Middleby Corp: 2Q26 Alert

Research evidence excerpt

J P M O R G A N

North America Equity Research

11 August 2026

Middleby Corp

2Q26 Alert

Excluding MFP, MIDD posted 2Q net sales growth of ~9% (organic up ~8%)

to $631MM and adjusted EBITDA of $145MM at 23.0% margin, down

~90bps YoY. 2Q adjusted EPS came in at $2.35 ($1.74 ex. MFP) vs. consensus

$2.29. For 3Q26, management expects total company revenue (ex. MFP) of $620640MM, up 4% vs. JPMe $624MM, adjusted EBITDA of $143-150MM vs. JPMe

$150MM, and adjusted EPS of $1.67-1.83. For the full year, management is

guiding (including the half-year of MFP) total revenue to $2.48-2.53B (mp $2.51B

vs. prior $3.36-3.44B and consensus $3.01B), with organic growth at +7%.

Adjusted EBITDA is guided to $572-588MM (mp $580MM vs. prior $758790MM). Adjusted EPS is guided to $6.73-$6.89 (mp $6.81 vs. prior $9.54-9.70

and consensus $9.39). 4Q implied revenue, EBITDA, and adjusted EPS (ex. MFP)

are $628MM, $150MM, and $1.77 (vs. JPMe $620MM, $148MM, and $1.16). See

Figure 1 for segment performance and Figure 2 for outlook details.