The Middleby Corporation Reports Fourth Quarter and Fiscal Year Results

About this update from The Middleby Corporation

Q4 & FY 2025 Results Exceeded High End of Guidance Range for Revenue, Adj. EBITDA and Adj. EPS Initiates 2026 Organic Growth Guidance of +1-3% in Commercial Foodservice and +4-6% in Food Processing Repurchased 4.9 Million Shares (9.1% of Equity) in 2025 and 1.7 Million Shares (3.5% of Equity) YTD 2026 FOURTH QUARTER CONTINUING OPERATIONS HIGHLIGHTS All results reflect Residential Kitchen as discontinued operations unless otherwise stated Net Sales of $866 million increased 5% over prior year; marginally positive on organic basis Record Q4 Food Processing orders increased 66% organically and year-end backlog up 36% Operating income of $150 million , as compared to $182 million in prior year Adjusted EBITDA of $197 million as compared to $226 million in prior year Diluted GAAP EPS of $1.72 vs $1.81 if Residential Kitchen was not classified as discontinued operations Adjusted EPS of $2.14 or $2.42 if Residential Kitchen was not classified as discontinued operations which is comparable to guidance of $2.19-$2.34 Q4 ending Net leverage at 2.5x RESIDENTIAL KITCHEN TRANSACTION COMMENTARY Sale of 51% of Residential Kitchen Business completed February 2, 2026 Business was valued at approximately $885 million Middleby received net cash proceeds of approximately $565 million and a $135 million promissory note from the joint venture Middleby retains a 49% non-controlling interest in the new standalone joint venture with 26North Financial results for all periods presented have been restated to reflect Residential Kitchen results as discontinued operations, excluded from continuing operations The assets of the Residential Kitchen business are reported as assets held for sale Adjusted net earning and Adjusted EPS will exclude the non-controlling interest ELGIN, Ill. --(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice and food processing industries, today reported net earnings for the fourth quarter and fiscal year of 2025. Tim FitzGerald , CEO of The Middleby Corporation said, “2025 was a transformational year for Middleby as we executed decisive portfolio actions to unlock significant shareholder value. We recently completed the sale of a 51% stake in our Residential Kitchen business at an $885 million enterprise valuation, first announced in December, delivering approximately $565 million in cash proceeds while retaining meaningful upside through our 49% ownership. In anticipation of the proceeds from this transaction, combined with one of the most aggressive capital return programs in our industry, we deployed $710 million in share repurchases in 2025, reducing our share count by approximately 9%. We remain on track to complete the separation of our Food Processing business in the second quarter of 2026, creating two independent, pure-play industry leaders with enhanced focus and optimized capital structures.” FitzGerald concluded, “Our fourth quarter results exceeded our expectations across all metrics of our provided guidance on a like-for-like basis accounting for the Residential Kitchen Transaction. Our Commercial Foodservice segment delivered $602 million in revenue with double-digit growth in our dealer channel, driven by improved demand with independents, institutional customers, and fast casual chains. While large QSR customers faced challenges throughout 2025, we are encouraged by early traction with our new ice and beverage innovations. Our Food Processing segment generated $265 million in revenue and finished the year with record backlog, driven by continued success with our Total Line Solutions and strategic international expansion. We're excited for the year ahead and believe both segments are well positioned in 2026 and beyond.” 