Fluidra Stock

Good morning, and welcome to our first half 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 Planes; our CEO, Jaime Ramirez; and Xavier Tintore, our current CFO, who will step down on 1st of August. They will walk you through the presentation. And afterwards, we will open the floor for questions.

I am also pleased to have on the call Juan Graham, Fluidra's incoming CFO, who joined us on 1st of June. 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.

[Operator Instructions] The presentation is available on our website, fluidra.com, and was filed with the Stock Exchange Commission earlier this morning. A replay of today's call will also be available on our website.

With that, I now hand over to our Executive Chairman, Eloy Planes.

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.

Our performance in the second quarter was outstanding, reflecting the effectiveness of our strategy and the quality of our business. This enable us to continue strengthening our leadership position and generating solid results across dynamic market conditions. Jaime will comment further on this.

We delivered continued sales growth and complemented this with initiatives to protect margins while continuing to invest in our strategic priorities. Over the 6 months period, sales were up 5% year-on-year at constant FX with positive volume and positive price. Adjusted EBITDA was up 6%.

In a market that remains below historical new build levels, we continue to outperform through disciplined and consistent execution, strong customer focus and continued market share gains. Cash generation was strong, allowing us to further strengthen our balance sheet and continue reducing leverage. Given our performance in the first half and current trading, we are maintaining our full year guidance.

We remain focused on delivering the year with discipline and agility while closely monitoring the trading environment. I'm proud with how the team is executing in a volatile macro environment. We are making strong progress against our priorities, and we remain firmly focused on building a stronger and better Fluidra.

Supported by the structural attractiveness of our industry and the resilience of our business model, we remain confident in our ability to continue creating value for shareholders now and into the future. Finally, today, we are launching a EUR 40 million share buyback to enhance shareholder remuneration. At current valuation levels, we believe buying back our own shares is an attractive investment and a clear demonstration of our confidence in Fluidra's long-term value.

Before I hand over to Jaime, I would like to take a moment to recognize Xavier's contribution over his 16 years at Fluidra. As you know, Xavier will be stepping down as CFO this August. 16 years leave a mark on any company. Xavier's mark on Fluidra will remain for many years to come. On behalf of the Board, the management team and everyone at Fluidra, I want to thank Xavier for his outstanding contribution. His leadership, professionalism, integrity and unwavering commitment have played a defining role in shaping the Fluidra we know today.

On a personal note, Xavier, it has been a genuine privilege to share this journey with you. We have grown alongside this company, faced many challenges together, celebrated many successes and always kept the long-term interest of Fluidra at the center of every decision. For that and for your friendship over all these years, I will always be grateful. We all wish you every success and happiness in the next chapter. Xavier from the bottom of my heart, thank you very much.

I'm also delighted to welcome Juan as our new CFO. Juan brings extensive international experience in finance, strategy and business leadership together with a strong track record of delivering profitable growth and creating shareholder value. Over the past weeks, he has been working closely with Xavier and the wider leadership team to ensure a smooth transition, and I'm pleased to have him on board as we continue executing our strategy and entering the next chapter of Fluidra's development. Juan, welcome to the team.

Thank you, Eloy Planes and the team for your warm welcome. I'm very pleased to be joining Fluidra as its next Chief Financial Officer, and I appreciate the opportunity to speak on this call for the first time today. Although I'm still early in my journey with the company, I have already spent considerable time with the leadership team, our finance organization and colleagues across the business.

My initial impressions are very positive. I have been particularly struck by the strength of the company's competitive position, global reach, its depth of its brands and customer relationships and the commitment of our people worldwide. There is a great deal of expertise throughout the organization, together with a clear understanding of the opportunities and challenges ahead.

I have also been positively impacted by the strategic direction of the business. Our priorities are clear: accelerating our growth, fostering competitive differentiation and enhancing operational excellence. As an organization, we have internalized these priorities into delivering on sustainable growth, expanding margins, improving cash generation and maintaining a disciplined capital allocation. These objectives are well understood across the leadership team, and I see good alignment around their execution.

At the same time, I'm approaching the role with an open mind. My focus has been on listening, understanding the business in detail and developing a fact-based view of where we are performing well and where we can raise the level of visibility and speed of execution. My initial experience has reinforced my enthusiasm about joining Fluidra and my confidence in its long-term potential.

I look forward to meeting many of you over the coming months, listening to your perspectives and building an open and constructive dialogue. I understand the importance of credibility and consistency in this role, and I'm committed to earning your trust through clear communication and strong execution. I also want to take this time to thank Xavier for his support through my transition and wish him the very best in his next chapter.

Thank you, and I will hand over the call to Jaime.

Thank you, Juan, and good morning, all. First, I would like to thank Xavier for his contribution and close collaboration since I joined Fluidra. It has been a real pleasure to work with you, and welcome aboard Juan.

