Executive Summary

Q2 2025 beat on top line and adjusted EPS: revenue $0.935B vs consensus $0.897B*, adjusted EPS $1.49 vs $1.28*, driven by stronger recurring revenue (+~$25M vs plan) and $21M favorable FX .
Management re-established FY 2025 guidance: revenue $3.675–$3.725B, adjusted EBITDA margin 15.25–16.0%, GAAP EPS ($1.90)–($1.20), adjusted EPS $5.45–$6.15, incorporating $20–$30M H2 tariff net costs, updated interest and FX tailwinds .
Orders remained robust at $0.938B and backlog reached $1.394B, supporting H2 visibility; CFO highlighted deleveraging with bank total net leverage ratio at 2.84x and net debt/TTM pro forma adjusted EBITDA just below 3.4x .
Segment performance balanced: JBT revenue $454.6M at 18.0% adj. EBITDA margin, Marel revenue $480.2M at 15.5% adj. EBITDA margin, consolidated adj. EBITDA margin 16.7% .
Dividend declared post-quarter: $0.10 per share payable Sep 2, 2025 (record date Aug 18, 2025) .

What Went Well and What Went Wrong

Recurring revenue outperformed plan by ~$25M and FX provided ~$21M tailwind, with CEO noting results “exceeded our guidance” on recurring strength and FX .
Orders and backlog strong: inbound orders $937.7M and ending backlog $1,393.7M, underpinning H2 activity .
Margin expansion vs prior quarter: adjusted EBITDA margin 16.7% (Q2) vs 13.1% (Q1); CFO highlighted de-leveraging and strong cash flow supported by deposits and working capital actions .

GAAP profitability muted: diluted EPS $0.07 and operating margin 5.2%, burdened by $58M acquisition-related amortization/depreciation, $20M M&A costs, $11M JV impairment, and $6M restructuring .
H2 margin headwinds flagged from tariffs: management embedded $20–$30M net tariff costs into outlook, with a higher equipment mix pressuring margins .
Net debt elevated post-combination at $1,809.7M despite progress, and adjusted EBITDA margin guide trimmed vs February (15.25–16.0% now vs 15.75–16.50% prior) .

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	$402.3	$854.1	$934.8
GAAP Diluted EPS ($)	$0.95	($3.35)	$0.07
Adjusted EPS ($)	$1.31	$0.97	$1.49
Gross Profit Margin (%)	35.6%	34.2%	35.8%
Adjusted EBITDA Margin (%)	15.8%	13.1%	16.7%

Segment breakdown (Q2 2025):

Segment	Segment Revenue ($USD Millions)	Segment Adjusted EBITDA ($USD Millions)	Segment Adjusted EBITDA Margin (%)
JBT	$454.6	$81.7	18.0%
Marel	$480.2	$74.5	15.5%
Total	$934.8	$156.2	16.7%

KPIs:

KPI	Q2 2024	Q1 2025	Q2 2025
Inbound Orders ($USD Millions)	$437.1	$916.1	$937.7
Orders Backlog ($USD Millions)	$697.2	$1,310.5	$1,393.7

Cash flow and leverage:

Metric	6M 2024	6M 2025
Operating Cash Flow ($USD Millions)	$32.0	$136.6
Free Cash Flow ($USD Millions)	$13.5	$105.8

Metric	Q1 2025	Q2 2025
Bank Total Net Leverage Ratio (x)	3.2	2.84
Net Debt ($USD Millions)	$1,886.5	$1,809.7

Estimates vs Actual (Q2 2025):

Values with asterisks retrieved from S&P Global.

Metric	Period	Previous Guidance (Feb 24, 2025)	Current Guidance (Aug 4–5, 2025)	Change
Revenue ($USD Billions)	FY 2025	$3.575–$3.650	$3.675–$3.725	Raised
Adjusted EBITDA Margin (%)	FY 2025	15.75–16.50	15.25–16.0	Lowered
GAAP EPS ($)	FY 2025	($1.30)–($0.70)	($1.90)–($1.20)	Lowered
Adjusted EPS ($)	FY 2025	$5.50–$6.10	$5.45–$6.15	Maintained (range midpoint slightly lower)
Net Interest Expense ($USD Millions)	FY 2025	~$110	$105–$110	Maintained/Narrowed
Other Financing Income ($USD Millions)	FY 2025	—	~($10)	New
Depreciation & Amortization ($USD Millions)	FY 2025	~240	~285 (incl. ~$195M acquisition-related)	Raised
Tax Rate (GAAP) (%)	FY 2025	~25	~11–12	Lowered
Tax Rate (Adjusted) (%)	FY 2025	~25	~24–25	Maintained
FX Translation Impact ($USD Millions)	FY 2025	~($75) vs combined 2024 revenue	~$70–$85 tailwind YoY	Reframed (baseline changed)
Tariffs Net Costs ($USD Millions)	H2 2025	—	~$20–$30	New
Dividend ($/share)	Next payment	—	$0.10 (payable Sep 2, 2025)	New

