Overview Key strengths Key risks Broad exposure to nondiscretionary markets helps support volume through periods of economic weakness Operates in the highly competitive, rigid plastic packaging space Raw material passthroughs mitigate resin cost volatility Increasing focus on sustainable packaging solutions could pressure operating margins in the long term Potential group support for acquisitions or liquidity needs Acquisition-dependent growth strategy and shareholder rewards could constrain sustained deleveraging S&P Global Ratings expects Altium's 2023 revenue will increase in the low-teen percentage area primarily spurred by the full-year impact of the August 2022 acquisitions of Plastic Industries and Andersen Plastics. In 2022, revenue growth was primarily driven by price increases due to cost passthrough mechanisms in place that offset modest declining volume. We
