UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the Fiscal Year Ended December 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File No. 1-9973 THE MIDDLEBY CORPORATION (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (IRS Employer Identification Numbe ...

The Middleby Corporation (NASDAQ:MIDD) Q4 2022 Earnings Conference Call February 21, 2023 11:00 AM ET Company Participants Tim FitzGerald - Chief Executive Officer Bryan Mittelman - Chief Financial Officer James Pool - Chief Technology Officer Steve Spittle - Chief Commercial Officer Conference Call Participants John Joyner - BMO Capital Markets Saree Boroditsky - Jefferies Tami Zakaria - JPMorgan Jeff Hammond - KeyBanc Capital Markets Brian McNamara - Canaccord Todd Brooks - The Benchmark Company Operator ...

Financial Performance - Total net sales for Q4 2022 were $1031.7 million, a 19.1% increase compared to $866.4 million in Q4 2021[13] - Adjusted EBITDA for Q4 2022 was $233.5 million, representing 22.6% of sales, compared to $193.0 million, or 22.3% of sales, in Q4 2021[13] - Operating cash flow for Q4 2022 was $159.1 million, a 105.6% increase from $77.4 million in Q4 2021[13] - Net debt stood at $2650.4 million[9] Segment Performance - Commercial Foodservice revenue increased by 22.2% in the U S and Canada, reaching $452.9 million[16] - Commercial Foodservice organic revenue grew by 28.3%[14] - Food Processing organic revenue grew by 29.0%[4] - Food Processing revenue increased by 41.2% in the U S and Canada, reaching $123.8 million[19] - Residential Kitchen revenue in the U S and Canada was $138.8 million, a 16.4% increase, while international revenue decreased by 14.5% to $77.2 million[7] Strategic Initiatives - The company invested $290 million in acquisitions and assumed $29 million of debt[9] - The company repurchased common stock and purchased capped calls for $259 million[25] - The company has completed over 25 transactions since the beginning of 2019[10]

| --- | --- | |------------------------------------------------------|-------| | | | | | | | www.middleby.com November 9, 2022 Q3 Earnings Update | | 1 More than 100 highly-respected, leading brands • Established global business infrastructure • Highly synergistic business segments • Technology and innovation leader • MIDDLEBY SEGMENT SUMMARY Three Industry-Leading Foodservice Platforms 2022 YTD PROFORMA REVENUE BY SEGMENT * • Strong track record of profitability and cash flow • Commercial 59% Food Processi ...

Financial Data and Key Metrics Changes - The company reported a record quarter with 14% growth in organic sales and 23% growth in adjusted EBITDA [4] - Quarterly revenues reached nearly $1 billion, growing 21.5% year-over-year, with adjusted EBITDA of $212 million reflecting over 23% growth [29][30] - EBITDA margin was over 21% of revenues, marking the best quarter of the year in terms of both EBITDA dollars generated and profitability percentage [31] Business Line Data and Key Metrics Changes - In the Commercial Foodservice segment, revenues increased 17% organically, with adjusted organic EBITDA margin growing to a three-year high of 26.5% [32] - The Residential segment saw organic revenue growth of 2%, with adjusted organic EBITDA margins exceeding 20% [33] - The Food Processing segment experienced organic revenues up nearly 22%, with an adjusted organic EBITDA margin of 24% [33] Market Data and Key Metrics Changes - The U.S. foodservice market is in early stages of recovery, with only 5,000 new locations projected to open in 2022 after over 100,000 closures during the pandemic [10] - Demand in the Food Processing business continues to grow due to the need for automation and efficiency improvements [12] Company Strategy and Development Direction - The company is focused on product innovation and digital sales capabilities to enhance customer engagement and drive growth [9][17] - Strategic acquisitions have been made to expand automated solutions and enhance product offerings [13] - The company aims to achieve medium-term EBITDA targets of 30% for Commercial and 25% for the other segments over the next two to four years [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook despite economic uncertainties, citing a strong pipeline of new product launches and customer opportunities [7][10] - The company is navigating supply chain challenges and inflationary pressures while maintaining profitability [37] - Management anticipates continued growth in the Food Processing segment, with expectations for a record quarter in Q4 [46] Other Important Information - The company has invested significantly in automated production equipment and facility expansions, which are expected to yield benefits in capacity and efficiency [6] - Operating cash flows were $84 million for the quarter, with a total leverage ratio of just over 3 times [34][36] Q&A Session Summary Question: Can you discuss order perspectives in Commercial Foodservice and inventory in the channel? - Management noted that customers have changed their order patterns, but remain committed to growth plans, indicating a positive outlook for Q4 and 2023 [56][58] Question: How should we think about margins in Residential next year? - Management indicated that they expect to maintain high levels of profitability even with lower volumes, citing past performance during challenging periods [70][72] Question: What is the outlook for the grill business? - Management acknowledged current destocking by retailers but expressed excitement about future product innovations and increased floor space for new products [96][99] Question: How is the core North America business performing? - Demand is softening, particularly in the U.K., but the company believes it is outperforming the market in North America [102][104] Question: What are the efficiency trends in Commercial Foodservice and Food Processing? - Management highlighted that rising utility costs are driving customers to invest in energy-efficient equipment, which is expected to accelerate capital expenditures [110][112]

