Financial Data and Key Metrics Changes - The company achieved full-year consolidated revenue of $3.8 billion, exceeding the high end of guidance, driven by strong demand and successful backlog conversion [8] - Adjusted earnings per share for 2025 was $6.41, representing first-year earnings accretion compared to legacy JBT's 2024 adjusted earnings of $6.15 [11] - Consolidated adjusted EBITDA was $600 million, with a margin of 15.8%, aligning with guidance [9] - The leverage ratio improved to less than 2.9 times by year-end 2025, down from just below 4 times at the transaction completion [11] Business Line Data and Key Metrics Changes - Revenue for the Protein Solutions segment was $1.7 billion, while the Prepared Food and Beverage Solutions segment generated $2.1 billion [9] - Adjusted EBITDA margin for Protein Solutions was 20.1%, and for Prepared Food and Beverage Solutions, it was 17.2% [9] - The company captured $30 million in order synergies for the full year, with more than half realized in the fourth quarter [7] Market Data and Key Metrics Changes - Full-year orders reached $3.8 billion, with over $1 billion in the fourth quarter, primarily driven by strong demand in the poultry market [5] - The poultry sector showed significant recovery after two years of underinvestment, contributing to overall order strength [5] - Gains were observed across all regions in 2025, with poultry being a leading food category due to its affordability and health benefits [5] Company Strategy and Development Direction - The company plans to invest in strengthening its offerings and providing integrated solutions across key product lines [7] - Future growth is expected to be supported by continued investment momentum in the poultry industry and renewed investment in prepared foods [17] - The company aims to achieve $150 million in run rate synergy savings by the end of 2027 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued investment momentum in the poultry equipment demand into 2026 [17] - The impact of higher tariffs was acknowledged, with an estimated cost of approximately $43 million for the year, affecting adjusted EBITDA margins [10] - The company anticipates healthy year-over-year growth in revenue, margins, and earnings for 2026, with guidance for adjusted earnings per share of $8.00-$8.50 [14] Other Important Information - The company has begun assessing the potential impact of recent Supreme Court news on tariffs for 2026 [13] - The upcoming Investor Day is scheduled for March 26, where further details on strategic growth priorities will be provided [17] Q&A Session Summary Question: Order dynamics in the fourth quarter - Management noted that poultry remains the leader across all categories, with expectations for a recovery in AGV as they move into 2026 [22] Question: Synergies between R&D and SG&A - Synergy savings were predominantly in SG&A, with no specific guidance provided for R&D and SG&A for 2026 [24] Question: Top-line growth differentiation for 2026 - Revenue growth for Protein Solutions is expected to be at the higher end of the 5%-7% range, while Prepared Food and Beverage is anticipated at the lower end [36] Question: Tariff impacts and pricing strategies - Management indicated that they have included some mitigation on pricing in their forecast, expecting a net negative impact of 25 to 50 basis points for the full year [41] Question: Sales synergies for 2025 and guidance for 2026 - The company is ahead of pace on original synergy targets, with $30 million captured in 2025 and expectations to provide updated guidance at the Investor Day [60]

Financial Data and Key Metrics Changes - The company achieved full-year consolidated revenue of $3.8 billion, exceeding the high end of guidance, driven by solid demand and successful backlog conversion [9] - Adjusted earnings per share for 2025 was $6.41, representing an increase from $6.15 in 2024, marking first-year earnings accretion [12] - Consolidated adjusted EBITDA was $600 million, with a margin of 15.8%, aligning with guidance [10] - The leverage ratio improved to less than 2.9 times by year-end 2025, down from just below 4 times at the transaction's completion [12] Business Line Data and Key Metrics Changes - Revenue for the Protein Solutions segment was $1.7 billion, while the Prepared Food and Beverage Solutions segment generated $2.1 billion [10] - Adjusted EBITDA margin for Protein Solutions was 20.1%, and for Prepared Food and Beverage Solutions, it was 17.2% [10] - The company captured $30 million in order synergies for the full year, with over half realized in the fourth quarter [7] Market Data and Key Metrics Changes - Full-year orders totaled $3.8 billion, with more than $1 billion in the fourth quarter, primarily driven by strong demand in the poultry market [5] - The poultry sector showed significant recovery after two years of underinvestment, contributing to overall growth [5] - Gains were observed across all regions in 2025, with poultry being a leading food category due to its affordability and health benefits [5] Company Strategy and Development Direction - The company plans to invest in strengthening its offerings and providing integrated solutions across key product lines [7] - Future growth is expected to be supported by continued investment momentum in the poultry industry and renewed investment in prepared foods [18] - The company aims to achieve $150 million in run rate synergy savings by the end of 2027 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued investment momentum in the poultry equipment demand into 2026 [18] - The company is optimistic about revenue growth, margins, and earnings for 2026, projecting a revenue growth of 5%-7% [13] - The impact of tariffs is anticipated to be a challenge, with an estimated drag of approximately 50 basis points on adjusted EBITDA margins in 2025 [11] Other Important Information - The company will provide further details on strategic growth priorities and financial targets at the upcoming Investor Day on March 26 [18] - The company is focused on completing the integration of JBT and Marel, with a strong emphasis on enhancing customer value propositions [19] Q&A Session Summary Question: What end markets stood out in the fourth quarter? - Poultry remained the leader across all categories, followed by beverages, with meat and fish also showing support [22][23] Question: Can you provide expectations for R&D and SG&A for 2026? - Synergy savings were predominantly in SG&A, with R&D harmonization planned for better accounting treatment [25][28] Question: How is the company thinking about top-line growth for 2026? - Overall revenue growth is guided at 5%-7%, with Protein Solutions expected to be at the higher end and Prepared Food and Beverage at the lower end [37] Question: What are the expectations for sales synergies in 2026? - The company is ahead of pace on the original $75 million cumulative revenue synergies by 2027, with further guidance to be provided at the Investor Day [60][61]