2025 Fourth Quarter and Fiscal Year Financial Results All results presented are on a continuing operations basis and non-GAAP reconciliations are presented as an addendum to our earnings release slides with restated 2025 and 2024 Adjusted EBITDA and Adjusted EPS. Net sales increased 4.5% in the fourth quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 0.3% in the fourth quarter over the comparative prior year period. Net sales increased 1.6% as compared to the prior fiscal year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 2.4% for the fiscal year over the prior year period. A reconciliation of organic net sales (a non-GAAP measures) by segment is as follows: Commercial Foodservice Food Processing Total Company ($ in millions) QTD YTD QTD YTD QTD YTD Net Sales $ 601.7 $ 2,351.0 $ 264.7 $ 850.2 $ 866.4 $ 3,201.2 Reported Net Sales Growth 0.7 % (1.2 )% 14.4 % 10.4 % 4.5 % 1.6 % Acquisitions — % 0.3 % 9.7 % 13.1 % 2.7 % 3.4 % Foreign Exchange Rates 0.8 % 0.2 % 3.4 % 1.8 % 1.5 % 0.6 % Organic Net Sales Growth (1) (2) (0.1 )% (1.7 )% 1.3 % (4.5 )% 0.3 % (2.4 )% (1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates (2) Totals may be impacted by rounding Adjusted EBITDA (a non-GAAP measure) was $197.1 million in the fourth quarter compared to $226.2 million in the prior year. The fourth quarter Adjusted EBITDA includes an adverse impact of $7 million related to tariffs. Adjusted EBITDA (a non-GAAP measure) was $719.5 million for the year compared to $791.9 million in the prior year. The year-to-date Adjusted EBITDA includes an adverse impact of $21 million related to tariffs. A reconciliation of organic adjusted EBITDA (a non-GAAP measures) by segment is as follows: Commercial Foodservice Food Processing Total Company (1) ($ in millions) QTD YTD QTD YTD QTD YTD Adjusted EBITDA $ 157.0 $ 626.7 $ 58.0 $ 171.5 $ 197.1 $ 719.5 Adjusted EBITDA % 26.1 % 26.7 % 21.9 % 20.2 % 22.7 % 22.5 % Acquisitions — % 0.1 % (1.4 )% (1.0 )% (0.5 )% (0.2 )% Foreign Exchange Rates — % 0.1 % 0.2 % 0.1 % — % 0.1 % Organic Adjusted EBITDA % (2) (3) 26.1 % 26.6 % 23.1 % 21.1 % 23.1 % 22.7 % (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $17.9 million and $78.7 million for the three and twelve months ended January 3, 2026 , respectively. (2) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates. (3) Totals may be impacted by rounding Operating cash flows during the fourth quarter amounted to $178.5 million in comparison to $209.9 million in the prior year period. The fourth quarter operating cash flows also reflect $4.8 million for strategic transaction costs associated with the business portfolio review and an adverse impact of $7 million related to tariffs. Operating cash flows for the year amounted to $564.6 million in comparison to $614.5 million in the prior year. Full year operating cash flows also reflect $19.2 million for strategic transaction costs associated with the business portfolio review and an adverse impact of $21 million related to tariffs. Adjusted EPS for full year 2025 was $9.27 as calculated if Residential Kitchen had not been classified as discontinued operations as compared to $9.49 in the prior year The total leverage ratio per our credit agreements was 2.5x. The trailing twelve-month bank agreement pro-forma EBITDA was $819.2 million . Net debt, defined as debt less cash, at the end of the 2025 fiscal fourth quarter amounted to $2.0 billion as compared to $1.8 billion at the end of fiscal 2024. Our borrowing availability at the end of the fourth quarter was approximately $2.4 billion . 2026 Outlook Management also provided the following expectations for the first quarter and full year 2026: 1st Qtr, 2026 Full Year 2026 Commercial Foodservice Food Processing Total Company Commercial Foodservice Food Processing Total Company Net sales $560-$578 M $200-210 M $760-788 M $2.37-2.43 B $895-925 M $3.27-3.36 B Growth 1% 22% 6% 2% 7% 4% Organic Growth 1% 10-15% 1-3% 4-6% Adjusted EBITDA $142-152 M $37-41 M $161-173 M $632-658 M $186-208 M $745-780 M Adjusted Earnings Per Share (1) $1.90-2.02 $9.20-9.36 (1) FY 2026 Adjusted EPS expectation is the sum of the four quarters of Adjusted EPS, please reference earnings slides for further detail on guidance Conference Call The company has scheduled a