Fluidra (FDR) Q4 2025 earnings summary

Executive summary

• Achieved 7% sales growth at constant FX and 9% adjusted EBITDA growth in FY 2025, outperforming the market with volume growth across all regions and positive pricing effects.

• Completed the final year of simplification programs, delivering significant margin expansion, strong cash generation, and reduced leverage.

• Board proposed a dividend of €0.65 per share for 2025, up 8% year-over-year, representing a 50% payout of adjusted net profit.

• Introduced 2026 guidance, expecting continued sales and EBITDA margin growth despite macroeconomic uncertainties.

• Advanced strategic priorities through acquisitions (Aiper, Powerplastics, BAC, VarioPool) and investments in R&D and digital platforms.

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), and adjusted EPS grew 14% at constant FX to €1.30.

• Net profit increased 28% to €176 million; adjusted net profit was €250 million, up 8% year-over-year.

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

• Gross margin stable at 56.6%; adjusted EBITDA margin expanded to 22.9%.

• ROCE increased to 18% (+150 bps YoY); strong cash generation supported investments, M&A, and dividends.

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 demand in residential new construction/remodel, low single-digit growth in residential aftermarket, and continued momentum in commercial pool.

• Guidance assumes constant Euro-USD rates and includes M&A contributions; new efficiency plan to offset inflationary pressures.

• Continued investment in innovation and digital differentiation.