Ontex is a leading international personal hygiene solutions provider
Share capital (09/30/2020) 19.98 %
Voting rights (09/30/2020) 19.98 %
Stake value (09/30/2020) € 183 M
Dividend (12/31/2019) € 6.7 M
Investment year
Business area
Disposable hygiene products
€ 2,281 M
Registered office
Aalst-Erembodegem, Belgium

Ontex is a growing international group specialised in hygienic products for baby, adult and feminine care. Ontex products are distributed in more than 110 countries under the company’s own brands and retailer brands. The main sales channels are retail trade, medical institutions and pharmacies.

Portfolio value 09/30/2020
1.0 %
Net dividend 12/31/2019
1.4 %

Excluding the reimbursements by the French tax authorities of withholding taxes which had been applied to Total and ENGIE dividends

Investment case

The growth of the industry is expected to be supported by:

  • Resilience of the business (hygiene basics)
  • Ageing population in mature countries
  • Market share gains of retailer brands in Europe
  • Growth in population and product adoption rates for hygiene products in emerging countries.

Ontex should be able to continue to outperform the market thanks to:

  • Increases in share of retail brands and its own brands
  • Premiumization of its products through innovation
  • Greater exposure to emerging countries and adult incontinence products.

The group has potential to increase its margin, through efficiencies and savings programs (“Transform to Grow” strategic plan).Despite high leverage and other ongoing priorities, Ontex continues to be well positioned to consolidate a fragmented industry

  • Board of Directors 2/8*
  • Audit and Risk Committee 1/3*
  • Remuneration and Nomination Committee 1/4*