Let me start with the highlights of our first half performance before Xavier takes you through the financials in more detail. We delivered another strong set of results, growing sales year-on-year 5% at constant currency. Adjusted EBITDA was up 6% with a stable margin year-on-year. This performance is driven by our relentless focus on serving customers, the resilience of the aftermarket and our ability to consistently gain market share across our key markets.

This is not by coincidence, but by design. For many years, Fluidra has been focused on being a reliable partner to customers around the world. We stand out for delivering on time, innovative, high-quality solutions that make the lives of pool professionals and pool owners easier. And we continue to work to make our platform stronger, more efficient and more effective.

Of course, this goes hand-in-hand with sharp focus to deliver on our financial objectives for our investors. In the second quarter, sales grew 5% at constant rate, while adjusted EBITDA increased 8%, demonstrating the operating leverage of the business. This reflects a strong sequential improvement in the second quarter, supported by pricing actions and the decisive cost measures we have implemented, which have successfully offset inflation and an unfavorable mix.

Adjusted EPS increased by 7%, demonstrating the strength of our operating performance. Finally, our balance sheet continues to strengthen. Strong cash generation and disciplined working capital management enabled us to further reduce net debt, bringing leverage down to 2.2x net debt to adjusted EBITDA.

Overall, these results demonstrate that we continue to execute our strategy well. We're growing ahead of the market, improving the quality of the business and creating value while remaining disciplined and well positioned for the remainder of the year.

Turning to Slide 6. On the right-hand side, you can see 3% volume growth in the period and a positive price contribution. M&A was small but positive, while FX had an overall negative effect on sales in the first half. However, this impact is lower than in the first quarter when it had a negative effect of 5%. By region, North America achieved 4% growth year-to-date at constant FX and perimeter, with sell-through across our channels up high-single-digits, outperforming the market.

This reflects consistent and continued market share gains and underscore the strength of our customer-centric model with excellent service, our strategic focus on the Sunbelt region and our position in the mid to high-end segments. We're managing well sell-in and sell-through dynamics across our customer network, and we feel confident with the level of inventory in the channel today.

In Europe, positive momentum continued in Southern Europe with a strong demand this summer season, supported by good weather and tourism. Sales were up approximately 8%. France delivered strong growth, continuing the positive trend we've seen in the last 12 months, driven by our commercial actions and some market recovery, while Spain continued its resilient growth trajectory.

The rest of Europe was affected by mixed demand and the timing of commercial pool projects. The rest of the world grew 3% at constant FX and perimeter, with impact in the second quarter from the situation in the Middle East, a region representing around 3% of group sales, which was offset by the solid performance in countries like South Africa, Morocco or Egypt.

In summary, while demand for new build remains soft across most of our markets, aftermarket activity is solid, and we continue to expand our share across core regions. We have the leading global platform with geographic diversification and a strong presence in key pool markets across the globe.

Turning to Slide 7. Let me walk you through how we are executing our strategy. First, on accelerating growth. We continue to sharpen our focus on commercial excellence initiatives that bring us closer to our customers and unlock our market potential, including further developing our pricing framework and strengthening our go-to-market strategy.

On the acquisition front, Aiper continues to perform well and remains in line with our expectations, with sales growing 21% year-on-year in the first half. As anticipated, profitability is modest at this early stage as they are investing in R&D and marketing, but we're working with the business to deliver the plan. Looking ahead, we expect to complete Phase 2 of the transaction by 2027, creating a leading global platform in robotic pool cleaners and strengthening Fluidra's leadership position in one of the fastest-growing categories within the industry.

At the end of July, we also signed the acquisition of Hydrapro in France, strengthening our water treatment platform and reinforcing our position in one of our key European markets. Subject to customary conditions, the deal is expected to complete in early 2027 and will add approximately EUR 30 million of annual sales. In addition, we expect to complete the acquisition of Riaan Pool Group during the third quarter. With annual turnover of around EUR 10 million, it further expands our presence in South Africa.

Second, on fostering competitive differentiation. Our digital road map continues to advance. PoolTrackr is now live in both the U.S. and Australia, and we remain on track to launch in the first European markets in early 2027. Innovation remains a key differentiator for Fluidra. We have a good pipeline of breakthrough innovative products.

For instance, we're excited to be launching in the second half our latest innovation, Jandy-Edge, which reimagines pool automation with the aim of bringing a clean, modern, intelligent smart home style experience to the backyard that not only simplifies the pool experience, but makes it enjoyable. On top of that, we have been focusing on several aftermarket drop-in solutions that are easier for the pool professional to install and for the pool owner to use, launching for the 2027 season.

Finally, on enhancing operational excellence. We continue to execute the actions announced earlier this year to protect margins against higher inflation. Our efficiency plan continues to deliver as expected, generating approximately EUR 15 million of savings year-to-date while improving the structural competitiveness of the business. Our plan to optimize our manufacturing footprint is on track. The new facility in Tangiers will start in Q3 to serve core global markets.

