Fluidra lowers profit by more than 4% due to dollar weakness

BarcelonaFluidra starts 2026 slowed by currency effects. Despite having closed a first quarter of "good performance," the company chaired by Eloi Planes has registered a slight decrease in net profit, over 4%, to 46 million euros, due to the weakness of the dollar. It should be recalled that the Catalan listed company concentrates more than 40% of its business in the United States and, therefore, the exchange rate with the North American currency affects declared accounts. In fact, as indicated in a statement, earnings at constant exchange rates would increase by 6.4% compared to the same period in 2026. The same would happen with revenues, which remain stable at 564 million, but increase by 5.4% with a comparable dollar value.

The exchange rate also hits EBITDA – the financial indicator that measures gross profit before deducting taxes, interest, and amortization – which stands at 124 million euros, a reduction of about seven million compared to 131 million in the same period last year. As in all other cases, however, if a constant rate is applied, it reaches an improvement of 1.8%.

In business terms, Fluidra has registered growth in all its operating environments. The most profitable region in comparative terms for the Catalan company has been Southern Europe, especially Spain and France, with a sales increase of 6%. In the rest of the European markets, growth is more moderate, at 4% year-on-year. Regarding its key environment, the United States, activity accelerates by 5%, thanks to a "continued increase in market share." In the rest of the international markets, expansion is similar, close to 5%, driven by a "solid performance of the commercial pool business." On these year-on-year increases, Fluidra leaves its liabilities at 1,278 million euros, about 57 million less than at the close of the first quarter of 2025, and cuts leverage to 2.6X debt to EBITDA, below the factor of 2.7 in March of last year.

The stock market reaction at the opening of trading this Wednesday has been negative. In a favorable environment for Spanish listed companies, with a general rise in the Ibex-35 close to 2.4%, Fluidra falls by 3.3% by around 11 in the morning, and the stock price drops below 20 euros. It only remains below that of the Catalan Rovi, with a drop of nearly 13% due to the reduction in its profit forecasts for 2026.

Inorganic growth

During the first quarter, Fluidra has maintained its acquisition strategy to complement its activity in the pool sector. In the first weeks of the year, the Catalan company completed the purchase of the Dutch commercial pool construction company Variopool, which was agreed last December for a value of around 20 million euros. The multinational also announces an agreement to acquire the distributor Riaan Pool, located in South Africa. Regarding its subsidiaries, they celebrate that the company of wireless robots for pool cleaning Aiper, of which they hold 27% ownership, "continues to obtain good results, in line with expectations".