• Strong performance in line with expectations, with excellent cash generation

• Sequential sales improvement in the second quarter across all regions

• Simplification Program driving margin expansion

• Confident on delivering FY 2024 guidance

BARCELONA, Spain, August 01, 2024--(BUSINESS WIRE)--Fluidra, the global leader in equipment and connected solutions in the pool and wellness sector, achieved sales of €1,171 million in the first half of 2024, slightly down compared to the same period last year and in line with expectations.

EBITDA of €296 million, was up 3% thanks to strong gross margin expansion, driven by the Simplification Program, together with positive geographic mix effects and lower raw material costs.

Cash Net Profit reached €157 million, up 4%, while net profit stood at €112 million, increasing 8% year-on-year. Cash generation was excellent with improved working capital and net debt levels, reducing net debt by €150 million YoY. At the end of June, net debt to EBITDA ratio improved to 2.5 times.

In the first half of the year, North America delivered a strong performance, up 4%, while Europe was affected by unfavorable weather and a sluggish macro. Looking at the second quarter, all regions saw a sequential improvement, with overall sales up 1%.

The Simplification Program has delivered cumulative savings of €47 million since it started. On a run rate basis, the company expects to achieve more than €60 million of savings by the end of 2024, with global strategic procurement efforts and product design-to-value initiatives as the main value generators this year. As a reminder, between 2023 and 2025 the program is expected to deliver a total of €100 million EBITDA improvement.

Confident in our future

Fluidra is confident in delivering its full year guidance, maintaining the midpoint while narrowing the range. The company expects 2024 sales between €2,025 and 2,125 million, EBITDA between €450 and 480 million and Cash EPS between €1.12 and 1.20 per share.

Eloi Planes, Fluidra’s Executive Chairman, said: "I am pleased with the results presented today. We have delivered a strong performance in the first half of the year in a normalized trading environment, with a resilient aftermarket and some weakness in demand for new pools.

"We are the leader in an attractive sector with long-term structural growth and our position is further improving, driven by our customer-centric approach, innovative product offering, global geographic footprint, and leadership in connected and sustainable pools. We are confident in our future and our ability to create value for our stakeholders."