Executive Summary

JBT Marel Corporation is a leading global food and beverage technology solutions provider that was formed through the strategic acquisition of Marel hf. by JBT Corporation in January 2025. The combined company aims to transform the future of food by offering a broad portfolio of cutting-edge technology, systems, and software to optimize food yield, efficiency, safety, and sustainability across the global food supply chain.

The company’s first quarter 2025 financial performance exceeded expectations, with strong revenue growth driven by the Marel acquisition and healthy demand across diverse end markets. However, the company also faced headwinds from inflationary pressures, supply chain challenges, and integration costs related to the Marel transaction.

Key highlights:

• Total revenue increased 117.7% year-over-year to $854.1 million, with the Marel acquisition contributing $445.3 million. Organic revenue grew 5.9%.
• Gross profit margin declined 160 basis points to 34.2% due to the lower margins of the Marel business.
• Selling, general and administrative expenses increased 171.6% due to higher costs from the Marel acquisition and M&A-related expenses.
• Adjusted EBITDA increased 95.5% to $112.2 million, but the Adjusted EBITDA margin declined 150 basis points to 13.1%.
• The company incurred a loss from continuing operations of $173.0 million, primarily due to a $146.9 million pension settlement charge.
• Free cash flow increased to $17.8 million, up from $0.7 million in the prior year period.

Looking ahead, the company expects to continue benefiting from favorable industry trends and the strategic advantages of the Marel acquisition, while also facing ongoing macroeconomic uncertainties and integration challenges. The company remains focused on driving operational efficiencies, innovation, and customer value to deliver long-term growth and margin expansion.