Middleby : Midera Investor Day Presentation May 2026 vF

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

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

May 12, 2026

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1:00pm

Midera Strategy

Mark Salman

Chief Executive Officer

1:30pm

Aftermarket & Operations

Mark Bowie

Chief Operating Officer

1:45pm

Overview of Market Categories

Peter Jongen

Andrea Colussi

Scott Ruhe

Protein Bakery

Snack

2:15pm

M&A Strategy

Matt Fuchsen

Chief Strategy Officer

2:30pm

Financial Overview

Amy Campbell

Chief Financial Officer

3:00pm

Q&A Session

Company Overview

Growth Supported by Attractive Industry Tailwinds

5-7% Organic Net Sales CAGR1,3

Organic Growth Drivers: Total Line Solutions, Market Penetration, Aftermarket

Built on Proven Success, Engineered for What's Next

Strong Foundation of Customer-Focused, Best-In-Class Brands

Margin Accretion: Operational Excellence through Midera Operating System

~500 Basis Points Uplift2,3

Proven Track Record of Value Creation Through M&A

Strong Balance Sheet and Liquidity for Growth

+ Inorganic Growth

A Clear Playbook and Track Record to Compound Total Shareholder Return

Forecasted organic net sales 3-year CAGR from FY 2025A-2028E

Estimated Standalone Adjusted EBITDA margin uplift reflects forecasted improvement by FY 2028E from FY 2025A 5

Non-GAAP financial measure. Definitions and historical reconciliations of non-GAAP financial measures are provided in the Appendix of this presentation. Reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are not available because the timing and magnitude of certain items cannot be reasonably estimated at this time without unreasonable effort.

Customer Focused Platform Built on Innovation and Acquisition

Mark Salman

CEO

Since 2015, he has led significant revenue growth, margin expansion, and strategic M&A, helping scale the business to $853M in revenue. Mark brings decades of global food processing and bakery industry leadership experience

Poultry Solution Introduction

2026 - Release of the Complete Line

Enter Snack & Tortilla

2024 - Acquisition of JC Ford

Expansion of Global Capabilities

2023 - India Manufacturing Engineering

Open Bakery Innovation Center 2017 - Plano, TX

Enter Baking Category

2012 - Auto-Bake & Ste art Systems

Protein Thermal Processing Leader 2005 - Alkar Acquisition

Protein Innovation Center Launch 2019 - Chicago, IL

MCI Innovation Center

2025 -- Italy

Automated Washing & Sanitation Solutions

2022 - Acquisition of Colussi Ermes

Building Platform

Vision Statement

To be a global leader in innovative food processing technologies, recognized for delivering unmatched efficiency, sustainability, and customer value

Total Line Solutions

Presenting Team Members

Mark Salman

Amy Campbell

Mark Bowie

Matt Fuchsen

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer Chief Strategy Officer

Rob Fagan

Andrea Colussi

Peter Jongen

Scott Ruhe

VP Finance Group President - Bakery Group President - Protein Group President - Snack

A Strong Foundation

By the Numbers (FY 2025A) Diverse & Large End-Markets

$853M

Net Sales

$140M¹

Standalone Adj. EBITDA

(est)

16.4%¹

Standalone Adj. EBITDA Margin

(est)

Industry Leading Brands

Protein Bakery & Snack

Category Leader

Growing Solutions in Targeted Food Categories

Bold denotes leading position

Sausage & hot dog

Bacon

Charcuterie

Egg bites

Portable protein snacks

Philly steak

Poultry

Deli / lunch meat

Alternative protein

Case ready

Buns

Cakes / muffins

Tortilla & snack

Celebration cakes

Bread

Biscuits & crackers

Artisan / long-fermentation

Pizza / Pinsa

Pastries

Snack bars

Median Tenure of Top 10 Customers

FY'25 Net Sales

40%

60%

Equipment vs. Aftermarket Market Category Geography

10%

52%

38%

31%

56%

Estimated Standalone Adjusted EBITDA and Margin are non-GAAP financial measures. Definitions and historical reconciliations of non-GAAP financial measures are provided in the Appendix of this presentation. Estimate reflects

historical Middleby Food Processing segment results less ~$32M for estimated standalone public company costs.

