Fluidra: Pentair read-across overdone; positive set-up into the print

研报英文原文证据摘录

Fluidra: Pentair read-across overdone; positive set-up into the print

J P M O R G A N Europe Equity Research

15 July 2026

Fluidra Overweight

FLUI.MC, FDR SM

Pentair read-across overdone; positive set-up into the Price (14 Jul 26):€18.61

print Price Target (Dec-27):€28.00

Post US close yesterday, Pentair pre-announced its Q2 results and revised its 2026 European Capital Goods

ACguidance down due to its Pool division, where it competes with Fluidra’s North Chitrita C Sinha

America division (c.44% of FY25 Group sales). In Q2, sales are expected to be down (44-20) 7742-7176

17% versus the previous guide of +1% as a result of destocking in the Pool channel chitrita.sinha@jpmorgan.com

inventory. For Fluidra, we model c.5% growth in North America in both Q2 and the J.P. Morgan Securities plc

FY. Q2 is the most important quarter seasonally and we believe Fluidra has visibility Phil Buller

due to the pre-buy season. While the read-across is negative, in our pre-close with the (44-20) 3493-9403

phil.buller@jpmorgan.com

company (29 June), Fluidra was seeing broadly similar trends to Q1. We also note that J.P. Morgan Securities plc

Fluidra has been growing faster than Pentair over the last three years. We therefore see

Akash Gupta

the recent share price weakness as overdone and are now tactically positive into the (44-20) 7742-7978

print. akash.z.gupta@jpmorgan.com

J.P. Morgan Securities plc

• Pentair Pre-Announcement: Pentair, a read-through for Fluidra’s North Jeremy Caspar

America business, reported Q2 preliminary numbers and revised the guidance

(44-20) 3493-5188

downwards for 2026 along with the CFO transition post US close last night. jeremy.caspar@jpmorgan.com

Preliminary sales in Q2 are expected to be down ~17% y/y, vs guide of +1%, J.P. Morgan Securities plc