JBT Marel : Q1 2026 Earnings Presentation
JBTM
Published on 05/04/2026 at 05:08 pm EDT
Q1 2026 Earnings Presentation
May 4, 2026
JBT Marel Delivered Strong Year-Over-Year Consolidated Results
JBT Marel Consolidated Results Key Takeaways
Q1 2026 Q1 2025
In millions except EPS and margin
Orders
$1,070
$G16
Backlog
$1,4G0
$1,311
Revenue
$G36
$854
Net income (loss)
$45
($173)
Net income (loss) margin
4.8%
(20.3%)
Adjusted EBITDA (1)
$142
$112
Adjusted EBITDA margin (1)
15.2%
13.1%
GAAP diluted EPS
$0.86
($3.35)
Adjusted EPS (1)
$1.58
$0.G7
Cash provided by operating activities
$11G
$34
Quarterly free cash flow (1)
$100
$18
As expected, JBT Marel performed well in Q1 2026, delivering
meaningful year-over-year improvement in margins and EPS
Revenue increased 10% year over year, inclusive of approximately 6% benefit from foreign exchange translation; the foreign exchange benefit was largely as expected
Demand was strong, resulting in a book-to-bill ratio of 1.14x
Adjusted EBITDA margin improved 210 bps year over year primarily driven by volume flow through, realized cost synergy savings, and continuous improvement efforts
Year-over-year improvement in net income and GAAP EPS was predominantly driven by lower non-recurring and transaction related costs as well as margin enhancement efforts and lower interest expense
Strong quarterly cash flow and adjusted EBITDA performance enabled further deleveraging of the balance sheet
Note: Figures may have immaterial differences due to rounding.
JBT Marel Segment Results Summary
Protein Solutions Segment
Prepared Food and Beverage Solutions Segment
$460
$378
21.7%
16.5%
16.4%
14.7%
$476 $476
Q1
Q1
Q1
Q1
Q1
Q1
Q1
Q1
2025
2026
2025
2026
2025
2026
2025
2026
Q1 2026 Key Highlights
Protein Solutions segment revenue increased 22% year over year, which included approximately 8% benefit from foreign exchange; the strong organic growth was primarily due to higher poultry related volume
Protein Solutions segment adjusted EBITDA margin improved more than 500 bps year over year primarily from volume leverage in poultry and significant
profitability improvements in the meat and fish businesses
Prepared Food and Beverage Solutions segment revenue was flat year over year, which included approximately 4% benefit from foreign exchange; organic volume declined from the prior year due to lower CPG related backlog in 2025
Prepared Food and Beverage Solutions segment adjusted EBITDA margin declined 170 bps year over year; margin was impacted, as expected, by higher tariff costs, lower volume in the CPG end market, and operational challenges in the warehouse automation business
Solid Q1 2026 Orders and Backlog
Orders and Backlog Trend ($B)
Q1 2026 Consolidated Revenue Breakdown
48%
52%
7%
10%
45%
38%
$0.G5
$0.G4
$0.G2
$1.07
$1.04
Q1 2026 Key Highlights
Second consecutive quarter where orders exceeded $1 billion; included in orders of $1.07B was ~$60M in year-over-year foreign exchange benefit
Demand was strong across both segments, highlighting the benefits of JBT Marel's diversified end market exposure, including robust demand in the poultry end market
As expected, recurring revenue was greater than 50% given seasonal effect in equipment revenue
Non-U.S. revenue includes the beneficial impact of the weaker U.S. dollar
Strong Cash Generation and Balance Sheet Position
Free Cash Flow(1) Profile ($M)
Leverage Ratio
Q1 2025 Q1 2026 Trailing 4 Quarters as of 3/31/26
Transaction Close
12/31/25 3/31/2026
FCF Conversion as
% of Adj. EBITDA(1)
1c% 70%
53%
Strong free cash flow (FCF) in Q1 2026 supported by earnings performance and customer advance payments
Q1 2025 FCF included one-time payments associated with
the transaction
Proven ability to quickly de-lever balance sheet given strong FCF generation and adjusted EBITDA performance
Targeting long-term leverage range of 2.0 - 2.5x; continue
to expect leverage to be ~2x by year end 2026
Ample liquidity under $1.8B revolving credit facility, coupled with strong expected cash flow generation, provides JBT Marel with flexibility to address upcoming May 2026 convertible notes maturity
Reiterating Full Year 2026 Guidance Given Q1 Performance
In millions except EPS and margin
FY 2026 Consolidated Guidance
Revenue
$3,990 - $4,065
Income from Continuing Operations Margin
6.1% - 6.6%
Adjusted EBITDA Margin(1)
17.0% - 17.5%
GAAP diluted EPS
$4.70 - $5.15
Adjusted EPS(1)
$8.00 - $8.50
Key Modeling Items
Expecting year-over-year consolidated revenue growth of 5 - 7%, which is inclusive of ~1% foreign exchange translation benefit
In-year realized synergy cost savings are expected to be ~$60M
From a tariff perspective, while there are several moving components, the Company expects the impact of recent tariff policy changes to be in-line with the previously disclosed full year 2026 estimated net impact of 25 to 50 basis points, which is inclusive of all mitigation efforts
Estimating ~$178M in acquisition related amortization and deprecation, ~$20M in MCA related costs, and ~$30M in restructuring costs
Total depreciation and amortization is expected to be ~$268M; full year 2026 capex is estimated to be $105 - $120M
Interest expense is estimated to be ~$50M, and other financing income related to the cross-currency swaps on the Term Loan B is expected to be ~$10M
Tax rate is expected to be 23 - 24%
Appendix
Non-GAAP Financial Measures
The non-GAAP financial measures presented in this report may differ from similarly-titled measures used by other companies. The non-GAAP financial measures are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP.
Adjusted EBITDA and Adjusted EBITDA margin: We define Adjusted EBITDA as earnings adjusted for income taxes, interest expense (income), net, other financing income, pension expense other than service cost, restructuring, MCA related costs and depreciation and amortization, including acquisition related depreciation and amortization. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.
Adjusted income and Adjusted diluted earnings per share from continuing operations: We adjust earnings for restructuring expense, MCA related costs, which include integration costs, amortization of inventory step-up from business combinations, impacts of foreign currency derivatives and trades to hedge variability of exchange rates on the cash consideration paid for business combination, advisory and
transaction costs for both potential and completed MCA transactions and strategy ("MCA related costs"), acquisition related amortization and depreciation, amortization of debt issuance costs for completed and potential MCA transactions, non-cash pension plan related settlement costs and the related tax impact.
Free cash flow: We define free cash flow as cash provided by continuing operating activities, less capital expenditures, plus proceeds from sale of fixed assets and pension contributions.
Presentation of Percentages: Effective in 2026, percentage amounts presented in this presentation have been calculated using rounded figures. In prior periods, percentage amounts were calculated using the unrounded underlying values rather than the rounded figures presented. As a result, certain percentage amounts in this section may differ slightly from percentages calculated using the figures presented in the Company's Condensed Consolidated Financial Statements or the accompanying narrative.
JBT Marel Reconciliation of Net Income to Adjusted EBITDA
JBT Marel Reconciliation of Diluted Earnings Per Share (EPS) to Adjusted Diluted EPS
JBT Marel Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (FCF)
JBT Marel Leverage Ratio Calculations
JBT Marel Recurring vs. Non-Recurring Revenue
JBT Marel Reconciliation of Diluted EPS to Adjusted Diluted EPS Guidance
JBT Marel Reconciliation of Net Income to Adjusted EBITDA Guidance
Disclaimer
JBT Marel Corporation published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:00 UTC.