Slide 1: H1 2024 results
H1 2024 results July 31, 2024
Slide 2: Disclaimer
Disclaimer > Forward-looking statements > Accounting changes This presentation may include forward-looking statements. Forward- Continuing operations encompass looking statements are statements regarding or based upon our the Group’s Core Markets. As from management’s current intentions, beliefs
Slide 3: Business review
Business review Ontex ‘Here for you
Slide 4: Volume growth and delivery on cost transformation program drive H1 profitability
Volume growth and delivery on cost transformation program drive H1 profitability and cash up, and leverage down Core Markets Total Group Revenue Adj. EBITDA Free Leverage growth margin Cash Flow ratio 3% 12.0% €43M 2.5X LFL +2.6pp vs €(29)M vs 3.3x in Dec ‘23 4 LFL = Like For Like, excluding scope a
Slide 5: Further progress made on value creation drivers in H1
Further progress made on value creation drivers in H1 > Competitive & Sustainable Innovation Stop&Lock anti-leak technology and new youth pants launched Success in protecting IP Recyclable diapers marking a next step Recognition from CDP > Business Expansion > Best-in-class Operations New
Slide 6: Strengthening adj. EBITDA every quarter while investing in future growth
Strengthening adj. EBITDA every quarter while investing in future growth Core adj. EBITDA (in €M) 12.5% > Strengthening margin year on year 11.5% and in the half year 10.4% Q2 up +1.0pp QOQ 9.7% 9.5% 57 Q2 up by +2.8pp YOY 9.1% 53 47 43 44 41 > Strengthening adj. EBITDA year on year and in the h
Slide 7: Financial review
Financial review Ontex”
Slide 8: H1 revenue up 3% LFL on volume growth and mix improvement
H1 revenue up 3% LFL on volume growth and mix improvement offsetting expected price reductions H1 Core revenue (in €M) 917 > 5% volume/mix growth driven H1 892 +5% -2% -0% 916 Other by double digit in North America Volume/ Price Forex and selected categories mix Q2 > Prices slightly lower, managed i
Slide 9: Cost transformation program strengthens H1 profitability and boosts competitiveness
Cost transformation program strengthens H1 profitability and boosts competitiveness to drive future growth H1 Core adj. EBITDA (in €M) +37 -17 +20 -11 > €6M volume growth and mix improvement -12 +2 110 > Consistent cost transformation program Other operating Price Raw costs SG&A Forex €37M net ope
Slide 10: Strong adj. EBITDA translates in solid adj. profit increase
Strong adj. EBITDA translates in solid adj. profit increase Exceptional costs temper basic EPS improvement Condensed P&L H1 24 H1 23 > Net finance cost slightly up due to forex effects offsetting improved interest costs Adj. EBITDA 110 84 D&A -36 -36 > Taxes lower thanks to recognition of deferred t
Slide 11: Solid FCF delivery thanks to adj. EBITDA increase
Solid FCF delivery thanks to adj. EBITDA increase and benefitting from phasing in capex and restructuring costs Adj. EBITDA to FCF bridge (in €M) (in €M) > WC needs slightly up: 130 -12 Inventories up to support volume growth and cost Discont. -5 +3 -50 transformation plan 20 WC Leases Payables
Slide 12: Net and gross financial debt significantly improved on solid FCF and M&A proceeds
Net and gross financial debt significantly improved on solid FCF and M&A proceeds Debt evolution (in €M) 160 (748) > M&A inflow of €34M: (665) +43 4% > RCF €25M from Algeria and Pakistan divestments +34 €242M max, drawn for 13% (588) Floating rate €8M from deferred receivable on Mexican FCF
Slide 13: Solvency and liquidity position further strengthened
Solvency and liquidity position further strengthened Adj. EBITDA (LTM, Total Group) Net financial debt > Leverage improvement over H1 Leverage ratio 236 229 by 0.8p to 2.5x 205 182 167 > Liquidity position of €370M: 5.3x 146 Cash position of €160M 880 4.5x 665 Undrawn portion of RCF of €210M 652
Slide 14: Outlook
Outlook Ontex ‘Here for you
Slide 15: 2024 outlook revised up, across all metrics
2024 outlook revised up, across all metrics Core Markets Total Group Revenue Adj. EBITDA Free Leverage LFL growth margin Cash Flow ratio 4% - 5% 12% > €20M < 2.5X > Previously: > Previously: > Previously: > Previously: Low single digit 11% - 12% > €9M < 2.8x 15
Slide 16: Ontex
Ontex <x Se) S)
Slide 17: Ontex - Here for you.
Ontex— Here for you.