Ontex [FY25 EBITDA at low end of guidance, FY26 guidance of +10% EBITDA]
4Q adjusted EBITDA dropped by 32% while FY25 adjusted EBITDA landed at 175.6m, which is at the low end of the € 175-180m guidance given at the time of the profit warning in December. FY26 guidance calls for a 10% increase in adjusted EBITDA to c. € 193m which is about 2% below our and consensus forecasts. We remind that Ontex recently decided to accelerate its CEO transition plan with Mr Nielly, previously President of Ontex Europe, having been appointed as the new CEO already in the course of January. Ontex has launched a strategic review, which seems mainly directed to enhancing the company's performance at this stage. We still see larger strategic moves like a combination with a US-focused peer as an eventual end game for Ontex, given the limited structural growth of its industry and the limitations to operational improvements. Taking into account the depressed recent share performance and the attractive intrinsic valuation, we reiterate our Accumulate rating and € 6.5 target price HereOntex Group NV is a Belgium-based company, which operates in the manufacturing sector of industry. The Company is a producer of disposable personal hygiene solutions for babies, women and adults. It 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, Helen Harper, Moltex, Baby Charm) across several distribution channels, such as retail trade, care institutions and pharmacies. The Company is present in Europe, Northern Africa, Australia and Asia.
We are a financial services provider for several types of professional clients, each with distinct needs.
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