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Investing.com -- Fluidra SA (BME:FLUI) (BME:FDR) reported second-quarter results on Thursday showing organic growth across all regions, but faced currency and regional mix challenges that impacted margins.
The swimming pool equipment manufacturer posted Q2 revenues of €663 million, in line with consensus expectations of €664 million, representing a 3% year-over-year increase and 6% organic growth. Volume grew by 4% while pricing contributed 1% in the first half, maintaining similar momentum to Q1.
Growth was seen across all regions, with North America meeting expectations, while Rest of Europe and Rest of World segments outperformed. Southern Europe slightly missed projections.
Gross profit came in 2% below expectations with margins of 55.8%, approximately 130 basis points below consensus of 57.1%, which the company attributed to negative foreign exchange impacts and regional mix.
Adjusted EBITDA reached €183 million, 1% below the €185 million consensus, with margins of 27.7% slightly missing the expected 27.9%.
Despite these challenges, adjusted EBITA exceeded expectations by 2% with better margins due to lower depreciation expenses. Cash earnings per share reached €0.54, outperforming consensus by 6%.
Fluidra updated its 2025 outlook, now targeting revenues of €2,160-2,220 million (compared to consensus of €2,186 million) and adjusted EBITDA of €500-520 million (consensus €509 million). The company raised its Cash EPS guidance to €1.33-1.40, above the consensus of €1.31.
Management noted that while organic performance improved toward the higher end of previous guidance, currency headwinds pushed EBITDA expectations toward the lower end of the range. The company confirmed its ability to offset tariff impacts through pricing strategies and supplier partnerships.
The company reported operating net working capital of €535 million year-to-date, up 10% year-over-year, with a stable ratio. Net debt decreased slightly to €1.116 billion, improving the net debt to EBITDA ratio to 2.25x.
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