Ontex confirms H1 results with revenue and margin decrease in a weaker-than-expected market, while investing significantly and reaching key transformation milestones
Regulated information
- Revenue drop by 4% in H1, caused mainly by weak baby care demand in Europe;
- Adj. EBITDA margin down by 2.2pp in H1, due to lower fixed cost absorption caused by lower volumes, and a rising cost environment;
- Expecting low single digit revenue contraction for full year 2025 and adj. EBITDA in €200-210 million range.
CEO quote
Gustavo Calvo Paz, Ontex’s CEO, said: “The weak first half of the year, while disappointing, will not derail us from our strategic journey. We are steadily progressing and deliver results step by step. The reshaping of the portfolio and the strengthening of the balance sheet have been largely realized. The innovation pipeline has been strengthened and will continue to deliver. Our business in North America has demonstrated fast growth, on the pursuit of scale, and we have taken major steps toward best-in-class operations. These structural changes will gradually improve our resilience to market fluctuations.”
H1 2025 results summary
- Revenue was €880 million, a 4.0% like-for-like decrease, of which 1.0% from expected price carry-over from 2024. Volumes decreased by 3.0% including mix effects, which was overall in line with the drop in demand in Ontex’s key markets. The decrease was most pronounced for baby care in Europe, which was magnified by some customers destocking. Net contract gains contributed positively to the volumes, mainly in North America. While in Europe, Ontex faced temporary supply chain disruptions caused by unavailability of certain raw materials, the plant outage in Spain, and delayed capacity ramp-up in some growing product categories.
- Adjusted EBITDA was €86 million, compared to €110 million in 2024, representing a margin contraction by 2.2pp to 9.8%. The decrease reflects the direct impact of sales price decrease, and the impact of lower volumes, including the effect of lower fixed cost absorption. The cost transformation program helped to mitigate the impact of higher inflation- and index-driven costs and temporary inefficiencies.
- Operating profit was €43 million, including €(5) million one-offs, mostly restructuring costs.
- Free cash flow was €(40) million, reflecting the lower EBITDA contribution, the lower use of factoring, the increase in capital expenditure and the cash-out for restructuring.
- Net financial debt for the Total Group was €552 million at the end of June, compared to €612 million at year start. The decrease over the period is mainly linked to the net proceeds received on divestments, which more than offset the negative free cash flow and the share buy-backs. With the lower EBITDA contribution, the leverage ratio rose from 2.5x to 2.7x.
Strategic developments in H1 2025
- Ontex concluded the divestment of its Brazilian business at the start of April, for which preliminary aggregate net cash proceeds for €99 million were received. Earlier in the year, Ontex has reached a binding agreement to sell its Turkish business activities for an enterprise value of approximately €24 million, and of which the closing is expected during the second half of 2025.
- In March, Ontex issued a €400 million high-yield bond which matures in April 2030 and holds a fixed interest rate of 5.25%. This bond replaces the former €580 million high-yield bond, which meanwhile has been repaid to the bond holders.
- By mid-April, Ontex finalized its 1.5 million share buyback program, which had been launched in December 2024. The acquired shares will contribute to meeting Ontex’s obligations under its current and future long-term incentive plans. Ontex currently holds 2.85% of its issued shares in treasury.
2025 outlook [1]
Results in the second half are anticipated to recover. Revenue is expected to rebound even if consumer demand remains soft. The main contributors to this revenue expansion over the second half year are the commencement of new contracts in Europe and North America during the third quarter and the end of customer destocking. This volume growth will strongly impact the adjusted EBITDA margin through fixed cost absorption. The temporary supply chain inefficiencies that affected both volume growth and caused additional costs have been resolved. Moreover, raw material costs are decreasing on lower indices. Meanwhile Ontex continues to implement its cost transformation program which will drive further savings and activate additional production capabilities in growing product categories.
Consequently, it is expected that for the second half of 2025:
- Revenue recovers to be in line with the second half of 2024;
- Adjusted EBITDA returns to year-on-year growth;
- Free cash flow generation will be positive, offsetting the outflow in the first half of 2025.
