Here are 1-2 brief analogies for MGP Ingredients:

• The **Intel Inside for many American whiskey brands**, providing the foundational distilled spirit.

• A specialized **Foxconn for premium distilled spirits**, acting as a key high-volume distiller for other brands while also growing its own acclaimed labels.

• Distilled Spirits: Produces and ages premium whiskey (bourbon, rye), gin, and vodka, sold both in bulk to other brands and under proprietary labels.
• Ingredient Solutions: Manufactures specialty wheat proteins and starches utilized in food, beverage, and pet food industries.
• Industrial Alcohol: Supplies high-purity alcohol for applications in food, pharmaceutical, personal care, and industrial sectors.

MGP Ingredients (MGPI) primarily sells its products to other companies (B2B).

While MGP Ingredients does not publicly disclose the specific names of its major customers, nor does any single customer account for more than 10% of its consolidated net sales, its customer base can be categorized by the types of businesses it serves across its two main segments:

Distilling Solutions Segment Customers:

• Spirit Brand Owners: This broad category includes other distillers, non-distilling producers (NDPs), and companies that own spirit brands. These customers purchase new-make or aged distilled spirits (such as bourbon, rye whiskey, and gin) from MGP Ingredients to bottle and market under their own labels. The types of companies in this category range from large, established spirit companies to smaller craft distilleries and independent brand developers.

Ingredient Solutions Segment Customers:

• Food Manufacturers: Companies that utilize MGP Ingredients' specialty wheat proteins, starches, and other functional ingredients in a wide variety of food applications, including bakery products, plant-based foods, and noodles.
• Pet Food Manufacturers: Companies that incorporate MGP Ingredients' specialty proteins and starches into their pet food products.
• Industrial Users: Companies that purchase commodity alcohol produced by MGP Ingredients for various industrial and fuel applications.

Julie Francis, President and Chief Executive Officer

Ms. Francis has served as MGP's President and Chief Executive Officer since July 2025. She oversees the company's global business strategy and operations, leveraging over three decades of experience across the branded food and beverage industries. Prior to joining MGP, Ms. Francis was Chief Operating Officer at Schwan's Company, where she held responsibilities across consumer brands, food service, supply chain, global R&D, and marketing.

Brandon Gall, Chief Financial Officer

Mr. Gall has served as Chief Financial Officer of MGP since April 2019 and as Treasurer since May 2023. He also served as Interim President and CEO from January to July 2025. Mr. Gall joined MGP in 2012 and advanced through various leadership roles, including Director of Financial Planning and Analysis, Director of Supply Chain Finance, Director of Business Development, and Corporate Controller. Before MGP, he worked at Errand Solutions as Director of Finance and Human Resources and held analyst and associate roles at Credit Suisse Securities. He holds a bachelor's degree from Miami University and an MBA from the University of Chicago, and is a Certified Public Accountant.

Matias Bentel, Chief Marketing Officer

Mr. Bentel joined MGP in October 2025. He brings extensive leadership, marketing, and general management experience, most recently serving as Executive Vice President, Chief Brands Officer at Brown-Forman Corporation. Prior to Brown-Forman, Mr. Bentel held various marketing roles at Diageo and Allied Domecq.

Erika Lapish, Chief Human Resources Officer

Ms. Lapish has served as Chief Human Resources Officer of MGP since February 2023, and joined MGP as Vice President, Human Resources, in May 2021. She has over 20 years of experience in global HR management within manufacturing and healthcare organizations. Most recently, she was Vice President of Human Resources for R1 RCM – Central Operations from February 2018 to May 2021.

Chris Wiseman, Senior Vice President, Operations

Mr. Wiseman joined MGP in October 2025 as Senior Vice President, Operations, and is responsible for all aspects of operations across the organization. He has nearly two decades of deep manufacturing experience and supply chain expertise. Most recently, Mr. Wiseman served as Vice President of Manufacturing at Schwan's Company from 2017 to 2025. Before Schwan's, he led multiple facilities for Bimbo Bakeries USA from 2012 to 2017.

1. High Leverage: MGP Ingredients faces a significant risk due to its high net debt to EBITDA ratio, which has been reported as significantly above industry norms (e.g., 10.19x). This elevated leverage makes the company vulnerable, particularly if cash flow continues to be weak, potentially complicating refinancing efforts and impacting liquidity.
2. Cyclical Destocking and Weak Sales in Distilling Solutions: The company is experiencing ongoing challenges from cyclical destocking and a slowdown in consumption, which is notably impacting sales in its Distilling Solutions segment. This has led to sales declines, pressure on profitability, and, as of late 2024, admissions of higher inventory levels and weaker sales than previously disclosed, resulting in a substantial stock price drop and investor lawsuits.
3. Operational Reliability and Margin Compression: MGP Ingredients has faced operational stumbles, including past equipment failures and expensive waste disposal, which have negatively affected margins in its Ingredient Solutions segment. The company's overall operating margins have been thin, making it highly susceptible to any decrease in sales or increase in costs. Additionally, the consolidated gross margin is significantly lower than the industry average.

