Upfield published their Q3 results last night, ahead of their conference call today. With price deflation in the spreadable market, sales were down 10%. Gross profit

Upfield has upsized its tap from earlier this week, in line with our previous comment. The new size is $215m fungible with the current Term

Upfield have launched a €100m tap to the previously extended facilities this morning.  In July, 79% of the €2.4bn facility was extended to January 2028

Upfield are holding an investor call today at 1:30 UK time on an amend and extend of its €, $ and £ term loan tranches, with the aim to

Further press reports on lower food inflation, with the FT citing “softening” butter prices due to a reduction in dairy producers’ costs. In Germany, prices are

Upfield have partially extended its Bank Loan Facilities, the RCF to October 2027 and Polish Zloty Term Loan Facilities to January 2028. However, the

Please find our updated model here.

With just over 2yrs left until the maturity of the Term Loans, is it time for Upfield to focus its mind on refinancing? We commenced our analysis from

Please find our updated model here. 

We took our initial 2.5% position in mid-August post-Q2 numbers at 62% and increased our position in December at 72% to 5% long. We are maintaining our position at the current 15% yield, and remain confident that further deleveraging is ahead.