The Middleby Corporation · NASDAQ:MIDD
The Middleby — Investor Day (May 2026)
94 slides from The Middleby's investor day presentation, May 12, 2026
Slide 1: Middleby Investor Day
MIDDLEBY INVESTOR DAY New York, New York | May 12, 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING 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” and taken toge
Slide 3: Welcome to Investor Day
A MIDDLEBY WELCOME TO INVESTOR DAY
Slide 4: Today's Agenda
TODAY’S AGENDA WELCOME TO INVESTOR DAY REBECCA ELLIN SVP, Investor Strategy & Corporate Development MIDDLEBY & INDUSTRY OVERVIEW TIM FITZGERALD Chief Executive Officer GROWTH ENGINE & VALUE DRIVERS GO-TO-MARKET & COMMERCIAL STEVE SPITTLE EXECUTION Chief Commercial Officer TECHNOLOGY, INNOVATION, & J
Slide 5: Key Messages
KEY MESSAGES 1 A DIFFERENT KIND OF SPIN 2 TWO LEADERS AT TWO DISTINCT STAGES OF GROWTH 3 REBECCA ELLIN SVP, Investor Strategy & Corporate Development TRANSFORMED BUSINESS WITH ONE CLEAR EQUITY STORY 5
Slide 6: Food Processing Spin Creates Two Leading & Independent Companies
FOOD PROCESSING SPIN CREATES TWO LEADING & INDEPENDENT CAPABILITY- ALIGNED COMPANIES $2,465m $575m1 ~23%1 ~27% $930m $165m1 ~18%1 ~21% 2026E 2026E Adj. Adj. EBITDA Adj. Segment 2026E 2026E Adj. Adj. EBITDA Adj. Segment Net Sales EBITDA Margin EBITDA Margin Net Sales EBITDA Margin EBITDA Margin Innov
Slide 7: 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 8: Middleby & Industry Overview
MIDDLEBY & INDUSTRY OVERVIEW 02 8
Slide 9: Investor Day Objectives and Key Messages
INVESTOR DAY OBJECTIVES AND KEY MESSAGES 1 INDUSTRY LEADING PORTFOLIO OF BRANDS WITH COMPETITIVE ADVANTAGE 2 INNOVATION LEADER LEVERAGING SCALE TO ACCELERATE REVENUE 3 TIM FITZGERALD OPERATIONAL EXCELLENCE MODEL WITH ROADMAP CEO TO EXPANDING MARGINS 4 STRONG FREE CASH FLOW GENERATION COMPOUNDING SHA
Slide 10: Enabling Our Customers' Success
WE ARE THE LEADING INNOVATOR AND SOLUTIONS PROVIDER OF COMMERCIAL FOODSERVICE EQUIPMENT ENABLING OUR CUSTOMERS’ SUCCESS 10
Slide 11: Middleby Is the Heart of the Commercial Kitchen
MIDDLEBY IS THE HEART OF THE COMMERCIAL KITCHEN… Most Complete Portfolio of Products for Demanding Kitchens Middleby Solutions are.... Core to the menu Critical to the kitchen operation 6 8 9 1 5 4 7 2 3 Leading in innovation Drive efficiency in the kitchen Actual rendering of kitchen at Most impact
Slide 12: 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 market position in most categories Recognized and desired by chefs and operators Globally recognized Trusted for quality and service Diversified across customer segments Comprehens
Slide 13: 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 & Beverage ~27% Upgrade 30% $2.4b $627m Adj. Segment Parts 17% 39% FY2025A Net Sales FY2025A Adj. EBITDA EBITDA Margin Cooking 70% New Build 65 38 56% 35% …Trusted
Slide 14: Middleby by the Numbers
MIDDLEBY BY THE NUMBERS 2025 Financial Breakdown Total Cooking & Ice & Platform Commercial PLATFORM INVESTMENTS Warming Beverage Investments Foodservice Segment Net Sales $1,646m $705m $0m $2,351m Go-To-Market Adj. EBITDA $484m $178m $(35)m $627m Innovation & Technology Adj. Segment 29% 25% --% 27%
Slide 15: Strategic Pillars Driving Next Phase of Growth
STRATEGIC PILLARS DRIVING NEXT PHASE OF GROWTH 1 Go-To-Market 2 Innovation & Technology 3 Operational Excellence 4 Service & Aftermarket $35m Operating investment Improved customer Accelerated new-product Operations team focused on Middleby Advantage penetration through innovation in IoT, controls,
