0001193125-26-354735 | 10-Q | XBRL Viewer | Midera Food Processing INC

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Balance Sheet Components - Schedule of Warranty Reserve (Details) $ in Millions	6 Months Ended
	Jul. 04, 2026 USD ($)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 8.9
Warranty expense	3.3
Warranty claims paid	(2.6)
Warranty reserve related to acquisitions	0.2
Exchange effect	(0.1)
Ending balance	$ 9.7

Nature of Operations and Basis of Presentation	6 Months Ended
Nature of Operations and Basis of Presentation	Jul. 04, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	(1) NATURE OF OPERATIONS AND BASIS OF PRESENTATION (a) Nature of Operations Midera Food Processing, Inc. (formerly known as The Middleby Corporation’s Food Processing Equipment Group) (the “Company” or “Midera”) is engaged in the design, manufacture and sale of food processing equipment. The Company manufactures and assembles this equipment at thirteen U.S. and sixteen international manufacturing facilities. For the avoidance of doubt, when using the terms “we”, “us” or “our” throughout this report, it is in reference to the Company. On February 25, 2025, The Middleby Corporation (“Middleby” or “Parent”) announced its intent to separate its Food Processing Equipment Group into a standalone public company through the distribution of Midera common stock to Middleby stockholders (the “Spin-off”). On June 29, 2026, in connection with the completion of the Spin-off, the Company used borrowings under its revolving credit facility and cash on hand to make a distribution to Middleby of $233.0 million. On July 6, 2026, Middleby completed the Spin-off through the distribution of all of the then issued and outstanding shares of Midera common stock to Middleby stockholders on the basis of one share of Midera common stock for every one share of Middleby common stock held as of 4:00 p.m. Central Time on June 26, 2026, the record date for the distribution, resulting in the distribution of 45,222,349 shares of Midera common stock to Middleby stockholders. Upon completion of the Spin-off, Midera became an independent public company and Middleby has no ownership interest in the Company. Midera common stock began “regular way” trading on The Nasdaq Stock Market LLC under the ticker symbol “MFP” on July 7, 2026. See Note 6, “Debt” and Note 14, “Subsequent Events” for additional information on the Spin-off and related transactions. (b) Basis of Presentation Prior to the completion of the Spin-off, the Company historically operated as part of Middleby and not as a separate entity. These Condensed Combined Financial Statements of the Company have been derived from the historical condensed consolidated financial statements and accounting records of the Parent to present Midera’s Condensed Combined Financial Statements as if the Company had been operated on a standalone basis for the periods presented. The historical condensed combined financial statements (together with the notes thereto, the “Condensed Combined Financial Statements”) reflect our financial position, results of operations and cash flows as we were historically managed, in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). The Condensed Combined Financial Statements include the assets, liabilities, net sales and expenses that management has determined are specifically or primarily identifiable to us, as well as direct and indirect costs that are attributable to our operations. Indirect costs have been allocated to us for the purposes of preparing the Condensed Combined Financial Statements based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method, primarily based on net sales, headcount or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by us during the periods presented. As a result, the financial information included in these Condensed Combined Financial Statements may not necessarily reflect what our financial condition, results of operations or cash flows would have been had we been a standalone company during the periods presented, including changes that will occur in our operations and capital structure as a result of becoming a separate company. All intercompany transactions and balances within the Company have been eliminated. All transactions between the Company and the Parent are considered to be settled in the Condensed Combined Financial Statements at the time the transaction is recorded, with the exception of loans and indemnified amounts which could potentially be settled in future periods. The effects of the settlement of these transactions between the Company and the Parent are reflected in the Condensed Combined Statements of Cash Flows as “Net transfers to Parent” within financing activities, and in the Condensed Combined Balance Sheets and Condensed Combined Statements of Changes in Parent Company Net Investment as “Net Parent Investment”. Other transactions with Middleby subsidiaries that are cash settled are recorded as amounts due to or due from related parties. The accompanying unaudited interim Condensed Combined Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission applicable to interim financial information and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. These unaudited interim Condensed Combined Financial Statements should be read in conjunction with the audited Combined Financial Statements and Notes thereto for the fiscal year ended January 3, 2026 included in the Company's final Information Statement, dated as of June 22, 2026, included as Exhibit 99.1 to the Company's Current Report on Form 8-K filed on June 22, 2026. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The unaudited interim Condensed Combined Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim periods. The Company’s interim results are not necessarily indicative of the results to be expected for the full fiscal year. The Company’s fiscal year ends on the Saturday nearest December 31. All fiscal quarters presented included 13 weeks. (c) Foreign Currency Exchange gains and losses on foreign currency transactions are included in determining net earnings for the period in which they occur. These transactions amounted to a loss of $1.8 million and a gain of $10.2 million during the three months ended July 4, 2026 and June 28, 2025, respectively, and a loss of $1.5 million and a gain of $10.5 million during the six months ended July 4, 2026 and June 28, 2025, respectively. These gains and losses are included in other expense (income), net on the Condensed Combined Statements of Earnings. (d) Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 04, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Debt Instrument [Line Items]
Revolving credit facility	$ 228.0	$ 0.0
Foreign loans	22.7	25.0
Finance lease obligations	7.9	8.5
Total debt	258.6	33.5
Less: Current maturities of long-term debt	4.5	4.8
Long-term debt	$ 254.1	$ 28.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer.

+ References + Details

Debt

6 Months Ended

Jul. 04, 2026

Debt Disclosure [Abstract]

Debt

(6)

DEBT


(in millions)	July 4, 2026		January 3, 2026
Revolving credit facility	$	228.0	$	—
Foreign loans		22.7		25.0
Finance lease obligations		7.9		8.5
Total debt		258.6		33.5
Less: Current maturities of long-term debt		4.5		4.8
Long-term debt	$	254.1	$	28.7

Revolving Credit Facility

On June 29, 2026, the Company entered into a five-year, $1.0 billion credit agreement (the “Credit Agreement”), which matures on June 29, 2031, in connection with the Spin-off. The Credit Agreement provides for a new senior secured credit facility in an aggregate principal amount of $1.0 billion, consisting of (i) a $750 million U.S. dollar revolving credit facility and (ii) a $250 million multi-currency revolving credit facility, with the potential, under certain circumstances, to increase the amount of the credit facility by the greater of $151 million and 100% of the Company’s Consolidated EBITDA (as defined in the Credit Agreement) for the most recently ended period of four consecutive quarters (plus additional amounts subject to compliance with a specified leverage ratio depending on the type of indebtedness being incurred) either by increasing one or more revolving facility, or by adding on one or more revolving and/or term loan facilities. Borrowings under the U.S. dollar revolving credit facility (other than swingline loans which are available in U.S. dollars, Euros and Pounds sterling only) may be denominated in U.S. dollars. Borrowings under the multi-currency revolving credit facility may be denominated in U.S. dollars, Pounds sterling, Euros, Canadian dollars, Swedish Krona, Danish Krone, Australian dollars and any alternative currency agreed to with the lenders. Debt issuance costs of $3.6 million were recorded within other assets in the Condensed Combined Balance Sheets and will be amortized over the term of the Credit Agreement on a straight-line basis.

Borrowings in (i) U.S. dollars shall bear interest based on a term secured overnight financing rate (“SOFR”) or a base rate, (ii) Pounds sterling shall bear interest based on a daily sterling overnight index average rate (“SONIA”), (iii) Euros shall bear interest based on the Euro interbank offered rate (“EURIBOR”), (iv) Canadian dollars shall bear interest based on the term CORRA Rate, (v) Swedish Krona shall bear interest based on the STIBOR rate, (vi) Danish Krone shall bear interest based on the CIBOR rate and (vii) Australian dollars shall bear interest based on the BBSY rate, in each case of clauses (i) through (vii) above, plus a margin as described below.

The margin for each of the foregoing rates, other than the base rate, shall range from 1.125% to 2.00% based on the Total Net Leverage Ratio (as defined in the Credit Agreement) of the Company, with interest periods, in the case of all SOFR Loans or Eurocurrency Loans, at the Company’s option of one, three or six months or, subject to certain conditions, twelve months. The margin for base rate borrowings shall range from 0.125% to 1.00% based on the Total Net Leverage Ratio (as defined in the Credit Agreement) of the Company. In addition, a commitment fee accrues on the aggregate amount of the lenders’ unused revolving commitments at a rate of 0.175% to 0.275% based on the Total Net Leverage Ratio (as defined in the Credit Agreement).

The Credit Agreement includes requirements, to be tested quarterly, that the Company maintains (i) a maximum Secured Net Leverage Ratio (as defined in the Credit Agreement) of 3.75 to 1.00, which may be adjusted to 4.25 to 1.00 for a four consecutive fiscal quarter period in connection with certain qualified acquisitions, subject to the terms and conditions contained in the Credit Agreement, and (ii) a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00. All obligations (i) under the Credit Agreement, (ii) under certain swap contracts and cash management agreements, and (iii) up to a specified amount, under certain sidecar letter of credit and guarantee facilities are secured by substantially all the assets of Alkar Holdings, Inc., the Company, and certain of the Company’s material wholly-owned domestic

subsidiaries, and unconditionally guaranteed by, subject to certain exceptions, the Company and certain of the Company’s direct and indirect material wholly-owned domestic subsidiaries. The Credit Agreement contains certain customary affirmative and negative covenants and events of default. At July 4, 2026, the Company was in compliance with all covenants under the Credit Agreement.

