JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
Transform
Transform
the Future
the Future
of Food
of Food
Transform.
Transform.
JBT Marel is a leading
JBT Marel is a leading
global provider of
global provider of
integrated technology,
integrated technology,
equipment, software and
equipment, software and
services to customers
services to customers
in the food and beverage
in the food and beverage
industry. Driven by a
industry. Driven by a
singular purpose—
singular purpose—
transform the future
transform the future
of food—we empower
of food—we empower
businesses to
businesses to
stay ahead in a rapidly
stay ahead in a rapidly
evolving market.
evolving market.
JBT Marel 2024 Annual Report
Future.
Future. Food.
Food.
Three words, each with profound
implications in the modern world.
For JBT Marel, these three
words define a purpose that is
as powerful as it is simple.
Transform the future of food.
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JBT Marel 2024 Annual Report
The potential impact of combining JBT and Marel is not
The potential impact of combining JBT and Marel is not
incremental. It’s exponential. It’s transformational—together,
incremental. It’s exponential. It’s transformational—together,
we have chosen to transform ourselves in order to transform
we have chosen to transform ourselves in order to transform
the future of food.
the future of food.
This is an aspirational but wholly achievable purpose. Because
This is an aspirational but wholly achievable purpose. Because
before the combination, we both were global food processing
before the combination, we both were global food processing
leaders in our own right, each with a leader’s scale, global
leaders in our own right, each with a leader’s scale, global
presence, customer relationships, technologies and talent.
presence, customer relationships, technologies and talent.
Our strengths are both aligned and complementary. It’s a
Our strengths are both aligned and complementary. It’s a
natural fit that represents a world of exciting possibilities for
natural fit that represents a world of exciting possibilities for
our customers, investors, people and planet.
our customers, investors, people and planet.
TRANSFORMATION
Leadership2
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JBT Marel 2024 Annual Report
FUTURE TECHNOLOGY
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JBT Marel 2024 Annual Report
Technology is an accelerator.
Technology is an accelerator.
A multiplier. And when skillfully
A multiplier. And when skillfully
developed and deployed, it’s also
developed and deployed, it’s also
a simplifier. All of which make
a simplifier. All of which make
technology a big difference
technology a big difference
maker for businesses that want
maker for businesses that want
to help define the future of a
to help define the future of a
world that gets more complex
world that gets more complex
and challenging every day,
and challenging every day,
where change is a constant,
where change is a constant,
and sustainable solutions are
and sustainable solutions are
an imperative.
an imperative.
Difference maker
5
JBT Marel joins together two
JBT Marel joins together two
longtime food industry innovators
longtime food industry innovators
with advanced, proven and
with advanced, proven and
complementary machine and
complementary machine and
digital technologies. We intend to
digital technologies. We intend to
lead the way to the next level of
lead the way to the next level of
global equipment performance,
global equipment performance,
line productivity, operational
line productivity, operational
efficiency and sustainability for
efficiency and sustainability for
our customers.
our customers.
FOOD LEADERSHIP
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JBT Marel 2024 Annual Report
Hungry world
There’s no industry more fundamental than food. It’s a constant
There’s no industry more fundamental than food. It’s a constant
in this always-changing world: People will always have to eat.
in this always-changing world: People will always have to eat.
Both JBT and Marel are longtime global leaders in food
Both JBT and Marel are longtime global leaders in food
processing technology. Together, we have a broad and holistic
processing technology. Together, we have a broad and holistic
offering that spans proteins, beverages, fruits and vegetables,
offering that spans proteins, beverages, fruits and vegetables,
and pet food.
and pet food.
The demand for proteins is a long-term growth trend.
The demand for proteins is a long-term growth trend.
Foremost is poultry, with its affordability, versatility and
Foremost is poultry, with its affordability, versatility and
nutritional value, along with a low carbon footprint
nutritional value, along with a low carbon footprint1. .
As the clear world leader in supporting poultry production,
As the clear world leader in supporting poultry production,
JBT Marel is ready to meet the demand.
JBT Marel is ready to meet the demand.
(1) Our World in Data/Poore and Nemecek
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JBT Marel 2024 Annual Report
SUSTAINABILITY
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JBT Marel 2024 Annual Report
Positive impact
Hunger and malnutrition. Water
Hunger and malnutrition. Water
scarcity. Carbon emissions. Climate
scarcity. Carbon emissions. Climate
change. All are real and growing threats
change. All are real and growing threats
to our society. Few businesses are
to our society. Few businesses are
in a better position to address these
in a better position to address these
challenges than JBT Marel.
challenges than JBT Marel.
