Second Quarter 2026 Highlights:
-- Continued strong demand with orders exceeding $1 billion; revenue was
$981 million, resulting in a book-to-bill ratio of 1.05x
-- Net income margin was 2.9 percent, and adjusted EBITDA margin was 17.1
percent
-- Diluted earnings per share was $0.54, and adjusted earnings per share
was $1.95
-- Leverage ratio was just below 2.5x and within the long-term target
leverage range of 2.0 - 2.5x
CHICAGO--(BUSINESS WIRE)--August 03, 2026--
JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the second quarter of 2026.
"We are extremely pleased with the continued orders strength, which was led by robust demand in our Prepared Food and Beverage Solutions segment with strong customer investment in downstream, further processing technology," said Brian Deck, Chief Executive Officer. "While we experienced some operational inefficiencies and logistics constraints in the Prepared Food and Beverage Solutions segment in the second quarter, our record backlog, coupled with the fundamental benefits of the JBT Marel combination and ongoing operational improvement initiatives, provide visibility into our second half 2026 outlook and further our confidence in achieving our full year revenue and adjusted EBITDA guidance."
Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtmarel.com/events/presentations.
JBT Marel Second Quarter 2026 Consolidated Results
"We continue to execute on our integration and cost synergy initiatives, which we expect will enable $60 million of in-year realized savings for 2026," said Matt Meister, Chief Financial Officer. "At the same time, we are navigating a dynamic operating environment with higher inflationary costs. While these factors create near-term headwinds, our focus remains on disciplined execution, pricing actions, and operational improvements to mitigate the impact."
Second quarter 2026 consolidated revenue of $981 million increased 5 percent with approximately 2 percent benefit from foreign exchange translation. Net income of $28 million increased $25 million, and net income margin of 2.9 percent improved 250 basis points. Included in net income was a $33 million non-cash, non-recurring impairment charge related to a 2021 acquisition.
During the second quarter 2026, JBT Marel operated in a dynamic economic and trade environment and experienced a few discrete items, the effects of which will be discussed during the upcoming earnings call.
Second quarter 2026 consolidated adjusted EBITDA of $168 million increased $12 million, and adjusted EBITDA margin of 17.1 percent improved 40 basis points. Diluted earnings per share (EPS) was $0.54 compared to $0.07. Adjusted EPS was $1.95 compared to $1.49. Orders totaled $1.03 billion, inclusive of approximately $16 million in a year-over-year benefit from foreign exchange translation, and quarter-ending backlog was $1.54 billion.
Year to date 2026 operating cash flow was $221 million, and free cash flow was $179 million. As of June 30, 2026, the Company's net debt to trailing twelve months adjusted EBITDA was 2.47x.
As previously announced, JBT Marel's Board of Directors authorized a share repurchase program for the purchase of up to $200 million of the Company's common stock, effective from May 18, 2026, through May 31, 2029. During the second quarter 2026, the Company repurchased approximately 200,000 shares of common stock for $26 million.
JBT Marel Second Quarter 2026 Segment Results
Three Months Ended June 30, 2026
------------------------------------------------
Prepared Food and
In millions except margin Protein Solutions Beverage Solutions
------------------------- ---------------------
Segment revenue $ 467 $ 514
Segment adjusted EBITDA $ 112 $ 90
Segment adjusted EBITDA
margin 24.0 % 17.5 %
Second quarter 2026 Protein Solutions segment revenue increased 11 percent, inclusive of approximately 3 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin improved 350 basis points.
Second quarter 2026 Prepared Food and Beverage Solutions segment results were below Company expectations primarily due to the timing of backlog-to-revenue conversion resulting from logistics constraints and certain productivity inefficiencies in connection with optimizing supply chain and manufacturing operations. Segment revenue was flat, inclusive of approximately 2 percent year-over-year benefit from foreign exchange translation. Segment adjusted EBITDA margin declined 70 basis points.
JBT Marel Outlook
JBT Marel is reiterating its full year 2026 guidance for revenue and adjusted EBITDA margin. It has refined its guidance for adjusted EPS to reflect updated assumptions for depreciation and amortization expense and the effective tax rate. The Company also updated its full year 2026 net income margin and GAAP EPS guidance primarily to reflect the non-cash, non-recurring impairment charge incurred in the second quarter. The below table reflects consolidated guidance.
