Fluidra: Destocking impact leads to profit warning at US peer

Research evidence excerpt

Fluidra: Destocking impact leads to profit warning at US peer

Equity Research

European Capital Goods

15 July 2026

Fluidra

Destocking impact leads to profit

warning at US peer

US peer and #1 player in the US, Pentair has issued a profit FLUI.MC/FDR SQ EQUAL WEIGHT

warning citing adverse impact from destocking in the European Capital Goods NEUTRAL

inventory channel. Our Q2 forecasts for Fluidra look Price Target EUR 20.00

Price (14-Jul-26) EUR 18.61

optimistic vs. the extent of miss and could mechanically Potential Upside/Downside +7.5%

imply 5%/9% hit to FY-2026 consensus sales/EBITDA. Source: Bloomberg, Barclays Research

European Capital GoodsPentair is not under coverage by Barclays Research. Information about the company is being

Rajesh Patki

provided for information purposes only and is not an investment recommendation by Barclays

+44 (0)20 3555 5193

Research. rajesh.patki@barclays.com

Barclays, UK

Fluidra's US peer pre-announces Q2 and issues a profit warning. Pentair (not covered)

reported -17% decline in Q2 sales to $930m (vs. previous guidance of +1%), primarily due to the Vlad Sergievskii

adverse impact of Pool channel inventory. The company estimates that the destocking of +44 (0)20 7116 1117

vlad.sergievskii@barclays.cominventory in the Pool channel negatively impacted Q2 sales by 16% and operating income by

35%. As a result, the group has revised its FY guidance and now expects right sizing of channel

inventory to have 7-8% impact on FY-2026 sales and 16-18% impact on operating income. George Featherstone, CFA

The company has also announced that it has initiated a search to identify its next CFO and +44 (0)20 3555 8585

george.featherstone@barclays.comformer CFO, Bob Fishman has been appointed as Interim CFO following Nicholas Brazis’