JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the third quarter of 2026.

“We executed well in a dynamic environment, delivering third quarter adjusted EBITDA and margins above the midpoint of our guidance, notwithstanding lower book-and-ship volume,” said Brian Deck, Chief Executive Officer. “Our strong quarterly and year-to-date margins reflect the meaningful benefits from our cost synergy initiatives, including labor productivity, supply chain savings, and footprint optimization. The commitment to our margin improvement program will continue to drive results even amid inflationary and tariff pressures.”

“We are revising our full-year 2026 revenue outlook to reflect lower, near-term CPG-related volume expectations, and at the same time, are increasing the midpoint of our margin guidance as we continue to drive operational efficiencies and disciplined cost management,” added Deck.

Increased Share Repurchase Authorization

On October 30, 2026, JBT Marel’s Board of Directors authorized a $500 million increase to the existing share repurchase program. The full share repurchase authorization now totals $700 million. The Company expects any share repurchases to be balanced to maintain a leverage ratio within the desired long-term range of 2.0 – 2.5x.

JBT Marel Third Quarter 2026 Consolidated Results

“We utilized our strong third quarter cash flow to repurchase approximately 800,000 shares and return $94 million to shareholders,” said Matt Meister, Chief Financial Officer. “The increased share purchase program announced today provides greater flexibility to opportunistically repurchase shares when we believe our stock is trading below the long-term value of JBT Marel. We view share repurchases as an important component of our disciplined capital allocation strategy and a compelling use of capital when the valuation warrants.”

Third quarter 2026 consolidated revenue of $994 million declined 1 percent. Revenue was below Company expectations due to lower CPG-related book-and-ship business within the Prepared Food and Beverage Solutions segment. Net income of $70 million increased 6 percent, and net income margin of 7.0 percent improved 30 basis points. Foreign exchange translation had a minimal impact on results.

Third quarter 2026 consolidated adjusted EBITDA of $179 million increased 5 percent, and adjusted EBITDA margin of 18.0 percent improved 90 basis points. Diluted earnings per share (EPS) was $1.34 compared to $1.26. Adjusted EPS was $2.19 compared to $1.94. Orders totaled $976 million, and quarter-ending backlog was $1.52 billion.

Year to date 2026 operating cash flow was $320 million, and free cash flow was $252 million. As of September 30, 2026, the Company’s net debt to trailing twelve months adjusted EBITDA was 2.45x after returning $94 million to shareholders through share repurchases.

JBT Marel Third Quarter 2026 Segment Results

 

Three Months Ended

September 30, 2026

In millions except margin

Protein Solutions

 

Prepared Food and Beverage Solutions

Segment revenue

$

469

 

$

525

Segment adjusted EBITDA

$

105

 

$

101

Segment adjusted EBITDA margin

 

22.4 %

 

 

19.2 %
 

Third quarter 2026 Protein Solutions segment revenue increased 6 percent, primarily driven by volume growth in the Poultry business. Segment adjusted EBITDA margin improved 110 basis points, primarily driven by the benefits of volume leverage, pricing, and cost synergy realization. Foreign exchange translation had a minimal impact on segment results.

Third quarter 2026 Prepared Food and Beverage Solutions segment revenue declined 6 percent, primarily reflecting lower revenue within the Diversified Food and Health business due to softer CPG-related book-and-ship volume. Segment adjusted EBITDA margin improved 90 basis points as benefits from restructuring within the warehouse automation business along with overall segment mix, cost synergy realization, and pricing more than offset lower volume leverage impacts. Sequentially, adjusted EBITDA margin improved 170 basis points. Foreign exchange translation had a minimal impact on segment results.

JBT Marel Outlook

JBT Marel is refining its full-year 2026 revenue, net income, and adjusted EBITDA guidance to primarily reflect lower third quarter book-and-ship revenue and revised fourth quarter expectations for the Diversified Food and Health business within the Prepared Food and Beverage Solutions segment. At the same time, JBT Marel increased the midpoint of its margin guidance, reflecting strong operational execution and cost management. The Company also increased the midpoint of its EPS guidance to reflect lower interest expense, taxes, and share count. The table below reflects consolidated guidance.

