Midera Food Processing Reports Second Quarter 2026 Results in First Report as an Independent Public Company
Rhea-AI Summary
Midera Food Processing (Nasdaq: MFP) reported fiscal Q2 2026 net sales of $245.4 million, up 13.2% year-over-year, including 1.2% organic growth. Net earnings were $10.8 million versus $29.1 million a year earlier. Adjusted EBITDA was $42.3 million, with Estimated Standalone Adjusted EBITDA of $41.8 million, up 10.6% and above prior guidance.
The quarter, reported on a carve‑out basis, follows completion of the spin-off from Middleby on July 6, 2026. Orders rose 16% to $275 million and backlog reached a record $446 million. Net debt was $208.1 million, implying a net leverage ratio of 1.3x, with total liquidity of $822.5 million.
Midera raised its 2026 guidance to net sales of $935–$965 million (about 11% growth) and Estimated Standalone Adjusted EBITDA of $160–$176 million (about 20% growth). The board also authorized a share repurchase program of up to $50 million through August 10, 2029, primarily to offset dilution from equity awards.
Positive
- Q2 2026 net sales $245.4 million, up 13.2% year-over-year
- Estimated Standalone Adjusted EBITDA $41.8 million, up $4.0 million year-over-year and above guidance
- Orders up 16% to $275 million; record backlog of $446 million
- Raised FY 2026 guidance to $935–$965 million sales and $160–$176 million Estimated Standalone Adjusted EBITDA
- Low net leverage of 1.3x with total liquidity of $822.5 million
- $50 million share repurchase authorization through August 10, 2029
Negative
- Q2 net earnings declined to $10.8 million from $29.1 million year-over-year
- Organic net sales growth only 1.2% in Q2 2026
- SG&A expenses increased to $62.8 million from $54.6 million year-over-year
- Other expense, net was $2.0 million versus $10.6 million of other income in prior-year quarter
News Explained
Midera’s authorized buyback of up to
Market reaction after 2Q26 earnings report: MFP +5.78% in the Aug 14 session
In the Aug 14 session, MFP gained 5.78%, reflecting a notable positive market reaction. Argus tracked a peak move of +2.7% during that session. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 28 | Earnings scheduling | Neutral | -2.5% | Scheduled the second-quarter release and conference call for August 13, 2026. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The only comparable recent event showed a negative 24-hour price reaction to an earnings-scheduling announcement.
Key Terms
non-gaap financial measure financial
adjusted ebitda financial
net leverage ratio financial
carve-out basis financial
rule 10b5-1 plans regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Completed separation from The Middleby Corporation on July 6, 2026
Strong demand with orders up
Raises Full-Year 2026 Guidance
ROSEMONT, Ill., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Midera Food Processing, Inc. (Nasdaq: MFP) (“Midera,” the “Company,” “we,” “our,” or “us”), a leading global pure-play food processing technology company, today reported financial results for its fiscal second quarter ended July 4, 2026, its first report as an independent, publicly traded company following its separation (the “Spin-off” or “Separation”) from The Middleby Corporation (“Middleby”) on July 6, 2026.
Second Quarter 2026 Highlights
- Net sales of
$245 million increased13.2% over the prior year period;1.2% increase on an organic basis1 - Net earnings of
$11 million compared to$29 million in the prior year period - Estimated Standalone Adjusted EBITDA1, 2 of
$42 million , an increase of10.6% from the prior year period and above the high end of the previously provided guidance range of$37 million to$41 million when including$8 million for estimated quarterly standalone public company costs - Total debt of
$259 million , Net debt1 of$208 million and Net leverage ratio1 of approximately 1.3x as of quarter-end - Strong demand with orders up
16% over the prior year period to$275 million , and record backlog of$446 million at quarter-end - Raised full-year 2026 guidance. The midpoint of the updated guidance range reflects net sales growth of
11% , organic net sales growth1 of6% , and Estimated Standalone Adjusted EBITDA1, 2 growth of20% over the prior year period
“Launching as an independent public company validates the strength of the platform we built as a part of Middleby over the last two decades and reinforces our confidence in the significant opportunities ahead as a pure-play food processing technology leader,” said Mark Salman, Chief Executive Officer of Midera. “We saw continued momentum in the second quarter, with orders up
______________________
1 Non-GAAP financial measure. For further information, please refer to the “Non-GAAP Financial Measures” section of this press release.
