First Quarter 2025 Highlights: (Results are from continuing operations)

• Achieved quarterly orders of $916 million and backlog of $1.3 billion
• Revenue totaled $854 million with more than half generated from recurring revenue
• Earnings per share (EPS) was $(3.35) and adjusted EPS was $0.97
• Integration is on track, and the Company continues to expect to achieve $35 - $40 million in realized cost synergies for the full year and $80 - $90 million in annualized run rate savings exiting 2025

CHICAGO, May 5, 2025 - JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a leading global technology solutions provider to high-value segments of the food & beverage industry, today reported financial results for the first quarter of 2025.

"JBT Marel had a solid start to the year as we outperformed our first quarter expectations," said Brian Deck, Chief Executive Officer. "Orders continue to demonstrate the benefits of our diverse and holistic end-market solutions, with healthy demand in poultry, meat, beverages, pharmaceuticals, and pet food."

"The potential outcomes from global trade and tariff policies are creating increased uncertainty and costs, and we are taking proactive measures to mitigate impacts on our cost exposure, including vendor concessions, price increases, and reshoring of third party suppliers," added Deck.

Comparisons in this news release are to the comparable period of the prior year, unless otherwise noted. An earnings presentation with supplemental information is available on the Company's Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

JBT Marel First Quarter 2025 Results

"Our team delivered strong operational execution, with solid equipment volume and expense management, leading to results that exceeded our guidance," said Matt Meister, Chief Financial Officer.

Beginning in the first quarter of 2025, the Company revised its adjusted income from continuing operations and adjusted EPS calculations to exclude acquisition related amortization expense. The Company believes this change better reflects its core operating earnings and improves comparability versus peers. Prior year periods have been recast to reflect this change.

First quarter 2025 consolidated revenue was $854 million with more than half generated from recurring products and services. Net income from continuing operations of $(173) million included pre-tax charges of $147 million related to the non-cash final settlement of the U.S. pension plan, $74 million in M&A related items, $42 million in acquisition related amortization expense, and $11 million in restructuring costs. Consolidated adjusted EBITDA was $112 million, and consolidated adjusted EBITDA margin was 13.1 percent. Diluted EPS was $(3.35), and adjusted EPS was $0.97. Orders totaled $916 million, and backlog was $1.3 billion.

First quarter 2025 operating cash flow from continuing operations was $34 million, and free cash flow was $18 million. Included in free cash flow was approximately $42 million in one-time M&A related cash payments. As of March 31, 2025, the Company's bank leverage ratio was 3.2x, which includes the benefit of certain run rate synergies. Net debt to trailing twelve months adjusted EBITDA was 3.8x, an improvement of approximately 0.2x from January 2, 2025. Additionally, the Company's liquidity as of March 31, 2025, was approximately $1.3 billion, providing significant flexibility to fund strategic initiatives.

Comparison Summary of Segment and Combined Results

The below tables provide a summary, for comparison purposes, of certain first quarter 2025 and first quarter 2024 financial results for JBT and Marel segments as well as total combined JBT and Marel. The first quarter 2024 information contained in this table is not intended to represent pro forma financial information for JBT Marel as defined in Regulation S-X, Article 11.

(1) Non-GAAP figure. Please see supplemental schedules for adjustments and reconciliations.
(2) Marel results for March 31, 2024, represent converted USD and U.S. GAAP figures.

Synergy Actions and Target Cost Savings

The Company remains on track to deliver expected in-year realized synergy savings of $35 - $40 million and annualized run rate savings of $80 - $90 million exiting 2025. In connection with these efforts, JBT Marel implemented a restructuring plan during the first quarter of 2025 to achieve a portion of its synergy targets and incurred the aforementioned $11 million in restructuring costs. These first quarter 2025 restructuring costs are expected to generate in-year realized savings of $12 - $15 million with annualized run rate savings of $15 - $20 million exiting 2025.

For the full year 2025, the Company expects to incur $25 - $30 million in total restructuring costs. These full year restructuring costs are anticipated to generate in-year realized savings of $20 - $25 million and annualized run rate synergy savings of $50 - $60 million exiting 2025.

Additionally, the Company continues to advance its synergy savings from supply chain initiatives. Based on those supply chain efforts, JBT Marel continues to expect in-year savings of approximately $15 million with annualized run rate savings of approximately $30 million exiting 2025.