The fixed cost reduction initiatives announced in the first quarter are progressing well and are delivering the expected savings. During the quarter, we also completed the closure of our R&D center in France as part of our broader optimization efforts. Overall, we continue to make good progress across all 3 strategic pillars, giving us confidence that we're building a stronger, more competitive business with an even better platform for long-term profitable growth.

And now I'll turn it over to Xavier.

Thank you, Jaime. Let's turn to Page 8 to start with the P&L. Sales of EUR 1.258 billion represent a 4.9% increase year-on-year with significant negative FX impact of 230 basis points and positive impact from acquisitions of 50 basis points of growth. I will be commenting variances on constant currency.

Gross margin performance was good and reached 56.5%, flat year-on-year with inflation and negative mix offset by the positive impact of pricing and the benefits of the efficiency measures. Operating expenses amounted to EUR 389 million, up 4.7%, with continued investments in digitalization and R&D to enhance the future growth of the business and general inflation in labor and other costs. As we indicated in our last result presentation, we are starting to see the benefits of the cost reduction measures executed, which will lead us to full year OpEx increases of around 3.5% at constant FX.

Adjusted EBITDA of EUR 321 million was up 5.7% and adjusted EBITDA margin was 25.5%, flattish year-on-year. This is a strong performance considering the changing macro environment we have faced with higher inflation, lower activity in the Middle East in the second quarter and new build at the lower end of our expectations. Our decisive action on implementing price increases and restructuring initiatives together with some tariff recovery at the end of the period have supported this performance.

Adjusted EBITDA of EUR 268 million is up 6% with a margin of 21.3%, which is 20 bps above last year's. Below the adjusted EBITDA line, PPA amortization is down 6.3% to EUR 26 million. Restructuring, stock-based compensation and other expenses of EUR 35 million are up year-on-year as we have executed a significant portion of the reorganization plans of the year, including the closure of an R&D center in France and headcount reduction.

Additionally, we continue to progress with our manufacturing footprint project, closing a plant in China and a plant in Oregon, U.S.A. Financial result amounted to EUR 34 million, slightly up at constant rate versus 2025 despite having executed the extension to January 2029 of the EUR 450 million revolver credit facility, which included around EUR 2 million in one-off costs. Tax rate was 26%, similar to the one of 2025.

Net profit reached EUR 126 million, a decrease of 2.9% as the increase in restructuring expense more than offsets the improvement of operational results. As you know, we track adjusted net profit, a good indicator for Fluidra as we have a significant amortization charge, entirely purchase accounting related, that impacts our net profit and EPS calculation. Adjusted net profit amounted to EUR 175 million, 7.1% higher than last year.

Page 9 shows the free cash flow evolution as well as the net debt position. Free cash flow generated in the period has been EUR 16 million. That compares to a use of cash of EUR 74 million last year. Let's look into the different components of this strong performance. Operating cash flow was EUR 81 million versus EUR 31 million last year due to better contribution of net working capital, thanks to higher payables driven by the increased activity in the quarter and some accruals associated to the restructuring actions, coupled with stable inventories and receivables. Overall, the net working capital to sales ratio is at 22.5%, 230 bps lower than last year.

On the investment front, we have used EUR 40 million versus EUR 80 million a year ago. The variance is generated due to the size of VarioPool, the acquisition that reinforces our commercial pool business versus the BAC acquisition and other investment cash flow last year. On the financing front, we have seen a flat evolution.

Finally, net debt reached EUR 1.101 billion, down EUR 16 million compared to the prior year period, with FX starting to impact negatively as the euro has weakened versus the U.S. dollar at the end of June versus the prior year period. Our leverage ratio is 2.2x versus 2.3x ratio last year.

And before I turn the call to Eloy, allow me to share one personal reflection. This is my 64th consecutive quarterly results presentation and my last one as CFO of Fluidra. Looking back, I realize the story of these years has never been about a single quarter. It has been about building a stronger company quarter after quarter, year after year.

Today marks a personal transition, but for Fluidra, it is simply the natural evolution of the company. I would like to thank our shareholders, analysts and the wider financial community for your professionalism, your challenging questions, and above all, for the constructive dialogue we have shared over the years. I have learned a great deal from those conversations.

I also want to recognize the Finance and Investor Relations teams. Behind every earnings release, every annual report and every presentation, there has been an extraordinary group of professionals committed to providing transparent, consistent and meaningful information so that investors can make well-informed decisions.

Finally, I leave with complete confidence in the future of Fluidra. The company has outstanding people, a clear strategy and a strong leadership team. Thank you for your trust over all these years.

And now, back to the Chairman to wrap up the presentation.

