Slide 1: Q3 Earnings Update
Q3 Earnings Update November 6, 2025 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: Financial Results
FINANCIAL RESULTS Q3 2025 Financial Results 2025 YTD PROFORMA REVENUE BY SEGMENT * Food Processing (in millions, except percentages) Q3 ’25 Q3 ’24 Change 21% Net Sales $982.1 $942.8 4.2% Commercial 61% Gross Profit 361.3 355.4 1.7% Residential % of Net Sales 36.8% 37.7% 18% Operating Income* 154.9 1
Slide 4: Commercial Foodservice
COMMERCIAL FOODSERVICE Q3 2025 Financial Results Results Commentary (in millions, except percentages) Q3 ’25 Q3 ’24 Change • Positive quarterly organic growth driven by general market, institutional and emerging Net Sales $606.0 $591.7 2.4% chain business Organic Net Sales Growth 1.6% • Sales growth
Slide 5: Residential Kitchen
RESIDENTIAL KITCHEN Q3 2025 Financial Results Results Commentary (in millions, except percentages) Q3 ’25 Q3 ’24 Change • Growth in premium indoor brands; offset by tariffs impacting sales of outdoor products Net Sales $174.8 $173.2 0.9% • Facility consolidations to provide long-term Organic Net Sal
Slide 6: Food Processing
FOOD PROCESSING Q3 2025 Financial Results Results Commentary (in millions, except percentages) Q3 ’25 Q3 ’24 Change • Improvement in international market conditions offset by continued US market softness Net Sales $201.3 $177.9 13.2% • Organic margins impacted by volume, tariffs and Organic Net Sale
Slide 7: Financial Outlook
FINANCIAL OUTLOOK Q4 2025 Guidance 2025 Guidance Total Revenue $990-1,020 million $3.85-3.89 billion Commercial Foodservice $570-580 million Residential Kitchen $180-190 million Food Processing $240-250 million Adjusted EBITDA $200-210 million $779-789 million Adjusted EPS1 $2.19-2.34 $8.99-9.14 1)
Slide 8: Tariff Comments and Outlook
TARIFF COMMENTS AND OUTLOOK Large U.S. manufacturing footprint and global scale positions Middleby to navigate tariffs and gain market share • Updated tariff cost effect projected to be $150 million annually • Approximately $12 million of tariff headwind in Q3 2025; • Q4 2025 estimated tariff headwi
Slide 9: Shareholder Value Creation Initiatives
SHAREHOLDER VALUE CREATION INITIATIVES Separation on track to complete in the Ongoing strategic review of Residential first half of 2026 Kitchen business • After a comprehensive assessment of its portfolio, • Considering a broad range of strategic options in February 2025, the Middleby Board decided
Slide 10: Shareholder Value Creation Initiatives
SHAREHOLDER VALUE CREATION INITIATIVES Sep ‘25 YTD Share Repurchases Net Leverage1 Target of 2.0-2.5x $500M 2.3x • Repurchased 3.5 million shares, or 6.4% of equity 2.2x • Average purchase price of $144.55/share • 8.3 million shares remaining under share repurchase authorization • Target vast majori