We believe KDP will grow organic sales 5.4% in 2021 and at a 3%-4% rate from 2022 through 2025 because of its broad product portfolio and its scalable, multichannel selling and distribution system, as well as the acceleration of household penetration that has occurred over the past year. In addition, we believe KDP can expand its EBITDA margin to the mid-30% area over the next five years, given its good service levels and initiatives to improve operating efficiency and expand distribution. The stable rating outlook on KDP reflects our expectations that it will grow earnings and cash flow and continue to reduce leverage. We believe KDP will generate 3%-4% top-line growth, maintain the EBITDA margin of more than 33% over