 

Guidance

In millions except EPS and margin

FY 2026

Revenue

$3,950 – $4,000

Net income margin

5.6% – 6.0%

Adjusted EBITDA margin(1)

17.25% – 17.50%

GAAP diluted EPS

$4.30 – $4.60

Adjusted EPS(1)

$8.10 – $8.40

 

 

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.

 

 

For the full year 2026, JBT Marel expects year-over-year consolidated revenue growth of approximately 5 percent at the midpoint, which is inclusive of approximately 1.5 percent foreign exchange translation benefit.

For the full year 2026, JBT Marel expects to incur certain one-time and acquisition related costs for previously completed transactions, which are included in net income margin and GAAP diluted EPS guidance and excluded from adjusted EPS and adjusted EBITDA margin guidance. These include approximately $168 million in acquisition related amortization and depreciation, $33 million in M&A related costs, $24 million in restructuring costs, and $33 million in non-cash impairment expense incurred in the second quarter.

Full year 2026 total depreciation and amortization is expected to be approximately $261 million. Interest expense is estimated to be approximately $46 million, which is inclusive of $3 million in non-cash, accelerated amortized debt issuance costs incurred in the third quarter. The accelerated amortization of debt issuance costs is excluded from adjusted EPS. Other financing income is expected to be approximately $6 million. The full year tax rate is estimated to be approximately 23 percent.

Earnings Conference Call

A conference call is scheduled for 11:00 a.m. ET / 16:00 GMT on Tuesday, November 3, 2026, to discuss third quarter 2026 results. A simultaneous webcast and audio replay of the call will be available on the Company’s Investor Relations website at https://ir.jbtmarel.com/events/ir-calendar.

About JBT Marel Corporation

JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT Marel’s unique solutions of integrated equipment, service, software, and application expertise enables customers to optimize food yield and efficiency, improve food safety and quality, and enhance uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain. JBT Marel operates more than 50 manufacturing and distribution facilities globally. For more information, please visit www.jbtmarel.com.

Non-GAAP Measures and Reconciliations to GAAP Measures

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income, Adjusted diluted earnings per share (“Adjusted EPS”), and Free cash flow are non-GAAP financial measures. JBT Marel provides non-GAAP financial measures in order to increase transparency in our operating results and trends. These non-GAAP measures eliminate certain costs or benefits from, or change the calculation of, a measure as calculated under U.S. GAAP. By eliminating these items, JBT Marel provides a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. Management uses these non-GAAP measures in financial and operational evaluation, planning and forecasting. These calculations may differ from similarly-titled measures used by other companies. The non-GAAP financial measures disclosed are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP. Reconciliations of non-GAAP financial measures can be found in the supplemental schedules to this release.

Comparisons and Supplemental Earnings Presentation

Comparisons in this press release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company’s Investor Relations website at https://ir.jbtmarel.com/events/presentations.

Presentation of Percentage Calculations

Effective in 2026, percentage amounts presented in this press release have been calculated using rounded figures. In prior periods, percentage amounts were calculated using the unrounded underlying values rather than the rounded figures presented. As a result, certain percentage amounts in this section may differ slightly from percentages calculated using the figures presented in the Company’s Consolidated Financial Statements or the accompanying narrative.

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT Marel’s ability to control. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements include, among others, statements relating to our business and our results of operations, our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors: fluctuations in our financial results; termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation; catastrophic loss at any of our facilities and business continuity of our information systems; loss of key management and other personnel; our ability to remediate the material weaknesses relating to the Marel financial statements; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; unanticipated delays or acceleration in our sales cycles; inflationary pressures, including increases in energy, raw material, freight, and labor costs; changes in food consumption patterns; weather conditions and natural disasters; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; work stoppages; customer sourcing initiatives; competition and innovation in our industries; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; changes to tariffs, trade regulations, quotas, or duties; potential liability arising out of the installation or use of our systems; the impact of climate change and environmental protection initiatives; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; risks related to acquisitions, such as our ability to integrate the acquisitions we have consummated, including the integration of the legacy businesses of JBT and Marel; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; cybersecurity risks such as network intrusion or ransomware schemes; our convertible note hedge and warrant transactions; the maintenance of two stock exchange listings; fluctuations in currency exchange rates and interest rates; our level of indebtedness; availability of and access to financial and other resources; and the factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and any future Quarterly Report on Form 10-Q.

