Flora - comment

Flora have appointed Giangaddo Prati as CFO to replace Florence Naviner, who will retire in March 2026 after the closure of the

Tomás Mannion26 November 2025FLORA, UPFIELD

Flora - Milking Time - Model Update - Positioning

Please find our updated analysis on Flora post its Q3 results here.

We have had an excellent history with Flora, having invested in the previous Flora “sub” bonds in August and December 2022 at

Tomás Mannion6 November 2025FLORA

Flora - comment

Flora, Flora’s Q3 results demonstrated slightly stronger resilience than anticipated, with volumes declining by only 0.9%. Gross profit contracted by

Tomás Mannion5 November 2025FLORA, UPFIELD

Flora - Plant-Based Cash Cow - Model Update

Please find our updated analysis on Flora here.

We have had an excellent history with Flora, having invested in the previous Flora “sub” bonds in August and December 2022 at

Tomás Mannion20 October 2025FLORA, UPFIELD

Flora - comment

Flora has extended its revolving credit facility until October 2030. This is subject to the Senior Term Facilities also being extended to

Tomás Mannion17 October 2025FLORA

Flora - comment

Flora has priced its new €400 million senior unsecured bonds at 8.625%. The proceeds will be used primarily to redeem the remaining €300 million of

Tomás Mannion1 July 2025FLORA, UPFIELD

Flora - comment

Flora is holding a roadshow later today. Details are emerging, but we expect it will be to refinance its outstanding sub bonds.

Tomás Mannion24 June 2025FLORA, UPFIELD

Flora - comment

Flora released its Q1 results yesterday, which came in slightly below expectations. There were a few mitigating factors, including the

Buy Side, Sell SideTomás Mannion16 May 2025FLORA, UPFIELD

Sarria: Tariff Terror - what it means for every name

As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.

The idea here is

Flora - comment

The numbers continue to improve although deleveraging has slowed. Investors don’t appear to care, with several balance sheet refinancings/taps reducing the

Buy Side, Sell SideTomás Mannion28 March 2025FLORA

Flora - comment

Flora has launched a process to reprice its $ Term Loan which currently pays S + 425bps. As part of the transaction, Flora has released some

Tomás Mannion4 February 2025FLORA, UPFIELD

Flora - comment

Flora’s reward for issuing more Senior Secured paper to take out subordinated paper was Moody's rating downgrade from B2 to B1, citing

Tomás Mannion23 January 2025FLORA, UPFIELD

Flora (Upfield) - comment

Flora is tapping their 2029 notes with an additional €250m bonds, with Use of Proceeds used to redeem the 2026 $ and Euro bonds. The 2029 bonds

Tomás Mannion21 January 2025FLORA, UPFIELD

Flora/Upfield - comment

The Dutch plant-based food group released strong Q3 2024 results yesterday. The highlight of the quarter was positive volume growth for two of the

Saahil Dey8 November 2024UPFIELD, FLORA

Flora Food/Upfield - comment

Formerly known as Upfield, the Dutch edible spreads business launched a €100 million add-on to its existing 6.875% senior secured notes at

Saahil Dey2 October 2024UPFIELD, FLORA