Fluidra SA reported first-quarter financial results that missed analyst projections on several central metrics but left its full-year objectives unchanged. Adjusted EBITDA for the quarter reached €124 million, approximately 6% under the consensus estimate of €132 million. Cash earnings per share were €0.32, about 6% below the €0.34 consensus.
Top-line revenue for the period was €564 million. On a reported basis this figure was essentially flat year-over-year, but when adjusting for currency moves tied to the U.S. dollar the company said revenue reflected 5% organic growth. Fluidra attributed that organic increase to a combination of pricing and volume effects: price increases contributed roughly 2% and higher volumes accounted for a further 3%.
Geographically, the company said all regions delivered similar mid-single-digit organic growth, with individual regions generally posting gains in the 4-6% range. That pattern indicates broadly dispersed demand across markets rather than concentration in a single area.
Profitability measures were slightly weaker than market expectations. Gross profit margin stood at 57.1%, narrowly below the consensus figure of 57.3%. On an adjusted EBITDA margin basis, the company reported 22.0%, roughly 140 basis points lower than the consensus margin of 23.4%.
On the balance sheet, operating net working capital for the last twelve months improved to €583 million, an 8% reduction year-over-year. The working capital ratio improved by nearly 300 basis points to 26.7%. Net debt declined to €1.28 billion and leverage edged down slightly, reflecting modest balance sheet improvement.
Despite the quarter’s misses, Fluidra reiterated its 2026 guidance. The company continues to target organic growth of 3-7%, adjusted EBITDA margins between 23.3% and 24.3%, and organic cash EPS growth in the 4-13% range. Current market consensus estimates are positioned near the midpoint of those guidance ranges.
Contextual note - The results show a mix of operational resilience in revenue trends and pressure on short-term margins. Pricing added to top-line growth, while volumes also contributed, but margins and adjusted EBITDA fell short of consensus expectations for the quarter.