MGP Ingredients : Investor Presentation - October 2025

INVESTOR PRESENTATION

Third Quarter 2025

October 2025

THIRD QUARTER 2025 RESULTS

DELIVERING PROGRESS AMID CONTINUED INDUSTRY HEADWINDS

• Consolidated sales decreased 19% to $130.9 million.

• Branded Spirits sales declined 3% as another quarter of solid growth in our premium plus portfolio was offset by

  lower mid and value portfolio sales, as expected.

• Distilling Solutions sales declined by 43%, yet both quarterly and year-to-date sales and gross profit results exceeded our expectations, supported by stronger aged whiskey sales and better than anticipated impact of our proactive partnership approach with customers.

• Ingredient Solutions sales increased 9%; however, both quarterly sales and gross profits were pressured by lower production volumes and higher costs associated with the disposal of waste starch streams, commercialization of a large new textured protein customer, and outage of a key piece of equipment.

• Adjusted EBITDA and adjusted EPS decreased by 29% and 34% to $32.3 million and $0.85, respectively.

• Year to date operating cash flows increased 26% to $92.5 million.

• Our net debt leverage ratio remained relatively stable at 1.8x as of September 30, 2025.

1. Note: All comparisons are on a year-over-year basis except where otherwise noted. See appendix for GAAP to non-GAAP reconciliations.

   QUARTERLY RESULTS AHEAD OF OUR EXPECTATIONS

   PROACTIVE CUSTOMER PARTNERSHIP, BRAND FOCUS, AND DISCIPLINED PRODUCTIVITY EFFORTS MITIGATED LOWER BROWN GOODS SALES AND OPERATIONAL INEFFICIENCIES

   Consolidated Sales (Quarter Ended 9/30/2025)	$MM	Change vs Prior Year
   		$MM	%
   Branded Spirits	$60.7	$(1.9)	(3)%
   Distilling Solutions	40.9	(31.0)	(43)
   Ingredient Solutions	29.3	2.4	9
   MGP Ingredients	$130.9	$(30.6)	(19)%

   Consolidated Gross Profit (Quarter Ended 9/30/2025)	$MM	Change vs Prior Year
   		$MM	%
   Branded Spirits	$32.2	$(0.2)	(1)%
   Distilling Solutions	14.2	(14.4)	(50)
   Ingredient Solutions	3.0	(1.7)	(36)
   MGP Ingredients	$49.4	$(16.4)	(25)%

2. Note: Totals may not match due to rounding. All comparisons are on a year-over-year basis.

THIRD QUARTER ADJUSTED EPS BRIDGE

Third Quarter Adjusted EPS(1)

$1.29

$0.02 $0.02 $0.02

($0.48) ($0.02)

$0.85

Adjusted Basic and	Operating income	Interest expense, net	Other income	Weighted average	Effective tax rate	Adjusted Basic and
Diluted EPS Q3 2024			(expense), net	shares outstanding		diluted EPS Q3 2025

5

1 Items are net of tax based on the effective tax rate for the base year (2024) Note: See appendix for GAAP to non-GAAP reconciliations

BRANDED SPIRITS

ANOTHER QUARTER OF ABOVE-CATEGORY PREMIUM PLUS GROWTH DRIVEN BY PENELOPE'S CONTINUED MOMENTUM

Branded Spirits (Quarter ended 9/30/2025)	$MM	Change vs Prior Year
		$MM	%
Premium plus	$32.1	$1.0	3%
Mid	14.8	0.1	-
Value	8.2	(1.9)	(19)
Other	5.6	(1.1)	(16)
Sales	$60.8	$(1.9)	(3)%
Gross Profit	$32.2	$(0.2)	(1)%
Gross Margin	53.0%		1.2 pp

6

Note: Totals may not match due to rounding. All comparisons are on a year-over-year basis. PP: Percentage points

