JBT Marel (JBTM) Q4 2025 earnings summary

Executive summary

• Achieved strong full-year 2025 performance with record quarterly orders and revenue, robust poultry demand, and successful integration of JBT and Marel, despite tariff and integration challenges.

• Realized meaningful synergy savings, with $43 million year-over-year and $85 million annualized run rate exiting 2025.

• Orders reached $3.84 billion, with initial recovery in meat demand and 50% of revenue from recurring sources.

• De-leveraged balance sheet by 1.1x post-transaction, ending 2025 with leverage below 2.9x.

Financial highlights

• Full-year 2025 consolidated revenue was $3.8 billion, including a $77 million FX benefit, with adjusted EBITDA of $600 million (15.8% margin) and adjusted EPS of $6.41.

• Protein Solutions revenue: $2.08 billion (20.1% margin); Prepared Food and Beverage: $1.72 billion (17.2% margin).

• Free cash flow increased to $250 million; operating cash flow was $342 million.

• Loss from continuing operations was $(49.7) million, impacted by acquisition amortization, pension settlement, M&A costs, and restructuring.

• 50% of revenue was recurring, reflecting strong aftermarket and service business.

Outlook and guidance

• 2026 guidance: revenue of $3.99–$4.07 billion (up 5–7%, including ~1% FX benefit), adjusted EBITDA margin of 17.0–17.5%, and adjusted EPS of $8.00–$8.50.

• GAAP EPS guidance for 2026 is $4.70–$5.15; income from continuing operations margin: 6.1–6.6%.

• Q1 2026 forecast: revenue of $920M–$940M, adjusted EBITDA margin of 14–15%, with 9% revenue growth and 150 bps margin improvement year-over-year.

• 2026 expected one-time costs: $178 million acquisition amortization, $20 million M&A, $30 million restructuring.

• Synergy savings expected to reach $60 million in 2026 and $150 million run rate by end of 2027.