JBT Investor Presentation May 2020
Forward-Looking Statements These slides and the accompanying presentation contain “forward-looking” statements, including statements about management’s expectations regarding trends in the food and air transportation markets, strategic initiatives, acquisition strategies and long-term goals, which represent management’s best judgment as of the date hereof, based on currently available information. Actual results may differ materially from those contained in such forward- looking statements. JBT Corporation’s (the “Company”) most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission, include information concerning risks and uncertainties, including the factors set forth under “Item 1A. Risk Factors”, that may cause actual results to differ from those anticipated by these forward-looking statements. The Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. 2
JBT Snapshot JBT at a Glance – figures for FY2019 AeroTech FoodTech Revenue Adjusted EBITDA ² Founded 1884 25% Listed JBT (NYSE) 32% $2.3 billion 1 Market Cap Employees 6,400 68% 75% Countries 25+ Leading Global Technology Solutions Provider to High-Value Segments of the Food & Beverage Industry 1 As of May 1, 2020 ² Non-GAAP figure. See Appendix for reconciliation tp segment operating profit. 3
One JBT: A Sustainable Growth Culture ONE Purpose and Set of Values Across the Entire Organization 4
Durable Shareholder Value Creation “Value creation is a virtuous circle, starting with margin expansion initiatives generating results that are reinvested to drive organic Returns growth, creating customer value and returns that support further growth – and the cycle continues…” 5
FoodTech is a Leading Technology Solutions Provider to High-Value Segments of the Food Industry Value Chain Restaurants Grocery / C-Store Farm/Ranch Global Food and Beverage Producers Distribution Consumer Food Service Commissary Clear Value Proposition for JBT Customers ▪ Food Safety ▪ Yield ▪ Automation ▪ Reduced Operating Costs ▪ Uptime ▪ Full-Line Solutions ▪ Global Service and Support Delivering innovative solutions we believe offer best-in-class yield and productivity, with a goal of maximizing customer profitability 6
AeroTech is the Most Comprehensive Platform Serving the Global Airport Infrastructure Market Ground Support Equipment ensures the efficient, safe, and reliable turnaround of aircraft on the ground through aircraft, passenger, and cargo handling operations Jetway Systems enhances the customer boarding experience across a range of aircraft types, from regional aircraft up to the largest wide-body aircraft in the world Airport Services provides technical expertise and maintenance services to a range of sophisticated baggage handling systems, boarding bridges, and airport facilities Military aviation equipment increases combat readiness through minimizing aircraft downtime and providing field-ready power & cooling systems to an array of tactical aircraft Providing End-to-End Solutions Across the Airport Infrastructure Spectrum Key AeroTech Products & Services Ground Support Equipment 2 1 LEKTRO Tractor Cargo Loader 3 4 12 5 Military Loader Deicer 1 7 6 5 6 10 11 Tow Bar Tractor Passenger Steps 2 Jetway Systems 9 7 8 3 Military A/C Unit Passenger Boarding Bridge 9 10 8 4 Ground Power Unit A/C Unit Airport Services 12 11 Baggage Handling Critical Systems Technology Facilities Support 7
Growing Recurring Revenue 40%+ of JBT Revenue is Recurring Key growth drivers: ▪ Growing our sales / service network and capabilities – Investing in Field Service technicians globally support equipment and leases – Cross-training for increased regional support and utilization – Increasingly bundling ProCARE contracts with equipment sales – Developing more parts kits vs. single-part sales – Generating new opportunities through increased focus on outbound aftermarket sales ▪ Many customers looking to “outsource” more engineering and maintenance activities due to high turnover and lower skill levels ▪ JBT provides “PRoCARE powered by iOPS” , which supports our customers with dedicated project management, data analytics, weekly production reports, “behind the scenes” data monitoring, and cloud-based data collection / aggregation 8
JBT is Positioned to Benefit From Positive Drivers and Trends Positive Macro Drivers Accelerating Trends Increasing Customer Growing Middle Class Automation and Adoption of Automation and ▪ 2x growth by 2030 1 ; Asia is a Information Information Technology significant contributor Shrinking labor availability Consumer Focus on Health, Protein & Value-Added Food & with rising wages / costs Safety & Convenience Beverage Consumption ▪ Increasingly selective ▪ Food industry pivoting to Adoption rates of IOT consumers seeking ‘on- solutions value-added foods demand’ food Improve yield, throughput Consolidating Food Industry Emergence of Clean Labels & and quality Organic Foods ▪ Industry requires globally ▪ 10%+ annual growth 2 capable suppliers SOURCE: 1 https://www.ota.com/news/press-releases/19031; 2 http://www.reuters.com/middle-class-infographic 9
The Changing Environment Creates Opportunities for JBT Well-positioned to drive growth in economic recovery • Solutions providing lower labor utilization and increased safety; coupled with higher output and yield, including, for example: - Robotic harvesting - Automated loading and unloading of JBT equipment - Clean in Place (CIP) food equipment technologies - Waterjet protein trimming and portioning systems • Automation with robotic vehicles to provide safe, precise, on-time delivery of materials in manufacturing and warehousing environments. • iOps remote monitoring of critical processes in food production and air transportation activities – measuring and documenting data to turn preventative or reactive maintenance into predictive maintenance driving a lower overall cost of ownership. • Growing demand for longer shelf life and clean labels driving preservation technologies like High Pressure Processing (HPP) to ensure the highest quality in taste, nutrition, and safety • Flexible solutions – providing upgrades to automation of a single food process, or an entire food processing line, to meet customers where they are in their planning during the pandemic 10
Continued Growth Opportunities through Acquisitions Primary Secondary Further EOL Protein Mixing/ Injecting/ Filling / Weighing/ Coating/ Primary Portioning Inspection Grinding/ Cooking Freezing Slicing Packaging Preservation Inspection Marination Forming Packaging Frying Blending $18B+ Liquid Foods Raw Pasteurizing/ CIP/ Extraction/ Beverage Ingredient & Mixing/ Material Evaporation/ Storage Thawing Blending Sterilization Controls & Filling Packaging Preservation Refining Handling H2O Prep Metering Handling Bulk Filling Instruments $8B+ Market Leader Room to Grow Capability Gap FoodTech has completed 14 acquisitions since 2014 for ~$1 billion to expand its offerings and technology. AeroTech has completed 2 acquisitions since 2017 for ~$60 million adding to military and electric product offerings. 11
JBT Operating System What we are doing… Desired results… • Drive visibility, • Building on JBT’s strong RCI accountability, and foundation and culture alignment within each business • Creating process rigor in how we run our business • Eliminate unnecessary or • Creating a JBT standard across all duplicative reports and business units that is consistent meetings and transcends any single individual, thereby enabling more fungibility of our resources across • Minimize reporting and businesses maximize problem solving related to business • Standardizing what we report, how execution we report, and how we solve problems 12
Balance Sheet March 31, 2020, $ millions Key Metrics – as of March 31, 2020 Gross Debt 734 Net Debt / Adjusted EBITDA 1 2.2x Less: Cash on Hand (75) Financial Liquidity 2 $328M Net Debt 659 Capital Deployment Priorities ▪ Investing in high ROI new product development and growth initiatives ▪ Debt reduction ▪ Quarterly dividends ▪ Strategic acquisitions ▪ Share repurchases to offset dilution from management stock-based compensation Strong Balance Sheet with a Focus on Deleveraging 1 See Appendix for calculations. 2 Financial Liquidity is defined as cash plus borrowing capacity under our credit facilities. 13
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