As of July 4, 2026, the Company had $228.0 million in U.S. dollar borrowings outstanding under the revolving credit facility and no outstanding letters of credit, resulting in available borrowing capacity of $772.0 million. The carrying value of the revolving credit facility approximates fair value as the interest rate margins are consistent with current market conditions. As of July 4, 2026, the interest rate for borrowings outstanding under the revolving credit facility was 4.90% and the commitment fee was 0.20%.

Foreign Loans

On October 23, 2025, a foreign subsidiary of the Company entered into a term loan with an initial principal amount of €20.0 million (“Foreign Term Loan”). The Foreign Term Loan, which matures on September 30, 2035, will be repaid in equal quarterly installments beginning in the first quarter of 2026. Interest is payable quarterly in arrears based on three-month EURIBOR plus 0.83%. At July 4, 2026, the weighted average per annum interest rate for foreign loans was approximately 2.85%. The carrying value of foreign loans approximates fair value. As of July 4, 2026, the Company’s foreign subsidiaries were in compliance with all debt covenants, none of which are material to the Company.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jul. 04, 2026

Revenue from Contract with Customer [Abstract]

Summary of Net Sales by Geographical Location, Classified Based on Customer's Location, and Revenue Streams

The following table summarizes our net sales by geographical location, which are classified based on the customer’s location, and revenue streams:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
United States and Canada	$	126.1	$	125.3	$	241.4	$	218.7
Europe, Middle East, and Africa		98.5		65.3		170.6		120.3
Latin America		13.9		18.6		40.6		34.9
Asia Pacific		6.9		7.5		17.8		11.3
Total	$	245.4	$	216.7	$	470.4	$	385.2
Equipment and Installation	$	152.5	$	135.9	$	272.6	$	224.7
Aftermarket Parts and Service		92.9		80.8		197.8		160.5
Total	$	245.4	$	216.7	$	470.4	$	385.2

Summary of Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about contract assets and contract liabilities from contracts with customers:


(in millions)	July 4, 2026		January 3, 2026
Contract assets	$	51.0	$	56.0
Contract liabilities		134.4		131.1

Fair Value Measurements (Tables)

6 Months Ended

Jul. 04, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities are Measured at Fair Value and are Categorized Using Fair Value Hierarchy

The Company’s financial liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows:


(in millions)	Level 1		Level 2		Level 3		Total
As of July 4, 2026
Financial liabilities:
Contingent consideration	$	—	$	—	$	5.7	$	5.7
As of January 3, 2026
Financial liabilities:
Contingent consideration	$	—	$	—	$	16.5	$	16.5

Schedule of Changes in Fair Value of Contingent Consideration Liabilities

The following table represents changes in the fair value of the contingent consideration liabilities:


	Six Months Ended
(in millions)	July 4, 2026
Beginning balance	$	16.5
Payments of contingent consideration		(8.3	)
Changes in fair value and exchange effect		(2.5	)
Ending balance	$	5.7

Balance Sheet Components - Schedule of Other Intangibles, Net (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 130.5	$ 135.3
Accumulated Amortization	(96.1)	(95.2)
Net Carrying Amount	34.4	40.1
Other intangibles, net, Gross Carrying Amount	262.0	268.5
Other intangibles, net, Net Carrying Amount	165.9	173.3
Trademarks and Tradenames
Intangible Asset, Finite-Lived [Line Items]
Indefinite-lived assets	131.5	133.2
Customer Relationships
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	105.5	106.5
Accumulated Amortization	(83.5)	(80.5)
Net Carrying Amount	22.0	26.0
Developed Technology
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	25.0	25.3
Accumulated Amortization	(12.6)	(11.6)
Net Carrying Amount	$ 12.4	13.7
Backlog
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount		3.5
Accumulated Amortization		(3.1)
Net Carrying Amount		$ 0.4

Acquisitions - Additional Information (Details) - 2025 Acquisitions - USD ($) $ in Millions	12 Months Ended
	Jan. 03, 2026	Jan. 03, 2025
Business Combination [Line Items]
Other intangibles		$ 10.3
Goodwill expected to be deductible for tax purpose	$ 7.8
Intangibles expected to be deductible for tax purpose	5.5
Contractual obligation associated with the contingent earnout provisions recognized	4.7	$ 4.7
Trade Names
Business Combination [Line Items]
Other intangibles	4.6
Customer Relationships
Business Combination [Line Items]
Other intangibles	$ 2.6
Intangible asset, finite-lived, acquired, weighted-average amortization period	7 years
Developed Technology Rights
Business Combination [Line Items]
Other intangibles	$ 1.1
Intangible asset, finite-lived, acquired, weighted-average amortization period	7 years
Backlog
Business Combination [Line Items]
Other intangibles	$ 2.0
Intangible asset, finite-lived, acquired, weighted-average amortization period	6 years

Revenue Recognition - Additional Information 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-05	Jul. 04, 2026
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	36 months

Revenue Recognition - Summary of Net Sales by Geographical Location, Classified Based on Customer's Location, and Revenue Streams (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Disaggregation of Revenue [Line Items]
Total	$ 245.4	$ 216.7	$ 470.4	$ 385.2
Equipment and Installation
Disaggregation of Revenue [Line Items]
Total	152.5	135.9	272.6	224.7
Aftermarket Parts and Service
Disaggregation of Revenue [Line Items]
Total	92.9	80.8	197.8	160.5
United States and Canada
Disaggregation of Revenue [Line Items]
Total	126.1	125.3	241.4	218.7
Europe, Middle East, and Africa
Disaggregation of Revenue [Line Items]
Total	98.5	65.3	170.6	120.3
Latin America
Disaggregation of Revenue [Line Items]
Total	13.9	18.6	40.6	34.9
Asia Pacific
Disaggregation of Revenue [Line Items]
Total	$ 6.9	$ 7.5	$ 17.8	$ 11.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Acquisitions - Business Acquisition, Pro Forma Financial Information (Details) - 2025 Acquisitions - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Business Combination, Pro Forma Information [Line Items]
Net sales	$ 470.4	$ 402.3
Net earnings	$ 27.4	$ 36.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Recently Issued Accounting Standards

6 Months Ended

Jul. 04, 2026

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued Accounting Standards

(2)

RECENTLY ISSUED ACCOUNTING STANDARDS

Accounting Standards - To be adopted

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, Income Statement - Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Adoption of the standard should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

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+ Details

Relationship With Parent and Related Entities (Tables)

6 Months Ended

Jul. 04, 2026

Schedule of Amounts Due to and Due from Middleby Affiliates

Amounts due to and due from Middleby affiliates are summarized in the table below:


(in millions)	July 4, 2026		January 3, 2026
Trade receivables	$	1.0	$	2.2
Trade payables		0.9		2.1
Loans receivable		—		11.7

Components of Net Parent Investment

The components of net parent investment are:


	Six Months Ended
(in millions)	July 4, 2026			June 28, 2025
Net transfers to Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Cash Flows	$	(297.8	)	$	(7.3	)
Non-cash share-based compensation expense		4.6			1.8
Non-cash deferred tax and other		0.3			15.2
Net transfers (to) from Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment	$	(292.9	)	$	9.7

Balance Sheet Components - Schedule of Inventories (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Inventory, Net [Abstract]
Raw materials and parts	$ 107.2	$ 103.4
Work-in-process	62.1	56.6
Finished goods	37.8	33.6
Inventories, net	$ 207.1	$ 193.6

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Accrued Liabilities, Current [Abstract]
Contract liabilities	$ 134.4	$ 131.1
Accrued payroll and related expenses	37.9	35.4
Accrued warranty	9.7	8.9
Accrued professional fees	9.5	3.8
Accrued agent commission	5.4	5.3
Operating lease liabilities	5.0	4.4
Accrued sales and other tax	3.7	5.3
Accrued contingent consideration	2.9	12.3
Accrued product liability and workers compensation	1.4	1.2
Other accrued expenses	13.4	9.5
Accrued expenses	$ 223.3	$ 217.2

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jul. 04, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss were as follows:


(in millions)	Currency Translation Adjustment
Balance as of January 3, 2026	$	(27.5	)
Other comprehensive loss before reclassification		(7.4	)
Amounts reclassified from accumulated other comprehensive loss		—
Net current-period other comprehensive loss		(7.4	)
Balance as of July 4, 2026	$	(34.9	)


(in millions)	Currency Translation Adjustment
Balance as of December 28, 2024	$	(38.3	)
Other comprehensive income before reclassification		19.7
Amounts reclassified from accumulated other comprehensive loss		—
Net current-period other comprehensive income		19.7
Balance as of June 28, 2025	$	(18.6	)

Acquisitions (Tables)

6 Months Ended

Jul. 04, 2026

Business Combination [Abstract]

