Fluidra Sa

Good morning and welcome to our 2025 nine months results call. I am 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 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 five on your telephone keypad to ask your question. The presentation is available 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 Planas.

Thanks, Clara. Good morning, everyone, and thank you for joining today. Let me open with a few points before Jaime and Xavier go into the details. Q3 was another strong quarter for Fluidra. We continued to outperform the market and we have made progress against our strategic priorities. Sales were up 10% in the third quarter on constant FX and perimeter and 7% year-to-date, reflecting consistent volume growth, as you will see later, across all the regions. We are particularly pleased with the acceleration we are seeing in the commercial pool segment, which continues to gain momentum. And this growth momentum is also supported by our operational progress. Our simplification program is delivering results, helping offset mixed effects, and as you will see, our margins add up year on year. Year to date, adjusted EBITDA has reached 411 million euros, which put us on a solid path to deliver our full year guidance. And these results are especially meaningful in the actual environment. We have faced FX headwinds, tariffs, and a softer new construction market, and yet the company continues to grow volumes, has gained market share, and has adapted with speed, discipline, and strong execution. Net debt to EBITDA was 2.1 times at the end of September, down 0.1 times compared with last year. We are further strengthening our balance sheet. These results, together with the market dynamics we are seeing at the beginning of the fourth quarter, give us confidence as we move into the last part of the year. As I shared earlier, we are on track to deliver our full year 2025 guidance while building a stronger foundation for the long term. And this progress is not only visible in our numbers, but also in how the market and our customers sees us. Our team's commitment to excellence is being recognized externally. We were again named vendor of the year by the top U.S. distributors for the fifth consecutive year, a clear reflection of our customers' trust. 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 our strategy with discipline and focus in a dynamic environment. We are positioned exceptionally well to continue growing and delivering value into the future. 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 nine-month 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, with sales up 10 percent, and I thank the teams for their delivery in a dynamic environment. Year-to-date sales were up 5% year-on-year, or 7% on constant FX on perimeter, to 1,724,000,000 euros, with growth across all regions, driven by higher volumes and prices, and the contribution from acquisitions. Adjusted EBITDA was up 6 percent year-on-year, 8 percent on constant FX and perimeter, to 411 million euros, which represents a 24 percent margin up year-on-year, driven by higher volumes and prices and ongoing operational excellence focus. We continue to invest in the business in strategic areas to support long-term growth, and the underlying performance remains strong. Going down the P&L, and police adjusted EPS was up 10 percent year-on-year. The level of operating net working capital to sales in the last 12 months was around 20 percent, a slightly higher year-on-year given the strong sales performance. Xavier will provide more color later. And we reduced leverage by 0.2 times net debt to adjusted EBITDA on the back of our strong operating performance and FX tailwinds. We have a solid balance sheet. Turning to slide six, the chart on the right illustrates the solid volume performance in the nine-month period as we continue to gain share together with accelerated price contribution. Revenue growth also benefited from our Bolton acquisitions in Australia, Portugal, and Central Europe. FX had an overall negative effect on sales in the period. As you see on the left-hand side, North America delivered 9 percent organic growth year-on-year in the first nine months on constant effects on perimeter, aligned with underlying sell-through trends across our customer network. This reflects continued market share gains and underscores the strength of our customer-centric model, our strategic focus on the Sunbelt region, and our positioning in the mid- to high-end segments. In Europe, the positive momentum continued, resulting in approximately 4 percent organic growth year to date. We started to see some recovery in France in Q3, driven by the aftermarket, while Spain recorded a strong growth. Performance across other European markets was good. Growth in the rest of the world also accelerated on a constant FX and perimeter, supported by double-digit growth in commercial pool. In summary, Also, demand for new builds remains slightly negative across our markets. Aftermarket activity was solid, and we continued to expand our share across core regions, both in residential and commercial pool. On the other hand, price contributed almost 2 percent in the first nine months, with higher breakthrough in North America. As we shared in our Q2 earnings call, we expected a higher contribution during the second half of the year. where we see the positive effect of the price increase implemented in April to protect the P&L from tariffs. Effective October 1st, we have issued our usual North American price increase for the 2026 season to cover normal inflation together with the annualized impact of tariffs. Let me remind you that we are offsetting entirely the impact of the tariffs we know today on the P&L. with the implemented price increases in North America I just mentioned, and alignment with our suppliers to be more efficient in our sourcing. We continue to monitor development very closely and will be agile if further measures are required. Next, on slide seven, at Fluidia, our success is built on one simple truth. We win together with our customers. Our teams provide attentive, extensive, and truly committed support This is what sets us apart, not just selling innovative, high-quality products on time or offering strong technical support, but being a trusted partner that helps our customers succeed every day. And they value our partnership. We've won four awards, including being named vendor of the year by three top U.S. distributors for the fifth year in a row. Winning these distinctions is a testament to the dedication, innovation, and integrity demonstrated daily by every member of our team, and I would like to sincerely thank them. With that, I'll turn it over to Xavier to explain the financial results in more detail.