The Middleby Corporation (MIDD) investor relations material

Strategic transformation and business focus

• Transitioned to a pure-play commercial foodservice platform after spinning off food processing and forming a residential JV, sharpening focus on innovation-led organic growth and shareholder returns.

• Leveraged platform scale to drive innovation in IoT, automation, ventless cooking, and beverage solutions, aiming for leadership in next-generation technologies.

• Positioned for double-digit adjusted EPS growth, targeting 10-15% CAGR through organic growth, margin expansion, and disciplined capital allocation.

Financial performance and outlook

• Achieved $2.4b in FY2025 net sales and $627m in adjusted EBITDA, with a 27% segment EBITDA margin and 56% recurring revenue.

• Forecasts 3-6% organic net sales CAGR and 6-9% adjusted EBITDA CAGR from 2025-2028, with 200-400bps margin expansion and 10-15% adjusted EPS CAGR.

• Maintains a strong balance sheet with ~100% free cash flow conversion and net leverage targeted at 2.0x-3.0x.

Innovation and operational excellence

• Invested $35m in go-to-market, innovation, operational excellence, and service/aftermarket to accelerate growth and extend market leadership.

• Launched breakthrough products in cooking, warming, ice, and beverage, including IoT-enabled automation and digital platforms like Open Kitchen.

• Operational initiatives such as supply chain optimization, product line simplification, and lean manufacturing drive 200-400bps EBITDA margin expansion.