Fluidra SA reported second-quarter revenue of €694 million, marking a 5% increase compared with the prior year and a 4% rise on an organic basis. The pool equipment manufacturer said results came in 1% above expectations, led by stronger outcomes in Southern Europe and the United States.
Southern Europe recorded 9% organic growth for the period, while the U.S. market expanded by 3%. The Rest of Europe and World regions were unchanged year-over-year, the company said.
Profitability and margins
Adjusted EBITDA reached €197 million, ahead of the €191 million consensus. Reported EBITDA margins were 28.4%, roughly 60 basis points higher than analysts had expected. Management attributed the margin outperformance in part to control over selling, general and administrative expenses. Gross profit margins stood at 56.1%, approximately 30 basis points below the consensus figure of 56.4%.
For the first half of the year, Fluidra noted that pricing was up 2% while volumes increased 3%. Cash earnings per share were €0.60, compared with a consensus of €0.58, representing a 3% beat.
Balance sheet and working capital
Operating net working capital improved to €498 million, a 7% reduction year-over-year, and the ratio rose by more than 230 basis points to 22.5%. Net debt declined to €1.1 billion and leverage fell slightly, the company reported.
Outlook and capital allocation
Fluidra confirmed its full-year 2026 guidance, maintaining targets for organic growth of 3-7%, adjusted EBITDA margins of 23.3-24.3%, and organic cash earnings per share growth of 4-13%. The market consensus for EBITDA margins currently sits at the low end of that range at 23.4%.
In addition, the company announced a new €40 million share buyback program. Management characterized the repurchase as a reflection of confidence in the outlook following a recent sector derating and the challenges experienced by U.S. competitors.
The results underline a period of modest top-line growth accompanied by margin resilience and a tightening of working capital, while the buyback signals a shift in capital allocation toward returning cash to shareholders.