Thank you, Xavier, and thank you again for being one of the people to help build a strong Fluidra year after year. Let me finish with a few key takeaways from today's presentation. We delivered a strong first half, growing ahead of the market and in line with our expectations despite a challenging macroeconomic environment. The resilience of the aftermarket, our strong focus on customers and continued market share gains once again demonstrates the strength of our business model.

At the same time, we have continued to execute with discipline. Our cost actions are delivering as planned, supporting profitability while allowing us to continue investing behind our strategic priorities. Combined with the strong cash generation and disciplined working capital management, this has further strengthened our balance sheet.

Based on our first half performance and current trading, we are maintaining our full year guidance. We are focused on executing what we can control while closely monitoring the external environment and responding with agility. Today, we are launching a EUR 40 million share buyback to enhance shareholders' remuneration. This is a clear demonstration of our confidence in Fluidra's long-term value.

Looking ahead, we remain confident in our future. We are consistently executing our strategy, accelerating growth, strengthening our competitive differentiation and enhancing operational excellence to build an even stronger business and continue delivering attractive returns. All of this supported by the structural attractiveness of our industry. All of that give us confidence in our ability to continue creating value.

Now I hand it over to Clara for the Q&A.

Thank you, Eloy. [Operator Instructions] And the first question comes from Chitrita Sinha at JPMorgan.

I have 3 please, and I'll take them one by one. So firstly, just regarding some inventory levels at the distributors. I know this is one of the concerns recently. Maybe if you could touch on your own view with regards to what you're seeing amongst your customers and if there's any risk into H2 here?

Okay. So on the inventory side, this is a great question, as we think about the nature of our business being a seasonal business, and we know there has been a lot of noise in the market on this topic. We feel very good about our inventory situation across the different channels. We work very closely with our customers. We have great relationship with all of them. And one of the key indicators to you is the sell-in and the sell-out numbers. So, we said at the beginning of the year in Q1 that our sell-out was up in double digits.

Our sell-out in Q2 is in the high single digits and our sell-in for the first half in North America is in the mid-single digits. So you see that there is a clear liquidation of inventory. So we're very comfortable with the level of inventories we have in the channel today. And we feel very good about our position to get into the second half as we think about what's coming, getting ready for the next season. but also because we're very focused on launching, as you heard in the speech, a lot of new products, a lot of new things, especially in the North American market.

So we're very happy with where we are. We're very happy with the balance between sell-in and sell-out, and we look forward to a very good second half in terms of how healthy our position is in the channels.

Very clear. My second question is just on the margin. I'm just wondering if -- just in the quarter, if you saw any benefit from tariff refunds?

Yes, I'll take that second one. We are happy with the performance of the margins in the quarter. We saw positive impact of pricing. We saw the benefit of our efficiency plans, and that was coupled by, as I said in the call, a negative mix impact, especially highlight the pressure we are seeing on robots. But all in all, the performance is very good, and we are comparing to a very high comparable that we had a year ago. So very solid performance. There has been a small refund in the last part of the quarter, but we report it under the OpEx line.

Okay. And then my final question is regarding the development in commercial, which I think was down about 10% in the quarter. So if you could just elaborate on the performance there?

Great question. So the commercial business continues to do really well. It's our project-oriented business. Last year, we had a very strong -- let me start with last year. Last year, we had a very strong Q2 in commercial projects. What is going on this year is with the Middle East situation, we're seeing that, that was the most impacted business in Q2. And there is because of the uncertainty, some delay on the projects. The pipeline continues to be very good, but it's more about timing than the issue or the situation we face in Q2.

And the next question comes from Carlos Caburrasi from Kepler.

I have 3. But before I jump to it, Xavier, I just wanted to wish you all the best for the future. And now, coming back to the questions. First, I was wondering if you could walk us through the volume and pricing dynamics across the different markets.

Second, following the meaningful increase in restructuring costs, I was wondering if you could give us more color on the main moving parts of the development in Q2 and how you expect this cost to evolve over the coming quarters and into 2027. And here, are the EUR 50 million announced in Q4 2025 still confirmed? Or should we now expect a larger impact?

And lastly, on shareholder remuneration, I was wondering if buybacks could eventually become a recurring piece of the capital allocation policy rather than remaining just opportunistic.

So, let me start. Carlos, thank you for your nice wishes, and let me start going backwards on shareholder remuneration. As you see, we have shareholder remuneration on our capital allocation policy today is like what you have seen over the last few years, so a little bit more opportunistic, seeing when really we believe that this is a good deployment of cash based on where we see the value of the share.

There's ongoing discussion about should we adjust or not our capital allocation? But at this point in time, this is what you should expect from us. We have a consistent capital allocation policy. And today, buybacks are just a special consideration on an opportunistic cases.