2 Estimated Standalone Adjusted EBITDA includes estimated annual standalone public company costs of
Mr. Salman continued, “As a standalone company, we believe we have the focus, agility, and capital allocation flexibility to accelerate our growth framework. Our updated guidance reflects continued margin expansion this year, driven by a healthy backlog and the benefits of the Midera Operating System. Our capital allocation priorities remain unchanged: invest first in organic growth opportunities; pursue disciplined strategic acquisitions that strengthen our platform; and maintain a prudent balance sheet with a net leverage ratio1 below 3.0x. With substantial liquidity and a robust acquisition pipeline, we believe we are well positioned to generate long-term shareholder value through a balanced combination of organic and inorganic growth.”
Second Quarter 2026 Financial Results
Midera operated as the Food Processing segment of Middleby for the entire second quarter of 2026, prior to separation from Middleby on July 6, 2026. The financial information presented has been derived from Middleby’s accounting records and is presented on a carve-out basis as if Midera had operated as a standalone company for all periods presented.
Net sales were
Net earnings were
Estimated Standalone Adjusted EBITDA1, 2 was
Financial Position
On June 29, 2026, the Company entered into a five-year,
Capital expenditures were
______________________
1 Non-GAAP financial measure. For further information, please refer to the “Non-GAAP Financial Measures” section of this press release.
2 Estimated Standalone Adjusted EBITDA includes estimated annual standalone public company costs of
Guidance
The Company is updating its full-year 2026 guidance to reflect an increase in the midpoints of its expected ranges for Net sales and Estimated Standalone Adjusted EBITDA1, 2:
| FY 2026 Guidance | ||||||
| (in millions, except percentages) | FY 2025 Actuals | Prior3 | Current | % change vs. FY 20254 | ||
| Net sales | $853 | ~ | ||||
| Change in Organic net sales1,5 | ~ | |||||
| Estimated Standalone Adjusted EBITDA1, 2 | $140 | ~ | ||||
The Company is also providing the following modeling assumptions for full-year 2026:
- Depreciation and Amortization:
$26 million to$28 million - Interest expense, net6:
$7 million to$8 million - Diluted Weighted Average Shares Outstanding: 45 to 46 million
Share Repurchase Program
On August 10, 2026, the Company's Board of Directors authorized a share repurchase program, which expires on August 10, 2029, pursuant to which the Company may repurchase up to
Conference Call Details
The Company has scheduled a conference call to discuss its fiscal second quarter 2026 financial results at 4:00 PM Central Time (5:00 PM Eastern Time) today.
The live audio webcast of the conference call will be accessible in the News & Events section on the Company's Investor Relations website at https://investors.midera.com. An archived replay of the webcast will also be available shortly after the live event has concluded.
______________________
1 Non-GAAP financial measure. For further information, please refer to the “Non-GAAP Financial Measures” section of this press release.
2 Estimated Standalone Adjusted EBITDA includes estimated annual standalone public company costs of
3 Middleby Food Processing segment guidance as of May 7, 2026 reduced by estimated annual standalone public company costs of
