Fluidra (FDR) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered 5–5.4% sales growth at constant FX, with robust performance and market share gains across all regions and segments, supported by strong customer service and strategic focus.

• Gross margin remained solid at 57.1%, supported by price increases and efficiency initiatives despite inflationary pressures.

• Adjusted EBITDA increased 1.8–2% year-over-year at constant FX, with margin impacted by geographic/product mix and investments.

• Net leverage improved to 2.6x from 2.7x year-over-year, reflecting strong working capital management.

• Full-year 2026 guidance remains unchanged, with continued focus on operational agility, strategic execution, and margin protection.

Financial highlights

• Sales reached €564 million, up 5–5.4% year-over-year at constant FX, with a 530 bps negative FX impact on reported results.

• Adjusted EBITDA was €124–131 million (22.0–23.2% margin) at constant FX, up from prior year.

• Adjusted EPS increased 1.8–2% year-over-year at constant FX to €0.32.

• Net profit was €46 million, up 6.4% at constant FX, but slightly below prior year on a reported basis.

• Adjusted net profit reached €61 million, 1.8% higher year-over-year at constant FX.

• Free cash flow improved by €48 million year-over-year, with a use of €174 million, reflecting better working capital management.

• Net debt at €1,278 million, down €57 million year-over-year; leverage ratio improved to 2.6x.

Outlook and guidance

• Full-year 2026 guidance maintained, with sales growth expected at +3% to +7% at constant FX and adjusted EBITDA margin guidance at 23.3% to 24.3%.

• Adjusted EPS growth forecasted at +4% to +13% year-over-year.

• OpEx expected to increase around 3% at constant currency for the full year, with cost savings from headcount reductions and efficiency plans.

• Management remains confident in delivering full-year targets and improving returns on capital despite macro and geopolitical uncertainties.