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Q2 2025 Earnings Presentation August 4, 2025
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NON-GAAP AND FORWARD-LOOKING STATEMENTS 2 Non-GAAP Measures and Reconciliations to GAAP Measures Adjusted EBITDA, Adjusted EBITDA margin, adjusted EPS, and free cash flow are non -GAAP financial measures. JBT Marel provides non-GAAP financial measures in order to increase transparency in our operating results and trends. These non-GAAP measures eliminate certain costs or benefits from, or change the calculation of, a measure as calculated under U.S. GAAP. By eliminating these items, JBT Marel provides a more meaningful comparison of our ongoing operating results, consistent with how management evalu ates performance. Management uses these non-GAAP measures in financial and operational evaluation, planning and forecasting. These calculations may differ from similarly -titled measures used by other companies. The non-GAAP financial measures disclosed are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared i n accordance with U.S. GAAP. Reconciliations of non-GAAP financial measures can be found in the supplemental schedules to this release. Forward-Looking Statements This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forwar d-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT Marel's ability to control. The inclusion of this forward -looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by JBT Marel will be achieved. These forward -looking statements include, among others, statements relating to our business and our results of operations, including our outlook, the benefits or results of our acquisition of Marel hf. (the "Marel Tra nsaction"), our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. The factors that could cause our actual results to differ materially from expecta tions include, but are not limited, to the following factors: the inability to successfully integrate the legacy businesses of JBT and Marel, operationally, technologically, culturally or otherwise, in a manner that permits the combined company to achieve the benefits and synergies anticipated from the Marel Transaction on the anticipated timeline or at all; fluctuations in our financial results ; changes to tariffs, trade regulation, quotas, or duties; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; unanticipated delays or accelerations in our sales cycles; inflationary pressures, including increases in energy, raw material, freight and labor costs; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; fluctuations in currency exchange rates and interest rates; changes in food consumption patterns; impacts of pandemic illness es, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; acts of terr orism or war, including the ongoing conflicts in Ukraine and the Middle East; termination or loss of major customer contracts and risks associated with fixed -price contracts, particularly during perio ds of high inflation; customer sourcing initiatives; competition and innovation in our industries; our ability to develop and introduce new or enhanced products and services and keep pace with t echnological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and busi ness continuity of our information systems; cyber-security risks such as network intrusion or ransomware schemes; loss of key management and other personnel; potential liability arising out of the i nstallation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; our ability to reme diate the material weaknesses relating to the Marel financial statements; availability of and access to financial and other resources; and the factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K, our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and any future Quarterly Report on Form 10 - Q. If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrec t, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward -looking statements. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward -looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.
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JBT MAREL DELIVERED SOLID SECOND QUARTER 2025 RESULTS 3 Note: Figures may have immaterial differences due to rounding. As a reminder, Marel was accounted for as an acquisition, so p rior year results only include JBT legacy results. (1) Non-GAAP measure. Please see appendix for reconciliation. Q2 2025 Consolidated Results Key Takeaways ▪ Delivered strong quarterly performance as revenue, adjusted EBITDA margin, and adjusted EPS exceeded guidance ▪ Revenue included ~$21M in year-over-year tailwind from foreign exchange translation, which was ~$8M higher than expectations ▪ Recurring revenue also exceeded expectations by ~$25M ▪ Target synergy savings remain on track excluding tariffs; realized year- over-year synergy savings of $5M in