Middleby to shut loss-making brewing unit by 2026

Q: What business is MIDD discontinuing and when will it be completed?

Middleby is discontinuing its Brewing & Distilling Solutions Group, including Deutsche Beverage + Process, Ss Brewtech and Wild Goose Filling, with the wind-down expected to be substantially complete by the end of 2026.

Q: How large is the discontinued Brewing Group for MIDD in terms of sales and earnings?

In 2025 the Brewing Group generated $24 million of net sales and an approximate $9 million loss in adjusted EBITDA, which represented about a 60 basis point negative impact on Middleby’s adjusted EBITDA margin.

Q: Does discontinuing the Brewing Group change Middleby (MIDD) 2026 guidance?

Middleby states that the discontinuation is expected to be immaterial to its 2026 financial guidance. The company reiterated its previously provided outlook for net sales, adjusted EBITDA and adjusted EPS for 2026.

Q: What is Middleby’s Q3 2026 financial guidance?

For Q3 2026, Middleby guides to net sales of $620–640 million and adjusted EBITDA of $143–150 million. It also provides an adjusted EPS guidance range of $1.67–1.83.

Q: What is Middleby’s full-year 2026 guidance for sales, EBITDA and EPS?

For full-year 2026, Middleby guides to net sales of $2.48–2.53 billion, adjusted EBITDA of $572–588 million, and adjusted EPS of $6.73–6.89.

Q: What multi-year growth targets has Middleby (MIDD) outlined?

Middleby targets 3–6% CAGR in organic net sales growth from 2025–2028E, 6–9% CAGR in adjusted EBITDA, and 10–15% CAGR in adjusted EPS over the same period.

Q: What investor event is Middleby participating in and when?

Middleby will participate in the 2026 Jefferies Global Industrials Conference in New York City, with a fireside chat at 9:30 a.m. Eastern Time on September 10, 2026, plus one-on-one and group investor meetings.

Middleby will wind down its loss-making Brewing & Distilling Solutions Group while reaffirming 2026 net sales, EBITDA and EPS guidance.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

The Middleby Corporation (MIDD) announced it will discontinue its Middleby Brewing & Distilling Solutions Group, which includes the Deutsche Beverage + Process, Ss Brewtech and Wild Goose Filling brands, with the wind-down expected to be substantially complete by the end of 2026. In 2025 this Brewing Group generated $24 million of net sales and an approximate $9 million adjusted EBITDA loss, representing about a 60 basis point negative impact on adjusted EBITDA margin. The company expects 2026 revenue and adjusted EBITDA for this group to be similar to 2025 and views the discontinuation as immaterial to its 2026 financial guidance, while expecting to realize the annual benefit in 2027 adjusted EBITDA margins.

Middleby reiterated its guidance, including Q3 2026 net sales of $620–640 million and adjusted EBITDA of $143–150 million, and full-year 2026 net sales of $2.48–2.53 billion, adjusted EBITDA of $572–588 million, and adjusted EPS of $6.73–6.89. The company also confirmed multi-year targets for organic net sales growth, adjusted EBITDA and adjusted EPS and highlighted its participation in the 2026 Jefferies Global Industrials Conference.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Brewing Group net sales 2025: $24 million Brewing Group adjusted EBITDA 2025: -$9 million EBITDA margin impact: 60 basis points +5 more

8 metrics

Brewing Group net sales 2025 $24 million Net sales generated by the Brewing & Distilling Solutions Group in 2025

Brewing Group adjusted EBITDA 2025 -$9 million Approximate adjusted EBITDA loss from the Brewing Group in 2025

EBITDA margin impact 60 basis points Approximate negative impact of Brewing Group on adjusted EBITDA margin

Q3 2026 net sales guidance $620–640 million Guidance range for net sales for the quarter ending Q3 2026

Q3 2026 adjusted EBITDA guidance $143–150 million Guidance range for adjusted EBITDA for Q3 2026

FY 2026 net sales guidance $2.48–2.53 billion Full-year 2026 net sales guidance range

FY 2026 adjusted EBITDA guidance $572–588 million Full-year 2026 adjusted EBITDA guidance range

FY 2026 adjusted EPS guidance $6.73–6.89 Full-year 2026 adjusted EPS guidance range