Allocation of Cash Consideration Paid to Assets Acquired and Liabilities Assumed

The final allocation of cash consideration paid to assets acquired and liabilities assumed is based on the information that was available as of the acquisition date for the 2025 acquisitions and is summarized as follows:


(in millions)	Preliminary Opening Balance Sheet			Measurement Period Adjustments			Adjusted Opening Balance Sheet
Cash	$	7.4		$	—		$	7.4
Other current assets		41.6			(1.1	)		40.5
Property, plant and equipment		6.1			—			6.1
Goodwill		13.3			2.0			15.3
Other intangibles		10.3			—			10.3
Other assets		5.5			—			5.5
Current maturities of long-term debt		(0.9	)		—			(0.9	)
Other current liabilities		(36.7	)		(0.2	)		(36.9	)
Long-term debt		(0.7	)		—			(0.7	)
Long-term deferred tax liability		(2.3	)		0.2			(2.1	)
Other non-current liabilities		(10.1	)		—			(10.1	)
Consideration paid	$	33.5		$	0.9		$	34.4
Contingent consideration		4.7			—			4.7
Net assets acquired and liabilities assumed	$	38.2		$	0.9		$	39.1

Business Acquisition, Pro Forma Financial Information

The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisitions and the effects of adjustments made to the carrying value of certain assets:


	Six Months Ended
(in millions)	July 4, 2026		June 28, 2025
Net sales	$	470.4	$	402.3
Net earnings		27.4		36.1

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Revenue Recognition - Additional Information (Details)	6 Months Ended
Revenue Recognition - Additional Information (Details)	Jul. 04, 2026 USD ($)
Revenue from Contract with Customer [Abstract]
Reclassified accounts receivable included in contract asset	$ 25,300,000
Recognized revenue included in contract liability	62,000,000
Additions to contract liabilities in excess of revenue recognized	80,600,000
Contract asset impairments	$ 0

Non-cash Share-based Compensation - Summary of Non-cash Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Share-Based Payment Arrangement [Abstract]
Expenses related to Midera employee participation in Middleby's incentive plan	$ 0.9	$ 0.6	$ 2.0	$ 0.8
Expenses allocated to Midera for corporate or shared employees based on net sales	1.2	0.8	2.6	1.0
Total pre-tax non-cash share-based compensation expense	2.1	1.4	4.6	1.8
Tax expense (benefit)			(0.1)	0.1
Total non-cash share-based compensation expense, net of tax	$ 2.1	$ 1.4	$ 4.7	$ 1.7

Income Taxes

6 Months Ended

Jul. 04, 2026

Income Tax Disclosure [Abstract]

Income Taxes

(9)

INCOME TAXES

A tax provision of $10.5 million, at an effective tax rate of 49.3%, was recorded during the three months ended July 4, 2026, as compared to a tax provision of $8.4 million at an effective tax rate of 22.4% in the prior year period. During the three months ended July 4, 2026, the effective tax rate was higher than the prior year period primarily due to non-deductible expenses and other discrete items, none of which was individually significant. The effective tax rates for the three months ended July 4, 2026 and June 28, 2025 were higher than the U.S. statutory federal tax rate of 21.0% primarily due to non-deductible expenses, state taxes and foreign tax rate differentials. The effective tax rate for the three months ended July 4, 2026 was also higher than the U.S. statutory federal tax rate due to other discrete items, none of which was individually significant.

A tax provision of $15.2 million, at an effective tax rate of 37.7%, was recorded during the six months ended July 4, 2026, as compared to a tax provision of $12.6 million at an effective tax rate of 23.4% in the prior year period. During the six months ended July 4, 2026, the effective tax rate was higher than the prior year period primarily due to non-deductible expenses and other discrete items, none of which was individually significant. The effective tax rates for the six months ended July 4, 2026 and June 28, 2025 were higher than the U.S. statutory federal tax rate of 21.0% primarily due to non-deductible expenses, state taxes and foreign tax rate differentials. The effective tax rate for the six months ended July 4, 2026 was also higher than the U.S. statutory federal tax rate due to other discrete items, none of which was individually significant.

- Definition

The entire disclosure for income tax.

+ References

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-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
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-Publisher FASB
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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Supplemental Balance Sheet Disclosures [Abstract]
Intangible amortization expense	$ 2.6	$ 2.6	$ 5.3	$ 5.5

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

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+ Details

Relationship With Parent and Related Entities - Components of Net Parent Investment (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Components of Net Parent Investment [Abstract]
Net transfers to Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Cash Flows	$ (297.8)	$ (7.3)
Non-cash share-based compensation expense	4.6	1.8
Non-cash deferred tax and other	0.3	15.2
Net transfers (to) from Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment	$ (292.9)	$ 9.7

Fair Value Measurements - Schedule of Changes in Fair Value of Contingent Consideration Liabilities (Details) $ in Millions	6 Months Ended
	Jul. 04, 2026 USD ($)
Fair Value Disclosures [Abstract]
Beginning balance	$ 16.5
Payments of contingent consideration	(8.3)
Changes in fair value and exchange effect	(2.5)
Ending balance	$ 5.7

Relationship with Parent and Related Entities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Jan. 03, 2026
Related Party Transaction [Line Items]
Weighted average per annum interest rate					3.82%
Other Middleby entities [Member]
Related Party Transaction [Line Items]
Related party sales	$ 0.4	$ 0.5	$ 1.1	$ 1.1
Related party purchases	$ 0.6	$ 1.1	$ 2.5	$ 2.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 10.5	$ 8.4	$ 15.2	$ 12.6
Effective income tax rate	49.30%	22.40%	37.70%	23.40%
U.S. statutory federal tax rate	21.00%	21.00%	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Accumulated Other Comprehensive Loss

6 Months Ended

Jul. 04, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

(8)

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss were as follows:


(in millions)	Currency Translation Adjustment
Balance as of January 3, 2026	$	(27.5	)
Other comprehensive loss before reclassification		(7.4	)
Amounts reclassified from accumulated other comprehensive loss		—
Net current-period other comprehensive loss		(7.4	)
Balance as of July 4, 2026	$	(34.9	)


(in millions)	Currency Translation Adjustment
Balance as of December 28, 2024	$	(38.3	)
Other comprehensive income before reclassification		19.7
Amounts reclassified from accumulated other comprehensive loss		—
Net current-period other comprehensive income		19.7
Balance as of June 28, 2025	$	(18.6	)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 04, 2026	Aug. 14, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 04, 2026
Amendment Flag	false
Current Fiscal Year End Date	--01-03
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2026
Entity File Number	001-43265
Entity Central Index Key	0002088281
Entity Registrant Name	MIDERA FOOD PROCESSING, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-3886250
Entity Address, Address Line One	10275 West Higgins Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Rosemont
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60018
City Area Code	847
Local Phone Number	857-6696
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MFP
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		45,230,455

Debt - Additional Information (Details) € in Millions			6 Months Ended
Debt - Additional Information (Details) € in Millions	Jun. 29, 2026 USD ($)	Oct. 23, 2025 EUR (€)	Jul. 04, 2026 USD ($)	Jun. 30, 2026	Jan. 03, 2026 USD ($)
Debt Disclosure [Line Items]
Foreign loans			$ 22,700,000		$ 25,000,000
Foreign Term Loan
Debt Disclosure [Line Items]
Debt instrument, interest rate terms		Interest is payable quarterly in arrears based on three-month EURIBOR plus 0.83%.
Debt, weighted average interest rate			2.85%
Foreign loans \| €		€ 20.0
Debt instrument, maturity date		Sep. 30, 2035
Debt instrument, frequency of periodic payment		equal quarterly installments
Foreign Term Loan \| Euro Interbank Offered Rate
Debt Disclosure [Line Items]
Applicable margins (in percent)	0.83%
Revolving Credit Facility
Debt Disclosure [Line Items]
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000		$ 228,000,000
Line of credit available borrowing capacity			$ 772,000,000
Line of credit facility, Interest rate			4.90%
Line of credit facility, increase (decrease), net	151,000,000
Commitment fee for unused capacity, percentage			0.20%
Debt issuance costs	$ 3,600,000
Debt instrument, maturity date	Jun. 29, 2031
Percentage of consolidated EBITDA	100.00%
Revolving Credit Facility \| Minimum
Debt Disclosure [Line Items]
Commitment fee for unused capacity, percentage	0.175%
Maximum secured net leverage ratio				1.00%
Maximum secured net leverage ratio adjusted				1.00%
Minimum consolidated interest coverage ratio				1.00%
Revolving Credit Facility \| Minimum \| Base Rate
Debt Disclosure [Line Items]
Applicable margins (in percent)	0.125%
Revolving Credit Facility \| Minimum \| SOFR
Debt Disclosure [Line Items]
Applicable margins (in percent)	1.125%
Revolving Credit Facility \| Maximum
Debt Disclosure [Line Items]
Commitment fee for unused capacity, percentage	0.275%
Maximum secured net leverage ratio				3.75%
Maximum secured net leverage ratio adjusted				4.25%
Minimum consolidated interest coverage ratio				3.00%
Revolving Credit Facility \| Maximum \| Base Rate
Debt Disclosure [Line Items]
Applicable margins (in percent)	1.00%
Revolving Credit Facility \| Maximum \| SOFR
Debt Disclosure [Line Items]
Applicable margins (in percent)	2.00%
Senior Secured Credit Facility
Debt Disclosure [Line Items]
Aggregate principal amount	$ 1,000,000,000
U.S. Dollar Revolving Credit Facility
Debt Disclosure [Line Items]
Aggregate principal amount	750,000,000
Multi-currency Revolving Credit Facility
Debt Disclosure [Line Items]
Aggregate principal amount	$ 250,000,000

Commitments And Contingencies	6 Months Ended
Commitments And Contingencies	Jul. 04, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	(11) COMMITMENTS AND CONTINGENCIES From time to time, the Company is subject to proceedings, lawsuits and other claims related to products, suppliers, employees, customers and competitors. The Company maintains insurance to partially cover product liability, workers compensation, property and casualty, and general liability matters. The Company is required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of accrual required, if any, for these contingencies is made after assessment of each matter and the related insurance coverage. The required accrual may change in the future due to new developments or changes in approach such as a change in settlement strategy in dealing with these matters. The Company does not believe that any such matter will have a material adverse effect on its financial condition, results of operations or cash flows.

