...September 23, 2024 Nidda BondCo GmnH's (Stada) performance will remain robust. In 2023, the company reported sales increased 14%, thanks to growth in all the three divisions, especially specialty and consumer health, excluding the deconsolidated Russian operations. In 2023, Stada's S&P Global Ratings adjusted EBITDA stood at 760 million, significantly below our previous expectation of 970 million. This was due to the negative currency impact as well as exclusion of the Russian business. The adjusted EBITDA margin was down to 20.4% in 2023 from our previous assumption of 22.8%. The group generated negative free operating cash flow of 218 million and saw a spike in adjusted debt leverage to 7.7x in 2023 from our previous forecast of 6.2x. Stada saw a 9% growth in net sales in the first half of 2024, thanks to continued growth across all the three segments. Despite the soft cough, cold, and allergy season, the consumer healthcare business segment demonstrated resilience with a modest 3% growth....