Ontex thereby adapted its full year guidance to the new reality and now expects:
- Revenue to reduce by low single digit like for like (previously expected to grow by 3% to 5% like for like);
- Adjusted EBITDA to be in a range of €200 million to €210 million (previously expected to grow by 4% to 7% or in a range of €232 million to €238 million);
- Free cash flow to be around zero (previously to remain strong);
- Leverage at around 2.5x by year end (previously below 2.5x).
[1] Ontex expectations assume no changes to the current international import tariff situation.
Unless otherwise indicated, all comments in this document are on a year-on-year basis and for revenue specifically on a like-for-like (LFL) basis (at constant currencies and scope and excluding hyperinflation effects). Definitions of Alternative Performance Measures (APMs) in this document can be found on page 9.
Key business indicators [2]
| Business results | Q2 | H1 | ||||||
| in € million | 2025 | 2024 | % | % LFL | 2025 | 2024 | % | % LFL |
| Revenue | 429.7 | 455.9 | -5.8% | -5.2% | 880.3 | 916.1 | -3.9% | -4.0% |
| Adult Care | 203.7 | 195.7 | +4.1% | +3.9% | 406.1 | 394.5 | +2.9% | +2.6% |
| Baby Care | 163.7 | 195.2 | -16% | -15% | 351.9 | 390.7 | -9.9% | -9.8% |
| Feminine Care | 57.8 | 60.3 | -4.0% | -3.5% | 114.0 | 120.5 | -5.4% | -5.5% |
| Operating expenses (excl. DA) | (394.0) | (399.0) | +1.3% | (794.1) | (806.3) | +1.5% | ||
| Adj. EBITDA | 35.7 | 56.9 | -37.3% | 86.2 | 109.8 | -21.5% | ||
| Adj. EBITDA margin | 8.3% | 12.5% | -4.2pp | 9.8% | 12.0% | -2.2pp | ||
| (EBITDA adjustments) | (2.6) | (41.6) | +94% | (5.3) | (42.2) | +87% | ||
| Depreciation & amortization | (19.2) | (18.4) | -4.1% | (38.1) | (36.4) | -4.7% | ||
| Operating profit/(loss) | 13.9 | (3.1) | 42.8 | 31.1 | +38% | |||
| Revenue | 2024 | Vol/mix | Sales | 2025 | Forex | 2025 | |||||||||||||
| in € million | price | LFL | |||||||||||||||||
| Q2 | 455.9 | -21.7 | -1.8 | 432.4 | -2.8 | 429.7 | |||||||||||||
| -4.8% | -0.4% | -5.2% | -0.6% | -5.8% | |||||||||||||||
| H1 | 916.1 | -27.5 | -9.1 | 879.5 | +0.8 | 880.3 | |||||||||||||
| -3.0% | -1.0% | -4.0% | +0.1% | -3.9% | |||||||||||||||
| Adj. EBITDA | 2024 | Vol/mix | Sales | Raw | Operat. | Operat. | SG&A/ | Forex | 2025 | ||||||||||
| in € million | price | mat'ls | costs | savings | Other | ||||||||||||||
| Q2 | 56.9 | -8.3 | -1.8 | -15.9 | -14.5 | +18.8 | +0.5 | +0.0 | 35.7 | ||||||||||
| -15% | -3.2% | -28% | -26% | +33% | +1.0% | +0.0% | -37% | ||||||||||||
| H1 | 109.8 | -10.7 | -9.1 | -18.8 | -22.5 | +34.1 | +3.9 | -0.6 | 86.2 | ||||||||||
| -9.7% | -8.3% | -17% | -20% | +31% | +3.6% | -0.5% | -21% | ||||||||||||
[2] Business P&L figures, represent continuing operations, i.e. Core Markets, only. As from 2022, Emerging Markets are reported as assets held for sale and discontinued operations, following the strategic decision to divest these businesses. Most of these were divested to date.