If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

 

JBT MAREL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited and in millions, except per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

Revenue

$

994

 

$

1,001

 

$

2,911

 

$

2,790

Cost of sales

 

641

 

 

642

 

 

1,870

 

 

1,804

Gross profit

 

353

 

 

359

 

 

1,041

 

 

986

Gross profit margin

 

35.5 %

 

 

35.9 %

 

 

35.8 %

 

 

35.4 %

 

 

 

 

 

 

 

 

Selling, general and administrative expense

 

253

 

 

258

 

 

827

 

 

869

Operating income

 

100

 

 

102

 

 

214

 

 

117

Operating income margin

 

10.1 %

 

 

10.2 %

 

 

7.4 %

 

 

4.2 %

 

 

 

 

 

 

 

 

Pension expense, other than service cost

 

—

 

 

—

 

 

—

 

 

147

Loss on investment

 

—

 

 

—

 

 

—

 

 

11

Interest expense, net

 

13

 

 

21

 

 

36

 

 

91

Other income

 

(1)

 

 

(3)

 

 

(5)

 

 

(8)

Income (loss) before income taxes

 

88

 

 

84

 

 

183

 

 

(124)

Income tax provision (benefit)

 

18

 

 

17

 

 

40

 

 

(21)

Net income (loss)

$

70

 

$

66

 

$

143

 

$

(104)

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

Basic

$

1.35

 

$

1.26

 

$

2.74

 

$

(2.00)

Diluted

$

1.34

 

$

1.26

 

$

2.73

 

$

(2.00)

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

51.5

 

 

52.0

 

 

51.9

 

 

51.9

Diluted

 

51.6

 

 

52.3

 

 

52.0

 

 

51.9

 

 

 

 

 

 

 

 

Other business information from operations:

 

 

 

 

 

 

 

Inbound orders

$

976

 

$

946

 

$

3,076

 

$

2,800

Orders backlog

 

 

 

 

$

1,516

 

$

1,339
 
 

JBT MAREL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED DILUTED EARNINGS PER SHARE

(Unaudited and in millions, except per share data)

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2026

 

2025

 

2026

 

2025

Net income (loss)

$

70

 

$

66

 

$

143

 

$

(104)

Non-GAAP adjustments

 

 

 

 

 

 

 

Restructuring and related costs, net (1)

 

7

 

 

7

 

 

17

 

 

24

M&A related costs (2)

 

9

 

 

6

 

 

28

 

 

100

Impairment of intangible assets (3)

 

—

 

 

—

 

 

33

 

 

—

Acquisition related amortization and depreciation (4)

 

39

 

 

33

 

 

126

 

 

133

Loss on investment

 

—

 

 

—

 

 

—

 

 

11

Amortization of debt issuance costs (5)

 

3

 

 

—

 

 

3

 

 

12

Impact from tax provision on Non-GAAP adjustments (6)

 

(15)

 

 

(11)

 

 

(52)

 

 

(63)

Recognition of non-cash pension plan related settlement costs

 

—

 

 

—

 

 

—

 

 

147

Impact on tax provision from non-cash pension plan related settlement costs

 

—

 

 

—

 

 

—

 

 

(37)

Discrete tax adjustment from M&A activity

 

—

 

 

—

 

 

—

 

 

5

Adjusted income

$

113

 

$

102

 

$

298

 

$

230

 

 

 

 

 

 

 

 

Net income (loss)

$

70

 

$

66

 

$

143

 

$

(104)

Total shares and dilutive securities

 

51.6

 

 

52.3

 

 

52.0

 

 

51.9

Diluted earnings (loss) per share

$

1.34

 

$

1.26

 

$

2.73

 

$

(2.00)

 

 

 

 

 

 

 

 

Adjusted income

$

113

 

$

102

 

$

298

 

$

230

Total shares and dilutive securities

 

51.6

 

 

52.3

 

 

52.0

 

 

51.9

Adjusted diluted earnings per share

$

2.19

 

$

1.94

 

$

5.73

 

$

4.42

 

 

 

 

 

 

 

 

(1) Costs associated with restructuring actions, primarily consisting of severance and related employee costs. These costs are not considered reflective of our ongoing operating performance.

