Slide 1: Q2 2024 Results
Q2 2024 RESULTS August 1st 2024
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 Bruce Brooks Jaime Ramírez Xavier Tintoré Executive Chairman Outgoing CEO Incoming CEO CFO 3
Slide 4: Key messages
Key messages 1. Strong H1 performance, in line with expectations for the year • Sequential Q2 sales improvement across all regions • Strong performance in North America • Europe affected by unfavorable weather and sluggish macro • Consistent gross margin expansion YoY driven by the Simplification Pr
Slide 5: Performance in line with expectations
Performance in line with expectations YTD financial highlights €M 2023 2024 Evol. 24/23 Const. FX & • Sales slightly down in H1, in line Perimeter with expectations, with sequential Sales 1,186 1,171 (1.2%) (1.5%) YoY quarterly improvement across all regions EBITDA 288 296 2.8% 3.7% • EBITDA higher
Slide 6: Simplification Program on track and delivering
Simplification Program on track and delivering €47M accumulated savings since start >€60M run rate savings (€31M in FY 2023 + €16M in H1 2024) expected by the end of 2024 Total gross savings from the Simplification Program €100M Reducing structure overlaps 1/3 Fixed cost Global procurement savings D
Slide 7: Global leading partner in Commercial Pool
Global leading partner in Commercial Pool European Championship Masyaf Lagoon (Egypt) Choctaw Resort (Oklahoma, US) Competition Pool (Belgrade, Serbia) ▪ Project management and installation of ▪ Deck equipment and games as well as ▪ Existing Olympic pool transformed into a 3 water treatment and othe
Slide 8: Sequential quarterly sales improvement across all regions
Sequential quarterly sales improvement across all regions Const. FX & YoY growth (%) Perimeter Sales by geography Q2 2024 YTD 2024 Southern Europe (4.9%) (8.0%) Rest of Europe (1.0%) (4.2%) North America 7.4% 4.1% Rest of the World 0.6% 0.4% Total 1.1% (1.5%) 0% 1% 1% (3%) (1%) Strong performance in
Slide 9: Strong margin expansion with stable sales
Strong margin expansion with stable sales Evol. • Sales in line with expectations for the year YTD results €M 2023 % Sales 2024 % Sales 24/23 • Gross margin strongly improved YoY, driven Sales 1,186 100% 1,171 100% (1.2%) by the Simplification Program, geographic mix and lower raw material costs Gro
Slide 10: Strong cash flow generation
Strong cash flow generation Cash flow (abridged) and net debt YTD €M 2023 2024 Evol. 24/23 • CF from operating activities higher, reflecting EBITDA growth and prior EBITDA 288 296 8 year´s one-off tax payments Net interest expense paid (35) (35) 0 related to 2018-2022 long-term Corporate income tax
Slide 11: Summary
Summary 1. Strong H1 delivery, in line with expectations. Positive trading in July across all regions 2. Simplification Program on track to bring 2024 and future margin enhancement 3. Excellent cash generation with lower net working capital levels 4. Midpoint of FY 2024 guidance maintained, range na
Slide 12: Appendix
FLUIDRA Appendix
Slide 13: Sales by geography
Sales by geography Evol. Constant Const. FX & Q2 €M 2023 % Sales 2024 % Sales Const. FX 24/23 perimeter Perimeter Southern Europe 221 35% 210 33% (4.9%) (4.9%) (4.9%) (4.9%) Rest of Europe 94 15% 98 15% 4.3% 4.2% (1.0%) (1.0%) North America 242 38% 261 41% 8.2% 7.4% 8.2% 7.4% Rest of the World 75 12
Slide 14: Sales by business unit
Sales by business unit Evol. Const. FX & Q2 €M 2023 % Sales 2024 % Sales 24/23 Perimeter Pool & Wellness 620 98% 633 98% 2.1% 1.3% Residential 446 71% 460 72% 3.2% 2.0% Commercial 56 9% 55 9% (2.8%) (1.0%) Residential Pool Water Treatment 90 14% 91 14% 0.9% (0.1%) Fluid Handling 27 4% 27 4% (1.5%) (
Slide 15: Reconciliation of PBT to EBITDA
Reconciliation of PBT to EBITDA YTD €M 2023 2024 Evol. 24/23 Profit/loss before tax 147 156 6.2% Financial result 36 35 (1.8%) D&A 78 77 (0.3%) Restructuring, M&A and integration expenses 22 26 15.8% Stock based compensation 6 2 (63.4%) EBITDA 288 296 2.8% 15
Slide 16: Reconciliation of Profit attributable to the parent to Cash EPS
Reconciliation of Profit attributable to the parent to Cash EPS YTD €M 2023 2024 Evol. 24/23 Profit/loss attributable to the parent 104 112 7.5% Restructuring, M&A and integration expenses 22 26 15.8% Stock based compensation 6 2 (63.4%) Financial result 36 35 (1.8%) Net interest expense paid (35) (
Slide 17: Net working capital
Net working capital % LTM % LTM June €M 2023 2024 Evol. 24/23 sales sales Inventories 546 25.6% 470 23.1% (13.9%) Trade and other receivables 466 21.9% 443 21.7% (5.1%) Trade payables 363 17.0% 427 21.0% 17.6% Operating net working capital 649 30.5% 485 23.8% (25.2%) Dividends, earn-outs & others 13
Slide 18: Interim financial position (abridged)
Interim financial position (abridged) Assets 06/2023 06/2024 Liabilities 06/2023 06/2024 PPE & rights of use 355 370 Share capital 192 192 Goodwill 1,297 1,319 Share premium 1,149 1,149 Other intangible assets 901 877 Retained earnings and other reserves 198 235 Non-current financial assets 60 41 In
Slide 19: 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. For further
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 20