Fluidra (FDR) Q2 2025 earnings summary

Executive summary

• Achieved strong first-half performance with sales up 5% year-on-year, driven by growth across all regions and continued market share gains despite adverse FX movements.

• Gross margin expanded by 60 basis points to 56.5%, supported by the simplification program and efficiency initiatives.

• Profit grew 21% year-on-year, reflecting strong operations and lower restructuring costs, with net profit attributable to equity holders rising to €135.5 million.

• Trading in July remained solid, and the outlook for the second half is positive, with a focus on long-term value creation and accelerating growth.

• Net debt, including lease liabilities, decreased to €1,116.5 million, with leverage improved by 0.3x year-on-year.

Financial highlights

• Sales reached €1,227 million, up 4.8% year-on-year; adjusted EBITDA rose 6.1% to €314 million (25.6% margin).

• Net profit increased 21% to €136 million; adjusted net profit was €171 million, up 9%.

• Gross margin at 56.5%, up 60 basis points; operating expenses increased due to investments and inflation.

• Free cash flow was a use of €74 million, mainly due to higher net working capital.

• Net financial result remained stable at €-34.5 million, with finance costs improving but exchange losses increasing.

Outlook and guidance

• Full-year 2025 guidance narrowed: sales expected between €2.16–2.22 billion, adjusted EBITDA €500–520 million, adjusted EPS €1.33–1.40.

• Guidance reflects robust operating performance, higher volume and pricing, and a weaker U.S. dollar.

• Medium-term targets: annual sales growth of 6–8%, adjusted EBITDA margin above 25%, ROCE above 17%.

• Confident in offsetting tariff impacts through price increases and supplier alignment.

• The company continues to focus on profitability, operational efficiency, and R&D for responsible water use.