Voss Capital, LP on De'Longhi

Voss believes De'Longhi is being valued like a conventional European appliance manufacturer despite transforming into a higher-quality coffee-equipment company. Coffee now represents roughly 70% of revenue, while the Professional Coffee segment accounts for only 18% of revenue but 34% of EBITDA because margins are around 30% and growth is materially faster than the rest of the company. La Marzocco and Eversys provide exposure to premium specialty coffee, rapid cafe expansion and increasing automation as operators respond to rising labor costs. Major customers including Dutch Bros and 7 Brew have thousands of planned locations, creating additional equipment demand and a growing installed base that should generate recurring service, maintenance and parts revenue. At roughly 8x 2026 EBITDA, De'Longhi trades at a large discount to premium consumer peers, and Voss argues that a sum-of-the-parts valuation effectively assigns almost no value to Professional Coffee. The De'Longhi family's direct stake in the Professional Coffee Hub creates alignment around potential catalysts including greater segment disclosure, a minority buyout, IPO, spin-off or broader portfolio simplification.