Fluidra, S.a. · BME:FDR
Fluidra — FY2025 Earnings Presentation
34 slides from Fluidra's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Results
26 FEBRUARY 2026 FY 2025 RESULTS
Slide 2: Disclaimer
DISCLAIMER This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with international financial re
Slide 3: On the call today
ON THE CALL TODAY Eloi Planes Jaime Ramírez Xavier Tintoré Executive Chairman CEO CFO 3 |
Slide 4: Key messages
KEY MESSAGES • Strong FY 2025 performance, sales up 7%(1) and Adjusted EBITDA up 9%(1), testament to the strength of our platform • Volume growth across all regions • Continued market share gains • Solid gross margin, driven by the Simplification Program • Good cash generation, reduced leverage • Co
Slide 5: Sustained growth and return expansion over the last 6 years
SUSTAINED GROWTH AND RETURN EXPANSION OVER THE LAST 6 YEARS Sales (€M) Adj. EBITDA (€M) Adjusted EPS ROCE (%) and margin (%) (€/share) +60% +86% 1.30 +141% 18% 2,184 501 12% 1,368 269 0.54 19.7% 22.9% 2019 2025 2019 2025 2019 2025 2019 2025 CAGR c.8% CAGR c.11% CAGR c.16% >610 bps In addition to fin
Slide 6: 2025 strong execution despite unfavorable FX
2025 STRONG EXECUTION DESPITE UNFAVORABLE FX Sales (€M) Adj. EBITDA (€M) Adj. EPS (€/share) and margin (%) 2,184 1.30 +7%(1) 501 +9%(1) +14%(1) 2,102 477 1.21 • Higher sales growth 22.7% 22.9% • Margin expansion 2024 2025 2024 2025 2024 2025 • Improved return Net debt (€M) Dividend paid on capital a
Slide 7: Outstanding organic performance
OUTSTANDING ORGANIC PERFORMANCE % of 83 2,184 YoY % growth at const. Sales Group’s FX & perimeter sales Q4 2025 FY 2025 FY 2025 2,102 (61) 41 Southern Europe 9% 4% 26% 20 Rest of Europe 0% 4% 13% North America 3% 7% 44% Rest of the World 5% 7% 17% (3%) 1% 2% 4% 4% Total 4% 6% 100% FY ’24 FX Perimete
Slide 8: Executing on our strategy to deliver long-term value
EXECUTING ON OUR STRATEGY TO DELIVER LONG-TERM VALUE Accelerate Foster Enhance growth competitive operational differentiation excellence Culture, talent Finance Technology, Ongoing Sustainability and organization discipline data and Digital transformation roadmap POSITIONING THE BUSINESS FOR GROWTH
Slide 9: Accelerate growth
EXECUTING ON OUR STRATEGY TO DELIVER LONG-TERM VALUE 2025 achievements • Market share gains Accelerate growth • Commercial excellence – pricing and go-to-market • “Supplier of the Year” in the U.S. - 5 years in a row • Acquisitions of Aiper and Powerplastics • Agreement to buy VarioPool 9 |
Slide 10: Foster competitive differentiation
EXECUTING ON OUR STRATEGY TO DELIVER LONG-TERM VALUE 2025 achievements • Transformation and globalization of R&D function - accelerated speed to market Foster competitive • Invested €64M in R&D (c. 3% of sales) • New global R&D center in China differentiation • New product sales - 19% of total • Rol
Slide 11: Innovation - a key lever to win in the market
INNOVATION - A KEY LEVER TO WIN IN THE MARKET Step-change innovation for a next-gen customer experience Jandy - Edge Astralpool - Cellguard Automation Salt-water chlorinator Drop-in upgrades for the aftermarket Jandy - Service Light Jandy - Echo Jandy - SpeedSet+ Lights Cartridge filter Variable-spe
Slide 12: Enhance operational excellence
EXECUTING ON OUR STRATEGY TO DELIVER LONG-TERM VALUE 2025 achievements • Simplification Program delivered - €100M savings & >500 bps in gross margin since inception Enhance operational • New plan to unlock competitiveness - €120M in savings excellence • Building a more agile, cost-effective and resi
Slide 13: New efficiency plan 2026-2030 to enhance competitiveness
NEW EFFICIENCY PLAN 2026-2030 TO ENHANCE COMPETITIVENESS Savings - P&L split Savings - Phasing Strategic supplier management 120 Opex Gross margin 25% Redesign to add 60 value “DtV” €120M Opex 75% 20 Flexible and scalable Gross Margin 0 industrial footprint 2026 2027 2028 2029 2030 OPPORTUNITY TO DE
Slide 14: Growing sales, adjusted EBITDA and net profit
GROWING SALES, ADJUSTED EBITDA AND NET PROFIT Evol. FY results €M 2024 % Sales 2025 % Sales 25/24 • Sales up 4% YoY, 7% if adjusted for currency, with Sales 2,102 100% 2,184 100% 3.9% growth across all regions Gross margin 1,190 56.6% 1,236 56.6% 3.9% • Gross margin stable YoY benefitting from the O
Slide 15: Strong cash flow generation and investing for growth
STRONG CASH FLOW GENERATION AND INVESTING FOR GROWTH 1,132 (501) 31 1,087 117 113 • Strong cash generation, while 71 101 23 ‐ investing in the business to grow organically and inorganically ‐ remunerating our shareholders with consistent dividend policy (1) (1) • Improved leverage ratio supported 2.
