Form 8-K
8-K — MIDDLEBY Corp
Accession: 0001104659-26-106538
Filed: 2026-09-10
Period: 2026-09-10
CIK: 0000769520
SIC: 3580 (REFRIGERATION & SERVICE INDUSTRY MACHINERY)
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — tm2625101d1_8k.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (tm2625101d1_ex99-1.htm)
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8-K — FORM 8-K
8-K (Primary)
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2026-09-10
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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported):
September 10, 2026
THE MIDDLEBY CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
Delaware
1-9973
36-3352497
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1400 Toastmaster Drive, Elgin, Illinois
60120
(Address of Principal Executive Offices)
(Zip Code)
(847) 741-3300
(Registrant’s telephone number, including area
code)
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of
the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock
MIDD
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure.
A copy of the presentation slides to be used by The Middleby Corporation
(the “Company”) at the 2026 Jefferies Global Industrials Conference on September 10, 2026, is furnished as Exhibit 99.1
to this Current Report on Form 8-K and is incorporated herein by reference.
The information set forth in this Item 7.01, including Exhibit 99.1,
is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information
set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange
Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly
set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
99.1
Presentation, dated September 10, 2026, issued by The Middleby Corporation.
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE MIDDLEBY CORPORATION
Date: September 10, 2026
By:
/s/ Brittany C. Cerwin
Brittany C. Cerwin
Chief Financial Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2625101d1_ex99-1.htm · Sequence: 2
Exhibit
99.1
Jefferies Industrials Conference
New York
September 10, 2026
Middleby Update
Steve Spittle
Chief Commercial Officer
Brittany Cerwin
Chief Financial Officer
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23:60:93 Subheading Safe Harbor Statement
Statements in this presentation or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including statements regarding our expectations with respect to our future performance. The company cautions investors that such statements are estimates of future
performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in
operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the
timely development and market acceptance of the company's products; the availability and cost of raw materials; the costs, profitability, timing and the financial impact of, and charges associated with, the Company’s
exit of brewing described in this presentation; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does
not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Non-GAAP Financial Measures
This presentation contains information about the company’s financial results which is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The company refers to
these measures as “non-GAAP” financial measures. The Appendix provides definitions and historical reconciliations to the most directly comparable GAAP financial measures for non-GAAP financial measures included
in 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. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures
prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation do not have standard meanings and may vary
from similarly titled non-GAAP financial measures used by other companies. The company believes that its presentation of non-GAAP financial measures is useful because it provides investors and securities analysts
with the same information that it uses internally for purposes of assessing its core operating and financial performance.
FORWARD LOOKING STATEMENTS
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23:60:93 Subheading
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
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WHAT WE WILL COVER TODAY
Reinforcement and commitment to 2028 Investor Day targets and initiatives
The separations were a deliberate step, creating a focused, pure-play commercial foodservice equipment company that aims to
grow above its market and operate at the top of its peer group
Organic net sales growth is underway, driven by our go-to-market initiatives and balanced by margin-expanding operational focus
HOW WE DELIVER:
1 Operational excellence
Lean culture in every plant: safety,
quality and on-time delivery first
2 Pareto Driven Focus
Portfolio, SKUs, facilities and
corporate costs refocused on the
core
3
Organic net sales growth
and share gains
~8% organic net sales growth in
the 1H of 2026 within a challenged
but improving market
~80% of the 2028 margin plan is within our control; ~20% from growth and operating leverage
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23:60:93 Subheading
COMMERCIAL FOODSERVICE SEGMENT AT A GLANCE
Replacement &
Upgrade
39%
New Build
35%
Parts
17%
Menu Driven
9%
Cooking
70%
Ice &
Beverage
30%
5
Global Innovation
Centers
>100
Countries
Served
65
Brands
38
Factories
56%
Recurring Revenue
$2.4b
FY2025A Net Sales
$627m
FY2025A Adj. EBITDA