Guidance
-------------------------
In millions except EPS and margin FY 2026
-------------------------
Revenue $3,990 - $4,065
Net income 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
(1) Non-GAAP figure. Please see supplemental schedules for adjustments and
reconciliations.
For the full year 2026, JBT Marel still expects year-over-year consolidated revenue growth of 5 - 7 percent, which is inclusive of approximately 1.5 percent foreign exchange translation benefit.
For the full year 2026, JBT Marel expects to incur certain one-time and acquisition related costs for previously completed transactions, which are included in net income margin and GAAP diluted EPS guidance and excluded from adjusted EPS and adjusted EBITDA margin guidance. These include approximately $167 million in acquisition related amortization and depreciation, $32 million in M&A related costs, $20 million in restructuring costs, and $33 million in non-cash impairment expense incurred in the second quarter.
Full year 2026 total depreciation and amortization is expected to be approximately $263 million. Interest expense is estimated to be approximately $47 million, and other financing income is expected to be approximately $7 million. The full year tax rate is estimated to be approximately 24 percent.
Earnings Conference Call
A conference call is scheduled for 10:00 a.m. ET / 14:00 GMT on Tuesday, August 4, 2026, to discuss second quarter 2026 results. A simultaneous webcast and audio replay of the call will be available on the Company's Investor Relations website at https://ir.jbtmarel.com/events/ir-calendar.
About JBT Marel Corporation
JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT Marel's unique solutions of integrated equipment, service, software, and application expertise enables customers to optimize food yield and efficiency, improve food safety and quality, and enhance uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain. JBT Marel operates more than 50 manufacturing and distribution facilities globally. For more information, please visit www.jbtmarel.com.
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 release.
Presentation of Percentage Calculations
Effective in 2026, percentage amounts presented in this press release have been calculated using rounded figures. In prior periods, percentage amounts were calculated using the unrounded underlying values rather than the rounded figures presented. As a result, certain percentage amounts in this section may differ slightly from percentages calculated using the figures presented in the Company's Consolidated Financial Statements or the accompanying narrative.
Forward-Looking Statements
This release 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 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.
JBT MAREL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited and in millions, except per share data)
Three Months Ended June
30, Six Months Ended June 30,
----------------------- ---------------------------
2026 2025 2026 2025
---------- ----------- ----------- --------------
Revenue $ 981 $ 935 $ 1,917 $ 1,789
Cost of sales 622 600 1,229 1,162
------ ------- ------- ----------
Gross profit 359 335 688 627
Gross profit
margin 36.6 % 35.8 % 35.9 % 35.0 %
Selling,
general and
administrative
expense 313 287 574 612
------ ------- ------- ----------
Operating income
(loss) 46 48 114 15
Operating income
margin 4.7 % 5.1 % 5.9 % 0.8 %
Pension
expense, other
than service
cost -- -- -- 147
Loss on
investment -- 11 -- 11
Interest
expense, net 13 29 23 70
Other income (2) (3) (4) (5)
------ ------- ------- ----------
Income (loss)
before income
taxes 35 11 95 (208)
Income tax
provision
(benefit) 7 8 22 (38)
------ ------- ------- ----------
Net income (loss) $ 28 $ 3 $ 73 $ (170)
====== ======= ======= ==========
Earnings (loss)
per share:
Basic $ 0.54 $ 0.07 $ 1.40 $ (3.27)
====== ======= ======= ==========
Diluted $ 0.54 $ 0.07 $ 1.40 $ (3.27)
====== ======= ======= ==========
Weighted average
shares
outstanding:
Basic 52.1 52.1 52.1 51.9
Diluted 52.2 52.2 52.3 51.9
Other business
information from
operations:
Inbound orders $ 1,030 $ 938 $ 2,100 $ 1,854
Orders backlog $ 1,536 $ 1,394
