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Q2 2026 Earnings Presentation August 3, 2026
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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 income, Adjusted diluted earnings per share (“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 ong oing operating results, consistent with how management evaluates performance. Management uses these non-GAAP measures in financial and operational evaluation, planning and forecasting. These ca lculations 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 c onsidered in isolation of, financial measures prepared in accordance with U.S. GAAP. Reconciliations of non-GAAP financial measures can be found in the supplemental schedules to this pre sentation. 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 us will be achieved. These forward-looking statements include, among others, statements relating to our business and our results of operations, our strategic plans, our restructuring plans and expected cost savings from those plans and our liquid ity. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: fluctuations in our financial results; termination or loss of major customer contracts and risks associated with fixed -price contracts, particularly during periods of high inflation; catastrophic loss at any of our facilities and business continuity of our information systems; loss of key management and other personnel; our ability to remediate the material weaknesses relating to the Marel financial statements; deterioration of economic conditions , including impacts from supply chain delays and reduced material or component availability; unanticipated delays or acceleration in our sales cycles; inflationary pressures, including increases in energy, raw material, freight, and labor costs; changes in food consumption patterns; weather conditions and natural disasters; impacts of pandemic illnesses, food borne illnesses and disea ses to various agricultural products; work stoppages; customer sourcing initiatives; competition and innovation in our industries; disruptions in the political, regulatory, economic and so cial conditions of the countries in which we conduct business; changes to tariffs, trade regulations, quotas, or duties; potential liability arising out of the installation or use of our systems; the impact of climate change and environmental protection initiatives; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; risks related to acquisitions, such as our ability to integrate the acquisitions we have consummated, including the integration of the legacy businesses of JBT and Marel; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringeme nt; cybersecurity risks such as network intrusion or ransomware schemes; our convertible note hedge and warrant transactions; the maintenance of two stock exchange listings; fluctuations in currency exchange rates and interest rates; our level of indebtedness; 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 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 incorrect, 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 presentation 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, fut ure developments, subsequent events or changes in circumstances or otherwise.
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JBT Marel Consolidated Results Summary 3 Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measure. Please see appendix for reconciliation. ▪ Orders and backlog both increased 10% year over year; book-to-bill ratio was 1.05x ▪ Revenue and adjusted EBITDA margin were near the low end of guidance driven by delayed backlog-to-revenue conversion resulting from logistics constraints and manufacturing inefficiencies within the Prepared Food and Beverage Solutions segment ▪ Year-over-year adjusted EBITDA included tariff refunds, higher inflationary costs (inclusive of tariffs), and higher long-term incentive compensation ▪ Included in net income was a $33M non-cash, non-recurring impairment charge related to a 2021 acquisition ▪ Year-to-date free cash flow increased nearly 70% year over year with leverage just below 2.5x Q2 2026 Consolidated Results Key Takeaways Q2 2026 Q2 2025 In millions except EPS and margin Orders $1,030 $938 Backlog $1,536 $1,394 Revenue $981 $935 Net income (loss) $28 $3 Net income (loss) margin 2.9% 0.4% Adjusted EBITDA(1) $168 $156 Adjusted EBITDA margin (1) 17.1% 16.7% GAAP diluted EPS $0.54 $0.07 Adjusted EPS(1) $1.95 $1.49 Cash provided by operating activities $221 $137 Year-to-date free cash flow(1) $179 $106
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JBT Marel Segment Results Summary Note: Figures may have immaterial differences due to rounding. ▪ Protein Solutions segment revenue increased 11% year over year, which included approximately 3% benefit from foreign exchange; the strong organic growth was primarily due to higher poultry related volume ▪ Protein Solutions segment adjusted EBITDA margin improved 350 bps year over year ▪ Prepared Food and Beverage Solutions segment results were below expectations due to timing of backlog conversion which resulted from logistics constraints and productivity inefficiencies in connection with optimizing supply chain and manufacturing operations ▪ Segment revenue was flat, which included approximately 2% benefit from foreign exchange ▪ Segment adjusted EBITDA margin declined 70 bps $421 $467 Q2 2025 Q2 2026 Segment Revenue Segment Adj. EBITDA Margin Segment Revenue Segment Adj. EBITDA Margin 4 Protein Solutions Segment Prepared Food and Beverage Solutions Segment $514 $514 Q2 2025 Q2 2026 20.5% 24.0% Q2 2025 Q2 2026 18.2% 17.5% Q2 2025 Q2 2026 Q2 2026 Key Highlights
