Slide 1: Q3 2022 Results
Q3 2022 RESULTS October 28th 2022
Slide 2: Disclaimer
Q3 2022 RESULTS 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 internat
Slide 3: Today's Speakers
Q3 2022 RESULTS Today’s Speakers Eloi Planes Bruce Brooks Xavier Tintoré Executive Chairman CEO CFTO 28/10/2022 3
Slide 4: Key Messages
Q3 2022 RESULTS Key Messages 1. As communicated last week, inventory correction in the channel is having an effect on H2 results 2. Despite the deceleration, today we serve a bigger market, driven by a larger installed base, price and perimeter 3. Fluidra is today a significantly stronger business t
Slide 5: YTD Financial Highlights
Q3 2022 RESULTS YTD Financial Highlights Sales Growth Driven by Price, M&A and FX • Sales grew driven by price, acquisitions and FX which more than offset volume Evol. Const. FX & slow down due to inventory correction in YTD €M 2021 2022 22/21 Perimeter the channel Sales 1,703.8 1,966.8 15.4% 3.0% •
Slide 6: Sales by Geography
Q3 2022 RESULTS Sales by Geography Q3 Sales Impacted by Inventory Correction in the Channel • Southern Europe saw softness in Q3 €M 2021 % 2022 % Evol. Const. FX & France partially offset by better Sales Sales 22/21 Perimeter performance in the Mediterranean Southern Europe 129 25% 119 23% (7.5%) (7
Slide 7: YTD Results
Q3 2022 RESULTS YTD Results Top Line Growth but Margin Impacted by Mix and Inflation • Sales growth driven by price, M&A and FX % % Evol. • Gross Margin impacted by inflation and mix, YTD €M 2021 2022 Sales Sales 22/21 partially compensated by accelerating price Sales 1,703.8 100% 1,966.8 100% 15.4%
Slide 8: Cash Flow and Net Debt YTD
Q3 2022 RESULTS Cash Flow and Net Debt YTD Cash Flow Generation Impacted by Higher Inventory YTD €M 2021 2022 € Evol. 22/21 Reported EBITDA 414.7 437.3 22.6 • Operating Cash Flow impacted by higher Net Working Capital due to higher Net Interest Expense Paid (24.4) (37.7) (13.3) inventory levels as w
Slide 9: Outlook 2022
Q3 2022 RESULTS Outlook 2022 1. Current demand trends expected to continue into FY 2022 updated guidance shared last week is the following: Q4 impacting volumes as destocking continues 2. Continued positive price read-through reflecting in Gross Margin despite significant inflation and mix 2022 Upda
Slide 10: Considerations Looking forward
Q3 2022 RESULTS Considerations Looking forward FY 2019 – FY 2022 Sales Bridge and EBITDA 1. Fluidra is today a stronger business than in 2019, despite the (€bn) Inventory correction ongoing inventory correction 0.2 2.4 and pull-forward 0.4 2. Price and Aftermarket demand, serving a larger global ins
Slide 11: Summary
Q3 2022 RESULTS Summary • As anticipated last week, we are seeing short-term impact of the inventory correction in the channel • However, we are today a stronger business serving a bigger market • Fluidra has a strong balance sheet. Our capital allocation is consistent. • And we are taking focused a
Slide 12: Appendix
Q3 2022 RESULTS Appendix Q3 2022 RESULTS 28/10/2022 12
Slide 13: (I) Sales by Business Unit
Q3 2022 RESULTS (I) Sales by Business Unit Residential Impacted by Inventory Correction Partially Offset by M&A Contribution % % Evol. Const. FX & • Residential Pool evolution driven by Q3 €M 2021 2022 Sales Sales 22/21 Perimeter channel inventory correction and softer Pool & Wellness 504 98% 510 98
Slide 14: (II) Sales by Geography
Q3 2022 RESULTS (II) Sales by Geography Evol. Constant Const. FX & Q3 Const. FX 22/21 Perimeter Perimeter Southern Europe (7.5%) (7.5%) (7.0%) (7.0%) Rest of Europe (24.9%) (26.0%) (26.2%) (27.3%) North America 9.3% (6.9%) 6.1% (10.0%) Rest of the World 19.6% 14.3% 16.1% 11.1% Total 0.9% (6.9%) (1.8
Slide 15: (III) Reported Profit & Loss Account YTD
Q3 2022 RESULTS (III) Reported Profit & Loss Account YTD €M 2021 % Sales 2022 % Sales Evol. 22/21 Sales 1,703.8 100% 1,966.8 100% 15.4% Gross Margin 896.3 52.6% 1,005.0 51.1% 12.1% Opex before Dep. & Amort. 481.6 28.3% 567.7 28.9% 17.9% Reported EBITDA 414.7 24.3% 437.3 22.2% 5.4% D&A 91.6 5.4% 115.
Slide 16: (IV) Reconciliation to Reported EBITDA YTD
Q3 2022 RESULTS (IV) Reconciliation to Reported EBITDA YTD €M 2021 2022 Evol. 22/21 EBITDA 450.5 455.7 1.2% Integration Related Non-Recurring Expense (13.9) (5.4) (61.1%) Other & FX impact on Non-Recurring Expense 0.5 (2.3) (582.9%) Profit/Loss from Sales of Subsidiaries - (0.2) NM Stock Based Compe
Slide 17: (V) Reconciliation of Reported to Cash Net Profit and Cash EPS YTD
Q3 2022 RESULTS (V) Reconciliation of Reported to Cash Net Profit and Cash EPS YTD €M 2021 2022 Evol. 22/21 Reported Net Profit from Continued Operations 221.4 179.4 (19.0%) Integration Related & Other Non-Recurring Expense 13.5 7.7 (42.9%) Stock Based Compensation 21.8 10.5 (51.6%) Run Rate Synergi
Slide 18: (VI) Reported Balance Sheet
Q3 2022 RESULTS (VI) Reported Balance Sheet Assets 09/2021 09/2022 Liabilities 09/2021 09/2022 PPE & Rights of Use 292 361 Share Capital 196 196 Goodwill 1,281(1) 1,384 Share Premium 1,149 1,149 Other Intangible Assets 834(1) 1,037 Retained Earnings 389 441 Other Non-Current Assets 108 197 Interim D
Slide 19: 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