2026 Investor Day March 26, 2026 Non-GAAP and Forward - Looking Statements Non - GAAP Measures and Reconciliations to GAAP Measures Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income from continuing operations, Adjusted diluted earnings per share from co ntinuing operations ("Adjusted EPS"), and free cash flow are non - GAAP financial measures. JBT Marel provides non - GAAP financial measures in order to increase transparency in our operating r esults and trends. These non - GAAP measures eliminate ce ...

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%, at the midpoint of 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 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 a sharp recovery after two years of underinvestment, contributing significantly to 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 will provide further details on strategic growth priorities and financial targets at the upcoming Investor Day on March 26 [17] - The company is focused on completing the integration of JBT and Marel, with a strong emphasis on enhancing customer value propositions [46] Q&A Session Summary Question: What end markets stood out in the fourth quarter? - Management indicated that poultry remains the leader across all categories, followed by beverages, with expectations for a recovery in AGVs [21][22] Question: Can you provide expectations for R&D and SG&A for 2026? - Synergy savings were predominantly in SG&A, with R&D not specifically called out for synergies [24] Question: How do you differentiate top-line growth for 2026 between segments? - 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 [36] Question: What is the expected impact of tariffs on pricing? - Management expects to mitigate some tariff impacts through pricing actions, estimating a net negative benefit of 25 to 50 basis points for the full year [41] Question: What are the expectations for sales synergies in 2026? - The company is ahead of pace on original synergy targets, with $30 million captured in 2025 and expectations for continued growth in 2026 [60]

Core Insights - Twist Bioscience Corporation reported a mixed performance for the fourth quarter, with a loss of 45 cents per share, slightly worse than the consensus estimate of a 43-cent loss, while sales reached $99.01 million, up 17% year over year, exceeding the consensus of $97.32 million [1][2] Financial Performance - The adjusted EBITDA loss for the fourth quarter was $7.8 million, an improvement from a loss of $17 million a year ago [1] - Gross margin for the fourth quarter increased to 51.3%, compared to 45.1% a year ago [2] Customer and Product Metrics - The company shipped products to approximately 3,800 customers in 2025, up from about 3,550 the previous year [2] - Twist shipped approximately 938,000 genes, an increase from approximately 772,000 genes a year ago [2] Future Outlook - For fiscal 2026, Twist Bioscience expects sales between $425 million and $435 million, significantly higher than the consensus of $374.69 million [3] - The guidance includes revenue expectations of approximately $194 million to $199 million from DNA Synthesis and Protein Solutions, and $231 million to $236 million from NGS Applications [3] - Gross margin is anticipated to be above 52% for fiscal 2026 [3] - For the first quarter of 2026, sales are projected to be between $100 million and $101 million, compared to the consensus of $100.34 million [3] Strategic Goals - The company aims to achieve adjusted EBITDA breakeven by the fourth quarter of fiscal 2026, entering a new growth phase [4] - CEO Emily M. Leproust emphasized the goal of maintaining gross margins above 50% and moving towards sustained profitable growth [4] Analyst Perspective - William Blair noted that shares of Twist trade at 3.9 times its calendar 2026 sales target, below the average of 6.3 times for high-growth life science tools peers [5] - Analyst Matt Larew expressed confidence in the long-term revenue growth trajectory, highlighting the company's aggressive investments in multiple markets, which could lead to over 20% growth [5] - The company’s strategy to moderate investments while aiming for adjusted EBITDA breakeven is seen as a positive move [6]