Overview Key strengths Key risks Leading market position in the broadly stable food packaging segment. Exposure to volatile raw material and energy costs. Broad geographic diversification in terms of manufacturing and sales. Lack of vertical integration. Established, long-term relationships with blue-chip clients. Commoditized nature of products limits pricing power. We anticipate revenues of €4.4 billion-€4.5 billion (€4.48 billion in 2022) and S&P Global Ratings-adjusted EBITDA of €570 million-€590 million in 2023 (€583 million in 2022). We anticipate stronger demand in the second half of 2023 (especially in home and personal care), after softer market conditions in the first half of 2023. Average selling prices should remain close to last year's. Although we forecast some revenue uplift from price increases implemented