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,060.7
Ending balance	785.5
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(27.5)	$ (38.3)
Other comprehensive loss before reclassification	(7.4)	19.7
Amounts reclassified from accumulated other comprehensive loss	0.0	0.0
Net current-period other comprehensive loss	(7.4)	19.7
Ending balance	$ (34.9)	$ (18.6)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jul. 04, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	(a) Nature of Operations Midera Food Processing, Inc. (formerly known as The Middleby Corporation’s Food Processing Equipment Group) (the “Company” or “Midera”) is engaged in the design, manufacture and sale of food processing equipment. The Company manufactures and assembles this equipment at thirteen U.S. and sixteen international manufacturing facilities. For the avoidance of doubt, when using the terms “we”, “us” or “our” throughout this report, it is in reference to the Company. On February 25, 2025, The Middleby Corporation (“Middleby” or “Parent”) announced its intent to separate its Food Processing Equipment Group into a standalone public company through the distribution of Midera common stock to Middleby stockholders (the “Spin-off”). On June 29, 2026, in connection with the completion of the Spin-off, the Company used borrowings under its revolving credit facility and cash on hand to make a distribution to Middleby of $233.0 million. On July 6, 2026, Middleby completed the Spin-off through the distribution of all of the then issued and outstanding shares of Midera common stock to Middleby stockholders on the basis of one share of Midera common stock for every one share of Middleby common stock held as of 4:00 p.m. Central Time on June 26, 2026, the record date for the distribution, resulting in the distribution of 45,222,349 shares of Midera common stock to Middleby stockholders. Upon completion of the Spin-off, Midera became an independent public company and Middleby has no ownership interest in the Company. Midera common stock began “regular way” trading on The Nasdaq Stock Market LLC under the ticker symbol “MFP” on July 7, 2026. See Note 6, “Debt” and Note 14, “Subsequent Events” for additional information on the Spin-off and related transactions.
Basis of Presentation	(b) Basis of Presentation Prior to the completion of the Spin-off, the Company historically operated as part of Middleby and not as a separate entity. These Condensed Combined Financial Statements of the Company have been derived from the historical condensed consolidated financial statements and accounting records of the Parent to present Midera’s Condensed Combined Financial Statements as if the Company had been operated on a standalone basis for the periods presented. The historical condensed combined financial statements (together with the notes thereto, the “Condensed Combined Financial Statements”) reflect our financial position, results of operations and cash flows as we were historically managed, in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). The Condensed Combined Financial Statements include the assets, liabilities, net sales and expenses that management has determined are specifically or primarily identifiable to us, as well as direct and indirect costs that are attributable to our operations. Indirect costs have been allocated to us for the purposes of preparing the Condensed Combined Financial Statements based on a specific identification basis or, when specific identification is not practicable, a proportional cost allocation method, primarily based on net sales, headcount or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by us during the periods presented. As a result, the financial information included in these Condensed Combined Financial Statements may not necessarily reflect what our financial condition, results of operations or cash flows would have been had we been a standalone company during the periods presented, including changes that will occur in our operations and capital structure as a result of becoming a separate company. All intercompany transactions and balances within the Company have been eliminated. All transactions between the Company and the Parent are considered to be settled in the Condensed Combined Financial Statements at the time the transaction is recorded, with the exception of loans and indemnified amounts which could potentially be settled in future periods. The effects of the settlement of these transactions between the Company and the Parent are reflected in the Condensed Combined Statements of Cash Flows as “Net transfers to Parent” within financing activities, and in the Condensed Combined Balance Sheets and Condensed Combined Statements of Changes in Parent Company Net Investment as “Net Parent Investment”. Other transactions with Middleby subsidiaries that are cash settled are recorded as amounts due to or due from related parties. The accompanying unaudited interim Condensed Combined Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission applicable to interim financial information and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. These unaudited interim Condensed Combined Financial Statements should be read in conjunction with the audited Combined Financial Statements and Notes thereto for the fiscal year ended January 3, 2026 included in the Company's final Information Statement, dated as of June 22, 2026, included as Exhibit 99.1 to the Company's Current Report on Form 8-K filed on June 22, 2026. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses as well as related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The unaudited interim Condensed Combined Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim periods. The Company’s interim results are not necessarily indicative of the results to be expected for the full fiscal year. The Company’s fiscal year ends on the Saturday nearest December 31. All fiscal quarters presented included 13 weeks.
Foreign Currency	(c) Foreign Currency Exchange gains and losses on foreign currency transactions are included in determining net earnings for the period in which they occur. These transactions amounted to a loss of $1.8 million and a gain of $10.2 million during the three months ended July 4, 2026 and June 28, 2025, respectively, and a loss of $1.5 million and a gain of $10.5 million during the six months ended July 4, 2026 and June 28, 2025, respectively. These gains and losses are included in other expense (income), net on the Condensed Combined Statements of Earnings.
Reclassifications	(d) Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation.

Balance Sheet Components - Schedule of Changes in Net Carrying Amount of Goodwill (Details) $ in Millions	6 Months Ended
	Jul. 04, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 502.3
Measurement period adjustments to goodwill acquired in prior year	2.0
Exchange effect	(5.0)
Ending balance	$ 499.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Balance Sheet Components - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 3.6
2027	7.0
2028	7.0
2029	6.4
2030	4.5
Thereafter	5.9
Net Carrying Amount	$ 34.4	$ 40.1

Segment Information

6 Months Ended

Jul. 04, 2026

Segment Reporting [Abstract]

Segment Information

(12)

SEGMENT INFORMATION

The Company has one operating and reportable segment which reflects the manner in which the Company’s Chief Operating Decision Maker (the “CODM”), the Middleby Chief Executive Officer, reviews and assesses the performance of the business and allocates resources. The Company determined that the Chief Executive Officer of Middleby is the CODM who possesses the ultimate authority with respect to assessment of performance, allocation of resources, and all strategic actions of the Company. In performing this responsibility, the CODM regularly reviews key internal management reports, financial information, and quarterly results.

In accordance with ASC 280-10, Segment Reporting, the Company is reported as a single operating segment, encompassing all business activities and financial reporting for the Company. The CODM does not evaluate the performance of the Company or allocate resources at any level below the combined level or based on the Company’s assets or liabilities.

Adjusted EBITDA is the profitability metric reported to the CODM for purposes of making decisions about allocation of resources and assessing performance. The Company defines Adjusted EBITDA as net earnings before interest, income taxes, depreciation, and intangible amortization, or EBITDA, less restructuring, acquisition related adjustments, impairment charges, stock compensation and other items which management considers to be outside core operating results. The CODM reviews this metric regularly to assess profitability, identify trends, and evaluate requirements for additional resources or strategic adjustments. The CODM uses Adjusted EBITDA to support the allocation of resources predominantly in the annual budget and forecasting process. The Company believes that investors find this measure useful in comparing our operating performance to that of other companies in our industry because this measure generally illustrates the underlying performance of the business.

The following table summarizes the results of operations for the Company’s business segment:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Net sales	$	245.4	$	216.7	$	470.4	$	385.2
Cost of sales		158.7		135.8		306.3		243.3
Other segment items (1)		44.4		41.8		87.6		76.7
Segment adjusted EBITDA (2)		42.3		39.1		76.5		65.2
Depreciation expense (3)		4.3		3.2		8.2		6.3
Amortization expense		2.6		2.6		5.3		5.5
Capital expenditures		3.2		6.4		6.6		25.7

(1)

Other segment items includes operating expenses, which primarily consists of selling, general and administrative expenses. Other segment items excludes the impact of depreciation, intangible amortization, restructuring, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

(2)

Excludes the impacts mentioned in Other segment items.

(3)

Includes amortization of finance lease right-of-use assets.

