JBTM · JBT Marel Corporation

JBT Marel Corporation reported first quarter 2026 results that reflected strong operational performance and continued margin expansion. Revenue increased 10% year-over-year to $936 million, with approximately 6% benefit from foreign exchange translation. Orders exceeded $1 billion for the second consecutive quarter, reaching $1.07 billion, resulting in a book-to-bill ratio of 1.14x. Net income improved significantly to $45 million from a loss of $173 million in the prior year, driven by lower non-recurring and transaction-related costs, margin enhancement efforts, and lower interest expense. Adjusted EBITDA rose to $142 million, with margin expanding to 15.2% from 13.1%. GAAP diluted EPS was $0.86, compared to a loss per share of $3.35, while adjusted EPS increased to $1.58 from $0.97. Segment performance was mixed: Protein Solutions revenue grew 22% with margin improvement of over 500 basis points, benefiting from higher poultry volume and improvements in meat and fish businesses. Prepared Food and Beverage Solutions revenue was flat, with margin declining 170 basis points due to higher tariff costs, lower CPG end-market volume, and operational challenges in warehouse automation. The company generated operating cash flow of $119 million and free cash flow of $100 million, enabling further deleveraging to 2.6x net debt to trailing twelve months adjusted EBITDA. Management reiterated full-year 2026 guidance, expecting revenue of $3.99-$4.065 billion, adjusted EBITDA margin of 17.0%-17.5%, GAAP diluted EPS of $4.70-$5.15, and adjusted EPS of $8.00-$8.50. The guidance includes an estimated $60 million in synergy cost savings and a net tariff impact of 25-50 basis points. The company also expects one-time costs of approximately $178 million in acquisition-related amortization and depreciation, $20 million in M&A costs, and $30 million in restructuring costs. Overall, the results demonstrate progress on the NextGen strategy and margin expansion journey, with strong demand and cash flow supporting balance sheet improvement.