Slide 16: Strong Secular Drivers for Commercial Foodservice Equipment
STRONG SECULAR DRIVERS FOR COMMERCIAL FOODSERVICE EQUIPMENT Demand Resilience Category Attractiveness Total Food Away From Home (FAFH) Spending 1,600 60.0% Resilient end market demand 1,400 ~5% CAGR 2024, 58.9% 58.0% 1,200 56.0% 5-10 year equipment replacement cycle 54.0% providing revenue visibilit
Slide 17: Industry Conditions Are Poised to Improve
INDUSTRY CONDITIONS ARE POISED TO IMPROVE Real Restaurant Sales Returning to Positive Growth Reasons for Optimism in 2026 and Future Years 20% Growth Inflection 17% In 2024 and 2025, food and labor costs pressured margins and delayed equipment replacement Despite challenging industry backdrop, we se
Slide 18: Compelling Return to Growth Story
COMPELLING RETURN TO GROWTH STORY Commercial Foodservice Segment Net Sales ($m, 2002 – 2026E) Industry COVID $2,465m Consolidation Impact • Transformational M&A drove • Pandemic-related closures COVID Restaurant rapid scale expansion and and delayed CapEx weighed Disruption Disruption portfolio brea
Slide 19: Sales by Channel
SALES BY CHANNEL 2025 Net Sales ($m) % Net Sales by Channel YoY Change International $2,351 General Market 11% Global Global Parts Chains (8)% +12% (10)% +5% (2)% 47% and Service 17% $1,099 $588 $400 $259 North America Global Chains North America International Global Parts & Total Sales General Mark
Slide 20: Middleby Is Well Indexed to Emerging Cultural Trends
MIDDLEBY IS WELL INDEXED TO EMERGING CULTURAL TRENDS The Unexpected Drive-Thru Gets Smarter, Faster, Pleasures of a Dirty Soda and More Personalized Welcome to the Fast Food The Customized Drink Can Robots Industry’s Crispy Chicken is Out of Control Reinvent Summer Kitchen Productivity Chicken Sandw
Slide 21: Large Addressable Market Supported by Secular Tailwinds
LARGE ADDRESSABLE MARKET SUPPORTED BY SECULAR TAILWINDS Global Commercial Foodservice Large, Growing Commercial Sales Foodservice Market… …Supported by Secular Growth Drivers MIDD $ 4T+ $2.4B QSR and Fast-Casual Kitchen Automation Expansion and IOT ~$43B Fastest growing segment driving equipment Hig
Slide 22: Cooking & Warming at a Glance
COOKING & WARMING AT A GLANCE Cooking & Warming 2025 Sales by Key Segment Key Segments Position Warming / Holding Automated Market Share 7% Cooking Opportunity Automated Cooking #1 / 2 $1.6b+ Ovens / 17% Combi Ovens MIDD Net Sales 10% 10% Faster Growth Countertop #1 / 2 Categories Fabrication #1 / 2
Slide 23: Ice & Beverage at a Glance
ICE & BEVERAGE AT A GLANCE Ice & Beverage 2025 Sales by Key Segment Key Segments Position Market Share Beverage Dispense Opportunity $700m+ Frozen Dessert 26% 17% Ice Cubed & Chewblet #1 / 2 MIDD Net Sales Both Market Share Opportunity & Faster Growth Frozen Dessert #1 / 2 ~$4.6b+ Categories US TAM
Slide 24: 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 25: Growth Engine and Value Drivers
GROWTH ENGINE AND VALUE DRIVERS 03 25
Slide 26: Key Messages
KEY MESSAGES 1 ACCELERATING INNOVATION WITH UNMATCHED CAPABILITIES 2 DIFFERENTIATED GO-TO-MARKET MODEL FUELING GROWTH 3 TIM FITZGERALD CEO OPERATIONAL EXCELLENCE DRIVING MARGIN EXPANSION AND ORGANIC GROWTH 26
Slide 27: Our Growth Strategy
