Middleby : Investor Day Presentation May 12 2026

Published: 2026-05-12 09:26:20 ET MIDD

Published on 05/12/2026 at 09:26 am EDT

MIDDLEBY INVESTOR DAY

New York, New York | May 12, 2026

WELCOME TO INVESTOR DAY

REBECCA ELLIN

SVP, Investor Strategy C Corporate Development

MIDDLEBY & INDUSTRY OVERVIEW TIM FITZGERALD

GROWTH ENGINE & VALUE DRIVERS

GO-TO-MARKET & COMMERCIAL EXECUTION

Chief Executive Officer

STEVE SPITTLE

Chief Commercial Officer

TECHNOLOGY, INNOVATION, & SERVICE PLATFORMS

JAMES K. POOL III

Chief Technology and Operations Officer

OPERATIONAL EXCELLENCE

KOREY KOHL

Group President, Ice C Beverage

FINANCIAL FRAMEWORK & CAPITAL ALLOCATION

BRITTANY CERWIN

Chief Financial Officer

CLOSE & Q&A

TODAY'S

AGENDA

KEY MESSAGES

REBECCA ELLIN

SVP, Investor Strategy

& Corporate Development

1 A DIFFERENT KIND OF SPIN

2 TWO LEADERS AT TWO DISTINCT STAGES OF GROWTH

3 TRANSFORMED BUSINESS WITH ONE CLEAR EQUITY STORY

FOOD PROCESSING SPIN CREATES TWO LEADING s INDEPENDENT CAPABILITY-

ALIGNED COMPANIES

$2,4G5n

$575n1

~23%1

~27%

$C30n

$1G5n1

~18%1

~21%

2026E

2026E Adj.

Adj. EBITDA

Adj. Segment

2026E

2026E Adj.

Adj. EBITDA

Adj. Segment

Net Sales

EBITDA

Margin

EBITDA Margin

Net Sales

EBITDA

Margin

EBITDA Margin

Innovation leader with portfolio of cooking and beverage solutions

across Commercial Foodservice end-markets

Positioned to accelerate sales growth, capitalizing on next

generation product innovation and growth into new, attractive markets

Top-tier margins and cash generation combined with further opportunities to scale in the market

Fast growing and focused food processing market leader with a best-in-class financial profile

Business will benefit from its own capital structure, investor

base and acquisition currency

Strong MsA pipeline and actionable organic initiatives support a significant growth opportunity and ability to quickly scale

1 Midpoint of 202c guidance; illustratively assumes Middleby and Midera Adj. EBITDA includes $80m and $32m of corporate costs, respectively. 6

ONE FOCUSED BUSINESS, ONE CLEAR EQUITY STORY

Prior Middleby

Food Processing Spin Ann. (Feb 2025)

Residential JV with 26North (Feb 2026)

Pure-Play Commercial Foodservice (July 2026)

Scaled

Platform

Leveraging platform scale to drive innovation-led organic growth across every brand and category

Innovation

Leadership

IoT, automation, ventless cooking, and beverage solutions defining the next era

Shareholder

Returns

Focused on delivering shareholder value with target of 10-15% adjusted EPS growth supported by organic growth, margin expansion, and return of capital to shareholders

MIDDLEBY C INDUSTRY OVERVIEW

INVESTOR DAY OBJECTIVES AND KEY MESSAGES

TIM FITZGERALD

CEO

INDUSTRY LEADING PORTFOLIO OF BRANDS WITH COMPETITIVE ADVANTAGE

INNOVATION LEADER LEVERAGING SCALE TO ACCELERATE REVENUE

OPERATIONAL EXCELLENCE MODEL WITH ROADMAP TO EXPANDING MARGINS

STRONG FREE CASH FLOW GENERATION COMPOUNDING SHAREHOLDER RETURNS

5 ENTERING A NEW CHAPTER OF ORGANIC GROWTH

WE ARE THE LEADING INNOVATOR AND SOLUTIONS PROVIDER

OF COMMERCIAL FOODSERVICE EQUIPMENT

ENABLING OUR CUSTOMERS' SUCCESS

MIDDLEBY IS THE HEART OF THE COMMERCIAL KITCHEN…

Most Complete Portfolio of Products for Demanding Kitchens

Actual rendering of kitchen at

Major Resort, Deer Valley, UT

Middleby Solutions are....