Driving the Connection to the Customer

Our Bakery Brands

High Capacity Serpentine Solution for all Bakery Categories

Complete Cake & S eet Goods Processing Lines

Proof / Bake / Cool

Liquid Packaging Systems

Automated Bakery Equipment & Commercial Bag Closures

Tortilla & Tortilla Chip Deposit / Extrude Production Lines Rotary Mold / Cut Decorate

Dough Mixing Industrial Specialty Bread Specialists Systems

Complete Biscuit and Cracker High-Capacity Bread and Bun Solutions Conveyorized Systems

Bread Dough Make-up Machinery

Professional Baking Machinery

Our Protein Brands

Cook / Chill / Smoke Roast /

Automated Cook

Transport / Grind / Mix Modified Atmosphere Press / Massage / Tenderize /

Align / Convey Autoload /

Pasteurize

Chill / Ham / Sous Vide

Brine / Massage / Emulsify Packaging Defrost / Separate / Mould

Robotics

Industrial Filtration

Mature / Dry / Smoke

Flake / Grind / Mix / Emulsify Portion / Form / Batter Premier Vacuum & MAP Slicing Systems

Automated Robotic Solutions

Cook / Roast / Pasteurize

Brine / Smoke / Cook Bread / Fry Thermoforming Solutions Bacon / Meat / Cheese

Loading / Unloading / Handling

Chill / Defrost

Package / Transport

Our Protein and Bakery Brands

Washing / Sanitizing

Managing Product Climate

Fill / Deposit Portion /

Automated Logistic

Interleavers / Stackers

Automated Guided

Freeze / Chill Steam /

Drying

Clean Room

Pump

Solutions

Interleaving Materials

Vehicles

Proof

Global Expansion for Global Customer Base 29 Manufacturing Facilities / 4 Innovation Centers / 20 Sales, Parts & Service Offices

U.S. Manufacturing Locations

Rosemont, IL

Home Office

Midera Global 2025 Net Sales

56% US / Canada

31% EMEA

9% LATAM

4% APAC

International Manufacturing Locations

Innovation Centers

Sales, Parts & Service Offices

2,800+

Global Employees

A Further Processing Global Leader

Commodity Environment

Cutting

Grading

De-boning

Skinning

Portioning

Harvesting

Milling

Ingredients

Sorting

Washing / Chilling

Weighing

Secondary Processing

Primary Processing

Midera is the largest pure-play further processing company

Value Capture &

Protection

Highest

Value-Add

Stacking / Interleaving

Vacuum Packaging

MAP Packaging

Robotic Handling

Automated Guided Vehicles

(AGVs)

Facility Automation

Yield and Waste Management

Material Handling

Emulsion / Mixing

Forming / Portioning / Sheeting / Dividing

Thermal Processing

Cook / Chill

Smoke / Roast

Slicing

Cooling / Freezing

Conveying

End-of-Line

Further Processing

Value-Add Capabilities

Over 100,000 units installed

A global leader in thermal processing (protein & bakery)

Total Line Solutions drive lower cost of ownership

Broad product portfolio of highly engineered solutions

Innovation and Total Line Solutions deliver:

Streamlined solutions to deliver new products

Improved yield

Automation to reduce labor costs / shortages

Further Processing Trends

SKU & proliferation in further processing

relative to primary

Changing consumer preferences drive consistent further processing Cap Ex investment and replacement above consumption trends

Value Creation Algorithm

Historical & Forecasted CapEx CAGR

2015-2025 Capex Spend CAGR1

~5%

~4%

~3%

Protein

Bakery

Snack

2026E-2028E

Industry Growth

+3 - 4%2

Over the last 10 years, end market CAPEX has delivered consistent low to mid-single-digit growth across Protein, Bakery and Snack

Diversified exposure across growing end-markets drives strong demand and limits cyclicality

Long term demand driven by underlying consumption growth, evolving consumer preferences and equipment replacement/upgrades

1Source: Public filings from a select number of food processing companies.

