This report does not constitute a rating action. Overview Key strengths Key risks Leading position in the meal-kit segment (about 60% share in key markets) and in the U.S ready-to-eat (RTE) market, now expanding RTE into Europe. Meal-kit volumes fell by 9.5% in 2024 compared to previous year; continued pressure expected through 2025. Proven playbook for rapid scaling of new segments with RTE growing from €100 million in 2020 to over €2 billion in 2024. About 60% revenue exposure to the U.S., which increases sensitivity to weaker discretionary consumer sentiment. Track record of low financial leverage, with expected S&P Global Ratings-adjusted debt to EBITDA of 0.9x at end-2025. Cash usage for share buybacks reflects expectations for shareholder remunerations and could