JBT MAREL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED
EARNINGS PER SHARE
(Unaudited and in millions, except per share data)
Three Months Ended June
30, Six Months Ended June 30,
------------------------ ----------------------------
2026 2025 2026 2025
----------- ----------- ----------- ---------------
Net income
(loss) $ 28 $ 3 $ 73 $ (170)
Non-GAAP
adjustments
Restructuring
and related
costs, net
(1) 12 6 10 17
M&A related
costs (2) 11 20 19 94
Impairment of
intangible
assets (3) 33 -- 33 --
Acquisition
related
amortization
and
depreciation
(4) 42 58 87 100
Loss on
investment -- 11 -- 11
Amortization
of bridge
financing
debt issuance
cost -- -- -- 12
Impact from
tax provision
on Non-GAAP
adjustments
(5) (24) (20) (37) (51)
Recognition of
non-cash
pension plan
related
settlement
costs -- -- -- 147
Impact on tax
provision
from non-cash
pension plan
related
settlement
costs -- -- -- (37)
Discrete tax
adjustment
from M&A
activity -- -- -- 5
--- ------ --- ------ --- ------ -----------
Adjusted income $ 102 $ 78 $ 185 $ 128
=== ====== === ====== === ====== ===========
Net income
(loss) $ 28 $ 3 $ 73 $ (170)
Total shares and
dilutive
securities 52.2 52.2 52.3 51.9
--- ------ --- ------ --- ------ -----------
Diluted earnings
(loss) per
share $ 0.54 $ 0.07 $ 1.40 $ (3.27)
=== ====== === ====== === ====== ===========
Adjusted income $ 102 $ 78 $ 185 $ 128
Total shares and
dilutive
securities 52.2 52.2 52.3 52.0
--- ------ --- ------ --- ------ -----------
Adjusted diluted
earnings per
share $ 1.95 $ 1.49 $ 3.54 $ 2.46
=== ====== === ====== === ====== ===========
(1) Costs associated with restructuring actions, primarily consisting of
severance and related employee costs. These costs are not considered
reflective of our ongoing operating performance.
(2) Advisory, strategy, integration, and other costs associated with
completed M&A transactions. These costs are directly attributable to the
integration of acquired businesses and are not considered indicative of
our ongoing operating performance.
(3) Non-cash impairment charge related to acquired intangible assets
recorded in the second quarter of 2026. This charge is not considered
reflective of our ongoing operating performance.
(4) Amortization and depreciation resulting from the fair value
adjustments recorded in connection with acquisitions. These expenses are
not considered indicative of our ongoing operating performance and are
directly attributable to acquired businesses.
(5) Impact on tax provision was calculated using the enacted rate for
the relevant jurisdiction for each period shown.
The above table reports adjusted income and adjusted diluted earnings
per share, which are non-GAAP financial measures. We use these measures
internally to make operating decisions and for the planning and
forecasting of future periods, and therefore provide this information to
investors because we believe it allows more meaningful period-to-period
comparisons of our ongoing operating results, without the fluctuations
in the amount of certain costs that do not reflect our underlying
operating results.
JBT MAREL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Unaudited and in millions)
Three Months Ended June Six Months Ended June
30, 30,
------------------------- ------------------------
2026 2025 2026 2025
------------ ----------- ---------- ------------
Net income (loss) $ 28 $ 3 $ 73 $ (170)
Income tax
provision
(benefit) 7 8 22 (38)
Interest
expense, net 13 29 23 70
Other
financing
income (1) (2) (3) (4) (5)
Restructuring
and related
costs, net
(2) 12 6 10 17
M&A and
related costs
(3) 11 20 19 94
Impairment of
intangible
assets (4) 33 -- 33 --
Loss on
investment -- 11 -- 11
Pension
expense,
other than
service cost
(5) -- -- -- 147
Depreciation
and
amortization
(6) 66 82 134 143
---- ------ ------- ------ -----------
Adjusted EBITDA $ 168 $ 156 $ 310 $ 268
==== ====== ======= ====== ===========
Total revenue $ 981 $ 935 $ 1,917 $ 1,789
Net income (loss)
margin 2.9 % 0.4 % 3.8 % (9.5) %
Adjusted EBITDA
margin 17.1 % 16.7 % 16.2 % 15.0 %
(1) Other financing income represents transaction gains from fair
value hedges on our foreign currency denominated debt, which are
considered non-operating as they relate to the cost of borrowing on
debt.
