JBTMarel Q3 2025 slides: Revenue tops $1B as company raises full-year guidance

JBTMarel Corp (NYSE:JBTM) delivered a strong third quarter that exceeded expectations, according to its Q3 2025 earnings presentation released on November 3, 2025. The food processing equipment manufacturer reported revenue surpassing $1 billion and raised its full-year guidance despite tariff headwinds, sending its stock up 12.58% following the announcement.

Quarterly Performance Highlights

JBTMarel reported solid financial results for Q3 2025, with revenue reaching $1,001 million compared to $454 million in the same period last year. The company’s adjusted EBITDA grew to $171 million, representing a 17.1% margin, while adjusted earnings per share increased to $1.94 from $1.76 in Q3 2024.

"We are better together," stated CEO Brian Deck, emphasizing the value of the combined JBT and Marel portfolios following their merger. The company highlighted that its quarterly performance exceeded expectations for both revenue and adjusted EBITDA, with revenue outperformance driven by higher book and ship revenue.

As shown in the following comprehensive financial summary:

The company’s order book remained healthy at $946 million for the quarter, more than double the $440 million reported in Q3 2024. This growth was particularly strong in the poultry, pharmaceutical, and pet food markets. The backlog stood at $1,339 million, providing solid visibility for future quarters.

Detailed Financial Analysis

JBTMarel’s performance varied between its two current reporting segments. The Marel segment showed significant improvement with adjusted EBITDA margin increasing 310 basis points sequentially to 18.6%, while the JBT segment experienced a 270 basis point decline to 15.3%.

The segment performance is illustrated in the following chart:

The company noted that during Q4 2025, it plans to realign its reportable segments to better reflect the continued integration of its operating model. The new structure will feature two financial reporting segments: Protein Solutions and Prepared Food and Beverage Solutions.

Recurring revenue represented 49% of total revenue in Q3 2025, highlighting the company’s stable revenue base from aftermarket services and parts. Geographically, EMEA accounted for 41% of consolidated revenue, followed by Asia Pacific at 38%, US and Canada at 11%, and Latin America at 10%.

The following chart shows this revenue breakdown:

Strategic Initiatives

JBTMarel reported significant progress on synergy realization, with $14 million in year-over-year synergy savings achieved in Q3. The company remains on track to deliver $150 million in annual run-rate synergies by the end of the third year post-transaction close, with approximately $80-90 million expected by the end of 2025.

These synergies are expected to come from both cost of goods sold ($80 million) through supplier consolidation and manufacturing optimization, and operating expenses ($70 million) through organizational streamlining and resource rationalization, as illustrated below:

The company is also actively addressing tariff challenges. JBTMarel reported a net tariff cost impact of approximately $15 million in Q3 and has implemented both short-term and medium-term mitigation strategies. These include leveraging supplier partnerships, implementing parts price increases, and evaluating equipment assembly location changes.

From a capital structure perspective, JBTMarel has made progress in de-levering its balance sheet. The company reported a net debt to trailing twelve months pro forma adjusted EBITDA ratio of 3.1x as of September 30, 2025. Management noted they are evaluating options to pre-fund the 2026 convertible maturity, which led to the issuance of $575 million of 0.375% convertible senior notes due 2030.

Forward-Looking Statements

Based on its strong performance, JBTMarel raised its full-year 2025 guidance. The company now expects revenue between $3,760 million and $3,790 million, adjusted EBITDA margin of 15.75-16.0%, and adjusted EPS of $6.10-$6.40.

The updated guidance is presented in detail below:

The raised outlook reflects confidence in the company’s ability to continue delivering solid results despite macroeconomic challenges. Management cited expected tailwinds from foreign exchange translation and continued synergy realization as factors supporting the improved guidance.

During the earnings call, analysts inquired about cross-selling opportunities across product lines, which executives confirmed as a key growth strategy. The company also highlighted strong visibility in the poultry market extending into 2026, reinforcing its growth outlook.

JBTMarel’s stock closed at $124.62 following the earnings announcement, representing a significant 12.92% increase. The stock is now trading well above its 52-week low of $90.08, though still below its high of $148.76, suggesting potential for further appreciation if the company continues to execute on its strategic initiatives and synergy targets.

Full presentation:

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