Fluidra Sa

Good morning and welcome to our Q1 2026 results call. My name is 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 Ramírez and Xavier Tintoret, our CFO. They will walk you through the presentation and afterwards we will open the floor for questions. You can follow the presentation in either English or Spanish by selecting your preferred language 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. After the registration process, you will need to press Start 5 on your telephone keypad to ask your question. The presentation is available on our website and has been filed this morning with the State Stock Exchange Commission. Our replay of today's call will also be available on our website. With that, I hand it over to our Executive Chairman, Eloy Planos.

Thank you, Clara, and good morning. Thank you for joining our resource call today and for your interest in Florida. Jaime and Xavier will provide more detail shortly, but let me start with a few key points. points from my side. We deliver a good performance in Q1 consistent with our expectations for the year. In a market that remains broadly volume flat, we continue to outperform and gain share while advancing our strategic priorities in a dynamic environment. At constant FX, sales were up 5% and EBITDA grew 2% in the quarter. Reported figures were impacted by FX. Growth was driven by both volume and price, with solid sell-through across all our markets, underpinned by excellent customer service and continued market share gains. Gross margin was very robust against a strong comparable in the prior year. Remember that last year we saw 250 basic points improvement. The gross margin of this quarter has been supported by implemented price increases and the execution of our efficiency plan offsetting inflation. At the same time, we continue to invest in transforming the business for the future. Cash generation was good, further consolidating our progress in working capital management. The leverage ratio at the end of March improved versus the same period last year. Our 2026 guidance remains unchanged based on current trading and the actions already underway. We are confident in our ability to deliver. We are actively managing inflation and expect a progressive reduction in our fixed cost run rate through the remainder of the year. At the same time, we remain disciplined and flexible, closely monitoring a trading environment that continues to evolve and ready to adapt if needed. Consistent with our strategy to grow in commercial pool, we have completed the acquisition of VarioPool, enhancing our offering in high-value solutions and opening up cross-selling opportunities. Olin, we are executing well against our priorities and we remain firmly focused on building a stronger, more resilient business for the long term. 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 turn it over to Xavier to share more detail on the financial results. I'm proud of our strong execution and accomplished environment. Sales increased by 5% on constant FX with growth across all regions driven by both volume and price. Adjusted EBITDA was up 2% year-on-year on constant FX to 120 million euros representing a 22% margin, consistent with our expectations. This reflects the effect of geographic and product mix, inflation, and continued strategic investments to support loans and growth. We were partially offset by the positive contribution from pricing and the efficiency plan savings. Xavier will provide more follow-up later. Adjusted EPS was up 2% year-on-year and constant FX. We reduced leverage by 0.1 times net debt to adjusted EBITDA compared to the same figure last year on the back of our strong working capital management. Our balance sheet remains strong, provided strategic flexibility. Turning to slide six, on the right-hand side, you can see 3% volume growth in the quarter, together with a good price contribution. M&A contribution was flat. as we completed value pool in March, so you will see its possible sales contribution going forward with a full year positive effect of around 1%. FX had a strong negative effect on translation in the period. We delivered growth across all regions. North America achieved 5% organic growth year-on-year at constant FX and perimeter, with sell-through across our customer network up low double digits, outperforming the market. This reflects consistent and continued market share gains and underscores the strength of our customer-centric model with excellent service, our strategic focus on the Sambar region, and our positioning in the mid to high-end segments. In Europe, positive momentum continued, particularly in southern Europe, resulting in approximately 5% organic growth. France delivered solid 8% growth in Q1. continued the positive trend seen in the second half of 2025, mainly driven by the aftermarket, while Spain continued its trajectory of increasing revenues. Growth in the rest of the world was also strong at constant FX and perimeter, supported by good performance in commercial pool. We saw limited impact in the quarter from the situation in the Middle East, a region representing around 3% of group sales. We're monitoring developments closely and currently expect reduced activity in this region in the second quarter. In summary, while demand for new build remains soft across our markets, aftermarket activity is solid and we continue to expand our share across core regions, both in residential and commercial. We have the leading global platform with geographic diversification and a strong presence in key pool markets across the globe. Turning to slide seven, let me walk you through how we are executing our strategy. First, on accelerating growth. Organically, we continue to invest in commercial excellence, sharpening our pricing framework, and strengthening our go-to-market strategy. Inorganically, we have successfully completed the variable acquisition, which enhances our position in commercial pool. At the same time, APER continues to perform strongly. with sales increasing over 50%, confirming the potential of this growth platform. We also have recently signed an agreement to acquire Ryan Pool, a well-established swimming pool distributor and retailer in South Africa, with completion expected in the second half of the year. This move reinforces our commitment to growing with scale, customer focus, and long-term value creation. Second, on fostering competitive differentiation. we are advancing our digital agenda with the launch of Food Tracker SaaS in the U.S., enhancing the customer experience and connectivity with clients. In parallel, our innovation pipeline continues to accelerate with new product launches progressing as planned. As explained in February, we opened a new global R&D center in China, which will increase our agility and cost efficiency in product development. And third, when our actions to enhance our competitive and margins. We implemented price increases effective in May, together with transport surcharges as part of our ongoing actions to offset inflationary pressures and protect margins. In parallel, we have implemented decisive fixed cost reduction actions, which will support further savings at a lower cost run rate as the year progresses. At the same time, our efficiency plan is on track, delivering savings expected year-to-date. Our work to optimize our industrial footprint is advancing. We are consolidating our manufacturing footprint in North America. We're opening a new facility in Tangiers, which will be a very cost-competitive production hub to serve global markets. And we're progressing with the closure of one of our sites in China, moving towards a more efficient and resilient manufacturing network. We are making strong progress across all three strategic pillars, and this discipline execution continues to position us well for the future. With that, I will turn it over to Xavier to explain the financial results in more detail.