Q4 & FY 2025 Results Exceeded High End of Guidance Range for Revenue, Adj. EBITDA and Adj. EPS

Initiates 2026 Organic Growth Guidance of +1-3% in Commercial Foodservice and +4-6% in Food Processing

Repurchased 4.9 Million Shares (9.1% of Equity) in 2025 and 1.7 Million Shares (3.5% of Equity) YTD 2026

FOURTH QUARTER CONTINUING OPERATIONS HIGHLIGHTS

All results reflect Residential Kitchen as discontinued operations unless otherwise stated
Net Sales of $866 million increased 5% over prior year; marginally positive on organic basis
Record Q4 Food Processing orders increased 66% organically and year-end backlog up 36%
Operating income of $150 million, as compared to $182 million in prior year
Adjusted EBITDA of $197 million as compared to $226 million in prior year
Diluted GAAP EPS of $1.72 vs $1.81 if Residential Kitchen was not classified as discontinued operations
Adjusted EPS of $2.14 or $2.42 if Residential Kitchen was not classified as discontinued operations which is comparable to guidance of $2.19-$2.34
Q4 ending Net leverage at 2.5x

RESIDENTIAL KITCHEN TRANSACTION COMMENTARY

Sale of 51% of Residential Kitchen Business completed February 2, 2026
Business was valued at approximately $885 million
Middleby received net cash proceeds of approximately $565 million and a $135 million promissory note from the joint venture
Middleby retains a 49% non-controlling interest in the new standalone joint venture with 26North
Financial results for all periods presented have been restated to reflect Residential Kitchen results as discontinued operations, excluded from continuing operations
The assets of the Residential Kitchen business are reported as assets held for sale
Adjusted net earning and Adjusted EPS will exclude the non-controlling interest

The Middleby Corporation (NASDAQ:MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice and food processing industries, today reported net earnings for the fourth quarter and fiscal year of 2025.

Tim FitzGerald, CEO of The Middleby Corporation said, "2025 was a transformational year for Middleby as we executed decisive portfolio actions to unlock significant shareholder value. We recently completed the sale of a 51% stake in our Residential Kitchen business at an $885 million enterprise valuation, first announced in December, delivering approximately $565 million in cash proceeds while retaining meaningful upside through our 49% ownership. In anticipation of the proceeds from this transaction, combined with one of the most aggressive capital return programs in our industry, we deployed $710 million in share repurchases in 2025, reducing our share count by approximately 9%. We remain on track to complete the separation of our Food Processing business in the second quarter of 2026, creating two independent, pure-play industry leaders with enhanced focus and optimized capital structures."

FitzGerald concluded, "Our fourth quarter results exceeded our expectations across all metrics of our provided guidance on a like-for-like basis accounting for the Residential Kitchen Transaction. Our Commercial Foodservice segment delivered $602 million in revenue with double-digit growth in our dealer channel, driven by improved demand with independents, institutional customers, and fast casual chains. While large QSR customers faced challenges throughout 2025, we are encouraged by early traction with our new ice and beverage innovations. Our Food Processing segment generated $265 million in revenue and finished the year with record backlog, driven by continued success with our Total Line Solutions and strategic international expansion. We're excited for the year ahead and believe both segments are well positioned in 2026 and beyond."

2025 Fourth Quarter and Fiscal Year Financial Results

All results presented are on a continuing operations basis and non-GAAP reconciliations are presented as an addendum to our earnings release slides with restated 2025 and 2024 Adjusted EBITDA and Adjusted EPS.

Net sales increased 4.5% in the fourth quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 0.3% in the fourth quarter over the comparative prior year period.
Net sales increased 1.6% as compared to the prior fiscal year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 2.4% for the fiscal year over the prior year period.
A reconciliation of organic net sales (a non-GAAP measures) by segment is as follows:

	Commercial Foodservice						Food Processing						Total Company
($ in millions)	QTD			YTD			QTD			YTD			QTD			YTD
Net Sales	$	601.7		$	2,351.0		$	264.7		$	850.2		$	866.4		$	3,201.2

Reported Net Sales Growth		0.7	%		(1.2	)%		14.4	%		10.4	%		4.5	%		1.6	%
Acquisitions		—	%		0.3	%		9.7	%		13.1	%		2.7	%		3.4	%
Foreign Exchange Rates		0.8	%		0.2	%		3.4	%		1.8	%		1.5	%		0.6	%
Organic Net Sales Growth ^{(1) (2)}		(0.1	)%		(1.7	)%		1.3	%		(4.5	)%		0.3	%		(2.4	)%

