Fluidra (FDR) Q4 2025 earnings summary

Executive summary

• Achieved 7% sales growth at constant FX and 9% adjusted EBITDA growth in FY 2025, driven by volume, pricing, and acquisitions, with strong platform performance and market share gains across all regions.

• Completed final year of simplification program, delivering EUR 100 million in gross savings and significant margin expansion.

• Proposed dividend of €0.65 per share, up 8%, and continued disciplined capital allocation, including increased dividend and strategic acquisitions.

• 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 through repayments and strong cash generation.

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); adjusted net profit was €250 million, up 8%.

• Net profit attributable to equity holders increased to €176 million; adjusted EPS grew 14% year-over-year at constant FX to €1.30.

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

• ROCE increased to 18% (+150 bps YoY); cash flow from operating activities reached €342.6 million.

• Dividend proposed at €0.65 per share, representing ~50% payout of adjusted EPS.

Outlook and guidance

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

• Expect flat new build and remodel volumes, low single-digit growth in residential aftermarket, and continued commercial pool momentum.

• Guidance assumes constant Euro-USD rates, includes M&A contributions, and continued investment in innovation and digitalization.

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

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