Core Viewpoint - Ontex Group NV has revised its full-year revenue growth expectations downward due to weaker-than-expected consumer demand, particularly affecting baby care sales in October and November [1][4]. Revenue Expectations - Ontex anticipates a high-single digit like-for-like revenue drop in the fourth quarter compared to the same period in 2024, contrasting with previous expectations of stable performance [2]. - The revenue decrease is expected to negatively impact margins, adjusted EBITDA, and free cash flow in the fourth quarter [2]. Operational Changes - New contracts that began delivery in the third quarter are now fully operational in Europe and North America, but at lower volumes than anticipated [3]. - Ontex is accelerating a €200 million efficiency improvement initiative across operations and SG&A over the next three years, with one-off implementation costs expected to remain below €40 million [3]. Financial Projections - Revenue is now expected to reduce by mid-single digit like-for-like, adjusted EBITDA is projected to be in the range of €175 to €180 million, representing a margin of around 10% [6]. - Free cash flow is anticipated to be around €(35) million, and the leverage ratio is expected to end at around 3.2x [6]. Management Commentary - The CEO of Ontex stated that the softening consumer demand, particularly for baby diapers, has led to the revision of the full-year outlook, despite progress in strategic portfolio and operational transformation [4].