The Middleby Corporation

Filing receipts

“During the three month period ended April 4, 2026, working capital changes impacted operating cash flows primarily driven by increased inventory levels of $40.6 million due to inflationary increases in costs, an increase in prepaid expenses and other assets of $27.1 million due to impacts from the timing of tax payments and status of over-time revenue contracts, an increase in accounts payable of $10.6 million and an increase of $3.2 million in accrued expenses and other liabilities, including impacts from the timing of payments made for taxes, various customer programs and incentive programs.”

“The gross margin rate decreased to 40.0%, as compared to 41.3% in the prior year period, primarily driven by tariffs, input cost inflation and product mix.”

“The effective tax rate for the three month period ended April 4, 2026 was higher than the U.S. statutory tax rate of 21% primarily due to non-deductible expenses, state taxes and foreign tax rate differentials. (Loss)/Earnings from Discontinued Operations, Net of Tax Loss from discontinued operations, net of tax, was $135.4 million in the three month period ended April 4, 2026 , as compared to earnings from discontinued operations, net of tax, of $7.3 million in the three month period ended March 29, 2025 .”