Slide 1: Investor Update: Taking Ontex to the next level
Investor Update Taking Ontex to the next level May 8th 2019
Slide 2: Forward-looking statements
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, financial conditi
Slide 3: Today's agenda
Today’s agenda 1. Ontex: Transformation well underway 2. Favorable market fundamentals underpin the next phase 3. T2G to step-change operational efficiency and commercial excellence 4. Clear strategic priorities to drive profitable growth 5. Outlook 6. Q&A 3
Slide 4: 1. Ontex: Transformation well underway
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Slide 5: Ontex's journey since IPO
Ontex’s journey since IPO • Consistent growth strategy since IPO: Grow outside of Western Europe, increase branded business and expand presence in Adult Incontinence • Successfully positioned as a leading international personal hygiene company with a balanced portfolio of retail and own brands • Bus
Slide 6: Ontex's journey since IPO
Ontex’s journey since IPO • Consistent growth strategy since IPO: Grow outside of Western Europe, increase branded business and expand presence in Adult Incontinence • Successfully positioned as a leading international personal hygiene company with a balanced portfolio of retail and own brands • Bus
Slide 7: Transforming into a leading international personal hygiene company
Transforming into a leading international personal hygiene company, focused on local consumer and customer needs 2013 2019 International company with Geography European-focused locally-relevant brands Industrial 15 production facilities 19 production facilities Footprint Brands Mostly retailer brand
Slide 8: Geographic expansion and growth in revenue and EBITDA
Geographic expansion and growth in revenue and EBITDA Revenue Adjusted EBITDA EUR million EUR million 2,292 Americas 234 1,492 RoW 174 Europe 2013 2018 2013 2018 Note: Adjusted EBITDA is defined as EBITDA excluding non-recurring income and expenses. 8
Slide 9: Balanced product and customer mix
Balanced product and customer mix with increasing presence in fast-growing markets and branded business Geographies Brand Mix Contribution to revenue Contribution to revenue 13% Western Europe Retailer Brands 13% 13% Eastern Europe 38% Ontex Brands 18% 47% 46% Americas 62% 54% 69% RoW 27% 2013 2013
Slide 10: Strategic objectives supported by relevant acquisitions
Strategic objectives supported by relevant acquisitions Personal Hygiene (2013) (2016) (2017) Grow outside of – ✔ ✔ Strategic criteria Western Europe Increase branded business ✔ ✔ ✔ Expand presence in Adult Incontinence ✔ ✔ ✔ Successful ✔ ✔ ✔ operational results integration Financial and Performance
Slide 11: Acquiring unique platforms for growth in Americas
Acquiring unique platforms for growth in Americas We acquired positions in important markets... …with attractive growth fundamentals Acquired positions in 3 out of the top 5 largest personal Positive demographic trends, with higher hygiene markets in the world population growth (+0.9%) in Americ
Slide 12: Mexico: Flawless integration to foster expansion
Mexico: Flawless integration to foster expansion Flawless integration into the ‘Ontex family’ Further business expansion Seamless transition post-acquisition Continued market share gains since acquisition: Procurement synergies in first year post- • +7.6%pts in Babycare (from 22% to 30%) acqui
Slide 13: Brazil: A two-step plan to put the business back on track
Brazil: A two-step plan to put the business back on track 1 Integrate and reset 2 Stabilize and recover External Headwinds 2017 2018 2019 2020 • Take ownership of • Accelerate integration • Implement new • Fully implement Brazilian Real Hypermarcas Commercial model strategic agenda for Personal Hy
Slide 14: Brazil: Successful integration and reset over 2017-2018
Brazil: 1 Successful integration and reset over 2017-2018 Brands & Products Commercial Operations Internal Baby share falling ‘Push’ sales culture with high trade Dated lines, inefficient footprint challenges Limited exposure to fastest growing inventories and DSO Inadequate health and saf
Slide 15: Brazil: Executing our plan for value creation
Brazil: 2 Executing our plan for value creation Brand & Product Commercial Operations Further Improve Consumer Unlock Sustainable Fulfill at Value Propositions Distribution Gains Lower Total Cost • Brands and products • Segmentation • Continue to lower breakeven • Revenue management • Pricing corrid
