Ontex Group NV
XBRU:ONTEX
Ontex Group NV
Ontex Group NV is an international personal hygiene group. The company is headquartered in Aalst, Oost-Vlaanderen and currently employs 9,627 full-time employees. The company went IPO on 2014-06-25. The firm is a producer of disposable personal hygiene solutions for babies, women and adults. The company offers a range of such products as baby diapers, baby pants, baby wet wipes, pads, pantyliners, tampons, light incontinence products, pull-ups, belt diapers, all-in-one tape systems, shaped pads and underpards. Its products are distributed through retail partner brands, as well as under its own brands (canbebe, canped and Moltex,) across several distribution channels, such as retail trade, care institutions and pharmacies. The firm is present in Europe, North America, Brazil, Northern Africa, Australia and Asia, among others.
Ontex Group NV is an international personal hygiene group. The company is headquartered in Aalst, Oost-Vlaanderen and currently employs 9,627 full-time employees. The company went IPO on 2014-06-25. The firm is a producer of disposable personal hygiene solutions for babies, women and adults. The company offers a range of such products as baby diapers, baby pants, baby wet wipes, pads, pantyliners, tampons, light incontinence products, pull-ups, belt diapers, all-in-one tape systems, shaped pads and underpards. Its products are distributed through retail partner brands, as well as under its own brands (canbebe, canped and Moltex,) across several distribution channels, such as retail trade, care institutions and pharmacies. The firm is present in Europe, North America, Brazil, Northern Africa, Australia and Asia, among others.
Revenue Decline: Full-year revenue fell 5% like-for-like, mainly due to lower volumes in Baby Care and contract manufacturing, especially in North America.
Profitability Impact: Adjusted EBITDA margin dropped by 2 percentage points to 10%, with Q4 margin falling to 9% due to lower volumes.
Negative Free Cash Flow: Free cash flow was negative EUR 25 million, but better than expected thanks to tight working capital management and higher factoring.
Leverage Increase: Leverage ratio rose back to 3.3x due to lower EBITDA, though net debt was reduced by 6% to EUR 577 million.
2026 Outlook: Management targets a 10% increase in adjusted EBITDA for 2026, driven by cost transformation and stable revenue, with improvements expected mainly after a soft Q1.
Strategic Review: A broad review is underway to sharpen focus and maximize value, including potential reassessment of Russian operations.
Capex & Restructuring: Capex will be 3.5–4.5% of revenue; about EUR 20 million in restructuring cash outflows expected in 2026.
Operational Stability: Management expects more stable operations in 2026 after supply chain and organizational disruptions in 2025.
