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Ontex Group NV (OTC-PINK: ONXYY) has announced changes to its Board of Directors, including the resignation of independent director Regi Aalstad and Aldo Cardoso, effective January 1, 2023. The Board has opted for a smaller composition to enhance strategic execution following the appointment of CEO Gustavo Calvo Paz. The Strategy Committee, formed in April 2021 to redefine the company's direction, has also been dissolved. Chairman Hans Van Bylen emphasized the ongoing commitment to the strategy initiated in late 2021, which has progressed successfully in 2022.
ENA Investment Capital, a major shareholder in Ontex Group NV, has expressed its confidence in new CEO Gustavo Paz following his election. ENA commends his operational expertise and strategic insight, particularly in relation to Ontex's US business, which is pivotal for the company's turnaround. The firm anticipates significant value creation and savings opportunities with Paz at the helm, aiming for recovery in share prices within 14 months. ENA officially concluded its engagement with Paz, ensuring he can focus fully on his leadership role.
On November 14, 2022, Gustavo Calvo Paz was appointed as the new CEO of Ontex, succeeding Esther Berrozpe. With extensive international experience, including leadership roles at Kimberly-Clark, Calvo Paz aims to accelerate the execution of Ontex's transformation strategy, focusing on strengthening partner brands and healthcare in Europe and North America. The Board expressed gratitude to Berrozpe for her contributions during a challenging economic environment.
Ontex (BSE:ONTEX) reported record Q3 revenue of €638 million, a 17% increase year-on-year, driven by pricing and volume growth. Adjusted EBITDA for the group was €35 million, down 12% year-on-year but up 41% from Q2 2022. The adjusted EBITDA margin decreased to 5.5%. Despite a rise in net debt to €895 million, the company maintained its full-year outlook, expecting revenue growth of about 15% and adjusted EBITDA within €125 to €140 million. Cost inflation continues to impact operations, yet Ontex aims to reduce its leverage ratio below 6.5x by year-end.
Ontex Group NV, a global leader in personal hygiene solutions, will report its Q3 2022 results on November 10, 2022, at 07:00 CET. A webcast for investors and analysts will occur on the same day at 13:00 CET. The presentation will be accessible via a provided link, with a replay available for one year post-event. Ontex specializes in baby, feminine, and adult care products, operating in over 110 countries and employing approximately 9,000 people.
Ontex has launched a large solar power installation at its Ortona factory in Italy, producing over 10 GWh of electricity annually, equivalent to the consumption of approximately 3,400 households. This initiative aims to support the company's goal of achieving carbon-neutral operations by 2030 and reducing reliance on grid energy. The project, developed by Menapy Italia, is part of Ontex's broader strategy to utilize renewable energy across its European and American facilities, where 91% of electricity is sourced from renewables.
Ontex reports a significant 15% revenue growth in H1 2022, totaling €1.15 billion. Key drivers include a 12% increase in Core Markets revenue, attributed to 8.1% volume growth and 3.5% price hikes. Adjusted EBITDA dropped 51% to €49 million, primarily due to €179 million cost inflation, resulting in a 4.3% EBITDA margin. The company plans to reduce net debt through the sale of its Mexican business for approximately €285 million, with net cash proceeds expected to be around €250 million. Despite challenges, Ontex anticipates continued revenue growth and margin recovery in H2 2022.
Ontex Group NV has announced a binding agreement to sell its Mexican business activities for approximately €285 million to Softys S.A. This deal includes operations in Mexico and related exports, while retaining the Tijuana plant. The sale aligns with Ontex's strategy to focus on Partner Brands and Healthcare, announced in December 2021. Proceeds from the sale are expected to reduce net debt by approx. €250 million after expenses. The transaction is anticipated to close by early 2023, subject to regulatory approvals.
Ontex Group NV has inaugurated a new manufacturing facility in Stokesdale, North Carolina, enhancing its production capabilities for essential hygiene products. This plant is the company's second significant investment in the state within two years. With near 100 employees, it currently manufactures baby diapers, with plans for future product expansions. The strategic location provides Ontex with a valuable supply chain presence on both U.S. coasts, addressing growing demand in North America, as noted by CEO Esther Berrozpe.
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