MIDD · The Middleby Corporation

The Middleby Corporation's Investor Day on May 12, 2026, in New York detailed the strategic separation of its Food Processing Business into Midera Food Processing, Inc., a standalone public company expected to complete on July 6, 2026, pending customary conditions including SEC Form 10 effectiveness. Post-spin-off, Middleby will focus exclusively on Commercial Foodservice with a 49% stake in Composition Brands (formerly Middleby Residential Kitchen), presenting 2026E guidance of $2,465 million Net Sales and $575 million Adjusted EBITDA (~23% margin), and a 3-year growth algorithm targeting 3-6% organic Net Sales CAGR, 6-9% Adjusted EBITDA CAGR, 200-400 basis points margin expansion, and 10-15% Adjusted EPS CAGR. Midera, positioned as a fast-growing food processing leader, showed 2026E guidance of $930 million Net Sales and $165 million Adjusted EBITDA (~18% margin), building from FY2025A $853 million Net Sales, with 3-year targets of 5-7% organic Net Sales CAGR and 20-23% standalone Adjusted EBITDA margin by 2028E, supported by $700 million net leverage capacity. The separation creates two capability-aligned companies with distinct equity stories: Middleby leveraging innovation in cooking and beverage solutions, and Midera capitalizing on protein, bakery, and snack processing with total line solutions and M&A. Management emphasized operational excellence, margin expansion, and shareholder returns, with presentations highlighting industry-leading brands, global footprints, and growth drivers like aftermarket penetration and automation trends. Item 7.01 disclosures are furnished, not filed, avoiding incorporation by reference.