In the first quarter of 2026, Ontex’s revenue was €426 million ($499 million), decreasing by 2% quarter on quarter, which is overall in line with the softening market demand over the period, and by 4% like for like on a year-on-year basis. With the combined price and product mix impact largely stable, the year-on-year decrease was fully attributable to lower volumes. Volumes were up by 2% in adult care, reflecting the continued mid-single-digit growth of the retail channel and stable demand in the healthcare channel in Europe.

In feminine care, Ontex’s volumes decreased by 4%, largely in line with slower market demand. In baby care, Ontex’s volumes were 11% lower than in Q1 2025, which benefited from order phasing over the first two quarters. Baby care demand in Europe was down by mid-single digits, and by high single digits in retailer brands, still impacted by promotional activity from A-brands. Ontex volumes were in line with the softer retailer brand market in the region.

In North America, the decline of the retailer brand demand also persisted, but Ontex’s sales in this segment continued to grow thanks to new and previously realized contract gains. Sales in contract manufacturing were lower, however, as anticipated. Furthermore, some contracts were exited in other overseas markets. Including slightly adverse forex, mostly the depreciation of the U.S. dollar, revenue decreased by 5% overall versus last year.