operating expense and $3M in supply chain ▪ Adjusted EBITDA margin was ~180 bps higher than the mid-point of guidance due to a higher mix of recurring revenue as well as benefits from focusing on from productivity improvements and costs ▪ Included in income from continuing operations was $58M in acquisition related amortization and depreciation expense, $20M in M&A related costs, an $11M loss from an impairment charge related to a joint venture investment, and $6M in restructuring costs ▪ Strong free cash flow was supported by working capital management and customer deposits, affirming the solid cash flow model of combined businesses Q2 2025 Q2 2024 Results from Continuing Operations ($ millions except EPS and margin) Orders $938 $437 Backlog $1,394 $697 Revenue $935 $402 Income from Continuing Operations $3 $31 Income from Continuing Operations Margin 0.4% 7.6% Adjusted EBITDA (1) $156 $64 Adjusted EBITDA Margin (1) 16.7% 15.8% GAAP EPS $0.07 $0.95 Adjusted EPS (1) $1.49 $1.31 Year to Date Free Cash Flow (1) $106 $14
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JBT MAREL SEGMENT RESULTS SUMMARY 4Note: Figures may have immaterial differences due to rounding. JBT Segment Results $409 $455 Q1 2025 Q2 2025 14.9% 18.0% Q1 2025 Q2 2025 JBT Segment Revenue JBT Segment Adj. EBITDA Margin Marel Segment Results $445 $480 Q1 2025 Q2 2025 11.5% 15.5% Q1 2025 Q2 2025 Marel Segment Revenue Marel Segment Adj. EBITDA Margin Key Highlights ▪ JBT and Marel Q2 2025 segment revenue improved sequentially; both experienced mix benefits and foreign exchange translation tailwind ▪ Both JBT and Marel Q2 2025 segment margins improved sequentially driven by favorable mix, higher volume flow through, and synergy savings, which were partially offset by tariff costs
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HEALTHY QUARTERLY ORDERS & RECURRING REVENUE 5Note: Figures may have immaterial differences due to rounding. Consolidated Orders and Revenue Analysis Q2 2025 Consolidated Revenue Breakdown 52%48% 41% 39% 11% 10% Recurring Non-Recurring U.S. & Canada Asia Pacific Latin America Key Highlights ▪ Quarterly orders of $938M included ~$22M in year-over-year tailwind from foreign exchange translation ▪ Orders were strong in poultry, meat, beverages, fruit and vegetables, and ready meals and neutral in warehouse automation ▪ Generated more than half of total revenue from recurring products and services EMEA $ millions Q2 2025 Orders $938 Revenue $935
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JBT MAREL CAPITAL STRUCTURE AS OF JUNE 30, 2025 6 Note: Figures may have immaterial differences due to rounding. (1) Liquidity is defined as cash plus borrowing ability under the revolving credit facility as of June 30, 2025. (2) In January 2025, JBT Marel entered into cross-currency swaps related to the U.S. dollar denominated debt draw down by JBT Marel’s European entity. As a result of the c ross-currency swap, JBT Marel was able to synthetically swap $0.7 billion of the Term Loan B’s SOFR interest for EURIBOR, taking advantage of tighter credit spreads and a lower base rate. The remaining $0.2 billion of the Term Loan B have rates at SOFR interest + 200 bps. Key Highlights Total Gross Debt Outstanding & Maturity Schedule Amount Issued / Drawn ($ billions) Effective Rate Structure Maturity Schedule Convertible Senior Notes ~$0.40 Fixed at 0.25% May 2026 Revolving Credit Facility ~$0.64 SOFR + spread based on leverage Jan 2030 Term Loan B (2) ~$0.90 $0.7B at EURIBOR + 200 bps Jan 2032 Credit Ratings ▪ S&P: BB (for both issuer & secured debt) ▪ Moody’s: Ba3 (issuer) and Ba2 (secured debt) Secured Leverage Holiday ▪ Secured leverage holiday provides flexibility and steps down over time ▪ 5.0x at timing of close, stepping down to 4.0x at 12 months and 3.5x at 18 months Total Net Leverage Covenant ▪ 5.75x ▪ Strong Q2 2025 cash generation allowed JBT Marel to reduce net debt to ~$1.8B ▪ JBT Marel’s bank leverage ratio was 2.8x, which includes the benefit of certain run rate synergies ▪ Net debt / trailing twelve months pro forma adjusted EBITDA, or financial leverage ratio, was just below 3.4x; reduced leverage by ~0.6x since the closing of the Marel transaction ▪ Ample liquidity (1) of ~$1.3B ▪ Convertible senior notes provide advantageous low coupon; there are not any liquidity or capital structure concerns with convertible going current
