This report does not constitute a rating action. S&P Global Ratings expects Umami TopCo’s operating performance will remain resilient over 2026 and 2027, with sufficient headroom in credit metrics. In the first nine months of 2026, Umami TopCo (operating under Robot Coupe), reported like-for-like net sales growth of about 3%, excluding the Magimix brand that was disposed of in September 2025. This growth resulted from a more than 10% repricing in the U.S. to offset tariffs, expansion in key European markets (notably Germany, Spain, and Italy), and significant momentum in emerging markets (about 15% of total sales). This offset the significantly adverse foreign exchange (FX) effects, stemming from a strong euro, higher input and energy costs, and geopolitical setbacks in