(2) Costs associated with restructuring actions, primarily consisting
of severance and related employee costs. These costs are not
considered reflective of our ongoing operating performance.
(3) Advisory, strategy, integration, and other costs associated with
completed M&A transactions that are not considered indicative of our
ongoing operating performance and are directly attributable to the
integration of acquired businesses.
(4) Non-cash impairment charge related to acquired intangible assets
recorded in the second quarter of 2026. This charge is not considered
reflective of our ongoing operating performance.
(5) 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.
(6) Depreciation and amortization, including acquisition related
amortization and depreciation expense, is excluded to determine
EBITDA.
The above table reports Adjusted EBITDA and Adjusted EBITDA margin,
which are non-GAAP financial measures. We use Adjusted EBITDA and
Adjusted EBITDA margin internally to make operating decisions and
believe that Adjusted EBITDA is useful to investors as a measure of
the Company's operational performance and a way to evaluate and
compare operating performance against peers in the Company's
industry.
JBT MAREL CORPORATION
SEGMENT RESULTS
(Unaudited and in millions)
Three Months Ended June 30, Three Months Ended June 30,
2026 2025
------------------------------- -------------------------------
Prepared Prepared
Food and Food and
Protein Beverage Protein Beverage
(In millions) Solutions Solutions Total Solutions Solutions Total
---------- ----------- ------ ---------- ----------- ------
Revenue $ 467 $ 514 $ 421 $ 514
Less:
Cost of sales 282 340 270 330
Research and
development 11 6 21 10
Other segment
items (1) 95 107 87 112
Add:
Depreciation
and
amortization 33 29 43 32
--------- ------- ------ --------- ------- ------
Segment Adjusted
EBITDA $ 112 $ 90 $ 202 $ 86 $ 94 $ 180
========= ======= ===== ========= ======= =====
Less:
Interest
expense, net 13 29
Other income (2) (3)
Restructuring
and related
costs, net 12 6
M&A related
costs 11 20
Impairment of
intangible
assets 33 --
Loss on
investment -- 11
Depreciation
and
amortization 66 82
Unallocated
amounts:
Corporate
expense (2) 34 24
----- -----
Income before
income taxes $ 35 $ 11
===== =====
(1) Other segment items for each reportable segment include operating expenses,
which primarily consist of selling, general and administrative expenses and
corporate and shared service expenses allocated to each segment based upon benefits
received. Other segment items exclude the impact of restructuring, M&A and other
one-time related costs as they do not reflect the ongoing operations of the
underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and
administrative expenses and activity that does not meet the criteria of a
reportable segment. Corporate expense excludes the impact of depreciation and
amortization, restructuring, M&A and other one-time related and non-operating costs
shown separately in the table above.
JBT MAREL CORPORATION
SEGMENT RESULTS
(Unaudited and in millions)
Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
------------------------------ ---------------------------------
Prepared Prepared
Food and Food and
Protein Beverage Protein Beverage
(In millions) Solutions Solutions Total Solutions Solutions Total
---------- ----------- ----- ---------- ----------- --------
Revenue $ 927 $ 990 $ 799 $ 990
Less:
Cost of sales 571 658 517 644
Research and
development 22 13 41 20
Other segment
items (1) 189 219 163 213
Add:
Depreciation
and
amortization 67 60 71 59
--------- ------- ----- --------- ------- --------
Segment Adjusted
EBITDA $ 212 $ 160 $ 372 $ 149 $ 172 $ 321
========= ======= ==== ========= ======= =======
Less:
Interest
expense, net 23 70
Other income (4) (5)
Restructuring
and related
costs, net 10 17
M&A related
costs 19 94
Impairment of
intangible
assets 33 --
Loss on
investment -- 11
Pension
expense,
other than
service cost -- 147
Depreciation
and
amortization 134 $ 143
Unallocated
amounts:
Corporate
expense (2) 62 52
---- -------
Income before
income taxes $ 95 $ (208)
==== =======
(1) Other segment items for each reportable segment include operating expenses,
which primarily consist of selling, general and administrative expenses and
corporate and shared service expenses allocated to each segment based upon benefits
received. Other segment items exclude the impact of restructuring, M&A and other
one-time related costs as they do not reflect the ongoing operations of the
underlying business.