Midera is a Natural Partner in a Highly Fragmented Industry

~8%

Key Drivers For Market Share Gain

~1%

~$70B1 Worldwide

Remaining market

~91%

Best-in-class brands that drive meaningful ROI for customers

Geographic and product category expansion driven by global scale and product breadth

Customer value proposition driven by product leadership, system integration and innovation

Aftermarket parts & service penetration

Acquirer of choice for leading brands in a highly

fragmented and local market

Global End Markets with Localized Needs

Underlying Consumption Growth

Projected Annual Growth in Global Protein Consumption through 2030 1

Shifting Preference for High Quality Foods

Projected Growth of Global Nutritional Food Market through 2032 2

Advanced Automation & Labor Resilience

Unfilled Manufacturing Positions Globally

by 2030 3

Need for Local

Food Security

World Bank Commitment toward Advancing Food Security 4

Demand for "Ready-to-Go" Options

Projected Global Market Size for Ready-to-Eat Food by 2032 (8.5% CAGR) 5

Elevating Sustainability Goals

of Operating Costs in Food Manufacturing from Energy Expenses 6

1Mordor Intelligence. 4 World Bank.

2 Data Bridge Market Research. 5 FnF Research.

Deep Relationships & Culture of Innovation Make us the Partner Customers Choose and Keep

Total Line Solutions

Evergreen focus on the customer

M&A

Growth Flywheel

Market Penetration

Aftermarket

Revenue and Margin Drivers

12%

Net Sales CAGR1

Total Line Solutions

Market Penetration

Larger orders

Higher aftermarket attachment rate

Innovative product expansion

Geographic scaling

2019-2025

Aftermarket ‣ Customer connectivity

Recurring and high margin

M&A ‣ Expand total line solutions

Earnings accretion

Self reinforcing growth driven by Midera-specific capabilities and positioning

Solves Pain Points of Labor, Complexity, Service & Maintenance

Example Pre-Cooked Bacon Total Line Solutions

Acquired in 2011

Acquired in 2015

Acquired in 2005

Acquired in 2017

Acquired in 2019

Acquired in 2022

Press

Slicer

Oven

Chiller

Sheeter / Stacker

Thermoformer

Headline Savings In Practice - Pre-Cooked Bacon Total Line Solution

Customer Impact

Illustrative Total Line Solution Purchase Price across 6 Midera brands

~$8M

~7 Operatives (2 shifts, $60K Salary)

~$0.8M

Package Cost Savings

~$0.3M

Maintenance Savings

~$0.1M

Yield Improvement from Slicer

~$1.5M

Yield Improvement from Cooker / Chiller / Sheeter

~$1.6M

Annual Savings

~$4.4M p.a.1

Total Line Solution

~$4.4M net savings p.a.

~2 year payback period

Highest Return Opportunity for Customers

Protein

Poultry:

Growth Categories

Bakery

Pizza & Pinsa:

We Develop Innovative, Industry-leading Equipment Designed to . . .

ACCELERATE PROCESSING

Improve throughput

INCREASE YIELDS

fastest growing category as consumers focus on cost effective dense protein

Portable Snacks: supporting growth trend in protein and snacking culture

Charcuterie:

celebration culture, protein focus, high quality

fastest growing category

Artisan & Sourdough: consumer preference to high-quality, nutrient dense food

Celebration Cakes: celebration culture, growing worldwide desire for quality and convenience

Raise profitability

EXPAND CAPACITY

More production, less people

REDUCE COSTS

Operating and capital

MAXIMIZE SANITATION

Safer design, easier cleaning

MAINTAIN CONSISTENCY

Higher quality

PRACTICE SUSTAINABILITY

Take environmental responsibility

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.