conference call to discuss the fourth quarter results at 10 a.m. Eastern/ 9 a.m. Central Time on February 26th . The conference call is accessible through the Investor Relations section of the company website at www.middleby.com . If website access is not available, attendees can join the conference by dialing (844) 676-5090, or (412) 634-6754 for international access. The conference call will be available for replay from the company’s website. Cautionary Statement Regarding Forward-Looking Statements 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 Act of 1995, including statements regarding our expectations with respect to our future performance and the outcome of our strategic review. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity. THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in 000’s, Except Per Share Information) (Unaudited) Three Months Ended Twelve Months Ended 4th Qtr, 2025 4th Qtr, 2024 4th Qtr, 2025 4th Qtr, 2024 Net sales $ 866,425 $ 828,838 $ 3,201,202 $ 3,150,239 Cost of sales 530,205 497,497 1,949,287 1,898,420 Gross profit 336,220 331,341 1,251,915 1,251,819 Selling, general and administrative expenses 174,818 139,149 663,156 590,115 Restructuring expenses 969 1,189 3,270 8,245 Gain on sale of plant — (1,139 ) — (1,139 ) Impairments 10,598 10,475 10,598 10,475 Income from operations 149,835 181,667 574,891 644,123 Interest expense and deferred financing amortization, net 29,443 20,356 93,828 93,356 Net periodic pension benefit (1,580 ) (3,646 ) (6,294 ) (14,872 ) Other expense, net 1,301 743 5,082 (458 ) Earnings from continuing operations before income taxes 120,671 164,214 482,275 566,097 Provision for income taxes 34,585 46,376 115,008 145,119 Net earnings from continuing operations 86,086 117,838 367,267 420,978 Earnings/(loss) from discontinued operations, net of tax (49,147 ) (5,534 ) (644,998 ) 7,455 Net earnings/(loss) $ 36,939 $ 112,304 $ (277,731 ) $ 428,433 Net earnings/(loss) per share: Basic from continuing operations $ 1.73 $ 2.19 $ 7.11 $ 7.83 Basic from discontinued operations (0.99 ) (0.10 ) (12.49 ) 0.14 Basic earnings per share $ 0.74 $ 2.09 $ (5.38 ) $ 7.97 Diluted from continuing operations $ 1.72 $ 2.17 $ 7.04 $ 7.77 Diluted from discontinued operations (0.98 ) $ (0.10 ) (12.36 ) 0.14 Diluted earnings per share $ 0.74 $ 2.07 $ (5.32 ) $ 7.90 Weighted average number of shares Basic 49,888 53,764 51,655 53,738 Diluted 50,032 54,334 52,179 54,209 THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in 000’s) (Unaudited) Jan 3, 2026 Dec 28, 2024 ASSETS Cash and cash equivalents $ 222,239 $ 638,766 Accounts receivable, net 573,039 531,758 Inventories, net 692,589 655,944 Prepaid expenses and other 111,176 114,734 Prepaid taxes 41,159 24,014 Current assets held for sale - discontinued operations 1,102,441 364,827 Total current assets 2,742,643 2,330,043 Property, plant and equipment, net 431,622 384,683 Goodwill 1,799,649 1,744,246 Other intangibles, net 1,061,192 1,099,816 Long-term deferred tax assets 8,209 6,281 Pension benefits assets 106,444 90,391 Other assets 165,407 146,871 Non-current assets held for sale - discontinued operations — 1,480,820 Total assets $ 6,315,166 $ 7,283,151 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 44,420 $ 43,949 Accounts payable 206,666 166,184 Accrued expenses 574,810 493,678 Current liabilities held for sale - discontinued operations 242,335 125,511 Total current liabilities 1,068,231 829,322 Long-term debt 2,128,582 2,351,118 Long-term deferred tax liability 156,723 151,214 Accrued pension benefits 7,629 9,573 Other non-current liabilities 177,772 170,663 Non-current liabilities held for sale - discontinued operations — 132,830 Stockholders' equity 2,776,229 3,638,431 Total liabilities and stockholders' equity $ 6,315,166 $ 7,283,151 THE MIDDLEBY CORPORATION NON-GAAP SEGMENT INFORMATION (UNAUDITED) (Amounts in 000’s, Except Percentages) Commercial Foodservice (3) Food Processing (3) Total Company (1) Three Months Ended January 3, 2026 Net sales $ 601,724 $ 264,701 $ 866,425 Segment