The Middleby Corporation · NASDAQ:MIDD
The Middleby — Q2 2025 Earnings Presentation
11 slides from The Middleby's earnings presentation, Aug 6, 2025
Slide 1: Q2 Earnings Update
Q2 Earnings Update August 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 Q2 2025 Financial Results 2025 YTD REVENUE BY SEGMENT Food Processing (in millions, except percentages) Q2 ’25 Q2 ’24 Change 20% Net Sales $977.9 $991.6 -1.4% Commercial 61% Gross Profit 371.3 379.6 -2.2% Residential % of Net Sales 38.0% 38.3% 19% Operating Income 155.4 175.7 -11.6
Slide 4: Commercial Foodservice
COMMERCIAL FOODSERVICE Q2 2025 Financial Results Results Commentary (in millions, except percentages) Q2 ’25 Q2 ’24 Change • Growth in the general market, institutional and emerging chain business, more than Net Sales $580.6 $609.8 -4.8% offset by large QSR customers facing lower Organic Net Sales G
Slide 5: Residential Kitchen
RESIDENTIAL KITCHEN Q2 2025 Financial Results Results Commentary (in millions, except percentages) Q2 ’25 Q2 ’24 Change • Growth in premium indoor brands; offset by tariff impacting sales of outdoor products Net Sales $181.1 $192.8 -6.1% • Facility consolidations drive margin expansion Organic Net S
Slide 6: Food Processing
FOOD PROCESSING Q2 2025 Financial Results Results Commentary (in millions, except percentages) Q2 ’25 Q2 ’24 Change • Sequential revenue improvement following customer delays and slow order conversion in Q1 Net Sales $216.2 $189.0 14.4% • Recent acquisitions in snack food category Organic Net Sales
Slide 7: Financial Outlook
FINANCIAL OUTLOOK 3Q25 Guidance 2025 Guidance Total Revenue $950-975 million $3.81-3.87 billion Commercial Foodservice $580-590 million Residential Kitchen $170-180 million Food Processing $195-205 million Adjusted EBITDA $185-195 million $770-800 million Adjusted EPS $2.04-2.19 $8.65-9.051 1) FY 20
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 $10 million of tariff headwind in Q2 2025; • Q3 estimated tariff headwind of
Slide 9: Capital Return to Shareholders
CAPITAL RETURN TO SHAREHOLDERS July YTD ’25 Share Repurchases Maintained Net Leverage1 Target of 2.0-2.5x $449M 2.3x 2.3x • Repurchased 3.1 million shares, or 5.7% of equity • Average purchase price of $146.11 / share • 8.7 million shares remaining under share repurchase authorization • Target vast
Slide 10: Food Processing Separation
FOOD PROCESSING SEPARATION After a comprehensive assessment of its portfolio, in February 2025, Middleby’s Board decided to spin off Food Processing Business • Next chapter of growth for highly successful but inherently different businesses that will benefit from renewed focus on individual core str
Slide 11: Separation Enables Focused and Capability-Aligned Companies with Best-in-Class Financial Profiles
SEPARATION ENABLES FOCUSED AND CAPABILITY-ALIGNED COMPANIES WITH BEST-IN-CLASS FINANCIAL PROFILES REMAINCO $3.1bn $0.7bn1 ~23%1 $0.7bn $0.2bn1 ~26%1 2024A 2024A Adj. Adj. EBITDA 2024A 2024A Adj. Adj. EBITDA Revenue EBITDA Margin Revenue EBITDA Margin ✓ Market-leading brands in kitchen equipment acro