Slide 1: Q1 2023 Results
1 2023 RESULTS May 10% 2023 FLUIDRA ie
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
Slide 3: Today's speakers
Today’s speakers Eloi Planes Bruce Brooks Xavier Tintoré Executive Chairman CEO CFTO 3
Slide 4: Key messages
Key messages 1. Q1 in line with expectations Compared to a strong performance in the prior year Price read-through driving gross margin recovery Volumes affected by softer demand (macro and weather) and channel de-stocking Good progress on Simplification Program Working capital and net deb
Slide 5: Performance in line with expectations
Performance in line with expectations Const. FX & • Sales slightly better than expected, with YTD financial highlights €M 2022 2023 Evol. 23/22 lower volumes more than offsetting price Perimeter increases Sales 667 554 (16.9%) (17.9%) • EBITDA and EBIT reflect sequential gross margin recovery and th
Slide 6: Simplification Program to deliver €100M EBITDA improvement
Simplification Program to deliver €100M EBITDA improvement Simplification tracker Initiatives implemented / c.300 being implemented Annual run rate of initiatives c.47 being implemented (€M) % of full program’s target 47% 2023 impact of initiatives c.24 being implemented (€M) Gross margin improvemen
Slide 7: Innovation leader focused on sustainable pool solutions
Innovation leader focused on sustainable pool solutions DEL AOP Sanitizer AstralPool’s automatic pool cover AstralPool XC cartridge filter • Applies Ozone and UV light to create to • Saves water by reducing loss • Reduces the amount of water lost via kill bacteria without the use of through evaporat
Slide 8: Volume decline offsetting good price read-through
Volume decline offsetting good price read-through Const. FX & YTD Sales €M 2023 Perimeter Southern Europe 166 (13.3%) Rest of Europe 64 (40.3%) North America 238 (19.4%) Rest of the World 87 2.9% Total 554 (17.9%) 1% 1% 7% (25%) (17%) Lower sales driven by softer demand and channel inventory correct
Slide 9: Top line decline affecting EBITDA
Top line decline affecting EBITDA Evol. • Sales driven by lower volumes in residential pool YTD results €M 2022 % Sales 2023 % Sales more than offsetting implemented price 23/22 increases - tough comp (strong growth in Q1 22 Sales 667 100% 554 100% (16.9%) and Q1 21) Gross margin 352 52.8% 289 52.1%
Slide 10: Cash flow generation reflects investment in working capital
Cash flow generation reflects investment in working capital Cash flow and net debt YTD €M 2022 2023 € Evol. 23/22 • Operating cash flow stable year-on- Reported EBITDA 166 112 (54) year. Lower EBITDA and higher Net interest expense paid (11) (17) (6) interest and tax paid, broadly offset Corporate i
Slide 11: Summary
Summary 1. Q1 results in line with expectations. Industry still normalizing in Q2 2. Simplification Program delivering for 2023 and the future 3. Focused on cash generation and normalization of working capital. Solid balance sheet, with long dated maturities and ample liquidity providing flexibility
Slide 12: Appendix
Appendix 12
Slide 13: (I) Sales by geography
(I) Sales by geography Evol. Constant Const. FX & YTD €M 2022 % Sales 2023 % Sales Const. FX 23/22 perimeter Perimeter Southern Europe 192 29% 166 30% (13.7%) (13.7%) (13.3%) (13.3%) Rest of Europe 99 15% 64 12% (35.8%) (35.5%) (40.6%) (40.3%) North America 286 43% 238 43% (16.6%) (19.4%) (16.6%) (1
Slide 14: (II) Sales by business unit
(II) Sales by business unit 2022 % Evol. Const. FX & YTD €M % Sales 2023 (restated) Sales 23/22 Perimeter Pool & Wellness 650 97% 542 98% (16.6%) (17.6%) Residential 493 74% 394 71% (20.1%) (21.3%) Commercial 40 6% 41 7% 2.1% 3.6% Residential Pool 84 13% 82 15% (2.3%) (3.2%) Water Treatment Fluid Ha
Slide 15: (III) Reported profit & loss account YTD
(III) Reported profit & loss account YTD €M 2022 % Sales 2023 % Sales Evol. 23/22 Sales 667 100% 554 100% (16.9%) Gross margin 352 52.8% 289 52.1% (18.0%) Opex before dep. & amort. 187 28.0% 177 32.0% (5.1%) Reported EBITDA 166 24.8% 112 20.1% (32.7%) D&A 36 5.3% 38 6.9% 7.4% Net financial result 26
Slide 16: (IV) Reconciliation of PBT to EBITDA YTD
(IV) Reconciliation of PBT to EBITDA YTD €M 2022 2023 Evol. 23/22 PBT 104 56 (45.8%) Net financial result 26 17 (35.1%) D&A 36 38 7.4% Reported EBITDA 166 112 (32.7%) Stock based compensation 3 2 (37.1%) Integration & Other related non-recurring expense 1 7 nm EBITDA 170 121 (28.9%) 16
Slide 17: (V) Reconciliation of reported to cash net profit and cash EPS YTD
(V) Reconciliation of reported to cash net profit and cash EPS YTD €M 2022 2023 Evol. 23/22 Reported net profit from continued operations 75 41 (45.5%) Integration related & other non-recurring expense 1 7 nm Stock based compensation 3 2 (37.1%) P&L financial result 26 17 (35.1%) Cash interest paid
Slide 18: (VI) Net working capital
(VI) Net working capital % LTM % LTM March €M 2022 2023 Evol. 23/22 sales sales Inventory 659 28.1% 634 27.8% (3.9%) Accounts receivable 473 20.2% 501 22.0% 6.0% Accounts payable 537 22.9% 403 17.7% (25.0%) Operating net working capital 595 25.4% 732 32.2% 23.1% Dividends, earn-outs & others 3 0.1%
Slide 19: (VII) Reported balance sheet
(VII) Reported balance sheet Assets 03/2022 03/2023 Liabilities 03/2022 03/2023 PPE & rights of use 334 352 Share capital 196 192 Goodwill 1,330 1,298 Share premium 1,149 1,149 Other intangible assets 903 916 Retained earnings 509 266 Non-current financial assets 14 49 Interim dividends - - Other no
Slide 20: Thanks for your attention
Thanks for your attention +34 93 724 39 00 Investor_relations@fluidra.com Avda. Alcalde Barnils 69 - 08174 Sant Cugat (Barcelona) www.fluidra.com