H1 2025 business review of Core Markets (continuing operations)
Revenue
Revenue was €880 million, a 4.0% like-for-like decrease, with most of the decrease coming from lower volumes, which were overall in line with the drop in demand in Ontex’s key markets, and the remainder from carry-over of lower prices in 2024.
Volumes decreased by 3.0% including mix effects, on weak customer demand, especially in the European baby care category. Net contract gains contributed positively to the volumes, especially in North America. While in Europe, Ontex faced temporary supply chain disruptions caused by unavailability of certain raw materials, the plant outage in Spain, and delayed capacity ramp-up in some growing product categories.
Volumes in the baby care category were down 7.8%, including a positive mix effect, reflecting the very weak consumer demand for retailer brands in the European and North American markets, which declined by high single digit overall. Retailer brands faced heavy promotional activity by branded players in both regions. The impact on Ontex’s revenue was higher due to its particular exposure to countries where these effects were more pronounced, such as the UK and Poland, and due to some customers destocking.
Volumes in feminine care were down by 4.8%, more than the slight decrease in consumer demand in Europe, caused by the temporary supply chain constraints mainly linked to the plant outage in Spain.
Volumes in adult care were up by 2.9%, including a positive mix effect, reflecting continued demand in the retail channel and stable demand in the healthcare channel in Europe.
Sales prices were down 1.0% overall. While they were down across categories, the effect was most pronounced in baby care. The decrease is mainly the result of carry-over from the previous year, which was expected, reflecting adjustments in 2024 for the decrease of raw material price indices in 2023.
Forex fluctuations had no meaningful impact overall, with a 0.1% positive impact in total. The appreciation of the Polish zloty and the Russian ruble compensated for the depreciation of the US and Australian dollar.
Adjusted EBITDA
Adjusted EBITDA was €86 million, compared to €110 million in 2024. The decline reflects the direct impact of the €(9) million sales price decrease, and the €(11) million impact of lower volume and mix which includes the effect of lower fixed cost absorption. The cost transformation program helped to mitigate the impact of higher costs and temporary inefficiencies.
Raw material costs rose by some 4% in the half year, resulting in a €(19) million impact. Prices increased for most raw materials, and for fluff in particular, but these are decreasing meanwhile.
Other operating costs were up by about 8%, resulting in a €(22) million impact, of which about half was linked to inflation of salaries and of logistic and other services, while the other half was linked to temporary inefficiencies. In North America additional costs were incurred to prepare the ramp-up of production in the second half of the year and to anticipate the potential impact of US import tariffs, albeit that these eventually did not apply. In Europe the supply chain disruptions also led to additional compensating costs in manufacturing and distribution.
The cost transformation program delivered €34 million net savings, which represents a strong efficiency gain in operating costs by some 5%, and this despite the lower volume base. The savings are partly linked to the progress made on the transformation of Ontex’s operational footprint in Europe.
SG&A costs were re-adjusted to reflect the lower profitability level. It thereby had a positive €4 million impact.
Forex fluctuations had a €(1) million net negative impact, mainly linked to the depreciation of the Mexican peso affecting the contribution from the Tijuana plant.
The adjusted EBITDA margin contracted by 2.2pp to 9.8%.
Q2 2025 business review of Core Markets (continuing operations)
Revenue
Revenue was €430 million, a 5.2% like-for-like decrease, mainly on lower volumes.
Volumes decreased by 4.8% including mix effects, especially in the baby care category. While in North America Ontex’s volumes were largely stable, outperforming low consumer demand, in Europe, the lower consumer demand in baby care was exacerbated by intense promotional activity from A-brands, which limited consumer down-trading. These effects were more pronounced in some of Ontex’s key markets, where Ontex also faced customer destocking. Moreover, unavailability of certain raw materials and the plant outage in Spain caused temporary supply chain disruptions. These disruptions also affected volumes in feminine care. In adult care, volumes continued to grow reflecting the underlying positive societal trend. This category now represents close to half of Ontex’s revenue.
Sales prices were down 0.4% overall. While they remained stable year on year in the feminine and adult category, they came down in baby care mostly as a result of the price carry-over from 2024.
