Q2 2023 RESULTS

July 28th 2023

Disclaimer

  • This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared in accordance with international financial reporting standards (IFRS). However, as it has not been audited, the information is not definitive and may be modified in the future.
  • The assumptions, information and forecasts contained herein do not guarantee future results and are exposed to risks and uncertainties; actual results may differ significantly from those used in the assumptions and forecasts for various reasons.
    The information contained in this document may contain statements regarding future intentions, expectations or projections. All statements, other than those based on historical facts, are forward-looking statements, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations. Such forward-looking statements are affected, as such, by risks and uncertainties, which could mean that what actually happens does not correspond to them.
    These risks include, amongst others, seasonal fluctuations that may change demand, industry competition, economic and legal conditions, restrictions on free trade and/or political instability in the markets where the Fluidra group operates or in those countries where the group's products are manufactured or distributed, and those that may arise from potential COVID-19-related contingencies. The Fluidra group makes no commitment to issue updates or revisions concerning the forward-looking statements included in this financial information or concerning the expectations, events, conditions or circumstances on which these forward- looking statements are based.
    In any event, the Fluidra group provides information on these and other factors that may affect the company's forward-looking statements, business and financial results in documents filed with the Spanish national securities market commission. We invite all interested persons or entities to consult these documents.
  • In order to give a better understanding of the results, we comment on adjusted financial statements and provide a reconciliation to reported measures in the appendix.

2

Today's speakers

Eloi Planes

Bruce Brooks

Xavier Tintoré

Executive Chairman

CEO

CFTO

3

Key messages

  1. Delivering within the range of expectations for the year, in a normalizing and challenging market
    • Lower new build demand and unfavorable weather driving a shorter pool season
    • Correction of inventory in the channel progressing well - expected to mostly clear by end of the pool season
    • Gross margin recovery, both year-on-year and sequentially
    • Strong cost control
    • Fluidra's NWC normalizing, with good inventory control and cash generation in the quarter
  2. Strengthening the business for the long term
    • Simplification Program on track
    • Completion of Meranus consolidating leading position in the third largest European market (Germany)
  3. Narrowing our 2023 guidance
  4. Confident in our future
    • Fluidra well-positioned to continue to lead the pool and wellness market, delivering improving returns on capital over the medium term in an industry with attractive structural growth

4

Delivering within our range of expectations

YTD financial highlights €M

2022

2023

Evol. 23/22

Sales

1,445

1,186

(18.0%)

EBITDA

361

288

(20.2%)

EBITA

321

244

(24.1%)

Cash EPS

1.12

0.79

(29.7%)

Operating net working capital

701

651

(7.2%)

Net debt

1,245

1,300

4.4%

Net debt / LTM EBITDA

2.1x

3.0x

0.8x

Const. FX & Perimeter

(18.0%)

(19.5%)

(23.5%)

(6.3%)

6.6%

  • SalesYTD within our range of expectations, with lower volumes more than offsetting good price read-through
  • EBITDAand EBITAreflect higher gross margin year-on-year (140 bps) and sequentially as well as the effect of lower sales. Fixed cost inflation was mitigated by strong cost control
  • Cash EPSlower due to operating performance
  • Good progress on reduction of inventory levels to lower operating net working capital. As % of sales, NWC slightly higher vs prior year, mainly on the back of lower payables as trading normalizes and production levels return to normal
  • Net debtreduced by €178 million in the quarter. Leverage ratio higher affected by lower LTM EBITDA

Note: Fluidra presents certain measures of financial performance, position or cash flows that are not defined or specified according to IFRS in order to provide additional performance-related measures. For

more details please refer to page 17 and 18

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Fluidra SA published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 06:15:11 UTC.