Fluidra, S.a. · BME:FDR
Fluidra — Q1 2024 Earnings Presentation
20 slides from Fluidra's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Results
1 2024 RESULTS May 8% 2024 * eee we FLUIDRA
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: Today's speakers
Today’s speakers Eloi Planes Bruce Brooks Xavier Tintoré Executive Chairman CEO CFO 3
Slide 4: Key messages
Key messages 1. Q1 in line with expectations, confident in full year delivery • Aftermarket demand remains resilient • Regional dynamics unchanged: North America stronger than Europe • Easter holiday in March reduced number of trading days and “season planning” • Simplification Program continues to
Slide 5: Q1 in line with expectations
Q1 in line with expectations Const. FX & • Sales with lower volumes, as expected, YTD financial highlights €M 2023 2024 Evol. 24/23 due to less trading days in the quarter, Perimeter partly offset by price increases Sales 554 527 (4.8%) (4.4%) • EBITDA broadly stable YoY, with expanded gross margin
Slide 6: Simplification Program on track and delivering
Simplification Program on track and delivering >€30M incremental savings expected in 2024 €31M savings (achieved €6M as of Q1) Total gross savings from the Simplification Program €100M Reducing structure overlaps 1/3 Fixed cost Global procurement savings Design to Value (DtV) 2/3 Variable cost SKUs
Slide 7: Expanding successful line of innovative cordless robots
Expanding successful line of innovative cordless robots Freerider Pixel Spabot Residential in ground pools Above ground pools Spas and hot tubs 2023 season launch 2024 season launch 2024 season launch Premium range cordless robotic cleaners, addressing #1 user issue: the cord! Leveraging success of
Slide 8: Q1 sales in line with expectations
Q1 sales in line with expectations Const. FX & YoY growth (%) Perimeter Sales by geography YTD 2024 Southern Europe (12.3%) Rest of Europe (8.9%) North America 0.7% Rest of the World 0.1% Total (4.4%) (1%) 1% 1% (6%) (5%) Volumes reflect less trading days in the quarter and improving North America’
Slide 9: Solid margin expansion despite volume decline
Solid margin expansion despite volume decline Evol. • Sales in line with expectations for the year, YTD results €M 2023 % Sales 2024 % Sales reflecting less trading days in the quarter 24/23 Sales 554 100% 527 100% (4.8%) • Gross margin strongly improved YoY mainly driven by the Simplification Progr
Slide 10: Cash flow reflects usual business seasonality
Cash flow reflects usual business seasonality Cash flow (abridged) and net debt YTD €M 2023 2024 Evol. 24/23 • CF from operating activities slightly lower mainly due to higher EBITDA 121 118 (2) Restructuring, M&A and integration Net interest expense paid (17) (15) 3 expenses Corporate income tax pa
Slide 11: Summary
Summary 1. Q1 in line with expectations, confident in full year delivery 2. Simplification Program delivering strong margin improvement 3. Solid balance sheet. Focused on cash generation 4. FY 2024 guidance unchanged Guidance for FY 2024 Sales (€M) 2,000 - 2,150 EBITDA (€M) 440 - 490 Cash EPS (€/sha
Slide 12: Appendix
FLUIDRA Appendix
Slide 13: Sales by geography
Sales by geography Evol. Constant Const. FX & YTD €M 2023 % Sales 2024 % Sales Const. FX 24/23 perimeter Perimeter Southern Europe 166 30% 145 28% (12.4%) (12.3%) (12.4%) (12.3%) Rest of Europe 64 12% 61 12% (4.4%) (4.3%) (9.0%) (8.9%) North America 238 43% 239 45% 0.2% 0.7% 0.2% 0.7% Rest of the Wo
Slide 14: Sales by business unit
Sales by business unit Evol. Const. FX & YTD €M 2023 % Sales 2024 % Sales 24/23 Perimeter Pool & Wellness 542 98% 520 99% (4.1%) (3.7%) Residential 394 71% 374 71% (5.1%) (5.0%) Commercial 41 7% 44 8% 7.6% 8.9% Residential Pool Water Treatment 82 15% 77 15% (6.9%) (6.1%) Fluid Handling 25 5% 26 5% 2
Slide 15: Reconciliation of PBT to EBITDA
Reconciliation of PBT to EBITDA YTD €M 2023 2024 Evol. 24/23 Profit/loss before tax 56 51 (9.3%) Financial result 17 13 (21.6%) D&A 38 39 2.0% Restructuring, M&A and integration expenses 7 13 82.1% Stock based compensation 2 2 (6.1%) EBITDA 121 118 (1.9%) 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 41 37 (10.2%) Restructuring, M&A and integration expenses 7 13 82.1% Stock based compensation 2 2 (6.1%) Financial result 17 13 (21.6%) Net interest expense paid (17) (
Slide 17: Net working capital
Net working capital % LTM % LTM March €M 2023 2024 Evol. 24/23 sales sales Inventories 632 27.8% 491 24.2% (22.3%) Trade and other receivables 500 22.0% 527 26.0% 5.4% Trade payables 399 17.5% 430 21.2% 7.7% Operating net working capital 732 32.2% 588 29.0% (19.7%) Dividends, earn-outs & others 4 0.
Slide 18: Interim financial position (abridged)
Interim financial position (abridged) Assets 03/2023 03/2024 Liabilities 03/2023 03/2024 PPE & rights of use 352 372 Share capital 192 192 Goodwill 1,298 1,312 Share premium 1,149 1,149 Other intangible assets 916 877 Retained earnings and other reserves 266 262 Non-current financial assets 49 43 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