANCIAL RESULTS Q1 2025 Financial Results 2025 YTD REVENUE BY SEGMENT Food Processing (in millions, except percentages) Q1 ’25 Q1 ’24 Change 19% Commercial Net Sales $906.6 $926.9 -2.2% 62% Gross Profit 345.9 346.4 -0.1% Residential % of Net Sales 38.2% 37.4% 19% Operating Income 140.6 137.1 2.5%
Slide 8: Commercial Foodservice
COMMERCIAL FOODSERVICE Q1 2025 Financial Results Results Commentary (in millions, except percentages) Q1 ’25 Q1 ’24 Change • Margin remained strong versus prior year despite lower sales volumes due to profitability Net Sales $562.7 $581.4 -3.2% initiatives and product mix Organic Net Sales Growth -2
Slide 9: Residential Kitchen
RESIDENTIAL KITCHEN Q1 2025 Financial Results Results Commentary (in millions, except percentages) Q1 ’25 Q1 ’24 Change • Unit volumes remain significantly below normalized levels, presenting meaningful Net Sales $176.0 $173.9 1.2% upside with a market recovery Organic Net Sales Growth 2.0% • Facili
Slide 10: Food Processing
FOOD PROCESSING Q1 2025 Financial Results Results Commentary (in millions, except percentages) Q1 ’25 Q1 ’24 Change • Strong finish to 2024 and customer delivery delays in Q1 led to slower start in 2025 Net Sales $167.9 $171.6 -2.2% • Backlog and order pipeline support expectation Organic Net Sales
Slide 11: Debt and Liquidity
DEBT AND LIQUIDITY Q1 2025 Leverage Ratio (in millions) Liquidity Commentary Cash $745.0 • QTD operating cash flows were $141 million in Debt $2,385.2 the current year and prior year Net Debt* $1,760.0 • Repurchased common stock of $29 million in Q1 2025 and $21 million to date in Q2 LTM EBITDA* $87