Core Insights - Ontex demonstrates improved resilience in a challenging economic environment, confirming its full-year outlook despite occasional fluctuations [1][6] - The company achieved significant strategic milestones, including a major divestment and strengthening of its balance sheet [1][4] Financial Performance - Revenue for Q1 2025 was €451 million, reflecting a 2.8% like-for-like decrease, with softer market demand partially offset by mix improvement in Europe and double-digit volume growth in North America [4][11] - Adjusted EBITDA was €51 million, with a margin of 11.2%, showing resilience despite a 4.4% year-on-year decrease [4][14] - Operating profit was €29 million, down from €34 million in the previous year, impacted by higher restructuring and depreciation costs [19] Strategic Developments - The divestment of the Brazilian business was successfully concluded, generating net cash proceeds of €81 million, with an additional €18 million expected [5][21] - A new €400 million bond was issued, maturing in 2030, to replace an existing bond, enhancing long-term financing [5][21] - The company finalized a share buyback program, acquiring 1.5 million shares to meet obligations under incentive plans [5][21] Market Dynamics - Market conditions were soft in Q1, but Ontex anticipates volume gains in the second half of 2025 as a key driver for growth [6][10] - The company expects revenue growth of 3% to 5% like-for-like, supported by new contracts and operational efficiencies [10] Cost Management - The cost transformation program delivered €15 million in net savings, fully offsetting sales price decreases and operating cost increases [15][14] - Raw material prices increased by €3 million, primarily due to higher indices for fluff and other materials [16]