JBT Marel Corporation

Welcome to JBT's Marel Earnings Conference Call for the second quarter of 2026. My name is Aaron and I will be your conference operator today. As a reminder, today's call is being recorded. At this time, all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. To register to ask a question at any time, please press star 1 on your telephone keypad. I will now turn the call over to JBT Marel Senior Director of Investor Relations, Marlee Spangler. Please go ahead.

Thank you, Erin. Good morning, everyone, and thank you for joining our second quarter 2026 conference call. With me on the call is our Chief Executive Officer, Brian Deck, President Arni Sigurdsson, and Chief Financial Officer, Matt Meister. In today's call, we will use forward-looking statements that are subject to the Safe Harbor language in yesterday's press release and 8 filing. JBT Marel's periodic SEC filings also contain information regarding risk factors that may have an impact on our results. These documents are available on the IR website. Also, our discussion today includes references to certain non-GAAP financial measures. A reconciliation of these measures to the most comparable gap measure can be found on our website. With that, I'll turn the call over to Brian.

Thanks, Marlee, and good morning, all. First and foremost, we were very pleased with the continued robust demand environment in the second quarter. Orders increased 10% year-over-year and marked our third consecutive quarter with orders exceeding $1 billion reinforcing the strategic benefits of the JBT-Marel combination. By bringing together our complementary technologies, we are strengthening our ability to serve customers around the world. Contributing to the gain was double-digit year-over-year growth in our prepared food and beverage solution segment, which was led by our value-added prepared foods technology. The strong orders also reflect the success of our synergistic cross-selling initiatives. It is also clear that investment by the poultry industry remains solid, and JBT Marel is uniquely positioned to benefit from investment across the entire poultry value chain from primary and secondary processing through further processing and end-of-line solutions. allowing us to capture growth wherever our customers are investing. At the same time, we continue to advance our cost synergy initiatives. As we have discussed previously, the majority of our synergy actions in 2026 and 2027 are related to supply chain and footprint optimization projects. As Arni will highlight, we have taken decisive actions to advance our footprint optimization strategy allowing us to leverage our global scale and simplify our manufacturing and distribution network. And as Matt will discuss, we're restructuring our warehouse automation business to optimize the cost structure and take advantage of product standardization to operate more efficiently. There were temporary and other factors that impacted our second quarter, which Matt will discuss. Absent the net benefits of these factors, results fell short of our expectations in our prepared food and beverage segment. That said, we remain optimistic about the short and long-term future of that segment. At the same time, we are thrilled with the continued profitable growth of the protein solutions segment. Taken together, our backlogged visibility, integration efforts, and continuous improvement initiatives gives us confidence in realizing our second half 2026 forecast and achieving our longer-term financial targets, including an adjusted EBITDA margin of 20% in 2028. Now, let me turn the call over to Matt to provide an analysis of our second quarter and guidance for the remainder of the year.