Slide 16: Aiper - complementary strengths to win in a growing market
AIPER – COMPLEMENTARY STRENGTHS TO WIN IN A GROWING MARKET Fast-growing, technology driven and innovative cordless robotic pool 1 cleaning player. Cleaner market remains largely underpenetrated, with adoption rates still below 25% + Attractive consumer brand, omnichannel go-to-market approach in 2 c
Slide 17: Aiper - technology, growth & innovation in pool cleaning
AIPER – TECHNOLOGY, GROWTH & INNOVATION IN POOL CLEANING Impressive sales performance ($M) Sales across regions (%) Estimated global market share (%) 400 37% Rest of the world CAGR Other players Aiper 257 9% 26% 195 112 35% 54% 56% Europe 20% Fluidra 2023 2024 2025 2027E North America Actuals Estima
Slide 18: 2026 Outlook
2026 OUTLOOK • Positive sales outlook: - Flat development in new pools and remodel - Positive aftermarket growth (maintenance Guidance for FY 2026 (at constant FX) and repair) Sales (YoY %) +3% to +7% - Commercial pool moderate growth - Market share gains Adjusted EBITDA margin 23.3% to 24.3% (% of
Slide 19: Summary
SUMMARY • Strong performance FY, with growth across all regions • Solid gross margin, driven by the Simplification Program • Ready for 2026, encouraged with solid underlying demand. Cost control and new efficiency plan in place to continue margin enhancement • Confident in our future: focused on exe
Slide 20: Appendix
APPENDIX = —————— —_ —— Beebe LO A
Slide 21: Why Fluidra wins
WHY FLUIDRA WINS Global leader in a structurally attractive industry, with long-term growth underpinned by resilient aftermarket 1 #1 player with unique footprint and broadest product offering. Focus on operational excellence 2 Leaders in customer-centric innovation, connectivity and sustainable poo
Slide 22: Ready for our next phase of development
READY FOR OUR NEXT PHASE OF DEVELOPMENT 2007-2017 2018-2025 Future POST IPO – PRE-MERGER POST MERGER – TODAY NEXT PHASE OF GROWTH • Mostly European focused, with • #1 player worldwide, with • Reinforcing leadership and marginal presence in the US and diversified presence growing in high potential mo
Slide 23: Medium-term financial objectives
MEDIUM-TERM FINANCIAL OBJECTIVES +4% New Build growth Medium-term targets Market Installed base growth to growth +6% +8% Annual Avg. Ticket on Equipment +6% sales growth to >25% Adjusted Weather +/-1% EBITDA margin Market share gains +2% Additional Fluidra growth ROCE >17% Inorganic growth 23 |
Slide 24: Consistent capital allocation to generate value
CONSISTENT CAPITAL ALLOCATION TO GENERATE VALUE – UNCHANGED FRAMEWORK Accumulated cash deployment since 2019 (c.€1.8bn) 1 • Invest for growth and innovation Organic growth • Capex inc. R&D (c.3% of net sales) 25% 2 • Acquisitions (>1% of sales CAGR) Group RoCE Value-accretive • Investment criteria f
Slide 25: New pools currently at historical low levels
NEW POOLS CURRENTLY AT HISTORICAL LOW LEVELS Top 5 countries: Residential new pools: Correction from the Around 55% top 5 countries overbuilding in the of global installed base (thousand units) prior decade >70% 321 Fluidra’s sales 249 203 1980-2025 avg: 214k units 169 2015-2025 avg: 208k units 143