OUR GROWTH STRATEGY Disciplined execution across five strategic priorities 527 Drive 4 Operational Excellence 3 Platform investments resulting in margin 2 expansion 1 Leverage Go-To-Market Scale commercial reach & capabilities Expand Markets Focus on high-growth Sell Solutions adjacencies & new Lead
Slide 28: Accelerating Innovation
ACCELERATING INNOVATION Technology Investments Applied Across the Middleby Brand Portfolio Capabilities Innovation Investment Flywheel Outcomes Software & U/X Middleby Common Controls UX and UI Controls & Electronics Open Kitchen IoT – Competitive Advantage IoT Connectivity Record & Award Winning NP
Slide 29: Go-To-Market Engine
GO-TO-MARKET ENGINE – BUILT TO DRIVE SOLUTION SALES & SUSTAINABLE GROWTH GTM Overview Highlights and Statistics 400+ Middleby dedicated sales representatives 5 Innovation Kitchens with >60,000 visitors globally Top-tier 100+ global culinary team 15 satellite chef-enabled local market kitchens 25 Mid
Slide 30: Middleby Advantage Service – The Game Changer
MIDDLEBY ADVANTAGE SERVICE – THE GAME CHANGER Service Flywheel Solid Base with Growth Opportunity Repeat Equipment Growing Installed $400m Purchase Base Parts & Service Revenue 17% Middleby Advantage Service of Total Revenue Uptime & Customer Service Contracts & Emerging Loyalty Aftermarket Managed
Slide 31: Operational Excellence and Capabilities Driving Profitability
OPERATIONAL EXCELLENCE AND CAPABILITIES DRIVING PROFITABILITY Initiatives Profitability Outcomes Supply Chain Supply chain expertise leveraging global spend Product Line Simplification 200-300 bps Adj. EBITDA Margin Expansion Prioritize 20% of products driving 80% of results Operational excellence c
Slide 32: AI Strategy & Adoption
AI STRATEGY & ADOPTION: BUILDING A CORE COMPETENCY LEVERAGED AT SCALE High-ROIC AI Use Cases In-Flight Across the Enterprise Advanced Middleby Insights (AMI) Service platform rollout 2026 Commercial Middleby PIM (AI enabled digital platform powering Sales & product marketing information) Marketing M
Slide 33: Middleby Principles
MIDDLEBY PRINCIPLES Strategic Focus Portfolio Discipline Customer Prioritization Pure-play commercial Continuous evaluation and evolution of the Concentrate sales investment in the top foodservice leader post-FP products and customers to ensure high dealers and key accounts driving separation – full
Slide 34: Tenured, Proven Team Driving the Next Chapter of Growth
TENURED, PROVEN TEAM DRIVING THE NEXT CHAPTER OF GROWTH Commercially Focused Executive Leadership Team Tim FitzGerald Brittany Cerwin Steve Spittle James Pool Korey Kohl Michael Thompson Rebecca Ellin CEO CFO CCO CTO CTOO Group President, General Counsel & SVP, Investor Strategy & Ice and Beverage S
Slide 35: Transformational Growth Drivers Leveraging Scale of Platform
GO TO INNOVATION OPERATIONAL SERVICE + MARKET + TECHNOLOGY EXCELLENCE AFTERMARKET TRANSFORMATIONAL GROWTH DRIVERS LEVERAGING SCALE OF PLATFORM 35
Slide 36: Go-To-Market & Commercial Execution
GO-TO-MARKET & COMMERCIAL EXECUTION 04 36
Slide 37: Key Messages
KEY MESSAGES 1 MULTI-CHANNEL GO-TO-MARKET MODEL MAXIMIZES COVERAGE, SPEED AND SUCCESS 2 COMMERCIAL EXECUTION IS STRENGTHENING GROWTH, CONSISTENCY AND PROFITABILITY 3 STEVE SPITTLE CCO DIGITAL PLATFORMS ARE ACCELERATING EXECUTION AND STRENGTHENING CUSTOMER ENGAGEMENT 37
Slide 38: Portfolio Depth Drives Share Gain via Cross-Selling
PORTFOLIO DEPTH DRIVES SHARE GAIN VIA CROSS-SELLING & SYSTEM SOLUTIONS Key Brands One-stop solution with broadest hot and cold foodservice portfolio Cooking / Warming Ice / Beverage Only scaled player with integrated ice and beverage dispensing Complementary platform drives cross-selling and deeper