4 Change at the midpoint of guidance for Net sales and Estimated Standalone Adjusted EBITDA.
5 The midpoint of the guidance for change in organic net sales excludes ~
6 Interest expense, net in the first half of 2026 includes insignificant net interest expense of
About Midera Food Processing
Midera Food Processing provides food processing equipment and automation solutions for industrial protein, bakery, and snack producers, delivering total line solutions from preparation and thermal processing through packaging. With a portfolio of 30+ industry-leading brands reaching customers across six continents, Midera helps food processors produce safer, more consistent products while improving efficiency and reducing waste at scale. Headquartered in Rosemont, Illinois, Midera employs approximately 2,800 people worldwide. For more information about Midera, please visit www.midera.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” subject to the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations with respect to the Company's future performance, strategy, growth opportunities and value creation following the completed Spin-off from Middleby. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phrases of similar meaning. The Company cautions investors that such statements are estimates and are highly dependent upon a variety of factors. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause the Company's actual results, performance or outcomes to differ materially from those expressed or implied in the forward-looking statements. The following are some of the important factors that could cause the Company's actual results, performance or outcomes to differ materially from those discussed in the forward-looking statements: changing market conditions; volatility in earnings resulting from goodwill impairment losses, which may occur irregularly and in varying amounts; variability in financing costs and interest rates; quarterly variations in operating results; dependence on key customers; risks associated with the Company's foreign operations, including international exposure, political risks affecting international sales, market acceptance and demand for the Company's products and the Company's ability to manage the risk associated with the exposure to foreign currency exchange rate fluctuations; the Company's ability to protect its trademarks, copyrights and other intellectual property; changing market conditions, including inflation; the impact of competitive products and pricing; the impact of announced management and organizational changes; intense competition in the Company's business including the impact of both new and established global competitors; unfavorable tax law changes and tax authority rulings; cybersecurity attacks and other breaches in security; the continued ability to realize profitable growth through the sourcing and completion of strategic acquisitions; the timely development and market acceptance of the Company's products; the availability and cost of raw materials; the potential that the Company does not realize all of the expected benefits of the Spin-off; the failure of the Spin-off to qualify for the expected tax treatment; potential adverse effects of the Spin-off, including on the ability of the Company to develop and maintain relationships with personnel, customers, suppliers and others with whom it does business or the Company's business, financial condition, results of operations and financial performance; and other risks detailed in the Company's U.S. Securities and Exchange Commission (“SEC”) filings. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors
Rob Fagan
VP, FP&A and Investor Relations
investors@midera.com
Media
Michael Wolfe
ICR
Michael.Wolfe@icrinc.com
| MIDERA FOOD PROCESSING, INC. CONDENSED COMBINED STATEMENTS OF EARNINGS (amounts in millions) (unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| July 4, 2026 | June 28, 2025 | July 4, 2026 | June 28, 2025 | ||||||||||||
| Net sales | $ | 245.4 | $ | 216.7 | $ | 470.4 | $ | 385.2 | |||||||
| Cost of sales | 158.7 | 135.8 | 306.3 | 243.3 | |||||||||||
| Gross profit | 86.7 | 80.9 | 164.1 | 141.9 | |||||||||||
| Selling, general and administrative expenses | 62.8 | 54.6 | 121.9 | 99.9 | |||||||||||
| Restructuring expenses | 0.2 | — | 0.1 | 0.1 | |||||||||||
| Income from operations | 23.7 | 26.3 | 42.1 | 41.9 | |||||||||||
| Interest expense (income), net | 0.4 | (0.6 | ) | 0.4 | (1.0 | ) | |||||||||
