Fluidra (FDR) Q4 2024 earnings summary

Executive summary

• Delivered strong full-year 2024 results at the top end of guidance, with sales up 3% and Adjusted EBITDA up 7% year-on-year, and volume growth achieved for the first time since 2021, with Q4 sales up 9%.

• Gross margin improved, driven by the Simplification Program and favorable geographic mix, supporting margin expansion and operational efficiency.

• Double-digit profit growth and solid cash generation resulted in a stronger balance sheet, with net debt to Adjusted EBITDA at 2.4x.

• Outperformed the market in a mixed environment, driven by resilient aftermarket demand and market share gains.

• Capital Markets Day scheduled for April 8, 2025.

Financial highlights

• Full-year sales reached €2,102 million, up 2.5% year-on-year; Q4 sales growth driven by 8% higher volumes and positive pricing.

• Adjusted EBITDA rose 8% year-on-year on constant FX and perimeter to €477 million, with a 23% margin.

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

• Gross margin improved to 56.6%, up 340 basis points from 2023, marking the seventh consecutive quarter of year-on-year improvement.

• Free cash flow was €85 million, down from €160 million last year, mainly due to lower working capital contribution and higher cash taxes.

Outlook and guidance

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

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

• Guidance excludes potential tariff impacts on Mexican inputs; mitigation plans are ready if tariffs are implemented.

• Continued investment in growth and digitalization, with moderate price increases for the 2025 pool season.

• Recent acquisition of BAC pool systems in January 2025 is expected to strengthen the pool covers segment in central Europe.