~27%
Adj. Segment
EBITDA Margin
2025 Sales by Demand Requirement 2025 Sales by Product Type
…Trusted by Key Blue-Chip Customers
Forbes
Best Employer
Recognition
~5.9k
Employees
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…WITH A LEADING PORTFOLIO OF BRANDS
Complementary Brands Enabling Cross-selling of Solutions to Customers
#1 or #2 position in most categories
Recognized and desired by chefs and operators
Globally recognized
Trusted for quality and service
Diversified across customer segments
Comprehensive portfolio of solutions
Cooking & Warming Ice & Beverage Leading Portfolio of Best-in-Class Brands
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7
OUR GROWTH STRATEGY
Disciplined execution across strategic priorities
We Believe We Are Positioned for Double-Digit Adjusted EPS Growth and Compounding Shareholder Value
Lead in
Innovation
Cooking,
beverage, digital,
automation, and
controls & IoT
1
Sell
Solutions
Unmatched
product portfolio
driving customer
ROI
Expand
Markets
Focus on high-growth
adjacencies & new
verticals
Leverage
Go-To-Market
Scale
commercial
reach &
capabilities
Drive
Operational
Excellence
Platform
investments
resulting in
margin expansion
2
3
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5
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TRANSFORMING OUR SALES PROCESSES
Recent Go-To-Market Investments
are Driving Growth
Investments in tools, innovation, and end-user engagement are designed to drive
growth. These investments have led to:
• Overall ease of doing business across
all Middleby brands
• Shift from transactional to consultative
selling
• Earlier engagement through digital and
culinary tools
• Larger projects, higher attach rates, and
better pipeline visibility
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9
LEVERAGING SCALE & SOLUTION SELLING
KFC Beverage Platform Case Study
KFC approached Middleby for help on launching a
multi-product beverage platform, primarily
focused in international markets
Utilizing the MIK Dallas and UK, leveraging the
Middleby culinary network, Middleby worked with
food suppliers to develop recipes and a small
footprint of beverage equipment moving from
testing to market within a year
The new KFC beverage platform unites five
Middleby companies into one seamless, fully
integrated beverage solution – delivered and
supported by the industry’s largest global service
network, Taylor Distributors. As the only true end-to-end provider, Middleby offers a single-source
solution for everything from equipment and
distribution to installation and ongoing service
1
2
3
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OUR FINANCIAL OUTLOOK
We Believe We Are Positioned for Double-Digit Adjusted EPS Growth and Compounding Shareholder Value
Revenue growth, margin expansion, and disciplined capital
allocation including share repurchases
10-15%
Adj. EPS CAGR
Adj. EPS Growth
6 Volume-driven scale and operational excellence -9%
Adj. EBITDA CAGR
Adj. EBITDA Growth
~⅓ market growth, ~⅔ share gains from innovation, go-to-market
initiatives, and higher-value aftermarket and services penetration
3-6%
Organic Net Sales CAGR
Net Sales Growth
200-400bps
3-Yr Adj. EBITDA Margin Expansion
Adj. EBITDA Margin Volume-driven scale, operational efficiencies, favorable mix and
disciplined cost management driving sustained margin expansion
Metric 3-Year Target (2025 – 2028E) KEY DRIVERS
Three-Year Financial Metrics & Targets
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Demand is broad-based; the 2026 margin headwind is mix and inflation
REVENUE OUTPACING THE INDUSTRY, WITH MARGIN WORK UNDERWAY
+8%
H1 2026 organic net sales growth
+7%
FY2026 growth guidance
17%
of net sales is parts and service,
~$400M recurring
WHERE GROWTH IS COMING FROM
• Beverage platforms in QSR and C-Stores led sales and orders
• Hot side grew, led by fryers & grills; QSR replacement demand
increasing
• U.S. dealers up; international up double digits
• Middleby Advantage Service initiative turns installed base into
recurring, higher-loyalty revenue
WHAT IT MEANS FOR MARGIN
• Faster-growing divisions currently carry lower margins due to mix
and investment, a 2026 headwind but expected to abate over time
• Operational, not structural: Taylor and Pitco lead the 2028 bridge
• Gross margin on parts/service is approx. 20% higher than average
equipment margins
• Growth is upside to the plan, not the plan
Customers describe these beverage and hot-side platform initiatives as multi-year investments
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Cooking &
Warming
Ice &
Beverage
Platform
Investments
Total
Commercial
Foodservice
Segment
Net Sales $1,646m $705m $0m $2,351m
Adj.
EBITDA $484m $178m $(35)m $627m
Adj.
Segment
EBITDA %
29% 25% --% 27%
Growth
Agenda
✓ Next Generation
Innovations
Leveraging Go-To-Market Engine
✓ New Market
Entrant With
Disruptive
Technologies
✓ Leveraging Scale
To Drive Growth
& Profitability
✓ Industry
Leadership Top
& Bottom Line
ICE & BEVERAGE: A MARGIN OPPORTUNITY
Ice & Beverage expected to achieve a margin profile in line with Cooking & Warming over time with upside to both platforms
1 No material structural differences
Ice & Beverage adjusted EBITDA % is 25% against 29% for
Cooking & Warming, and the mature ice division already earns
more. The gap is primarily operational, not product or end market
driven.
