In the first quarter of 2025, Ontex’s revenue was €451 million ($514 million), 2.8% lower like for like. Volumes decreased with softer market demand in the quarter caused by the more challenging economic conditions. This was partly offset by mix improvement in Europe and growth in North America. Sales prices were lower, as expected.

Volumes were down 1.3% including mix effects. Feminine care sales volumes dropped due to some temporary supply constraints and soft market demand in Europe, albeit with better relative performance for retailer brands. Adult care volumes were up, however, in line with continued market growth in the European retail channel and stable demand from the healthcare channel. Baby care volumes in Europe were lower on softer demand, albeit that retailer brands performed slightly better, despite intensified promotional activities by A-brands. Ontex’s focus on selective product categories led to a further mix improvement. In North America baby care sales volumes were up by double digits, thanks to the contract gains in the retail channel built up since mid-2024. Market demand was lower, especially for retailer brands, which were impacted by intense promotional activities by A-brands.

Sales prices were lower across regions and categories, and 1.6% down overall. While these have been largely stable since mid-2024, the decrease reflects the carry-over effect of the price decreases in the first half of 2024.

Gustavo Calvo Paz, Ontex’s CEO, says: “These results demonstrate Ontex’s improved resilience in a more challenging economic environment, providing us confidence to confirm our full-year outlook. While we may encounter occasional challenging quarters, these are temporary fluctuations not indicative of the long-term trends our business is built on. Our focus is on achieving sustained success over the long term, and we are thereby committed to execute our strategic transformation roadmap, which fundamentally enhances our competitiveness to address the market even better. In the quarter, we also reached two significant strategic milestones, finalizing a major divestment and strengthening our balance sheet for the future, which allows us to focus even better.”