JBT Marel Corporation Q4 FY2025 earnings call

• Combined organization had strong revenue growth and margin expansion, capitalized on protein demand recovery. • Protein end markets, especially poultry, drove orders. • Order synergies of $30 million captured in 2025, over half in Q4, converting to revenue in 2026. • Investor Day on March 26 to detail strategic growth priorities and financial targets.

Protein Solutions segment had revenues of $1.7 billion and an adjusted EBITDA margin of 20.1%. Prepared Food & Beverage Solutions segment had revenues of $2.1 billion and an adjusted EBITDA margin of 17.2%. Full year consolidated revenue was $3.8 billion, consolidated adjusted EBITDA was $600 million with a margin of 15.8%. Synergy savings of $43 million were realized, with run rate savings of approximately $85 million versus 2024 baseline, aiming for $150 million run rate synergy savings by 2027.

• 2026 consolidated revenue growth expected 5%-7% including 1% foreign exchange benefit. • Adjusted EBITDA margins estimated 17%-17.5%. • Adjusted EPS projected $8-$8.50, GAAP EPS $4.70-$5.15. • First quarter 2026 forecast: revenue $920 million-$940 million, adjusted EBITDA margin 14%-15%.

• Higher tariff environment impact, with approximately $45 million of higher full year tariff costs forecasted in 2026 before pricing actions. • Supply chain regionalization challenges and their potential impacts on operations.

Q: Ross Sparenblek asked about order dynamics in Q4 and end markets.

A: Poultry was leader, expected recovery in AGV, with poultry orders typically 75% to Protein Solutions and 25% to Prepared Food & Beverage.

Q: Mircea Dobre inquired about new segment reporting and margins.

A: Protein Solutions likely at higher end of 2026 revenue growth range, both segments expected margin improvement.

Q: Justin Ages asked on capital allocation and tariffs.

A: Laser-focused on integration, expecting leverage to 2-2.5x by end of 2026, and some mitigation on pricing for tariffs.

Q: Walter Liptak asked on sales synergies.

A: 2025 sales synergies $30 million, ahead of pace on cumulative revenue synergies by 2027 with Investor Day to detail further