JBT Marel (JBTM) Q4 2025 earnings summary

Executive summary

• Achieved strong 2025 performance with record revenue and orders, significant margin expansion, and robust demand in protein, especially poultry, despite tariff and integration challenges.

• Successful integration of JBT and Marel, realignment of segments, and realization of $43 million in year-over-year synergy savings, with an $85 million run rate exiting 2025.

• Orders reached $3.84 billion, with strong poultry investment and initial recovery in meat demand.

• Deleveraged balance sheet by 1.1x post-transaction, ending 2025 with a leverage ratio below 2.9x, ahead of targets.

Financial highlights

• Full-year 2025 consolidated revenue reached $3.8 billion, including a $77 million FX benefit, with 50% from recurring revenue.

• Adjusted EBITDA was $600 million (15.8% margin); adjusted EPS was $6.41, up from $6.15 in 2024; GAAP EPS was -$0.96.

• Free cash flow increased to $250 million; operating cash flow was $342 million.

• Loss from continuing operations was $49.7 million, impacted by acquisition amortization, pension settlement, M&A costs, and restructuring.

• Orders for 2025 totaled $3.8 billion; year-end backlog was $1.4 billion.

Outlook and guidance

• 2026 guidance: revenue of $3.99–$4.07 billion (up 5–7%, including ~1% FX benefit), adjusted EBITDA margin of 17.0–17.5%, and adjusted EPS of $8.00–$8.50.

• GAAP EPS guidance for 2026 is $4.70–$5.15; income from continuing operations margin expected at 6.1–6.6%.

• Q1 2026 forecast: revenue of $920M–$940M, adjusted EBITDA margin of 14%–15%, with 9% revenue growth and 150 bps margin improvement year-over-year.

• Expect $60 million in additional synergy savings in 2026 and ongoing tariff headwinds of ~$45 million before pricing actions.

• 2026 expected one-time costs: $178 million acquisition amortization, $20 million M&A, $30 million restructuring.