Fluidra (FDR) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales rose 7% year-over-year to €564 million, marking the third consecutive quarter of volume growth across all regions, especially North America and Europe, with positive contributions from pricing and M&A.

• Adjusted EBITDA increased 10.4% to €131 million (23% margin), driven by gross margin expansion and operational efficiency from the Simplification Program.

• Net income rose 29% year-over-year to €48 million, reflecting operational improvements and margin expansion.

• Leverage ratio improved by 0.3x to 2.7x net debt/adjusted EBITDA, with stable working capital to sales levels.

• Continued investment in value-accretive acquisitions, including a 27% stake in Aiper/IPER and the acquisition of Pooltrackr to accelerate digital strategy.

Financial highlights

• Q1 2025 sales reached €564 million, up 7% year-over-year (5% organic growth).

• Adjusted EBITDA rose 10.4% to €131 million, with a 23% margin.

• Adjusted EPS increased 12.5% year-over-year to €0.35.

• Net profit was €48 million, up 29% from €37 million in Q1 2024.

• Adjusted net profit amounted to €66 million, 12.5% higher year-over-year.

Outlook and guidance

• FY 2025 guidance reaffirmed: sales €2,140–2,250 million, Adjusted EBITDA €500–540 million, Adjusted EPS €1.33–1.48.

• Confident in offsetting the full-year tariff impact (up to €70 million) through price increases, cost actions, and supply chain adjustments.

• Expect stable new build demand (slightly negative YTD), resilient aftermarket demand, and continued market share gains.

• Ongoing monitoring of a fluid trading environment and macroeconomic/geopolitical uncertainty.