Fluidra, S.a. · BME:FDR
Fluidra — Baird Conference Chicago (November 2024)
26 slides from Fluidra's conference presentation, November 2024
Slide 1: Corporate presentation November 2024
Corporate presentation November 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: Fluidra's speakers
Fluidra’s speakers Xavier Tintoré Clara Valera Chief Financial and Strategy, Investor Relations Sustainability Officer (CFSO) and M&A Senior Director 3
Slide 4: Fluidra at a glance
Fluidra at a glance Overview Global and balanced presence • Global leader in pool equipment and wellness solutions with full product offering Rest of the Southern • Present in over 45 countries with c.6,500 employees world Europe 17% 28% • Listed on the Spanish stock exchange, with a market capitali
Slide 5: Global leaders in a growth industry
Global leaders in a growth industry 1 Structurally attractive industry – growing installed base of pools and aftermarket resilience 2 Global leader based on unique footprint and offering. Clear leader in connected and sustainable pools 3 Track record of growth and margin expansion. A stronger busine
Slide 6: Structurally attractive industry with growing installed base of pools and aftermarket resilience
1 Structurally attractive industry with growing installed base of pools and aftermarket resilience Fluidra is the global leader in a NA & Europe make up for the bulk of fragmented industry Global market split by activity the large Global market Market data as of 2023 Fluidra >1k companies 11% Rest o
Slide 7: Consumer trends driving long-term growth
1 Consumer trends driving long-term growth Consumer trends Market Increasing outdoor living Growing installed pool base Market Pool as the anchor to the backyard New construction in 2020-2021 below experience historic peak levels. Industry normalized Dynamics & Move to suburbs globally and in the US
Slide 8: Leader with global presence and unique footprint
2 Leader with global presence and unique foorprint Fluidra is #1 or #2 in countries with 80% of Fluidra demand split: aftermarket global pool base exposure providing resiliency Commercial 10% Residential New Build 30% Residential Aftermarket #1/#2 60% % of global pool base 80% Fluidra’s sales breakd
Slide 9: Customer-centered innovation
2 Customer-centered innovation Product development journey o Customer surveys USER WORK and feedback 3X Launched “Fluidra Ventures”, o Trending analysis # of patents vs nearest R&D a Corporate Venture Capital competitor fund of €20m o Field research LAB & FIELD o Test pools TESTING IN-MARKET 90+ 51%
Slide 10: Creating a more sustainable pool: action areas
2 Creating a more sustainable pool: action areas CIRCULAR High quality products that are made from sustainable materials, which are repairable, reusable, LOW CARBON recyclable and/or biodegradable. Jandy Products that have been manufactured in a CV Cartridge filter more sustainable way, involving a
Slide 11: M&A track record: regular, systematic process – Creating value
2 M&A track record: regular, systematic process – Creating value Clear Opportunity for product range & Disciplined • Objective to generate additional annual acquisition customer expansion M&A strategy sales growth of c. 1-2% per annum parameters Immediately identifiable synergies in a largely • Larg
Slide 12: Proven track record: a structurally stronger business today
3 Proven track record: a structurally stronger business today EBITDA (€M) Cash EPS Sales (€M) and margin (%) (€/share) ROCE (%) +50% 500 +66% 24.0% +103% +32% 450 23.0% 400 350 22.0% 300 22% 21.0% 250 20.0% 200 150 20% 19.0% 100 18.0% 50 1,368 2,051 269 445 0.54 1.10 12% 16% 0 17.0% 2019 2023 2019 2
Slide 13: Margin focus: simplification program to deliver €100M savings
3 Margin focus: simplification program to deliver €100M savings €57M accumulated savings since start >€60M run rate savings (€31M in FY 2023 + €26M in YTD 2024) expected by the end of 2024 Total gross savings from the Simplification Program €100M Reducing structure overlaps 1/3 Fixed cost Global pro
Slide 14: Disciplined capital allocation framework remains unchanged
3 Disciplined capital allocation framework remains unchanged Reinvest in the business to • CapEx around 3% of annual sales, including R&D investment of around 1% sales drive organic revenue growth • Expand, upgrade capabilities, improve efficiency and productivity and margin improvement • Maintain d
Slide 15: Appendix: Q3 2024 Results
APPENDIX Q3 2024 RESULTS FLUIDRA
Slide 16: Key messages
Key messages 1. Strong performance in Q3 • Sales up across all regions driven by higher volumes • Europe coming back to positive growth for the first time since Q1 2022 • Excellent gross margin, driven by the Simplification Program • Strong cash generation with improved working capital and net debt
Slide 17: CEO's early observations
CEO’s early observations 1 Structurally attractive industry, with long-term growth underpinned by resilient aftermarket and favourable structural growth drivers 2 Global leader – based on unique footprint and offering – with significant scope to further consolidate a fragmented market 3 Focus on inn
Slide 18: Key pillars to drive transformation and market leadership
Key pillars to drive transformation and market leadership 1 Accelerate growth • Delivering commercial excellence • Enhancing both customer and end-user experience • Growing in high potential markets (organic and accretive M&A) 2 Enhance operational excellence • Maximizing productivity and efficiency
Slide 19: Strong performance YTD
Strong performance YTD YTD financial highlights €M 2023 2024 Evol. 24/23 Const. FX & • Sales up strongly in Q3, with Perimeter +8% volume, returning to Sales 1,623 1,637 0.8% 0.9% Group growth YTD • EBITDA higher YoY, driven by EBITDA 366 386 5.6% 6.1% higher gross margin despite inflation in Opex E
Slide 20: Strong performance in all regions in Q3 driven by volume
Strong performance in all regions in Q3 driven by volume Const. FX & YoY growth (%) Perimeter Sales by geography Q3 2024 YTD 2024 Southern Europe 6.4% (4.8%) Rest of Europe 3.8% (1.9%) North America 9.3% 5.5% Rest of the World 6.8% 2.6% Total 7.3% 0.9% (1%) 1% 1% 0% 1% Sequential sales improvement a
Slide 21: Highlights of the quarter
Highlights of the quarter Continued innovation Customer centricity Sustainability • New Energy Connect & Clear • Awarded ‘Vendor of the Year’ for • Deep dive report (link here), looking Connect platform for perfect water the fourth year in a row by US top into water as a scarce global treatment dist
Slide 22: Continued margin expansion
Continued margin expansion Evol. • Sales up 1% year-on-year, returning to YTD results €M 2023 % Sales 2024 % Sales growth, on the back of a strong Q3 24/23 performance driven by volumes Sales 1,623 100% 1,637 100% 0.8% • Gross margin strongly improved YoY, Gross margin 851 52.4% 915 55.9% 7.5% benef
Slide 23: Strong cash flow generation
Strong cash flow generation Cash flow (abridged) and net debt YTD €M 2023 2024 Evol. 24/23 • Strong cash generation YTD results in €161 million net debt reduction EBITDA 366 386 21 YoY and c.€80 million QoQ Net interest expense paid (52) (49) 4 Corporate income tax paid (28) (51) (23) • CF from oper
Slide 24: Summary
Summary 1. Strong performance YTD, with sequential quarterly improvement across all regions 2. Simplification Program well on track to deliver 2024 and 2025 savings 3. Excellent improvement in net working capital and lower net debt levels 4. Updated FY 2024 guidance, raising mid-point Guidance for F
Slide 25: 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 26: 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 26