Slide 16: Ontex's journey since IPO
Ontex’s journey since IPO • Consistent growth strategy since IPO: Grow outside of Western Europe, increase branded business and expand presence in Adult Incontinence • Successfully positioned as a leading international personal hygiene company with a balanced portfolio of retail and own brands • Bus
Slide 17: Recent unprecedented headwinds exacerbated internal challenges
Recent unprecedented headwinds exacerbated internal challenges External Headwinds Internal Challenges Raw materials Capacity constraints Fluff, SAP and Non-Woven indices increased by Impacting service level, cost and growth in 12% to 30% in the last 2 years strategic categories Adverse FX Br
Slide 18: Raw material indices have increased significantly since 2017
Raw material indices have increased significantly since 2017 Non-Woven Fluff PP Platts Euro Homo Index 1,400 Fluff RISI Index 1,600 1,400 1,200 1,200 1,000 +30% 1,000 +12% 800 800 600 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Super-Absorbent Polymer (SAP) Po
Slide 19: Proactively mitigating these challenges through operational savings and improved mix and pricing
Proactively mitigating these challenges through operational savings and improved mix and pricing 2016-2018 Adjusted EBITDA growth of 8% at constant currency EUR million 21 82 (35) 16 (78) (21) 269 249 234 Top-line and savings actions fully offset: • Raw material increases • Sales & Marketing investm
Slide 20: Ontex's journey since IPO
Ontex’s journey since IPO • Consistent growth strategy since IPO: Grow outside of Western Europe, increase branded business and expand presence in Adult Incontinence • Successfully positioned as a leading international personal hygiene company with a balanced portfolio of retail and own brands • Bus
Slide 21: Adding new capabilities to reinforce competitive advantage
Adding new capabilities to reinforce competitive advantage Key achievements over 2013-20181 • New plants and capacity 4 new factories opened Manufacturing & • Investments in Baby Pants, Adult Pants, Light Inco 52 new lines added Engineering • Own engineered lines 145 patents filed • Recruitmen
Slide 22: A more agile structure to drive growth and efficiency
A more agile structure to drive growth and efficiency Management Committee From five to three Divisions: Commercial activities now organized in Mature three Divisions, with respective go-to- Americas Growth market MENA Healthcare market model: retail markets EUR retail • Europe: Predominantly focuse
Slide 23: Experienced management team with strong track-record in FMCG and Retail
Experienced management team with strong track-record in FMCG and Retail 32 years 6 years Charles Charles Bouaziz Desmartis CEO CFO 27 years 35 years 5 years Thierry Laurent Astrid De Navarre Bonnard Lathauwer CTO Commercial HR Annick De 22 years 14 years 31 years Poorter Philippe Armando R&D, Agosti
Slide 24: Ontex today: A leading international pure play hygiene company
Ontex today: A leading international pure play hygiene company with strong positions in strategic regions >200 >30 Retailer Own Brands Brands 19 9 R&D Production Centers, Facilities in >350 granted 16 countries or pending and >200 lines patents Commercial Sales in 110 operations in countries 29 coun
Slide 25: Further stepping up sustainability initiatives
Further stepping up sustainability initiatives Important progress has been made in the last years… …with room for further improvement 32 32 29 Bring affordable quality to other markets with Carbon Carbon neutral by our own brands and support the development intensity ratio 2030 (gCO2/€) of Retailer
Slide 26: Ontex's journey since IPO
Ontex’s journey since IPO • Consistent growth strategy since IPO: Grow outside of Western Europe, increase branded business and expand presence in Adult Incontinence • Successfully positioned as a leading international personal hygiene company with a balanced portfolio of retail and own brands • Bus
Slide 27: Launching T2G to step-change Operational & Commercial Excellence
Launching T2G to step-change Operational & Commercial Excellence Comprehensive transformation plan tackling both Operations and Commercial levers More than 1,900 value creation initiatives to be implemented by end of 2021, starting to deliver results as of H1 2020 Dedicated Resources, Governan
Slide 28: T2G is an enabler of our strategy to accelerate value creation