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Continuously improving our operations
Continuously improving our operations
has long been a top priority at JBT
has long been a top priority at JBT
and Marel. But our greatest opportunity
and Marel. But our greatest opportunity
to support a sustainable food supply
to support a sustainable food supply
chain remains in JBT Marel’s solutions,
chain remains in JBT Marel’s solutions,
which help customers minimize water,
which help customers minimize water,
energy and raw material consumption,
energy and raw material consumption,
reduce food waste, and improve
reduce food waste, and improve
consumer safety.
consumer safety.
Our business solutions and our
Our business solutions and our
combined scale dramatically expand
combined scale dramatically expand
our opportunities to have a positive
our opportunities to have a positive
global impact.
global impact.
STRENGTH
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JBT Marel 2024 Annual Report
People power
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JBT Marel 2024 Annual Report
The real driver behind innovation
The real driver behind innovation
and business performance is people.
and business performance is people.
Talented, experienced, dedicated
Talented, experienced, dedicated
and enthusiastic people, embracing
and enthusiastic people, embracing
the same purpose and direction.
the same purpose and direction.
This is precisely what we have
This is precisely what we have
at JBT Marel. We are a global,
at JBT Marel. We are a global,
highly diverse and motivated group,
highly diverse and motivated group,
united to make it all matter. With
united to make it all matter. With
a shared vision to be the leading
a shared vision to be the leading
partner in solutions for a sustainable
partner in solutions for a sustainable
food industry. Here to transform
food industry. Here to transform
the future of food.
the future of food.
We’re excited about what we can
We’re excited about what we can
accomplish together. A new, bigger,
accomplish together. A new, bigger,
brighter future—for us and everyone
brighter future—for us and everyone
we touch—begins right now.
we touch—begins right now.
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JBT Marel 2024 Annual Report
Dear Fellow Shareholders:
Dear Fellow Shareholders:
2024 was an immensely consequential year
2024 was an immensely consequential year
for our company and stakeholders. It was the year
for our company and stakeholders. It was the year
we moved boldly to initiate a combination with
we moved boldly to initiate a combination with
global food technology leader Marel, which we
global food technology leader Marel, which we
transacted on January 2, 2025. As JBT Marel, we
transacted on January 2, 2025. As JBT Marel, we
are now in a uniquely strong position to pursue
are now in a uniquely strong position to pursue
our critical and ambitious purpose: transform the
our critical and ambitious purpose: transform the
future of food.
future of food.
BRIAN DECK
Chief Executive Officer
Chief Executive Officer
Our combination with Marel is the culmination of the
previous decade of work evolving JBT into a global pure-
play food and beverage technology leader. Our objective
has always been clear: to build a company that is
unparalleled in our impact, both for global food industry
customers and for a world dealing with population
growth, climate change and a fragile food supply chain.
By forming JBT Marel, we have taken a huge step forward
in achieving that objective.
RECORD JBT FINANCIAL PERFORMANCE
With an eye toward this future as a combined JBT Marel,
we remained focused on executing our growth and
margin improvement strategies across the business
throughout 2024. JBT achieved record financial results
by a number of key measures in 2024, including orders,
revenue, adjusted EBITDA2, adjusted EPS2 and free
cash flow.2
Revenue for 2024 was a record $1.72 billion, up 3%
from 2023 results, thanks largely to our diverse solution
offerings and bolstered by continued strength in recurring
revenue. Our fourth quarter 2024 record orders of $523
million and ending backlog of $721 million position us well
for continued revenue growth in 2025.
Cost savings from our supply chain and continuous
improvement initiatives were major drivers behind JBT’s
aforementioned record performance. 2024 adjusted
EBITDA2 of $295 million increased 8% year over year,
representing a margin increase of 80 basis points, and
adjusted EPS2 grew 24% to a record $5.10.
We also delivered record free cash flow2 in 2024,
increasing by 20% over 2023 to $199 million, benefiting
from JBT’s strong operating results and improved
working capital management.
THE JOINING OF TWO FOOD TECHNOLOGY LEADERS
Bringing JBT and Marel together is uniquely powerful
in its potential to transform the future of food. In fact,
we are convinced that there was no partner in the world
whose capabilities and culture fit with JBT better than
Marel to meaningfully support our customers and the
food industry as a whole.
Marel’s focus on innovation and its resultant advanced
product portfolio have made them leaders in global food
technology. Approximately 85% of their revenues are in
protein end markets, a key area of long-term demand
growth worldwide. Their global market reach, software and
service infrastructure also are tremendous value drivers.