Forex fluctuations had a slight negative impact of 0.6% overall. The depreciation of the Australian and especially the US dollar, was partly offset by the appreciation of the Russian ruble.
Adjusted EBITDA
Adjusted EBITDA was €36 million, compared to €57 million in 2024. The decline reflects the direct impact of the €(2) million sales price decrease, and the €(8) million impact of lower volumes, including the effect of lower fixed cost absorption. Continued delivery on the cost transformation program was not sufficient to compensate the impact of the temporary higher costs and inefficiencies.
Higher raw material costs resulted in a €(16) million impact. Prices increased for most raw materials, and for fluff in particular, but are decreasing meanwhile.
Other operating costs were up by €(15) million, linked to temporary measures taken to mitigate the supply chain inefficiencies, and also linked to inflation.
The cost transformation program delivered €19 million net savings, which represents a strong reduction of the operating costs by more than 5%, and this despite the lower volume base.
SG&A costs continued to be re-adjusted to the lower profitability level, and had a positive €1 million impact on the quarter.
Forex fluctuations had no net impact.
The adjusted EBITDA margin contracted by 4.2pp to 8.3%.
Key financial indicators
| Financial results | H1 | ||
| in € million | 2025 | 2024 | % |
| Adj. EBITDA | 86.2 | 109.8 | -21% |
| Depreciation & amortization | (38.1) | (36.4) | -4.7% |
| Net finance cost | (43.3) | (26.5) | -63% |
| Adj. income tax expense [3] | (4.5) | (5.4) | +17% |
| Adj. profit from continuing operations | 0.3 | 41.4 | -99% |
| EBITDA adjustments [4] | (5.3) | (42.2) | +87% |
| Impact of EBITDA adjustments on income tax [3] [4] | 1.3 | 10.5 | -88% |
| Profit/(loss) from continuing operations | (3.7) | 9.6 | -138% |
| Loss from discontinued operations | (111.1) | (15.5) | -617% |
| Loss for the period | (114.8) | (5.8) | -1865% |
| Basic EPS (in €) | (1.4) | (0.07) | -1884% |
| Capex | (44.5) | (37.9) | -17% |
| Free cash flow | (40.3) | 43.2 | -193% |
| Net working capital [5] | 123.0 | 117.5 | +4.7% |
| Working capital / revenue [5] | 6.8% | 5.3% | +1.5pp |
| Gross financial debt [5] | 698.0 | 736.3 | -5.2% |
| Net financial debt [5] | 552.2 | 612.0 | -10% |
| Leverage ratio [5] | 2.68x | 2.46x | +0.21x |
[3] The Adjusted income tax expense consists of the income tax expense, as presented in the income statement, adjusted for the impact of EBITDA adjustments.
[4] EBITDA adjustments and their impact on income tax are subtracted from adjusted profit to obtain profit.
[5] Balance sheet data reflect the end of the period and compare to the start of the period, i.c. December 2024.
H1 2025 financial review of Total Group
P&L
Depreciation & amortization from continuing operations was slightly up at €(38) million, reflecting the higher investment level.
EBITDA adjustments of €5 million were made in continuing operations. These adjust for €(2) million restructuring costs, related mainly to small changes in the on-going transformation program affecting Ontex’s Belgian operating footprint, which was launched in 2024 and expected to be finalized in 2026, as well as for €(2) million related to redundant asset impairments.
Net finance cost from continuing operations was €(43) million, more than €(27) million in 2024. Interest charges were slightly higher, mainly due to the expiration of an interest rate swap at the end of 2024. Net exchange differences accounted for €(19)M, compared to €(3) million in 2024. These differences are almost entirely unrealized, thus non-cash, and were caused mainly by the devaluation of the US dollar over the period, impacting intercompany loans.
Income taxes from continuing operations were €(3) million, compared to a positive impact of €5 million in 2024, which was caused at the time by the recognition of deferred tax assets.