If we go to your second point, the restructuring cost evolution, as I said in the call, the big components of the impact that you see in the quarter is the closure of the R&D center in France, the closure of the plant in China, the closure of the plant in Oregon as well as the fixed cost restructuring plan that we indicated in Q1. We confirm that the impact for 2026 is going to be between EUR 50 million to EUR 55 million, including the stock-based compensation charge as we said.

And what is happening really is that we are anticipating some of the actions that we shared with you in our Capital Markets Day and at the beginning of the year. So some of these expenses were planned for 2027. And what is happening is that we are going slightly faster in the plan and recognizing those expenses than what we had anticipated.

So on the volume side, you saw the number, the total number for our company in Q2. We had 2% price and 3% volume. So if we go across the regions, and I will get a little bit deeper into the total numbers, we're very happy with the volume performance.

Let me start with Europe. We had a phenomenal volume performance in Q2, almost 6% to 7% growth. North America volume was around 1%, 1-point-something-percent. And in terms of pricing, if we go across the regions, we can call that, that 2% is kind of an average across with a little bit of ups and downs.

On the pricing side -- so on the volume side, we're very happy. We continue gaining market share in North America. The share gains we're getting are reflected through the sell-out numbers that we're seeing that we're very happy. And in terms of pricing, this is a combination of our mix, the impact of our robotics business that we were very happy with the performance of Aiper, but that business for the legacy Fluidra business has an impact in our numbers.

And then the rest is geographic and product mix. some of the categories we have in the -- especially on chemicals in Europe. That's the performance across all the businesses. So happy with the volume piece and also very happy with the pricing given the market circumstances and what is going on with the mix.

And the next question comes from Rajesh Patki at Barclays.

Yes. I've got 3 questions and would like to go one by one. Firstly, I think you mentioned small refund related to the tariffs. Could you please quantify? And is there more to come on this during the second half of the year? Just to understand what the total exposure there is.

Yes. As I said, in the last part of Q2, we received some refund, around EUR 5 million of refund in the quarter. We have additional refunds to receive in the -- well, I mean, the situation, obviously, is a little bit unknown because we don't have the timing. But we expect potentially anywhere between additional EUR 5 million to EUR 10 million. However, let me also be clear that, I mean, the situation is there's a lot of moving parts. First, it's not clear when and how we will receive those refunds.

There were new tariffs also announced recently as of the last weekend, which also have an impact on our numbers. And in addition, the situation with the conflict in the Middle East and inflation is also not clear. So, all in all, although there's going to be positive and negative impacts, we believe that there is not going to be a very significant impact coming in the second half of the year. However, also, let me be clear that regardless of whatever the situation is with tariffs, we don't need those to be within our guidance.

That's very clear. The second question is about the U.S. and the dislocation seen at your competitor, do you believe you have gained market share there? And would you say this is structural?

Yes. We're -- as I said before, we are very confident on the market share gains we've been having in the North American business. And let me kind of give you a little bit of color on this. Fluidra has been very careful and very thoughtful after what happened during COVID with how the company has managed inventory, how the company has managed the balance between sell-in and sell-out.

So we're not worried about the inventory in channels, and we've been working very closely with our customers to make sure that we have good sell-in connected to absolutely the sell-out. At the same time, this is part of how we structurally work the business and work with our customers in terms of proximity, in terms of how we continue working on demand generation, converting [ pros ] into our products, in terms of the quality of our products, in terms of how we support inventory.

So, for Fluidra, the situation, as I said before, in the market is very healthy, getting out of the season, and I think that's a very important point. As we get ready for the second half, we feel in a very good position. And we have very good plans in terms of new products and innovation for the second half of the year as we get ready for the early buy and the beginning of the 2027 season.

Sorry, can I add a follow-up on that? Have you already started thinking about next year's pricing strategy? Some of your peers seem to suggest that pricing needs to be lower than prior years. Any thoughts on how you're thinking about market share versus margin dynamic for next year? That would be great.

That's a great question. As Xavier said before, I mean, we're -- the market is very dynamic. We're having a lot of moving pieces. So, we're working in that process internally and also talking to our customers. So more to come on that topic, but we cannot be specific right now.

Very clear. And my last question is about the buyback announcement, which was a surprise today. Are you seeing the valuation on potential M&A opportunities to be at premium to Fluidra's share price? And if the financial markets continue to be unappreciated, how far are you willing to go with the buybacks?

Yes. I'll take that one. Look, the buyback, as I said, is opportunistic. It's EUR 40 million, around 2.1 million shares. So it's fine. And as I said earlier in my reply to one other colleague, it's part of our capital allocation that we take those opportunities when they come. As to how we see the market and we see M&A, I mean, clearly, if I look at how we have completed the recent acquisitions, we have acquired them at multiples around 5 to 6, 6.5. So, clearly below our multiple. So I think that's what I can tell you from that front.

And the next question comes from Juan Cánovas at Bestinver.

