This report does not constitute a rating action. Mabe significantly underperformed our expectations in the first half of 2025, due to trade tensions, softer global economic activity, and competitive pressure from global players in Mabe's key markets since the beginning of the year. We now predict Mabe's revenue base and EBITDA margin will contract by about 4% and 300 basis points (bps) in 2025, respectively, compared with our prior expectation of +3% and -40 bps relative to 2024. In 2026, we expect a low single-digit rebound in revenue and some improvements in margins, but we anticipate Mabe's EBITDA margin to stay near 9%, below its historical trend. Over the past few years, Mabe has maintained low gross debt while demonstrating
