Flora Group - Raising More Questions - Model Update

Ongoing pressure on mature consumer staples categories and the reliance on price-led growth continue to shape outcomes across leveraged food credits. In that context, we revisit our positioning on Flora Group following the FY25 results, focusing on what recent disclosures imply for the underlying cash-generative core of the business. To form our view, we look beyond headline stability to assess how business mix, restructuring drag, and cash conversion interact, and what this means for risk and value across the capital structure.