Overview Key strengths Key risks Leading position in its addressable market based on technology with high barriers to entry. Business risk profile constrained by small size and limited product diversity. Ability to apply pricing premiums in some of its addressable markets, thanks to its patented enzymatic fermentation process. Subject to stringent manufacturing standards and with limited facilities. Low-cost positioning compared with peers and longstanding relationships with customers. Continued pricing and volume pressure, coupled with changing regulatory environments in some of its addressable markets. Solid track record of regulatory compliance. Near-term refinancing risks for the revolving credit facility (RCF), with maturity in the next 24 months. Adjusted EBITDA margins of 12%-14% in S&P Global Ratings? base case, supported by ability to