A reconciliation of segment Adjusted EBITDA to net earnings is as follows:


	Three Months Ended					Six Months Ended
(in millions)	July 4, 2026		June 28, 2025			July 4, 2026		June 28, 2025
Adjusted EBITDA	$	42.3	$	39.1		$	76.5	$	65.2
Less: Other segment operating expenses (1)		18.6		12.8			34.4		23.3
Income from operations		23.7		26.3			42.1		41.9
Interest expense (income), net		0.4		(0.6	)		0.4		(1.0	)
Other expense (income), net		2.0		(10.6	)		1.4		(11.0	)
Earnings before income taxes		21.3		37.5			40.3		53.9
Provision for income taxes		10.5		8.4			15.2		12.6
Net earnings	$	10.8	$	29.1		$	25.1	$	41.3

(1)

Consists of the impact of depreciation, intangible amortization, restructuring, stock compensation and other items that neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance.

Total assets for the Company’s segment were $1,407.0 million and $1,461.0 million as of July 4, 2026 and January 3, 2026, respectively.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Segment Information (Tables)

6 Months Ended

Jul. 04, 2026

Segment Reporting [Abstract]

Summary of Results of Operations for Company's Business Segment

The following table summarizes the results of operations for the Company’s business segment:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Net sales	$	245.4	$	216.7	$	470.4	$	385.2
Cost of sales		158.7		135.8		306.3		243.3
Other segment items (1)		44.4		41.8		87.6		76.7
Segment adjusted EBITDA (2)		42.3		39.1		76.5		65.2
Depreciation expense (3)		4.3		3.2		8.2		6.3
Amortization expense		2.6		2.6		5.3		5.5
Capital expenditures		3.2		6.4		6.6		25.7

(1)

(2)

Excludes the impacts mentioned in Other segment items.

(3)

Includes amortization of finance lease right-of-use assets.

Schedule of Reconciliation of Segment Adjusted EBITDA to Net Earnings

A reconciliation of segment Adjusted EBITDA to net earnings is as follows:


	Three Months Ended					Six Months Ended
(in millions)	July 4, 2026		June 28, 2025			July 4, 2026		June 28, 2025
Adjusted EBITDA	$	42.3	$	39.1		$	76.5	$	65.2
Less: Other segment operating expenses (1)		18.6		12.8			34.4		23.3
Income from operations		23.7		26.3			42.1		41.9
Interest expense (income), net		0.4		(0.6	)		0.4		(1.0	)
Other expense (income), net		2.0		(10.6	)		1.4		(11.0	)
Earnings before income taxes		21.3		37.5			40.3		53.9
Provision for income taxes		10.5		8.4			15.2		12.6
Net earnings	$	10.8	$	29.1		$	25.1	$	41.3

(1)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue Recognition

6 Months Ended

Jul. 04, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

(4)

REVENUE RECOGNITION

Disaggregation of Revenue

We disaggregate our net sales by geographical location and revenue streams as we believe it best depicts how the nature, timing and uncertainty of our net sales and cash flows are affected by economic factors. The following table summarizes our net sales by geographical location, which are classified based on the customer’s location, and revenue streams:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
United States and Canada	$	126.1	$	125.3	$	241.4	$	218.7
Europe, Middle East, and Africa		98.5		65.3		170.6		120.3
Latin America		13.9		18.6		40.6		34.9
Asia Pacific		6.9		7.5		17.8		11.3
Total	$	245.4	$	216.7	$	470.4	$	385.2
Equipment and Installation	$	152.5	$	135.9	$	272.6	$	224.7
Aftermarket Parts and Service		92.9		80.8		197.8		160.5
Total	$	245.4	$	216.7	$	470.4	$	385.2

Contract Estimates

Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For the Company’s long-term contracts that qualify for over time revenue recognition, estimated profit for the equipment performance obligations is recognized as the equipment is manufactured and assembled. Profit on the equipment performance obligations is estimated as the difference between the total estimated revenue and expected costs to complete a contract. Contract cost estimates are based on anticipated labor and materials, and the performance of subcontractors. The Company does not disclose information about remaining performance obligations that have original expected durations of one year or less. The Company has not recognized material favorable or unfavorable changes in estimates related to long-term contracts with customers in the six months ended July 4, 2026 or June 28, 2025.

Contract Balances

Payments on equipment contracts are typically due based on contractually stated milestones. Contract assets primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date and are recorded in prepaid expenses and other in the Condensed Combined Balance Sheets. Contract assets are transferred to receivables when the right to consideration becomes unconditional. Changes in contract assets and contract liabilities associated with the timing of payments and status of over time revenue contracts are recorded in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, within operating activities in the Condensed Combined Statements of Cash Flows.

Contract liabilities relate to advance consideration received from customers for which revenue has not been recognized. Current contract liabilities are recorded in accrued expenses in the Condensed Combined Balance Sheets. Non-current contract liabilities are recorded in other non-current liabilities in the Condensed Combined Balance Sheets. Contract liabilities are reduced when the associated revenue from the contract is recognized.

The following table provides information about contract assets and contract liabilities from contracts with customers:


(in millions)	July 4, 2026		January 3, 2026
Contract assets	$	51.0	$	56.0
Contract liabilities		134.4		131.1

During the six months ended July 4, 2026, the Company reclassified $25.3 million to accounts receivable, which was included in the contract asset balance at the beginning of the period. During the six months ended July 4, 2026, the Company recognized revenue of $62.0 million, which was included in the contract liability balance at the beginning of the period. Additions to contract liabilities representing amounts billed to clients in excess of revenue recognized were $80.6 million during the six months ended July 4, 2026. Substantially all of the Company’s outstanding performance obligations will be satisfied within 12 to 36 months. There were no contract asset impairments during the periods presented.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Fair Value Measurements - Schedule of Financial Liabilities are Measured at Fair Value and are Categorized Using Fair Value Hierarchy (Details) - Contingent Consideration - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 5.7	$ 16.5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 5.7	$ 16.5

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Segment Information - Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 04, 2026 USD ($) Segment	Jan. 03, 2026 USD ($)
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company determined that the Chief Executive Officer of Middleby is the CODM who possesses the ultimate authority with respect to assessment of performance, allocation of resources, and all strategic actions of the Company. In performing this responsibility, the CODM regularly reviews key internal management reports, financial information, and quarterly results.
Assets \| $	$ 1,407.0	$ 1,461.0

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Segment Information - Summary of Results of Operations for Company's Business Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Segment Reporting [Line Items]
Net sales	$ 245.4	$ 216.7	$ 470.4	$ 385.2
Cost of sales	158.7	135.8	306.3	243.3
Other segment items	44.4	41.8	87.6	76.7
Segment adjusted EBITDA	42.3	39.1	76.5	65.2
Depreciation expense	4.3	3.2	8.2	6.3
Amortization expense	2.6	2.6	5.3	5.5
Capital expenditures	$ 3.2	$ 6.4	$ 6.6	$ 25.7

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED COMBINED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Current assets:
Cash and cash equivalents	$ 50.5	$ 90.9
Inventories, net	207.1	193.6
Prepaid expenses and other	80.6	79.6
Total current assets	551.8	581.6
Property, plant and equipment, net of accumulated depreciation of $75.1 and $65.8	159.7	163.2
Goodwill	499.3	502.3
Other intangibles, net	165.9	173.3
Long-term deferred tax assets	0.4	1.4
Other assets	29.9	27.5
Total assets	1,407.0	1,461.0
Current liabilities:
Current maturities of long-term debt	4.5	4.8
Accrued expenses	223.3	217.2
Total current liabilities	300.4	301.2
Long-term debt	254.1	28.7
Long-term deferred tax liability	35.1	35.1
Other non-current liabilities	31.9	35.3
Commitments and contingencies (Note 11)
Parent company net investment:
Net Parent Investment (NPI)	820.4	1,088.2
Accumulated other comprehensive loss	(34.9)	(27.5)
Total Parent company net investment	785.5	1,060.7
Total liabilities and Parent company net investment	1,407.0	1,461.0
Nonrelated Party
Current assets:
Accounts receivable, net	212.6	215.3
Current liabilities:
Accounts payable	71.7	77.1
Related Party
Current assets:
Accounts receivable, net	1.0	2.2
Related party loans receivable	0.0	11.7
Current liabilities:
Accounts payable	$ 0.9	$ 2.1

Relationship With Parent and Related Entities - Schedule of Amounts Due to and Due from Middleby Affiliates (Details) - Middleby - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Related Party Transaction [Line Items]
Trade receivables	$ 1.0	$ 2.2
Trade payables	0.9	2.1
Loans receivable	$ 0.0	$ 11.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED COMBINED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 245.4	$ 216.7	$ 470.4	$ 385.2
Cost of sales	158.7	135.8	306.3	243.3
Gross profit	86.7	80.9	164.1	141.9
Selling, general and administrative expenses	62.8	54.6	121.9	99.9
Restructuring expenses	0.2	0.0	0.1	0.1
Income from operations	23.7	26.3	42.1	41.9
Interest expense (income), net	0.4	(0.6)	0.4	(1.0)
Other expense (income), net	2.0	(10.6)	1.4	(11.0)
Earnings before income taxes	21.3	37.5	40.3	53.9
Provision for income taxes	10.5	8.4	15.2	12.6
Net earnings	$ 10.8	$ 29.1	$ 25.1	$ 41.3