JBT Marel Outlook

As a result of macroeconomic uncertainty created by trade policies and tariffs, it is more difficult to ascertain the potential impact on global demand. As a result, the Company has suspended its full year 2025 guidance and chosen to provide second quarter 2025 guidance.

The below table reflects JBT Marel's consolidated guidance for the second quarter of 2025.

For the second quarter of 2025, the Company's consolidated revenue guidance includes a favorable $10 - $15 million tailwind from foreign exchange translation. JBT Marel expects to incur certain acquisition and restructuring costs, which are included in income from continuing operations and GAAP guidance and excluded from adjusted EPS and adjusted EBITDA calculations. These exclusions include approximately $11 million in restructuring costs, $18 million in M&A related costs, and $41 million in acquisition related amortization expense.

For the second quarter of 2025, the Company anticipates total depreciation and amortization expense to be approximately $61 million. Interest expense is estimated to be approximately $27 million. The Company also expects to generate approximately $3 million in other financing income. The other financing income is related to the hedging strategy for the Term Loan B, which provides access to lower EURIBOR interest rates. The estimated tax rate is 24 - 25 percent.

JBT Marel expects that current tariff policies will create direct impacts to its cost of goods sold and is
implementing short-term mitigation actions. Additionally, the Company believes that there could be impact to demand from the evolving tariff uncertainty. JBT Marel believes it is well positioned to maintain its global competitiveness as a result of its expansive global manufacturing footprint and holistic solutions offering. Please refer to the supplemental earnings presentation for incremental information.

Earnings Conference Call

A conference call is scheduled for 11:00 a.m. ET on Monday, May 5, 2025, to discuss first quarter 2025 results. A simultaneous webcast and audio replay of the call will be available on the Company’s Investor Relations website at https://ir.jbtc.com/events-and-presentations/.

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JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM) is a leading global technology solutions provider to high-value segments of the food & beverage industry. JBT Marel brings together the complementary strengths of both the JBT and Marel organizations to transform the future of food. JBT Marel provides a unique and holistic solutions offering by designing, manufacturing, and servicing cutting-edge technology, systems, and software for a broad range of food and beverage end markets. JBT Marel aims to create better outcomes for customers by optimizing food yield and efficiency, improving food safety and quality, and enhancing uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain. JBT Marel employs approximately 11,700 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 30 countries. For more information, please visit www.jbtmarel.com.

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond JBT Marel's ability to control. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by JBT Marel will be achieved. These forward-looking statements include, among others, statements relating to our business and our results of operations, including our outlook, the benefits or results of our acquisition of Marel hf. (the "Marel Transaction"), our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. The factors that could cause our actual results to differ materially from expectations include, but are not limited, to the following factors: the inability to successfully integrate the legacy businesses of JBT and Marel, operationally, technologically, culturally or otherwise, in a manner that permits the combined company to achieve the benefits and synergies anticipated from the Marel Transaction on the anticipated timeline or at all; fluctuations in our financial results; changes to trade regulation, quotas, duties or tariffs; unanticipated delays or accelerations in our sales cycles; deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability; inflationary pressures, including increases in energy, raw material, freight and labor costs; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; fluctuations in currency exchange rates; changes in food consumption patterns; impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products; weather conditions and natural disasters; the impact of climate change and environmental protection initiatives; acts of terrorism or war, including the ongoing conflicts in Ukraine and the Middle East; termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation; customer sourcing initiatives; competition and innovation in our industries; our ability to develop and introduce new or enhanced products and services and keep pace with technological developments; difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement; catastrophic loss at any of our facilities and business continuity of our information systems; cyber-security risks such as network intrusion or ransomware schemes; loss of key management and other personnel; potential liability arising out of the installation or use of our systems; our ability to comply with U.S. and international laws governing our operations and industries; increases in tax liabilities; work stoppages; our ability to remediate the material weaknesses relating to the Marel financial statements; availability of and access to financial and other resources; and the factors described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K and in any future Quarterly Report on Form 10-Q. If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

JBT Marel provides non-GAAP financial measures in order to increase transparency in our operating results and trends. These non-GAAP measures eliminate certain costs or benefits from, or change the calculation of, a measure as calculated under U.S. GAAP. By eliminating these items, JBT Marel provides a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. Management uses these non-GAAP measures in financial and operational evaluation, planning and forecasting.

These calculations may differ from similarly-titled measures used by other companies. The non-GAAP financial measures disclosed are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP.

Investors & Media:

Marlee Spangler
JBTMarel.IR@jbtc.com
+1 (312) 861-5784