T2G is an enabler of our strategy to accelerate value creation Highly attractive market fundamentals Strengthen current Expand into new businesses 1 2 leadership positions and geographies • A Europe: Maintain leadership in D• North America: Establish foothold retailer brands with retailer brands •B
Slide 29: 2. Favorable market fundamentals underpin the next phase
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Slide 30: Underlying growth trends reshaping the personal hygiene industry
Underlying growth trends reshaping the personal hygiene industry Channel shift with All hygiene Strong Retailer Local and regional e-commerce and Growth driven by categories supported Brands in developed brands winning self-pay Adult emerging markets by positive global markets, with further share In
Slide 31: Growth driven by emerging markets
Growth driven by emerging markets 2018 Retail Sales Price (RSP) in Babycare, Femcare and Adult Incontinence (incl. Away from Home and Rx/Reimbursement) Americas EMEA Asia-Pacific Western North Europe America CAGR 2018A-2023E APAC +0.3% €11bn €5bn +2.6% +5.5% €13bn Eastern Europe €32bn -0.3% €7bn Lat
Slide 32: Personal hygiene segment fundamentals remain attractive
Personal hygiene segment fundamentals remain attractive Attractive fundamentals within Household and Personal Care… …supported by structural trends Value 2018A-23E real growth 2018A market size EUR billion Population growth Incontinence 6.3% 14 Birth rates Skin Care 3.4% 114 Baby Care 3.3% 39 Ageing
Slide 33: Further growth potential for Retailer Brands across developed markets
Further growth potential for Retailer Brands across developed markets Market share of Adult Retailer Brands Babycare Femcare Incontinence (volume) 51% 48% 41% 41% 37% 40% Western Europe 2014A 2018A 2014A 2018A 2014A 2018A 26% 28% 31% 31% 22% 22% US 2014A 2018A 2014A 2018A 2014A 2018A Source: Nielsen
Slide 34: Local and regional brands are driving market growth and gaining share
Local and regional brands are driving market growth and gaining share in our categories Share of retail value 2014 2015 2016 2017 2018 Global brands1 57% 56% 55% 54% 53% 47% 46% 45% Local / regional 44% 43% brands2 Local/regional brands driving ~70% of market growth over 2015-2018 Source: Euromonito
Slide 35: Our categories are sold across Retail, E-commerce and Institutional
Our categories are sold across Retail, E-commerce and Institutional Channels Institutional and Offline Retail E-commerce Reimbursed Babycare €33bn €5bn n.a. Femcare €24bn €2bn - Adult Incontinence €7bn €1bn €7bn Source: Euromonitor. 35 Note: Data at fixed 2018 rates.
Slide 36: E-commerce is the fastest-growing channel in our categories
E-commerce is the fastest-growing channel in our categories, doubling its share in recent years Share of retail value 2014 2015 2016 2017 2018 Offline 94% 92% 91% 89% 89% 11% 11% 9% 8% E-commerce 6% x2 Source: Euromonitor. 36 Note: Includes Baby Diapers, Incontinence products and sanitary protection
Slide 37: Adult Incontinence market is shifting from Institutional towards Retail and Pharma self-pay
Adult Incontinence market is shifting from Institutional towards Retail and Pharma self-pay Key drivers of channel shifts in Western Europe Adult Incontinence market Inco channel evolution in Western Europe1 EUR million CAGR 2,593 2017A-21E • Recent innovations from leading brands 2,477 have signifi
Slide 38: We are well positioned to benefit from strong fundamental growth trends
We are well positioned to benefit from strong fundamental growth trends All hygiene categories Strong Retailer Brands Channel shift with Growth driven by supported by positive in developed markets, Local and regional e-commerce and emerging markets global demographic with further growth brands winni
Slide 39: 3. T2G to step-change operational efficiency and commercial excellence
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Slide 40: T2G: A comprehensive and sustainable transformation plan
T2G: A comprehensive and sustainable transformation plan Leave no stone unturned Chief Transformation Officer Comprehensive (CTO) transformation #1 strategic priority for the next 2 years Thierry Navarre journey Transformation Chief Transformation Officer (CTO) Transformation Office Workstream
Slide 41: T2G to step-change operational efficiency and commercial practices
T2G to step-change operational efficiency and commercial practices Boost Operational Efficiency Drive Commercial Excellence 1 5 Reinvigorate our manufacturing Drive more diligent focus on the strengths and leverage best practices high-growth product segments 2 Further optimize transportation, wareho