FOCUSED ON OUR BIGGEST GROWTH OPPORTUNITIES

PENELOPE HAS BECOME ONE OF THE FASTEST GROWING AMERICAN WHISKEY PREMIUM PLUS BRANDS

13W

#1

F A S T E S T

G R O W I N G B R A N D *

+96%

*13 Week Y/Y

Industry Premium Plus American Whiskey: -4%

*13 Week Y/Y

26W

#1

F A S T E S T

G R O W I N G B R A N D *

+94%

*26 Week Y/Y

Industry Premium Plus American Whiskey: -2%

*26 Week Y/Y

52W

#2

F A S T E S T

G R O W I N G B R A N D *

+58%

*52 Week Y/Y

Industry Premium Plus American Whiskey: -2%

*52 Week Y/Y

*NIELSEN sales dollars for period ending 10/04/2025

CONSUMER CENTRIC INNOVATION

READY- TO- DRINK

Bourbon-based RTD's combining trending flavors like citrus, peach, and blackberry to appeal to new consumers**

+19%

*52 Week Y/Y

'I think Penelope may have just made the best pre-made Old Fashioned on the market.' Review: Call Me Old Fashioned

'This is so delicious. I'm happy I'm off work

tomorrow. And it's only 24 bucks!.'

Review: One Big Pikey

BUILDING A ROBUST PIPELINE OF NEW PRODUCT INNOVATION ACROSS FOCUS BRANDS

LUXURY AMERICAN WHISKEY +7%

Consumers continue to seek out higher-quality, more exclusive products, with premium product

fferings within the

duct launches in the

cting a consumer lity, more exclusive

umer interest in premiu

um claims among alcohol by 12.5% since 2023, ref de and seek out higher-q

products

m o

pro le ua

There is ongoing cons

spirits category. Premi

US have increased willingness to upgra

launches in the US up 12.5% since 2023**

*52 Week Y/Y

'There's a lot there. I get four different flavors in one sip. It's really remarkable. If you see it in the market - grab it!'

Review: The Bourbon Fool

'This bourbon has bourbon of the year potential. 9.1 out of 10 which would tie it for one of the top reviews of the year.'

Review: Whiskey Weather

'At $100, it delivers a rewarding experience that justifies the price. Were it not limited release, this is the kind of bottle that could easily earn a permanent spot on the shelf.' Review: Drinkhacker

*Nielsen sales dollars for period ending 10/04/2025; RTD Category and American Whiskey Category | **Mintel Interest in Spirit-Based RTD Cocktails Report Dec. 2023 & Alcoholic Beverage Occasions-US-2024 Report

DISTILLING SOLUTIONS

SEGMENT PERFORMANCE BETTER THAN EXPECTATIONS REFLECTING AGED WHISKEY SALES AND DISCIPLINED PRICING

Distilling Solutions (Quarter ended 9/30/2025)	$MM	Change vs Prior Year
		$MM	% Change
Brown goods	$28.5	$(28.6)	(50)%
Warehouse services	8.1	(0.2)	(3)
White goods and other co-products	4.3	(2.2)	(34)
Sales	$40.9	$(31.0)	(43)%
Gross Profit	$14.2	$(14.4)	(50)%
Gross Margin	34.7%		(5.1) pp

9

Note: Totals may not match due to rounding. All comparisons are on a year-over-year basis. PP: Percentage points

INGREDIENT SOLUTIONS

SEGMENT SALES AND GROSS PROFIT PRESSURED BY HIGHER WASTE STARCH DISPOSAL COSTS AND UNANTICIPATED DOWNTIME

Ingredient Solutions (Quarter ended 9/30/2025)	$MM	Change vs Prior Year
		$MM	%
Specialty wheat starches	$17.0	$0.8	5%
Specialty wheat proteins	8.9	1.2	15
Commodity wheat starches	2.3	(0.3)	(11)
Commodity wheat proteins	1.0	0.6	159
Biofuel and other	0.1	0.1	n/a
Sales	$29.3	$2.4	9%
Gross Profit	$3.0	$(1.7)	(36)%
Gross Margin	10.3%		(7.3) pp

10 Note: Totals may not match due to rounding. All comparisons are on a year-over-year basis. PP: Percentage points