Fluidra: Q2‘26 results conference call takeaways

研报英文原文证据摘录

Fluidra: Q2‘26 results conference call takeaways

J P M O R G A N Europe Equity Research

30 July 2026

Fluidra Overweight

FLUI.MC, FDR SM

Q2’26 results conference call takeaways Price (29 Jul 26):€19.13

Price Target (Dec-27):€28.00

Fluidra reported solid Q2’26 results this morning – see our First Take for details. European Capital Goods

ACOn the call, management clarified that they received a €5m benefit in the quarter Chitrita C Sinha

from tariff refunds and can expect another €5m-10m in H2. This means the beat (44-20) 7742-7176

was only marginal on Adj. EBITDA (versus 3% headline) although this should chitrita.sinha@jpmorgan.com

mean that consensus moves up LSD% on absolute terms. Importantly, Phil Buller

management clarified that they see normal inventory patterns at their distributors, (44-20) 3493-9403

a concern post Pentair’s warning. Hayward also provided similar commentary to phil.buller@jpmorgan.com

Fluidra, suggesting the Pentair warning was idiosyncratic. We see the share Akash Gupta

performance as somewhat muted given solid results against very low expectations, (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

but we are not surprised shares have moved lower post the tariff refund

Jeremy Casparcommentary. We summarise our key takeaways from the conference call below.

(44-20) 3493-5188

jeremy.caspar@jpmorgan.com

• Tariff refunds. Management are happy with margin performance. Saw impact J.P. Morgan Securities plc

of pricing and efficiency plans. There was only a small benefit from the refund Specialist Sales contact details:

in Q2 (€5m) and this was recorded in opex. Can expect to see another €5m-10m

Sam Edmunds - Specialist Sales -

in H2. European Industrials

• Inventory levels at customers.