The Middleby Corporation · NASDAQ:MIDD
The Middleby — Investor Presentation (June 2026)
40 slides from The Middleby's investor presentation, June 2026
Slide 1: Middleby Investor Presentation June 2026
MIDDLEBY INVESTOR PRESENTATION June 2026 1
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: 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 4: 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 5: 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 6: …With 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 7: 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 8: 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 9: 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 $627m Innovation & Technology Adj. Segment 29% 25% --% 27%
Slide 10: Sales by Channel
SALES BY CHANNEL 2025 Net Sales ($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 $259 North America Global Chains North America International Global Parts & Total Sales General Mark
Slide 11: Compelling Return to Growth Story
COMPELLING RETURN TO GROWTH STORY Commercial Foodservice Segment Net Sales ($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 12: 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 Growth Inflection 20% 17% In 2024 and 2025, food and labor costs pressured margins and delayed equipment replacement Despite challenging industry backdrop, we se
Slide 13: Transformational Growth Drivers Leveraging Scale of Platform
GO TO INNOVATION OPERATIONAL SERVICE + MARKET + TECHNOLOGY EXCELLENCE AFTERMARKET TRANSFORMATIONAL GROWTH DRIVERS LEVERAGING SCALE OF PLATFORM 13 13
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 K
Slide 19: Operational Excellence and Capabilities Driving Profitability
OPERATIONAL EXCELLENCE AND CAPABILITIES DRIVING PROFITABILITY Initiatives Profitability Outcomes Supply Chain Supply chain expertise leveraging global spend 200-300 bps Product Line Simplification Adj. EBITDA Margin Expansion Prioritize 20% of products driving 80% of results Operational excellence c
Slide 20: 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 Middleby Advantage 17% Service of Total Revenue Uptime & Customer Service Contracts & Emerging Loyalty Aftermarket Managed
Slide 21: 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 22: Breakthrough Cooking & Warming Innovations - $4.5B TAM
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 22
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: Breakthrough Ice & Beverage Innovations - $4.6B TAM
BREAKTHROUGH ICE & BEVERAGE INNOVATIONS - $4.6B TAM SYPP MilkPal Savante Gravity NexGen FDM FizzBot Beverage Dispense Beverage Dispense Coffee / Espresso Beverage Dispense Frozen Dessert Beverage Dispense Does this below on this slide? Beverage Innovation Unlocks Incremental High-Growth Reve 24
Slide 25: Leveraging Scale & Solution Selling: KFC Beverage Platform
LEVERAGING SCALE & SOLUTION SELLING KFC Beverage Platform Case Study 1 KFC approached Middleby for help on launching a multi-product beverage platform, primarily focused in international markets 2 Utilizing the MIK Dallas and UK, leveraging the Middleby culinary network, Middleby worked with food su
Slide 26: Our Growth Strategy
OUR GROWTH STRATEGY Disciplined execution across five strategic priorities 526 Drive 4 Operational Excellence 3 Platform investments resulting in margin 2 expansion 1 Leverage Go-To-Market Scale commercial reach & capabilities Expand Markets Focus on high-growth Sell Solutions adjacencies & new Lead
Slide 27: Commercial Foodservice Segment Track Record of Profitable Growth
COMMERCIAL FOODSERVICE SEGMENT TRACK RECORD OF PROFITABLE GROWTH Net Sales ($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 28: 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 $1.2b Organic Net Sales Growth EBITDA Margin ~100% ~15% of shares Mid-Term Target outstanding Free Cash Flow %
Slide 29: 2026E Growth Forecast
2026E GROWTH FORECAST Net Sales ($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 29
Slide 30: 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 31: 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 Product 1 - 3% Industry 1 Innovation • • Middleby First Service AMI Growth • Reps • Middleby Advantage • Dealers $2.4b • Open Kitchen IoT • Chains • Automation
Slide 32: 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 ~23% Efficiencies ⏵ High contribution margins leveraging Adj. EBITDA Mix Shift ⏵ Product line strategic investments sim
Slide 33: 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% ~$400M ~20% 2.0x–3.0x Mid-Term Target Free Cash Flow for Mid-Term Net CapEx % of Sales Free Cash Flow % of NWC % of Sales 2028E Lever
Slide 34: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 Organic Reinvestment Organic first – CapEx to protect and grow what we have 2 Return of Capital Disciplined return of capital to shareholders 3 Opportunistic Acquisitions Strategic opportunistic acquisitions 4 Net leverage Net leverage framework 2.0x – 3.0x 34
Slide 35: Enabling Our Customers' Success
WE ARE THE LEADING INNOVATOR AND SOLUTIONS PROVIDER OF COMMERCIAL FOODSERVICE EQUIPMENT ENABLING OUR CUSTOMERS’ SUCCESS 35
Slide 36: Appendix
APPENDIX
Slide 37: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES The following provides definitions of the non-GAAP financial measures included in this presentation: • Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense, income tax (expense) benefi
Slide 38: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Total Commercial 2025 ($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 39: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS ($m) 2010 2013 2016 2019 2022 2025 Net Sales 612 895 1,267 1,948 2,356 2,351 Operating Income 148 234 350 427 543 544 Depreciation 6 6 10 21 24 28 Amortization 9 13 10 45 54 45 Restructuring Expenses - - - 6 2 3 Facility Consolidation Related Expenses - - - 2 - - Acq
Slide 40: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS 2025 ($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