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43% 39% 10% 8% Solid Q2 2026 Orders and Backlog 5Note: Figures may have immaterial differences due to rounding. 51%49% Recurring Non-Recurring EMEA Latin America Asia Pacific ▪ Third consecutive quarter where orders exceeded $1 billion; included in orders of $1.03B was ~$16M in year-over-year foreign exchange benefit ▪ Demand was broad-based with continued strong investment in poultry with particular strength in value added, prepared foods solutions; healthy demand in seafood and pet food end markets and improvement in warehouse automation investment after a few soft quarters ▪ Non-U.S. revenue includes the beneficial impact of the weaker U.S. dollar U.S. & Canada Q2 2026 Consolidated Revenue Breakdown Orders and Backlog Trend ($B) $0.94 $0.95 $1.04 $1.07 $1.03 $1.39 $1.34 $1.37 $1.49 $1.54 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Orders Backlog Q2 2026 Key Highlights
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Strong Cash Generation and Balance Sheet Position 6 Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measure. Please see appendix for reconciliations. Free Cash Flow(1) Profile ($M) $88 $79 Q2 2025 Q2 2026 Trailing 4 Quarters as of 6/30/26 FCF Conversion as % of Adj. EBITDA(1) 56% 47% Key Highlights ▪ Continued to generate healthy free cash flow with 50% conversion to adjusted EBITDA on a trailing four quarters basis ▪ Q2 2026 free cash flow included higher year-over-year CAPEX 50% $323 2.9x Transaction Close 12/31/25 6/30/2026 Leverage Ratio Key Highlights ▪ Rapid deleveraging of the balance sheet enabled by strong free cash flow generation and adjusted EBITDA growth ▪ Reduced leverage to within long-term target leverage range of 2.0 – 2.5x within 18 months of the Marel transaction ▪ Utilized a combination of cash on hand and revolver draw to repay the May 2026 convertible notes at maturity ~4.0x Just below 2.5x
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Reiterating FY 2026 Guidance for Revenue and Adj. EBITDA Margin 7 Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measures. Please see appendix for reconciliations. In millions except EPS and margin FY 2026 Consolidated Guidance Revenue $3,990 – $4,065 Income from Continuing Operations Margin 5.5% – 6.0% Adjusted EBITDA Margin(1) 17.0% – 17.5% GAAP diluted EPS $4.20 – $4.70 Adjusted EPS(1) $7.85 – $8.35 Refinements to guidance ▪ Adjusted EPS guidance now includes revised assumptions for depreciation and amortization expense and the effective tax rate ▪ Net income margin and GAAP diluted EPS were revised to primarily reflect the $33M non-cash, non-recurring impairment charge incurred in Q2 2026 Other assumptions ▪ Expecting year-over-year consolidated revenue growth of 5 – 7%, which is inclusive of ~1.5% foreign exchange translation benefit ▪ Estimating ~$167M in acquisition related amortization and depreciation, ~$32M in M&A related costs, and ~$20M in restructuring costs ▪ Total depreciation and amortization is expected to be ~$263M; full year 2026 capex is estimated to be $105 - $120M ▪ Interest expense is estimated to be ~$47M, and other financing income is expected to be ~$7M ▪ Tax rate is expected to be approximately 24% Key Modeling Items
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Appendix
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Non-GAAP Financial Measures 9 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 before income taxes, interest expense (income), net, other financing income, pension expense other than service cost, restructuring costs, M&A related costs, including acquisition and integration-related expenses, one-time impairment charges, 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 costs, M&A related costs, including acquisition and integration-related expenses, one-time impairment charges, inventory step-up amortization from business combinations; acquisition-related amortization and depreciation, acquisition financing costs, non-cash service pension costs and the related tax effects of these adjustments. ▪ 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 per iods, percentage amounts were calculated using the unrounded underlying values rather than the rounded figures presented. As a result, certain percentage amounts in this pr esentation may differ slightly from percentages calculated using the figures presented in the Company’s Condensed Consolidated Financial Statements or the accompanying narrative.
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JBT Marel Reconciliation of Net Income to Adjusted EBITDA 10
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JBT Marel Reconciliation of Diluted Earnings Per Share (EPS) to Adjusted Diluted EPS 11
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JBT Marel Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (FCF) 12
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JBT Marel Leverage Ratio Calculations 13
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JBT Marel Recurring vs. Non-Recurring Revenue 14
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JBT Marel Reconciliation of Diluted EPS to Adjusted Diluted EPS Guidance 15
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JBT Marel Reconciliation of Net Income to Adjusted EBITDA Guidance 16