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Equity Bottom-Up

Swiss Water Decaffeinated Coffee / Equity Bottom-Up

<ul>
<li>SWP’s strategic growth measures include balance sheet strengthening measures through debt repayments &amp; cancellation of outstanding warrants, increasing liquidity through amended terms on its revolving credit facility &amp; addition of a new credit facility, optimizing inventories to be positioned to respond to customer demand &amp; focus on new global markets.</li>
<li>Tariffs on most Brazilian product imports has led to demand shift away from Brazil from multiple customers, with SWP looking to source coffee from other markets, while retaining flexible purchasing and inventory management in the face of potentially rapid changes in tariffs.</li>
<li>Swiss Water Decaffeinated Coffee Inc. (OTC:SWSSF, TSX: SWP) reported 3Q25 results last week that were strong, particularly against a backdrop of rising coffee prices, industry challenges and adjusting for the impact of FX and hedging, we believe. </li>
</ul>


SWP’s strategic growth measures include balance sheet strengthening measures through debt repayments &amp; cancellation of outstanding warrants, increasing liquidity through amended terms on its revolving credit facility &amp; addition of a new credit facility, optimizing inventories to be positioned to respond to customer demand &amp; focus on new global markets.
Tariffs on most Brazilian product imports has led to demand shift away from Brazil from multiple customers, with SWP looking to source coffee from other markets, while retaining flexible purchasing and inventory management in the face of potentially rapid changes in tariffs.
Swiss Water Decaffeinated Coffee Inc. (OTC:SWSSF, TSX: SWP) reported 3Q25 results last week that were strong, particularly against a backdrop of rising coffee prices, industry challenges and adjusting for the impact of FX and hedging, we believe. 


SWP.TO: Volumes Up 7% Despite Volatile Market

<ul>
<li>SWP recently purchased and canceled an outstanding warrant entitling Mill Road Capital to acquire up to 2.25m shares.</li>
<li>SWP also amended its revolving credit facility, increasing liquidity, extending terms and obtaining a new $25m revolving credit facility with a new bank, Rabobank.</li>
<li>These initiatives strengthened SWP's balance sheet &amp; enhance its financial flexibility.</li>
</ul>


SWP recently purchased and canceled an outstanding warrant entitling Mill Road Capital to acquire up to 2.25m shares.
SWP also amended its revolving credit facility, increasing liquidity, extending terms and obtaining a new $25m revolving credit facility with a new bank, Rabobank.
These initiatives strengthened SWP's balance sheet &amp; enhance its financial flexibility.


SWP.TO: Solid 2Q25 Customer Growth, 1H Volumes Up Despite Volatile Market Conditions

<ul>
<li>SWP is focused on optimizing its financial flexibility &amp; strengthening its balance sheet.</li>
<li>We believe this will enhance the company's ability to navigate potential industry responses amid the unclear tariff and economic environment.</li>
<li>We also believe the company's strategy to expand its geographic reach and customer base is yielding strong results, with 1Q25 revenue growth pointing to demand from new &amp; existing customers, including in relatively new markets for SWP.</li>
</ul>


SWP is focused on optimizing its financial flexibility &amp; strengthening its balance sheet.
We believe this will enhance the company's ability to navigate potential industry responses amid the unclear tariff and economic environment.
We also believe the company's strategy to expand its geographic reach and customer base is yielding strong results, with 1Q25 revenue growth pointing to demand from new &amp; existing customers, including in relatively new markets for SWP.


SWP.TO: View Recent Steps as Positives That Position SWP For Enhanced Flexibility

<ul>
<li>Trade publications are reporting that coffee prices have reached record levels, a trend we have noted in prior reports.</li>
<li>Coffee price increases reflect a variety of factors including weather related crop conditions, distribution and logistics disruptions and expected imposition of tariffs.</li>
<li>According to Coffee Intelligence, the Coffee C futures contract, which is the global benchmark for Arabica coffee, recently reached their highest levels since the early 1970s.</li>
</ul>


Trade publications are reporting that coffee prices have reached record levels, a trend we have noted in prior reports.
Coffee price increases reflect a variety of factors including weather related crop conditions, distribution and logistics disruptions and expected imposition of tariffs.
According to Coffee Intelligence, the Coffee C futures contract, which is the global benchmark for Arabica coffee, recently reached their highest levels since the early 1970s.


SWP.TO: Expect Inventory Position Helps SWP Support Customers Amid Impact of Coffee Price Increases

Canada

Swiss Water Decaffeinated Coffee Inc. manufactures non alcoholic beverages. The Company offers coffee. Swiss Water Decaffeinated Coffee serves customers in Canada.

Swiss Water Decaffeinated Coffee (SWSSF US)

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Swiss Water Decaffeinated Coffee (SWSSF US)

SWP.TO: Volumes Up 7% Despite Volatile Market

The company is a leading specialty coffee company and premium green coffee decaffeinator producing chemical-free decaffeinated coffee

Zacks Small Cap Research

SWP.TO: Solid 2Q25 Customer Growth, 1H Volumes Up Despite Volatile Market Conditions

SWP also amended its revolving credit facility, increasing liquidity, extending terms and obtaining a new $25m revolving credit facility with a new...

Zacks Small Cap Research

SWP.TO: View Recent Steps as Positives That Position SWP For Enhanced Flexibility

We believe this will enhance the company's ability to navigate potential industry responses amid the unclear tariff and economic environment.

Zacks Small Cap Research

SWP.TO: View Recent Steps as Positives That Position SWP For Enhanced Flexibility

We believe this will enhance the company's ability to navigate potential industry responses amid the unclear tariff and economic environment.

Zacks Small Cap Research

SWP.TO: Expect Inventory Position Helps SWP Support Customers Amid Impact of Coffee Price Increases

Coffee price increases reflect a variety of factors including weather related crop conditions, distribution and logistics disruptions and expected...

Zacks Small Cap Research

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