Middleby Corp and 26North Partners LP Joint Venture Conference Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Hey, good morning.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Congrats on the announcement. Just maybe just talk about initial dilution from the deal. It sounds like, you're planning on buying back stock with the proceeds, but maybe clarify that and then just as we get closer to, the spin and with this announcement, if you could just level set us on how you're thinking about leverage for RemainCo and the food processing business, thanks.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : And dilution?

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Just if you put it in disk ops and adjust for the proceeds and the buyback if there's any dilution or maybe it's a creative.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Okay, thanks a lot. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 1:30PM, MIDD.OQ - Middleby Corp and 26North Partners LP Joint Venture

Question: Tami Zakaria - JPMorgan Chase & Co - Analyst : Hey, good morning. Thank you so much. I wanted to ask about your expectation for the EBITDA margin for the RemainCo post the spin-off, as it relates to-- basically, the corporate expenses, the allocation, would that change the margin profile of either of the two businesses, the spin-off and the RemainCo?

Question: Tami Zakaria - JPMorgan Chase & Co - Analyst : Great, thank you. And my other question is, as these two businesses are separating, are there any top of mind immediate cost, or revenue synergies or dissynergies that you would want to call out?

Question: Tami Zakaria - JPMorgan Chase & Co - Analyst : Understood. Thank you.

Question: Mircea (Mig) Dobre - Robert W. Baird & Co Inc - Analyst : Good morning. So, on slide 4 you have a footnote here that says, the [cited] EBITDA, for resi includes $15 million of standalone company costs. So I guess going back to Tami's question, this $15 million, is this $15 million incremental, or does this $15 million come out of the corporate expenses, that you report in 2025? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 1:30PM, MIDD.OQ - Middleby Corp and 26North Partners LP Joint Venture

Question: Mircea (Mig) Dobre - Robert W. Baird & Co Inc - Analyst : Okay. The $135 million seller note, can you tell us a little more about this? What are the terms of the note? Why was this note part of the transaction? And does it have a maturity associated with it, like an interest rate, really any context you can provide here?

Question: Mircea (Mig) Dobre - Robert W. Baird & Co Inc - Analyst : And then lastly, I'm seeing on slide 12, in terms of how 26North seems to outline the strategy for resi. A focus on luxury equipment and at least in my mind, some of the portfolio that you have here, the grills specifically do not fall in that category. So are we to understand that 26North is looking at maybe monetizing the grills business. And if so, what would you guess the timeline would be for that and the value to be recognized? Thank you.

Question: Mircea (Mig) Dobre - Robert W. Baird & Co Inc - Analyst : Okay, thank you.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Hey guys, just on commercial food service, I know, when you reported 3Q you talked about a couple QSRs specifically, holding back CapEx pretty meaningfully. I'm just wondering if-- since you've reported if you've gotten any kind of updated trends on commercial food service, others that are considering doing the same. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 1:30PM, MIDD.OQ - Middleby Corp and 26North Partners LP Joint Venture Clarity on-- is this kind of a one quarter event or does it leak into the second half? I know a lot of moving pieces in the restaurant space out there. Thanks.

Question: Jeffrey Hammond - KeyBanc Capital Markets Inc - Analyst : Okay, thanks.