Middleby: Midera Management Call Takeaways

Research evidence excerpt

Middleby: Midera Management Call Takeaways

Equity Research

U.S. Machinery & Construction

10 June 2026

Middleby

Midera Management Call

Takeaways

We hosted Midera CEO Mark Salman and CFO Amy Campbell MIDD OVERWEIGHT

POSITIVEto talk about the upcoming Midera spin-off of Middleby’s U.S.ConstructionMachinery &

Food Processing group. The discussion focused on strategy Price Target USD 190.00

and direction post spin and what the coming years might Price (09-Jun-26) USD 161.40 Potential Upside/Downside +17.7%

Source: Bloomberg, Barclays Researchlook like.

Adam Seiden, CFA

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Tyler Russell

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Benjamin Falk

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Key Takeaways: 1) Midera is positioned as a focused food-processing and automation platform benjamin.falk@barclays.com

with greater capital deployment flexibility post-spin. 2) Organic growth is underpinned by BCI, US

industry automation, food security, labor scarcity, total-line penetration, and aftermarket

expansion. 3) M&A is a central part of the story, with >$700mm of capital available over three

years.

Details From the Call

About the Company: Midera, the planned spin-off of Middleby’s food processing group, is a

global industrial automation platform providing total-line solutions for food manufacturers. The

spin allows Midera to pursue a more aggressive growth and capital deployment strategy than it

likely could within core Middleby. Midera serves large and diverse end markets, with leading