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Q3 2026 Earnings Presentation November 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 ongoing operating results, consistent with how management evaluates 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 in accordance with U.S. GAAP. Reconciliations of non-GAAP financial measures can be found in the supplemental schedules to this presentation. Also note that a reconciliation of certain forward-looking non-GAAP measures, including Adjusted EBITDA margin, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of adjustment items including, but not limited to, restructuring charges, M&A related costs, depreciation and amortization, interest expense and capital expenditures. In addition, we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. Forward-Looking Statements This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-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 liquidity. 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 diseases to various agricultural products; work stoppages; customer sourcing initiatives; competition and innovation in our industries; disruptions in the political, regulatory, economic and social 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 infringement; 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, future developments, subsequent events or changes in circumstances or otherwise.
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3 Q3 2026 Highlights Continued demand for our comprehensive solutions with quarterly consolidated book-to-bill of just below 1x and trailing 4 quarters book-to-bill of 1.05x Solid year-over-year revenue growth in the Protein Solutions segment, which was offset by lower-than-expected book-and-ship revenue in the Prepared Food and Beverage Solutions (PFB) segment Achieved record quarterly consolidated adjusted EBITDA (1) and adjusted EBITDA margin(1) of $179M and 18% respectively, driven by expense management, cost synergy realization, mix, and pricing Utilized strong free cash flow to repurchase ~800,000 shares for ~$94M and announced increased share repurchase program as part of capital allocation strategy (1) Non-GAAP measure. Please see appendix for reconciliation.
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Demonstrating Demand Strength for our Solutions & Resiliency of the Recurring Revenue Model Note: Figures may have immaterial differences due to rounding. $1.04 $1.07 $1.03 $0.98 $1.37 $1.49 $1.54 $1.52 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Orders Backlog $490 $485 $497 $502 $518 $451 $484 $492 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Recurring Revenue Non-Recurring Revenue Orders and Backlog Trend Recurring & Non-Recurring Revenue Trend ▪ Over the last four quarters, orders were primarily led by global demand for poultry solutions with more recent strength in secondary and further/end of line solutions ▪ Achieved trailing four quarters book-to-bill of 1.05x, demonstrating solid demand environment ▪ Delivered trailing four quarters recurring revenue mix of 50% ▪ Recurring revenue provides consistency quarter to quarter as large global installed base of equipment requires timely service and critical high-wear parts to keep high-volume equipment up and running 4 ($ in billions) ($ in millions)
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JBT Marel Consolidated Q3 2026 Financial Performance 5 $946 $976 Q3 2025 Q3 2026 Orders $1,001 $994 Q3 2025 Q3 2026 Revenue $171 $179 Q3 2025 Q3 2026 Adj. EBITDA(1) & Margin(1) $1.94 $2.19 Q3 2025 Q3 2026 Adj. EPS(1) ($ in millions) ($ in millions) ($ in millions except margin) +3% growth 1% decline +5% $ growth & +90 bps margin improvement +13% growth ▪ Orders were fairly broad based, including demand in ready meals, pork, and prepared foods end markets as well as demand within secondary poultry ▪ Experienced normal seasonality / variability in Q3; pipeline remains strong for global protein, including prepared foods ▪ Revenue declined as strong growth from Protein Solutions segment was offset by declines in PFB segment ▪ Revenue was short of guidance midpoint by ~$25M due to book- and ship business in the CPG end market (within PFB segment) ▪ FX had minimal impact on results ▪ Adj. EBITDA and adj. EBITDA margin improvement was driven by strong execution, including expense management, cost synergy realization, mix, and pricing even as volume declined ▪ Adj. EBITDA was $3M higher than implied guidance midpoint as lower opex, resulting from cost controls and expense seasonality, more than offset ~$6M adj. EBITDA impact from lower volume ▪ Adjusted EPS growth was the result of strong operational execution and lower interest expense 17.1% 18.0% Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measure. Please see appendix for reconciliations.