| Other expense (income), net | 2.0 | (10.6 | ) | 1.4 | (11.0 | ) | |||||||||
| Earnings before income taxes | 21.3 | 37.5 | 40.3 | 53.9 | |||||||||||
| Provision for income taxes | 10.5 | 8.4 | 15.2 | 12.6 | |||||||||||
| Net earnings | $ | 10.8 | $ | 29.1 | $ | 25.1 | $ | 41.3 | |||||||
| MIDERA FOOD PROCESSING, INC. CONDENSED COMBINED BALANCE SHEETS (amounts in millions) (unaudited) | |||||||
| July 4, 2026 | January 3, 2026 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 50.5 | $ | 90.9 | |||
| Accounts receivable, net | 212.6 | 215.3 | |||||
| Related party accounts receivable | 1.0 | 2.2 | |||||
| Inventories, net | 207.1 | 193.6 | |||||
| Prepaid expenses and other | 80.6 | 79.6 | |||||
| Total current assets | 551.8 | 581.6 | |||||
| Property, plant and equipment, net | 159.7 | 163.2 | |||||
| Goodwill | 499.3 | 502.3 | |||||
| Other intangibles, net | 165.9 | 173.3 | |||||
| Long-term deferred tax assets | 0.4 | 1.4 | |||||
| Related party loans receivable | — | 11.7 | |||||
| Other assets | 29.9 | 27.5 | |||||
| Total assets | $ | 1,407.0 | $ | 1,461.0 | |||
| LIABILITIES AND EQUITY | |||||||
| Current liabilities: | |||||||
| Current maturities of long-term debt | $ | 4.5 | $ | 4.8 | |||
| Accounts payable | 71.7 | 77.1 | |||||
| Related party accounts payable | 0.9 | 2.1 | |||||
| Accrued expenses | 223.3 | 217.2 | |||||
| Total current liabilities | 300.4 | 301.2 | |||||
| Long-term debt | 254.1 | 28.7 | |||||
| Long-term deferred tax liability | 35.1 | 35.1 | |||||
| Other non-current liabilities | 31.9 | 35.3 | |||||
| Commitments and contingencies | |||||||
| Parent company net investment: | |||||||
| Net Parent Investment (NPI) | 820.4 | 1,088.2 | |||||
| Accumulated other comprehensive loss | (34.9 | ) | (27.5 | ) | |||
| Total Parent company net investment | 785.5 | 1,060.7 | |||||
| Total liabilities and Parent company net investment | $ | 1,407.0 | $ | 1,461.0 | |||
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures to supplement the financial measures presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP. In addition, the non-GAAP financial measures do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies. The Company believes that its presentation of non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that it uses internally for purposes of assessing its core operating and financial performance. The Company has not provided a reconciliation of forward-looking Estimated Standalone Adjusted EBITDA to the most directly comparable GAAP financial measure, net earnings, because certain items cannot be reasonably estimated at this time without unreasonable effort. These items include, but are not limited to, restructuring charges and the impact of changes in foreign exchange rates. The timing and magnitude of these items are uncertain and could have a material impact on the Company's results reported in accordance with GAAP.
Definitions of the non-GAAP financial measures presented are as follows:
- Change in Organic net sales is defined as the change in net sales adjusted to exclude the impact of acquisitions and foreign exchange rates.
- Adjusted EBITDA is defined as net earnings before interest, income taxes, depreciation and intangible amortization, or EBITDA, adjusted to exclude restructuring, acquisition related adjustments, impairment charges, stock compensation and other items which management considers to be outside core operating results.
- Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net sales.
- Estimated Standalone Adjusted EBITDA is defined as Adjusted EBITDA less estimated incremental recurring costs for the Company to operate certain corporate support functions as a standalone public company (executive management, finance, accounting, tax, treasury, information technology and legal, among others).
- Estimated Standalone Adjusted EBITDA margin is defined as Estimated Standalone Adjusted EBITDA divided by net sales.
- Net debt is defined as current maturities of long-term debt and long-term debt less cash and cash equivalents.
- Net leverage ratio is defined as net debt divided by last twelve months Estimated Standalone Adjusted EBITDA.
The Company believes change in Organic net sales, Adjusted EBITDA, Adjusted EBITDA margin, Estimated Standalone Adjusted EBITDA, and Estimated Standalone Adjusted EBITDA margin are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The Company believes net debt and net leverage ratio are useful to investors in understanding our overall financial condition.
