Fluidra, S.a. · BME:FDR
Fluidra — Berenberg & Wolfe NY Conferences May 2025
71 slides from Fluidra's conference presentation, May 2025
Slide 1: Berenberg & Wolfe NY Conferences May 2025
BERENBERG & WOLFE NY CONFERENCES MAY 2025
Slide 2: Disclaimer
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 f
Slide 3: Agenda
• Why Fluidra wins • Market post pandemic and Fluidra’s positioning • Accelerate growth AGENDA • Foster competitive differentiation • Enhance operational excellence • Investment priorities and capital allocation • Appendix I & II 3 |
Slide 4: Why Fluidra wins
WHY FLUIDRA WINS 4 |
Slide 5: Why Fluidra wins
WHY FLUIDRA WINS Global leader in a structurally attractive industry, with long-term growth underpinned by resilient aftermarket 1 #1 player with unique footprint and broadest product offering. Focus on operational excellence 2 Leaders in customer-centric innovation, connectivity and sustainable poo
Slide 6: Ready for our next phase of development
READY FOR OUR NEXT PHASE OF DEVELOPMENT 2007-2017 2018-2024 Future POST IPO – PRE-MERGER POST MERGER – TODAY NEXT PHASE OF GROWTH • Mostly European focused, with • #1 player worldwide, with • Reinforcing leadership and marginal presence in the US and diversified presence growing in high potential mo
Slide 7: Medium-term financial objectives
MEDIUM-TERM FINANCIAL OBJECTIVES Market growth +4% New Build growth Medium-term targets Installed base growth to +6% +8% Annual Avg. Ticket on Equipment +6% sales growth to >25% Adjusted Weather +/-1% EBITDA margin Market share gains +2% ROCE >17% Inorganic growth Additional Fluidra growth 7 |
Slide 8: Strategy and enablers to deliver medium-term objectives
STRATEGY AND ENABLERS TO DELIVER MEDIUM-TERM OBJECTIVES Accelerate Foster Enhance growth competitive operational differentiation excellence Culture, talent and Finance Technology, data Ongoing Sustainability organization discipline and Digital transformation roadmap 8 |
Slide 9: Leading global footprint with clear regional focus
LEADING GLOBAL FOOTPRINT WITH CLEAR REGIONAL FOCUS North America Southern Europe, Australia & New Zealand Market size: €9.0bn Market share: 10%, #2 Market size: €3.8bn Average cost of a pool: Market share: 18%, #1 c.€100k Average cost of a pool SE: c.€30k Central-Northern Europe & Emerging Markets M
Slide 10: Market post pandemic and Fluidra's positioning
MARKET POST PANDEMIC AND FLUIDRA’S POSITIONING 10 |
Slide 11: Fluidra leads in an attractive and fragmented industry
FLUIDRA LEADS IN AN ATTRACTIVE AND FRAGMENTED INDUSTRY Global competitive landscape 2024 End demand breakdown 2024 Fluidra Market Fluidra 12% Commercial Residential Aftermarket >1,000 Player #2 New Build 10% 14% players 8% 21% Commercial 30% New build Global Pool Player #3 Global Pool 9% Others Mark
Slide 12: A house with a pool…
A HOUSE WITH A POOL… …provides a great space for relaxation and social gatherings …is ideal for family activities, especially with children …promotes physical activity and a healthy lifestyle …increases the property value …helps cool down the surrounding area, especially in summer Desire for pool as
Slide 13: The installed base grows annually
THE INSTALLED BASE GROWS ANNUALLY Residential in-ground global pool base (million units) CAGR: 19.6 c.2% 13.6 2007 2024 United States Europe Latam ANZ RoW New build feeds the installed pool base every year underpinning market growth 1. ANZ: Australia & New Zealand 13 |
Slide 14: Pool maintenance underpins resilient aftermarket demand
POOL MAINTENANCE UNDERPINS RESILIENT AFTERMARKET DEMAND Start Year 1 Lifecycle of a pool Year 17 onwards New build Consumables, maintenance & repair Remodel c.30%(1) c.70%(1) Aftermarket (discretionary) (resilient) New pool costs more Pool equipment is 10- More content per pool Aging, low-tech insta
Slide 15: New pools currently at historical low levels
…NEW POOLS CURRENTLY AT HISTORICAL LOW LEVELS Top 5 countries: Residential new pools: Correction from the Around 55% top 5 countries overbuilding in the of global installed base (thousand units) prior decade >70% 321 Fluidra’s sales 249 203 1980-2024 avg: 215k units 174 2014-2024 avg: 206k units 143
Slide 16: Our customers are at the center of what we do
