Fluidra (FDR) investor relations material

Executive summary

• Achieved 5% year-over-year sales growth at constant FX in H1 2026, with positive volume and price contributions, outperforming the market and maintaining strong aftermarket performance.

• Adjusted EBITDA rose 6% year-over-year, with stable margins, disciplined cost control, and strong cash generation.

• Net debt reduced, supported by robust cash generation and improved working capital management.

• Maintained full-year guidance, citing resilience in aftermarket, continued market share gains, and confidence in strategy.

• Announced a €40 million share buyback, reflecting confidence in long-term value and reinforcing shareholder returns.

Financial highlights

• Sales reached €1,258 million, up 4.9% year-over-year; negative FX impact of 230 bps, positive M&A impact of 50 bps.

• Adjusted EBITDA was €321 million (+5.7%), margin at 25.5%.

• Adjusted net profit was €175 million, up 7.1% year-over-year; reported net profit down 3% due to restructuring and M&A costs.

• Free cash flow improved to €16 million from a €74 million outflow last year, reflecting better working capital and operational efficiency.

• Net debt reduced to €1,101 million; leverage ratio at 2.2x net debt/Adjusted EBITDA.

Outlook and guidance

• Full-year guidance maintained, with confidence in meeting sales and margin targets; FY 2026 guidance unchanged: sales growth of 3–7% YoY at constant FX.

• Margin guidance expected at low to mid end due to inflation, with potential upside from tariff refunds.

• Adjusted EBITDA margin expected between 23.3% and 24.3%.

• CapEx guidance at approximately 3.5% of sales.

• Working capital to sales ratio expected to be similar to prior year at year-end.