JBT Marel (JBTM) Investor presentation summary

Business profile and targets

• TTM revenue was $3.9B and adjusted EBITDA margin was 16.4% as of June 30, 2026; TTM adjusted EBITDA was $643M.

• Poultry represented 45% of equipment orders over the 18 months through June 30, 2026; recent order growth was stronger in secondary and further processing/EOL.

• 2028 targets: organic revenue CAGR of 5–7%, adjusted EBITDA margin of 20%, FCF conversion of 55–60% of adjusted EBITDA and 10%+ of revenue, and double-digit ROIC.

• Full-year 2025 revenue mix was 55% prepared food and beverage solutions and 45% protein solutions; recurring revenue was 50%.

Poultry demand and investment drivers

• Poultry benefits from health, flavor versatility, affordability, cultural acceptance, efficient feed use, and a short production cycle; ~two-thirds of incremental global protein consumption is expected to come from poultry.

• U.S. per-capita broiler chicken consumption is forecast to rise ~6% from 2023 to 2026; busy lifestyles are also driving demand for deboned, ready-to-eat products.

• Prepared foods are higher-value products requiring additional processing and packaging equipment; the shift is global, with the U.S. further along.

• Poultry investment cycles overlap: primary processing tracks regional supply-demand, utilization, trade, and economics; secondary processing tracks labor, yield, product mix, and specifications; prepared foods tracks convenience, channels, and innovation.

• As capacity growth moderates, likely producer priorities over the next 2–3 years include supply discipline, facility consolidation and optimization, automation, productivity, yield, and value-added products.

Value chain, regional trends, and regulation

• Primary processing investment includes efficiency and replacement irrespective of volume growth; secondary processing offers automation and yield opportunities, while further processing benefits from value-added products and SKU proliferation.

• North America is focused on efficiency, modernization, automation, and further processing; LATAM combines moderate primary expansion with automation and prepared-food opportunities.

• EMEA investment varies by region, with Middle East food-security capacity opportunities; APAC offers a runway in Southeast Asia, cut-up, branded products, and prepared foods.

• USDA FSIS proposed raising U.S. processing line speeds to 175 birds per minute from the 140-BPM limit; a ruling was expected in the near term after the comment period closed.

• A move to 175 BPM could require retooling primary lines and downstream stages, create facility-consolidation opportunities, and support multi-year investment focused on efficient capacity replacement.