(2) Corporate expense is primarily comprised of unallocated selling, general and
administrative expenses and activity that does not meet the criteria of a reportable
segment. Corporate expense excludes the impact of depreciation and amortization,
restructuring, M&A and other one-time related and non-operating costs shown
separately in the table above.
JBT MAREL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in millions)
June 30, 2026 December 31, 2025
--------------- -------------------
Assets
Cash and cash equivalents $ 93 $ 168
Restricted cash 19 19
Trade receivables, net of
allowances 443 443
Contract assets 144 119
Inventories 700 644
Other current assets 215 190
--- ---------- --- --------------
Total current assets 1,614 1,583
Property, plant and equipment, net 773 793
Goodwill 3,385 3,428
Intangible assets, net 1,972 2,122
Other assets 262 265
--- ---------- --- --------------
Total Assets $ 8,006 $ 8,191
=== ========== === ==============
Liabilities and Stockholders' Equity
Short-term debt $ 9 $ 412
Accounts payable, trade and other 300 262
Advance and progress payments 561 518
Accrued payroll 157 170
Other current liabilities 276 260
--- ---------- --- --------------
Total current liabilities 1,303 1,622
Long-term debt, less current
portion 1,670 1,470
Deferred tax liabilities 356 383
Other liabilities 205 252
Common stock and additional paid-in
capital 2,701 2,718
Retained earnings 1,527 1,465
Accumulated other comprehensive
income 244 281
--- ---------- --- --------------
Total stockholders' equity 4,472 4,464
--- ---------- --- --------------
Total liabilities and stockholders'
equity $ 8,006 $ 8,191
=== ========== === ==============
JBT MAREL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in millions)
Six Months Ended June 30,
-------------------------------
2026 2025
------------- ----------------
Cash flows from operating activities:
Net income (loss) $ 73 $ (170)
Adjustments to reconcile income (loss)
to cash provided by operating
activities:
Depreciation and amortization 134 143
Stock-based compensation 19 9
Impairment of intangible assets 33 --
Pension and other post-retirement
benefits expense -- 148
Other, net 5 49
Changes in operating assets and
liabilities
Trade accounts receivable, net (29) 31
Inventories (60) (65)
Accounts payable, trade and other 45 14
Advance and progress payments 51 27
Other assets and liabilities, net (50) (49)
--------- ------------
Cash provided by operating activities 221 137
--------- ------------
Cash flows from investing activities:
Acquisitions, net of cash acquired -- (1,746)
Capital expenditures (51) (39)
Proceeds from disposal of assets 9 5
--------- ------------
Cash required by investing activities (42) (1,780)
--------- ------------
Cash flows from financing activities
Net proceeds (repayments of) domestic
credit facilities, net of debt
issuance costs 398 (254)
Net (repayments of) proceeds from
Term loan B, net of debt issuance
costs (202) 896
Repayment of 2026 Notes (403) --
Settlement of deal contingent hedge -- (43)
Dividends (11) (11)
Common stock repurchases (26) --
Other, net (10) (45)
--------- ------------
Cash (required) provided by financing
activities (254) 543
--------- ------------
Net (decrease) increase in cash, cash
equivalents and restricted cash (75) (1,100)
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted
cash -- 2
--------- ------------
Net (decrease) increase in cash, cash
equivalents and restricted cash $ (75) $ (1,098)
========= ============
Cash and cash equivalents from operations,
beginning of period 187 1,228
Add: Net (decrease) increase in cash and
cash equivalents (75) (1,098)
--------- ------------
Cash, cash equivalents and restricted cash
from operations, end of period $ 112 $ 130
========= ============
JBT MAREL CORPORATION
NON-GAAP FINANCIAL MEASURES
FREE CASH FLOW
(Unaudited and in millions)
Six Months Ended June 30,
-------------------------------
2026 2025
---------------- -------------
Cash provided by operating activities $ 221 $ 137
Less: capital expenditures 51 39
Plus: proceeds from disposal of assets 9 5
Plus: pension contributions -- 3
---- ---------- ---- -------
Free cash flow $(FCF)$ $ 179 $ 106
==== ========== ==== =======
The above table reports free cash flow, which is a non-GAAP financial
measure. We use free cash flow internally as a key indicator of our
liquidity and ability to service debt, invest in business combinations, and
return money to shareholders and believe this information is useful to
investors because it provides an understanding of the cash available to fund
these initiatives.
