Fluidra (FDR) Q2 2026 earnings summary

Executive summary

• Sales grew 5% year-over-year at constant FX, outperforming the market and supported by strong aftermarket performance.

• Adjusted EBITDA increased 6% year-over-year, with stable margins and disciplined cost control.

• Net debt reduced to €1,101 million, supported by robust cash generation and improved working capital management.

• A €40 million share buyback was launched to enhance shareholder remuneration.

• Leadership transition: Xavier Tintoré steps down as CFO, succeeded by Juan Graham.

Financial highlights

• Sales reached €1,258 million, up 4.9% year-over-year, with a negative FX impact of 230 bps and positive M&A impact of 50 bps.

• Gross margin was 56.5%, flat year-over-year, as inflation and negative mix were offset by pricing and efficiency measures.

• Adjusted EBITDA was €321 million, up 5.7%, with a margin of 25.5%.

• Net profit was €126 million, down 2.9% due to higher restructuring expenses.

• Free cash flow improved significantly, reflecting better working capital and operational efficiency.

Outlook and guidance

• Full-year and FY 2026 guidance maintained, with confidence in meeting sales and margin targets.

• Margin guidance expected at the low to mid end due to inflation, with potential upside from tariff refunds.

• Adjusted EBITDA margin expected between 23.3% and 24.3%.

• Working capital to sales ratio expected to be similar to last year by year-end; CapEx guidance at 3–3.5% of sales.

• Adjusted net profit per share growth forecasted at 4–13% YoY.