I have a couple. The first one, on the improvement in payment conditions, can you comment whether this is something that we are likely to continue to see in the future or it is a one-off?

Second, on Aiper, could you provide some hard figures rather than the sales growth figure? I mean it would be great if you could give us the sales for the year-to-date.

Third, on the -- I mean, going back to the share buyback comments. I take it is because you see your valuation very low. In the past, it has been commented that you might have been looking at U.S. listing. And I wanted to ask Eloy whether you consider this as closer than a year ago or you are still considering this as a potential long-term initiative, but nothing over the short term?

Sure. Juan, thank you. Let me start by taking the first one. Improvement in payables, as I said in the call, -- there is a little bit of one-off benefit as we have significant accruals coming from the process of closing the R&D center in France and the plants in China and in the U.S.

Is there opportunity in terms of trade payables? Yes, there is a little bit of opportunity in continuing to improve trade payables as we evolve as a company. And -- but that will be part of our improvement in how we manage capital. And if you look at our history, we have a history of improving our net working capital to sales ratio step by step. If I go back to my early -- 64 quarters ago, we were above -- well above 30% at year-end. And as you know, last year, we closed around 17%. So there's been significant improvement.

If I look at the second question, just to giving you hard figures, that 21% growth means that Aiper has delivered sales of around $180 million, as I said, with around 6% EBITDA IFRS margin. So very pleased with the growth story. They are on an improving trends on EBITDA margins, but they are still investing on -- investing heavily on R&D and marketing to develop the brand and to continue to fuel growth.

Yes. Just to add on Aiper, that number, as Xavier said, is a 20% revenue growth versus last year. And as we monitor the market, they continue to gain market share and perform really, really well.

As to the U.S. listing, I mean, this is an option that is always there. As we have said over the last year, it's something that we continue to work, that we continue to develop, and we'll keep you posted as soon as there's news on that front, Juan.

And the next question comes from Francisco Ruiz at BNP Paribas.

Thank you very much. First of all, probably this is my 64th quarterly presentation as well with you, Xavier. So I would like to thank you for all these time we have together. Wish you the best in the future and hope to have some time to catch up in the future with less pressure than during these calls.

So getting back to my questions. I mean, I have 2, which are follow-up as many others have been already answered. So the first one is, again, on the sell-in, sell-out situation. I mean, Jaime, you commented that there is, I mean, a gap between mid-single digit and high single digit between the 2, but you already reported a 1.5% volume growth, so a deceleration from this mid-single digit. This could imply certain level of risk for the coming quarters in a row.

The second question is on this refund of the tariffs. I mean, while, of course, the new tariffs will go on the gross margin, this refund goes on the OpEx. Is this 5% to 10% additional refund included in the 3.5% increase on OpEx growth for the year?

So Paco, thank you for the question. It's exactly the opposite the way we see it as we finish the season. What we're doing and we're very confident is we're liquidating inventory in the channel as the sell-out is higher than the sell-in. So we're very pleased on how inventory is performing and how the team continues to perform in the U.S. And this is the ideal situation as you finish the season. When we start the season, selling is strong. But as you finish the season, this is exactly where you want to go, higher sell-out and lower sell-in.

As to your second question, Paco, no, we don't need that -- we don't need the tariff refund to get to that 3.5%. That would be incremental or lower reduction, let's say, in the back half.

Good. And the next question comes from Christoph Greulich at Berenberg.

It's 2 from my side, please. Firstly, I wanted to ask about the distribution side of the industry in North America. It seems like there have been some shifts in the market shares among some of the leading players. And I was just wondering if you think that has any positive or negative implications for your business? And then I wanted to also ask about the latest trends in Europe. So we've seen quite a bit of extreme heat. We have seen quite a lot of wildfires. Do you see any impact there on your business?

On the first question, we see it in a very simple way, which is we have great relationship with all our customers, and we work very closely with them. And that's exactly how we work with the team. So, from that perspective, whatever trend we have in the market, we're going to be very aligned. We'll continue working on the strategic partnerships, and we will stay very close and build business plans together.

So the shift in the market is -- it is natural. That's the way it has to be or it is. We just got to have to continue supporting them, delivering good service, good quality products, good innovation. So on the -- and you can help me on this. On the fires, first of all, we feel very sorry about that situation. It's really a shame and it's affecting a lot of peoples and our thoughts are with them.

So the reality of warm weather, that brings opportunities for this business and the season from that perspective has been very positive. We can call it that way for the business, not positive from the people perspective, given the situation. But the season so far from that perspective has been very good.

Yes. I think clearly, pool is a climate refuge and that's something that is positive for the business from that perspective. It's an area where people can really feel better in the current weather environment. And clearly, that's a long-term opportunity for the company.

We seem to have a couple of follow-up questions, if I'm not mistaken. Chitrita, would you like to go ahead?

