Slide 1: Q1 Earnings Update
Q1 Earnings Update May 7, 2026 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Safe Harbor Statement Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform
Slide 3: Middleby Portfolio Transformation
MIDDLEBY PORTFOLIO TRANSFORMATION Portfolio transformation underway with completed 51% sale of Residential Business in Q1 2026 & Food Processing Spin expected to be completed on July 6, 2026 Next chapter of growth for highly successful businesses that will benefit from a focus on individual core str
Slide 4: Portfolio Transformation Update
PORTFOLIO TRANSFORMATION UPDATE On Track for July 6, 2026 Completed Q1 2026 • Announced Mark Salman as future CEO • 51% sale to 26North completed February 2, 2026 • March 5, 2026 Baird Food Processing Symposium • $565m cash proceeds received at close • May 4, 2026 Public Filing of Registration State
Slide 5: Portfolio Transformation Creates Three Leading & Independent Capability-Aligned Companies
PORTFOLIO TRANSFORMATION CREATES THREE LEADING & INDEPENDENT CAPABILITY-ALIGNED COMPANIES COMMERCIAL FOODSERVICE $2.4bn $627m1 ~27%1 $850m $172m1 ~20%1 $733m $80m1 ~11%1 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA 2025A 2025A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA Margin
Slide 6: Share Repurchase Update
SHARE REPURCHASE UPDATE $366m in Share Repurchases Q1 2026 & $520m YTD Apr 2026 Net Leverage of 2.3x1 • Q1 repurchased 2.4m shares, or ~5% of equity 2.5x • Q1 LTM repurchased 7.1m shares, or ~13% of equity 2.3x • YTD Apr 2026 repurchased $520m, or ~7% of equity • Target majority of annual free cash
Slide 7: Residential Kitchen JV Accounting
RESIDENTIAL KITCHEN JV ACCOUNTING Sale completed in Q1 2026 and reflected within discontinued operations Financial Reporting Summary of Residential Transaction • Middleby received net cash proceeds of $565m, 49% minority investment in the Residential JV and a $135m note receivable upon close of tran
Slide 8: Financial Results
ibdroot\projects\IBD-NY\mineral2025\942221_1\01. Presentations\_2026\05. May\Q1 2026 Earnings Presentation\WP\Q1 2026 Slides 2026_WP02.pptx FINANCIAL RESULTS Excludes Residential Kitchen Business restated as Discontinued Operations Q1 2026 Financial Results1 2026 REVENUE BY SEGMENT (US$ millions) Q1
Slide 9: Results vs Guidance – Q1 2026
RESULTS VS GUIDANCE – Q1 2026 Q1 2026 results in comparison to guidance exceeded high end of range Results Commentary Q1 2026 Guidance Q1 2026 Actuals Q4 2025 Guidance Q4 2025 Actuals • Commercial Foodservice sales strength continues to be Total Revenue $760-788 million $840 million driven by the U.
Slide 10: 2026 Q1 Adjusted EPS Bridge
2026 Q1 ADJUSTED EPS BRIDGE 0.16 0.04 0.32 2.16 2.08 (0.12) 1.87 (0.12) (0.21) Q1 2025 EPS Residential Q1 2025 Organic EPS Increased Benefit from Carryover Stock Comp Q1 2026 EPS with Residential Kitchen Continuing EPS Growth Interest Share from 2025 Expense Due Repurchase Share to – Residential Rep
Slide 11: Commercial Foodservice Results
COMMERCIAL FOODSERVICE RESULTS Q1 2026 Financial Results Results Commentary • U.S. dealer channel delivered double-digit growth, led by (In Millions, Except Percentages) Q1 ’26 Q1 ’25 % Change broad market demand, institutional customers, and emerging chains Net Sales $615.5 $562.7 9.4% • QSR segmen
Slide 12: Food Processing Results
FOOD PROCESSING RESULTS Q1 2026 Financial Results Results Commentary • Double-digit Q1 organic revenue growth across protein, (In Millions, Except Percentages) Q1 ’26 Q1 ’25 % Change bakery and snack categories Net Sales $224.4 $167.9 33.7% • Improved local presence, reaching 20 international sales
Slide 13: Middleby Food Processing at a Glance
MIDDLEBY FOOD PROCESSING AT A GLANCE By the Numbers – LTM Q1 2026 Diverse & Large End-Markets Protein Bakery & Snack $907m $183m 20%1 • Sausage / hot dog • Buns Revenue Adj. EBITDA Adj. EBITDA Margin Category • • Bacon Charcuterie • • Cakes / muffins Tortilla & snack Leader • • Egg bites • Portable
Slide 14: Food Processing Orders & Backlog
FOOD PROCESSING ORDERS & BACKLOG Orders (in $m) Results Commentary +39% • Strong Q1 order intake, notably across protein +25% $992 and bakery categories $716 $231 • Record backlog of $416m $184 • Demand continues for automation and Total Line Solutions as customers address labor Q1 '25 Q1 '26 LTM Q1
Slide 15: Financial Outlook – Q2 2026
FINANCIAL OUTLOOK – Q2 2026 Q2 2026 Guidance Q2 2025 actuals Growth v Midpoint Total Revenue $815-850 million $797 million 4% 5% Commercial Foodservice $600-620 million $581 million Organic growth 3-7% 3% Food Processing $215-230 million $216 million Organic growth -5% to +2% Adjusted EBITDA $180-19
Slide 16: Financial Outlook – FY 2026
FINANCIAL OUTLOOK – FY 2026 FY 2026 Guidance FY 2025 actuals Growth v Midpoint Total Revenue $3.36-3.44 billion $3.20 billion 6% 5% Commercial Foodservice $2.44-2.49 billion $2.35 billion Organic growth 4-6% 9% Food Processing $915-945 million $850 million Organic growth 4-7% Adjusted EBITDA $758-79
Slide 17: Tariff / Inflation Comments and Outlook
TARIFF / INFLATION COMMENTS AND OUTLOOK Large U.S. manufacturing footprint and global scale positions Middleby to navigate tariffs and gain market share • Annual tariff cost impact for continuing operations is estimated between $90 million and $100 million; dollar impact of tariffs offset in Q1 2026
Slide 18: Investor Day May 12, 2026 New York City
JOIN US TO EXPERIENCE INNOVATION & INVESTOR DAY MAY 12, 2026 NEW YORK CITY MAY 16-19 MCCORMICK PLACE IN-PERSON ATTENDANCE IS BY INVITATION ONLY CHICAGO INVESTORS AND ANALYSTS INTERESTED IN ATTENDING IN PERSON SHOULD CONTACT ICREVENTS@ICRINC.COM TO REQUEST AN INVITATION. Showcasing the latest Middleb