Non-cash Share-based Compensation

6 Months Ended

Jul. 04, 2026

Share-Based Payment Arrangement [Abstract]

Non-cash Share-based Compensation

(7)

NON-CASH SHARE-BASED COMPENSATION

Middleby maintains an incentive plan under which share-based awards are granted to key employees. Certain Midera employees participate in Middleby’s equity-based incentive plans. Non-cash share-based compensation costs have been specifically identified for employees who exclusively support Midera operations and include expenses allocated to Midera for corporate or shared employees based on net sales as part of the cost allocations from Middleby. The Company includes the related expenses as Selling, general and administrative expense within the Condensed Combined Statements of Earnings. The following table summarizes non-cash share-based compensation expense:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Expenses related to Midera employee participation in Middleby’s incentive plan	$	0.9	$	0.6	$	2.0	$	0.8
Expenses allocated to Midera for corporate or shared employees based on net sales		1.2		0.8		2.6		1.0
Total pre-tax non-cash share-based compensation expense		2.1		1.4		4.6		1.8
Tax expense (benefit)		—		—		0.1		(0.1	)
Total non-cash share-based compensation expense, net of tax	$	2.1	$	1.4	$	4.7	$	1.7

Balance Sheet Components

6 Months Ended

Jul. 04, 2026

Supplemental Balance Sheet Disclosures [Abstract]

Balance Sheet Components

(5)

BALANCE SHEET COMPONENTS

(a)

Inventories

Inventories are as follows:


(in millions)	July 4, 2026		January 3, 2026
Raw materials and parts	$	107.2	$	103.4
Work-in-process		62.1		56.6
Finished goods		37.8		33.6
Inventories, net	$	207.1	$	193.6

(b)

Goodwill

The changes in the net carrying amount of goodwill are as follows:


(in millions)
Balance as of January 3, 2026	$	502.3
Measurement period adjustments to goodwill acquired in prior year		2.0
Exchange effect		(5.0	)
Balance as of July 4, 2026	$	499.3

(c)

Other Intangibles

Other intangibles, net consist of the following:


	July 4, 2026							January 3, 2026
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized intangible assets:
Customer relationships	$	105.5	$	(83.5	)	$	22.0	$	106.5	$	(80.5	)	$	26.0
Developed technology		25.0		(12.6	)		12.4		25.3		(11.6	)		13.7
Backlog		—		—			—		3.5		(3.1	)		0.4
Total amortized intangible assets		130.5		(96.1	)		34.4		135.3		(95.2	)		40.1
Indefinite-lived assets:
Trademarks and tradenames		131.5		—			131.5		133.2		—			133.2
Other intangibles, net	$	262.0	$	(96.1	)	$	165.9	$	268.5	$	(95.2	)	$	173.3

The aggregate intangible amortization expense was $2.6 million for both the three months ended July 4, 2026 and June 28, 2025. The aggregate intangible amortization expense was $5.3 million and $5.5 million for the six months ended July 4, 2026 and June 28, 2025, respectively. The estimated future amortization expense of intangible assets is as follows:


(in millions)
Remainder of 2026	$	3.6
2027		7.0
2028		7.0
2029		6.4
2030		4.5
Thereafter		5.9
Total	$	34.4

(d)

Accrued Expenses

Accrued expenses consist of the following:


(in millions)	July 4, 2026		January 3, 2026
Contract liabilities	$	134.4	$	131.1
Accrued payroll and related expenses		37.9		35.4
Accrued warranty		9.7		8.9
Accrued professional fees		9.5		3.8
Accrued agent commission		5.4		5.3
Operating lease liabilities		5.0		4.4
Accrued sales and other tax		3.7		5.3
Accrued contingent consideration		2.9		12.3
Accrued product liability and workers compensation		1.4		1.2
Other accrued expenses		13.4		9.5
Accrued expenses	$	223.3	$	217.2

(e)

Warranty Costs

In the normal course of business, the Company issues product warranties for specific product lines and provides for the estimated future warranty cost in the period in which the sale is recorded. The estimate of warranty cost is based on contract terms and historical warranty loss experience that is periodically adjusted for recent actual experience. Because warranty estimates are forecasts that are based on the best available information, claims costs may differ from amounts provided. Adjustments to initial obligations for warranties are made as changes in the obligations become reasonably estimable.

A rollforward of the warranty reserve is as follows:


(in millions)	Six Months Ended July 4, 2026
Beginning balance	$	8.9
Warranty expense		3.3
Warranty claims paid		(2.6	)
Warranty reserve related to acquisitions		0.2
Exchange effect		(0.1	)
Ending balance	$	9.7

Subsequent Events

6 Months Ended

Jul. 04, 2026

Subsequent Events [Abstract]

Subsequent Events

(14)

SUBSEQUENT EVENTS

Spin-off from Middleby

On July 6, 2026, Middleby completed the Spin-off through the distribution of all of the then issued and outstanding shares of Midera common stock to Middleby stockholders. See Note 1, “Nature of Operations and Basis of Presentation” for additional information on the Spin-off.

On July 5, 2026, the Company entered into the following agreements with Middleby in connection with the Spin-off in order to govern the ongoing relationship between the Company and Middleby after the Spin-off and to facilitate an orderly transition:

•

Separation and Distribution Agreement – sets forth, among other things, the agreements between the Company and Middleby regarding the principal actions taken in connection with the Spin-off, including those related to the series of internal reorganization transactions that Middleby undertook prior to the Spin-off, pursuant to which the Company holds, through its subsidiaries, Middleby’s food processing business, and the distribution of all of the issued and outstanding shares of Company common stock to Middleby’s stockholders pursuant to the Spin-off. It also sets forth other agreements that govern certain aspects of the Company’s relationship with Middleby following the Spin-off.

•

Tax Matters Agreement - governs the Company’s and Middleby’s respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes.

•

Employee Matters Agreement - allocates liabilities and responsibilities relating to employment matters, employee compensation and benefit plans and programs and other related matters and governs certain compensation and employee benefit obligations with respect to the current and former employees and non-employee directors of each of the Company and Middleby, including the terms of equity-based awards granted by Middleby prior to the Spin-off. The Employee Matters Agreement also sets forth the general principles relating to employee matters with respect to both domestic and international employees, including with respect to collective bargaining agreements, allocation of assets and liabilities, workers’ compensation, payroll matters, regulatory filings, paid time off, commencing or continuing participation in employee benefit plans and the sharing of employee information, in each case as it relates to the Spin-off.

•

Intellectual Property Matters Agreement - provides for, among other things, intellectual property cross-licenses, intellectual property ownership, sublicensing, prosecution, enforcement and other arrangements.

•

Transition Services Agreement – governs matters related to the provision of specified services by the Company and Middleby, including information technology, payroll and benefits, accounting, finance, compliance and administrative activities, to the other on a transitional basis to help ensure an orderly transition following the Spin-off.

Share Repurchase Program

On August 10, 2026, the Company's Board of Directors authorized a share repurchase program, which expires on August 10, 2029, pursuant to which the Company may repurchase up to $50 million of its common stock. The primary purpose of the share repurchase program is to mitigate stockholder dilution from equity awards. The timing and amount of any shares repurchased will be determined by the Company based on its evaluation of market conditions and other factors, and will be made in accordance with applicable securities laws in either the open market or in privately negotiated transactions. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate share repurchases under this authorization. The Company is not obligated to purchase any shares under the program, and the program may be suspended or discontinued at any time. The actual timing, number, and share price of shares repurchased will depend on a number of factors, including the market price of the Company's common stock, general market and economic conditions, alternative investment or acquisition opportunities, and applicable legal requirements.

Revenue Recognition - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 51.0	$ 56.0
Contract liabilities	$ 134.4	$ 131.1

Acquisitions - Allocation of Cash Consideration Paid to Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026	Jan. 03, 2025
Business Combination [Line Items]
Goodwill	$ 499.3	$ 502.3
2025 Acquisitions
Business Combination [Line Items]
Cash			$ 7.4
Other current assets			40.5
Property, plant and equipment			6.1
Goodwill			15.3
Other intangibles			10.3
Other assets			5.5
Current maturities of long-term debt			(0.9)
Other current liabilities			(36.9)
Long-term debt			(0.7)
Long-term deferred tax liability			(2.1)
Other non-current liabilities			(10.1)
Consideration paid			34.4
Contingent consideration		$ 4.7	4.7
Net assets acquired and liabilities assumed			39.1
2025 Acquisitions \| Preliminary Opening Balance Sheet
Business Combination [Line Items]
Cash			7.4
Other current assets			41.6
Property, plant and equipment			6.1
Goodwill			13.3
Other intangibles			10.3
Other assets			5.5
Current maturities of long-term debt			(0.9)
Other current liabilities			(36.7)
Long-term debt			(0.7)
Long-term deferred tax liability			(2.3)
Other non-current liabilities			(10.1)
Consideration paid			33.5
Contingent consideration			4.7
Net assets acquired and liabilities assumed			38.2
2025 Acquisitions \| Preliminary Measurement Period Adjustments
Business Combination [Line Items]
Other current assets			(1.1)
Goodwill			2.0
Other current liabilities			(0.2)
Long-term deferred tax liability			0.2
Consideration paid			0.9
Net assets acquired and liabilities assumed			$ 0.9

Subsequent Events - Additional Information (Details) - Subsequent event	Aug. 10, 2026 USD ($)
Subsequent Event [Line Items]
Share repurchase program, expiration date	Aug. 10, 2029
Maximum
Subsequent Event [Line Items]
Share repurchase program, authorized amount	$ 50,000,000

Acquisitions

6 Months Ended

Jul. 04, 2026

Business Combination [Abstract]

Acquisitions

(3)

ACQUISITIONS

2026 Acquisitions

No acquisitions were completed during the six months ended July 4, 2026.