(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates
(2) Totals may be impacted by rounding

Adjusted EBITDA (a non-GAAP measure) was $197.1 million in the fourth quarter compared to $226.2 million in the prior year. The fourth quarter Adjusted EBITDA includes an adverse impact of $7 million related to tariffs.
Adjusted EBITDA (a non-GAAP measure) was $719.5 million for the year compared to $791.9 million in the prior year. The year-to-date Adjusted EBITDA includes an adverse impact of $21 million related to tariffs.
A reconciliation of organic adjusted EBITDA (a non-GAAP measures) by segment is as follows:

	Commercial Foodservice						Food Processing						Total Company⁽¹⁾
($ in millions)	QTD			YTD			QTD			YTD			QTD			YTD
Adjusted EBITDA	$	157.0		$	626.7		$	58.0		$	171.5		$	197.1		$	719.5

Adjusted EBITDA %		26.1	%		26.7	%		21.9	%		20.2	%		22.7	%		22.5	%
Acquisitions		—	%		0.1	%		(1.4	)%		(1.0	)%		(0.5	)%		(0.2	)%
Foreign Exchange Rates		—	%		0.1	%		0.2	%		0.1	%		—	%		0.1	%
Organic Adjusted EBITDA % ^{(2) (3)}		26.1	%		26.6	%		23.1	%		21.1	%		23.1	%		22.7	%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $17.9 million and $78.7 million for the three and twelve months ended January 3, 2026, respectively.
(2) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.
(3) Totals may be impacted by rounding

Operating cash flows during the fourth quarter amounted to $178.5 million in comparison to $209.9 million in the prior year period. The fourth quarter operating cash flows also reflect $4.8 million for strategic transaction costs associated with the business portfolio review and an adverse impact of $7 million related to tariffs.
Operating cash flows for the year amounted to $564.6 million in comparison to $614.5 million in the prior year. Full year operating cash flows also reflect $19.2 million for strategic transaction costs associated with the business portfolio review and an adverse impact of $21 million related to tariffs.
Adjusted EPS for full year 2025 was $9.27 as calculated if Residential Kitchen had not been classified as discontinued operations as compared to $9.49 in the prior year
The total leverage ratio per our credit agreements was 2.5x. The trailing twelve-month bank agreement pro-forma EBITDA was $819.2 million.
Net debt, defined as debt less cash, at the end of the 2025 fiscal fourth quarter amounted to $2.0 billion as compared to $1.8 billion at the end of fiscal 2024. Our borrowing availability at the end of the fourth quarter was approximately $2.4 billion.

2026 Outlook

Management also provided the following expectations for the first quarter and full year 2026:

	1st Qtr, 2026			Full Year 2026
	Commercial Foodservice	Food Processing	Total Company	Commercial Foodservice	Food Processing	Total Company
Net sales	$560-$578 M	$200-210 M	$760-788 M	$2.37-2.43 B	$895-925 M	$3.27-3.36 B
Growth	1%	22%	6%	2%	7%	4%
Organic Growth	1%	10-15%		1-3%	4-6%
Adjusted EBITDA	$142-152 M	$37-41 M	$161-173 M	$632-658 M	$186-208 M	$745-780 M
Adjusted Earnings Per Share⁽¹⁾			$1.90-2.02			$9.20-9.36

(1) FY 2026 Adjusted EPS expectation is the sum of the four quarters of Adjusted EPS, please reference earnings slides for further detail on guidance

Conference Call

The company has scheduled a conference call to discuss the fourth quarter results at 10 a.m. Eastern/9 a.m. Central Time on February 26th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (844) 676-5090, or (412) 634-6754 for international access. The conference call will be available for replay from the company's website.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations with respect to our future performance and the outcome of our strategic review. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include 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; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company's pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World's Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity.

THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in 000's, Except Per Share Information) (Unaudited)

	Three Months Ended						Twelve Months Ended
	4th Qtr, 2025			4th Qtr, 2024			4th Qtr, 2025			4th Qtr, 2024
Net sales	$	866,425		$	828,838		$	3,201,202		$	3,150,239
Cost of sales		530,205			497,497			1,949,287			1,898,420
Gross profit		336,220			331,341			1,251,915			1,251,819

Selling, general and administrative expenses		174,818			139,149			663,156			590,115
Restructuring expenses		969			1,189			3,270			8,245
Gain on sale of plant		—			(1,139	)		—			(1,139	)
Impairments		10,598			10,475			10,598			10,475
Income from operations		149,835			181,667			574,891			644,123

Interest expense and deferred financing amortization, net		29,443			20,356			93,828			93,356
Net periodic pension benefit		(1,580	)		(3,646	)		(6,294	)		(14,872	)
Other expense, net		1,301			743			5,082			(458	)
Earnings from continuing operations before income taxes		120,671			164,214			482,275			566,097

Provision for income taxes		34,585			46,376			115,008			145,119
Net earnings from continuing operations		86,086			117,838			367,267			420,978

Earnings/(loss) from discontinued operations, net of tax		(49,147	)		(5,534	)		(644,998	)		7,455
Net earnings/(loss)	$	36,939		$	112,304		$	(277,731	)	$	428,433

Net earnings/(loss) per share:
Basic from continuing operations	$	1.73		$	2.19		$	7.11		$	7.83
Basic from discontinued operations		(0.99	)		(0.10	)		(12.49	)		0.14
Basic earnings per share	$	0.74		$	2.09		$	(5.38	)	$	7.97

Diluted from continuing operations	$	1.72		$	2.17		$	7.04		$	7.77
Diluted from discontinued operations		(0.98	)	$	(0.10	)		(12.36	)		0.14
Diluted earnings per share	$	0.74		$	2.07		$	(5.32	)	$	7.90

Weighted average number of shares
Basic		49,888			53,764			51,655			53,738
Diluted		50,032			54,334			52,179			54,209

THE MIDDLEBY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in 000's) (Unaudited)

	Jan 3, 2026		Dec 28, 2024
ASSETS

Cash and cash equivalents	$	222,239	$	638,766
Accounts receivable, net		573,039		531,758
Inventories, net		692,589		655,944
Prepaid expenses and other		111,176		114,734
Prepaid taxes		41,159		24,014
Current assets held for sale - discontinued operations		1,102,441		364,827
Total current assets		2,742,643		2,330,043
Property, plant and equipment, net		431,622		384,683
Goodwill		1,799,649		1,744,246
Other intangibles, net		1,061,192		1,099,816
Long-term deferred tax assets		8,209		6,281
Pension benefits assets		106,444		90,391
Other assets		165,407		146,871
Non-current assets held for sale - discontinued operations		—		1,480,820
Total assets	$	6,315,166	$	7,283,151


LIABILITIES AND STOCKHOLDERS' EQUITY

Current maturities of long-term debt	$	44,420	$	43,949
Accounts payable		206,666		166,184
Accrued expenses		574,810		493,678
Current liabilities held for sale - discontinued operations		242,335		125,511
Total current liabilities		1,068,231		829,322
Long-term debt		2,128,582		2,351,118
Long-term deferred tax liability		156,723		151,214
Accrued pension benefits		7,629		9,573
Other non-current liabilities		177,772		170,663
Non-current liabilities held for sale - discontinued operations		—		132,830
Stockholders' equity		2,776,229		3,638,431

Total liabilities and stockholders' equity	$	6,315,166	$	7,283,151

THE MIDDLEBY CORPORATION
NON-GAAP SEGMENT INFORMATION (UNAUDITED)
(Amounts in 000's, Except Percentages)

	Commercial Foodservice ⁽³⁾			Food Processing ⁽³⁾			Total Company⁽¹⁾
Three Months Ended January 3, 2026
Net sales	$	601,724		$	264,701		$	866,425
Segment Income from Continuing Operations	$	130,996		$	47,789		$	149,835
Income from continuing operations % of net sales		21.8	%		18.1	%		17.3	%

Depreciation		7,721			3,471			11,748
Amortization		10,654			3,142			13,796
Restructuring expenses		519			450			969
Acquisition related adjustments		(2,151	)		1,841			(37	)
Strategic Transaction Costs		—			—			4,759
Stock compensation		—			—			5,436
Impairments		9,298			1,300			10,598
Segment adjusted EBITDA from continuing operations ⁽²⁾	$	157,037		$	57,993		$	197,104
Adjusted EBITDA from continuing operations % of net sales		26.1	%		21.9	%		22.7	%

Adjusted EBITDA from discontinued operations								22,139
Adjusted EBITDA attributable to Middleby							$	219,243