| MIDERA FOOD PROCESSING, INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (amounts in millions, except percentages) (unaudited) | |||||||
| Reconciliation of Change in Net sales to Change in Organic net sales | |||||||
| Three Months Ended | Six Months Ended | ||||||
| July 4, 2026 | July 4, 2026 | ||||||
| Change in Net sales | 13.2 | % | 22.1 | % | |||
| Less: Acquisitions | 11.0 | % | 8.1 | % | |||
| Less: Foreign exchange rates | 1.0 | % | 2.4 | % | |||
| Change in Organic net sales | 1.2 | % | 11.6 | % | |||
| Reconciliation of Net earnings to Adjusted EBITDA and Estimated Standalone Adjusted EBITDA | |||||||||||||||||||
| Three Months Ended | Six Months Ended | LTM(1)Ended | |||||||||||||||||
| July 4, 2026 | June 28, 2025 | July 4, 2026 | June 28, 2025 | July 4, 2026 | |||||||||||||||
| Net sales | $ | 245.4 | $ | 216.7 | $ | 470.4 | $ | 385.2 | $ | 938.4 | |||||||||
| Net earnings | 10.8 | 29.1 | 25.1 | 41.3 | 66.5 | ||||||||||||||
| Net earnings % of net sales | 4.4 | % | 13.4 | % | 5.3 | % | 10.7 | % | 7.1 | % | |||||||||
| Interest expense (income), net | 0.4 | (0.6 | ) | 0.4 | (1.0 | ) | (0.6 | ) | |||||||||||
| Provision for income taxes | 10.5 | 8.4 | 15.2 | 12.6 | 31.9 | ||||||||||||||
| Depreciation expense | 4.3 | 3.2 | 8.2 | 6.3 | 15.2 | ||||||||||||||
| Amortization expense | 2.6 | 2.6 | 5.3 | 5.5 | 11.5 | ||||||||||||||
| Other expense (income), net(2) | 2.0 | (10.6 | ) | 1.4 | (11.0 | ) | 3.7 | ||||||||||||
| Non-cash share-based compensation expense | 2.1 | 1.4 | 4.6 | 1.8 | 6.0 | ||||||||||||||
| Restructuring expenses(3) | 0.2 | — | 0.1 | 0.1 | 0.5 | ||||||||||||||
| Acquisition related adjustments(4) | (1.0 | ) | 0.4 | (0.3 | ) | 1.0 | 2.3 | ||||||||||||
| Impairment charges | — | — | — | — | 1.3 | ||||||||||||||
| Separation costs(5) | 10.4 | 5.2 | 16.5 | 8.6 | 24.5 | ||||||||||||||
| Adjusted EBITDA | $ | 42.3 | $ | 39.1 | $ | 76.5 | $ | 65.2 | $ | 162.8 | |||||||||
| Adjusted EBITDA margin | 17.2 | % | 18.0 | % | 16.3 | % | 16.9 | % | 17.3 | % | |||||||||
| Recurring standalone cost adjustment(6) | (0.5 | ) | (1.3 | ) | (1.3 | ) | (5.3 | ) | (8.0 | ) | |||||||||
| Estimated Standalone Adjusted EBITDA | $ | 41.8 | $ | 37.8 | $ | 75.2 | $ | 59.9 | $ | 154.8 | |||||||||
| Estimated Standalone Adjusted EBITDA margin | 17.0 | % | 17.4 | % | 16.0 | % | 15.6 | % | 16.5 | % | |||||||||
(1) Last twelve months ("LTM").
(2) Other expense (income), net consists of foreign exchange gains and losses and other non-operating items which management considers to be outside core operating results.
(3) Restructuring expenses relate primarily to headcount reductions and facility consolidations.
(4) Acquisition related adjustments consist of changes in the fair value of contingent consideration and inventory step-up charges.
(5) Separation costs consist of professional services fees, including legal counsel, financial advisors and accounting and tax advisors, and other third party costs associated with the separation of Midera into a standalone public company.
(6) Estimated incremental recurring costs for Midera to operate certain corporate support functions as a standalone public company (executive management, finance, accounting, tax, treasury, information technology and legal, among others).
| MIDERA FOOD PROCESSING, INC. RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (amounts in millions, except percentages) (unaudited) | |||
| Net debt and Net leverage ratio | |||
| July 4, 2026 | |||
| Current maturities of long-term debt | $ | 4.5 | |
| Long-term debt | 254.1 | ||
| Total debt | 258.6 | ||
| Less: Cash and cash equivalents | (50.5 | ) | |
| Net debt | $ | 208.1 | |
| LTM Estimated Standalone Adjusted EBITDA | 154.8 | ||
| Net leverage ratio | 1.3 | ||