Slide 39: 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 changing how we sell. These investments have led to: • Overall ease of doing business across all Middleby brands • Shift from transactional to consultati
Slide 40: The Middleby Commercial Foodservice Sales Channel
THE MIDDLEBY COMMERCIAL FOODSERVICE SALES CHANNEL Middleby Brand Sales Team (for example) Brand Sales National Accounts Team ` Team Middleby National Accounts (for example) Strategic Alignment with Reps, Consultants and Dealers Drive Outsize Growth 40
Slide 41: Sales Rep Group Strategy & Network Evolution
SALES REP GROUP STRATEGY & NETWORK EVOLUTION Reps are an independent, third-party sales Consolidation and Alignment Handpicked the strongest reps, including converting top network, which allow Middleby to: reps from Welbilt, ITW, and Ali Group in five major 1. Extend market coverage without adding o
Slide 42: Dealer & Buying Group Strategy
DEALER & BUYING GROUP STRATEGY Overview Key functions include Key Tools Middleby Innovation Kitchens for customer Dealers in the U.S. and Canada 1 Product Sourcing engagement and training events handle design, sales, logistics, and installation Middleby University 2 Consultation (digital learning-ma
Slide 43: The Role of Consultants in the Sales Process
THE ROLE OF CONSULTANTS IN THE SALES PROCESS 1500 FCSI Consultants Operating in 60 Countries Globally Design Process KES/Dealer Bids Stage Equipment Timeline varies, typical Bid Process and winning Install phase, punch list, close-out is 8 - 18 months dealer named warranty and service Bidding Planni
Slide 44: Global Accounts Selling Team
GLOBAL ACCOUNTS SELLING TEAM Global Accounts Strategy • Dedicated team focused on: Our Strengths Build Customer Loyalty o Global Chains Solutions Aligned to Operator Priorities o Aggressive Growth Flexible Deployment & Scalable Focus On Value, Not Price o Retail/Grocery Rollouts Measure & Analyze Da
Slide 45: Global Accounts Deep Dive – KFC Beverage Platform
GLOBAL ACCOUNTS DEEP DIVE — 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,
Slide 46: Global Accounts Deep Dive – C-Store Menu Expansion
GLOBAL ACCOUNTS DEEP DIVE — LEVERAGING SCALE & SOLUTION SELLING C-Store Menu Expansion Case Study 1 Aandregional C-store chain approached both Middleby a channel partner about the potential of a Middleby package to enhance their food and beverage offering 2 The product testing and menu development l
Slide 47: International Selling Footprint
INTERNATIONAL SELLING FOOTPRINT Middleby Innovation Kitchens Middleby Worldwide Sales & Distribution Offices Additional Sales Offices INDIA 47
Slide 48: Middleby Innovation Kitchens
MIDDLEBY INNOVATION KITCHENS Dallas, TX Wigan, UK 2021 Opening 2021 Opening • Original, Flagship MIK opened in 2021 Munich, Germany • Hosted ~ 45,000 visitors Madrid, Spain Venice, Italy 2025 Opening • 18 vignettes showcasing over 250 pieces of live equipment 2023 Opening 2025 Opening • World-class
Slide 49: Digital Selling Tools
49 DIGITAL SELLING TOOLS Digital Platforms Improve Engagement, Education, and Speed to Market Middleby App – Sales Enablement Centralized Access to All Information. Effortlessly Share Information PIM and Collect Analytics Enterprise Product Website Alignment Information Management as a single source
