Fluidra (FDR) Q1 2025 earnings summary

Executive summary

• Sales increased 7% year-over-year in Q1 2025 to €564 million, with growth across all regions, especially in North America and Europe, driven by higher volumes, pricing, and M&A.

• Adjusted EBITDA rose 10.4% year-over-year to €131 million, with a 23% margin, reflecting efficiency gains from the Simplification Program and positive pricing.

• Net profit increased 29% year-over-year to €48 million, with adjusted net profit up 12.5% to €66 million.

• Market share gains were notable in North America, supported by strong aftermarket performance and a customer-centric approach.

• Strategic acquisitions of Aiper (27% stake) and PoolTrackr accelerated digital transformation and growth.

Financial highlights

• Q1 2025 sales reached €564 million, up 6.9% year-over-year; organic growth was 5%.

• Gross margin improved by 250 basis points to 57.3%, supported by cost-saving initiatives and the Simplification Program.

• Adjusted EBITDA margin was 23.2%, up 80 basis points year-over-year.

• Net debt stood at €1.335 billion, with leverage ratio reduced to 2.7x from 3x last year.

• Free cash flow was a use of €222 million, reflecting seasonal inventory build.

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 delivering sales and EBITDA growth for the year, despite macro and geopolitical uncertainties.

• Action plan in place to fully offset up to €70 million tariff impact in 2025 through supply chain realignment and price increases.

• New build demand expected to remain flat or slightly negative, while aftermarket demand remains resilient.