Key Terms

adjusted EBITDA, adjusted EPS, organic net sales growth, CAGR, +2 more

6 terms

adjusted EBITDA financial

"an approximate loss of $9 million in adjusted EBITDA(1), an approximate 60 basis"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EPS financial

"Adjusted EPS | $1.67-1.83 | $6.73-6.89 | 10-15% CAGR"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

organic net sales growth financial

"Organic Net Sales Growth | 4% | 7% | 3-6% CAGR"

Organic net sales growth measures how much a company’s core revenue rose from its existing operations, excluding effects from buying or selling businesses and from changes in currency values. Investors use it to see whether customers are actually buying more or paying higher prices — like checking growth from the same orchard year-to-year rather than counting fruit from newly added orchards — which helps assess true demand and underlying business health.

CAGR financial

"3-Year Target (2025-2028E) Net Sales ... 3-6% CAGR Adjusted EBITDA"

Compound Annual Growth Rate (CAGR) measures the average yearly growth of an investment, revenue, or other metric over a multi-year period as if it had grown at a steady rate each year. Think of it like the constant speed that would take you from the starting value to the ending value over the same time—useful because it smooths out ups and downs and lets investors compare different assets or performance periods on an even footing.

non-GAAP financial measures financial

"The company refers to these measures as “non-GAAP” financial measures."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

forward-looking statements regulatory

"forward-looking statements made pursuant to the safe harbor provisions"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What business is MIDD discontinuing and when will it be completed?

Middleby is discontinuing its Brewing & Distilling Solutions Group, including Deutsche Beverage + Process, Ss Brewtech and Wild Goose Filling, with the wind-down expected to be substantially complete by the end of 2026.

How large is the discontinued Brewing Group for MIDD in terms of sales and earnings?

In 2025 the Brewing Group generated $24 million of net sales and an approximate $9 million loss in adjusted EBITDA, which represented about a 60 basis point negative impact on Middleby’s adjusted EBITDA margin.

Does discontinuing the Brewing Group change Middleby (MIDD) 2026 guidance?

Middleby states that the discontinuation is expected to be immaterial to its 2026 financial guidance. The company reiterated its previously provided outlook for net sales, adjusted EBITDA and adjusted EPS for 2026.

What is Middleby’s Q3 2026 financial guidance?

For Q3 2026, Middleby guides to net sales of $620–640 million and adjusted EBITDA of $143–150 million. It also provides an adjusted EPS guidance range of $1.67–1.83.

What is Middleby’s full-year 2026 guidance for sales, EBITDA and EPS?

For full-year 2026, Middleby guides to net sales of $2.48–2.53 billion, adjusted EBITDA of $572–588 million, and adjusted EPS of $6.73–6.89.

What multi-year growth targets has Middleby (MIDD) outlined?

Middleby targets 3–6% CAGR in organic net sales growth from 2025–2028E, 6–9% CAGR in adjusted EBITDA, and 10–15% CAGR in adjusted EPS over the same period.

What investor event is Middleby participating in and when?

Middleby will participate in the 2026 Jefferies Global Industrials Conference in New York City, with a fireside chat at 9:30 a.m. Eastern Time on September 10, 2026, plus one-on-one and group investor meetings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/09/2026 - 04:11 PM Accepted by SEC EDGAR 09/09/2026 - 04:10 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 9, 2026

THE MIDDLEBY CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-9973	36-3352497
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1400 Toastmaster Drive, Elgin, Illinois	60120
(Address of Principal Executive Offices)	(Zip Code)

(847) 741-3300
(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	MIDD	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01

Regulation FD Disclosure.

A copy of a press release issued by the Company announcing, among other things, the discontinuation of its Brewing & Distilling Solutions Group business, is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information set forth in this Item 7.01, including Exhibit 99.1, is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release, dated September 9, 2026, issued by The Middleby Corporation.