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IMPLEMENTING ACTIONS TO MITIGATE DIRECT COST IMPACT FROM CURRENT TARIFFS 7Note: Figures may have immaterial differences due to rounding. Annualized U.S. COGS Tariff Sensitivity Analysis Country / Region JBTM U.S. Spend ($ millions) Expected JBTM Impact: Tariff Costs Before Mitigation ($ millions) European Union (EU) ~$200 ~$35 - $45 United Kingdom (UK) ~$20 <$5 China ~$10 <$5 Canada ~$10 <$5 Brazil ~$10 ~$5 All Other Regions ~$60 ~$5 U.S. Domestic Purchases ~$250 ~$20 - $25 Estimated Total (Before Mitigation) ~$550 ~$80 - $95 annual / ~$20 - $25 per quarter Expected Net Tariff Impact in 2H 2025 (Inclusive of Estimated Mitigation) ~$10 - $15 per quarter Assumptions ▪ Table includes both third party and intercompany purchases of parts/materials and equipment from respective regions, which are expected to be subject to tariffs (based on 2024 annualized spend and estimate for 2025 growth) ▪ Costs based on current tariff expectations as of July 31, 2025 ▪ Analysis does not include reciprocal tariffs on JBT Marel exports from the U.S. or any potential customer demand impacts Tariff Mitigation Actions Short-Term Actions ▪ Utilizing strong supplier partnerships to seek concessions and consolidate procurement spends ▪ Parts price increases as of May 1 with continued evaluation ▪ Re-pricing of existing equipment orders already in backlog (where possible) and re-pricing of outstanding quotes Medium & Longer-Term Actions ▪ We believe that JBT Marel’s global footprint and capacity are advantageous, but supply chain actions described below take time and require more certainty around the long-term tariff environment ▪ Moving parts sourcing (internal and external) from high tariff locations to low/no tariff locations ▪ Assessing the ability to move equipment assembly for U.S. orders to low/no tariff jurisdictions and low-cost countries
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RE-ESTABLISHING FULL YEAR 2025 GUIDANCE 8 Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measures. Please see appendix for reconciliations. $ millions except EPS and margin FY 2025 Revenue $3,675 – $3,725 Income from Continuing Operations Margin (2.7%) – (1.7%) Adjusted EBITDA Margin (1) 15.25% – 16.0% GAAP EPS ($1.90) – ($1.20) Adjusted EPS (1) $5.45 – $6.15 Full Year 2025 Guidance Additional Modeling Details FY 2025 Assumptions ▪ Full year revenue expected to include ~$70 - $85M year-over-year tailwind from foreign exchange translation ▪ Net interest expense is estimated to be ~$105 - $110M, which inclusive of M&A related bridge financing fees ▪ Other income is expected to be ~$10M, which is related to cross currency swaps on the Term Loan B ▪ Total D&A is anticipated to be ~$285M, which is inclusive of acquisition related D&A ▪ Tax rate included in GAAP EPS is expected to be ~11 – 12%, and tax rate included in adjusted EPS is expected to be ~24 – 25% Additional Quarterly Color ▪ Expecting Q3 2025 revenue to be flat sequentially, which is inclusive of favorable foreign exchange impact ▪ Anticipate Q3 2025 margins to decline ~100 bps due to increased net tariff costs and unfavorable mix, partially offset by synergy savings FY 2025 Guidance Actual: 1H 2025 Expected: 2H 2025 Items included in GAAP EPS & Excluded in Adj. EPS ($ millions) Restructuring related costs 25$ 16$ ~10 M&A related costs 105 94 ~10 Acquisition related amortization and depreciation 195 100 ~95 Non-cash pension plan settlement 147 147 - M&A bridge financing fees 12 12 - Loss on investment from JV impairment charge 11 11 -
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EXPECTING TO ACHIEVE $150M IN COST SYNERGIES BY THE END OF YEAR 3 POST-TRANSACTION CLOSE 9 Anticipated Cost Synergies Annual Run-Rate Savings Exiting 2025 Total Annual Run-Rate Synergies by End of Year 3 Post-Close ~$80 - $90M $150M Cost of Goods Sold: ~$80M Direct Materials ▪ Supplier consolidation ▪ Best cost country sourcing ▪ Value add / value engineering Indirect ▪ Logistics efficiencies ▪ Spend reduction ▪ Supplier consolidation and center-led programs Plant & Other ▪ Operating footprint ▪ Factory flow optimization Operating Expense: ~$70M Sales and Marketing ▪ Streamline organizational structure ▪ Optimize consolidated spend General & Administrative ▪ Certain back-office resource rationalization ▪ Redundant systems, public company costs, and third-party contracts ▪ Optimize overlapping R&D programs Estimating ~65% in one-time costs to achieve total expected cost synergies
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Appendix
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NON-GAAP FINANCIAL MEASURES 11 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, M&A 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 from continuing operations and Adjusted diluted earnings per share from continuing operations: We adjust earnings for restructuring expense, M&A 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 M&A transactions and strategy (“M&A related costs”), acquisition related amortization and depreciation, amortization of debt issuance costs related to bridge financing for potential M&A 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. For free cash flow purposes, we consider contributions to pension plans to be more comparable to the payment of debt, and therefore exclude these contributions from the calculation of free cash flow.
