JBT Marel (JBTM) Fireside Chat summary

Introduction and agenda

• The event began with a welcome, outlining a program including a CEO fireside chat, facility tours, innovation demonstrations, and both in-person and virtual participation.

• The agenda covered the merger rationale, integration plans, innovation, people and culture, and a virtual site visit to a leading salmon factory.

• Housekeeping included Q&A procedures for all audiences and a GAAP disclaimer on forward-looking statements.

Background and experience of the speaker

• The moderator has seven years of Investor Relations experience and facilitated discussions between the CEOs and CFO.

• Presenters included CEOs and CFOs of both organizations, highlighting leadership with deep industry and financial expertise.

• The CEOs and CFO shared experiences visiting Iceland, emphasizing the welcoming culture and business environment.

Current industry trends

• The food processing industry is transforming, focusing on automation, efficiency, and sustainability.

• Market growth is driven by population increases, rising GDP per capita, and a shift toward protein consumption.

• Recovery in poultry demand and order strength position the combined entity well for 2025, despite softness in beverages.

• Secular growth in protein and pet food categories, with broad exposure to diverse end markets, supports resiliency.

• There is a trend toward consolidation in the food industry, with scale and diversification as key advantages.