Animal health company Huvepharma EOOD's (Huvepharma's) 2024 credit metrics are in line with our expectations, with S&P Global Ratings-adjusted debt to EBITDA of 2.6x-2.8x and funds from operations (FFO) to debt of 25%-27%, supported by good organic portfolio growth and reducing cost inflation pressures that weighed on free cash flow generation in 2022 and 2023. We foresee this momentum to continue into 2025, resulting in further deleveraging, debt to EBITDA of about 2.4x-2.6x, and FFO to debt of 28%-32%, thanks to 10% sales growth, contract wins in emerging markets, and demand for feed additives and other products. We also anticipate Huvepharma to maintain disciplined shareholder remuneration, improve its balance sheet, and generate discretionary cash flows of €0-€10 million. We therefore