The loss from discontinued operations was €(111) million. The Emerging Markets division, which it consists of, generated revenue of €82 million and an adjusted EBITDA of €6 million. These represent the contribution of the Brazilian business until early April, when that business was divested, and of the Turkish business, which is due to be divested in the second half of the year. The operating profit was €(109) million and includes the non-cash recycling of €(142) million currency translation adjustments, triggered by the effective divestment of the Brazilian business, partly offset by a net gain on disposal.
The loss of the period for the Total Group was €(115) million, compared to €(6) million the year before, and consists of the €(111) million loss from discontinued operations and €(4) million from continuing operations. Adjusted profit from continuing operations was break-even, compared to the €41 million profit in the first half of 2024, which is due to the lower adjusted EBITDA and the financial impact of the unrealized net forex differences. Basic earnings per share of the Total Group were €(1.43), compared to €(0.07) in 2024.
Cash flow
Capital expenditure was €(45) million, representing 4.6% of the Total Group revenue, an increase versus €(38) million in 2024. Combined with lease payments of €(13) million, it represented 1.5x the depreciation. The intensification of capital investments is planned, and is foreseen to remain at a high level during 2025 to support the business expansion in North America and the further implementation of the cost transformation program. About half of the expenditure was related to growth and innovation, a quarter to the transformation of the existing portfolio.
Free cash flow was €(40) million, reflecting the lower adjusted EBITDA contribution, the increase in capital expenditure, the lower use of factoring, and the cash-out for restructuring. While underlying working capital needs were minimal, requiring €(1) million, social liability fluctuations were €(7) million, and the use of factoring reduced by €(9) million, linked to the lower level of trade receivables following the drop in sales volumes. Taxes accounted for €(10) million. Payments related to financing were €(26) million and include the coupon payment of the high-yield bond that would normally have been paid in the second half of the year, as the payment was advanced following the early redemption of the bond.. Cash-out for restructuring and one-offs was €(23) million, primarily related to the on-going transformation in the Belgian operations. A provision of €16 million remains outstanding for this restructuring, which is expected to be expensed in the next twelve months.
M&A proceeds were €101 million, with the majority of €99 million from the divestment of the Brazilian business. These include the proceeds received at closing early April, and the escrow that was released at the end of June. These proceeds remain subject to customary balance sheet adjustments and some transaction costs. The remaining €2 million come from the partial downpayment of a deferred receivable related to the Mexican divestment in 2023.
The share buy-back program for 1.5 million shares to cover for long-term incentive plans, led to the acquisition of 1,353,662 shares for €(11) million. This program was launched in December 2024 and was finalized in April 2025.
Balance sheet
Net working capital at the end of the period was €123 million, of which €112 million in continuing operations, which compares to €103 million at the start of the period. The increase is attributable to the lower use of factoring facilities, in line with lower trade receivables. These, as well as inventories and trade payables, were down, slightly less than revenue, as the business needed time to adjust to the lower volumes. Other receivables were up, however, primarily linked to the insurance claim following the plant outage in Segovia in the first quarter. Including assets held for sale, working capital over revenue thereby rose to 6.8% compared to 5.3% at the start of the year.
Net financial debt for the Total Group was €552 million at the end of June, compared to €612 million at year start. The decrease over the period is mainly linked to the net proceeds received on divestments, which more than offset the negative free cash flow and the share buy-backs. Other fluctuations included refinancing costs linked to early repayment of the prior bond and initiation of the new bond, which were more than compensated by non-cash impacts, mainly related to lower leasing following the Brazilian divestment.
The leverage ratio of net financial debt over adjusted EBITDA of the last twelve months rose from 2.5x to 2.7x, as the latter decreased from €248 million to €206 million, partly as a result of the scope reduction.
Gross financial debt reduced to €698 million. During the period the former 3.50% bond for €580 million, which would have matured in July 2026, was redeemed early. About half was repaid through a tender offer in April, and the remainder through a satisfaction and discharge mechanism, which allowed it to be cleared from the balance sheet, whereby the amount to be repaid was transferred to a trustee account, who repaid the remaining bond holders in July. Meanwhile a new 5.25% bond for €400 million was emitted, which matures in April 2030. The difference in quantum was covered by the proceeds from divestments and a temporary increase in the use of the revolving credit facility, which is now used at 69% or €(185) million.