2 Exit of Brewing business from Ice & Beverage
220 bps adjusted EBITDA margin positive impact for Ice &
Beverage, 60 bps adjusted EBITDA margin expansion impact for
the total company (including corporate costs)
4 One ice platform, not three
Follett, Icetro and Kloppenberg are being consolidated: facilities,
leadership team, brand and market alignment
5 Room to run on both platforms
Renewed operational focus lifts margins across Cooking &
Warming and Ice & Beverage alike
3 2026 is start-up cost and mix
New products such as Gravity, Fizz and Savante launched this
year; Newton Beverage production starts Q4; Taylor growing
faster at a lower margin. Margin expansion from 2027 as start-up
costs scale back and operational initiatives take hold
FY 2025
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200-400 bps of adjusted EBITDA margin improvement by end of 2028
THE BRIDGE TO 2028: HOW WE PLAN TO GET THERE
~80% of the 2028 margin plan is within our control; ~20% from growth and operating leverage
~23%
2025A
~25-27%
2028E
1
Mix shift
• Portfolio Pareto: Brewing
exit
• New products: C604,
Torq, Sypp, Gravity,
Fizzbot
• EVO/Star and
L2F/Newton
consolidation
2
Scale efficiencies
• Supply chain initiatives
• Manufacturing centers of
excellence: Ice
consolidation
• Corporate cost right sized
3
Productivity
• Lean transformation
across plants, starting
with Pitco and Taylor
• PLS/SKU rationalization
to reduce complexity
• Product tear downs
4
Volume growth
• Operating leverage on
organic growth
• Returns on $35m of
strategic investment
• Middleby First Service:
recurring, higher-value
service offering
160+ bps from the closure of Brewing (60 bps) and operational initiatives at Pitco and Taylor (100+ bps)
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PORTFOLIO PARETO: REDUCING COMPLEXITY & IMPROVING FOCUS
Portfolio pareto is now an ongoing discipline: it is a standing process, not a one-time event
ANNOUNCED YESTERDAY: EXIT OF BREWING
SS Brewtech, Deutsche Beverage, Wild Goose
~$24m
of net sales in 2025
~($9m)
adjusted EBITDA loss in 2025
+60 bps
adjusted EBITDA margin impact in 2025
of exit
SEQUENCE
2026
Brewing exit completes by end of year
2027
Full-year margin benefit; revenue and losses
out
Ongoing
Capital and attention move to the core
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LEAN CASE STUDY: PITCO SEEING CLEAR RESULTS AFTER 9 MONTHS
Growth we didn't have to build: inventory down, capacity up, margin up, minimal new CapEx
#1/#2 share in premium fryers globally, with margin opportunity starting to be realized
~$9m
inventory reduction vs. Q3 2025,
and 25 fewer days on hand
24k sq. ft.
storage converted to production
capacity, no new buildings
~25%
daily fry pot increase since the
beginning of 2026
~31%
reduction in lead times since the
beginning of May 2026
HOW IT HAPPENED
Nov 2025 New building paused; capital redirected to existing
plants
Dec. 2025 5S and lean made the top operations priority
Jan. 2026 Clean-up across all three plants; 5S baseline set
Mid-2026 New lean-experienced operations leaders; weekly
kaizen and pull production
Q3 2026 →
Q1 2027
Daily management, standard work and value-stream
mapping
Taylor is the next division and then the wider
portfolio, applying the same standards under
experienced lean leadership
• Complexity drove 82% of first-pass-yield misses
• Pareto on customers, products and margins; configurators
limited to set package options; 5S, kanban and visual
management on the line
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1 Beginning in the third quarter of 2026, the historical financial results of the Food Processing business for periods prior tothe Spin-off will be reflected in the company’s consolidated financial statements as discontinued
operations. These amounts are considered preliminary and could change as the company finalizes discontinued operations.
2 Includes corporate and other general company operations.
3 FY 2026 Adjusted EPS Guidance is the sum of the four quarters of Adjusted EPS and excludes the assumption of incremental share repurchases given accelerated H1 repurchases and combined with the target to de-lever to
approx. 2.5x by YE.