Slide 50: Middleby Shop Expands Digital Reach
MIDDLEBY SHOP EXPANDS DIGITAL REACH Captures customer data and buying insights Grillbert: AI based Customer Service Agent Attracting NEW customers that are digitally engaged Driving value to SKUs not sold through traditional channels Scalable platform with early traction shop.middleby.com | Launched
Slide 51: Middleby University – Best-in-Class Digital Learning Platform
MIDDLEBY UNIVERSITY – BEST-IN-CLASS DIGITAL LEARNING PLATFORM Premium Electronic Training Built native for digital training Gamification has driven growth Platform One-Stop Middleby Credit for Live Instructor led training Doesn’t replace live training What Is It? completions Teams/zoom Training Sale
Slide 52: Where Middleby Is Gaining Momentum and Market Share
52 WHERE MIDDLEBY IS GAINING MOMENTUM AND MARKET SHARE Portfolio scale is driving deeper customer and channel relationships Broad portfolio enables cross-selling, system solutions, and larger wallet share Differentiated Go-To-Market is accelerating commercial execution Tailored global coverage and a
Slide 53: Technology
a MIDDLEBY TECHNOLOGY
Slide 54: Key Messages
KEY MESSAGES 1 ACCELERATED INNOVATION DRIVING NEW PRODUCT INTRODUCTION (NPI) PIPELINE 2 CONNECTING & DIGITALLY AUTOMATING THE KITCHEN 3 JAMES K. POOL, III CTOO REIMAGINING SERVICE & ELEVATING CUSTOMER EXPERIENCE 54
Slide 55: Innovation Ecosystem
INNOVATION ECOSYSTEM Technology Investments Applied to Middleby Innovation Process Innovation COMMERCIAL IMPACT & FLYWHEEL Technology Tool Kit ensures innovation Innovation starts at the Brand is organic within Middleby or with the Customer’s Request Standardized controls and user experience across
Slide 56: Middleby Global Engineering – A Unique Competitive Advantage
MIDDLEBY GLOBAL ENGINEERING – A UNIQUE COMPETITIVE ADVANTAGE Insourced Capabilities Located in Bangalore, India New Product Development (NPD) NPD & Sustenance Projects 30 Mechanical Engineers NPD Support Technical Specifications CAD Design Lab Testing Technical Docs 50+ 15 Full Stack Software Total
Slide 57: Breakthrough Cooking & Warming Innovations
BREAKTHROUGH COOKING & WARMING INNOVATIONS - $4.5B TAM ECO ST Torq NexGen Grill LongWave imVection InvoQ Rapid Cook Fryer Automation Automation Accelerated Cook Combi Does this below on this slide? Breakthrough Cooking Platforms Driving Efficiency and Capturing Significant Untapped Demand 57
Slide 58: Breakthrough Ice & Beverage Innovations
BREAKTHROUGH ICE & BEVERAGE INNOVATIONS - $4.6B TAM SYPP MilkPal Savante Gravity NexGen FDM FizzBot Beverage Dispense Beverage Dispense Coffee / Espresso Beverage Dispense Frozen Dessert Beverage Dispense Does this below on this slide? Beverage Innovation Unlocks Incremental High-Growth Reve 58
Slide 59: Open Kitchen – Digital Restaurant Automation
OPEN KITCHEN – DIGITAL RESTAURANT AUTOMATION Commercial Foodservice's Only Enterprise IoT Offering ABOUT POWERHOUSE DYNAMICS Developer of Open Kitchen – Digital IoT Automation Platform 32 FTEs + 22 FT Contract Developers Based in Boston | Founded in 2010 | Acquired by Middleby in 2019 ` Current Open
Slide 60: Open Kitchen – Scaling for Connectivity
OPEN KITCHEN – SCALING FOR CONNECTIVITY Connectivity Journey Middleby Connected Kitchen Portfolio • Middleby acquired Powerhouse • In 2025, Middleby achieved critical Dynamics 2019 – a leading IoT scale with a common controls company platform across all product lines • From 2020 to 2024, Middleby •