Assets-held-for-sale at the end of the period, i.e. mainly the Turkish businesses, had a net asset value of €70 million, including a €49 million net cash position. The balance sheet also includes €(73) million of cumulative translation reserves in equity related to these assets, that will be recycled through the P&L once the divestments are finalized.
Alternative performance measures
Alternative performance measures (non-GAAP) are used in this press release since management believes that they are widely used by certain investors, securities analysts and other interested parties as supplemental measure of performance and liquidity. The alternative performance measures may not be comparable to similarly titled measures of other companies, have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of operating results, performance or liquidity under IFRS.
Net financial debt and leverage ratio
Net financial debt is calculated by adding short-term and long-term debt and deducting cash and cash equivalents. The leverage ratio is calculated by dividing the net financial debt by the adjusted EBITDA for the last twelve months (LTM). It excludes the contribution of businesses divested since, i.e. the Algerian and Pakistani businesses in 2024, and the Brazilian business in 2025.
| Reconciliation of net financial debt | 30/06/2025 | 31/12/2024 | |||||
| in € million | Cont. | Discont. | Total | Cont. | Discont. | Total | |
| Non-current interest-bearing debts | A | 488.6 | 0.4 | 488.9 | 667.1 | 10.9 | 678.0 |
| Current interest-bearing debts | B | 208.2 | 0.8 | 209.0 | 53.1 | 5.2 | 58.3 |
| Gross financial debt | C = A+B | 696.8 | 1.2 | 698.0 | 720.2 | 16.1 | 736.3 |
| Cash & cash equivalents | D | 96.7 | 49.0 | 145.8 | 56.9 | 67.3 | 124.2 |
| Net financial debt | E = C-D | 600.0 | (47.8) | 552.2 | 663.3 | (51.2) | 612.0 |
| Adj. EBITDA (LTM) | F | 199.1 | 7.3 | 206.3 | 222.6 | 25.7 | 248.3 |
| Leverage ratio | G = E/F | 2.68x | 2.46x | ||||
Net working capital
Net working capital is calculated by adding inventories, trade receivables and prepaid expenses and other receivable and deducting trade payables and accrued expenses and other payables. The ratio to the annualized ratio of the last three months excludes the contribution of businesses divested since, i.e. the Brazilian businesses in 2025.
| Reconciliation of working capital | 30/06/2025 | 31/12/2024 | |||||
| in € million | Cont. | Discont. | Total | Cont. | Discont. | Total | |
| Inventories | H | 282.1 | 11.2 | 293.3 | 292.9 | 34.0 | 326.9 |
| Trade receivables | I | 194.0 | 19.5 | 213.6 | 204.1 | 41.2 | 245.3 |
| Prepaid expenses & other receivables | J | 81.7 | 1.5 | 83.2 | 67.2 | 4.8 | 72.0 |
| Trade payables | K | 423.7 | 19.7 | 443.4 | 440.1 | 58.2 | 498.3 |
| Accrued expenses & other payables | L | 22.4 | 1.4 | 23.7 | 21.1 | 7.2 | 28.3 |
| Net working capital | M = H+I+J-K-L | 111.8 | 11.2 | 123.0 | 103.0 | 14.5 | 117.5 |
| Working capital / revenue (L3M) | N = M/(4*a) | 6.8% | 5.3% | ||||
Like-For-Like (LFL) revenue and growth
Like-for-like revenue is defined as revenue at constant currency excluding change in scope of consolidation or M&A and hyperinflation impacts. The reconciliation of like-for-like revenue can be found on page 3. Like-for-like growth compares the like-for-like revenue with the revenue of the previous year.
Adjusted EBITDA and adjusted EBITDA margin
Adjusted EBITDA is defined as earnings before net finance cost, income taxes, depreciations and amortizations (commonly defined as EBITDA) plus EBITDA adjustments. The adjusted EBITDA margin is the adjusted EBITDA divided by revenue.
