Fluidra (FDR) Q4 2025 earnings summary

Executive summary

• Achieved 7% sales growth at constant FX and 9% adjusted EBITDA growth in 2025, with strong market share gains, margin expansion, and solid cash generation across all regions.

• Completed final year of simplification programs, delivering significant margin expansion and strong cash generation; board proposed a dividend of €0.65 per share for 2025, up 8% year-over-year.

• Strategic investments and acquisitions (Aiper, PowerPlastics, BAC, Pooltrackr, Variopool) executed to accelerate growth and foster differentiation.

• Net operating expenses decreased despite inflationary pressures, and net debt was reduced from €1,131.6 million to €1,086.6 million.

• Investments in R&D and digitalization increased, including a new global R&D center in China.

Financial highlights

• Sales reached €2,184 million, up 3.9% year-over-year (7% at constant FX); adjusted EBITDA rose 5% to €501 million (22.9% margin); net profit increased to €176 million.

• Adjusted net profit was €250 million, up 8%; adjusted EPS was €1.30, slightly below guidance due to higher depreciation.

• Net debt reduced to €1,087 million, leverage ratio improved to 2.2x from 2.4x.

• Gross margin stable at 56.6%; ROCE increased to 18% (+150 bps YoY).

• Cash flow from operating activities rose to €342.6 million.

Outlook and guidance

• 2026 guidance: sales growth of 3%-7% at constant FX, adjusted EBITDA margin of 23.3%-24.3%, and EPS growth of 4%-13%.

• Efficiency programs and investments in IT, R&D, and digitalization are expected to support future growth.

• Expect flat demand in residential new construction, low single-digit growth in residential aftermarket, and continued strength in commercial pool.

• Moderate price increases and efficiency plan savings to offset tariff and inflation impacts.

• Company plans to maintain leverage ratios between 2 and 2.5 and continue optimizing capital structure.