When united with JBT’s own innovative technologies,
application knowledge and continuous improvement
mindset, we believe we will offer an extraordinary value
proposition to our stakeholders. We also have increasing
confidence in our ability to leverage our combined
operations, which we expect will allow us to achieve
$150 million in cost synergies within three years.
At the center of both JBT and Marel is our people.
Passionate, engaged associates make us who we are
and drive our customers’ success. Bringing the best of
both businesses together to create a clear leader in food
technology is at the heart of the real, transformative
power and potential we embrace.
UNITED TO MAKE IT ALL MATTER
JBT Marel’s breadth and holistic solution offerings are
unmatched as a partner in the global food industry.
By “offerings,” we mean much more than equipment.
This is about the entire ecosystem of offerings that both
JBT and Marel have worked so hard to build over the
course of decades. Equipment. Parts. Services. Software.
And the expertise to put it all together into a single,
integrated, end-to-end solution to drive improvements
in productivity, efficiency and sustainability. Most
important, we have built a solid base of trust with our
customers to deliver these holistic solutions to make
them more successful.
Because it all matters.
In a highly competitive marketplace where the loss
of a few units processed per minute can have a
significant impact on profitability for our customers,
our ability to provide a complete, harmonized solution
is a critical differentiator.
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JBT Marel 2024 Annual Report
(2) These are non-GAAP financial measures. For an explanation of these measures and a
reconciliation to the most directly comparable GAAP measures, please see “Non-GAAP
Financial Measures” in our Form 8-K filing from February 24, 2025.
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JBT Marel 2024 Annual Report
JBT Marel Cultural Framework
JBT Marel Cultural Framework
Clarity on why we exist, what we
Clarity on why we exist, what we
aim to accomplish, how we will
aim to accomplish, how we will
accomplish our goals and our
accomplish our goals and our
strategic pillars guide our actions
strategic pillars guide our actions
and ensure that we deliver a
and ensure that we deliver a
cohesive and elevated experience
cohesive and elevated experience
across every customer touchpoint.
across every customer touchpoint.
OUR PURPOSE
OUR PURPOSE
Transform the Future of Food
Transform the Future of Food
OUR VISION
OUR VISION
Be the leading partner in
Be the leading partner in
solutions for a sustainable
solutions for a sustainable
food industry
food industry
OUR STRATEGIC PILLARS
OUR STRATEGIC PILLARS
• Holistic Solutions & Improved
Holistic Solutions & Improved
Value Proposition
Value Proposition
• Enhanced Service to Drive
Enhanced Service to Drive
Customer Success and
Customer Success and
Empower Partnerships
Empower Partnerships
• Advanced Digital and Software
Advanced Digital and Software
Capabilities
Capabilities
• Continued Focus on Innovation
Continued Focus on Innovation
and M&A
and M&A
• Leveraging Combined Scale
Leveraging Combined Scale
to Expand Margins
to Expand Margins
Letter to Shareholders (continued)
United to make it all matter means providing industry-
best equipment, with parts and highly responsive service
to keep it running. It also means having the software
and application expertise to maximize machine
uptime and efficiency, from primary processing to end
packaging, anywhere in the world. This is our value
proposition at JBT Marel.
TRANSFORMING THE FUTURE OF FOOD
Our combined capabilities give us the opportunity
to provide the food industry with the broadest, most
holistic, most intelligent solutions in order to make an
impact. Transformative impact.
And while our solutions can have a transformative impact
on our customers’ operations, JBT Marel also has the
opportunity and the capability to have a transformative
impact on the world.
Contributing to a more reliable and resilient food supply
chain across every corner of a growing, increasingly
hungry global population; reducing food waste,
improving food yield and enhancing food safety—
these remain key elements of our purpose. All these
things must matter if we are to realize our purpose of
transforming the future of food.
Making it all matter is the key to a truly exciting future
at JBT Marel.
Sincerely,
Brian Deck
Chief Executive Officer
JBT Marel Corporation
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JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
This is JBT Marel.
The joining of two global food industry
The joining of two global food industry
leaders for a new level of scale and
leaders for a new level of scale and
capabilities, impact and opportunities.
capabilities, impact and opportunities.
Built to transform the
Built to transform the
future of food.
future of food.
THIS IS JBT MAREL
THIS IS JBT MAREL
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We have created a new, next-level food industry
We have created a new, next-level food industry
leader, focused on transforming customer results
leader, focused on transforming customer results
and the future of food.
and the future of food.
