Some leading positions in the highly fragmented European vending market More diversified customers, channels, and products revenue streams than close peers. Relatively stable adjusted EBITDA margins. Tolerance for high leverage. Profitable and cash-generative operations, with low capital expenditure and minimal working capital requirements. Adequate levels of liquidity. The stable outlook highlights Standard&Poor's Ratings Services expectation that Selecta Group B.V. will maintain leading market shares in its three core markets, enabling it to sustain adjusted EBITDA margins of about 15%-17%, supporting relatively stable leverage and coverage credit metrics. We also anticipate that cash flow generation will be aided by continued, if fragile, economic growth in Europe, although Selecta will continue to see stiff competition from branded coffee houses, straining
