Fluidra (FDR) Q4 2024 earnings summary

Executive summary

• Delivered strong 2024 results at the top end of guidance, with sales up 2.5–3% and Adjusted EBITDA up 7% year-on-year, driven by volume growth, margin expansion, and resilient aftermarket demand.

• Achieved year-on-year volume growth for the first time since 2021, with Q4 sales up 9% and growth across all regions, especially North America.

• Double-digit net profit growth and strong cash generation, with improved working capital management and reduced leverage.

• Continued investment in innovation, sustainability, and digitalization, with three bolt-on acquisitions announced in 2024 and BAC pool systems completed in January 2025.

• Gross margin improved to 56.6%, offsetting inflationary pressures and supporting higher net margin.

Financial highlights

• Full-year sales reached €2,102 million, up 2.5% year-on-year; Q4 sales up 9%.

• Adjusted EBITDA rose to €477 million (22.7% margin), up 7–8% at constant FX and perimeter.

• Adjusted EPS increased 10.2% to €1.21; net profit reached €138 million, up 21%.

• Free cash flow was €85 million, down from €160 million last year, mainly due to higher tax payments.

• Net debt reduced to €1,132 million, with leverage ratio down to 2.37x from 2.63x.

Outlook and guidance

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

• Expecting stable new construction demand, low single-digit growth in residential aftermarket, and positive commercial pool development.

• Guidance excludes potential impact of tariffs on Mexican inputs; mitigation plans in place if tariffs are implemented.

• Margin improvement targeted through price increases, Simplification/Óptima program savings, and product mix optimization.