The Middleby (MIDD) investor relations material

Business overview and strategic positioning

• Operates as a pure-play leader in food processing technology, focusing on protein, bakery, and snack categories with a global footprint and 30+ leading brands.

• Delivers engineered, high-ROI solutions across the value chain, emphasizing total line solutions and advanced automation.

• Benefits from favorable industry trends such as rising global protein consumption, demand for automation, and sustainability goals.

• Maintains a diversified customer base in over 110 countries, supported by 52 facilities and 2,800+ employees worldwide.

• Positioned for accelerated growth through innovation, market penetration, and a robust M&A pipeline.

Financial performance and outlook

• Achieved $850 million in 2025 revenue and $172 million in adjusted EBITDA, with a 20% margin.

• Revenue CAGR of ~11% and EBITDA CAGR of ~13% from 2019 to 2026, driven by organic growth and acquisitions.

• Q1 2026 revenue guidance of $200–210 million (+22% YoY) and FY 2026 revenue guidance of $895–925 million (+7% YoY).

• Backlog and orders surged in Q4 2025, with 66% organic order growth and 36% backlog growth, reflecting strong demand for automation and total line solutions.

• Standalone public company costs estimated at $27–32 million annually, to be refined in future filings.

Growth drivers and value creation

• Organic growth fueled by product innovation, geographic expansion, and aftermarket services, which account for ~40% of sales.

• M&A has added $800+ million in value since 2005, with over 30 acquisitions and consistent margin expansion post-integration.

• Full-line solutions deliver significant customer ROI, with examples showing $4.4 million annual savings and <2-year payback.

• Investment in innovation centers and localized service infrastructure enhances customer collaboration and recurring revenue.

• Strategic focus on high-growth categories and regions, leveraging a strong installed base and premium brands.