I just wanted to dig deeper into that tariff refund comment. So just so I'm clear, there was a EUR 5 million impact, and that was -- that increased adjusted EBITDA a bit by EUR 5 million. And similarly, your comment into H2, we can expect another EUR 5 million to EUR 10 million benefit maybe Q3, Q4. Is that right?

Yes, Chitrita, that's right. That's what I said. Also coupled with the fact that there's a lot of moving parts in that second half of the year with incremental tariffs that were recently announced by the Trump administration. inflation associated to the conflict in the Middle East, which -- it seems to finish and then it seems to continue. So there's a lot of moving parts.

Yes, there's a potential benefit in the second half of the year associated to the refund, which I remind everyone that we don't control the timing of the refunds. But I would say that even with the refund, if you take that out, the performance in the second quarter has been fantastic.

And if I could just follow up with regards to the unchanged guidance for the full year. I mean, just maybe if you could touch on some of the moving parts with regards to maybe the low end and the high end of the margin guidance, just given that refund commentary.

Clearly the -- probably the refund is the moving part. We have -- when we look at guidance, we have confidence in the midpoint of the sales range. On the margin side, as we expressed in the Q1 call and we have expressed today, we're probably more in the low-to-mid-end due to the impact of inflation, which we are offsetting with pricing, but we are offsetting in absolute. So therefore, it has an impact on a margin percentage. And then clearly, the potential tariff refund will be helpful. Again, putting that caveat up front of -- there's incremental tariffs, there's inflation. So the situation has a lot of moving pieces in it.

And we have one last question from -- a follow-up from Rajesh. Rajesh, is that right? Would you like to go ahead?

Yes, please. I've got 2 follow-ups. First one, again, going back to the U.S. One of your channel partners had said their medium-term growth ambition of 6% to 9% might be challenging if conditions remain as they are currently. So interested to hear your thoughts on that.

Well, we continue with our plan in the U.S. The reality is, as you're seeing, I mean, the market is not helping new construction, is not getting better. But aftermarket continues to be a huge opportunity for us, and we have gained market share in aftermarket.

At the same time, as I said before, working closely with our customers, improving how we serve the market, bringing new products, bringing new innovation. We see our objectives of growth in the midterm and long term in North America that will continue. So we're very confident about what the team is doing. And probably the right way to put this is we focus on what we can control, not expecting that the market is going to change dramatically. We haven't seen that in the last 2 years.

Got it. Very clear. And a couple of housekeeping questions on cash flow. Do you expect the working capital to sales ratio to normalize in the second half? Or do you expect it to remain lower than last year? And can you remind us of the guidance on CapEx as well?

Yes. I would say that from a working capital perspective, at year-end, we would be around the same ratio as we were a year ago. And then in terms of CapEx, we would be around 3.5% of sales, more or less.

Thank you. And thank you all for your questions and your interest in Fluidra. This marks the end of today's presentation. As always, the Investor Relations team is here if you have any further queries, and goodbye.

Well, good morning. Welcome to the General Annual Assembly 2026. Thank you for being here today with us in person and online. Above all, thank you for your trust. I see many familiar faces that have been with us for many years. This is a trust that cannot be taken for granted. It has to be built up every day. Dear shareholders, it's such a pleasure to welcome you again and to share with you a very important moment for the company.

Let me start with a special acknowledgment to all of the people who are part of Fluidra. They are the ones who truly make it possible for the company to move forward every day, staying close to the customers, innovating, executing and adapting in what continues to be, as you all know, a very -- I mean, for the past 2 years, it has been a highly demanding environment.

We come to this meeting having recently presented our first quarter results. It's important to acknowledge the context in which we operate. Jaime will mention it in his presentation. We live in a highly volatile environment where markets often react in the short term and where at times, perception may not fully reflect the underlying reality of companies. It is important to state it clearly.

At Fluidra, we have demonstrated extraordinary implementation and adaptability while at the same time strengthening its competitive position. Today, Fluidra is a stronger company than ever. It is more global, more efficient and therefore, better prepared than ever. As I mentioned, we have continued to invest. We have continued to transform, and we have continued gaining market share year after year, all while managing with high discipline, everything that lies within our control. Today, we are a leading company in our industry, and we're fully convinced that we can keep on building an even better, stronger and more future-ready organization.

Before giving the floor to Jaime, I'd like to make a special acknowledgment. This year, we closed a chapter with 2 members of the Board, Barbara and Steve Langman. Steve is not here with us, and Barbara is here with us. I'd like to thank both of them for their contribution over the years, as well as thanking their commitment and support to the company. Both Barbara and Steve have accompanied us through very important moments contributing their experience and judgment and helping us to make better decisions. Above all, these are people we can keep on counting on in the next years if we needed.