FINANCIAL OUTLOOK – FY 2026
FY 2026 Guidance FY 2025 Actuals1 Growth v Midpoint
Net Sales $2.48-2.53 billion $2.35 billion 7%
Adjusted EBITDA2 $572-588 million $551 million 5%
Adjusted EPS3 $6.73-6.89 $6.10 12%
FY Updated Guidance vs Investor Day 2026E (at Midpoint)
5% 7%
Investor Day
2026E
FY26 Guidance
$576
$580
Investor Day
2026E
FY26 Guidance
9% 12%
Investor Day
2026E
FY26 Guidance
Net Sales Growth (%) Adj. EBITDA ($M) Adj. EPS Growth (%)
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These actions are not a response to inflation; inflation only makes them more urgent
OFFSETTING THE $10-15M OF INCREMENTAL COSTS
THE COST
$10-15m
incremental second-half 2026 input cost, absorbed in full
in the FY2026 guidance with mitigation not fully credited
Category Onset Inflation
Ocean freight Q3 ~+25%
Stainless steel (base) Q1 ~+10%
Stainless surcharge / carbon steel Q2 ~+10%
Industrial controls Q2 ~+5%
LTL freight Q2 ~+5%
INITIATIVES UNDERWAY
1
Facility consolidation & discretionary cost controls
Footprint and overhead: EVO consolidated into the Star platform, ice consolidation, identified portfolio
actions, corporate cost, headcount actions, discretionary spend controls.
2
Scale efficiencies: material cost
Design-to-cost and tear-downs; re-sourcing and supplier consolidation across $850m of spend; Nogales
fabrication at 0% tariff. $35m+ gross savings 3-yr roadmap.
3
Productivity initiatives
Lean journey started at Pitco and comes to Taylor next, then across the company as we build out
corporate operations team.
4
Focus on innovative & high-margin solutions
New product innovation and focus on mix toward higher-margin platforms and configurations, away from
low-margin projects; reprice, migrate or discontinue low-volume specials.
5
Pricing actions
Tariff and inflation recovery (only partial recovery in the guide) and targeted list and
configuration pricing weighted to second-half intake. Not counted in the offsets above.
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Free cash flow conversion is investor validation of margin expansion
DISCIPLINED CAPITAL ALLOCATION
<2%
CapEx as % of sales
~$400m
free cash flow run rate by
2028
2.7x → ~2.5x
targeted net leverage by year-end 2026
$1.3b
returned via buybacks over
last 18 months as of 2Q,
~16% of shares
CAPITAL ALLOCATION PRIORITIES
• Organic reinvestment first: CapEx under 2% of sales; lean adds the capacity
• Return of capital second: H2 2026 balance towards de-lever post-spin and
opportunistic share repurchases
• Opportunistic M&A: None is assumed in the 2028 range
ADJUSTED EPS1
2025A
$6.10
2026E guide
$6.73 - $6.89
(+12%)
2028 implied target
$8.12 - $9.28
10-15% adjusted EPS CAGR from 2025; no acquisitions assumed
An operating model that funds its own growth, with cash directed to
reinvestment and buybacks
1 Beginning in the third quarter of 2026, the historical financial results of the Food Processing
business for periods prior to the Spin-off will be reflected in the company’s consolidated
financial statements as discontinued operations. These amounts are considered preliminary
and could change as the company finalizes discontinued operations.
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SUMMARY
1 We separated Middleby for one key reason
Separation gives us sharper focus and operating discipline in a single industry.
Demand is growing; margin is the task ahead
2 The 2028 targets are measurable
Each initiative in the bridge carries a named owner, a quantified target and a
completion date
3 Embedding a culture of operational excellence
Working on building lean capabilities internally across the organization. Pitco is our first
implementation and showing early success. The same discipline will be applied across
our divisions
A pure-play business, expected 200-400 bps of margin expansion by 2028, and the operating discipline to deliver
MIDDLEBY IS COMMITTED TO:
3-6%
Organic Net Sales CAGR
200-400 bps
3-Yr Adj. EBITDA Margin Expansion
~$400m
free cash flow run rate by 2028
10-15%
adjusted EPS CAGR from 2025
2.0-3.0x
Targeted net leverage framework
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QUESTIONS & DISCUSSION
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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES
The following provides definitions of the non-GAAP financial measures included in this presentation:
• Adjusted EBITDA is defined as net income before depreciation and amortization (including asset impairments), interest expense,
income tax (expense) benefit, other income (expense), net, equity income (loss), net of tax, restructuring and other special items.
• Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net sales.
• Adjusted segment EBITDA margin is defined as Adjusted EBITDA for our applicable operating segment divided by net sales for such
segment.
• Adjusted net earnings is defined as net income before intangible amortization expense, impairment charges, net periodic pensi on
benefit, restructuring expenses, and other charges.
• Adjusted diluted earnings per share (Adjusted EPS) is defined as diluted earnings per share before intangible amortization expense,
impairment charges, net periodic pension benefit, restructuring expenses, and other charges.
• Free cash flow is defined as cash flows from operating activities less capital expenditures.
• Free cash flow conversion is defined as free cash flow divided by adjusted net earnings.
• Net debt is defined as current maturities of long-term debt and long-term debt less cash and cash equivalents.
• Net leverage is defined as net debt divided by Adjusted EBITDA.
• Organic net sales growth is defined as reported net sales growth adjusted to exclude the impact of acquisitions and foreign exchange
rates.
The Company believes Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Segment EBITDA margin, Adjusted net earnings, Adjusted
EPS and organic net sales growth are useful as supplements to its GAAP results of operations to evaluate certain aspects of its
operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for
business planning purposes. The Company believes free cash flow and free cash flow conversion are useful to investors to prov ide
meaningful measures of the Company's ability to service and reduce debt, fund acquisitions and return capital to shareholders . The
Company believes net debt and net leverage are useful to investors in understanding our overall financial condition.
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2025 ($m) Cooking & Warming Ice & Beverage Platform Investments Total Commercial
Foodservice Segment
Net Sales 1,646 705 - 2,351
Operating Income 449 134 (39) 544
Depreciation 16 10 3 29
Amortization 13 30 1 44
Restructuring Expenses 2 1 - 3
Acquisition Related Adjustments - (2) - (2)
Impairments 4 5 - 9
Adjusted Segment EBITDA 484 178 (35) 627
Adjusted Segment EBITDA % of Net Sales 29% 25% 27%
GAAP TO NON-GAAP RECONCILIATIONS
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GAAP TO NON-GAAP RECONCILIATIONS
($m) 2010 2013 2016 2019 2022 2025
Net Sales 612 895 1,267 1,948 2,356 2,351
Operating Income 148 234 350 427 543 544
Depreciation 6 6 10 21 24 29
Amortization 9 13 10 45 54 44
Restructuring Expenses - - - 6 2 3
Facility Consolidation Related Expenses - - - 2 - -
Acquisition Related Adjustments - - 1 3 (3) (2)
Impairments - - - - - 9
Adjusted Segment EBITDA 163 253 371 504 620 627
Adjusted Segment EBITDA % of Net Sales 27% 28% 29% 26% 26% 27%
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GAAP TO NON-GAAP RECONCILIATIONS
2025 ($m, except per share data) Commercial Foodservice Total
Net Sales 2,351 2,351
Operating Income 544 456
23% 19%
Depreciation 29 30
Amortization 44 44
Restructuring Expenses 3 3
Acquisition Related Adjustments (2) (2)
Stock Compensation - 11
Impairment 9 9
Adjusted EBITDA 627 551
27% 23%
2025
Net Earnings 274 5.25
Amortization 50 0.96
Restructuring Expenses 3 0.05
Acquisition Related Adj (2) -0.03
Net Periodic Pension Benefit (6) -0.12
Impairments 9 0.18
Income Tax Effect of Pre-tax Adj (12) -0.24
Adjusted for Shares 0.05
Adjusted Net Earnings 315 6.10
Diluted Weighted Avg Shares 52
Adjusted for Anti-dilution -
Adjusted Diluted Weighted Avg Shares 52
2026E ($m, except per share data) Commercial Foodservice Total
Net Sales 2,465 2,465
Operating Income 583 463
23% 19%
Depreciation 29 32
Amortization 42 42
Restructuring Expenses 1 2
Stock Compensation - 37
Adjusted EBITDA 655 576
27% 23%
2026E
Net Earnings 280 6.09
Amortization 45 0.98
Restructuring Expenses 2 0.04
Net Periodic Pension Benefit (10) (0.22)
Minority Investment Adjustments (2) (0.04)
Income Tax Effect of Pre-tax Adj (9) (0.20)
Adjusted for Shares 0.01
Adjusted Net Earnings 306 6.66
Diluted Weighted Avg Shares 46
Adj for Anti-dilution -
Adjusted Diluted Weighted Avg Shares 46
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