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JBT MAREL RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA 12 (In millions) 2025 2024 2025 2024 Income (loss) from continuing operations 3.4$ 30.7$ (169.6)$ 53.4$ Income tax provision (benefit) 7.9 (3.3) (38.3) 4.8 Interest expense (income), net 29.0 (1.6) 70.0 (4.4) Other financing (income) (1) (3.0) - (5.0) - Loss on investment 10.6 - 10.6 - Pension expense, other than service cost (2) 0.2 1.0 147.0 2.0 Restructuring related costs(3) 5.6 0.2 16.2 1.3 M&A related costs(4) 20.0 14.5 94.4 19.7 Depreciation and amortization (5) 82.5 22.2 143.1 44.3 Adjusted EBITDA from continuing operations 156.2$ 63.7$ 268.4$ 121.1$ Total revenue 934.8$ 402.3$ 1,788.9$ 794.6$ Income (loss) from continuing operations margin 0.4% 7.6% -9.5% 6.7% Adjusted EBITDA margin 16.7% 15.8% 15.0% 15.2% (5) Depreciation and amortization, including the acquisition related amortization and depreciation expense, is excluded to determine EBITDA. (1) Other financing income represents transaction gains from fair value hedges on our foreign currency denominated debt, and are considered non- operating as they relate to our cost of borrowing on this debt. (4) M&A related costs for the three and six months ended June 30, 2025, respectively, include advisory and transaction related costs for both potential and completed M&A transactions and strategy of $4.6 million and $57.7 million, amortization of inventory step-up from business combinations of $9.3 million and $19.9 million, and integration costs of $6.1 million and $16.8 million. M&A related costs are excluded as they are generally short-term in nature and turn over quickly or are not part of the ongoing operations of our underlying business. Three Months Ended June 30, Six Months Ended June 30, (3) Costs incurred as a direct result of the restructuring program are excluded because they are not part of the ongoing operations of our underlying business. (2) Pension expense, other than service cost is excluded as it represents all non service-related pension expense, which consists of non-cash interest cost, expected return on plan assets, amortization of actuarial gains and losses, and settlement charges.
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JBT MAREL RECONCILIATION OF DILUTED EARNINGS PER SHARE (EPS) TO ADJUSTED DILUTED EPS 13 (In millions, except per share data) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Income (loss) from continuing operations 3.4$ (173.0)$ (6.9)$ 38.1$ 30.7$ Non-GAAP adjustments Restructuring related costs 5.6 10.6 0.3 (0.2) 0.2 M&A related costs 20.0 74.4 53.3 12.9 14.5 Loss on investment 10.6 Amortization of bridge financing debt issuance cost - 12.4 4.7 1.2 1.2 Acquisition related amortization and depreciation 58.3 41.7 11.4 11.0 11.1 Impact on tax provision from Non-GAAP adjustments (20.2) (31.0) (16.7) (6.3) (6.8) Recognition of non-cash pension plan related settlement costs - 146.9 23.3 - - Impact on tax provision from non-cash pension plan related settlement costs - (37.1) (6.0) - - Deferred tax benefit related to an internal reorganization - - - - (8.8) Discrete tax adjustment from M&A activity - 5.4 - - - Adjusted income from continuing operations 77.7$ 50.3$ 63.4$ 56.7$ 42.1$ Income from continuing operations 3.4$ (173.0)$ (6.9)$ 38.1$ 30.7$ Total shares and dilutive securities 52.2 51.7 32.2 32.2 32.2 Diluted earnings per share from continuing operations $ 0.07 $ (3.35) $ (0.21) $ 1.18 $ 0.96 Adjusted income from continuing operations 77.7$ 50.3$ 63.4$ 56.7$ 42.1$ Total shares and dilutive securities 52.2 51.9 32.2 32.2 32.2 Adjusted diluted earnings per share from continuing operations $ 1.49 $ 0.97 $ 1.97 $ 1.76 $ 1.31
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JBT MAREL RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW 14 (In millions) QTD YTD Cash provided by operating activities $ 102.2 $ 136.6 Less: Capital expenditures 18.5 $ 38.5 Plus: Proceeds from disposal of assets 3.9 $ 4.5 Plus: Pension contributions 0.4 $ 3.2 Free cash flow $ 88.0 $ 105.8 Q2 2025
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JBT MAREL LEVERAGE RATIO CALCULATIONS 15 (In millions) Q2 2025 Total debt 1,921.5$ Less: cash and marketable securities 111.8 Net debt 1,809.7 Other items considered debt under the credit agreement 37.3 Consolidated total indebtedness (1) 1,847.0$ Trailing twelve months adjusted EBITDA from continuing operations 442.2$ Pro forma EBITDA of recent acquisitions (2) 90.9 Trailing twelve months pro forma adjusted EBITDA 533.1 Other adjustments net to earnings under the credit agreement 118.2 Consolidated EBITDA (1) 651.3$ Bank total net leverage ratio (Consolidated Total Indebtedness / Consolidated EBITDA) 2.9x Total net debt to trailing twelve months Adjusted EBITDA from continuing operations 3.4x (1) As defined in the credit agreement. (2) Pro forma EBITDA related to the acquisitions in the prior twelve months as defined in the credit agreement.
