Fluidra, S.A.

Fluidra reported first-half sales of EUR 1.258 billion, up 4.9% year on year, with a 230 bps negative FX impact and 50 bps of acquisition contribution. Gross margin was 56.5%, flat year on year. Adjusted EBITDA was EUR 321 million, up 5.7%, with an adjusted EBITDA margin of 25.5%; adjusted EBITDA was EUR 268 million, up 6%, with a 21.3% margin. Net profit was EUR 126 million, down 2.9%, while adjusted net profit was EUR 175 million, up 7.1%. Free cash flow was EUR 16 million versus a EUR 74 million use last year, net debt was EUR 1.101 billion, and leverage was 2.2x. For the full year, management maintained guidance; on margin, they said they are probably more in the low-to-mid end, and they expect OpEx to increase about 3.5% at constant FX. CapEx is expected to be around 3.5% of sales, and the net working capital to sales ratio should be around last year’s level at year-end.

Eloy Planes framed the quarter as evidence that Fluidra’s strategy is working, emphasizing outperformance in a market still below historical new-build levels. He stressed disciplined execution, market share gains, margin protection actions, and strong cash generation, and said the balance sheet has strengthened further. His tone was confident and upbeat, with a clear message that the company remains focused on long-term value creation and is comfortable maintaining full-year guidance.

Xavier Tintore said gross margin held at 56.5% despite inflation and negative mix because pricing, efficiency measures, and some tariff recovery offset pressure. He pointed to EUR 389 million of operating expenses, up 4.7%, and said full-year OpEx growth should be around 3.5% at constant FX. He also highlighted EUR 16 million of free cash flow, EUR 1.101 billion of net debt, leverage of 2.2x, and said working capital improved to 22.5% of sales, with year-end expected to be around last year’s ratio. On capital allocation, he described the EUR 40 million buyback as opportunistic rather than a permanent change in policy.

Analysts focused on distributor inventories, tariff refunds, commercial business weakness, restructuring costs, and whether buybacks or U.S. listing plans signal a broader capital allocation shift. Management said North American inventories are healthy, with sell-out in the high single digits and sell-in in the mid-single digits, and they view the channel as liquidating inventory rather than building it. On tariffs, Xavier said there was about EUR 5 million of refund benefit in Q2 and potentially another EUR 5 million to EUR 10 million could come later, but timing is uncertain and the company does not need those refunds to meet guidance. They also said restructuring costs for 2026 remain confirmed at EUR 50 million to EUR 55 million, buybacks remain opportunistic, and the U.S. listing option is still being worked on with no short-term update.