Income from Continuing Operations $ 130,996 $ 47,789 $ 149,835 Income from continuing operations % of net sales 21.8 % 18.1 % 17.3 % Depreciation 7,721 3,471 11,748 Amortization 10,654 3,142 13,796 Restructuring expenses 519 450 969 Acquisition related adjustments (2,151 ) 1,841 (37 ) Strategic Transaction Costs — — 4,759 Stock compensation — — 5,436 Impairments 9,298 1,300 10,598 Segment adjusted EBITDA from continuing operations (2) $ 157,037 $ 57,993 $ 197,104 Adjusted EBITDA from continuing operations % of net sales 26.1 % 21.9 % 22.7 % Adjusted EBITDA from discontinued operations 22,139 Adjusted EBITDA attributable to Middleby $ 219,243 Three Months Ended December 28, 2024 Net sales $ 597,443 $ 231,395 $ 828,838 Segment Income from Continuing Operations $ 142,083 $ 61,306 $ 181,667 Income from continuing operations % of net sales 23.8 % 26.5 % 21.9 % Depreciation 7,375 2,778 10,614 Amortization 11,331 2,640 13,971 Restructuring expenses 931 259 1,190 Acquisition related adjustments 727 2,578 3,644 Stock compensation — — 5,742 Gain on sale of plant — (1,139 ) (1,139 ) Impairments 5,197 — 10,475 Segment adjusted EBITDA from continuing operations $ 167,644 $ 68,422 $ 226,164 Adjusted EBITDA from continuing operations % of net sales 28.1 % 29.6 % 27.3 % Adjusted EBITDA from discontinued operations 24,986 Adjusted EBITDA attributable to Middleby $ 251,150 (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $17.9 million and $9.9 million for the three months ended January 3, 2026 and December 28, 2024 , respectively. (2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by approximately $3.3 million for the three months ended January 3, 2026 . (3) Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change. THE MIDDLEBY CORPORATION NON-GAAP SEGMENT INFORMATION (UNAUDITED) (Amounts in 000’s, Except Percentages) Commercial Foodservice Food Processing Total Company (1) Twelve Months Ended January 3, 2026 Net sales $ 2,351,047 $ 850,155 $ 3,201,202 Segment Income from Continuing Operations $ 544,389 $ 144,494 $ 574,891 Income from continuing operations % of net sales 23.2 % 17.0 % 18.0 % Depreciation 28,357 12,755 43,742 Amortization 43,557 11,698 55,255 Restructuring expenses 2,751 519 3,270 Acquisition related adjustments (1,670 ) 758 (912 ) Strategic transaction costs — — 19,184 Stock compensation — — 13,462 Impairments 9,298 1,300 10,598 Segment adjusted EBITDA from continuing operations (2) $ 626,682 $ 171,524 $ 719,490 Adjusted EBITDA from continuing operations % of net sales 26.7 % 20.2 % 22.5 % Adjusted EBITDA from discontinued operations 78,431 Adjusted EBITDA attributable to Middleby $ 797,921 Twelve Months Ended December 28, 2024 Net sales $ 2,380,384 $ 769,855 $ 3,150,239 Segment Income from Continuing Operations $ 566,250 $ 176,965 $ 644,123 Income from continuing operations % of net sales 23.8 % 23.0 % 20.4 % Depreciation 27,794 10,213 39,762 Amortization 49,133 8,091 57,224 Restructuring expenses 5,626 2,619 8,245 Acquisition related adjustments 455 55 1,310 Stock compensation — — 31,902 Gain on sale of plant (1,139 ) (1,139 ) Impairments 5,197 — 10,475 Segment adjusted EBITDA from continuing operations $ 654,455 $ 196,804 $ 791,902 Adjusted EBITDA from continuing operations % of net sales 27.5 % 25.6 % 25.1 % Adjusted EBITDA from discontinued operations 74,393 Adjusted EBITDA attributable to Middleby $ 866,295 (1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $78.7 million and $59.4 million for the twelve months ended January 3, 2026 and December 28, 2024 , respectively. (2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by $5.5 million for the twelve months ended January 3, 2026 . (3) Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change. THE MIDDLEBY CORPORATION NON-GAAP INFORMATION (UNAUDITED) (Amounts in 000’s, Except Percentages) Three Months Ended 4th Qtr, 2025 4th Qtr, 2024 $ Diluted per share $ Diluted per share Net earnings from continuing operations $ 86,086 $ 1.72 $ 117,838 $ 2.17 Amortization (1) 14,464 0.29 15,758 0.29 Restructuring expenses 969 