2025 Acquisitions

During 2025, the Company completed various acquisitions that were not individually material. The final allocation of cash consideration paid to assets acquired and liabilities assumed is based on the information that was available as of the acquisition date for the 2025 acquisitions and is summarized as follows:


(in millions)	Preliminary Opening Balance Sheet			Measurement Period Adjustments			Adjusted Opening Balance Sheet
Cash	$	7.4		$	—		$	7.4
Other current assets		41.6			(1.1	)		40.5
Property, plant and equipment		6.1			—			6.1
Goodwill		13.3			2.0			15.3
Other intangibles		10.3			—			10.3
Other assets		5.5			—			5.5
Current maturities of long-term debt		(0.9	)		—			(0.9	)
Other current liabilities		(36.7	)		(0.2	)		(36.9	)
Long-term debt		(0.7	)		—			(0.7	)
Long-term deferred tax liability		(2.3	)		0.2			(2.1	)
Other non-current liabilities		(10.1	)		—			(10.1	)
Consideration paid	$	33.5		$	0.9		$	34.4
Contingent consideration		4.7			—			4.7
Net assets acquired and liabilities assumed	$	38.2		$	0.9		$	39.1

The goodwill recognized is attributable primarily to anticipated growth opportunities and synergies with existing businesses. The goodwill and $4.6 million of other intangibles associated with the trade names are subject to the non-amortization provisions of Accounting Standards Codification (“ASC”) 350. Other intangibles also include $2.6 million allocated to customer relationships, $1.1 million allocated to developed technology, and $2.0 million allocated to backlog, which are being amortized over periods of 7 years, 7 years, and 6 months, respectively. Of these assets, goodwill of $7.8 million and intangibles of $5.5 million are expected to be deductible for tax purposes.

Two purchase agreements include earnout provisions providing for contingent payments due to the sellers for the achievement of certain targets. The earnouts are payable to the extent certain EBITDA targets are met with measurement dates ending in 2028. The contractual obligation associated with the contingent earnout provisions recognized on the acquisition date amounts to $4.7 million.

Pro Forma Financial Information

In accordance with ASC 805, Business Combinations, the following unaudited pro forma results of operations for the six months ended July 4, 2026 and June 28, 2025 assume the 2025 acquisitions described above were completed on December 29, 2024 (first day of fiscal year 2025). The following pro forma results include adjustments to reflect amortization of intangibles associated with the acquisitions and the effects of adjustments made to the carrying value of certain assets:


	Six Months Ended
(in millions)	July 4, 2026		June 28, 2025
Net sales	$	470.4	$	402.3
Net earnings		27.4		36.1

Pro forma data may not be indicative of the results that would have been obtained had these acquisitions occurred at the beginning of the periods presented, nor is it intended to be a projection of future results. Additionally, the pro forma financial information does not reflect the costs which the Company has incurred or may incur to integrate the acquired businesses.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

CONDENSED COMBINED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025
Cash flows from operating activities:
Net earnings	$ 25.1	$ 41.3
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	13.5	11.8
Non-cash share-based compensation	4.6	1.8
Deferred income taxes	0.9	(1.0)
Other non-cash items	(0.1)	(0.2)
Changes in assets and liabilities, net of acquisitions
Accounts receivable, net	1.9	5.8
Inventories, net	(16.8)	(16.3)
Prepaid expenses and other assets	0.5	9.1
Accounts payable	(5.4)	5.8
Accrued expenses and other liabilities	15.9	(10.3)
Net cash provided by operating activities	40.1	47.8
Cash flows from investing activities:
Capital expenditures	(6.6)	(25.7)
Proceeds from sale of property, plant and equipment	0.2
Acquisitions, net of cash acquired	(1.1)
Collections of loans to related parties	23.3	3.0
Loans made to related parties	(11.5)	(5.5)
Net cash provided by (used in) investing activities	4.3	(28.2)
Cash flows from financing activities:
Distribution to Parent	(233.0)
Net transfers to Parent as reflected in the Condensed Combined Statements of Cash Flows	(64.8)	(7.3)
Borrowings under revolving credit facility	228.0
Payments of debt issuance costs	(2.9)
Payments of foreign loans	(1.7)	0.0
Payments of deferred purchase price	(7.2)	(4.8)
Payments of finance lease obligations	(0.7)	(0.7)
Other, net	0.0	(1.9)
Net cash used in financing activities	(82.3)	(14.7)
Effect of exchange rates on cash and cash equivalents	(2.5)	8.1
Changes in cash and cash equivalents:
Net (decrease) increase in cash and cash equivalents	(40.4)	13.0
Cash and cash equivalents at beginning of year	90.9	59.2
Cash and cash equivalents at end of period	50.5	72.2
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	$ 5.9	$ 7.5

CONDENSED COMBINED STATEMENTS OF CHANGES IN PARENT COMPANY NET (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Net earnings	$ 10.8	$ 29.1	$ 25.1	$ 41.3
Net Parent Investment
Beginning balance	1,049.9	1,031.0	1,088.2	1,038.1
Net earnings	10.8	29.1	25.1	41.3
Net transfers to Parent	(7.3)		(59.9)
Net transfers from Parent		29.0		9.7
Distribution to Parent	(233.0)		(233.0)
Ending balance	820.4	1,089.1	820.4	1,089.1
Accumulated Other Comprehensive Loss
Beginning balance	(33.3)	(24.5)	(27.5)	(38.3)
Foreign currency translation adjustments	(1.6)	5.9	(7.4)	19.7
Ending balance	(34.9)	(18.6)	(34.9)	(18.6)
Total Parent Company Net Investment
Beginning balance	1,016.6	1,006.5	1,060.7	999.8
Net earnings	10.8	29.1	25.1	41.3
Foreign currency translation adjustments	(1.6)	5.9	(7.4)	19.7
Net transfers to Parent	(7.3)		(59.9)
Net transfers from Parent		29.0		9.7
Distribution to Parent	(233.0)		(233.0)
Ending balance	$ 785.5	$ 1,070.5	$ 785.5	$ 1,070.5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED COMBINED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Jul. 04, 2026	Jan. 03, 2026
Statement of Financial Position [Abstract]
Accounts receivable, net of reserve for doubtful accounts	$ 9.6	$ 9.1
Property, plant and equipment, net of accumulated depreciation	$ 75.1	$ 65.8

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

Non-cash Share-based Compensation (Tables)

6 Months Ended

Jul. 04, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Non-cash Share-based Compensation Expense

The following table summarizes non-cash share-based compensation expense:


	Three Months Ended				Six Months Ended
(in millions)	July 4, 2026		June 28, 2025		July 4, 2026		June 28, 2025
Expenses related to Midera employee participation in Middleby’s incentive plan	$	0.9	$	0.6	$	2.0	$	0.8
Expenses allocated to Midera for corporate or shared employees based on net sales		1.2		0.8		2.6		1.0
Total pre-tax non-cash share-based compensation expense		2.1		1.4		4.6		1.8
Tax expense (benefit)		—		—		0.1		(0.1	)
Total non-cash share-based compensation expense, net of tax	$	2.1	$	1.4	$	4.7	$	1.7

Balance Sheet Components (Tables)

6 Months Ended

Jul. 04, 2026

Supplemental Balance Sheet Disclosures [Abstract]

Schedule of Inventories

Inventories are as follows:


(in millions)	July 4, 2026		January 3, 2026
Raw materials and parts	$	107.2	$	103.4
Work-in-process		62.1		56.6
Finished goods		37.8		33.6
Inventories, net	$	207.1	$	193.6

Schedule of Changes in Net Carrying Amount of Goodwill

The changes in the net carrying amount of goodwill are as follows:


(in millions)
Balance as of January 3, 2026	$	502.3
Measurement period adjustments to goodwill acquired in prior year		2.0
Exchange effect		(5.0	)
Balance as of July 4, 2026	$	499.3

Schedule of Other Intangibles, Net

Other intangibles, net consist of the following:


	July 4, 2026							January 3, 2026
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized intangible assets:
Customer relationships	$	105.5	$	(83.5	)	$	22.0	$	106.5	$	(80.5	)	$	26.0
Developed technology		25.0		(12.6	)		12.4		25.3		(11.6	)		13.7
Backlog		—		—			—		3.5		(3.1	)		0.4
Total amortized intangible assets		130.5		(96.1	)		34.4		135.3		(95.2	)		40.1
Indefinite-lived assets:
Trademarks and tradenames		131.5		—			131.5		133.2		—			133.2
Other intangibles, net	$	262.0	$	(96.1	)	$	165.9	$	268.5	$	(95.2	)	$	173.3