• The accelerating consumer shift towards Non-Alcoholic and Low-Alcohol (NABLAB) beverages poses a threat by potentially reducing demand for traditional alcoholic spirits, which is a core business for MGP Ingredients. This trend is driven by increasing health consciousness and moderation, with growing market share and significant investment from both new entrants and established beverage companies in sophisticated NABLAB alternatives.
• The ongoing trend of increasing mainstream acceptance and legalization of cannabis products presents an emerging threat. As cannabis becomes more widely accessible and socially normalized, it acts as a competing recreational product that could divert consumer discretionary spending and consumption occasions away from alcoholic beverages, thereby impacting the demand for spirits produced by MGP Ingredients.

MGP Ingredients (MGPI) operates primarily in two main product areas: Distilled Spirits and Ingredient Solutions.

Distilled Spirits

MGP Ingredients is a leading producer and supplier of premium distilled spirits, branded spirits (including bourbon, rye whiskey, vodka, gin, and tequila), and also offers distillery solutions such as food-grade alcohol for beverage applications, warehouse services, and blending services.

• Global Distilled Spirits Market: The global distilled spirits market size was estimated at USD 562.50 billion in 2023 and is projected to reach USD 872.14 billion by 2032.
• U.S. Distilled Spirits Market: The U.S. spirits market is expected to grow from USD 120.34 billion in 2025 to USD 136.87 billion in 2030.

Ingredient Solutions

MGP Ingredients provides specialty wheat proteins (such as Arise and ProTerra), specialty wheat starches (including Fibersym, Midsol, and Pregel), gluten-free textured pea proteins, and commodity wheat starch and proteins. These ingredients are used in various food and non-food applications.

• Global Specialty Food Ingredients Market: The global specialty ingredients market size was valued at USD 142.5 billion in 2023 and is projected to reach USD 215.8 billion by 2030.
• U.S. Specialty Food Ingredients Market: The U.S. specialty food ingredients market size reached USD 21.0 billion in 2024 and is expected to reach USD 34.3 billion by 2033.
• Global Alcohol Ingredients Market (for raw materials supplied for alcoholic beverages): The global alcohol ingredients market size was estimated at USD 2.95 billion in 2024 and is predicted to increase from USD 3.13 billion in 2025 to approximately USD 5.40 billion by 2034.

MGP Ingredients (MGPI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Expansion of Premium Plus Branded Spirits Portfolio: MGP Ingredients anticipates continued positive growth from its premium-plus branded spirits portfolio. Brands such as Penelope Bourbon have demonstrated strong momentum, supported by ongoing innovation, limited releases, and an appeal to new consumer segments, including females. The company is also introducing new offerings like Rebel 100 6-Year Bourbon, El Mayor Tequila Rosado Reposado, and Yellowstone Kentucky Straight Bourbon Whiskey Finished in Rum Casks. This focus on higher-margin, premium products is a central part of the company's long-term strategy to become a premier branded spirits company.

2. Growth in Specialty Ingredient Solutions: The Ingredient Solutions segment, particularly specialty wheat protein and specialty starch sales (including the Fibersym brand), is expected to be a significant growth driver. The company is actively commercializing new customers for these offerings and sees structural opportunities in the "healthier for me" food segments. After some initial headwinds, specialty protein sales rebounded, with new business wins offsetting other market challenges.

3. Strategic Portfolio Management and Repositioning in Branded Spirits: MGP Ingredients is actively managing and optimizing its branded spirits portfolio. While some mid- and value-priced brands have seen declines, the company is re-evaluating these to potentially "ignite" strong brands within the segment, thereby offsetting declines and leveraging premiumization trends. This strategic focus aims to enhance the overall profitability and growth trajectory of its branded offerings.

4. Operational Efficiencies and Cost Savings: The company is prioritizing cost-saving measures and operational efficiency to improve profitability and support investments in growth areas. Initiatives include optimizing operations and leveraging new facilities, such as a biofuel facility, which is expected to significantly offset disposal costs. These efficiencies contribute to a stronger financial foundation, enabling sustained investment in revenue-generating initiatives.

Share Repurchases

• In February 2024, MGP Ingredients authorized a new share repurchase program of up to $100 million of its common stock, with no set expiration date.
• During 2024, the company repurchased 886,936 shares of its common stock for $46.6 million.
• As of September 30, 2025, approximately $53.412 million remained under the $100 million share repurchase program.

Share Issuance

• In January 2021, as part of the Luxco acquisition, Luxco shareholders received 5 million shares of MGP common stock, valued at approximately $238 million.
• In November 2021, MGP Ingredients announced a private offering of $175 million aggregate principal amount of convertible senior notes due 2041.

Outbound Investments

• In April 2021, MGP Ingredients completed the acquisition of Luxco, Inc. for an enterprise value of $475 million, consisting of equal parts cash and stock. This acquisition significantly expanded the company's branded spirits portfolio.
• In May 2023, MGP Ingredients' subsidiary Luxco, Inc. acquired Penelope Bourbon LLC for $105 million, aligning with MGP's premiumization strategy.

Capital Expenditures

• Capital expenditures for 2024 were $73.2 million, which included investments in facility improvement and expansion, additional warehouses, a dryer investment at Lux Row, acquisition of a leased bottling facility in St. Louis, and a mini fuel plant in Atchison.
• For 2025, expected full-year capital expenditures are approximately $32.5 million, representing a nearly 50% decline compared to 2024.
• These 2025 expenditures are focused on facility improvement and expansion, facility sustaining projects, and environmental, health, and safety initiatives.