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MGP Ingredients (MGPI) investor relations material
MGP Ingredients Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
First quarter 2026 sales were $106.4 million, down 13% year-over-year, with adjusted EBITDA of $15.0 million and adjusted EPS of $0.15, both exceeding expectations.
Net loss was $134.8 million, primarily due to $179.5 million in non-cash impairment charges in Branded Spirits; adjusted net income was $3.3 million.
Premium plus spirits, led by Penelope Bourbon, showed growth; Ingredient Solutions delivered strong sales and profit gains.
Strategic focus included operational improvements, portfolio rationalization, and targeted investments in premium brands and digital marketing.
Capital expenditures were reduced by 75% to $2.0 million, reflecting a focus on capital optimization.
Financial highlights
Consolidated sales declined 13% year-over-year to $106.4 million; gross profit fell 22% to $33.6 million; gross margin dropped 400 basis points to 31.6%.
Net loss was $134.8 million due to a $179.5 million non-cash impairment in Branded Spirits; adjusted net income was $3.3 million, down 57%.
Adjusted EBITDA decreased 31% to $15.0 million; adjusted EPS fell 58% to $0.15.
Advertising and promotion expenses declined 24% to $6.2 million; SG&A expense down 1%.
Capital expenditures dropped 75% to $2.0 million; net debt leverage ratio at 2.1x as of March 31, 2026.
Outlook and guidance
Full-year 2026 guidance reaffirmed: net sales of $480–$500 million, adjusted EBITDA of $90–$98 million, and adjusted EPS of $1.50–$1.80.
Operating cash flow expected at $50–$55 million and free cash flow at $30–$35 million, excluding Penelope earn-out.
Capital expenditures for 2026 expected to be approximately $20 million; effective tax rate projected at 27%.
Net leverage ratio expected to peak at 3.5x, improved from prior guidance.
Management expects sources of cash to be adequate for capital expenditures, potential M&A, and operating needs for the next 12 months and beyond.
- 2025 saw steep profit declines from impairment and weak brown goods, but cash flow hit a record.MGPI
Q4 202513 Apr 2026 - Annual meeting to vote on directors, auditor, executive pay, and expanded equity plan.MGPI
Proxy filing9 Apr 2026 - Premium spirits growth and record margins offset Atchison closure; outlook reaffirmed.MGPI
Q2 202414 Mar 2026 - Q1 sales fell 29% and net loss hit $3.1M, but premium brands grew and guidance was reaffirmed.MGPI
Q1 202514 Mar 2026 - Q2 2025 sales and net income fell, but Premium Plus spirits and cash flow remained strong.MGPI
Q2 202514 Mar 2026 - 2025 outlook signals branded spirits-led growth amid whiskey headwinds and cost reductions.MGPI
Q4 202414 Mar 2026 - Q3 sales dropped 24% but net income surged 82% on margin gains and cost controls.MGPI
Q3 202414 Mar 2026 - Board elections, auditor ratification, and executive pay are key 2025 proxy issues, with strong governance focus.MGPI
Proxy Filing1 Dec 2025 - Jennifer Lowry is nominated as a Group B director, to be elected solely by preferred stockholders.MGPI
Proxy Filing1 Dec 2025
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