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JBT Marel (JBTM) investor relations material
JBT Marel Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $935M, exceeding guidance, with over half from recurring sources and strong FX tailwinds.
Adjusted EBITDA margin was 16.7%, with $8M in synergy savings and robust free cash flow supporting deleveraging.
Integration of JBT and Marel progressed, enabling cross-selling, expanded solutions, and a 15% pipeline increase in North American poultry.
Net income from continuing operations was $3M, impacted by acquisition amortization, M&A, restructuring, and pension costs.
Healthy order bookings ($938M) and $1.4B backlog provide revenue visibility for the remainder of the year.
Financial highlights
Q2 2025 revenue: $935M, including $21M FX benefit; adjusted EBITDA: $156M (16.7% margin); adjusted EPS: $1.49.
Free cash flow YTD: $106M; Q2: $88M; liquidity at $1.3B as of June 30, 2025.
Net income from continuing operations: $3M (0.4% margin), impacted by $58M acquisition amortization, $20M M&A costs, $11M JV impairment, $6M restructuring.
Orders in Q2 2025 totaled $938M, with strong performance in poultry, meat, beverages, and ready meals.
Recurring revenue represented 52% of total Q2 2025 revenue, exceeding expectations by $25M.
Outlook and guidance
Full-year 2025 revenue guidance: $3,675M–$3,725M, with $70M–$85M FX tailwind expected.
Adjusted EBITDA margin forecast: 15.25%–16.0%; adjusted EPS: $5.45–$6.15.
Q3 2025 revenue expected to be flat sequentially; margins to decline ~100 bps due to tariffs and mix.
Second half 2025 margins to reflect $20M–$30M in net tariff costs and higher equipment revenue mix.
Price/cost neutrality targeted by Q1 or Q2 2026 through supply chain and pricing actions.
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