JBT Marel Corporation Announces Strong Q3 2025 Results and Increases Full-Year Outlook
JBT Marel Corporation (NYSE and Nasdaq Iceland: JBTM), a global leader in advanced technology solutions for high-value segments of the food and beverage industry, has announced robust financial results for the third quarter of 2025. The company’s performance exceeded expectations across revenue, profitability, and operational efficiency, prompting an upward revision to its full-year 2025 financial guidance.
“JBT Marel outperformed our third-quarter earnings expectations, primarily driven by better-than-expected revenue, excellent supply chain and operational productivity, and solid cost control,” said Brian Deck, Chief Executive Officer of JBT Marel. “Given our strong third-quarter results, we are raising our full-year 2025 guidance, demonstrating the benefits of our diverse end markets and the enhanced scale of our combined organization.”
Third Quarter 2025 Consolidated Results
The company’s third-quarter results reflected significant progress in integrating operations, optimizing supply chains, and achieving synergy benefits from recent strategic initiatives.
According to Matt Meister, Chief Financial Officer, the quarter’s $65 million revenue outperformance was largely attributed to higher-than-expected book-and-ship revenue and improved backlog conversion resulting from manufacturing and supply chain efficiencies. “These efficiencies allowed us to realize revenue ahead of schedule, particularly in our poultry segment,” Meister said. “Margins also exceeded expectations, driven by higher volume flow-through, a favorable product mix, and accelerated synergy savings.”
JBT Marel reported third-quarter consolidated revenue of $1.0 billion, which included a $26 million year-over-year foreign exchange translation benefit. Net income from continuing operations totaled $67 million, representing a margin of 6.7 percent. This figure included $33 million in acquisition-related amortization and depreciation, $7 million in restructuring costs, and $6 million in merger and acquisition (M&A) related expenses.
On an adjusted basis, EBITDA reached $171 million, reflecting a 17.1 percent margin. Diluted earnings per share (EPS) came in at $1.28, while adjusted EPS rose to $1.94. Orders during the quarter totaled $946 million, inclusive of a $26 million foreign exchange tailwind, and quarter-ending backlog stood at $1.3 billion.
Year-to-date operating cash flow from continuing operations was $224 million, with free cash flow totaling $163 million. As of September 30, 2025, the company’s bank leverage ratio stood at 2.7x, which includes the benefit of run-rate synergies, while net debt to trailing twelve months pro forma adjusted EBITDA was 3.1x. JBT Marel ended the quarter with a strong liquidity position of approximately $1.9 billion.
Convertible Senior Notes Strengthen Balance Sheet
In September 2025, JBT Marel successfully executed a private offering of $575 million aggregate principal amount of 0.375 percent convertible senior notes due 2030. The proceeds were used to implement convertible note hedge and warrant transactions and to repay a portion of borrowings under its revolving credit facility.
The hedge and warrant transactions are designed to protect shareholder value by mitigating dilution risk until the company’s stock price reaches $283.42 per share. This strategic financing move enhances balance sheet flexibility and reflects the company’s prudent capital management approach.
Synergy Actions and Cost Savings
JBT Marel continued to advance its integration and cost-savings initiatives during the third quarter. The company incurred $7 million in restructuring costs and $6 million in M&A-related expenses, but these were offset by $8 million in operating expense savings and $6 million in cost of goods sold reductions.
For 2025, JBT Marel now expects in-year realized synergy savings of $40–$45 million and remains on track to achieve annualized run-rate savings of $80–$90 million by year-end. These synergies are being captured through streamlined manufacturing operations, unified procurement practices, and cross-functional efficiency initiatives across the global organization.
Upcoming Segment Realignment
To better reflect its evolving business model and integration progress, JBT Marel announced plans to realign its reportable segments in the fourth quarter of 2025. The company will transition to two primary reporting segments:
- Protein Solutions, and
- Prepared Food and Beverage Solutions.
This realignment will take effect before the company’s fourth-quarter and full-year 2025 earnings release, and prior-period financials will be recast accordingly.
The Protein Solutions segment will encompass JBT Marel’s technologies and systems for the initial stages of animal protein processing and harvesting. This includes poultry, pork, fish, and beef applications—core areas where JBT Marel’s expertise in cutting, portioning, bone detection, and robotic harvesting has established market leadership.
The Prepared Food and Beverage Solutions segment will integrate the company’s downstream value-added food and beverage technologies. This includes processing, preservation, and packaging solutions for ready-to-eat or ready-to-drink products, as well as applications across pet food, dairy, bakery, pharmaceutical, nutraceutical, and warehouse automation sectors. Technologies within this segment include forming, slicing, coating, freezing, blending, filling, extraction, packaging, and automated guided vehicles (AGVs).
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