JBT MAREL CORPORATION
NET DEBT CALCULATION
(Unaudited and in millions)
As of Quarter Ended Change From
------------------------------- ------------------------
Prior
Q2 2026 Q4 2025 Q2 2025 Year- End Prior Year
--------- --------- --------- ---------- ------------
Total debt $ 1,679 $ 1,882 $ 1,922 $ (203) $ (243)
Less: cash
and
marketable
securities 93 168 112 (75) (19)
----- ----- ----- ------ --------
Net debt $ 1,586 $ 1,714 $ 1,810 $ (128) $ (224)
===== ===== ===== ====== ========
JBT MAREL CORPORATION
BANK TOTAL NET LEVERAGE RATIO CALCULATION
(Unaudited and in millions)
Q2 2026
---------
Total debt $ 1,679
Less: cash and marketable securities 93
-----
Net debt 1,586
Other items considered debt under the credit agreement 45
-----
Consolidated total indebtedness(1) $ 1,631
=====
Trailing twelve months adjusted EBITDA 643
Other adjustments net to earnings under the credit agreement 38
-----
Consolidated EBITDA(1) $ 681
=====
Bank total net leverage ratio (Consolidated total indebtedness /
Consolidated EBITDA) 2.40
Total net debt to trailing twelve months adjusted EBITDA 2.47
(1) As defined in the credit agreement.
JBT MAREL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF DILUTED EARNINGS PER SHARE
TO ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE
(Unaudited and in cents)
Guidance
Full Year 2026
---------------
Diluted earnings per share $4.20 - $4.70
Non-GAAP adjustments:
Restructuring related costs(1) 0.38
M&A related costs(2) 0.61
Impairment of intangible assets(3) 0.63
Acquisition related amortization and depreciation(4) 3.21
Impact on tax provision from Non-GAAP adjustments(5) (1.16)
---------------
Adjusted diluted earnings per share $7.85 - $8.35
===============
(1) Restructuring and related costs are estimated to be approximately $20
million for the full year 2026. The amount has been divided by our estimate of
52.2 million total shares and dilutive securities to derive earnings per
share.
(2) M&A related costs are estimated to be approximately $32 million for the
full year 2026. The amount has been divided by our estimate of 52.2 million
total shares and dilutive securities to derive earnings per share.
(3) Non-cash impairment charge related to acquired intangible assets is $33M
in the second quarter of 2026. The amount has been divided by our estimate of
52.2 million total shares and dilutive securities to derive earnings per
share.
(4) Acquisition related amortization and depreciation is expected to be
approximately $167 million for the full year 2026. The amount has been divided
by our estimate of 52.2 million total shares and dilutive securities to derive
earnings per share.
(5) Impact on tax provision for 2026 tax provision on non-GAAP adjustments was
calculated using a tax rate of approximately 24% based on an estimate of the
tax rate of the country in which the non-GAAP adjustments are originating.
JBT MAREL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA GUIDANCE
(Unaudited and in millions)
Guidance
Full Year 2026
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Net Income $220 - $245
Income tax provision 68 - 77
Interest expense, net 47
Other financing income (1) (7)
Restructuring related costs (2) 20
M&A related costs (3) 32
Impairment of intangible assets 33
Depreciation and amortization 263
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Adjusted EBITDA $675 - $710
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Revenue $3,990 - $4,065
Net income margin 5.5% - 6.0%
Adjusted EBITDA margin 17.0% - 17.5%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260803130995/en/
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