Midera Food Processing (MFP) Q2 2026 earnings summary

Executive summary

• Completed spin-off from Middleby on July 6, 2026, and began trading independently on Nasdaq as "MFP".

• Exceeded Q2 2026 guidance for net sales and Estimated Standalone Adjusted EBITDA, driven by strong order growth and record backlog.

• Integrated recent acquisitions, contributing positively to results and inorganic growth.

• Positioned as a leading global food processing technology platform with 30+ brands and a differentiated growth strategy focused on total line solutions, market penetration, aftermarket, and acquisitions.

• Recurring aftermarket parts and service represent about 40% of revenue.

Financial highlights

• Q2 2026 net sales were $245.4 million, up 13% year-over-year; organic growth was 1–1.2%, inorganic 11%.

• Estimated Standalone Adjusted EBITDA for Q2 2026 was $41.8–$42 million, up 11% year-over-year.

• EBITDA margin was 17–17.2%, down slightly from 17.4% last year due to delayed shipments and cost inflation.

• Year-to-date net sales were $470 million, up 22% year-over-year; EBITDA grew 26% to $75 million.

• Orders in Q2 were $275 million, up 16% year-over-year; backlog reached a record $446 million, up 51%.

Outlook and guidance

• Raised full-year 2026 guidance: net sales expected at $935–$965 million, EBITDA at $160–$176 million, up 20% from FY 2025.

• Organic net sales growth projected at ~6% for FY 2026.

• Margin expansion expected in FY 2026, reversing prior year compression; sequential margin improvement anticipated in Q3 and Q4.

• Q3 typically softer due to European seasonality; Q4 expected to be strongest.

• Depreciation and amortization expected at $26–28 million; interest expense at $7–8 million.