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Latham Group (SWIM) investor relations material
Latham Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Achieved 7.8% year-over-year revenue growth and 15.7% adjusted EBITDA growth in Q2, driven by organic and acquisition-related sales, with strong performance in covers and liners despite challenging industry conditions.
Maintains leading share in every residential pool subcategory, with a diversified product portfolio and growing fiberglass market share, especially in Sand States.
Strategic focus on expanding fiberglass pools and auto covers, with significant marketing investments and dealer network expansion in high-growth regions.
Accretive acquisitions, notably Coverstar Central and two smaller autocover dealers, enhanced vertical integration, sales, and operational efficiency.
Unique direct-to-homeowner model and broad branded product portfolio drive dealer and consumer engagement.
Financial highlights
Q2 2025 net sales: $172.6M (+7.8% YoY); net income: $16.0M (9.3% margin); adjusted EBITDA: $39.9M (23.1% margin); gross margin: 37.1%.
Six months 2025: net sales $284.1M (+4.9% YoY); net income $10.0M (3.5% margin); adjusted EBITDA $51.0M (18.0% margin).
In-ground pool sales declined 2.9% to $79M in Q2; cover sales rose 46% to $37M; liner sales grew 5.8% to $57M.
Net cash from operations in Q2: $36M; cash at quarter end: $26.9M; total debt: $281.5M.
Selling, general, and administrative expenses increased due to investments in marketing, personnel, and ERP infrastructure.
Outlook and guidance
Reaffirmed 2025 guidance: 8% net sales growth and 19% adjusted EBITDA growth at midpoints; net sales guidance $535M–$565M, adjusted EBITDA $90M–$100M, CapEx $27M–$33M.
U.S. new pool starts expected to remain flat at 60,000 in 2025, below long-term average.
Management remains cautiously optimistic, focusing on acquisitions, Sand State expansion, and operational improvements.
Assess Sand State strategy's impact on revenue.
Quantify Coverstar acquisitions' margin contribution.
How does Measure by Latham drive liner sales?
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Next Latham Group earnings date
Q3 20254 Nov, 2025
Next Latham Group earnings date
Q3 20254 Nov, 2025
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Frequently asked questions
Latham Group Inc designs, manufactures, and markets in-ground residential swimming pools and related components. The company’s product portfolio includes fiberglass and vinyl liner pools, covers, and other accessories. It serves pool builders and distributors across North America and Australia. The company is headquartered in Latham, New York, and its shares are listed on the NASDAQ.
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