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JBT MAREL RECURRING VS. NON-RECURRING REVENUE 16 QTD YTD Type of Good or Service Recurring(1) 485.1$ 934.0$ Non-recurring (1) 449.7 854.9 Total 934.8$ 1,788.9$ % of recurring 52% 52% (1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation. As of June 30, 2025
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JBT MAREL RECONCILIATION OF DILUTED EPS FROM CONTINUING OPERATIONS TO ADJUSTED DILUTED EPS GUIDANCE 17 Guidance (In cents) Full Year 2025 Diluted earnings per share from continuing operations ($1.90) - ($1.20) Non-GAAP adjustments: Restructuring related costs (1) 0.48 M&A related costs(2) 2.01 Acquired asset depreciation and amortization (3) 3.75 Bridge financing fees and related costs (4) 0.24 Pension lump sum payment and termination (5) 2.82 Loss on investment (6) 0.21 Impact on tax provision from Non-GAAP adjustments (7) (2.15) Adjusted diluted earnings per share from continuing operations $5.45 - $6.15 (6) Loss on investment is estimated to be approximately $11 million for the full year 2025. This is an impairment loss from a joint-venture investment, which occurred in the second quarter. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (7) Impact on tax provision for 2025 tax provision on non-GAAP adjustments was calculated using a tax rate of approximately 24-25% based on a estimate of the tax rate of the country in which the non-GAAP adjustments are originating. (2) M&A related costs are estimated to be approximately $105 million for the full year 2025, of which $20 million is related to amortization of inventory step up from business combinations, $27 million is related to integration costs, and $58 million is related to advisory and transaction related costs for both potential and completed M&A transactions and strategy. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (3) Acquisition related amortization and depreciation is expected to be approximately $195 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (1) Restructuring related costs are estimated to be approximately $25 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (5) Pension expense, other than service cost for the lump sum payment and termination of the pension plan is estimated to be approximately $147 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (4) Bridge financing fees and related costs are estimated to be approximately $12 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share.
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JBT MAREL RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED EBITDA GUIDANCE 18 Guidance (In millions) Full Year 2025 (Loss) from continuing operations ($100) - ($65) Income tax provision ($11) - ($9) Pension expense, other than service cost (3) ~$147 Interest expense, net $110 - $105 Other financing income (5) ~($10) Loss on investment (4) ~$11 Restructuring related costs (1) ~$25 M&A related costs(2) ~$105 Depreciation and amortization ~$285 Adjusted EBITDA from continuing operations $560 - $595 Revenue $3,675 - $3,725 (Loss) from continuing operations margin (2.7%) - (1.7%) Adjusted EBITDA margin 15.25% - 16.0% (2) M&A related costs are estimated to be approximately $105 million for the full year 2025, of which $20 million is related to amortization of inventory step up from business combinations, $27 million is related to integration costs, and $58 million is related to advisory and transaction related costs for both potential and completed M&A transactions and strategy. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (3) Pension expense, other than service cost for the lump sum payment and termination of the pension plan is estimated to be approximately $147 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (4) Loss on investment is estimated to be approximately $11 million for the full year 2025. This is an impairment loss from a joint-venture investment, which occurred in the second quarter. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (5) Other financing income is estimated to be approximately $10 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share. (1) Restructuring related costs are estimated to be approximately $25 million for the full year 2025. The amount has been divided by our estimate of 52.2 million total shares and dilutive securities to derive earnings per share.