Slide 42: T2G to step-change operational efficiency
T2G to step-change operational efficiency Boost Operational Efficiency Drive Commercial Excellence 1 5 Reinvigorate our manufacturing Drive more diligent focus on the strengths and leverage best practices high-growth product segments 2 Further optimize transportation, warehousing and end-to-end plan
Slide 43: Optimize existing manufacturing footprint
1 Optimize existing manufacturing footprint • 2 factories closed (Brazil and China), 1 opened in Ontex Manufacturing Footprint Poland over the last 12 months • Further optimization to come from… – Manufacturing efficiencies – Shifting volumes and lines within the existing network …to minimize the ov
Slide 44: Increase ownership and strengthen continuous improvement with new shopfloor models
1 Increase ownership and strengthen continuous improvement with new shopfloor models Example of an “Autonomous Manufacturing Units” (AMU) model deployed in a pilot factory Intended benefits: Before Production Manager Empowerment and flexibility with “Autonomous Manufacturing Units” responsible for
Slide 45: Optimize machine productivity through rollout of best practices
1 Optimize machine productivity through rollout of best practices Increase machine efficiency Reduce scrap level Reduce number and time of Review type and frequency breakdowns and minor stops of quality tests Increase stability Improve changeover efficiency of raw materials Define standard Reduce un
Slide 46: Further optimize transportation, warehousing and end-to-end planning
2 Further optimize transportation, warehousing and end-to-end planning Key Levers Expected Benefits Increase truck load from ~91% to ~96% Transportation Reduced Increase pallet fill-rate from ~70% to ~85% Leverage data analytics in negotiations transportation costs Deliver without carton whe
Slide 47: Leverage increased scale to optimize procurement practices
3 Leverage increased scale to optimize procurement practices Selected Examples Direct Indirect Packaging Maintenance Optimize specs to usage, leverage scale and Leverage local sourcing of spare parts broaden supplier base Non-Wovens Travel Reduce complexity Improve policy compliance Superabsorbent P
Slide 48: Reinforce innovation focus & strengths in product design
4 Reinforce innovation focus & strengths in product design to optimize raw materials usage Addressing opportunities across all product components: • Reduce raw material weight Design to • Optimize dimensions of components Fluff SAP Backsheet Tape value • Cost-engineer components Non-woven Glue • Sta
Slide 49: T2G to step-change commercial excellence
T2G to step-change commercial excellence Boost Operational Efficiency Drive Commercial Excellence 1 5 Reinvigorate our manufacturing Drive more diligent focus on the strengths and leverage best practices high-growth product segments 2 Further optimize transportation, warehousing and end-to-end plann
Slide 50: Drive diligent focus on the high-growth product segments
5 Drive diligent focus on the high-growth product segments Product Shift 2017-2018 RSP Value Drive mix through diligent brand and customer planning Baby Pants (+11%) • Fact-based assessment of Babycare growth opportunities by Liners (+2%), segment and by customer Ultra Towels (+6%) and • Shift towar
Slide 51: Increase offering of differentiated value propositions to our customers
6 Increase offering of differentiated value propositions to our customers Support customer strategies via partnership relationships Leverage category expertise • Differentiated services & to build joint business solutions on advanced growth category management • Brand building and • Consumer and sho
Slide 52: Adapt innovation process to our dual business model
7 Adapt innovation process to our dual business model to increase speed to market Branded Retailer Brands • Generate value via premiumization • Improve resilience vs. external headwinds via value engineering • Drive category innovation trends • Fast-follow category trends initiated by global brands
Slide 53: T2G to deliver sustainable transformation
T2G to deliver sustainable transformation Boost Operational Efficiency Drive Commercial Excellence 1 5 Reinvigorate our manufacturing Drive more diligent focus on the strengths and leverage best practices high-growth product segments 2 Further optimize transportation, warehousing and end-to-end plan
