JBT Marel (JBTM) Q2 2026 earnings summary

Executive summary

• Orders and backlog increased 10% year-over-year, with orders exceeding $1 billion and a book-to-bill ratio of 1.05x, reflecting strong demand across key end markets.

• Revenue and adjusted EBITDA margin were near the low end of guidance due to delayed backlog-to-revenue conversion from logistics and manufacturing inefficiencies in the Prepared Food and Beverage Solutions segment.

• Net income for Q2 2026 was $28 million, up from $3 million in Q2 2025, despite a $33 million non-cash impairment charge related to a 2021 acquisition.

• Integration of complementary technologies and footprint optimization are advancing, with synergy realization and restructuring underway.

• Year-to-date free cash flow was $179 million, supporting rapid deleveraging and strong liquidity.

Financial highlights

• Q2 2026 revenue reached $981 million, up 5% year-over-year (3% organic, 2% FX), with gross profit margin increasing to 36.6%.

• Adjusted EBITDA was $168 million (17.1% margin), up from $156 million (16.7%) year-over-year.

• Net income margin was 2.9%, and adjusted EPS was $1.95, up from $1.49 year-over-year.

• Free cash flow for Q2 2026 was $79 million; for the first half of 2026, $179 million.

• Leverage ratio at quarter-end was 2.47x, within the target range of 2x-2.5x.

Outlook and guidance

• Full-year 2026 revenue guidance is $3.99–$4.07 billion, up 5–7% year-over-year, including a 1.5% FX benefit.

• Adjusted EBITDA margin guidance is 17.0–17.5%; adjusted EPS guidance is $7.85–$8.35; GAAP EPS $4.20–$4.70, reflecting the Q2 impairment charge.

• Margin improvement expected in Prepared Food and Beverage Solutions in H2 2026, supported by backlog, pricing, and operational initiatives.

• Protein Solutions margins expected to remain flat in H2, with a higher equipment mix.

• Capex expected at $105–$120 million; tax rate ~24%.