Fluidra S.A. Q2 26 Preview - Expect solid delivery

研报英文原文证据摘录

Fluidra S.A. Q2 26 Preview - Expect solid delivery

Global Research

29 June 2026ab

Fluidra S.A. Equities

SpainQ2 26 Preview - Expect solid delivery

Industrial, Diversified

12-month rating Buy

Bottom line

We expect Fluidra to deliver a solid Q2 broadly in line with current consensus 12m price target €31.00

expectations (UBSe 4.6% organic sales growth, 28.0% Adj EBITDA margin). We see

broadly positive demand evolution across regions despite continued weakness in US resi

Price (26 Jun 2026) €19.52

market. Restructuring actions should start to reduce Opex growth, which was the main

driver behind Q1 results miss. Q2 could be the quarter of re-establishing the solid RIC: FLUI.MC BBG: FDR SM

delivery track record, which we think is important for reinforcing investor confidence.

Trading data and key metrics

The stock is trading on 11.3x 2026E EV/EBITA, at the lower end of historical range 10-

52-wk range €25.96-18.25

16x. Maintain Buy.

Market cap. €3.75b/US$4.27b

Focus points: Shares o/s 192m (ORD)

Free float 45%

Sales. We expect 4.6% organic sales in Q2 26 vs 5.3% in Q1. Q2 trading is line

with expectation, positive in every region especially in Southern Europe. Central & Avg. daily volume ('000) 412

Northern Europe remains steady and in positive territory. In the US, new build Avg. daily value (m) €8

market is still somewhat depressed while Aftermarket continues to perform well. Common s/h equity (12/26E) €1.68b

Sell through is positive and slightly lower than the double-digit levels quoted in Q1. P/BV (12/26E) 2.2x

Net debt to EBITDA (12/26E) 1.9x

Margin. We expect flat Gross Margin and improved Adj EBITDA margin on a y/y

basis (UBSe +c40bps). We expect good evolution in Opex, back on track to deliver EPS (UBS, diluted) (EUR)

the 3% guided y/y increase. From To % ch Cons.