In the third quarter of 2025, Ontex’s revenue was €445 million ($517.6 million), a 3.8% like-for-like decrease versus 2024. While sales prices, including mix, were stable, volumes were lower, in line with softer consumer demand for retailer brands in the quarter. Compared to the second quarter, revenue grew 3.7% thanks to new contracts in baby care.

Gustavo Calvo Paz, Ontex’s CEO, says: “The significant sequential improvement in profitability in the third quarter as a result of new contracts and strong execution of our transformation program, gives us confidence that we are on target to deliver a strong end to 2025 despite soft market conditions. Also, importantly, Ontex is becoming stronger and seeing significant opportunities which makes me excited as we look to the future.”

Volumes were down 3.9%. Baby care volumes were 11% lower, which was overall in line with softer demand in the quarter, especially for retailer brands, which continue to be affected by intense promotional activities by A-brands in certain countries. While Ontex’s volumes in North America were down, they outperformed market demand due to the start-up of new contract gains in the retail channel. Contract manufacturing dropped significantly, however. In Europe, baby care volumes were also lower, except for baby pants. Positively, in contrast to the second quarter, customer destocking and supply chain disruptions did not have an impact, as these came to an end. Feminine care sales volumes were up by 5%, outperforming stable market demand for retailer brands. Adult care volumes were up slightly, by 1%, which is less than the continuing demographic-driven growth for adult care in Europe, due to Ontex’s large exposure to the healthcare channel, where demand is more stable and the phasing of new capacity is delayed. Ontex is ramping up, with new capacity becoming operational gradually in the fourth quarter and beyond.

Sales prices, including a slightly positive mix effect, were flat year on year across regions and categories. Prices have been largely stable since mid-2024.