Fluidra Sa

Good morning and welcome to our first half 2025 results call. I'm Clara Valera, Strategy, Investor Relations and FP&A Senior Director. Joining me today on this call is our Executive Chairman Eloy Planas, our CEO Jaime Ramirez and Xavier Tintoret, our CFO. They will walk you through a few slides on our results and then they will all be available to take your questions. You can follow this presentation in its original English version or in Spanish. Please select your preferred option in the drop-down menu at the bottom right-hand side of your screen. If you would like to ask a question, please find the information and instructions in the Ask a Question tab on the webcast. Please register to receive dial-in details. And after the registration process, you will need to press star 5 on your telephone keypad to ask your question. The presentation is accessible via our website, fluidra.com, and has also been uploaded to the Stock Exchange Commission this morning. A replay of today's presentation will be made available on our website later today. With that, I hand over to our Executive Chairman, Eloy Planos.

Thank you, Clara. Good morning, and thank you for joining our results call today and for your interest in Fluidra. Jaime and Xavier will provide more details shortly, but let me start with a few key points from my side. We deliver a strong first half performance with sales up 5% and growth across all the regions in a very dynamic trading environment. This reflects the underlying strength and resilience of our global business, despite the adverse FX movements we have seen during the period. Q2 marked our fourth consecutive quarter of year-on-year volume growth, with a good contribution from most key markets. We continue to outperform the industry and gain share. Gross margin expanded by 60 basis points in the first six months, driven by the consistent execution of our simplification program, which remains on track to achieve the full-year saving targets. FX developments, particularly but not only a weaker US dollar, had an effect on translation of profits from our global businesses. Profit grew by 21% in the period, reflecting strong operational performance together with lower restructuring costs compared to the same period last year as expected. We delivered debt multiple during the period, with the ratio now approaching our medium-term target. On tariffs, we have acted rapidly and adapted quickly to fully offset the potential impact, always with our customer focus in mind. We are confident in our full year 2025 guidance. Our trading to date was strong. And our outlook is very solid. We are narrowing the range to reflect this solid operating performance outlook and a weaker U.S. dollar. I'm proud of the team's focus on long-term value creation while taking action today to navigate uncertainty. We are a global leader in an attractive industry driven by long-term structural growth dynamics, having positioned the business for growth and transformation. We continue to gain market share by executing with discipline and focus. This positions us exceptionally well to capitalize on future momentum when market conditions improve, enabling us to accelerate growth from a position of strength. We look forward to discussing our results with you this morning, and with that, I hand first to Jaime to continue with our presentation.

Thank you, Eloy. It is a pleasure to be here with all of you today. Moving to our Q1 performance on slide five, I will provide some highlights and then turn it over to Xavier to share more detail on the financial results. Our performance in the quarter was strong, and I thank the teams around the globe for their delivery in a dynamic environment. Sales were up 5% year-on-year to 1,227,000,000 euros, with growth across all regions driven by higher volumes and prices and the contribution from acquisitions. Adjusted EBITDA was up 6% year-on-year, 7% on constant FX and perimeter basis to 314,000,000 euros, which represents a 25.6% margin. This reflects the strength of our business model with higher volume and gross margin driven by our initiatives to increase efficiency and productivity and partially offset by higher OPEX. As outlined at our Capital Market Day, we're pursuing focused forward-looking investments in IT, digitalization, commercial resources, and selective M&A that are reinforcing our competitiveness, enabling growth, enhancing efficiency, and building a more agile and scalable business for the future. Above all, they are set to further strengthen our performance and the returns we deliver for shareholders. Going down the P&L, Ampli suggested EPS was up 9.3% year-on-year. The level of operating network in capital to sales in the last 12 months was around 24.8%. broadly stable year-on-year. This year, we provide more coral later. And we reduced leverage by 0.3 times net debt to adjusted EBITDA on the back of our strong operating performance and some FX tailwinds. Turning to slide six, the chart on the right illustrates the solid volume performance in the first half, complemented by continued positive price contribution. Organic growth also benefited from volatile acquisitions in Australia, Portugal, and Central Europe. FX had an overall negative effect on sales in the first half. In particular, in the second quarter, when it contributed negatively to sales by approximately 3.5%. As you see on the left-hand side, we continue to grow in Q2. In North America, we delivered 8% organic growth year-on-year in the first half on constant FX and perimeter. fully aligned with underlying sell-through trend across our customer network. This reflects continued market share gains and underscores the strength of our customer-centric model, our strategic focus on the Sandberg region, and our positioning in the mid- to high-end segments. In Europe, the positive momentum continued, resulting in approximately 3% organic growth in first half. We saw weaker trading in France and to some extent in Spain during April and May due to poor weather. But once the season started, the dynamics in June and July have been strong. Performance across other European markets was good. Growth in the rest of the world also accelerated on a constant FX on perimeter driven by growth both in residential and commercial pool. In summary, also demand for new builds remain muted. Aftermarket activity was strong once the season started, and we continued to expand our share across core regions. On the other hand, price contributed 1% in the first six months, with higher breakthrough in North America. We expect a higher contribution during the second half of the year, where we will see the positive impact of the price increase implemented in April to protect the P&L from tariffs. We will issue our usual North American seasonal price increase in August, effective October 1st. Let me remind you that we expect to offset entirely the impact of tariffs on the P&L in 2025 with implemented price increases I just mentioned in North America, as well as alignment with our suppliers to be more efficient in our sourcing. We monitor developments very closely and will be agile if further measures are required. Next, on slide seven, Ampli's commercial pool sales were up 7% year-on-year in first half. We are a trusted partner to our customers, supporting them with fully integrated end-to-end solutions that draw on our deep technical know-how, project management capabilities, and unmatched industry expertise. We highlight here a selection of recent projects that demonstrate the strength of our offering, from a competition pool in Malta, to a relaxing wellness center in Andorra or beautiful floating fountain complex in Kazakhstan, all projects to enjoy water. Our value proposition extends beyond products. We deliver design, execution, and long-term support for commercial facilities such as hotels, resorts, wellness centers, and public spaces across a wide range of aquatic applications, including pools, wellness areas, fountains, and lagoons. This capability makes us a go-to partner in the segment. We continue to gain market share in a €4 billion commercial pool market with a strong and sustained momentum. Looking ahead, we remain confident in the growth potential of this segment, driven by increasing demand for aquatic facilities and the continued global focus to enhance the consumer experience, adding water features to leisure, wellness, and recreation centers. With that, I will turn it over to Xavier to explain the financial results in more detail.