Umami Topco S.A.

This report does not constitute a rating action. In that time, Robot Coupe reported total sales of about €174 million (compared to €172.3 million over the same period in 2024) and EBITDA of €85.5 million (€86.9 million), constrained by negative foreign exchange (FX) dynamics and higher personnel costs. For 2025, we expect pro forma revenue (accounting for the recent Magimix disposal closed in September 2025) of €225 million-€235 million, assuming organic revenue growth of 1.0%-2.0%, thanks to price increases and resilient market demand despite economic headwinds and considering negative FX impact. For 2026, we expect overall similar organic revenue growth, complemented by a possible contribution from M&A activities. We forecast S&P Global Ratings-adjusted EBITDA will remain at €110 million-€115 million

...Under our revised base-case scenario for Umami TopCo (Robot Coupe), we factor in the stable performance during the first nine months of 2025. In that time, Robot Coupe reported total sales of about 174 million (compared to 172.3 million over the same period in 2024) and EBITDA of 85.5 million (86.9 million), constrained by negative foreign exchange (FX) dynamics and higher personnel costs. For 2025, we expect pro forma revenue (accounting for the recent Magimix disposal closed in September 2025) of 225 million-235 million, assuming organic revenue growth of 1.0%-2.0%, thanks to price increases and resilient market demand despite economic headwinds and considering negative FX impact. For 2026, we expect overall similar organic revenue growth, complemented by a possible contribution from M&A activities. We forecast S&P Global Ratings-adjusted EBITDA will remain at 110 million-115 million in 2025 and increase toward 115 million-125 million in 2026 on a larger revenue base, productivity gains...

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