JBT Marel Corporation Reports Record Q4 and Full-Year 2025 Results, Announces 2026 Outlook

Key Highlights for Investors

• Record Orders and Revenue: Both fourth-quarter orders and revenue exceeded \$1.0 billion, marking a record high for the company.
• Full-Year Revenue: 2025 consolidated revenue reached \$3.8 billion, with half of that generated from recurring sources.
• Segment Realignment: The company realigned its reporting segments into Protein Solutions and Prepared Food and Beverage Solutions to reflect its new operating model following the integration of JBT and Marel.
• Synergy Savings: Realized approximately \$43 million in year-over-year synergy savings, with an annualized run rate of \$85 million by year-end. Expects an additional \$60 million in synergy savings for 2026.
• Cash Flow and Deleveraging: Generated \$342 million in operating cash flow and \$250 million in free cash flow, reducing net debt to trailing adjusted EBITDA to 2.9x—a reduction of 1.1x since the close of the transaction.

Comprehensive Financial Results

Full-Year 2025

• Revenue: \$3.8 billion (including \$77 million from favorable foreign exchange rates).
• Orders: \$3.8 billion, with a year-end backlog of \$1.4 billion.
• Adjusted EBITDA: \$600 million, with a margin of 15.8%.
• Net Loss from Continuing Operations: -\$50 million (margin of -1.3%), including significant non-cash and one-time items:
  • \$179 million in acquisition-related amortization and depreciation
  • \$147 million related to non-cash settlement of U.S. pension plan
  • \$115 million in M&A-related costs
  • \$31 million in restructuring costs
• Adjusted EPS: \$6.41; Diluted EPS: -\$0.96
• Segment Results:
  • Protein Solutions: \$1.72 billion revenue, \$345 million adjusted EBITDA (20.1% margin)
  • Prepared Food and Beverage Solutions: \$2.08 billion revenue, \$359 million adjusted EBITDA (17.2% margin)

Balance Sheet and Cash Flow Details

• Total Assets: \$8.20 billion
• Net Debt: \$1.71 billion (down from \$1.79 billion in Q3 2025)
• Free Cash Flow: \$250 million
• Leverage Ratio: Net debt to adjusted EBITDA at 2.9x; bank total net leverage ratio at 2.6x

2026 Guidance and Outlook

• Revenue: \$3.99 to \$4.07 billion (growth of 5-7%, including 1% FX benefit)
• Adjusted EBITDA Margin: 17.0% to 17.5%
• GAAP EPS: \$4.70 to \$5.15
• Adjusted EPS: \$8.00 to \$8.50
• Expected One-Time/Acquisition Costs: \$178 million in acquisition amortization and depreciation, \$20 million in M&A costs, \$30 million in restructuring costs
• Interest Expense: ~\$50 million; Other Financing Income: ~\$10 million (from cross-currency swaps)
• Tax Rate: 23-24%

Strategic and Operational Updates

• CEO Brian Deck emphasized successful integration of JBT and Marel, realization of cost synergies, and a customer-centric go-to-market strategy that boosted cross-selling opportunities, especially in protein (notably poultry).
• The company highlighted resilience and execution in the face of a challenging tariff and macroeconomic environment.
• JBT Marel will host an Investor Day in New York City on March 26, 2026, where leadership will update shareholders on strategy, growth initiatives, and financial objectives. The event will be livestreamed.

Price-Sensitive and Shareholder-Relevant Information

• Record performance in orders and revenue signals strong demand and market positioning, potentially positive for share valuation.
• Substantial synergy realization and cost savings bolster future margins and profitability.
• Despite a reported net loss due to one-off integration, acquisition, and pension settlement costs, the company’s adjusted figures and cash flow generation are robust, highlighting the value of underlying operations.
• The 2026 guidance projects further growth and improved margins, which could drive investor confidence.
• Continued deleveraging of the balance sheet reduces financial risk and enhances capital flexibility for growth or shareholder returns.
• Investors should note the significant non-GAAP adjustments and one-time items impacting GAAP results, which may affect perception of underlying earnings power.

Risks and Forward-Looking Statements

• The company identified risks including integration challenges, macroeconomic headwinds, inflation, supply chain disruptions, currency fluctuations, and regulatory changes.
• Shareholders are advised to review the company’s risk disclosures for a full understanding of potential uncertainties impacting future results.

Upcoming Events

• Earnings Conference Call: February 24, 2026, 10:00 a.m. ET
• Investor Day: March 26, 2026, New York City (with livestream available)

About JBT Marel Corporation

JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) is a global leader in technology solutions for high-value segments of the food and beverage industry. The company operates over 50 manufacturing and distribution facilities globally, providing integrated solutions to optimize food processing yields, safety, and efficiency.

Disclaimer: This article contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially from those indicated. Investors should consult the company’s filings and disclosures before making investment decisions. This article is not financial advice.

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