The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q4 2024 Earnings Presentation
11 slides from The Middleby's earnings presentation, Feb 25, 2025
Slide 1: Q4 Earnings Update
Q4 Earnings Update February 2025 www.middleby.com www.middleby.com 1
Slide 2: Middleby Segment Summary
MIDDLEBY SEGMENT SUMMARY Three Industry-Leading Foodservice Platforms 2024 YTD PROFORMA REVENUE BY SEGMENT * Food Processing • 120+ industry-leading brands 21% • Three synergistic foodservice segments Commercial 61% Residential 18% • Technology and innovation leader • Differentiated go-to-market cap
Slide 3: Five-Year Comparative Operating Performance
FIVE-YEAR COMPARATIVE OPERATING PERFORMANCE SALES (BN) ADJUSTED EBITDA (MM) ADJUSTED EBITDA MARGIN $3.9 $866 22.4% 21.6% $3.0 $638 +30% +36% 2019 2024 2019 2024 2019 2024 ADJUSTED EPS ROLLING 5-YR FREE CASH FLOW (BN) LEVERAGE RATIO $9.49 $2.3 2.7x $7.02 $1.4 2.0x +35% +64% 2019 2024 2019 2024 Q4 201
Slide 4: Financial Results
FINANCIAL RESULTS Q4 2024 Financial Results Results Commentary (in millions, except percentages) Q4 ’24 Q4 ’23 Change • Organic revenue growth by segment: • Commercial Foodservice -2.8% Net Sales $1,013.9 $1,008.6 0.5% • Residential Kitchen -2.4% Gross Profit 388.9 386.8 0.5% • Food Processing 4.7%
Slide 5: Commercial Foodservice
COMMERCIAL FOODSERVICE Q4 2024 Financial Results Results Commentary (in millions, except percentages) Q4 ’24 Q4 ’23 Change • Sequential revenue growth over Q3 ‘24 • Margins remain resilient on lower volumes Net Sales $609.4 $627.9 -2.9% due to profitability initiatives Adjusted EBITDA 171.1 179.3 -4
Slide 6: Residential Kitchen
RESIDENTIAL KITCHEN Q4 2024 Financial Results Results Commentary (in millions, except percentages) Q4 ’24 Q4 ’23 Change • Sequential revenue growth over Q3 ’24 Net Sales $185.1 $189.0 -2.1% • Profitability initiatives increased margins sequentially over Q3 ’24 and Q4 ’23 despite Adjusted EBITDA 24.1
Slide 7: Food Processing
FOOD PROCESSING Q4 2024 Financial Results Results Commentary (in millions, except percentages) Q4 ’24 Q4 ’23 Change • Record revenue and profitability achieved with revenue growth year over year and Net Sales $219.4 $191.7 14.4% sequentially over Q3 ’24 Adjusted EBITDA 65.0 52.9 22.9% • Margin expan
Slide 8: Debt and Liquidity
DEBT AND LIQUIDITY Q4 2024 Leverage Ratio (in millions) Liquidity Commentary Cash $689.5 • Record year-to-date free cash flows of $640 Debt $2,395.1 million, including a reduction in inventory of $95 million Net Debt* $1,825.4 • Quarter-to-date free cash flows were $229 LTM EBITDA* $893.8 million To
Slide 9: Food Processing Acquisitions
FOOD PROCESSING ACQUISITIONS JC Ford Gorreri Food Processing Technology Acquired 11/1/2024 Acquired 11/26/2024 • Leading manufacturer of tortilla production • Leading manufacturer of equipment for the baked- equipment systems goods industry • Annual revenues of approximately $70 million • Annual rev
Slide 10: 2025 NAFEM Show
2025 NAFEM SHOW Middleby Live Solutions 7 1.Burger Bar and Chicken Shack 4 2.Slice and Wing Shop 2 8 3.Ice Cream Production 6 3 4.Cold Beverage and Dispense 3 5.Middleby Bar Solutions 6.Ventless Nacho Bar 1 7.ImVection and INVOQ 5 2 8.Middleby Coffee Café 4 Static Solutions 1.Range and Steam 2.Ice,
Slide 11: 2025 NAFEM Show's What's Hot! What's Cool!
2025 NAFEM SHOW’S WHAT’S HOT! WHAT’S COOL!1 Blodgett INVOQ – State-of-the-art combination oven, which ERGO Series – A combination of innovation, efficiency, and reduces water and energy usage by 70% and provides 17% more top quality, the ERGO design greatly reduces heavy bowl capacity in a 32% small