EBITDA adjustments are made for income and expenses that are considered by management not to relate to transactions, projects and adjustments to the value of assets and liabilities taking place in the ordinary course of activities of the Group. These income and expenses are presented separately, due to their size or nature, so as to allow users of the consolidated financial statements of the Company to get a better understanding of the normalized performance of the Company, and relate to:
- acquisition- and divestment-related expenses;
- changes to the measurement of contingent considerations in the context of business combinations;
- changes to the Group structure, business restructuring costs, including costs related to the liquidation of subsidiaries and the closure, opening or relocations of factories;
- impairment of assets and major litigations.
In the consolidated income statement these EBITDA adjustments are composed of the following items:
- income/(expenses) related to changes to Group structure; and
- income/(expenses) related to impairments and major litigations.
| Reconciliation of income statement | 2025 | 2024 | ||||||
| in € million | Cont. | Discont. | Total | Cont. | Discont. | Total | ||
| Q2 | ||||||||
| Revenue | a | 429.7 | 19.5 | 449.1 | 455.9 | 74.7 | 530.6 | |
| Operating profit/(loss) | b | 13.9 | (113.4) | (99.5) | (3.1) | (18.2) | (21.3) | |
| Depreciation & amortization | c | (19.2) | 0.0 | (19.2) | (18.4) | 0.0 | (18.4) | |
| EBITDA | d = b-c | 33.0 | (113.4) | (80.3) | 15.3 | (18.2) | (2.8) | |
| Income & expenses related to changes to Group structure | e | (0.3) | (114.6) | (114.9) | (37.7) | (26.5) | (64.2) | |
| Income & expenses related to impairments & major litigations | f | (2.4) | (1.4) | (3.8) | (3.8) | - | (3.8) | |
| EBITDA adjustments | g = -e-f | 2.6 | 116.0 | 118.7 | 41.6 | 26.5 | 68.0 | |
| Adj. EBITDA | h = d+g | 35.7 | 2.6 | 38.3 | 56.9 | 8.3 | 65.2 | |
| Adj. EBITDA margin | i = h/a | 8.3% | 13.6% | 8.5% | 12.5% | 11.1% | 12.3% | |
| H1 | ||||||||
| Revenue | a | 880.3 | 81.9 | 962.2 | 916.1 | 165.9 | 1,082.0 | |
| Operating profit/(loss) | b | 42.8 | (109.4) | (66.7) | 31.1 | (6.8) | 24.3 | |
| Depreciation & amortization | c | (38.1) | (0.0) | (38.1) | (36.4) | (0.0) | (36.4) | |
| EBITDA | d = b-c | 80.9 | (109.4) | (28.5) | 67.5 | (6.8) | 60.7 | |
| Income & expenses related to changes to Group structure | e | (2.5) | (115.9) | (118.4) | (38.5) | (26.8) | (65.3) | |
| Income & expenses related to impairments & major litigations | f | (2.8) | 0.0 | (2.8) | (3.8) | - | (3.8) | |
| EBITDA adjustments | g = -e-f | 5.3 | 115.9 | 121.2 | 42.2 | 26.8 | 69.1 | |
| Adj. EBITDA | h = d+g | 86.2 | 6.5 | 92.7 | 109.8 | 20.0 | 129.8 | |
| Adj. EBITDA margin | i = h/a | 9.8% | 7.9% | 9.6% | 12.0% | 12.1% | 12.0% | |
More information on the EBITDA adjustments can be found on page 5.