Slide 61: Monetizing Connectivity – Enterprise SaaS, Equipment SaaS & Rollouts
MONETIZING CONNECTIVITY – ENTERPRISE SAAS, EQUIPMENT SAAS & ROLLOUTS Over $45m+ of Opportunities Won in 2025 due to Open Kitchen Innovation Notable Enterprise and Connected Equipment Installations Rollouts Won due to Open Kitchen Rolled-Out Site Count Application(s) Customer Brand 2026/2027E Net Sal
Slide 62: Middleby Advantage Service – Overview
MIDDLEBY ADVANTAGE SERVICE – OVERVIEW Reimagining Service Service Infrastructure Service response times and resolution have not recovered Post Covid AMI Reliance on 3rd party service agents who also do work for competitors Service Network Lifecycle Software Customer Offerings Inability to strategica
Slide 63: Middleby Advantage Service – Creating the Exclusive Network
MIDDLEBY ADVANTAGE SERVICE – CREATING THE EXCLUSIVE NETWORK A network built on service companies that put Middleby Reducing our historical Agents selected based on their customers’ Service service agents from 1000+ transactional agents to just ability to partner with Middleby to put our customers’ S
Slide 64: Middleby Advantage Service – AMI the Application
MIDDLEBY ADVANTAGE SERVICE – AMI THE APPLICATION Improving the Customer and Brand Product Lifecycle Experience AMI A Proprietary Software Stack Developed by Middleby to Manage All Service Transactions In and Out of Warranty and Information Related to Middleby Products Dispatch AMI ADVANCED Work Orde
Slide 65: Middleby Advantage Service – AMI Tech Stack
MIDDLEBY ADVANTAGE SERVICE – AMI TECH STACK AMI AI-Powered Tech Stack Powers Our Service Ecosystem, providing real-time actionable data to brands and customers Built to Improve Service Time Resolutions and Drive Brand Costs Down Lifecycle Administration Warranty and Call Dispatch Real-time Equipment
Slide 66: Middleby Advantage Service – Middleby Advantage
MIDDLEBY ADVANTAGE SERVICE – MIDDLEBY ADVANTAGE Differentiated Platform of Service Offerings Drive Equipment Sales through Strong Drive Incremental Service Revenue Customer Support with Expanded Service Offerings Chain Sales Bundling Installation Services Product Lifecycle Liaison Preventative Maint
Slide 67: Operational Excellence
OPERATIONAL EXCELLENCE 06 67
Slide 68: Key Messages
KEY MESSAGES 1 OPERATIONAL CAPABILITIES TO EXPAND PROFITABILITY 2 SHARED CENTERS OF EXCELLENCE LEVERAGING SCALE 3 KOREY KOHL Group President, Ice & Beverage MARGIN EXPANSION ROADMAP DELIVERING 200-300 BPS 68
Slide 69: Operating Footprint – 38 Manufacturing Locations
OPERATING FOOTPRINT – 38 MANUFACTURING LOCATIONS Manufacturing 10 3 3 Independent Centers of Excellence 22 Brand Manufacturing Shared Service Centers Localized China/ Asia Manufacturing Centers Ice Production Pennsylvania & Oven Brands Manufacturing Vermont (5 Brands) Coffee Seattle (2 Brands) Color
Slide 70: Middleby Operational Toolset & Capabilities
MIDDLEBY OPERATIONAL TOOLSET & CAPABILITIES 1 Supply Chain 2 Product Line Simplification (PLS) 3 Product Design & Tear-Down 4 M-Lean Manufacturing 5 Shared Platform Fabrication 6 25+ Person Enterprise Resource Experts Driving Operational Execution + Shared Service Centers 70
Slide 71: Middleby Supply Chain
MIDDLEBY SUPPLY CHAIN Key Priorities Team Model Leveraging Spend across Platform • Centralized supply chain management 1 Total Material • Steel, controls, electronics, motors, etc. • Cross-functional teams across Spend • Centralize procurement in high spend areas manufacturing centers • Global sourc