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE MIDDLEBY CORPORATION


Date: September 9, 2026	By:	/s/ Brittany C. Cerwin
		Brittany C. Cerwin
		Chief Financial Officer

Exhibit 99.1

Middleby to Discontinue Brewing Group

Company to Present at 2026 Jefferies Global Industrials Conference Tomorrow

ELGIN, Ill.--(BUSINESS WIRE)—September 9, 2026-- The Middleby Corporation (NASDAQ: MIDD), a global leader in commercial foodservice solutions, today announced that it will discontinue its Middleby Brewing & Distilling Solutions Group business (“Brewing Group”), which includes its Deutsche Beverage + Process, Ss Brewtech and Wild Goose Filling brands, with the wind-down expected to be substantially complete by the end of this year.

The decision is a result of the company’s ongoing focus on operational excellence and business simplification initiatives, in which management evaluates each business against its long-term growth and margin potential and directs capital accordingly. This discipline is intended to support both organic net sales growth and margin expansion over time.

In 2025, the Brewing Group represented $24 million of the company’s net sales with an approximate loss of $9 million in adjusted EBITDA⁽¹⁾, an approximate 60 basis negative impact to adjusted EBITDA margin. The company expects the 2026 revenue and adjusted EBITDA of the Brewing Group to be similar to 2025, and the discontinuation to be immaterial to its 2026 financial guidance as presented below. The company expects to realize the annual benefit of the discontinuation of the Brewing Group within its 2027 adjusted EBITDA margins.

The company also reiterated its financial guidance provided at its recent quarterly earnings call and Investor Day, summarized below:

	Q3 2026 Guidance	FY2026 Guidance	3-Year Target (2025-2028E)
Net Sales	$620-640M	$2.48-2.53B
Organic Net Sales Growth	4%	7%	3-6% CAGR
Adjusted EBITDA⁽²⁾	$143-150M	$572-588M	6-9% CAGR
Adjusted EPS	$1.67-1.83	$6.73-6.89	10-15% CAGR

(1)

Non-GAAP adjusted EBITDA for the Brewing Group as of 2025 of approximately $9m is defined as loss from operations of $17m, adjusted by $3m of depreciation and amortization and $5m of impairments.

(2)

Includes corporate and other general company operations

2026 Jefferies Global Industrials Conference

The company also announced its participation at the 2026 Jefferies Global Industrials Conference in New York City.

The company is scheduled to participate in a fireside chat presentation at 9:30 a.m. Eastern Time on Thursday, September 10, 2026, during which management will provide a business update. Additionally, management will participate in one-on-one and group investor meetings at the conference. The fireside chat will be webcast live and accessible through the Investor Relations section of the company website at www.middleby.com. The webcast will be available for replay from the company’s website.

In connection with the conference, the company will publish an updated investor presentation, which will be available in the Investor Relations section of the company website at www.middleby.com.

About The Middleby Corporation

The Middleby Corporation is a global leader in commercial foodservice solutions. The well-known Middleby brands develop and manufacture a broad portfolio of innovative products for commercial kitchens worldwide. Middleby serves a diverse customer base with equipment and technology offerings that include cooking, warming, beverage, ice and IoT while proudly showcasing its advanced foodservice solutions in five state-of-the-art Middleby Innovation Kitchens across North America and Europe. For more information about Middleby, please visit www.middleby.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations with respect to our future performance and the timing of discontinuing the Brewing Group. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; the costs, profitability, timing and the financial impact of, and charges associated with, discontinuing the Brewing Group; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

USE OF NON-GAAP FINANCIAL MEASURES

This press release contains information about the company’s financial results which is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The company refers to these measures as “non-GAAP” financial measures. The company believes that organic net sales growth, adjusted EBITDA and adjusted diluted per share (Adjusted EPS) 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 also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results. Historical reconciliations to the most directly comparable GAAP financial measures for non-GAAP financial measures are included in this press release. Reconciliations of forward-looking non-GAAP financial measures in this press release to the most directly comparable GAAP financial measures are not available because the timing and magnitude of certain items cannot be reasonably estimated at this time without unreasonable effort. The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that the company uses internally for purposes of assessing its core operating performance.

Investor relations inquiries:

Rebecca Ellin

SVP of Corporate Development and Investor Strategy

rellin@middleby.com

Media inquiries:

Darcy Bretz

VP of Corporate Communications

dbretz@middleby.com

Kate Schneiderman

Managing Director, ICR

middleby@icrinc.com

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EXHIBIT 99.1 18.6 KB