Fluidra (FDR) Q4 2025 earnings summary

Executive summary

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

• Net profit attributable to equity holders rose to €176 million, supported by cost control and reduced net operating expenses despite inflationary pressures.

• Board proposed a dividend of €0.65 per share for 2025, up 8% year-over-year, reflecting confidence in future growth.

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

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

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 to €1.30.

• Net profit increased 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%; ROCE increased to 18% (+150 bps YoY).

• Cash flow from operating activities reached €342.6 million, supporting investments and dividends.

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.

• Guidance assumes constant Euro-USD rates and includes M&A contributions.