A focused portfolio of packaging products for the relatively stable food, beverage, and health care sectors. Solid market position in European packaging. A degree of exposure to the volatile cost of key raw materials such as aluminum and plastic films. Ratios currently at the lower end of the range for the financial risk profile category. Modest but improving free operating cash flow (FOCF) generation driven by EBITDA expansion. Adequate liquidity profile with long-term debt maturities and relatively strong EBITDA cash interest coverage. The outlook is stable. We anticipate that the group will exhibit a moderate reduction in leverage over the next 12-18 months and achieve S&P Global Ratings-adjusted funds from operations (FFO) to debt of above 12%. We expect that