Adjusted profit and adjusted EPS
Adjusted profit is defined as profit for the period plus EBITDA adjustments and the impact of these EBITDA adjustments on tax. Adjusted basic earnings per share are defined as adjusted profit divided by the weighted average number of ordinary shares.
| Reconciliation of adjusted profit | H1 | ||
| in € million | 2025 | 2024 | |
| Profit/(loss) from continuing operations | j | (3.7) | 9.6 |
| EBITDA adjustments | g | 5.3 | 42.2 |
| Impact of EBITDA adjustments on income tax | k | (1.3) | (10.5) |
| Adj. profit from continuing operations | l = j+g+k | 0.3 | 41.4 |
| Weighted average number of shares outstanding in the period (in million) | o | 80.3 | 81.1 |
| Adj. basic EPS from continuing operations (in €) | m = l/o | 0.00 | 0.51 |
Free cash flow
Free cash flow is defined as net cash generated from operating activities (as presented in the consolidated cash flow statement, i.e. including income taxes paid) less capital expenditures (Capex, defined as purchases of property, plant and equipment and intangible assets), less repayment of lease liabilities and including cash (used in)/from disposal, less financing cash flows, i.e. Interests paid and received, other costs of financing, realized foreign exchange (losses)/gains on financing activities and derivative financial assets.
| Reconciliation of free cash flow | H1 | |||
| in € million | 2025 | 2024 | ||
| Operating profit/(loss) (Total Group) | b | (66.7) | 24.3 | |
| Depreciation & amortization (Total Group) | c | (38.1) | (36.4) | |
| EBITDA (Total Group) | d = b-c | (28.5) | 60.7 | |
| Non-cash items and items relating to investing & financing activities | j | 97.6 | 66.3 | |
| Changes in working capital | k | (9.8) | (12.3) | |
| Current Employee benefit liabilities | l | (6.8) | 0.6 | |
| Cash from operating activities before taxes | m = d+j+k+l | 52.5 | 115.2 | |
| Income taxes paid | n | (10.1) | (5.1) | |
| Net cash generated from operating activities | o = m+n | 42.4 | 110.1 | |
| Capex (Purchases of PPE & intangible assets) | p | (44.5) | (37.9) | |
| Proceeds from disposal of PPE & intangible assets | q | (0.0) | 0.1 | |
| Repayment of lease liabilities | r | (12.5) | (12.4) | |
| Free cash flow before financing | s = o+p+q+r | (14.7) | 59.8 | |
| Interests paid | t | (25.3) | (20.6) | |
| Interests received | u | 3.6 | 3.2 | |
| Other costs of financing | v | (1.8) | 2.6 | |
| Realized foreign exchange (losses)/gains on financing activities | w | (0.7) | (1.1) | |
| Derivative financial assets | x | (1.4) | (0.7) | |
| Free cash flow | y = s+t+u+v+w+x | (40.3) | 43.2 | |
Practical information
Disclaimer
This report may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Ontex’s future results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report.
The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. In most of the tables of this report, amounts are shown in € million for reasons of transparency. This may give rise to rounding differences in the tables presented in the report. This report has been prepared in Dutch and translated into English. In the case of discrepancies between the two versions, the Dutch version will prevail.
Corporate information
The financial information in this document of Ontex Group NV for the six months ended June 30, 2025 was authorized for issue in accordance with a resolution of the Board on July 30, 2025.
Audio webcast
Management will host an audio webcast for investors and analysts on July 31, 2025 at 12:00 CEST / 11:00 BST. To attend, click on . As a presentation was already given following the preliminary results publication on July 16, 2025, this webcast will be limited to a Q&A session. A replay of the webcast will be made available afterwards.
Financial calendar
- October 30, 2025 Q3 2025 results publication
- February 12, 2026 Q4 & full year 2025 results publication
- April 29, 2026 Q1 2026 results publication
- May 5, 2026 2026 Annual general meeting of shareholders
- July 30, 2026 Q2 & H1 2026 results publication
- October 28, 2026 Q3 2026 results publication
Enquiries
- Investors Geoffroy Raskin
- Media Catherine Weyne
About Ontex
Ontex is a leading international developer and producer of baby care, feminine care and adult care products, for retailer and healthcare brands across Europe and North America. The group employs about 5,500 people with plants and offices in 12 countries (excl. discontinued operations), and its innovative products are distributed in around 100 countries. is headquartered in Aalst, Belgium, and is listed on , where it is a constituent of the index. To keep up with the latest news, visit or follow Ontex on .
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