JBT Marel (JBTM) investor relations material

Executive summary

• Revenue fell 1% YoY to $994M as Protein Solutions growth was offset by lower Prepared Food and Beverage Solutions (PFB) revenue; adjusted EBITDA rose 5% to a quarterly record $179M, with an 18.0% margin.

• Net income margin reached a quarterly record 7.0%; adjusted EBITDA and margins exceeded the guidance midpoint despite lower book-and-ship volume.

• Trailing four-quarter book-to-bill was 1.05x, and recurring revenue represented 50% of the trailing four-quarter mix.

Financial highlights

• Q3 net income was $70M, up 6% YoY; adjusted diluted EPS was $2.19, up 13%, and GAAP diluted EPS was $1.34.

• Orders increased 3% YoY to $976M; quarter-end backlog was $1.52B versus $1.339B at September 2025 quarter-end.

• Revenue was ~$25M below the guidance midpoint, primarily due to lower PFB CPG book-and-ship volume.

• Q3 free cash flow was $73M versus $57M YoY; trailing 12-month free cash flow was $339M.

• Nine-month revenue was $2.911B versus $2.790B; net income was $143M versus a $104M loss, and adjusted EBITDA was $489M versus $439M.

Outlook and guidance

• FY 2026 revenue guidance is $3.950B–$4.000B, implying ~5% growth at midpoint including ~1.5% FX benefit; net income margin is 5.6%–6.0%, and adjusted EBITDA margin is 17.25%–17.50%.

• FY 2026 net income guidance is $224M–$238M; adjusted EBITDA is $681M–$700M.

• FY 2026 GAAP diluted EPS guidance is $4.30–$4.60 and adjusted EPS is $8.10–$8.40; adjusted EPS midpoint rose on lower interest expense, taxes and share count.

• Revenue, net income and adjusted EBITDA outlook reflects lower Q3 book-and-ship volume and revised Q4 PFB expectations; adjusted EBITDA margin midpoint and adjusted EPS guidance increased.

• FY 2026 capex is estimated at $100M–$110M and tax rate at ~23%; FY 2028 targets include ~$150M in realized cost synergies and a 20% adjusted EBITDA margin.