Slide 54: Accelerate and expand capability building across all areas
Accelerate and expand capability building across all areas • Upgrade hard skills training programs across all business areas and deploy to more than ~2,600 employees • Roll-out of global leadership and change management program to ~1,000 employees that will play a key role in driving the transformat
Slide 55: Engage the organization to deliver sustainable transformation
Engage the organization to deliver sustainable transformation Ensure ownership of the Keep open, transparent value-creation plan: communication: >250 employees involved Global and local initiatives in the bottom-up planning Monitor organization Align personal objectives health: and incentives ~8,400
Slide 56: T2G timeline: Planning completed, set for implementation
T2G timeline: Planning completed, set for implementation 2018 2019 2020 2021 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19 H1 ‘20 H2 ‘20 H1 ‘21 H2 ‘21 Phase 1: Phase 2: Phase 3: Top-down Bottom-up Transformation implementation opportunity sizing planning Understanding Comprehensive Phased delivery of performan
Slide 57: 4. Clear strategic priorities to drive profitable growth
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Slide 58: T2G is an enabler of our strategy to accelerate value creation
T2G is an enabler of our strategy to accelerate value creation Highly attractive market fundamentals Strengthen current Expand into new businesses 1 2 leadership positions and geographies • A Europe: Maintain leadership in D• North America: Establish foothold retailer brands with retailer brands •B
Slide 59: Maintain leadership in Retailer Brands in Europe through differentiation
A Maintain leadership in Retailer Brands in Europe through differentiation Ontex’s relative share to the number two player Differentiating factors has increased since IPO Ontex’s position in Retailer Brands segment and size1 Western Europe 2014 Europe 2018 Product performance at par vs. global brand
Slide 60: Example: Leveraging our expertise to build Retailer Brands
A Example: Leveraging our expertise to build Retailer Brands Poland case study Creating a leading brand in Babycare Innovation Co-developed a winning proposition to Others increase share of a Polish retailer brand in Point of Market Entry (new-born #2: diapers) focused on softness, comfort, Internat
Slide 61: America Middle East Africa Asia: Grow locally relevant brands
B America Middle East Africa Asia: Grow locally relevant brands Value Market Share (2018 FY) Babycare Adult Incontinence Value creation strategy for our brands Distribution Mexico 30% #2 40% #1 • Further expand in specific channels (e.g. traditional trade in Mexico, wholesalers in Brazil) • Increase
Slide 62: Distribution Example: Expanded distribution of Canbebe in MEA
B Distribution Example: Expanded distribution of Canbebe in MEA Actions Results and targets • Grow in Eastern Algeria 2015 Now 2021 Algeria • Increase distribution in rural shops • Van-selling development Distribution1 55% 67% 85% • Increase penetration in Addis Ababa retail Direct Sales - ~3k ~6.5k
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Slide 64: Innovation Example: Strengthening Mexico's brands through innovation
B Innovation Example: Strengthening Mexico’s brands through innovation Consumer Insight Solution Marketing Communication “To me an environmentally and a healthy lifestyle is essential, I want to strengthen my baby's body and future through the best natural-based products” Natural formula to protec
Slide 65: Healthcare: Different channels going through massive transformation
C Healthcare: Different channels going through massive transformation E-commerce Retail Pharma Home Delivery Self-pay Reimbursed Nursing Home Pharma Self-pay Medical shops Hospitals Distributors Reimbursed Self-pay Public institutions Private organizations Away-from-home At home care Focus on produc
Slide 66: Healthcare: Moving from Institutional to a more balanced offer
C Healthcare: Moving from a business heavily weighted to Institutional to a more balanced offer Consumer-oriented Strong position in Institutional with focus on self-pay and services Strong #2 position in European institutional channel, Maintain our strong position in Europe through with leading
Slide 67: T2G is an enabler of our strategy to accelerate value creation