(2) Advisory, strategy, integration, and other costs associated with completed M&A transactions. These costs are directly attributable to the integration of acquired businesses and are not considered indicative of our ongoing operating performance.

(3) Non-cash impairment charge related to acquired intangible assets recorded in the second quarter of 2026. This charge is not considered reflective of our ongoing operating performance.

(4) Amortization and depreciation resulting from the fair value adjustments recorded in connection with acquisitions. These expenses are not considered indicative of our ongoing operating performance and are directly attributable to acquired businesses.

(5) Includes non-cash charges for unamortized debt issuance costs related to debt repayments and financing terminations.

(6) Impact on tax provision was calculated using the enacted rate for the relevant jurisdiction for each period shown.

The above table reports adjusted income and adjusted diluted earnings per share, which are non-GAAP financial measures. We use these measures internally to make operating decisions and for the planning and forecasting of future periods, and therefore provide this information to investors because we believe it allows more meaningful period-to-period comparisons of our ongoing operating results, without the fluctuations in the amount of certain costs that do not reflect our underlying operating results.
 

JBT MAREL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(Unaudited and in millions)

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2026

 

2025

 

2026

 

2025

Net income (loss)

$

70

 

$

66

 

$

143

 

$

(104)

Income tax provision (benefit)

 

18

 

 

17

 

 

40

 

 

(21)

Interest expense, net

 

13

 

 

21

 

 

36

 

 

91

Other financing income (1)

 

(1)

 

 

(3)

 

 

(5)

 

 

(8)

Restructuring and related costs, net (2)

 

7

 

 

7

 

 

17

 

 

24

M&A and related costs (3)

 

9

 

 

6

 

 

28

 

 

100

Impairment of intangible assets (4)

 

—

 

 

—

 

 

33

 

 

—

Loss on investment

 

—

 

 

—

 

 

—

 

 

11

Pension expense, other than service cost (5)

 

—

 

 

—

 

 

—

 

 

147

Depreciation and amortization (6)

 

63

 

 

55

 

 

197

 

 

199

Adjusted EBITDA

$

179

 

$

171

 

$

489

 

$

439

 

 

 

 

 

 

 

 

Total revenue

$

994

 

$

1,001

 

$

2,911

 

$

2,790

Net income (loss) margin

 

7.0 %

 

 

6.7 %

 

 

4.9 %

 

 

(3.7) %

Adjusted EBITDA margin

 

18.0 %

 

 

17.1 %

 

 

16.8 %

 

 

15.7 %

 

 

 

 

 

 

 

 

(1) Other financing income represents transaction gains from fair value hedges on our foreign currency denominated debt, which are considered non-operating as they relate to the cost of borrowing on debt.

(2) Costs associated with restructuring actions, primarily consisting of severance and related employee costs. These costs are not considered reflective of our ongoing operating performance.

(3) Advisory, strategy, integration, and other costs associated with completed M&A transactions that are not considered indicative of our ongoing operating performance and are directly attributable to the integration of acquired businesses.

(4) Non-cash impairment charge related to acquired intangible assets recorded in the second quarter of 2026. This charge is not considered reflective of our ongoing operating performance.

(5) Pension expense, other than service cost, is excluded as it represents all non service-related pension expense, which consists of non-cash interest cost, expected return on plan assets, amortization of actuarial gains and losses, and settlement charges.

(6) Depreciation and amortization, including acquisition related amortization and depreciation expense, is excluded to determine EBITDA.

The above table reports Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. We use Adjusted EBITDA and Adjusted EBITDA margin internally to make operating decisions and believe that Adjusted EBITDA is useful to investors as a measure of the Company’s operational performance and a way to evaluate and compare operating performance against peers in the Company’s industry.
 

