The Middleby Corporation (MIDD) Q2 2026 Earnings Call Transcript

Good day, and welcome to The Middleby Corporation's Second Quarter 2026 Earnings Conference Call. On today's call are Tim FitzGerald, CEO; and Brittany Cerwin, CFO. Please note, this event is being recorded. I would now like to turn the conference over to Tim FitzGerald. Please go ahead. Good morning, and thank you for joining today's call. Early last year, we set out to separate our 3 leading foodservice businesses into independent companies to best position each business for long-term growth and to unlock value for all of our shareholders. We completed the first step in Q1 of this year, selling a controlling stake in the Residential Kitchen business to 26North. And on July 6, we completed the spin-off of our Food Processing business, launching Midera as a separately publicly traded company. Midera now as a stand-alone business, is extremely well positioned as a best-in-class leader in the growing food processing equipment industry, and we are confident that business and the Midera team has a very bright future ahead. With that, the transformation is complete. I'm proud of how our teams work together and in the execution. It is a significant milestone and achievement in the history of our company. In parallel