MGP Ingredients : Investor Presentation - April 2026

INVESTOR PRESENTATION

First Quarter 2026

April 29, 2026

HIGHLIGHTS | FIRST QUARTER

Sales in-line with expectations, with adjusted EBITDA and EPS ahead of expectations

• Consolidated sales of $106.4M in-line with expectations
• Adjusted EBITDA of $15.0M and adjusted EPS of $0.15 - both ahead of expectations
• Branded Spirits sales of $44.2M

  • Positive trends emerged in premium plus and mid-priced tiers

  • Premium plus sales up 1.5%

  • Continued to successfully prioritize best performing product offerings

• Distilling Solutions sales of $28.0M

  • Rebuilding aged whiskey pipeline and focusing on expanding private label sales

  • Complementing brown goods portfolio by broadening premium white goods offerings

  • Offering greater value-added services designed to attract and retain customers

• Ingredient Solutions sales of $34.2M up 29%

  • Higher sales volume and improved price/mix for specialty wheat proteins and starches

  • Continued improvements in operational reliability

  • Benefitting from in-demand proprietary and unique products

FIRST QUARTER CONSOLIDATED RESULTS

Continued to focus on controllables, sharpen strategic focus and strengthen execution across entire organization

Reported US$M	2026	First Quarter 2025	Change
Consolidated Sales	$106.4	$121.7	-13%
Branded Spirits	$44.2	$48.2	-8%
Distilling Solutions	$28.0	$46.9	-40%
Ingredient Solutions	$34.2	$26.5	29%
Gross Profit	$33.6	$43.3	-22%
Adjusted Operating Income	$7.9	$15.3	-49%
Adjusted EBITDA	$15.0	$21.8	-31%
Adjusted EPS	$0.15	$0.36	-58%
Operating Cash Flow	$6.9	$44.7	-85%

FIRST QUARTER

Adjusted basic and diluted EPS

$0.36 ($0.20)

$0.01

($0.02)

$0.15

1Q'25 Operations (1) Interest Expense (1) Tax rate 1Q'26

OPERATING CASH FLOW

Continued focus on working capital management, including lower whiskey putaway - expecting $50M to $55M of OCF in FY'26(1)

$44,684

($6,750)

($11,153)

($2,584)

$626

$187

($18,055)

$6,955

1Q'25 Decrease in Adjusted EBITDA

Change in Receivables, Net

Increase in Net Barrelled Whiskey Putaway

Decrease in Interest Payments

Decrease in Tax Payments

Other Working Capital Changes

1Q'26

BRANDED SPIRITS | FIRST QUARTER RESULTS

Growth in Premium Plus supported by continued consumer demand for innovative, high-quality offerings

Reported US$M	2026	First Quarter 2025	Change
Branded Spirits Sales	$44.2	$48.2	-8.3%
Premium Plus	$22.7	$22.3	1.5%
Mid/Value	$19.7	$20.4	-3.1%
Others	$1.8	$5.5	-66.8%
Gross Profit	$21.1	$22.2	-4.8%
Adjusted Operating Income	$7.2	$5.6	28.8%

DISTILLING SOLUTIONS | FIRST QUARTER RESULTS

Maintained focus on creating differentiated value proposition

Reported US$M	2026	First Quarter 2025	Change
Distilling Solutions Sales	$28.0	$46.9	-40%
Brown Goods	$14.9	$33.7	-56%
Warehouse Services	$8.3	$8.1	3%
White Goods and Other Co-Products	$4.8	$5.2	-8%
Gross Profit	$8.6	$18.7	-54%
Operating Income	$7.8	$17.9	-56%

INGREDIENT SOLUTIONS | FIRST QUARTER RESULTS

Continued commercial demand and improved operational reliability

Reported US$M	2026	First Quarter 2025	Change
Ingredient Solutions Sales	$34.2	$26.5	29%
Specialty Starches	$18.4	$15.9	16%
Specialty Proteins	$12.7	$7.3	73%
All Others	$3.1	$3.3	-7%
Gross Profit	$3.8	$2.5	56%
Operating Income	$2.9	$1.0	192%