Schedule of Estimated Future Amortization Expense of Intangible Assets

The estimated future amortization expense of intangible assets is as follows:


(in millions)
Remainder of 2026	$	3.6
2027		7.0
2028		7.0
2029		6.4
2030		4.5
Thereafter		5.9
Total	$	34.4

Schedule of Accrued Expenses

Accrued expenses consist of the following:


(in millions)	July 4, 2026		January 3, 2026
Contract liabilities	$	134.4	$	131.1
Accrued payroll and related expenses		37.9		35.4
Accrued warranty		9.7		8.9
Accrued professional fees		9.5		3.8
Accrued agent commission		5.4		5.3
Operating lease liabilities		5.0		4.4
Accrued sales and other tax		3.7		5.3
Accrued contingent consideration		2.9		12.3
Accrued product liability and workers compensation		1.4		1.2
Other accrued expenses		13.4		9.5
Accrued expenses	$	223.3	$	217.2

Schedule of Warranty Reserve

A rollforward of the warranty reserve is as follows:


(in millions)	Six Months Ended July 4, 2026
Beginning balance	$	8.9
Warranty expense		3.3
Warranty claims paid		(2.6	)
Warranty reserve related to acquisitions		0.2
Exchange effect		(0.1	)
Ending balance	$	9.7

- Definition

Tabular disclosure of goodwill.

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jul. 04, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

(10)

FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurement, defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into the following levels:

Level 1 – Quoted prices in active markets for identical assets or liabilities

Level 2 – Inputs, other than quoted prices in active markets, which are observable either directly or indirectly

Level 3 – Unobservable inputs based on our own assumptions

The Company’s financial liabilities that are measured at fair value and are categorized using the fair value hierarchy are as follows:


(in millions)	Level 1		Level 2		Level 3		Total
As of July 4, 2026
Financial liabilities:
Contingent consideration	$	—	$	—	$	5.7	$	5.7
As of January 3, 2026
Financial liabilities:
Contingent consideration	$	—	$	—	$	16.5	$	16.5

The contingent consideration as of July 4, 2026 and January 3, 2026 relates to the earnout provisions recorded in conjunction with various purchase agreements.

The earnout provisions associated with these acquisitions are based upon performance measurements related to sales and EBITDA, as defined in the respective purchase agreements. On a quarterly basis, the Company assesses the projected results for each of the acquisitions in comparison to the earnout targets and adjusts the liability accordingly. Discount rates for valuing contingent consideration are determined based on the Company rates and specific acquisition risk considerations. Changes to the fair value of the contingent consideration liabilities can result from changes to one or a number of inputs, including discount rates, the probabilities of achieving the earnout targets, the time required to achieve the targets and estimated future sales and EBITDA. Judgment is employed in determining the appropriateness of certain of these inputs. Changes to the inputs described above could have a material impact on the Company’s financial position and results of operations in any given period. Changes in fair value associated with the earnout provisions are recognized in Selling, general and administrative expenses within the Condensed

Combined Statements of Earnings. The contingent consideration liabilities are included in accrued expenses and other non-current liabilities. Contingent consideration payments of amounts up to the initial acquisition date fair value are classified as cash outflows from financing activities and payments of amounts in excess of the initial acquisition date fair value are classified as cash outflows from operating activities in the Condensed Combined Statements of Cash Flows.

The following table represents changes in the fair value of the contingent consideration liabilities:


	Six Months Ended
(in millions)	July 4, 2026
Beginning balance	$	16.5
Payments of contingent consideration		(8.3	)
Changes in fair value and exchange effect		(2.5	)
Ending balance	$	5.7

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Debt (Tables)

6 Months Ended

Jul. 04, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt


(in millions)	July 4, 2026		January 3, 2026
Revolving credit facility	$	228.0	$	—
Foreign loans		22.7		25.0
Finance lease obligations		7.9		8.5
Total debt		258.6		33.5
Less: Current maturities of long-term debt		4.5		4.8
Long-term debt	$	254.1	$	28.7

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Statement of Comprehensive Income [Abstract]
Net earnings	$ 10.8	$ 29.1	$ 25.1	$ 41.3
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1.6)	5.9	(7.4)	19.7
Other comprehensive (loss) income	(1.6)	5.9	(7.4)	19.7
Comprehensive income	$ 9.2	$ 35.0	$ 17.7	$ 61.0

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Nature of Operations and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 26, 2026	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025	Jun. 29, 2026	Jan. 03, 2026
Description Of Business [Line Item]
Borrowings under credit agreement		$ 228.0		$ 228.0			$ 0.0
Foreign currency transaction gain (loss)		$ (1.8)	$ 10.2	$ (1.5)	$ 10.5
Middleby Credit Agreement
Description Of Business [Line Item]
Borrowings under credit agreement						$ 233.0
Distribution of shares of common stock	45,222,349

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Number of new stock issued during the period.

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Segment Information - Schedule of Reconciliation of Segment Adjusted EBITDA to Net Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Segment Reporting [Line Items]
Adjusted EBITDA	$ 42.3	$ 39.1	$ 76.5	$ 65.2
Less: Other segment operating expenses	18.6	12.8	34.4	23.3
Income from operations	23.7	26.3	42.1	41.9
Interest expense (income), net	0.4	(0.6)	0.4	(1.0)
Other expense (income), net	2.0	(10.6)	1.4	(11.0)
Earnings before income taxes	21.3	37.5	40.3	53.9
Provision for income taxes	10.5	8.4	15.2	12.6
Net earnings	$ 10.8	$ 29.1	$ 25.1	$ 41.3

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Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Relationship With Parent and Related Entities

6 Months Ended

Jul. 04, 2026

Relationship With Parent and Related Entities

(13)

RELATIONSHIP WITH PARENT AND RELATED ENTITIES

Related Party Transactions

Throughout the periods covered by the Condensed Combined Financial Statements, Midera engaged in sales and purchases of finished goods to and from Middleby subsidiaries. These related party sales to other Middleby entities amount to $0.4 million and $0.5 million, and purchases amount to $0.6 million and $1.1 million, for the three months ended July 4, 2026 and June 28, 2025, respectively. Related party sales to other Middleby entities amount to $1.1 million and $1.1 million, and purchases amount to $2.5 million and $2.4 million, for the six months ended July 4, 2026 and June 28, 2025, respectively.

Related Party Balances

Amounts due to and due from Middleby affiliates are summarized in the table below:


(in millions)	July 4, 2026		January 3, 2026
Trade receivables	$	1.0	$	2.2
Trade payables		0.9		2.1
Loans receivable		—		11.7

The loans receivable represented international revolving credit facilities to fund working capital needs outside the United States. At January 3, 2026, these revolving credit facilities had a weighted average per annum interest rate of approximately 3.82%.

Allocation of Corporate Expenses

The Parent has incurred costs for various corporate services provided to Midera in the ordinary course of business, including executive management, finance, accounting, tax, treasury, human resources, legal, information technology, employee benefits administration, internal audit, supply chain, and other shared services. These corporate expenses have been allocated to Midera based on direct usage or benefit, where identifiable, with the remainder allocated based on headcount, revenue or other relevant measures. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us.

Cash Management

In June 2026, prior to the completion of the Spin-off, the Company ceased participation in the Middleby centralized cash management process and its cash and cash equivalents became held and used solely for its own operations.

Before the Company ceased participation in the Middleby centralized cash management process, Middleby provided funding for its operating and investing activities, including pooled cash managed by Middleby treasury to fund operating expenses and capital expenditures. Middleby also directly collected certain of our receivables. The cash presented in the Condensed Combined Balance Sheets represents cash not subject to the Middleby centralized cash management process. Cash held in the Middleby centralized cash management process and commingled accounts with the Parent, or its subsidiaries, has been presented within Net Parent Investment in the Condensed Combined Balance Sheets. Only cash amounts held in bank accounts controlled by Midera entities are reflected in the Condensed Combined Balance Sheets. These activities were reflected as a component of Parent company net investment, and this arrangement was not reflective of the manner in which we would have operated as a standalone business separate from Middleby during the periods presented.

Net Parent Investment

Net Parent Investment on the Condensed Combined Balance Sheets represents Middleby’s historical investment in Midera, the net effect of allocations from and transactions with Middleby, Midera’s retained earnings and cumulative effect adjustments from the adoption of new accounting standards.

Transfers to Parent

As discussed in Note 1 in the basis of presentation section, Net Parent Investment is primarily impacted by contributions from Parent which are the result of treasury activity and net funding provided by or distributed to Parent. The components of net parent investment are:


	Six Months Ended
(in millions)	July 4, 2026			June 28, 2025
Net transfers to Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Cash Flows	$	(297.8	)	$	(7.3	)
Non-cash share-based compensation expense		4.6			1.8
Non-cash deferred tax and other		0.3			15.2
Net transfers (to) from Parent and Distribution to Parent as reflected in the Condensed Combined Statements of Changes in Parent Company Net Investment	$	(292.9	)	$	9.7

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details