Highest ROI in a foodservice operation

Ovens

Fryers

Pizza

Rapid Cook

Ice

Coffee s Beverage

Range

Warming s Holding

Fabrication

…WITH A LEADING PORTFOLIO OF BRANDS

Cooking s Warming Ice s Beverage Leading Portfolio of Best-in-Class Brands

Complementary Brands Enabling Cross-selling of Solutions to Customers

COMMERCIAL FOODSERVICE SEGMENT AT A GLANCE

s Best Employer Recognition

2025 Sales by Demand Requirement 2025 Sales by Product Type

Menu Driven

$2.4b

FY2025A Net Sales

$G27n

FY2025A Adj. EBITDA

~27%

Adj. Segment EBITDA Margin

Brands

Factories

5G%

Recurring Revenue

Global Innovation Centers

»100

Countries Served

~5.Ck

Employees

Forbe

Parts 17%

Replacement C Upgrade

39%

Ice C Beverage 30%

New Build 35%

…Trusted by Key Blue-Chip Customers

Cooking 70%

MIDDLEBY BY THE NUMBERS

2025 Financial Breakdown

PLATFORM INVESTMENTS

Total

Net Sales

Cooking s Warming

$1,646m

Ice s Beverage

$705m

Platform Investments

$0m

Commercial Foodservice Segment

Go-To-Market

$2,351m

Adj. EBITDA

$484m

$178m

$(35)m

$627m

Adj. Segment EBITDA %

2G%

25%

--%

Service s Aftermarket

Operational Excellence

Innovation s Technology

27%

Growth Agenda

Next Generation Innovations Leveraging Go-To-Market Engine

New Market Entrant With Disruptive Technologies

Leveraging Scale To Drive Growth C Profitability

Industry Leadership Top C Bottom Line

High-Margin Business with Recent Platform Investments To Drive Accelerated Growth

STRATEGIC PILLARS DRIVING NEXT PHASE OF GROWTH

Go-To-Market

Innovation s Technology

Operational Excellence

Service s Aftermarket

Operating investment

Improved customer penetration through competitively advantaged sales capabilities leveraging Middleby's scaled portfolio

Accelerated new-product innovation in IoT, controls, automation, and beverage technologies

Operations team focused on supply chain, product design and manufacturing excellence with shared service platforms

Middleby Advantage Service, a tech-enabled, proprietary service platform transforming the customer experience

$35m Run-Rate Investment to Leverage Scale, Accelerate Growth s Extend Market Leadership

STRONG SECULAR DRIVERS FOR COMMERCIAL FOODSERVICE EQUIPMENT

Demand Resilience Category Attractiveness

1,600

1,400

1,200

1,000

800

600

400

200

Total Food Away From Home (FAFH) Spending

~5% CAGR

2024, 58.9%

1997, 48.0%

2020, 51.2%

60.0%

58.0%

56.0%

54.0%

52.0%

50.0%

48.0%

46.0%

44.0%

42.0%

Resilient end market demand

5-10 year equipment replacement cycle providing revenue visibility

Energy, labor, and capital cost savings generate high operator ROI

Aftermarket parts and service attachment

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Source: usda.gov

40.0%

Menu changes and limited time offers

Consistent Long-Term Growth Trends and Demand Drivers

INDUSTRY CONDITIONS ARE POISED TO IMPROVE

Real Restaurant Sales Returning to Positive Growth Reasons for Optimism in 2026 and Future Years

20%

(10)%

(25)%

17%

Growth Inflection

(1)%

Total Real Restaurant Sales Growth

CAGR:

(20)%

(0.6)%

2022-2025

1.2%

2025-2030E

COVID-19

Today

In 2024 and 2025, food and labor costs pressured margins and delayed equipment replacement

Despite challenging industry backdrop, we see

market improvement due to:

Menu pricing and mix actions to support operator profitability

Limited-Time-Offers (LTOs), value, and beverage platforms to drive traffic

Tax relief and back-to-office trends to support

2009 2012 2015 2018 2021 2024 2027 2030

demand

Foodservice Equipment Demand Is Set To Normalize After Period of Disruption

Source: Technomic Long Term Forecast 17

COMPELLING RETURN TO GROWTH STORY

Commercial Foodservice Segment Net Sales ($m, 2002 - 2026E)

$2,4G5n

COVID

Disruption

Restaurant Disruption

~4% Average Organic Net Sales Growth

$235n

Industry Consolidation

Transformational MCA drove rapid scale expansion and portfolio breadth over several decades, with the addition of over 65 industry-leading commercial foodservice brands

COVID

Inpact

Pandemic-related closures and delayed CapEx weighed on equipment demand

~100,000 foodservice locations permanently closed in the USA yet to

be re-opened

Restaurant Disruption

Traffic declines, food inflation and elevated labor costs pressured restaurant profitability

Industry conditions and resetting of chain priorities caused deferral of equipment purchases

202G and beyond

Normalization in restaurant traffic and deferred replacement demand supports a recovery beginning in 2026E, driving renewed organic growth

'02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 '26E

Positioned for Organic Growth After Period of Macroeconomic Disruption

SALES BY CHANNEL

2025 Net Sales ($m) % Net Sales by Channel

International

$2,351

$1,099

$588

$259

$400

(2)%

+5%

(10)%

+12%

(8)%

Global Parts and Service 17%

General Market 11%

Global Chains 47%

Global Chains North America

General Market

International General Market

Global Parts C Service

Total Sales

North America General Market 25%

Global Chain Disruption in 2025 Offsetting Market Share Gains

Note: May not add due to rounding 19

MIDDLEBY IS WELL INDEXED TO EMERGING CULTURAL TRENDS

The Unexpected Pleasures of a Dirty Soda

Drive-Thru Gets Snarter, Faster,

and More Personalized

The Customized Drink is Out of Control

Can Robots

Reinvent

Chicken Sandwich Wars:

America's Most Intense

Kitchen Productivity Becomes the New

Fast Food?

QSR Battle

Growth Lever Coffee Market

Growth Powers Sector Innovation

Disclaimer

The Middleby Corporation published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 13:25 UTC.