OUR CUSTOMERS ARE AT THE CENTER OF WHAT WE DO How Fluidra wins Residential Pool Commercial Pool Residential Pro Consumer Commercial Pro Solutions We provide high-quality and We make their pool easier We provide specialized We provide end-to-end reliable products and service and more enjoyable. produ
Slide 17: Accelerate growth
ACCELERATE GROWTH 17 |
Slide 18: North America
NORTH AMERICA 18 |
Slide 19: Second player in market with largest opportunity in size and value
SECOND PLAYER IN MARKET WITH LARGEST OPPORTUNITY IN SIZE AND VALUE Competitors overview Demand breakdown 1st player 13% Commercial Residential new build Fluidra 24% 18% 10% Market size Others €9.0bn 3rd player 52% 9% Next 4 players Residential aftermarket 16% 58% Largest installed pool Higher value-
Slide 20: Why Fluidra wins
WHY FLUIDRA WINS Sales evolution vs other pool players What sets us apart? CAGR (%) 2019 to 2024 16% • Customer centricity 11% o Attentive, extensive and committed 10% 8% technical sales support • Loyal expanding dealer network o Long-lasting relationship coupled with Fluidra North America Player A
Slide 21: Strategies for profitable growth
STRATEGIES FOR PROFITABLE GROWTH Accelerating growth • Boosting Residential Pro market share • Growing new build share – partner of choice with focused field sales & service support investment • Increasing share in the aftermarket – "drops right in" campaign • Enabling Pool Professionals – leveragin
Slide 22: Southern Europe, Australia and New Zealand
SOUTHERN EUROPE, AUSTRALIA AND NEW ZEALAND 22 |
Slide 23: Undisputable leader increasing capillarity
UNDISPUTABLE LEADER INCREASING CAPILLARITY Competitors overview Demand breakdown Fluidra Commercial 18% Residential new build 19% 26% Market size Others €3.8bn Next 4 regional players 68% 14% Residential aftermarket 54% Strong relevance of Slow adoption of IoT Opportunity for Existing technologies a
Slide 24: Why Fluidra wins
WHY FLUIDRA WINS What sets us apart? • Capillarity – Strong sales network to provide the best customers’ support • Vertically integrated – One-stop shop from manufacturing to distribution • Reliability – Consistent high quality and great service • Product offering – New products and driving innovati
Slide 25: Strategies to accelerate profitable growth
STRATEGIES TO ACCELERATE PROFITABLE GROWTH Accelerating growth • Resi-Pro – Expand Pro-Center network, leverage online portal and strengthen the sales team • Consumer – Specialized sales teams, tailored brands and easy-to-install products to respond to growing demand • Commercial pool – Growing in p
Slide 26: Central-Northern Europe and Emerging Markets
CENTRAL-NORTHERN EUROPE AND EMERGING MARKETS 26 |
Slide 27: High growth potential
HIGH GROWTH POTENTIAL Competitors overview Size by country Country 1 15% Pool market Country 2 size Other €4.2bn 14% countries 48% Countries 3 to 8 23% Only global player Fragmented market, 8 countries representing Residential Pool - 75% (New leading the market with consolidation >50% market size bu
Slide 28: Why Fluidra wins
WHY FLUIDRA WINS What makes us stronger • “Glocal”: only global player with local presence within the region • Vertically integrated with adapted/tailored product portfolio and go-to-market per region • Winning team in Commercial Pool with strong market recognition and end-to-end capabilities • Scal
Slide 29: Strategies to accelerate growth
STRATEGIES TO ACCELERATE GROWTH Accelerating growth • Providing best-in-class service, availability and broad product offering • Expanding novelties and new products • Enhancing commercial excellence strategies • Increasing penetration in new and currently served markets • Growing Commercial Pool wi
Slide 30: Foster competitive differentiation
FOSTER COMPETITIVE DIFFERENTIATION 30 |
Slide 31: Broadest product offering in the industry – unique platform
BROADEST PRODUCT OFFERING IN THE INDUSTRY – UNIQUE PLATFORM FY 2024 sales breakdown by product category Non-pool categories 4% Fully fledged product portfolio Commercial Pool 9% unique in the industry Chemicals & testing All equipment and accessories 11% needed to build a pool FY 2024 sales €2.1bn A
Slide 32: Product innovation to continue to create differentiation
PRODUCT INNOVATION TO CONTINUE TO CREATE DIFFERENTIATION How we win: Energy efficiency, water savings, reduced chemicals Customer and user-centric Can we create the positive Sustainability innovation pool of the future? Winning products Focus areas Emerging technologies Connectivity Customer & user