Note: The Q2 2025 earnings call transcript was not available in the document catalog; themes below are based on company 8-Ks and press releases.

Topic	Previous Mentions (Q4 2024 and Q1 2025)	Current Period (Q2 2025)	Trend
Integration & Synergies	Raised synergy target to $150M within 3 years post-close ; integration on track; $35–$40M in-year savings expected	$8M YoY synergy savings realized; reaffirmed $35–$40M in-year and $80–$90M run rate exiting 2025	Improving
Tariffs/Macro	Suspended FY25 guidance due to tariff uncertainty; provided Q2 guide	Re-established FY25 guidance; embedded $20–$30M net H2 tariff costs and a higher equipment mix	Visibility improving; cost headwinds persist
Recurring Revenue/Aftermarket	Marel 2024 aftermarket revenue €821M (+5%) ; >50% recurring mix in Q1	>50% recurring mix; ~$25M beat vs internal expectations	Strong
FX	Q2 guidance assumed +$10–$15M FX tailwind	Actual FX tailwind ~$21M (+$8M vs plan)	Favorable
Leverage/Liquidity	Bank leverage 3.2x; net debt/TTM adj. EBITDA 3.8x; liquidity ~$1.3B	Bank leverage 2.84x; net debt/TTM pro forma adj. EBITDA just below 3.4x; liquidity ~$1.3B	Improving
Supply Chain	Expected ~$15M in-year supply chain savings	Realized ~$3M supply chain savings in Q2	Progressing

CEO: “We are pleased with our second quarter results, which exceeded our guidance… Our outperformance was primarily driven by better than expected recurring revenue and favorable foreign exchange translation.”
CEO: “We are re-establishing full year 2025 guidance given greater clarity around tariff policies… We expect that second half 2025 margins will reflect the increased cost of tariffs and a higher mix of equipment revenue.”
CFO: “Our strong cash flow… allowed us to de-lever our balance sheet to just below 3.4x net debt to trailing twelve months pro forma adjusted EBITDA.”

The Q2 2025 earnings call transcript was not available in the document catalog; no Q&A highlights can be provided at this time. The call was scheduled for Aug 5, 2025 at 10:00 a.m. ET / 14:00 GMT .

JBT Marel beat consensus on revenue and adjusted EPS: $934.8M vs $897.4M*, and $1.49 vs $1.28*, respectively. Orders and backlog strength, recurring revenue outperformance (~~$25M), and FX tailwind (~~$21M) underpinned the beat .
FY 2025 guidance implies slightly higher revenue range but lower adjusted EBITDA margin vs February, and explicit H2 tariff costs ($20–$30M); sell-side models may raise FY revenue modestly while trimming margin/GAAP EPS assumptions and incorporating updated net interest/tax rates .
Values with asterisks retrieved from S&P Global.

Strong demand backdrop: $0.938B orders and $1.394B backlog support H2 execution despite tariff headwinds .
Quality of revenue improving: >50% recurring mix and ~$25M upside vs plan drove margin resilience; maintain focus on services/aftermarket .
Margin trajectory: Near-term adjusted EBITDA margin pressured by tariffs and equipment mix; FY margin range trimmed vs February—monitor synergy realization and pricing actions .
Deleveraging underway: Bank leverage to 2.84x and net debt/TTM pro forma adjusted EBITDA just below 3.4x; FCF ramping ($105.8M YTD) offers debt reduction capacity .
Guidance clarity: Re-established FY 2025 ranges and detailed cost items (restructuring, M&A, pension, D&A); tax rate lowered for GAAP EPS to ~11–12% .
Segment performance balanced: JBT at 18.0% adj. EBITDA margin and Marel at 15.5%—integration synergies remain a key lever for consolidated margin .
Dividend reinstated: $0.10 per share declared post-quarter; supports shareholder returns amid deleveraging and integration .