Overview Key strengths Key risks Strong brand recognition in the Greek yogurt market. Concentration in the Greek yogurt category. Committed to reinvestment to maintain, if not grow, market share. Participation in a highly competitive and mature industry against larger packaged food companies. Exposure to dairy price volatility. Consistent negative free cash flow generation due to high-growth capital expenditure (capex) investments. The company?s operating performance exceeded our expectations in 2022 with sequential improvement in the second half driven by pricing that offset inflation, and volume growth through market share gains. In addition to high-single-digit revenue growth, we forecast the company?s adjusted EBITDA margins to improve about 100 basis points (bps) in 2023 from 11.4% in 2022 due to favorable operating leverage