JBT MAREL CORPORATION

SEGMENT RESULTS

(Unaudited and in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2026

 

Three Months Ended

September 30, 2025

(In millions)

Protein Solutions

 

Prepared Food and Beverage Solutions

 

Total

 

Protein Solutions

 

Prepared Food and Beverage Solutions

 

Total

Revenue

$

469

 

$

525

 

 

 

$

441

 

$

560

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

295

 

 

346

 

 

 

 

269

 

 

373

 

 

Research and development

 

9

 

 

6

 

 

 

 

22

 

 

9

 

 

Other segment items (1)

 

90

 

 

101

 

 

 

 

73

 

 

108

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

30

 

 

29

 

 

 

 

16

 

 

32

 

 

Segment Adjusted EBITDA

$

105

 

$

101

 

$

206

 

 

$

94

 

$

102

 

$

196

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

13

 

 

 

 

 

 

 

21

 

Other income

 

 

 

 

 

(1

)

 

 

 

 

 

 

(3

)

Restructuring and related costs, net

 

 

 

 

 

7

 

 

 

 

 

 

 

7

 

M&A related costs

 

 

 

 

 

9

 

 

 

 

 

 

 

6

 

Depreciation and amortization

 

 

 

 

 

63

 

 

 

 

 

 

 

55

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

Corporate expense (2)

 

 

 

 

 

27

 

 

 

 

 

 

 

26

 

Income before income taxes

 

 

 

 

$

88

 

 

 

 

 

 

$

84

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.

(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
 

JBT MAREL CORPORATION

SEGMENT RESULTS

(Unaudited and in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

September 30, 2026

 

Nine Months Ended

September 30, 2025

(In millions)

Protein Solutions

 

Prepared Food and Beverage Solutions

 

Total

 

Protein Solutions

 

Prepared Food and Beverage Solutions

 

Total

Revenue

$

1,396

 

$

1,515

 

 

 

$

1,240

 

$

1,550

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

866

 

 

1,004

 

 

 

 

786

 

 

1,017

 

 

Research and development

 

31

 

 

19

 

 

 

 

63

 

 

29

 

 

Other segment items (1)

 

279

 

 

320

 

 

 

 

235

 

 

321

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

97

 

 

89

 

 

 

 

87

 

 

91

 

 

Segment Adjusted EBITDA

$

317

 

$

261

 

$

578

 

 

$

243

 

$

274

 

$

517

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

 

36

 

 

 

 

 

 

 

91

 

Other income

 

 

 

 

 

(5

)

 

 

 

 

 

 

(8

)

Pension expense, other than service cost

 

 

 

 

 

—

 

 

 

 

 

 

 

147

 

Restructuring and related costs, net

 

 

 

 

 

17

 

 

 

 

 

 

 

24

 

M&A related costs

 

 

 

 

 

28

 

 

 

 

 

 

 

100

 

Impairment of intangible assets

 

 

 

 

 

33

 

 

 

 

 

 

 

—

 

Loss on investment

 

 

 

 

 

—

 

 

 

 

 

 

 

11

 

Depreciation and amortization

 

 

 

 

 

197

 

 

 

 

 

 

 

199

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

Corporate expense (2)

 

 

 

 

 

89

 

 

 

 

 

 

 

77

 

Income before income taxes

 

 

 

 

$

183

 

 

 

 

 

 

$

(124

)

 

 

 

 

 

 

 

 

 

 

 

 

(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.

(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.
 

JBT MAREL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in millions)

 

 

 

 

 

September 30, 2026

 

December 31, 2025

Assets

 

 

 

Cash and cash equivalents

$

98

 

$

168

Restricted cash

 

19

 

 

19

Trade receivables, net of allowances

 

451

 

 

443

Contract assets

 

170

 

 

119

Inventories

 

704

 

 

644

Other current assets

 

202

 

 

190

Total current assets

 

1,644

 

 

1,583

Property, plant and equipment, net

 

759

 

 

793

Goodwill

 

3,379

 

 

3,428

Intangible assets, net

 

1,931

 

 

2,122

Other assets

 

256

 

 

265

Total Assets

$

7,969

 

