Ontex Group N.v. · EURONEXT:ONTEX
Ontex — Ontex Group Nv Ord — H1 2026 Earnings Presentation
26 slides from Ontex's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 results
H1 2026 results July 30, 2026
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation 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, financ
Slide 3: Shaping a new Ontex
Shaping a new Ontex 3
Slide 4: Six months in…
Six months in… Addressing increasingly volatile environment & near-term pressures Pricing Continued cost-out initiatives Completed strategic review Deep reviews with support of external advisors Fundamental transformation with both restructuring and growth plans Moved to execution Es
Slide 5: Fundamental transformation articulated around 4 major shifts
Fundamental transformation articulated around 4 major shifts 1 2 3 4 Increase structural Reset the approach Adopt a more productivity by in North America to Accelerate adult targeted approach launching an prioritize care growth in to protect baby and ambitious Focus to profitability over Europe femi
Slide 6: Ambitious Focus to Value program, targeting €40M additional EBITDA
1 Ambitious Focus to Value program, targeting €40M additional EBITDA Case for Change What the Focus to Value program is > Ongoing productivity efforts > €240M total savings target over 2026-2028 vs 2025, increasingly requiring with €40M additional vs previously committed €200M transversal, cross-fun
Slide 7: Reset North American operations
2 Reset North American operations Case for Change What we are changing Impact we are pursuing > Market dynamics > Reset approach > Focus on where we have changed from volume to profitability greatest ability to win and grow profitably > Suboptimal, > New leadership in place complex set up > Establis
Slide 8: Accelerate adult care growth in Europe
3 Accelerate adult care growth in Europe Case for Change What we are changing Impact we are pursuing > Growing demand > Doubling the pace of Capex > Fully leverage our end-to- in adult and growing investment in adult care end expertise across need to differentiate channels and touchpoints > Shifting
Slide 9: Protect baby and feminine care positions in Europe in a more targeted way
4 Protect baby and feminine care positions in Europe in a more targeted way Case for Change What we are changing Impact we are pursuing > Baby market > Drive greater segmentation of > Continue stabilizing declined more than customers and products to optimize business, winning volume anticipated toge
Slide 10: Fundamental transformation articulated around major shifts
Fundamental transformation articulated around 4 major shifts 1 2 3 4 Increase structural Reset the approach Adopt a more productivity by in North America to Accelerate adult targeted approach launching an prioritize care growth in to protect baby and ambitious Focus to profitability over Europe femi
Slide 11: H1 2026 highlights
H1 2026 highlights 11
Slide 12: Lower volumes lead to lower adj. EBITDA and margin in H1
Lower volumes lead to lower adj. EBITDA and margin in H1 Leverage improved thanks to positive FCF and cash repatriation Revenue Adj. EBITDA margin FCF Leverage €855M 9.1% €7M 3.2x -2.2% LFL YoY -0.7pp YoY vs €(40)M in H1 2025 vs 3.3x end 2025 12
Slide 13: Business results continued to stabilize in Q2
Business results continued to stabilize in Q2 Revenue evolution Adj. EBITDA and margin evolution (Continuing operations, in €M) (Continuing operations, in €M) 11.2% 11.4% 451 445 430 436 426 428 8.9% 9.2% 9.1% 8.3% 51 51 188 164 176 169 162 166 Baby care 39 39 40 36 Feminine 56 58 60 54 53 54 care A
Slide 14: Market conditions anticipated to remain volatile in H2 2026
Market conditions anticipated to remain volatile in H2 2026 Market demand to remain unchanged in Geopolitical situation to continue the short term to put pressure on margin > Adult care demand to remain robust > Pace and rate of cost increase was more severe than we anticipated and volatility perdur
Slide 15: Outlook revised and range broadened due to continued geopolitical headwinds and volatility
Outlook revised and range broadened due to continued geopolitical headwinds and volatility Adj. EBITDA FCF Leverage ratio €165-180M €(25)-(10)M <3.5X > > vs €176M vs €(25)M vs 3.3x in 2025 in 2025 end 2025 Previously Previously Previously ~€193M (~+10%) positive ≤3.0x 15
Slide 16: H1 2026 financials
H1 2026 financials 16
Slide 17: Revenue down YoY, on soft baby market and lower volumes in CMF and overseas
Revenue down YoY, on soft baby market and lower volumes in CMF [1] and overseas H1 revenue YoY (in €M) > Volumes down 2%, with weaker volumes in Q1 (-4% YoY), 880 -15 followed by mild growth in Q2 (+1% YoY) thanks to reversal in baby care -4 861 Baby care volumes down 4%, due to anticipated lower
Slide 18: Lower revenue driving adj. EBITDA down, partially mitigated by continued savings delivery
Lower revenue driving adj. EBITDA down, partially mitigated by the continued savings delivery H1 adj. EBITDA YoY > Lower volume in Q1 and price carry-over leads to €(12)M negative revenue (in €M) impact 86 -12 78 +2 +2 -9.4% > Net costs slightly improved by €2M, thanks to savings delivery Revenue Ne
Slide 19: Positive Adj. Profit, but Net result highly impacted by non-cash items
Positive Adj. Profit, but Net result highly impacted by non-cash items Condensed P&L H1 25 H2 25 H1 26 > Adj. profit from continuing operations at €9M, Revenue 880 881 855 compared to €0M in 2025 Operating costs (excl. D&A) (794) (792) (777) Lower adj. EBIT(DA) Adj. EBITDA 86 89 78 Normalized ne
Slide 20: FCF positive on NWC improvement, and benefiting from phasing of capex and restructuring costs
FCF positive on NWC improvement, and benefiting from phasing of capex and restructuring costs, while tax and financing lower YoY H1 2026 adjusted EBITDA to FCF bridge > NWC/revenue improvement from 5.1% to 4.5% (in €M) working on payments terms and inventory levels +5 -7 +4 -13 78 Employee > Positiv
Slide 21: Net debt reduced by 6%, thanks to FCF and repatriation of M&A proceeds
Net debt reduced by 6%, thanks to FCF and repatriation of M&A proceeds H1 2026 net debt evolution (in €M) +79 (619) > €7M positive FCF (as explained on previous slide) (577) +7 +29 (540) RCF +1 (68) FCF > €29M M&A proceeds, mainly repatriation of cash from Algerian M&A net Lease proceeds changes Cas
Slide 22: Leverage ratio stabilizing just above 3x
Leverage ratio stabilizing just above 3x Strong liquidity position continues to be preserved Net debt and leverage ratio evolution (Total Group, in €M) 3.29x 3.36x 3.22x > Leverage at 3.22x 2.72x 2.68x 2.70x Leverage decline as net debt decrease compensates for 2.46x reduction in LTM adj. EBITDA 6
Slide 23: H2 priorities
H2 priorities 23
Slide 24: Path forward & priorities for H2
Path forward & priorities for H2 I Continue pricing actions to offset higher input costs II Deliver additional productivity and efficiency gains through the Focus to Value program III Ramp-up new assets in adult care Preserve balance-sheet strength and financial flexibility while executing the IV tr
Slide 25: Q&A
Q&A 25
Slide 26: Ontex—Here for you.
Ontex— Here for you.