Slide 33: An opportunity to leverage global platform
AN OPPORTUNITY TO LEVERAGE GLOBAL PLATFORM 300 56% sustainable product >1,700 patents >1 million engineers(1) (as % of FY 2024 sales) worldwide connected pools 6 R&D €55M R&D investment(2) c.20% vitality €20M VC fund centers (c.3% of FY 2024 sales) ratio to invest in emerging companies with unique t
Slide 34: Unlocking value - from regional to global R&D
UNLOCKING VALUE - FROM REGIONAL TO GLOBAL R&D From regional …to global Benefits multiproduct specialized product engineering… development Faster time to market • 5 design centers & 1 • Engineering category teams Optimised resource allocation software center • Global centers of excellence Platform st
Slide 35: Creating competitive differentiation by building a disruptive ecosystem
CREATING COMPETITIVE DIFFERENTIATION BY BUILDING A DISRUPTIVE ECOSYSTEM Make my pool Help me run my experience easy business more and entertaining efficiently END USERS POOL PROS DIGITAL SALES TRANSFORMATION ENABLEMENT Effortless pool care High-quality 1M 3M solutions for crystal-clear products for
Slide 36: Bringing a new standard for integrated pool experiences
BRINGING A NEW STANDARD FOR INTEGRATED POOL EXPERIENCES …that will create deeper connections between professionals and pool owners 36 |
Slide 37: Enhance operational excellence
ENHANCE OPERATIONAL EXCELLENCE 37 |
Slide 38: Operational footprint to be close to customer base
OPERATIONAL FOOTPRINT TO BE CLOSE TO CUSTOMER BASE BRINGING COMPETITIVE ADVANTAGE 35 +150 Manufacturing Distribution hubs points +100,000 +10,000 Products Suppliers Driving operational excellence with global capabilities and regional execution 38 |
Slide 39: Unlocking value through our operations strategy
UNLOCKING VALUE THROUGH OUR OPERATIONS STRATEGY Agile, cost-effective, and customer-centric global integrated supply chain Operations vision that drives operational excellence and enables growth Strengthen Best-in-class Resilient, agile process operations & sustainable foundations supply chain Enabl
Slide 40: Simplification program on track and delivering
SIMPLIFICATION PROGRAM ON TRACK AND DELIVERING Expected total gross savings €100m Accumulated savings to date €75m • Global procurement savings €68m • Design to Value (DtV) • SKUs rationalization Variable cost €31m • Reducing structure overlaps Fixed cost FY 2023 FY 2024 Q1 2025 FY 2025 40 40 |
Slide 41: Technology an enabler to deliver on strategy and transformation
TECHNOLOGY AN ENABLER TO DELIVER ON STRATEGY AND TRANSFORMATION 2021 2022 2023 2024 2025 2026 2027-2031 Simplified processes Strategic enabler to business transformation Higher scalability & flexibility New S&OP tool Business process standarization SAP pilot and Cost reduction and rollout operationa
Slide 42: Unlocking untapped value aligned with our operations strategy
UNLOCKING UNTAPPED VALUE ALIGNED WITH OUR OPERATIONS STRATEGY STRATEGIC THEME TODAY - SIMPLIFICATION NEXT OPPORTUNITY Global sourcing strategy focused on Data-driven procurement & supplier Strategic supplier top 60+ suppliers to drive savings and collaboration to reduce costs and management efficien
Slide 43: Investment priorities and capital allocation
INVESTMENT PRIORITIES AND CAPITAL ALLOCATION 43 |
Slide 44: We have delivered exceptional growth and returns since IPO
WE HAVE DELIVERED EXCEPTIONAL GROWTH AND RETURNS SINCE IPO… Adj. EBITDA (€M) Total shareholder return Sales (€M) and margin (%) 2007-2024 (%) +220% +405% 22.7% 14.4% 51% 95 477 20% 657 2,102 297% 331% 2007 2024 2007 2024 Fluidra S&P 500 STOXX 600 IBEX 35 CAGR c.7% CAGR c.10% Fluidra CAGR c.7% 44 |
Slide 45: …with even further increased strength in the last five years
…WITH EVEN FURTHER INCREASED STRENGTH IN THE LAST FIVE YEARS Adj. EBITDA (€M) Total shareholder return Sales (€M) ROCE % and margin (%) 2019-2024 (%) +54% +78% 22.7% 19.7% 1,368 2,102 269 477 12% 17% 168% 150% 74% 60% 2019 2024 2019 2024 2019 2024 Fluidra S&P 500 STOXX 600 IBEX 35 CAGR c.9% CAGR c.1
Slide 46: M&A - a key lever to create value in a fragmented industry
M&A - A KEY LEVER TO CREATE VALUE IN A FRAGMENTED INDUSTRY Financially disciplined approach Strategic focus areas • ROCE as a key guiding metric, ensuring • Strengthening product offering, aligning consistent capital allocation with core strategy – grow in Commercial Pool & focus on connected and su