$

8,191

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Short-term debt

$

7

 

$

412

Accounts payable, trade and other

 

296

 

 

262

Advance and progress payments

 

520

 

 

518

Accrued payroll

 

158

 

 

170

Other current liabilities

 

295

 

 

260

Total current liabilities

 

1,276

 

 

1,622

Long-term debt

 

1,687

 

 

1,470

Deferred tax liabilities

 

357

 

 

383

Other liabilities

 

220

 

 

252

Common stock and additional paid-in capital

 

2,613

 

 

2,718

Retained earnings

 

1,591

 

 

1,465

Accumulated other comprehensive income

 

225

 

 

281

Total stockholders’ equity

 

4,429

 

 

4,464

Total liabilities and stockholders’ equity

$

7,969

 

$

8,191

 

JBT MAREL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited and in millions)

 

 

 

 

 

Nine Months Ended September 30,

 

2026

 

2025

Cash flows from operating activities:

 

 

 

Net income (loss)

$

143

 

$

(104)

Adjustments to reconcile income (loss) to cash provided by operating activities:

 

 

 

Depreciation and amortization

 

197

 

 

199

Stock-based compensation

 

26

 

 

17

Impairment of intangible assets

 

33

 

 

—

Pension and other post-retirement benefits expense

 

—

 

 

148

Other, net

 

11

 

 

52

Changes in operating assets and liabilities

 

 

 

Trade accounts receivable, net

 

(64)

 

 

32

Inventories

 

(63)

 

 

(69)

Accounts payable, trade and other

 

41

 

 

23

Advance and progress payments

 

12

 

 

3

Other assets and liabilities, net

 

(16)

 

 

(77)

Cash provided by operating activities

 

320

 

 

224

 

 

 

 

Cash flows from investing activities:

 

 

 

Acquisitions, net of cash acquired

 

—

 

 

(1,746)

Capital expenditures

 

(77)

 

 

(70)

Proceeds from disposal of assets

 

9

 

 

5

Proceeds from net investment hedge settlement

 

18

 

 

—

Cash required by investing activities

 

(50)

 

 

(1,811)

 

 

 

 

Cash flows from financing activities

 

 

 

Net proceeds (repayments of) domestic credit facilities, net of debt issuance costs

 

415

 

 

(829)

Net (repayments of) proceeds from Term loan B, net of debt issuance costs

 

(203)

 

 

892

Proceeds from issuance of 2030 convertible senior notes, net of debt issuance costs

 

—

 

 

559

Purchase of convertible bond hedge

 

—

 

 

(79)

Proceeds from sale of warrants

 

—

 

 

51

Repayment of 2026 Notes

 

(403)

 

 

—

Settlement of deal contingent hedge

 

—

 

 

(43)

Dividends

 

(17)

 

 

(16)

Common stock repurchases

 

(120)

 

 

—

Other, net

 

(10)

 

 

(46)

Cash (required) provided by financing activities

 

(338)

 

 

491

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(68)

 

 

(1,096)

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

 

(2)

 

 

1

Net (decrease) increase in cash, cash equivalents and restricted cash

$

(70)

 

$

(1,095)

 

 

 

 

Cash and cash equivalents from operations, beginning of period

 

187

 

 

1,228

Add: Net (decrease) increase in cash and cash equivalents

 

(70)

 

 

(1,095)

Cash, cash equivalents and restricted cash from operations, end of period

$

117

 

$

133
 

JBT MAREL CORPORATION

NON-GAAP FINANCIAL MEASURES

FREE CASH FLOW

(Unaudited and in millions)

 

 

 

 

 

Nine Months Ended September 30,

 

2026

 

2025

Cash provided by operating activities

$

320

 

$

224

Less: capital expenditures

 

77

 

 

70

Plus: proceeds from disposal of assets

 

9

 

 

5

Plus: pension contributions

 

—

 

 

4

Free cash flow (FCF)

$

252

 

$

163

 

 

 

 

The above table reports free cash flow, which is a non-GAAP financial measure. We use free cash flow internally as a key indicator of our liquidity and ability to service debt, invest in business combinations, and return money to shareholders and believe this information is useful to investors because it provides an understanding of the cash available to fund these initiatives.
 