Global Scale, Resources
Global Scale, Resources
and Relationships
and Relationships
30+
Countries
Countries
~$3.6B
Expected JBT Marel
Expected JBT Marel
2025 Revenue
2025 Revenue3
~12,200
Employees
Employees
~16%
Expected JBT Marel 2025
Expected JBT Marel 2025
Adjusted EBITDA Margin
Adjusted EBITDA Margin3
JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
(3) Based on mid-point of guidance ranges provided in the 8-K SEC filing on February 24,
(3) Based on mid-point of guidance ranges provided in the 8-K SEC filing on February 24,
2025. Note: Adjusted EBITDA is a non-GAAP financial measure. For an explanation of this
2025. Note: Adjusted EBITDA is a non-GAAP financial measure. For an explanation of this
measure and a reconciliation to the most directly comparable GAAP measures, please see
measure and a reconciliation to the most directly comparable GAAP measures, please see
“Non-GAAP Financial Measures” in our Form 8-K filing from February 24, 2025.
“Non-GAAP Financial Measures” in our Form 8-K filing from February 24, 2025.
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JBT Marel 2024 Annual Report
JBT Marel Customer
Value Drivers
BROAD END-MARKET
BROAD END-MARKET
PARTICIPATION
PARTICIPATION
• Proteins
Proteins
Poultry/Fish/Meats
Poultry/Fish/Meats
Plant-Based
Plant-Based
• Beverages
Beverages
Juices/Dairy/
Juices/Dairy/
Dairy Alternatives
Dairy Alternatives
• Fruits and Vegetables
Fruits and Vegetables
• Ready/Convenience Meals
Ready/Convenience Meals
• Pharma/Nutraceuticals
Pharma/Nutraceuticals
• Pet Food
Pet Food
Wet and Dry
Wet and Dry
• Automation
Automation
Warehouse/Factory Floor
Warehouse/Factory Floor
FULL-LINE SOLUTIONS
FULL-LINE SOLUTIONS
• Primary Processing
Primary Processing
• Secondary Processing
Secondary Processing
• Further Processing
Further Processing
• Packaging
Packaging
DIGITAL
DIGITAL
INNOVATION AND
INNOVATION AND
GLOBAL SERVICE
GLOBAL SERVICE
• Manufacturing Execution
Manufacturing Execution
System (MES)/Line Control
System (MES)/Line Control
• Process Control/
Process Control/
Optimization
Optimization
• Machine Performance
Machine Performance
Optimization
Optimization
• Machine Health/
Machine Health/
Uptime Improvement
Uptime Improvement
• Global Service Presence
Global Service Presence
• Dedicated Parts
Dedicated Parts
Stocking Customized
Stocking Customized
by Customer
by Customer
• Frictionless Digital Parts and
Frictionless Digital Parts and
Service Ordering
Service Ordering
CUSTOMER SUSTAINABILITY
CUSTOMER SUSTAINABILITY
• Water/Energy Optimization
Water/Energy Optimization
• Equipment Lifespan/Efficiency
Equipment Lifespan/Efficiency
• Packaging Waste Reduction
Packaging Waste Reduction
• Food Waste Reduction
Food Waste Reduction
Aligned with global
Aligned with global
trends.
trends.
THIS IS JBT MAREL
THIS IS JBT MAREL
JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
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With our holistic approach, we are strong wherever
With our holistic approach, we are strong wherever
our customers need us to be, here to help them go
our customers need us to be, here to help them go
where the market takes them.
where the market takes them.
