JBTM JBT MAREL Corp

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2023: $0M, Q3 2022: $0M, Q3 2019: $0M, Q3 2018: $5M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $2M (-70%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $6M / FCF $369M = 1% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Deck Brian A

• Deck Brian A (President & CEO) bought 1,500 shares at $90.91 on 2022-10-28

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $10M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 75.2x more than bought. 4 C-suite officers among sellers

• Deck Brian A (CEO) sold 10,000 shares on 2026-03-02
• Deck Brian A (CEO) sold 8,634 shares on 2026-03-03
• Rizzolo Luiz Augusto (EVP & President -Regions & IMO) sold 1,271 shares on 2025-05-27
• Fernandez Carlos (EVP & President, DF&H) sold 477 shares on 2022-01-03
• Fernandez Carlos (EVP & President, DF&H) sold 1,000 shares on 2021-11-10
• Sternlieb Paul (EVP & President, Protein) sold 2,644 shares on 2021-04-28