JBT MAREL CORPORATION

NET DEBT CALCULATION

(Unaudited and in millions)

 

 

 

 

 

 

 

 

 

 

 

As of Quarter Ended

 

Change From

 

Q3 2026

 

Q4 2025

 

Q3 2025

 

Prior Year-End

 

Prior Year

Total debt

$

1,694

 

$

1,882

 

$

1,907

 

$

(188

)

 

$

(213

)

Less: cash and marketable securities

 

98

 

 

168

 

 

115

 

 

(70

)

 

 

(17

)

Net debt

$

1,596

 

$

1,714

 

$

1,792

 

$

(118

)

 

$

(196

)

 

 

 

 

 

 

 

 

 

 
 

JBT MAREL CORPORATION

BANK TOTAL NET LEVERAGE RATIO CALCULATION

(Unaudited and in millions)

 

 

 

Q3 2026

Total debt

$

1,694

Less: cash and marketable securities

 

98

Net debt

 

1,596

Other items considered debt under the credit agreement

 

45

Consolidated total indebtedness(1)

$

1,641

 

 

Trailing twelve months adjusted EBITDA

 

651

Other adjustments net to earnings under the credit agreement

 

13

Consolidated EBITDA(1)

$

664

 

 

Bank total net leverage ratio (Consolidated total indebtedness / Consolidated EBITDA)

 

2.47

 

 

Total net debt to trailing twelve months adjusted EBITDA

 

2.45

 

 

(1) As defined in the credit agreement.

 

 

JBT MAREL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF DILUTED EARNINGS PER SHARE

TO ADJUSTED DILUTED EARNINGS PER SHARE GUIDANCE

(Unaudited and in cents)

 

 

 

Guidance

 

Full Year 2026

Diluted earnings per share

$4.30 – $4.60

Non-GAAP adjustments:

 

Restructuring related costs(1)

~ 0.46

M&A related costs(2)

~ 0.64

Amortization of debt issuance costs (3)

~ 0.05

Impairment of intangible assets(4)

~ 0.64

Acquisition related amortization and depreciation(5)

~ 3.23

Impact on tax provision from Non-GAAP adjustments(6)

~ (1.22)

Adjusted diluted earnings per share

$8.10 – $8.40

 

 

(1) Restructuring and related costs are estimated to be approximately $24 million for the full year 2026. The amount has been divided by our estimate of 51.8 million total shares and dilutive securities to derive earnings per share.

(2) M&A related costs are estimated to be approximately $33 million for the full year 2026. The amount has been divided by our estimate of 51.8 million total shares and dilutive securities to derive earnings per share.

(3) Amortization of debt issuance costs is estimated to be approximately $3 million for the full year 2026. The amount has been divided by our estimate of 51.8 million total shares and dilutive securities to derive earnings per share.

(4) Non-cash impairment charge related to acquired intangible assets is $33M in the second quarter of 2026. The amount has been divided by our estimate of 51.8 million total shares and dilutive securities to derive earnings per share.

(5) Acquisition related amortization and depreciation is expected to be approximately $168 million for the full year 2026. The amount has been divided by our estimate of 51.8 million total shares and dilutive securities to derive earnings per share.

(6) Impact on tax provision for 2026 tax provision on non-GAAP adjustments was calculated using a tax rate of approximately 23% based on a estimate of the tax rate of the country in which the non-GAAP adjustments are originating.
 

JBT MAREL CORPORATION

NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA GUIDANCE

(Unaudited and in millions)

 

Guidance

 

Full Year 2026

Net Income

$224 – $238

Income tax provision

$67 – $71

Interest expense, net

~ 46

Other financing income

~ (6)

Restructuring related costs

~ 24

M&A related costs

~ 33

Impairment of intangible assets

~ 33

Depreciation and amortization

~ 261

Adjusted EBITDA

$681 – $700

 

 

Revenue

$3,950 – $4,000

Net income margin

5.6% – 6.0%

Adjusted EBITDA margin

17.25% – 17.50%

 

 

 

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