MGP INGREDIENTS (MGPI) Company Report

MGP Ingredients reported a decline in Q3 2025 net income to $15.23 million and revenue by 18.9% to $130.91 million compared to the previous year, although adjusted EPS of $0.85 exceeded Wall Street expectations.
The company maintained its full-year revenue guidance at approximately $530 million (with slightly lowered expectations) and raised its adjusted EPS guidance to $2.68.
While the operating margin declined to 16.1% in Q3 2025 from 20.2% in the prior year, the free cash flow margin improved to 21.1% from 15.2%.
Operational challenges were noted in the Ingredient Solutions segment, but the company emphasized strong cash flow generation and a manageable net debt leverage ratio of approximately 1.8x.
MGP Ingredients declared a quarterly dividend of $0.12 per share payable on November 28, 2025.

Oct 29, 2025, 2:44 PM

Morningstar

MGPI Reports Q3 2025 Results and Updates Full-Year Guidance

MGPI

Earnings

Guidance Update

Management Change

For Q3 2025, MGP Ingredients reported consolidated sales decreased 19% to $131 million, with adjusted EBITDA declining to $32 million and adjusted basic earnings per share at $0.85.
The company raised its full-year 2025 adjusted EBITDA guidance to $110 million to $115 million and adjusted EPS guidance to $2.60 to $2.75, while tightening sales guidance to $525 million to $535 million.
The branded spirits segment sales decreased 3%, though Penelope Bourbon continued strong growth, ranking as the second fastest-growing premium plus American whiskey brand over the last 52 weeks.
The distilling solutions segment sales declined 43%, and the ingredient solutions segment faced operational execution issues due to an unanticipated equipment outage, which is expected to remain a headwind in Q4.
MGP Ingredients is conducting an exhaustive strategic review of its business and appointed Matthias Bentel as Chief Marketing Officer and Chris Wiseman as Senior Vice President of Operations.

Oct 29, 2025, 2:00 PM

Transcript

MGPI Announces Q3 2025 Results and Updates Full-Year Guidance

MGPI

Earnings

Guidance Update

Management Change

MGP Ingredients reported Q3 2025 consolidated sales of $131 million, a 19% decline, with adjusted EBITDA of $32 million and adjusted basic EPS of $0.85.
The company raised its full-year 2025 guidance for adjusted EBITDA to $110 million-$115 million and adjusted EPS to $2.60-$2.75, while tightening sales guidance to $525 million-$535 million.
Operational execution in the Ingredient Solutions segment fell short of expectations due to an unanticipated equipment outage and lower reliability, which is expected to remain a headwind in Q4 2025. Despite this, the Penelope Bourbon brand continues to drive strong performance in the branded spirits segment, ranking as the second fastest-growing premium plus American whiskey brand over the past 52 weeks.
New leadership appointments include Matias Bentel as Chief Marketing Officer and Chris Wiseman as Senior Vice President of Operations.

Oct 29, 2025, 2:00 PM

Transcript

MGPI Reports Q3 2025 Results and Raises Full-Year Guidance

MGPI

Earnings

Guidance Update

Demand Weakening

MGPI reported Q3 2025 consolidated sales declined by 19% to $131 million, with adjusted EBITDA of $32 million and adjusted basic earnings per share of $0.85.
The company raised its full-year 2025 guidance for adjusted EBITDA to a range of $110 million to $115 million and adjusted basic EPS to $2.60 to $2.75, while tightening sales guidance to $525 million to $535 million.
The branded spirits segment sales decreased by 3% but premium plus sales showed positive growth, with Penelope Bourbon noted as the second fastest growing premium plus American whiskey brand over the last 52 weeks.
The distilling solutions segment sales declined by 43%, though ahead of expectations, and the ingredient solutions segment faced an unanticipated equipment outage that pressured Q3 performance and is expected to be a headwind in Q4.
MGPI is conducting an exhaustive strategic review of its business, focusing on active portfolio management of spirits brands, and appointed Matthias Bentel as Chief Marketing Officer and Chris Wiseman as Senior Vice President of Operations.

