This article first appeared on GuruFocus .
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Sales Growth:Up 7% at constant FX.
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EBITDA Growth:Increased by 9% at constant FX to EUR 501 million, representing a 23% margin.
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Gross Margin Improvement:Improved by more than 500 basis points since the launch of the Simplification Program.
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Net Debt to EBITDA Ratio:Reduced to 2.2 times, down 0.2 times from the previous year.
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Dividend Proposal:EUR 0.65 per share, up 8% from the prior year.
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Adjusted EPS Growth:Increased by 14% year on year at constant FX.
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Revenue:EUR 2.184 billion, a 3.9% increase year on year.
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Operating Expenses:EUR 735 million, up 3.1% year on year.
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Net Profit:EUR 176 million, a 28% increase from the previous year.
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Adjusted Net Profit:EUR 250 million, 8% higher than last year.
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CapEx:Flat year on year.
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Acquisitions:EUR 113 million invested, including BAC, PoolTrackr, and Aiper.
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Cash Flow from Operations:EUR 501 million EBITDA with EUR 101 million used for tax and interest payments.
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Guidance for 2026:Sales growth between 3% to 7%, adjusted EBITDA margin between 23.3% and 24.3%, and EPS growth between 4% to 13%.
Release Date: February 26, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Fluidra SA ( FLUIF ) reported a 7% increase in sales and a 9% growth in EBITDA at constant FX for 2025, indicating strong performance across all regions.
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The company achieved significant market share gains in 2025, particularly in the aftermarket segment, which contributed to a 4% volume growth.
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Fluidra SA ( FLUIF ) successfully completed its Simplification Program, resulting in a gross margin improvement of over 500 basis points and an EBITDA margin increase of 150 basis points.
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The company maintained strong cash generation, reducing its net debt to EBITDA ratio to 2.2 times, while also accommodating dividend payments and acquisitions.
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Fluidra SA ( FLUIF ) proposed an 8% increase in its 2025 dividend to EUR0.65 per share, reflecting confidence in its future business prospects and aligning with its dividend policy.
Negative Points
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FX had a significant negative impact on sales, with a 310 basis point reduction for the year and a 600 basis point impact in the fourth quarter.
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The company faced challenges from tariffs and inflation, which offset some of the positive contributions from its Simplification Program and pricing strategies.
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Despite strong overall performance, the adjusted EPS was slightly below guidance due to higher-than-expected depreciation in 2025.
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The robotic cleaner market faced increased competition, impacting margins and leading to pressure from customers trading down.
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The guidance for 2026 anticipates flat demand in residential new construction and remodel, with growth primarily expected from the aftermarket and commercial pool segments.
Q & A Highlights
Q: Can you elaborate on the sell-in and sell-out situation, and how does it relate to POOLCORP's inventory levels? A: Jaime Ramirez, CEO: We focus on aligning sell-in and sell-out, and our 7% revenue growth in North America reflects this alignment. POOLCORP's inventory increase was due to pre-buying connected to price increases last year. Our model for 2026 assumes flat new build, with the best opportunity for market share gains in the aftermarket.
Q: What is the current weight of your robotic division, and how will Phase II in Aiper impact it? A: Xavier Tintore Segura, CFO: The robotic cleaner business is about 6% of our revenue. We expect continued competition affecting margins. In Phase II, Fluidra will focus on distribution in professional channels, while Aiper will handle R&D and manufacturing, impacting our margins as we transition to a distributor role.
Q: Could you provide guidance at current FX rates, and how does maintenance focus impact Q4 growth? A: Xavier Tintore Segura, CFO: At current rates, sales growth would be around 2 points lower. We expect flat new build and 1-2% growth in aftermarket and remodel. Commercial growth could be flat to 5-6% at the top end, with market share gains contributing around 1 point.
Q: Why was Q4 sales growth in North America lower than Q3, and what is the expected impact of PoolTrackr? A: Jaime Ramirez, CEO: Q4 growth was 2-3% due to a high base from 2024 and FX impacts. Retail business transitions also affected numbers. PoolTrackr aims to enhance digital experience and demand generation, with potential SaaS opportunities not yet included in our numbers.
Q: What are the building blocks for the low and high ends of the 2026 guidance range? A: Xavier Tintore Segura, CFO: The low end assumes flat new build, while the high end includes better aftermarket performance, longer season, and more remodels. Commercial pool growth and share gains also differentiate the midpoint from the high end. M&A contribution is around 1%, potentially higher at the high end.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
