The Middleby (MIDD) Investor presentation summary

Portfolio transformation and strategic initiatives

• Completed 51% sale of Residential Business in Q1 2026 and progressing with Food Processing spin-off targeted for Q2 2026.

• Transformation creates three independent, capability-aligned companies: Commercial Foodservice, Food Processing, and Residential.

• Residential JV sale generated $565m in upfront cash and a $135m note receivable, with 49% retained ownership.

• Cash proceeds used for share repurchases and balance sheet positioning ahead of the Food Processing spin.

• Portfolio changes aim to optimize capital structures and unlock full valuation potential for each business.

Financial performance and outlook

• FY 2025 revenue reached $3.20 billion, with 2026 guidance of $3.27–3.36 billion, a 4% increase at midpoint.

• Commercial Foodservice 2025 revenue was $2.35 billion with ~27% Adj. EBITDA margin; Food Processing at $850m revenue and ~20% margin.

• Adjusted EPS guidance for 2026 is $9.20–9.36, up 11% from 2025.

• Share repurchases totaled $710m in FY 2025 and $250m YTD Feb 2026, reducing shares outstanding by 6–8% annually.

• Net leverage stands at 2.5x, with a focus on balancing repurchases and prudent debt management.

Commercial Foodservice segment highlights

• Innovation leader with a broad portfolio of cooking and beverage solutions, serving blue-chip customers.

• Recent entry into ice & beverage category, now ~33% of segment revenue, with ~25% Adj. EBITDA margin.

• Strategic investments in digital sales, innovation centers, and customer engagement to drive growth.

• Positioned for growth as restaurant sales and unit growth are expected to rebound in 2026.

• Market conditions expected to improve with menu pricing, cost stability, and potential interest rate cuts.