Investor Presentation
June 2022
Forward Looking Statements
Certain statements and information set forth in this presentation, as well as other written or oral statements made from time to time by us or by our executive officers on our behalf, including, without limitation, statements regarding our strategic initiatives, acquisitions and investments, brand growth and product expansion strategies, as well as our expectations for the future performance of our business and the foodservice equipment industry constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact, including statements that describe our objectives, plans or goals, are, or may be deemed to be, forward-looking statements. Such forward-looking statements involve risks and uncertainties which could cause Middleby's actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The accuracy of such statements is subject to a number of risks, uncertainties, assumptions and other factors, including, but not limited to, variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; our ability to implement successfully our strategic initiatives and investments; and other risks detailed herein and from time to time in the company's news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8- K. Forward-looking statements contained in this presentation speak only as of the date of this presentation, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Non-GAAP Measures
Throughout this presentation, we will be discussing Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization), which is a non- GAAP performance measure that provides supplemental information that the company believes is useful to evaluate ongoing results of operations, when considered alongside other GAAP measures such as net income and operating income. For additional information and the reconciliation of Adjusted EBITDA to the appropriate GAAP measures, please refer to the Appendix to this presentation.
www.middleby.com | 2 |
Middleby Overview
Middleby is a well diversified industry-leading foodservice business
2021 Proforma Revenue by Segment*
Food Processing
13%
Commercial
55%Residential
32%
Historical Sales ($ in billions)
$3.3
$3.0
$2.7
2021 Proforma Revenue by Region*
Asia | |
7% | |
United States | |
and Canada | Europe & |
70% | Middle East |
Latin America | |
2% |
Historical Adj. EBITDA ($ in millions)
$713
$638
$569
Company Highlights
Three industry-leading, highly synergistic |
foodservice platforms with over 100 |
brands |
Diversified business across end markets |
and geographies |
Strong track record of profitability with |
EBITDA margins in excess of 20% for |
sustained period |
Leveraging core strengths to broaden |
$0.4 $0.5
$0.7 $0.6 $0.7
$2.3
$1.8
$1.6
$1.4
$1.0
$0.9
$2.3
$2.5
$514$523 $484
$402 $368
$305
$224
$187 $124$143$146$154
$86
product offerings in Commercial |
Foodservice, Residential Kitchen and Food |
Processing businesses |
Plan in place to continue growth and |
improve margins further |
Proven ability to acquire and integrate |
businesses |
2006 | 2008 | 2010 | 2012 | 2014 | 2016 | 2018 | 2020 |
www.middleby.com |
2006 | 2008 | 2010 | 2012 | 2014 | 2016 | 2018 | 2020 |
3
* Revenues adjusted to depict estimated results if ownership of acquired businesses was effective for the entire year.
Snapshot of Middleby's Business Segments
Commercial Foodservice
- Middleby is a leading global manufacturer of commercial cooking equipment
- Extensive portfolio of products catered toward restaurants (from quick service to fine dining) as well as institutions such as hospitals and schools
- Leading solutions provider across commercial kitchen and beverage categories
Select Brands
Residential Kitchen
- Middleby entered the ultra-premium residential appliance market with the acquisition of Viking Range in 2013 and has since built a portfolio of leading brands
- Enables customers to experience commercial grade innovation and chef-approved appliances in their home
- Broad product portfolio including ranges, built-in surface cooking and ovens and cook tops, stand alone and built- in refrigeration and outdoor cooking equipment
17%
Food Processing
- Middleby is a leader in preparation, cooking, baking, packaging, and food safety systems for the industrial processing, baking and packaging industry
- Core products include batch ovens, belt ovens, continuous processing ovens, automated thermal processing systems, automated loading and unloading systems, meat presses, reduction and emulsion systems, defrosting equipment, and packaging and food safety equipment
www.middleby.com | 4 |
2021 Revenue Contribution |
Three Synergistic Platforms Working Together
Accelerating Synergies Across Platforms
- Technology and engineering synergies
- Technology sharing across segments
- Acceleration of development and to- market
- Shared Controls and IoT
- Integrated Controls platform
- Internet of Things ("IoT")
- Automation
- Supply chain
- Production capabilities and platform manufacturing
- Shared foodservice and culinary expertise
TECHNOLOGY
Middleby is accelerating the realization of shared synergies, contributing to greater innovation and operating efficiencies
www.middleby.com | 5 |
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Disclaimer
The Middleby Corporation published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2022 12:21:07 UTC.