Slide 72: Product Line Simplification (PLS)
PRODUCT LINE SIMPLIFICATION (PLS) Path to Improved Adj. EBITDA Customers, Results Products = • Focus on HV customers Reduce low-volume & HV products 20% (LV) complexity • Gain the benefit of HV products sold to LV customers 80% • Actively eliminate LV products Increase high-volume to LV customers (H
Slide 73: Taylor PLS Case Study: +500 bps Gross Margin
TAYLOR PLS CASE STUDY: PLS DELIVERS +500 BPS GROSS MARGIN 1 BASELINE 2 ACTION 3 RESULT Before PLS Rationalize modules After PLS Dense product line with low-volume Cut low-volume (LV) complexity, consolidate Higher net sales on a leaner, tail and module sprawl SKUs, focus on high-volume (HV) products
Slide 74: Tear-Down Process Converts Benchmarking into Margin Expansion
TEAR-DOWN PROCESS CONVERTS BENCHMARKING INTO SCALED MARGIN EXPANSION Tear-down Process | KPIS Built Into Each Gate Benchmark Set-Up Physical Tear-Down + BOM Should-Cost + Hotspot Analysis 9-Quadrant Prioritization Execute + Scale Across Select peer ranges, normalize specs, Map Estimate supplier econ
Slide 75: Introducing M-Lean Manufacturing
INTRODUCING... M-LEAN MANUFACTURING Key Capabilities Leveraging Advanced Layout Real-Time Data Digital Tools to Simulations & Optimization & & Production Standardize “Digital Twin” Analytics Visibility Work & Models 6 Automation Ma nu fac tur in ing C ha pply Su Digital Centers of Flexible Local Cen
Slide 76: Shared Fabrication Services – Full-Scale Manufacturing Facility
SHARED FABRICATION SERVICES – FULL-SCALE MANUFACTURING FACILITY Nogales, Mexico 0% 15 10-50% In-house Contract Manufacturing Supports brands without Tariff Rate Middleby Cost Savings fabrication capabilities. Also serves as backup capacity for USMCA Compliant Brands Served rollouts or peak order per
Slide 77: Financial Framework & Capital Allocation
07 FINANCIAL FRAMEWORK & CAPITAL ALLOCATION 77
Slide 78: Key Messages
KEY MESSAGES 1 LEVERAGING SCALE TO ACCELERATE GROWTH AND PROFITABILITY 2 INNOVATION-DRIVEN GROWTH OUTLOOK 3 EXPANSION OF INDUSTRY-LEADING MARGINS BRITT CERWIN CFO 4 STRONG FREE CASH FLOW GENERATION 78
Slide 79: Impressive Financial Profile
IMPRESSIVE FINANCIAL PROFILE Net Sales Growth Adj. EBITDA Margin Free Cash Flow Capital Returned Over Time Profile Conversion to Shareholders 4% ~27% 2010 – 2025 Average 2026E Adj. Segment $1.2b Organic Net Sales Growth EBITDA Margin ~100% ~15% of shares Mid-Term Target outstanding Free Cash Flow %
Slide 80: Commercial Foodservice Segment Track Record of Profitable Growth
COMMERCIAL FOODSERVICE SEGMENT TRACK RECORD OF PROFITABLE GROWTH Net Sales ($m) Drivers of Performance ~4% Average Organic Net Sales Growth CAGR: 9% $ 2,356 $ 2,351 Product Expansion $ 1,948 Driving Organic Growth $ 1,267 $ 895 $ 612 40 Acquisitions 2010 2013 2016 2019 2022 2025 Supporting Platform
Slide 81: 2026E Growth Forecast
2026E GROWTH FORECAST Net Sales ($m) Adj. EBITDA ($m) Adj. EPS Adj. EBITDA ~5% Margin % 23% 23% ~9% ~5% $6.66 $6.09 2025A 2026E Inflection in Demand Leading Strategic Pricing Actions to Offset Tariffs Disciplined Capital Allocation Drives Strong to Growth and Inflationary Costs Adj. EPS Growth 81
Slide 82: 2026E Full Year Adjusted EPS Bridge
