Ontex Group
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Ontex Group (ONTEX) investor relations material

Ontex Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Revenue declined 4.9% like-for-like to €1,762 million in 2025, mainly due to lower baby care volumes and challenging market conditions; adjusted EBITDA margin dropped by 2 percentage points to 10%.

  • Free cash flow was negative at €(25) million, but net debt was reduced by 6% to €577 million, aided by €131 million in divestment proceeds.

  • Leverage increased to 3.3x due to lower EBITDA, but remains within covenant limits.

  • Strategic review initiated and new CEO appointed to sharpen focus, maximize value creation, and set priorities for 2026.

  • Transformation milestones included divestment of emerging markets, Belgian footprint progress, and US capacity expansion.

Financial highlights

  • Baby care volumes dropped 12% year-over-year, with softness in both Europe and North America due to low demand and A-brand promotions.

  • Adult care volumes grew by about 1%, now representing 47% of revenues, while feminine care volumes declined by about 2%.

  • Adjusted profit from continuing operations was €34 million, down from €76 million in 2024.

  • CapEx was €81 million, or about 4.3%-4.5% of revenue, focused on growth and efficiency.

  • Net loss for the period was €(173.5) million, mainly due to a €190 million non-cash loss from discontinued operations.

Outlook and guidance

  • 2026 market conditions expected to remain challenging, especially for baby care, with low consumer confidence and continued A-brand promotions.

  • Adjusted EBITDA targeted to improve by about 10%, with gradual improvement expected from Q2 onwards.

  • Free cash flow after financing expected to return to positive territory, and leverage to fall to 3x or below by year-end.

  • CapEx guidance maintained at 3.5%-4.5% of revenue.

  • Non-recurring cash outflows for 2026 expected at around €20 million, mainly for restructuring.

Strategic review focus areas
Leverage reduction drivers for 2026
Baby care market share dynamics
Strategic review: key areas for value creation
What are the primary drivers for 2026 EBITDA growth?
Baby Care: strategy to reverse demand decline
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Frequently asked questions

Ontex Group NV is an international personal hygiene company, based in Aalst, Belgium. Founded in 1979, Ontex specializes in designing, developing, manufacturing, and marketing a wide range of disposable products for babies, women, and adults. These products include diapers, panty liners, baby pants, wet wipes, pads, pull-ups, belt diapers, shaped pads, under pads, tampons, and rectangular pads. The company serves a diverse clientele, including hospitals, nursing homes, pharmacies, retailers, and institutional and private healthcare providers, delivering products directly to consumers as well. The company is headquartered in Aalst, Flandre Orientale, Belgium, and its shares are listed on Euronext Brussels.

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