Middleby : 2Q 2021 Presentation

Q2 Earnings Update

August 12, 2021

Middleby Segment Summary

THREE INDUSTRY-LEADING FOODSERVICE PLATFORMS

• 100+ highly-respected, leading brands
• Global business infrastructure
• Highly synergistic business segments
• Technology and innovation leader
• Strong track record of profitability and cash flow
• Well positioned for existing and new market trends

www.middleby.com

2020 REVENUE BY SEGMENT

Food Processing

17.4%

Commercial

60.1%

Residential

22.5%

2020 REVENUE BY REGION

Asia

7.5%

United States
and Canada
69.7%	Europe and
	Middle East
	20.2%
	Latin	2
	America
	2.5%

Financial Results

Q2 2021 FINANCIAL RESULTS

	Q2 '21	Q2 '20	Change
Net Sales	$808.8	$472.0	71.4%
Gross Profit	303.7	153.1	98.4%
% of Sales	37.6%	32.4%
Operating Income	136.7	39.1	249.6%
Net Earnings	120.6	21.2	468.9%
Adjusted EBITDA	186.2	74.4	150.3%
% of Sales	23.0%	15.8%
LTM Bank EBITDA	666.0	597.1	11.5%
as defined in credit
agreement
Operating Cash Flow	112.7	77.6	45.2%

RESULTS COMMENTARY

• Revenue increase of 64% organically as compared to prior year.
• Organic revenue growth at Commercial Foodservice 80%, Residential Kitchen 63% and Food Processing 25%.
• Strong organic adjusted EBITDA across all segments, with all having increases over 2019 and 2020 levels:

•	Commercial Foodservice	25.9%
•	Residential Kitchen	22.9%
•	Food Processing	23.1%

• Q2 Order rates for all segments reported growth over 2020 and 2019, resulting in record high backlog levels.
• Tax benefit from legislation changes of approximately $19 million.

www.middleby.com

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Commercial Foodservice

Q2 2021 FINANCIAL RESULTS

RESULTS COMMENTARY

	Q2 '21
Revenues	508,778

Adjusted EBITDA	131,347
Adjusted EBITDA as %	25.8%
of Revenues
Organic Adjusted EBITDA as %	25.9%
of Revenues

Q2 '20

Change

267,500 90.2%

47,864 174.4%

17.9%

• Growth across all regions globally as compared to prior year.

• Margin expansion provided by sales volume, pricing, profitability

initiatives and disciplined cost control.

• Q2 backlog is up 130%+ from prior year end and 50%+ over Q1 '21.

• Order rates grew 160%+ in Q2 over prior year, 30%+ over Q2 '19 and

10%+ over Q1 '21.

• We are investing in automation and robotics solutions to address our

customers' critical challenges from labor shortages.

• The Middleby Innovation Kitchen continues to receive rave reviews

throughout the industry and serve as an invaluable tool for

Revenue and Growth

U.S. and Canada	359,026	83.3%
International	149,752	109.1%

collaboration with our customers.

www.middleby.com

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Residential Kitchen

Q2 2021 FINANCIAL RESULTS

RESULTS COMMENTARY

	Q2 '21
Revenues	169,987

Adjusted EBITDA	38,695
Adjusted EBITDA as %	22.8%
of Revenues
Organic Adjusted EBITDA as %	22.9%
of Revenues

Q2 '20

Change

102,914 65.2%

12,589 207.4%

12.2%

• Growth across all regions globally as compared to prior year.
• EBITDA improvements reflect higher sales volumes, benefits from facility consolidations and the sale of a non-core tile business in January 2021.
• Q2 backlog is up 90%+ from prior year end and 30%+ over Q1 '21.
• Order rates grew 110%+ in Q2 over prior year and 5%+ over Q1 '21.
• Dallas Residential showroom is now open for customers and industry partners to view our latest innovation in ultra-premium kitchen appliances and experience live cooking demonstrations.

Revenue and Growth

U.S. and Canada	113,334	38.7%
International	56,653	167.4%

www.middleby.com

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