T2G is an enabler of our strategy to accelerate value creation Highly attractive market fundamentals Strengthen current Expand into new businesses 1 2 leadership positions and geographies • A Europe: Maintain leadership in D• North America: Establish foothold retailer brands with retailer brands •B
Slide 68: North America: Retailer Brands represent a significant opportunity
D North America: Retailer Brands represent a significant opportunity • North America personal care market is second-largest and growing, largest profit pool globally Opportunity • Retailer Brands have sizeable position in US, still significantly below Europe • Over the last 2 years, Retailer Brands
Slide 69: Consumption trends drive e-commerce growth in our categories
E Consumption trends drive e-commerce growth in our categories Fundamental consumption trends in our categories… …driving e-commerce growth • Roughly ~50% of the growth expected from online channels • Delivery at home Convenience and • Predictable consumption • ~15 out of 100 baby diapers sold onlin
Slide 70: E-commerce: Four pillars driving our online sales
E E-commerce: Four pillars driving our online sales Retail partners Third-party Direct-to- Direct-to-Consumer Pure-play marketplaces multi-channel growth Consumer brands Subscription Ontex is uniquely Co-developing new value Launched Femcare range Subscription brand positioned to support our proposi
Slide 71: LBC Commercial
LBC Commercial Confidential
Slide 72: The fragmentation of the personal care industry offers consolidation opportunities
F The fragmentation of the personal care industry offers consolidation opportunities Numerous local / regional companies Top 5 companies ~50% of sales ~50% of sales Source: Euromonitor, Management estimates. 72 Note: Data based on fixed 2018 FX rates and constant 2018 prices. Includes Babycare, Femc
Slide 73: Solid M&A track record and strongly positioned for industry consolidation
F Solid M&A track record and strongly positioned for industry consolidation 13 acquisitions since 1999 Strongly positioned for industry consolidation 1999-2010 2011-2014 2015 - To date Number of Comprehensive knowledge of acquisitions 9 2 2 various mature and developing markets Countries Attract
Slide 74: 5. Outlook
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Slide 75: 2019 outlook
2019 outlook Revenue EBITDA Capex Broadly stable Stable Capex of 4.5% to 5.0% Like-for-like Revenue Adjusted EBITDA of Revenue excluding at constant currency at constant currency T2G-specific capex 75
Slide 76: Like-for-like revenue growth and market outlook (2020-2021)
Like-for-like revenue growth and market outlook (2020-2021) Market Ontex outperformance Europe -1% +1% Management Revenue growth 50+ bps AMEAA above markets where we operate outlook +1% +4% Healthcare -1% 0% • Demographic trends • Market share gains Main • New Retailer Brands contract/gains • Catego
Slide 77: T2G financial investment
T2G financial investment T2G Investment One-off costs €85m Incremental capex €45m Total €130m T2G Investment: €130m Full payback on investment • €45m-50m in 2019 by end of 2022 • Balance spread over 2020-2021 77
Slide 78: T2G impact: 2021 EBITDA and FCF Outlook
T2G impact: 2021 EBITDA and FCF Outlook At constant currency and scope Improvement of +125bps to 175bps1 EBITDA Margin in 2021 vs. 2018 Improvement by 10%2 Working Capital in 2021 vs. 2018 Capex 4% to 5% of Revenue Free Cash Flow conversion of ~55%-65%3 1 Net of the impact of the application of IFRS
Slide 79: Key debt and credit items
Key debt and credit items Current financing arrangements Current credit rating Favorable financing arrangements (long maturities, low costs implemented in 2017) €600m syndicated 5y term loan maturing in 2022 (currently EURIBOR+1.50%) €250m bilateral term loan maturing in 2024 (EURIBOR+1.40%), of
Slide 80: Taking Ontex to the next level
Taking Ontex to the next level • Successfully repositioned as a leading international personal hygiene company and a more balanced business, present in attractive categories underpinned by strong demographic trends • Proven resilience and agility in the face of headwinds and across cycles • Solid kn
Slide 81: Appendix
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Slide 82: 2018 Condensed income and cash flow statements
2018 Condensed income and cash flow statements EUR million FY 2018 Income statement Revenue 2,292 Adj. EBITDA 234 % Margin 10.2% Adj. EBITDA incl. IFRS16 264 % Margin 11.5% Reported EBITDA 210 % Margin 9.1% Reported EBITDA incl. IFRS16 240 % Margin 10.5% Cash flow statement Working Capital excl. fac