Slides
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2025 results February 12, 2026
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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 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 presentation regarding trends or current activities should not be taken as a representation 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 presentation. Disclaimer 2
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2025 Highlights 3
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Disappointing results in challenging year 4 FCF €(25)M Revenue €1,762M vs €48M in 2024-4.9% LFL YoY Leverage 3.3x vs 2.5x end 2024 FY 2025 Adj. EBITDA margin 10.0% -2.0pp YoY
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Challenging market and supply chain conditions Yet further key milestones achieved in transformation program 5 Challenging market > Lower birth rate in Europe > Economic uncertainty affecting consumption > Intense A-brand promotions > Customer destocking Temporary supply chain constraints > Segovia plant outage due to flooding in Q2 > Packaging material unavailability in H1 > US tariff threat in H1 > On-going transformation limiting flexibility Maintained competitive position > Positive gain/loss balance on contracts > Launch of several innovations > Recognition for sustainability performance Transformation progressing > Divestments completed > Belgian footprint transformation finalizing > US capacity increased > High-yield bond refinanced
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11.5% 12.5% 12.0% 11.9% 11.2% 8.3% 11.4% 8.9% 43% 47% 13% 12% 42% 39% 460 456 468 476 451 430 445 436 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Market conditions slightly worse in Q4 and lapping strong Q4 2024 Revenue €436M -7.6% LFL YoY Q4 2025 8.9% -3.0pp YoY 6 -2.4pp QoQ -2.1% QoQ 2024 2025 Adj. EBITDA margin Adult care Baby care Feminine care
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2025 Financials 7
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2024 Baby care Feminine care Adult care Other Sales price /mix 2025 LFL Forex 2025 1,860 -95 -6 +9 -2 +3 1,770 -8 1,762 FY revenue YoY (Continuing operations, in €M) Soft consumer demand in baby care drives revenue lower by 5% 8 > Negative sales price carry-over offset by mix improvement > Baby care volumes down 12%, reflecting lower customer demand Retailer brand market down by high single digit in Europe, and by double digit in North America, on low consumer confidence, lower birth rate and intense A-brand promotions Ontex impact magnified by customer mix and destocking, including decreasing contract manufacturing in North America Temporary supply chain disruptions mainly in H1 Contract gains strengthen competitive position but insufficient to compensate > Feminine care volumes down 2%, in line with market > Adult care volumes up 1% LFL, on sustained growing demand in retail and stable demand in healthcare, while ramping up capacity to catch up > Negative FX impact, due to USD, GBP and AUD -93 volume impact
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2024 Revenue impact Net operating savings Raw material price Operating costs SG&A Forex 2025 223 -40 +69 -38 -44 +6 +1 176 Revenue decline drives adj. EBITDA down Cost transformation program mitigates most cost increases 9 FY adj. EBITDA YoY (Continuing operations, in €M) > Lower revenue leads to €(40)M negative impact > Solid net savings delivery by cost transformation program, despite lower volumes, thanks to further implementation of cost transformation actions > Negative impact of raw material prices, especially fluff, SAP and packaging > Other operating costs increased, linked to continued inflation of salaries and services and temporary costs linked to supply chain disruptions, anticipated volume ramp-up and mitigation of imminent tariffs in North America > SG&A costs down primarily on lower variable remuneration > Margin at 10.0%, down 2.0pp, due to higher net cost and operating leverage effect 12.0% 10.0%margin -8 net cost impact
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> Adj. profit from continuing operations at €34M, below PY reflecting lower adj. EBITDA > EBITDA adjustments mostly for impairment of obsolete assets & intangibles; lower vs 2024 when significant restructuring was provisioned > Substantial loss from discontinued operations mainly linked to non-cash €(210)M impact of recycling of CTRs [1] triggered by Brazilian and Turkish divestments > Balance sheet now cleaned up significantly with CTRs dropping from €(243)M to €(32)M linked to continuing operations Net result reflects impact of lower profitability and non-cash impact of divestment accounting effects 10 Condensed P&L 2025 2024 Adj. EBITDA 176 223 D&A -77 -74 Finance cost -51 -51 Adj. tax cost -13 -21 Adj. profit from continuing operations 34 76 -EBITDA adjustments -19 -73 Adjustments impact on tax +1 +18 Profit from continuing operations 16 21 Loss from discontinued operations -190 -11 Profit for the period (Total Group) (174) 10 Basic EPS (in €) (2.17) 0.13 [1] CTRs: Cumulative (currency) Translation Reserves