Global Customer Investment Drivers
Global Customer Investment Drivers
Growing
Growing
Food
Food
Consumption
Consumption
Changing
Changing
Consumer
Consumer
Preferences
Preferences
Demand for safe, quality
Demand for safe, quality
food continues to grow
food continues to grow
as global population and
as global population and
personal incomes rise,
personal incomes rise,
shifting from staples to
shifting from staples to
higher-value food items
higher-value food items4
Continuous need among
Continuous need among
customers for rapid new-
customers for rapid new-
product introductions/
product introductions/
production, with agile
production, with agile
systems that can support
systems that can support
the pace of change
the pace of change
Growing demand for
Growing demand for
solutions to lower costs
solutions to lower costs
and environmental
and environmental
impact through improved
impact through improved
yield and lower resource
yield and lower resource
consumption
consumption
Increasing customer
Increasing customer
demand for the benefits
demand for the benefits
of integrated solutions
of integrated solutions
spanning the entire line,
spanning the entire line,
from equipment to after-
from equipment to after-
market customer care
market customer care
Efficient,
Efficient,
Sustainable
Sustainable
Processing
Processing
Holistic
Holistic
Solutions and
Solutions and
Relationships
Relationships
(4) Economic Research Service, U.S. Department of Agriculture, 2024
(4) Economic Research Service, U.S. Department of Agriculture, 2024
(5) Based on Euromonitor, Technavio, as well as JBT and Marel individual research, 2024
(5) Based on Euromonitor, Technavio, as well as JBT and Marel individual research, 2024
19
LOW- TO MID-SINGLE DIGIT CAGR
LOW- TO MID-SINGLE DIGIT CAGR
2023–2027 Projected
2023–2027 Projected5
Protein
Protein
Consumption
Consumption
MID-SINGLE DIGIT-PLUS CAGR
2022–2027 Projected5
Convenience
Food Market
MID-SINGLE DIGIT CAGR
MID-SINGLE DIGIT CAGR
2024–2029 Projected
2024–2029 Projected5
Ready-to Drink
Ready-to Drink
Beverage Market
Beverage Market
Global Consumer Trends
Global Consumer Trends
MID-SINGLE DIGIT CAGR
MID-SINGLE DIGIT CAGR
2023–2027 Projected
2023–2027 Projected5
Pet Food
Pet Food
Market
Market
Sustainability
in all we do.
THIS IS JBT MAREL
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Our combined scale and capabilities dramatically
expand our opportunities for greater impact on
sustainability worldwide.
JBT Marel 2024 Annual Report
Key Sustainability Trends/Statistics
Key Sustainability Trends/Statistics
in JBT Marel Areas of Impact
in JBT Marel Areas of Impact
10x lower
Global Poultry GHG Footprint vs Beef
Global Poultry GHG Footprint vs Beef
(kg of CO
(kg of CO2 Equivalents per kg of Food Product)
Equivalents per kg of Food Product)9
Poultry GHG Footprint
Poultry GHG Footprint
1.3B
Tons of Global Food Produced for
Tons of Global Food Produced for
Consumption and Wasted Annually (~33%)
Consumption and Wasted Annually (~33%)6
Food Waste
Food Waste
Percentage of the Global Population
Percentage of the Global Population
Affected by Water Scarcity
Affected by Water Scarcity8
>40%
Water Scarcity
Water Scarcity
Projected Increase in Global Energy
Projected Increase in Global Energy
Demand by 2050, Including Fossil Fuels
Demand by 2050, Including Fossil Fuels7
~50%
Energy Demand
Energy Demand
(6) Food and Agriculture Organization and United Nations (7) U.S. Energy Department
(6) Food and Agriculture Organization and United Nations (7) U.S. Energy Department
(8) United Nations Sustainable Development Goals (9) Our World in Data/Poore and Nemecek
(8) United Nations Sustainable Development Goals (9) Our World in Data/Poore and Nemecek
LOWER WATER/ENERGY
CONSUMPTION
Marel’s RevoPortioner Drum
Washer has been found to
consume 69% less water and up
to 53% less energy than traditional
drum washing technologies.
IMPROVED FOOD SAFETY
IMPROVED FOOD SAFETY
JBT’s Avure HPP technology uses
JBT’s Avure HPP technology uses
extremely high water pressure
extremely high water pressure
to neutralize listeria, salmonella,
to neutralize listeria, salmonella,
E. coli and other deadly bacteria
E. coli and other deadly bacteria
for improved food safety without
for improved food safety without
using heat or chemicals.
using heat or chemicals.
LOWER FOOD
WASTE
JBT’s advanced
Proseal tray sealing
solutions help
customers deliver
food at its freshest
and extend shelf life,
helping to reduce
food waste.
THE JBT MAREL
THE JBT MAREL
FOUNDATION
FOUNDATION
The combination of JBT and
The combination of JBT and
Marel will expand the reach
Marel will expand the reach
and potential impact of
and potential impact of
the JBT Fortify Foundation,
the JBT Fortify Foundation,
renamed the JBT Marel
renamed the JBT Marel
Foundation, which will support
Foundation, which will support
organizations and programs
organizations and programs
working to increase food
working to increase food
security, reduce food waste
security, reduce food waste
and advance food research.
and advance food research.
→ Increase Food Security
→ Increase Food Security
→ Reduce Food Waste
→ Reduce Food Waste
→ Advance Food Research
→ Advance Food Research
Making a Difference for Customers and the World
Making a Difference for Customers and the World
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JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
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JBT Marel 2024 Annual Report
JBT Marel 2024 Annual Report
Welcome to the
future of food.
We have brought two great companies together to
We have brought two great companies together to
transform it. We invite you to come along.
transform it. We invite you to come along.
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