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Miglanco Dobre

Research Analyst at R.W. Baird

Mircea (Mig) Dobre is an Associate Director of Research and Senior Research Analyst at R.W. Baird, specializing in Machinery & Diversified Industrial sectors. He covers companies such as JBT Marel and has been recognized by TipRanks as one of the Top 100 Wall Street Analysts of 2020, recently ranked among the top 4% of all analysts with strong performance contributions. Dobre joined Baird’s equity research department in 2009 after serving as a senior investment consultant at Baird for seven years and as a consultant at Deloitte & Touche. He holds a BS in Finance from Ferris State University, an MBA with concentrations in Finance and Accounting from the University of Chicago, and the CFA designation.

Miglanco Dobre's questions to JBT MAREL (JBTM) leadership

Question · Q4 2025

Miglanco Dobre sought clarification on the 2026 top-line growth differentiation between the Protein Solutions and Prepared Food and Beverage segments. He also asked about the expected margin expansion for both segments, particularly for Protein Solutions, and inquired about the inefficiencies impacting the Prepared Food and Beverage segment in late 2025. Finally, he asked about the gross tariff drag for 2026 and the company's strategy for pricing mitigation.

Answer

CFO Matthew Meister indicated that Protein Solutions revenue growth for 2026 would likely be at the higher end of the 5%-7% overall guidance, while Prepared Food and Beverage would be at the lower end. He added that both segments are expected to see margin improvement, with Prepared Food and Beverage showing slightly higher improvement due to corrections of Q4 2025 issues, primarily on the AGV side impacted by tariffs. CEO Brian Deck confirmed that pricing mitigation is included in the forecast, expecting a net negative impact of 25-50 basis points on margins for the full year, depending on market conditions.

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Question · Q4 2025

Miglanco Dobre inquired about the differentiated top-line growth expectations for Protein Solutions and Prepared Food and Beverage Solutions in 2026, and the anticipated margin expansion for both segments. He also asked for clarification on inefficiencies in Prepared Food and Beverage and the strategy for mitigating the gross tariff drag in 2026 through pricing actions.

Answer

CFO Matthew Meister projected 2026 revenue growth for Protein Solutions at the higher end of the 5-7% range and Prepared Food and Beverage at the lower end, with margin improvement expected in both segments, slightly higher in Prepared Food and Beverage due to correcting Q4 2025 issues, particularly on the AGV side impacted by tariffs. CEO Brian Deck confirmed that pricing mitigation was included in the forecast for tariffs, expecting a net negative impact of 25-50 basis points for the full year, with intentional price increases where market conditions allow.

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