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JBT Marel Corporation, listed on the NYSE as JBTM, opened 2026 with solid momentum after first-quarter orders surpassed $1 billion for the second consecutive quarter, supported by strong global poultry demand and growth across its end markets. Chief Financial Officer Matthew J. Meister said consolidated revenue was $936 million, up about 10% year over year, with organic growth of 4% and a 6% contribution from foreign exchange.
Adjusted EBITDA increased 27% to $142 million, and the EBITDA margin expanded to 15.2%. Free cash flow reached $100 million, and leverage declined to 2.6x.
Management reaffirmed its full-year 2026 guidance. The company expects revenue growth of around 6% and adjusted EBITDA margin expansion of about 145 basis points. Adjusted earnings per share are expected to be up about 29%.
For the second quarter, JBT Marel guided revenue of $975 million to $1 billion and adjusted EBITDA margins of 17% to 17.5%.
Meister said benefits from the elimination of IEEPA tariffs are expected to be largely offset by incremental Section 122 and Section 232 tariff increases. The company also expects a 25- to 50-basis-point headwind from tariffs after mitigation actions across the full year.
Orders exceeded $1 billion in the quarter, reflecting continued demand from poultry customers and broader strength across the company’s end markets. Protein Solutions and Prepared Food & Beverage reported double-digit year-over-year order growth, supported by poultry-volume leverage, synergy benefits, and ongoing improvement initiatives.
The company also cited progress in geographic demand across Europe, North America, and Latin America, and highlighted ongoing cross-selling between legacy JBT and Marel solutions.
Management outlined a next-generation strategy focused on profitable growth and margin expansion through 2028. The plan includes prescriptive maintenance, digital capabilities, end-to-end solutions, and disciplined strategic M&A. Targets include roughly 5%–7% organic revenue growth and 20% adjusted EBITDA margin in 2028.
Analysts asked about inflation, the poultry cycle, and warehouse automation. Management described favorable input-cost dynamics and a diversified exposure across the combined business. It also said margin-improvement actions are expected to begin contributing late in Q2 2026 and continue into 2027.
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