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> NWC needs stable: NWC/revenue improvement in Core Markets from 5.4% to 5.1% partially offset by increase in discontinued operations prior to divestment > Capex at ~4.3% of revenue, lower YoY , including both productivity and business growth program > €(30)M one-off cash costs related mainly to Belgian restructuring, initiated in 2024 > Employee benefit liabilities decreased by €(12)M mainly due to lower variable remuneration (low 2025 accrual, leading to low 2026 pay-out) > Interests and other financing cash-out up due to refinancing, as well as FX and market impacts Lower EBITDA drives FCF negative while restructuring cash-out remains high 11 Core 176 Emerging 9 Adj. EBITDA NWC changes Tax Employee benefits changes & other Leases Capex Non- recurring CF FCF before financing Interests & other financing FCF 184 -1 -16 -13 -25 -81 -30 18 -43 (25) 2025 FY cash impact on net debt (Total Group, in €M)
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Net debt reduced by 6% thanks to M&A proceeds offsetting FCF and non-cash accounting movements 12 > M&A proceeds of €131M from Brazilian and Turkish divestments > Reclassification of cash in Algeria (divested in 2024) to financial assets, while repatriation is in process > Increase in lease liabilities largely linked to renewal of several factories’ leases > 1.5M share buy-back finalized to cover for potential LTI plans, for a total of €12M [1] > Gross debt reduced by 12% to €(647)M €400M (5.25%) bond [2] replaces old €580M (3.50%) bond €100M taken on €270M RCF [2,3] [1] of which €1M in 2024 Leases (145) Bond (395) RCF (98) Net debt 12/24 FCF M&A net proceeds Reclass. Algeria cash Lease changes & other Share buy-back Net debt 12/25 Cash Gross debt 12/25 (612) -25 +131 -34 -27 -11 (577) -70 (647) Net debt evolution (Total Group, in €M) [2] Valued lower in balance sheet due to gradual deprecation of issuance costs [3] RCF: Revolving Credit Facility
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867.4 880 658 652 665 646 588 579 612 656 552 543 577 136 167 146 182 205 229 236 241 248 241 206 201 176 6.4x 5.3x 4.5x 3.6x 3.3x 2.8x 2.5x 2.4x 2.5x 2.7x 2.7x 2.7x 3.3x 12/22 03/23 06/23 09/23 12/23 03/24 06/24 09/24 12/24 03/25 06/25 09/25 12/25 Healthy balance sheet position maintained EBITDA erosion drives leverage up 13 Mexico Algeria & Pakistan Brazil Turkey (+ reclass. Algeria) > Leverage at 3.3x Leverage temporarily above 3x due to lower EBITDA and reclassification of Algerian cash Within RCF covenant leverage threshold of ≤ 3.5x covenant > Liquidity position at €240M €70M available cash €170M unused on RCF [1] > Debt structure secured for next 4 years €400M bond maturing in April 2030 €270M RCF [1] maturing in November 2029 Adj. EBITDA, net debt & leverage ratio evolution (Total Group, in €M) All Emerging Markets divestments realized [1] RCF: Revolving Credit Facility 12 03 06 09 12 2023 03 06 09 12 2024 03 06 09 12 20252022
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Going forward 14
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> Europe: Lower birth rates to drive total consumption in baby care lower > Rest of World: Impact of some targeted customer portfolio clean-up Market conditions anticipated to remain difficult in 2026 especially for baby diapers 15 Region-specific assumptionsOverall assumptions > Economic uncertainty expected to continue to weigh on consumption pattern > A-brand promotions foreseen to continue in the short term > Adult care expected to continue to be driven by demographic and societal trends > North America: Sharp demand drop in contract manufacturing in H2 2025 to create adverse comp in H1 2026 H1 24 H2 24 H1 25 H2 25 Contract manufacturing revenue (in €M) > ~-40% decrease over 2 years > From ~2/3rd to ~1/3rd of North American sales
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Sequential improvement expected in 2026 growing gradually from a soft Q1 16 Adj. EBITDA FCF +10% positive based on: > Largely stable revenue LFL > Cost transformation delivery based on: > EBITDA improvement > Lower restructuring CF Leverage ≤ 3X based on: > Largely stable net debt > EBITDA improvement > > 16
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> Strategic Committee in place > Clear goal to further improve cash generation and return on investment > New initiatives and acceleration of existing initiatives Clear priorities set for 2026 to resume profit growth and improve cash generation, and strategic review initiated 17 Strategic review initiatedClear priorities set for disciplined execution of 2026 plans > Resume volume growth including continued ramping up of new contracts > Deliver operational and SG&A efficiencies through extended cost transformation plan > Laser focus on cash
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Q&A 18