Professional coffee machine manufacturer Evoca will likely see the full benefits of last year's rounds of price increases, which we believe were successful because of the company's established position of its well-known brands in the market. However, the structural changes in out-of-home coffee consumption linked to the pandemic and the current inflationary environment continue to weigh on Evoca's sales volumes and profitability, given the discretionary nature of the out-of-home vending machines. We expect an improvement of 100-200 basis points (bps) in Evoca's EBITDA margin in 2023, from roughly 15% as adjusted by S&P Global Ratings in 2022. Higher selling prices and lower expected one-off costs than last year will more than offset persistent inflationary pressure on production costs, in our