2026E FULL YEAR ADJUSTED EPS BRIDGE $0.45 $0.09 $0.80 $6.66 ($0.34) ($0.43) $6.09 2025 Adj. EPS Organic Adj. EPS Increased Interest Benefit from Share FPG Spin Dividend – Stock Comp 2026E Adj. EPS Growth Expense Due to Repurchase – Interest Savings Convertible Note Residential Proceeds Expecting Adj
Slide 83: Middleby Financial Outlook
MIDDLEBY FINANCIAL OUTLOOK 3 Year Target Growth $ millions FY 2025A (2025 – 2028E) Key Drivers 3 – 6% ~ 1/3 market growth, ~2/3 share gains from innovation, go-to-market Net Sales $2,351m Organic Net Sales CAGR initiatives, and higher-value aftermarket and services penetration Adj. EBITDA $548m 6 –
Slide 84: Robust Initiatives Drive Net Sales Growth
ROBUST INITIATIVES DRIVE NET SALES GROWTH Growth Initiatives 2-3% ~3 - 6% Organic 3 Aftermarket Services / Growth 2 Go to Market Initiatives 1 - 3% Product Industry 1 Innovation • Middleby First Service • AMI Growth • Reps • Middleby Advantage • Dealers $2.4b • Open Kitchen IoT • Chains • Automation
Slide 85: Strategic Execution Drives Margin Expansion
STRATEGIC EXECUTION DRIVES MARGIN EXPANSION Breakdown of Adj. EBITDA Margin (%) 4 ~25 - 27% 3 Adj. EBITDA Volume / Net 2 Sales Growth Margin Target Productivity Initiatives 1 Scale ⏵ High contribution ~23% Efficiencies margins leveraging Adj. EBITDA Mix Shift ⏵ Product line strategic investments sim
Slide 86: Pareto Simplification Initiatives
PARETO SIMPLIFICATION INITIATIVES Pareto-Driven Initiatives Concentrate Effort Where it Creates the Most Value Area Before After Change Initiative Sales Rep Companies 156 16 (90%) Rep group consolidation over 8 yrs Top Dealers All Top 25 Focus Outsized volume + mix concentration Key Accounts Broad 1
Slide 87: Strong Free Cash Flow and Balance Sheet Position
STRONG FREE CASH FLOW AND BALANCE SHEET POSITION Target Free Cash Target Net Target Net Target CapEx Free Cash Flow Flow Conversion Working Capital Leverage <2% ~100% ~$400M ~20% 2.0x–3.0x Mid-Term Target Free Cash Flow for Mid-Term Net CapEx % of Sales Free Cash Flow % of NWC % of Sales 2028E Lever
Slide 88: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 Organic Reinvestment Organic first – CapEx to protect and grow what we have 2 Return of Capital Disciplined return of capital to shareholders 3 Opportunistic Acquisitions Strategic opportunistic acquisitions 4 Net leverage Net leverage framework 2.0x – 3.0x 88
Slide 89: Questions & Discussion
QUESTIONS & DISCUSSION TO BE MIDDLEBY fe MIDDLEBY
Slide 90: Appendix
APPENDIX
Slide 91: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES The following provides definitions of the non-GAAP financial measures included in this presentation: • Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefi
Slide 92: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Total Commercial 2025 ($m) Cooking & Warming Ice & Beverage Platform Investments Foodservice Segment Net Sales 1,646 705 - 2,351 Operating Income 449 134 (39) 544 Depreciation 15 10 3 28 Amortization 14 30 1 45 Restructuring Expenses 2 1 - 3 Acquisition Related Adjus
Slide 93: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS ($m) 2010 2013 2016 2019 2022 2025 Net Sales 612 895 1,267 1,948 2,356 2,351 Operating Income 148 234 350 427 543 544 Depreciation 6 6 10 21 24 28 Amortization 9 13 10 45 54 45 Restructuring Expenses - - - 6 2 3 Facility Consolidation Related Expenses - - - 2 - - Acq
Slide 94: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS 2025 ($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 544 452 Operating Income 583 463 23% 19% 23% 19% Depreciation 29 31 Depreciation