Industry Summary Articles

JBT Marel Corporation, a leading global technology solutions provider to high-value segments of the food & beverage industry, reported financial results for the third quarter of 2025.

"JBT Marel outperformed our third quarter earnings expectations, primarily driven by better-than-expected revenue, excellent supply chain and operational productivity, and solid cost control," said Brian Deck, Chief Executive Officer. "Given our strong third quarter results, we are raising our full year 2025 guidance, demonstrating the benefits of our diverse end markets and the enhanced scale of our combined organization."

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 Third Quarter 2025 Consolidated Results
"Our $65 million revenue outperformance was the result of higher book and ship revenue coupled with better backlog conversion from manufacturing and supply chain efficiencies, allowing us to realize revenue ahead of schedule, particularly in poultry," said Matt Meister, Chief Financial Officer. "Margins also exceeded our expectations, driven by higher volume flow through, a favorable mix of poultry equipment and shorter cycle products, and accelerated synergy savings."

Third quarter 2025 consolidated revenue of $1.0 billion included approximately $26 million in year-over-year foreign exchange translation benefit. Net income from continuing operations of $67 million, representing a margin of 6.7 percent, included $33 million in acquisition related amortization and depreciation expense, $7 million in restructuring related costs, and $6 million in M&A related costs.

Third quarter 2025 consolidated adjusted EBITDA was $171 million, representing a margin of 17.1 percent. Diluted earnings per share (EPS) was $1.28, and adjusted EPS was $1.94. Orders totaled $946 million, inclusive of approximately $26 million in a year-over year tailwind from foreign exchange translation, and quarter-ending backlog was $1.3 billion.

Year-to-date operating cash flow from continuing operations was $224 million, and free cash flow was $163 million. As of September 30, 2025, the Company's bank leverage ratio was 2.7x, which includes the benefit of certain run rate synergies. Net debt to trailing twelve months pro forma adjusted EBITDA was 3.1x. Additionally, the Company's liquidity as of September 30, 2025, was approximately $1.9 billion.

JBT Marel Third Quarter 2025 Segment Results

JBT Marel Convertible Senior Notes Issuance
As previously announced, on September 9, 2025, JBT Marel closed its private offering of $575 million aggregate principal amount of 0.375 percent convertible senior notes due 2030. The Company utilized proceeds from the offering to execute convertible note hedge and warrant transactions and repay a portion of the borrowings outstanding under its revolving credit facility. By executing the note hedge transactions and warrant transactions, the Company effectively mitigated shareholder dilution until the share price reaches $283.42 per share.

Synergy Actions and Target Cost Savings
For the third quarter of 2025, JBT Marel incurred $7 million in restructuring costs and $6 million in M&A related costs while realizing year-over-year savings of $8 million in operating expense and an additional $6 million in cost of goods sold. JBT Marel now expects to achieve in-year realized synergy savings of $40 - $45 million and is maintaining its annualized run rate savings forecast of $80 - $90 million exiting 2025.

Realignment of JBT Marel Reportable Segments
During the fourth quarter of 2025, JBT Marel plans to realign its reportable segments to better reflect the continued integration of the Company's operating model. The realignment will include two financial reporting segments, Protein Solutions and Prepared Food and Beverage Solutions, and the Company expects to recast prior period financial results to reflect this change before its fourth quarter and full year 2025 earnings release.

The Protein Solutions segment will include JBT Marel businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef. Examples of core technologies include primary processing systems, cut-up, bone detection and removal, portioning, and robotic harvesting.

The Prepared Food and Beverage Solutions segment will include JBT Marel businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment will also include capabilities for pet food, dairy, bakery, pharmaceutical and nutraceutical, and warehouse automation end markets. Examples of core technologies include forming, cutting, slicing, cooking, coating, freezing, extraction, blending, filling, preservation, packaging, and automated guided vehicles.

JBT Marel Outlook
The below table reflects JBT Marel's updated consolidated guidance for full year 2025.

JBT Marel expects full year 2025 revenue will include an approximate $70 - $85 million year-over-year tailwind from foreign exchange translation.

For the full year 2025, JBT Marel expects to incur certain one-time and acquisition related costs, which are included in income from continuing operations margin and GAAP EPS guidance and excluded from adjusted EPS and adjusted EBITDA margin. These include approximately $28 million in restructuring costs; $105 million in M&A related costs; $180 million in acquisition related amortization and depreciation; $147 million in non-cash, pre-tax charges related to the final settlement of the U.S. pension plan, which occurred in the first quarter; $12 million in interest expense from M&A bridge financing fees and related costs, which was incurred in the first quarter; and $11 million in loss on investment from an impairment charge related to a joint-venture, which occurred in the second quarter.

For the full year 2025, net interest expense is anticipated to be $105 million, which includes $12 million in M&A bridge financing fees and related costs. Other income related to cross currency swaps on the Term Loan B is expected to be approximately $10 million. Total depreciation and amortization is estimated to be approximately $265 million, including approximately $180 million in acquisition related amortization and depreciation.

For the fourth quarter of 2025, the tax rate assumed for GAAP EPS is expected to be approximately 21 percent, and the tax rate assumed for adjusted EPS is expected to be approximately 25 percent.

Earnings Conference Call
A conference call is scheduled for 10:00 a.m. ET / 15:00 GMT on Tuesday, November 4, 2025, to discuss third 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/.

To view the original press release, please click here.

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