欧洲个人卫生用品巨头Ontex集团公布2025年上半年财务数据，营收同口径下滑4.0%至8.8亿欧元。业绩走弱主要受销量下降3.0%及2024年价格调整滞后影响1.0%的双重冲击。
婴儿护理板块成为最大拖累，欧洲区域销售额暴跌9.8%至3.519亿欧元。地缘政治因素显著抑制消费需求，叠加品牌竞争对手的激进促销策略及渠道商持续去库存，导致该品类遭遇重创。与之形成鲜明对比，成人护理板块表现亮眼，同口径营收逆势增长2.6%至4.061亿欧元。
成本压力同步显现，固定成本分摊下降及整体成本上升，致使调整后EBITDA利润率收窄2.2个百分点。面对严峻形势，公司大幅修正全年指引：预计营收将出现低个位数收缩，调整后EBITDA目标区间下调至2.0-2.1亿欧元。
财务总监在电话会议中透露，全年自由现金流预期趋近于零，杠杆率或达2.5倍。尽管短期承压，管理层仍预期下半年营收将逐步回暖，自由现金流有望转正。为增强抗风险能力，公司正推进结构性改革，包括生产布局优化及供应链重塑。
值得关注的是，成人护理业务的持续增长为转型提供缓冲空间。首席运营官强调，正加速高附加值产品研发，同时通过数字化改造提升欧洲工厂的柔性生产能力，以应对多变的市场环境。
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