Three Months Ended December 28, 2024
Net sales	$	597,443		$	231,395		$	828,838
Segment Income from Continuing Operations	$	142,083		$	61,306		$	181,667
Income from continuing operations % of net sales		23.8	%		26.5	%		21.9	%

Depreciation		7,375			2,778			10,614
Amortization		11,331			2,640			13,971
Restructuring expenses		931			259			1,190
Acquisition related adjustments		727			2,578			3,644
Stock compensation		—			—			5,742
Gain on sale of plant		—			(1,139	)		(1,139	)
Impairments		5,197			—			10,475
Segment adjusted EBITDA from continuing operations	$	167,644		$	68,422		$	226,164
Adjusted EBITDA from continuing operations % of net sales		28.1	%		29.6	%		27.3	%

Adjusted EBITDA from discontinued operations								24,986
Adjusted EBITDA attributable to Middleby							$	251,150

⁽¹⁾Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $17.9 million and $9.9 million for the three months ended January 3, 2026 and December 28, 2024, respectively. ⁽²⁾Foreign exchange rates favorably impacted Segment Adjusted EBITDA by approximately $3.3 million for the three months ended January 3, 2026. ⁽³⁾Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change.

THE MIDDLEBY CORPORATION
NON-GAAP SEGMENT INFORMATION (UNAUDITED)
(Amounts in 000's, Except Percentages)

	Commercial Foodservice			Food Processing			Total Company⁽¹⁾
Twelve Months Ended January 3, 2026
Net sales	$	2,351,047		$	850,155		$	3,201,202
Segment Income from Continuing Operations	$	544,389		$	144,494		$	574,891
Income from continuing operations % of net sales		23.2	%		17.0	%		18.0	%

Depreciation		28,357			12,755			43,742
Amortization		43,557			11,698			55,255
Restructuring expenses		2,751			519			3,270
Acquisition related adjustments		(1,670	)		758			(912	)
Strategic transaction costs		—			—			19,184
Stock compensation		—			—			13,462
Impairments		9,298			1,300			10,598
Segment adjusted EBITDA from continuing operations ⁽²⁾	$	626,682		$	171,524		$	719,490
Adjusted EBITDA from continuing operations % of net sales		26.7	%		20.2	%		22.5	%

Adjusted EBITDA from discontinued operations								78,431
Adjusted EBITDA attributable to Middleby							$	797,921

Twelve Months Ended December 28, 2024
Net sales	$	2,380,384		$	769,855		$	3,150,239
Segment Income from Continuing Operations	$	566,250		$	176,965		$	644,123
Income from continuing operations % of net sales		23.8	%		23.0	%		20.4	%

Depreciation		27,794			10,213			39,762
Amortization		49,133			8,091			57,224
Restructuring expenses		5,626			2,619			8,245
Acquisition related adjustments		455			55			1,310
Stock compensation		—			—			31,902
Gain on sale of plant					(1,139	)		(1,139	)
Impairments		5,197			—			10,475
Segment adjusted EBITDA from continuing operations	$	654,455		$	196,804		$	791,902
Adjusted EBITDA from continuing operations % of net sales		27.5	%		25.6	%		25.1	%

Adjusted EBITDA from discontinued operations								74,393
Adjusted EBITDA attributable to Middleby							$	866,295

⁽¹⁾ Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $78.7 million and $59.4 million for the twelve months ended January 3, 2026 and December 28, 2024, respectively. ⁽²⁾Foreign exchange rates favorably impacted Segment Adjusted EBITDA by $5.5 million for the twelve months ended January 3, 2026. ⁽³⁾Certain prior year amounts have been reclassified to be consistent with current year presentation, including beginning to report the results of a division within its Food Processing segment as a result of a change in internal management and potential synergies in operations to be consistent with the reporting of financial information used to assess performance and allocate resources. These operations were previously reported in the Commercial Foodservice segment and are now managed and reported in the Food Processing segment. All prior period segment disclosures have been recast to reflect this change.