Slide 47: Aiper – technology, growth & innovation in pool cleaning
AIPER – TECHNOLOGY, GROWTH & INNOVATION IN POOL CLEANING Impressive Sales Performance ($M) Product roadmap & marketing strategy ~470 Professionals ~270 41% CAGR HPP Scuba X1 Pro Max AI-Powered R&D engineers Disruptive Robotics Features Scuba X1 Pro $20 million 195 Scuba N1 Ultra 112 Investment in R&
Slide 48: Aiper - complementary strengths to win in a growing market
AIPER - COMPLEMENTARY STRENGHTS TO WIN IN A GROWING MARKET Fast-growing, technology driven and innovative cordless robotic pool cleaning 1 player. Cleaner market remains largely underpenetrated, with adoption rates still below 25% + 2 Attractive consumer brand, direct to consumer go-to-market approa
Slide 49: Pool Trackr – accelerating digital strategy
POOL TRACKR – ACCELERATING DIGITAL STRATEGY • State-of-the-art Pool Pro software platform developed in Australia ▪ Streamlines operations – making it easier to run the business ‐ Easier to drive scale with automated services ‐ Improved customer engagement ‐ Enabling boost in digital sales to drive g
Slide 50: Consistent capital allocation to generate value – unchanged framework
CONSISTENT CAPITAL ALLOCATION TO GENERATE VALUE – UNCHANGED FRAMEWORK Accumulated cash deployment since 2019 (c.€1.5bn) 1 • Invest for growth and innovation Organic growth • Capex inc. R&D (c.3% of net sales) 25% Group RoCE 2 • Acquisitions (>1% of sales CAGR) target Value-accretive • Investment cri
Slide 51: Appendix I - Q1 2025 results presentation
APPENDIX I - Q1 2025 RESULTS PRESENTATION 51 |
Slide 52: Key messages
KEY MESSAGES • Strong start to the year with sales up 7% and growth across all regions in a dynamic operating environment ▪ Positive volume and price contribution ▪ Good gross margin progression (up 250 bps), driven by the Simplification Program ▪ Improved leverage ratio (down 0.3x) with stable work
Slide 53: Strong Q1 performance
STRONG Q1 PERFORMANCE Evol. Const. FX & YTD financial highlights €M 2024 2025 25/24 Perimeter • Sales up strongly, with positive volume and price contribution and growth across Sales 527 564 6.9% 5.1% regions Adjusted EBITDA 118 131 10.4% 8.3% • Adjusted EBITDA 10% higher YoY, driven by Adjusted EBI
Slide 54: Strong sales growth driven by volume and share gains
STRONG SALES GROWTH DRIVEN BY VOLUME AND SHARE GAINS Const. FX & 24 564 YoY growth (%) Perimeter Sales by geography YTD 2025 Southern Europe 3.5% 3 5 Rest of Europe 2.5% 5 527 North America 7.3% Rest of the World 3.5% Total 5.1% 1% 1% 1% 5% 7% 7% 7% Q1’24 FX Perimeter Price Volume Q1’25 Good perform
Slide 55: Fully offsetting impact of tariffs
FULLY OFFSETTING IMPACT OF TARIFFS • Tariffs in place today are different versus those effective at the end of February ▪ Estimated gross tariff impact April to December of around €50 million (driven by China, group mostly USMCA compliant) • Initiatives undertaken ▪ Worked with suppliers to realign
Slide 56: Continued margin expansion
CONTINUED MARGIN EXPANSION Evol. YTD results €M 2024 % Sales 2025 % Sales • Sales up 7% year-on-year, with growth across 25/24 all regions Sales 527 100% 564 100% 6.9% Gross margin 289 54.8% 323 57.3% 11.6% • Gross margin strongly improved YoY, benefitting from the Simplification Program and Opex 17
Slide 57: Good progress in deleveraging
GOOD PROGRESS IN DELEVERAGING Cash flow (abridged) and net debt YTD €M 2024 2025 Evol. 25/24 • Improved leverage ratio due to stronger Adjusted EBITDA 118 131 12 operating performance, on stable net Net interest paid (15) (15) 0 debt levels Corporate income tax paid (9) (4) 5 Operating working capit
Slide 58: Summary
SUMMARY • Strong start to the year with growth in sales and EBITDA • Simplification Program delivering margin improvement • Action plan in place to fully offset tariffs Guidance for FY 2025 • Maintaining guidance: confident in full year delivery Sales (€M) 2,140 - 2,250 despite geopolitical and macr
Slide 59: Appendix results presentation
APPENDIX RESULTS PRESENTATION
Slide 60: Sales by geography
SALES BY GEOGRAPHY Evol. Constant Const. FX & YTD €M 2024 % Sales 2025 % Sales Const. FX 25/24 perimeter Perimeter Southern Europe 145 28% 152 27% 4.5% 4.5% 3.5% 3.5% Rest of Europe 61 12% 65 11% 6.3% 5.6% 3.1% 2.5% North America 239 45% 262 46% 9.8% 7.3% 9.8% 7.3% Rest of the World 83 16% 85 15% 3.