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Protein Solutions Segment Q3 2026 Financial Performance 6 $441 $469 Q3 2025 Q3 2026 Revenue $94 $105 Q3 2025 Q3 2026 Adj. EBITDA & Margin ($ in millions) ($ in millions except margin) +6% growth +12% $ growth & +110 bps margin improvement 21.3% 22.4% ▪ As expected, achieved solid segment organic revenue growth driven by converting strong Poultry backlog to revenue ▪ Segment adjusted EBITDA and adjusted EBITDA margin improved, primarily driven by volume leverage, cost synergy realization, and pricing Key Takeaways Note: Figures may have immaterial differences due to rounding.
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Prepared Food and Beverage Solutions Segment Q3 2026 Financial Performance 7 $560 $525 Q3 2025 Q3 2026 Revenue $102 $101 Q3 2025 Q3 2026 Adj. EBITDA & Margin ($ in millions) ($ in millions except margin) 6% decline 1% $ decline & +90 bps margin improvement 18.3% 19.2% Key Takeaways ▪ Segment revenue decline was driven by lower CPG-related book-and-ship volume within the Diversified Food and Health business, which is part of the PFB segment ▪ Segment adjusted EBITDA margin improved meaningfully as benefits from restructuring in the warehouse automation business along with overall segment mix, cost synergy realization, and pricing more than offset the margin impact from lower volume leverage Note: Figures may have immaterial differences due to rounding.
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Strong Free Cash Flow Performance & Returns-Based Approach to Capital Allocation Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measure. Please see appendix for reconciliations. Free Cash Flow(1) Performance $57 $73 Q3 2025 Q3 2026 Trailing 4 Quarters as of 9/30/26 FCF Conversion as % of Adj. EBITDA(1) 33% 41% 52% $339 ($ in millions) Capital Allocation Actions 8 ▪ During Q3 2026, repurchased ~800,000 shares for ~$94M ▪ Strong quarterly free cash flow allowed us to maintain a leverage ratio below 2.5x while opportunistically repurchasing shares ▪ On October 30, 2026, the Board of Directors increased the existing share repurchase authorization by $500M; total program authorization is now $700M ▪ Increased share repurchase authorization gives us the ability to utilize strong free cash flow generation to opportunistically repurchase shares when we believe there is a disconnect between the stock price and the intrinsic value of JBT Marel ▪ Expect opportunistic share buy backs to be balanced to maintain leverage ratio within desired long-term range of 2.0 – 2.5x
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Updated Guidance for FY 2026 9 In millions except EPS and margin Updated FY 2026 Consolidated Guidance Prior FY 2026 Consolidated Guidance Revenue $3,950 – $4,000 $3,990 – $4,065 Net Income Margin 5.6% – 6.0% 5.5% – 6.0% Adjusted EBITDA Margin(1) 17.25% – 17.50% 17.0% – 17.5% GAAP diluted EPS $4.30 – $4.60 $4.20 – $4.70 Adjusted EPS(1) $8.10 – $8.40 $7.85 – $8.35 Refinements to guidance ▪ Updated revenue, net income, and adjusted EBITDA to reflect lower third quarter book-and-ship volume and revised fourth quarter expectations for the Diversified Food and Health business within the PFB segment ▪ At the same time, increased the midpoint of adjusted EBITDA margin, reflecting operational execution and disciplined cost management ▪ Increased adjusted EPS guidance as a result of lower interest expense, taxes, and share count Other assumptions ▪ Expecting year-over-year consolidated revenue growth of ~5% at the midpoint of guidance, which is inclusive of ~1.5% foreign exchange translation benefit ▪ Expecting ~$168M in acquisition related amortization and depreciation, ~$33M in M&A related costs, ~$24M in restructuring costs, and $33M in non-cash impairment expense incurred in Q2 ▪ Total depreciation and amortization is expected to be ~$261M; full year 2026 capex is estimated to be $100 - $110M ▪ Interest expense is estimated to be ~$46M, which is inclusive of $3M in non-cash, accelerated debt issuance costs incurred in Q3 that are excluded from adjusted EPS; other financing income is expected to be ~$6M ▪ The tax rate is expected to be ~23% for the full year Key Modeling Items Note: Figures may have immaterial differences due to rounding. (1) Non-GAAP measure. Please see appendix for reconciliations.
