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Investing.com -- Fluidra SA (BME:FDR) reported fourth-quarter revenue of €460 million, down 1% year-over-year but up 4% on an organic basis due to currency impacts. The company issued its 2026 guidance excluding foreign exchange effects.
For the fourth quarter, revenue came in line with expectations, though North America missed estimates due to tougher comparisons, offset by stronger performance in Southern Europe. The company reported price increases of 2% and volume growth of 4% for the full year.
Adjusted EBITDA for the quarter reached €90 million, approximately 6% below consensus estimates of €96 million.
EBITDA margins of 19.6% missed expectations by roughly 120 basis points. Gross profit came in 3% below estimates with gross margins of 58%, about 160 basis points below the consensus of 60%.
Cash earnings per share for the quarter came in at €0.19, 25% below the consensus estimate of €0.25. The company delivered results at the lower end of its updated full-year guidance.
For 2026, Fluidra issued guidance calling for organic growth of 3% to 7%, with the midpoint in line with consensus expectations of around 5%. The company expects adjusted EBITDA margins of 23.3% to 24.3%, with consensus at the exact midpoint of 23.8%. Cash EPS organic growth is projected at 4% to 13%, with consensus at the top of the range.
The company noted expectations for flat development in new pools and remodeling activity for 2026, with low single-digit price contribution. The outlook aligns broadly with reporting from US pool industry peers.
Fluidra announced a new cost savings program aimed at delivering mid-term margin targets.
Operating net working capital over the last twelve months came in at €359 million, down 3% year-over-year, representing 16.4% of sales compared to 17.7% in the prior year. Net debt stood at €1.09 billion with a net debt to EBITDA ratio of 2.2 times.
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