Slide 61: Sales by business unit
SALES BY BUSINESS UNIT Evol. Const. FX & YTD €M 2024 % Sales 2025 % Sales 25/24 Perimeter Pool & Wellness 520 99% 555 98% 6.7% 4.9% Residential 374 71% 405 72% 8.3% 6.2% Commercial 44 8% 47 8% 6.7% 4.6% Residential Pool Water Treatment 77 15% 77 14% 0.4% 0.1% Fluid Handling 26 5% 26 5% 1.2% 0.4% Irr
Slide 62: Reconciliation of PBT to Adjusted EBITDA
RECONCILIATION OF PBT TO ADJUSTED EBITDA YTD €M 2024 2025 Evol. 25/24 Profit/loss before tax 51 65 27.0% Financial result 13 18 35.0% D&A 39 41 4.5% Restructuring, M&A and integration expenses 13 5 (58.9%) Stock based compensation expense 2 2 (14.9%) Adjusted EBITDA 118 131 10.4% 62 |
Slide 63: Reconciliation of profit attributable to the parent to Adjusted EPS
RECONCILIATION OF PROFIT ATTRIBUTABLE TO THE PARENT TO ADJUSTED EPS YTD €M 2024 2025 Evol. 25/24 Profit/loss attributable to the parent 37 48 29.3% Restructuring, M&A and integration expenses 13 5 (58.9%) Stock based compensation expense 2 2 (14.9%) Financial result 13 18 35.0% Net interest paid (15
Slide 64: Net working capital
NET WORKING CAPITAL % LTM % LTM March €M 2024 2025 Evol. 25/24 sales sales Inventories 491 24.2% 519 24.3% 5.8% Trade and other receivables 527 26.0% 530 24.8% 0.5% Trade payables 430 21.2% 417 19.5% (3.1%) Operating net working capital 588 29.0% 632 29.6% 7.6% Dividends, earn-outs & others 3 0.2% 5
Slide 65: Interim financial position (abridged)
INTERIM FINANCIAL POSITION (ABRIDGED) Assets 03/2024 03/2025 Liabilities 03/2024 03/2025 PPE & rights of use 372 364 Share capital 192 192 Goodwill 1,312 1,323 Share premium 1,149 1,149 Other intangible assets 877 827 Retained earnings and other reserves 262 317 Non-current financial assets 43 19 In
Slide 66: Appendix II – Sustainability strategy
APPENDIX II – SUSTAINABILITY STRATEGY
Slide 67: Responsibility blueprint: our roadmap (2020-2026)
RESPONSIBILITY BLUEPRINT: OUR ROADMAP (2020-2026) ENVIRONMENT: SOCIAL: GOVERNANCE: Contribute to sustainable Enhance the wellbeing of our Be at the forefront of the best development through our products employees, our value chain and society corporate governance practices and our activities Sustaina
Slide 68: Climate action
CLIMATE ACTION -55% +21% +10k +40k Carbon emissions Energy efficiency Solar panels Trees planted installed Carbon neutral in our operations by 2027 68 |
Slide 69: Water care
WATER CARE -4% m3/uds 9% 16% +100% Produced in Water replenished Sales associated Water replenished operations for in 2025 with water-saving in 2030 2025 solutions Water positive in our operations by 2030 69 |
Slide 70: Ratings as a catalyst for excellence
RATINGS AS A CATALYST FOR EXCELLENCE Ratings serve as a benchmark for continuous improvement, guiding Fluidra toward excellence through transparency, performance measurement, and accountability 72/100 Included in the 89% 0.9% 56% Sustainability Yearbook for 3rd time Employee Adjusted gender Sustaina
Slide 71: Thank you!
THANK YOU! Should you have any further questions, please reach out to the Investor Relations team: Clara Valera - Strategy, Investor Relations and FP&A Senior Director Pol Neiro - Investor Relations Manager investor_relations@fluidra.com 71 |