Fluidra lowers profit by 4.6% due to dollar weakness

BarcelonaFluidra starts 2026 slowed by currency effects. Despite closing a first quarter of "good performance", the company chaired by Eloi Planes has registered a slight decrease in net profit, of 4.6%, to 46 million euros, due to the weakness of the dollar. It should be remembered 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 the declared accounts. In fact, as indicated in a statement, earnings at constant exchange rates would rise by 6.4% compared to the same period in 2026. The same would happen with revenues, which remain stable at 564 million, but rise by 5.4% with a comparable dollar value.

The exchange rate also impacts 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. As for 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". Regarding these year-on-year increases, Fluidra's liabilities stand at 1,278 million euros, about 57 million less than at the close of the first quarter of 2025, and leverage is reduced to 2.6X debt to EBITDA, below the factor of 2.7 from 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 increase in the Ibex-35 close to 2.4%, Fluidra falls by 3.3% at 11 in the morning, and the share price drops below 20 euros. It only remains below the Catalan Rovi, with a slump of close to 13% due to the reduction of 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 investees, they celebrate that the company Aiper, which manufactures wireless robots for pool cleaning and in which they hold 27% of the ownership, "continues to obtain good results, in line with expectations".