Slide 26: Sales by geography
SALES BY GEOGRAPHY Evol. Constant Const. FX & Q4 €M 2024 % Sales 2025 % Sales Const. FX 25/24 perimeter Perimeter Southern Europe 69 15% 76 17% 10.2% 10.4% 9.1% 9.3% Rest of Europe 40 9% 42 9% 5.5% 5.2% 0.5% 0.2% North America 244 53% 230 50% (6.0%) 2.7% (6.0%) 2.7% Rest of the World 111 24% 111 24%
Slide 27: Sales by business unit
SALES BY BUSINESS UNIT Evol. Const. FX & Q4 €M 2024 % Sales 2025 % Sales 25/24 Perimeter Pool & Wellness 459 99% 453 98% (1.3%) 3.9% Residential 333 72% 322 70% (3.2%) 2.3% Commercial 42 9% 45 10% 6.5% 11.6% Residential Pool Water 64 14% 66 14% 3.4% 7.8% Treatment Fluid Handling 20 4% 20 4% (2.2%) 1
Slide 28: Reconciliation of PBT to Adjusted EBITDA
RECONCILIATION OF PBT TO ADJUSTED EBITDA FY €M 2024 2025 Evol. 25/24 Profit/loss before tax 193 243 25.8% Financial result 67 66 (0.3%) D&A 161 163 1.2% Restructuring, M&A and integration expenses 51 25 (51.8%) Stock based compensation expense 5 4 (25.0%) Adjusted EBITDA 477 501 5.0% 28 |
Slide 29: Reconciliation of profit attributable to the parent to Adjusted EPS
RECONCILIATION OF PROFIT ATTRIBUTABLE TO THE PARENT TO ADJUSTED EPS FY €M 2024 2025 Evol. 25/24 Profit/loss attributable to the parent 138 176 27.5% Restructuring, M&A and integration expenses 51 25 (51.8%) Stock based compensation expense 5 4 (25.0%) Financial result 67 66 (0.3%) Net interest paid
Slide 30: Net working capital
NET WORKING CAPITAL % LTM % LTM December €M 2024 2025 Evol. 25/24 sales sales Inventories 466 22.2% 437 20.0% (6.2%) Trade and other receivables 291 13.8% 262 12.0% (9.9%) Trade payables 386 18.4% 341 15.6% (11.8%) Operating net working capital 371 17.7% 359 16.4% (3.3%) Dividends, earn-outs & other
Slide 31: Cash flow statement (abridged)
CASH FLOW STATEMENT (ABRIDGED) Cash flow (abridged) and net debt FY €M 2024 2025 Evol. 25/24 Adjusted EBITDA 477 501 24 Net interest paid (63) (54) 9 Corporate income tax paid (100) (47) 53 Operating working capital 38 (23) (61) Other operating cash flow(1) (43) (35) 7 CF from operating activities 3
Slide 32: Interim financial position (abridged)
INTERIM FINANCIAL POSITION (ABRIDGED) Assets 12/2024 12/2025 Liabilities 12/2024 12/2025 PPE & rights of use 362 378 Share capital 192 192 Goodwill 1,344 1,269 Share premium 1,149 1,149 Other intangible assets 871 738 Retained earnings and other reserves 268 333 Non-current financial assets 24 8 Int
Slide 33: Alternative performance measures
ALTERNATIVE PERFORMANCE MEASURES Fluidra’s financial statements are prepared according to IFRS and other applicable regulation. The financial information presented in this document also includes Alternative Performance Measures (‘APMs’) prepared according to the group’s reporting model. Please note
Slide 34: Thank you
THANK YOU +34 93 724 39 00 Investor_relations@fluidra.com Avda. Alcalde Barnils 69 - 08174 Sant Cugat (Barcelona) www.fluidra.com