Fluidra: Q2‘26 Results – First Take – Mixed results but solid against low expectations, FY26 guidance re-iterated and €40m share buyback announced

研报英文原文证据摘录

Fluidra: Q2‘26 Results – First Take – Mixed results but solid against low expectations, FY26 guidance re-iterated and €40m share buyback announced

Chitrita C Sinha AC Europe Equity Research

(44-20) 7742-7176 30 July 2026 J P M O R G A N

chitrita.sinha@jpmorgan.com

Investment Thesis, Valuation and Risks

Fluidra (Overweight; Price Target: €28.00)

Investment Thesis

• Global leader in a fragmented market. Fluidra holds the No.1 position globally in the

pool-related equipment market, with a 12% share. The market has seen above-GDP

growth historically and Fluidra expects to grow 6-8% in the medium term driven by

4-6% market growth and a further 2% from market share gains and M&A.

• Playing a resi recovery. 1) Fluidra has a high aftermarket exposure (~45% of sales,

excl. remodelling) with its new build OE exposure focused on premium-end products

instead of the average consumer; 2) Aside from the short-term resi-recovery, Fluidra is

also exposed to structurally strong growth with a market expected to grow 4-6%; and

3) Fluidra screens cheaper on P/E and EV/EBITA versus resi peers.

• Valuation support. The stock has de-rated considerably versus the sector and its US

peers despite the stock delivering MSD% growth over the last two years and margin

expansion. Fluidra has also outgrown its US peers in the lucrative US market,

suggesting market share gains.

• Cost savings programme. Fluidra has executed its Simplification programme (2023-

2025) very well. It has started its €120m productivity and cost savings programme

(between 2026 and 2030).

Valuation

Our December 2027 price target is based on a reverse DCF valuation. The 12-month forward

target multiple is 12.0x EV/adj. EBITA, applied to our 2028 forecasts.

Risks to Rating and Price Target

Risks to the downside: