Midera Food Processing Q2 Earnings Call Highlights

Strong second-quarter performance: Net sales rose 13% year over year to $245.4 million, while estimated standalone adjusted EBITDA increased 11% to $41.8 million, exceeding prior guidance.

Record demand and backlog: Orders climbed 16% to $275 million, and backlog reached a record $446 million, up 51% year over year.

Management said the backlog covers more than 80% of expected second-half equipment sales.

Outlook raised: Midera increased its 2026 forecast to $935 million–$965 million in sales and $160 million–$176 million in estimated standalone adjusted EBITDA, supported by backlog strength, aftermarket growth, pricing and acquisitions.

Midera Food Processing NASDAQ: MFP reported second-quarter results above its prior guidance range in its first earnings call as an independent public company, citing growth in orders, a record backlog and continued demand for food-processing projects with measurable returns on investment.

The company completed its separation from The Middleby Corporation on July 6, after the close of the second quarter, and began trading on Nasdaq under the MFP ticker.

Because the separation occurred after quarter-end, the historical results discussed on the call were presented on a carve-out basis.

Management also used an “estimated standalone adjusted EBITDA” measure that includes an estimated $8 million of quarterly public-company costs not fully reflected in historical carve-out reporting.

Second-quarter net sales rose 13% year over year to $245.4 million.

Organic sales increased 1%, while acquisitions added 11% to growth and foreign exchange added 1%.

Estimated standalone adjusted EBITDA increased 11% to $41.8 million, above the high end of the company’s prior $37 million to $41 million guidance range when including standalone costs.

EBITDA margin was 17%, compared with 17.4% a year earlier.

Orders and backlog reach new highs Orders totaled $275 million in the quarter, up about 16% from the prior year, including approximately 11% organic growth.

The company ended the period with a record $446 million backlog, up roughly 51% year over year.

Its book-to-bill ratio was 1.12x, compared with 1.02x in the first quarter.

CFO Amy Campbell said the backlog provided visibility to more than 80% of the second-half equipment sales assumed in the company’s updated outlook.

She said the company expects a seasonally softer third quarter because of fewer working hours across European operations, while the fourth quarter is expected to be the strongest period for sales and adjusted EBITDA.

For the first six months of 2026, net sales rose 22% to $470 million, including 12% organic growth.

Estimated standalone adjusted EBITDA increased 26% to $75 million, while margin expanded about 40 basis points to 16%.

Campbell said second-quarter organic growth was supported by aftermarket parts and service, though delayed equipment shipments resulting from late deliveries by a third-party vendor weighed on the snack category.

Aftermarket parts and service represented 38% of second-quarter sales and 40% of sales over the trailing 12 months.

Total-line strategy and aftermarket growth Chief Executive Officer Mark Salman said the company’s strategy centers on total-line solutions, market penetration, aftermarket services and acquisitions.

Midera operates more than 30 brands across protein, bakery and snack processing, with 29 manufacturing plants and sales across six continents.

Salman said total-line solutions combine equipment from multiple brands to design, integrate and support complete production lines rather than individual machines.

The company offers such solutions across more than 20 product lines.