MAINTAINING 2026 FINANCIAL GUIDANCE

Full Year 2026 Guidance
Sales	$480M to $500M
Adjusted EBITDA	$90M to $98M
Adjusted EPS	$1.50 to $1.80
Effective tax rate	~27%
Basic weighted shares outstanding	~21.4M
CAPEX	~$20M

APPENDIX

CHANGE IN BASIC AND DILUTED EPS

	EPS	Change
First quarter 2025	($0.14)
Operating income (1)	($10.24)	(7,314%)
Interest expense, net(1)	$0.03	21%
Other income, net (1)	($0.02)	(14%)
Effective tax rate	$4.06	2,900%
Weighted average shares outstanding	$0.01	7%
First quarter 2026	($6.30)	(4,400%)

RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES

First quarter 2026 in thousands, ex. per share data	Operating Income (Loss)	Net Income (Loss)	Basic and Diluted EPS
Reported GAAP results	($173,201)	($134,807)	($6.30)
Goodwill and other long-lived asset impairment (1)	$179,526	$137,329	$6.41
Executive transition costs (2)	$333	$173	$0.01
Restructuring and other costs (3)	$1,197	$621	$0.03
Adjusted non-GAAP results	$7,855	$3,316	$0.15

First quarter 2025 in thousands, ex. per share data	Operating Income (Loss)	Net Income (Loss)	Basic and Diluted EPS
Reported GAAP results	($747)	($3,057)	($0.14)
Executive transition costs (2)	$306	$207	$0.01
Restructuring and other costs (3)	$613	$414	$0.02
Fair value of contingent consideration (4)	$14,700	$9,937	$0.46
Professional service fees (5)	$382	$258	$0.01
Adjusted non-GAAP results	$15,254	$7,759	$0.36

First quarter 2026 in thousands	Operating Income (Loss)
Reported GAAP results - Branded Spirits	($172,372)
Goodwill and other long-lived asset impairment (1)	$179,526
Adjusted non-GAAP results - Branded Spirits	$7,154

First quarter 2025 in thousands	Operating Income (Loss)
Reported GAAP results - Branded Spirits	($9,146)
Fair value of contingent consideration (1)	$14,700
Adjusted non-GAAP results - Branded Spirits	$5,554

Included in Condensed Consolidated Statement of Income (Loss): (1) write down of goodwill, indefinite-lived intangible assets and other long-lived fixed assets, a component of operating income in the Branded Spirits segment; (2) costs related to transition of certain executive and Board of Director positions, included in SG&A; (3) special one-time severance costs related to reduction in force that occurred during the period, included in SG&A; (4) quarterly adjustment of contingent consideration liability related to acquisition of Penelope

Bourbon LLC, a component of operating income in the Branded Spirits segment. (5) related to professional services in conjunction with goodwill impairment valuation, included in 13

SG&A.

RECONCILIATION OF SELECTED GAAP TO NON-GAAP MEASURES

Reconciliation of net income to adjusted EBITDA

in thousands	First Quarter 2026	First Quarter 2025
Net (loss)	($134,807)	($3,057)
Interest expense	$1,421	$1,854
Income tax expense (benefit)	($39,865)	$671
Depreciation and amortization	$6,265	$5,808
Share based compensation (1)	$923	$742
Equity method investment loss (gain)	$19	($257)
Executive transition costs	$333	$306
Restructuring and other costs	$1,197	$613
Goodwill and other long-lived asset impairment	$179,526	-
Fair value of contingent consideration	-	$14,700
Professional service fees	-	$382
Adjusted EBITDA	$15,012	$21,762

(1) This amount excludes share-based compensation related to executive transition costs 14

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