Oct 29, 2025, 2:00 PM

Transcript

MGPI Announces Q3 2025 Results and Raises Full-Year Guidance

MGPI

Earnings

Guidance Update

Demand Weakening

Consolidated sales for Q3 2025 decreased by 19% to $130.9 million, with adjusted EBITDA falling 29% to $32.3 million and adjusted EPS decreasing 34% to $0.85.
Segment performance showed Branded Spirits sales declining 3%, Distilling Solutions sales decreasing 43%, and Ingredient Solutions sales increasing 9%.
Year-to-date operating cash flows increased 26% to $92.5 million, and the net debt leverage ratio was 1.8x as of September 30, 2025.
MGPI raised its full-year 2025 guidance for Adjusted EBITDA to $110 million to $115 million and Adjusted EPS to $2.60 to $2.75.

Oct 29, 2025, 2:00 PM

Presentation

MGP Ingredients Reports Q3 2025 Results and Updates Full-Year Guidance

MGPI

Earnings

Guidance Update

Demand Weakening

MGP Ingredients, Inc. reported a 19% decrease in consolidated sales to $130.9 million and a 34% decrease in adjusted basic EPS to $0.85 per share for the third quarter of 2025 compared to the prior-year period.
The company raised its full-year 2025 adjusted EBITDA guidance to $110 million to $115 million and adjusted basic EPS guidance to $2.60 to $2.75, while tightening sales guidance to $525 million to $535 million.
Consolidated sales were primarily impacted by a 43% decrease in Distilling Solutions segment sales to $40.9 million due to constrained brown goods demand, despite a 9% increase in Ingredient Solutions sales and a 3% increase in premium plus branded spirits sales.
Year-to-date operating cash flows increased 26% to $92.5 million, and the net debt leverage ratio was approximately 1.8x as of September 30, 2025.

Oct 29, 2025, 11:31 AM

8-K

MGP Ingredients Reports Third Quarter 2025 Results and Updates Full-Year Outlook

MGPI

Earnings

Guidance Update

Demand Weakening

MGP Ingredients reported third quarter 2025 consolidated sales of $130.9 million, a 19% decrease compared to the prior-year period.
For the third quarter of 2025, adjusted basic EPS decreased 34% to $0.85 per share and adjusted EBITDA decreased 29% to $32.3 million.
The company raised its full-year 2025 adjusted EBITDA guidance to a range of $110 million to $115 million and adjusted EPS guidance to $2.60 to $2.75, while tightening full-year sales guidance to $525 million to $535 million.
Year-to-date operating cash flows increased 26% to $92.5 million, and year-to-date capital expenditures declined 42% to $25.4 million compared to the prior-year period ended September 30, 2025.

Oct 29, 2025, 11:30 AM

Press Release

MGPI Reports Q4 2024 Results and Provides 2025 Guidance

MGPI

Earnings

Guidance Update

Demand Weakening

MGP Ingredients reported a 16% decrease in consolidated sales and a 9% decrease in Adjusted EBITDA to $53.1 million for Q4 2024, with adjusted basic EPS declining 4% to $1.57. A $73.8 million non-cash goodwill impairment charge in the Branded Spirits segment resulted in a basic EPS loss of $1.91.
For 2025, the company expects net sales between $520-$540 million, Adjusted EBITDA between $105-$115 million, and adjusted basic EPS between $2.45-$2.75.
The Distilling Solutions segment is projected to experience a 50% decline in sales and a 65% decline in gross profit in 2025 due to elevated industry-wide barrel whiskey inventories, a dynamic anticipated to persist into 2026.
To address these challenges, MGP Ingredients is implementing cost savings, including a double-digit percentage reduction in corporate headcount, and reducing capital expenditures to $36 million in 2025 from $73.2 million in 2024.
The company is accelerating its strategic transformation, expecting Branded Spirits and Ingredient Solutions to drive growth and become the majority of sales and gross profit in 2025, positioning Branded Spirits as the largest and most stable business segment.