Slide 1: Investor Presentation Second Quarter 2025
INVESTOR PRESENTATION Second Quarter 2025 July 2025
Slide 2: Forward Looking Statements and Non-GAAP Disclaimer
FORWARD LOOKING STATEMENTS AND NON-GAAP DISCLAIMER This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding the ability of MGP Ingredients, Inc. (the “Company” or “MGP”) to d
Slide 3: Second Quarter 2025 Results
SECOND QUARTER 2025 RESULTS SOLID SECOND QUARTER RESULTS WITH SEQUENTIAL IMPROVEMENT ACROSS ALL THREE OPERATING SEGMENTS • Consolidated sales decreased 24% to $145.5 million. • Branded Spirits sales declined 5%. Our premium plus growth continued, driven by Penelope’s strong momentum, while our mid a
Slide 4: Quarterly Sales and Gross Profit Largely in Line with Our Expectations
QUARTERLY SALES AND GROSS PROFIT LARGELY IN LINE WITH OUR EXPECTATIONS LOWER SALES AND GROSS PROFIT DRIVEN LARGELY BY WEAKER BROWN GOODS SALES Change vs Prior Year Change vs Prior Year Consolidated Sales Consolidated Gross Profit (Quarter Ended 6/30/2025) (Quarter Ended 6/30/2025) $MM $MM % $MM $MM
Slide 5: Adjusted EPS Decline Reflects Lower Operating Income
ADJUSTED EPS DECLINE REFLECTS LOWER OPERATING INCOME Second Quarter Adjusted EPS(1) $1.71 $0.97 $0.02 $0.01 $0.01 $0.01 ($0.77) ($0.02) Adjusted Basic and Operating income Interest expense, Other income Weighted average Effective tax rate Participanting Adjusted Basic and Diluted EPS Q2 net (expense
Slide 6: Branded Spirits
BRANDED SPIRITS PENELOPE’S ONGOING MOMENTUM DROVE PREMIUM PLUS GROWTH Change vs Prior Year Branded Spirits (Quarter ended 6/30/2025) $MM $MM % Premium plus $31.1 $0.4 1% Mid 15.5 (1.6) (9) Value 8.9 (2.7) (23) Other 5.0 0.4 8 Sales $60.5 $(3.5) (5)% Gross Profit $32.0 $(1.6) (5)% Gross Margin 52.8%
Slide 7: Distilling Solutions
DISTILLING SOLUTIONS INLINE BROWN GOODS SALES AND GROSS PROFIT RESULTS DEMONSTRATE IMPROVED VISIBILITY Change vs Prior Year Distilling Solutions (Quarter ended 6/30/2025) $MM $MM % Change Brown goods $35.1 $(40.4) (54)% Warehouse services 8.0 (0.4) (5) White goods and other co-products 6.9 (2.6) (27
Slide 8: Ingredient Solutions
INGREDIENT SOLUTIONS SEGMENT SALES AND GROSS PROFIT RETURN TO GROWTH Change vs Prior Year Ingredient Solutions (Quarter ended 6/30/2025) $MM $MM % Specialty wheat starches $18.5 $(0.7) (4)% Specialty wheat proteins 12.6 1.4 13 Commodity wheat starches 3.1 0.1 3 Commodity wheat proteins 0.8 0.8 n/a S
Slide 9: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE REMAIN ON TRACK TO DELIVER FULL-YEAR OUTLOOK Full-Year 2025 Guidance1 Sales $520 million to $540 million Adjusted EBITDA $105 million to $115 million Adjusted basic EPS $2.45 to $2.75 Effective tax rate ~ 25% Basic weighted average shares outstanding ~ 21.4 million Capital ex
Slide 10: Strong Cash Flows and Balance Sheet Flexibility
STRONG CASH FLOWS AND BALANCE SHEET FLEXIBILITY STRONG YEAR-TO-DATE CASH FLOWS SUPPORT CONTINUED BALANCE SHEET STRENGTH • Strong balance sheet with excellent access to capital, Net Leverage Ratio 1.8x with total debt of $297 million and a cash position of $17 million as of June 30, 2025 1.5x 1.5x 1.
Slide 11: Portfolio of Attractive Premium Plus Brands
Portfolio of Attractive Premium Plus Brands T O TA L P R E M I U M P L U S R E TA I L S A L E S MGP: +2% I N D U S T RY : 0 % *13 Week Y/Y Strong Continued Growth Turnaround for Momentum in Continued in Brand continued Q2 2025 Q2 2025 with REBEL 100 +64% +3% +7% *13 Week Y/Y *13 Week Y/Y *13 Week Y/
Slide 12: Appendix
MGP APPENDIX
Slide 13: Change in Basic and Diluted EPS
CHANGE IN BASIC AND DILUTED EPS Change in Basic and Diluted EPS, quarter versus quarter EPS Change Quarter ended June 30, 2024 $1.43 Change in operating income 1 (0.79) (56)% Change in interest expense, net1 0.01 1% Change in other income, net1 (0.02) (1)% Change in effective tax rate 0.01 1% Change
Slide 14: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES NET INCOME TO ADJUSTED EBITDA AND NET DEBT LEVERAGE RATIO ($ in thousands) 2020 2021 2022 2023 2024 Net Income $40,345 $90,817 $108,872 $107,130 $34,465 Interest 2,267 4,037 5,451 6,647 8,439 Taxes 12,256 30,279 31,300 34,616 33,977 Depreciation a
Slide 15: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES NET DEBT LEVERAGE RATIO Quarter Ended Quarter Ended Quarter Ended Quarter Ended TTM1 ($ in thousands) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 6/30/2025 Net income (loss) $23,862 $(41,998) $(3,057) $14,427 $(6,766) Interest expense 2,174 2,041 1,8
Slide 16: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES FOR THE QUARTERS ENDED JUNE 30, 2025 AND 2024 Quarter Ended June 30, 2025 (in thousands, except per share amounts) Operating Income Net Income Basic and Diluted EPS Reported GAAP Results $20,318 $14,427 $0.67 Fair value of contingent consideration
Slide 17: Reconciliation of Selected GAAP to Non-GAAP Measures
RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA Quarter Ended Quarter Ended ($ in thousands) 6/30/2025 6/30/2024 Net income $14,427 $32,017 Interest expense 1,897 2,205 Income tax expense 4,308 10,108 Depreciation and amortization 5,830 5,329 Shar
Slide 18: Description of Non-GAAP Items
DESCRIPTION OF NON-GAAP ITEMS • Fair value of contingent consideration relates to the quarterly adjustment of the contingent consideration liability related to the acquisition of Penelope Bourbon LLC. It is included in the Condensed Consolidated Statement of Income as a component of operating income