0.01 1,190 0.02 Acquisition related adjustments (37 ) — 3,644 0.07 Net periodic pension benefit (1,580 ) (0.03 ) (3,646 ) (0.07 ) Strategic transaction costs 4,759 0.10 — — Gain on sale of plant — — (1,139 ) (0.02 ) Impairments 10,598 0.20 10,475 0.19 Income tax effect of pre-tax adjustments (8,373 ) (0.17 ) (7,412 ) (0.14 ) Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) — 0.02 — 0.02 Adjusted net earnings from continuing operations $ 106,886 $ 2.14 $ 136,708 $ 2.53 Adjusted net earnings from discontinued operations 13,948 0.28 18,595 0.35 Adjusted net earnings attributable to Middleby $ 120,834 $ 2.42 $ 155,303 $ 2.88 Diluted weighted average number of shares 50,032 54,334 Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) — (394 ) Adjusted diluted weighted average number of shares 50,032 53,940 Twelve Months Ended 4th Qtr, 2025 4th Qtr, 2024 $ Diluted per share $ Diluted per share Net earnings from continuing operations $ 367,267 $ 7.04 $ 420,978 $ 7.77 Amortization (1) 61,563 1.18 64,351 1.19 Restructuring expenses 3,270 0.06 8,245 0.15 Acquisition related adjustments (912 ) (0.02 ) 1,310 0.02 Net periodic pension benefit (6,294 ) (0.12 ) (14,872 ) (0.27 ) Strategic transaction costs 19,184 0.37 — — Impairments 10,598 0.20 10,475 0.19 Gain on sale of plant — — (1,139 ) (0.02 ) Income tax effect of pre-tax adjustments (20,803 ) (0.40 ) (17,503 ) (0.32 ) Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) — 0.08 — 0.06 Adjusted net earnings from continuing operations $ 433,873 $ 8.39 $ 471,845 $ 8.77 Adjusted net earnings from discontinued operations 45,618 0.88 38,636 0.72 Adjusted net earnings attributable to Middleby $ 479,491 $ 9.27 $ 510,481 $ 9.49 Diluted weighted average number of shares 52,179 54,209 Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings (2) (468 ) (418 ) Adjusted diluted weighted average number of shares 51,711 53,791 (1) Includes amortization of deferred financing costs and convertible notes issuance costs. (2) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash. Given the settlement of the convertible notes in the third quarter of 2025 the weighted average number of shares will no longer require an adjustment in 2026. Three Months Ended Twelve Months Ended 4th Qtr, 2025 4th Qtr, 2024 4th Qtr, 2025 4th Qtr, 2024 Net Cash Flows Provided By (Used In): Operating activities (1) $ 178,468 $ 209,857 $ 564,584 $ 614,520 Investing activities (13,341 ) (113,585 ) (103,818 ) (145,691 ) Financing activities (104,902 ) (27,979 ) (970,941 ) (73,768 ) Free Cash Flow Cash flow from operating activities (1) $ 178,468 $ 209,857 $ 564,584 $ 614,520 Less: Capital expenditures (2) (12,952 ) (9,602 ) (70,729 ) (34,183 ) Free cash flow $ 165,516 $ 200,255 $ 493,855 $ 580,337 (1) Includes strategic transaction costs associated with the business portfolio review of $4.8 million and $19.2 million for the three months ended and twelve months ended January 3, 2026 . (2) Includes investment for food processing innovation centers of approximately $18 million for the twelve months ended January 3, 2026 . USE OF NON-GAAP FINANCIAL MEASURES The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. The company believes that organic net sales growth, adjusted EBITDA, non-GAAP adjusted segment EBITDA, net debt, net leverage, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results. The company believes that free cash flow is an important measure of operating performance because it provides management and investors with a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock. The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance. View source version on businesswire.com : https://www.businesswire.com/news/home/20260226604426/en/ Investor relations inquiries: Rebecca Ellin SVP of Investor Strategy and Corporate Development [email protected] Media inquiries: Darcy Bretz VP of Corporate Communications [email protected] Kate Schneiderman Managing Director, ICR [email protected] Source: The Middleby Corporation

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