THE MIDDLEBY CORPORATION NON-GAAP INFORMATION (UNAUDITED) (Amounts in 000's, Except Percentages)

	Three Months Ended
	4th Qtr, 2025						4th Qtr, 2024
	$			Diluted per share			$			Diluted per share
Net earnings from continuing operations	$	86,086		$	1.72		$	117,838		$	2.17
Amortization ⁽¹⁾		14,464			0.29			15,758			0.29
Restructuring expenses		969			0.01			1,190			0.02
Acquisition related adjustments		(37	)		—			3,644			0.07
Net periodic pension benefit		(1,580	)		(0.03	)		(3,646	)		(0.07	)
Strategic transaction costs		4,759			0.10			—			—
Gain on sale of plant		—			—			(1,139	)		(0.02	)
Impairments		10,598			0.20			10,475			0.19
Income tax effect of pre-tax adjustments		(8,373	)		(0.17	)		(7,412	)		(0.14	)
Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings ⁽²⁾		—			0.02			—			0.02
Adjusted net earnings from continuing operations	$	106,886		$	2.14		$	136,708		$	2.53
Adjusted net earnings from discontinued operations		13,948			0.28			18,595			0.35
Adjusted net earnings attributable to Middleby	$	120,834		$	2.42		$	155,303		$	2.88

Diluted weighted average number of shares		50,032						54,334
Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings ⁽²⁾		—						(394	)
Adjusted diluted weighted average number of shares		50,032						53,940

	Twelve Months Ended
	4th Qtr, 2025						4th Qtr, 2024
	$			Diluted per share			$			Diluted per share
Net earnings from continuing operations	$	367,267		$	7.04		$	420,978		$	7.77
Amortization ⁽¹⁾		61,563			1.18			64,351			1.19
Restructuring expenses		3,270			0.06			8,245			0.15
Acquisition related adjustments		(912	)		(0.02	)		1,310			0.02
Net periodic pension benefit		(6,294	)		(0.12	)		(14,872	)		(0.27	)
Strategic transaction costs		19,184			0.37			—			—
Impairments		10,598			0.20			10,475			0.19
Gain on sale of plant		—			—			(1,139	)		(0.02	)
Income tax effect of pre-tax adjustments		(20,803	)		(0.40	)		(17,503	)		(0.32	)
Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings ⁽²⁾		—			0.08			—			0.06
Adjusted net earnings from continuing operations	$	433,873		$	8.39		$	471,845		$	8.77
Adjusted net earnings from discontinued operations		45,618			0.88			38,636			0.72
Adjusted net earnings attributable to Middleby	$	479,491		$	9.27		$	510,481		$	9.49

Diluted weighted average number of shares		52,179						54,209
Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings ⁽²⁾		(468	)					(418	)
Adjusted diluted weighted average number of shares		51,711						53,791
⁽¹⁾ Includes amortization of deferred financing costs and convertible notes issuance costs. ⁽²⁾ Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash. Given the settlement of the convertible notes in the third quarter of 2025 the weighted average number of shares will no longer require an adjustment in 2026.

	Three Months Ended						Twelve Months Ended
	4th Qtr, 2025			4th Qtr, 2024			4th Qtr, 2025			4th Qtr, 2024
Net Cash Flows Provided By (Used In):
Operating activities⁽¹⁾	$	178,468		$	209,857		$	564,584		$	614,520
Investing activities		(13,341	)		(113,585	)		(103,818	)		(145,691	)
Financing activities		(104,902	)		(27,979	)		(970,941	)		(73,768	)

Free Cash Flow
Cash flow from operating activities ⁽¹⁾	$	178,468		$	209,857		$	564,584		$	614,520
Less: Capital expenditures⁽²⁾		(12,952	)		(9,602	)		(70,729	)		(34,183	)
Free cash flow	$	165,516		$	200,255		$	493,855		$	580,337
⁽¹⁾ Includes strategic transaction costs associated with the business portfolio review of $4.8 million and $19.2 million for the three months ended and twelve months ended January 3, 2026. ⁽²⁾ Includes investment for food processing innovation centers of approximately $18 million for the twelve months ended January 3, 2026.

USE OF NON-GAAP FINANCIAL MEASURES

The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies.

The company believes that organic net sales growth, adjusted EBITDA, non-GAAP adjusted segment EBITDA, net debt, net leverage, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results.

The company believes that free cash flow is an important measure of operating performance because it provides management and investors with a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock.

The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260226604426/en/

Investor relations inquiries:

Rebecca Ellin

SVP of Investor Strategy and Corporate Development

rellin@middleby.com

Media inquiries:

Darcy Bretz

VP of Corporate Communications

dbretz@middleby.com

Kate Schneiderman

Managing Director, ICR

middleby@icrinc.com

The Middleby Corporation Reports Fourth Quarter and Fiscal Year Results