www.middleby.com 1 Investor Presentation August 2022 Forward Looking Statements 4 Certain statements and information set forth in this presentation, as well as other written or oral statements made from time to time by us or by our executive officers on our behalf, including, without limitation, statements regarding our strategic initiatives, acquisitions and investments, brand growth and product expansion strategies, as well as our expectations for the future performance of our business and the foodservice ...

The Middleby Corporation (NASDAQ:MIDD) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Timothy FitzGerald - Chief Executive Officer James Pool - Chief Technology and Operations Officer Bryan Mittelman - Chief Financial Officer Steve Spittle - Chief Commercial Officer Conference Call Participants John Joyner - BMO Capital Markets Saree Boroditsky - Jefferies Group LLC Joseph Grabowski - Robert W. Baird & Co. Jeffrey David - KeyBanc Capital Markets Inc. Timothy Thein - Citigro ...

www.middleby.com 1 Q2 Earnings Update August 4, 2022 Middleby Segment Summary THREE INDUSTRY-LEADING FOODSERVICE PLATFORMS 2021 PROFORMA REVENUE BY SEGMENT * • 100+ highly-respected, leading brands • Global business infrastructure • Highly synergistic business segments • Technology and innovation leader • Strong track record of profitability and cash flow • Well positioned for existing and new market trends Commercial 55% Food Processing 13% Residential 32% 2021 PROFORMA REVENUE BY REGION * United States an ...

www.middleby.com 1 Q1 Earnings Update May 10, 2022 Middleby Segment Summary THREE INDUSTRY-LEADING FOODSERVICE PLATFORMS 2021 PROFORMA REVENUE BY SEGMENT * • 100+ highly-respected, leading brands • Global business infrastructure • Highly synergistic business segments • Technology and innovation leader • Strong track record of profitability and cash flow • Well positioned for existing and new market trends Commercial 55% Food Processing 13% Residential 32% 2021 PROFORMA REVENUE BY REGION * United States and ...

The Middleby Corporation (NASDAQ:MIDD) Q1 2022 Earnings Conference Call May 10, 2022 11:00 AM ET Company Participants Tim Fitzgerald - Chief Executive Officer James Pool - Chief Technology and Operations Officer Bryan Mittelman - Chief Financial Officer Steve Spittle - Chief Commercial Officer Conference Call Participants Mirc Dobre - Baird Tami Zakaria - JPMorgan Saree Boroditsky - Jefferies Jeff Hammond - KeyBanc Capital Larry De Maria - William Blair John Joyner - BMO Operator Thank you for joining us to ...