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Strategic Initiative Updates
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Executing Multiple Levers to Deliver ~$150M in Expected Realized Cost Synergy Savings for FY 2028 11 Achieved Annual Run-Rate Savings Exiting 2025 Target Annual Run- Rate Savings Exiting 2026 Target Annual Run- Rate Savings Exiting 2027 ~$85M ~$150M Run-Rate Cost Synergy Savings In-Year Cost Synergy Savings Through 2028 ($M) 2025 2026E 2027E 2028E Total OPEX $24 ~$22 $10 - $15 ~$5 $60 - $65 COGS $19 ~$35 $25 - $30 $7 - $10 $85 - $95 Total $43 ~$57 $35 - $45 $12 - $15 ~$150 Footprint ~$6 $12 - $15 ~$8 $25 - $30 ▪ On-track to deliver target realized cost synergy savings of ~$150M for FY 2028 in a highly inflationary environment ▪ Due to the evolving trade / inflationary environment, certain supply chain savings are being augmented with accelerated footprint consolidation efforts, allowing us to achieve our target cost synergy savings of ~$150M ▪ OPEX savings to date include reduced back-office overlap, streamlined systems, and consolidated third party contracts to realize OPEX savings while preserving critical commercial and technology resources and investments ▪ COGS savings to date include consolidated suppliers for logistics and direct materials and initial footprint rationalization benefits; footprint savings are included in both OPEX and COGS with weight toward COGS ~$115M Note: Figures may have immaterial differences due to rounding.
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Phased Approach to Key Footprint Optimization Projects, Allowing Team to Focus on Critical Planning and Execution 12(1) The DF&H acronym represents the Diversified Food & Health businesses that sits within the PFB segment. Key Milestone Achieved ▪ Closed 5 manufacturing, distribution, and service facilities as of 09/30/2026, including 1 larger facility and 4 smaller locations ▪ Improved facility productivity compared to Q2 2026 as part of transitioning products to lower-cost, higher productivity operations Execution Underway ▪ Began consolidating two adjacent DF&H(1) pet food equipment facilities in Kansas; consolidation expected to be complete in Q1 2027 ▪ Initiated movement of certain spare- parts inventory to the global distribution centers in Buford, GA and Eindhoven, Netherlands ▪ Operational plans to increase Slovakia facility production by ~20% per year in 2026 & 2027 2027 Areas of Focus ▪ Consolidate, in phases, two higher- cost DF&H(1) manufacturing locations into lower-cost, higher productivity operations; these facilities already manufacture the products that are being transferred ▪ Continue transitioning certain product line production and spare parts fulfillment to take advantage of capacity and productivity in low-cost manufacturing facilities and our high- tech Eindhoven, NL distribution facility 2026 & 2027 Initiatives Are Expected to Reduce Manufacturing & Distribution Space by ~1.1M Square Feet & Office Space by ~0.2M Square Feet
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13 Key Takeaways Executing NextGen strategy and on the path to achieve target adjusted EBITDA margin(1) of 20% for FY 2028 Focused integration and phased approach to facility optimization projects provides line of sight to achieve cost synergy savings targets for FY 2028 Benefitting from comprehensive solutions across key end markets and global demand for equipment and resilient recurring parts / service Strong financial profile provides balanced capital allocation strategy, including opportunistic share repurchases when stock is viewed as undervalued (1) Non-GAAP measure. Please see appendix for definitions.
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Appendix
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Non-GAAP Financial Measures 15 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 16
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JBT Marel Reconciliation of Diluted Earnings Per Share (EPS) to Adjusted Diluted EPS 17
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JBT Marel Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (FCF) 18
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JBT Marel Leverage Ratio Calculations 19
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JBT Marel Recurring vs. Non-Recurring Revenue 20
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JBT Marel Reconciliation of Diluted EPS to Adjusted Diluted EPS Guidance 21Note: Figures may have immaterial differences due to rounding.
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JBT Marel Reconciliation of Net Income to Adjusted EBITDA Guidance 22Note: Figures may have immaterial differences due to rounding.