Welcome, Allison Steiner and Stephen Kanewski, whose appointments will be submitted for approval at today's shareholders' meeting. Thank you for joining us for becoming part of this project. We are convinced that your experience and perspective will help further strengthen Fluidra. All of that if they vote in favor.

The Board, our role is to support the company with a long-term view. It's not only about oversight, but it's about helping to set the right direction, asking the right questions and ensuring that Fluidra makes the right decisions, not only for today, but for the next years. As I've mentioned, over the past few years, we have kept on taking very strong steps in that direction.

Without any further ado, I'm going to give the floor now to the Secretary.

Good morning, everybody. First of all, we inform the shareholders that we have the presence of the Notary public. This will be done by Luis Fort Barajas, Ilustre Colegio Notarial de Catalunya residing in [inaudible]. I ask the notary to actually come here.

Good morning. I'm Luis Fort Lopez-Barajas, Notary, College of Notarial de Catalonia residing in Sant Cugat del Valles. I'm attending and drawing up the minutes of this general meeting all in accordance with the provisions of Article 203 of the Companies Act and Article 7 of the regulations of the Central Meeting of Shareholders.

The general meeting will be structured as follows: Firstly, the formal requirements for the valid constitution of the meeting will be fulfilled. Next, the Chief Executive Officer will give a presentation containing relevant information on the 2025 financial year, the group's performance and other matters of interest relating to the meeting. Thirdly, we will open the floor for comments from shareholders.

Shareholders wishing to participate in the Annual General Meeting may do so by submitting their questions from now until the conclusion of the presentation to be given by the Chief Executive Officer. Shareholders attending in person must write the content of the question to be raised on the card provided to them along with the other documentation, also indicating the full name of the number of shares they hold and those they represent and hand it to the staff in the room.

Furthermore, Shareholders attending remotely may do so by selecting the questions and comments option available in the remote attendance application. If a shareholder wishes their contribution to be recorded in the minutes, they must expressly request this and submit the question and where applicable the full contribution to the staff in the meeting room prior to the contribution so that the notary can verify it when the shareholder speaks. Shareholders attending online must expressly request this by providing and writing the text they wish to be included in the minutes.

Please note that if a shareholder does not provide the full statement in writing, the notary will proceed to write down the content of the statement in their own words, endeavoring at all times to respect its essence. It is also noted that there will be a single round of contributions. Once a complete list of shareholders wishing to speak has been compiled, shareholders will be called upon in the order determined.

With regard to the shareholders attending remotely, any questions that can be answered at the meeting itself will be read out along with the identity of the shareholder who asked them. Shareholders are reminded that if the information requested by any of them is not available at this time, it will be provided in writing within 7 minutes of the date of this general meeting.

Finally, once the shareholders' speaking time has concluded, we'll proceed to put the proposed resolutions on the agenda items to a vote by the meeting. Shareholders are informed that the remote voting channels regarding the items on the agenda will close at the end of this meeting. We shall now proceed to fulfill the formal requirements for the valid constitution of the General Meeting of Shareholders of Fluidra Sociedad Anonima.

At its meeting on 24th March 2026, the Board of Directors resolved to convene the shareholders to the Ordinary General Meeting of Shareholders to be held on 6th of May 2026 at 12:30 on first and only call at this hotel in St. Cugas and to also allow attendance at the general meeting by electronic means in accordance with the provisions of the Articles of Association and the rules of procedure of general meeting without prejudice to the shareholders right to attend in person or to vote remotely.

The notices of the meeting were published in the newspaper expansion on 27, March 2026 as well as on the company's corporate website and on the CNMV website on the 26th of March 2026. The agenda proposed resolutions and reports of the Board of Directors have been available continuously on the company's corporate website since the date of publication of the initial notice.

Given that the legal notice convening the meeting has been published as indicated above, it is deemed to have been read for all relevant purposes. In accordance with the Articles of Association, the Presiding Committee of the Ordinary General Meeting of Fluidra S.A. is hereby constituted comprising its Chairman, its Secretary and all members of the company's Board of Directors with the exception of Ms. Edmar Heinz and Mr. Manuel Puig have sent their apologies.

Acting as Chairman and Secretary of the meeting are those who hold these positions of the Board of Directors, namely Mr. Eloy Planes Corts and myself, Albert Collado Armengol. The general meeting shall be validly constituted on first and only call when the shareholders, whether present or represented, hold at least 25% of the subscribed share capital carrying voting rights. The Fluidra share capital is EUR 192,129,070 and is divided into an equivalent number of shares with a nominal value of EUR 1 each. All shares are fully subscribed and paid up and for the same rights of the holders. For the purpose of this general meeting, we have cast the votes remotely or counting the shareholders present. I shall now report on the current status of the list of attendees.

Okay. The list is provisionally prepared based on the provisional list of attendees according to the data provided to me by the professional services by the company. The provisional quorum is as follows: at the time of closing the list, there are 182 shareholders holding shares representing 170,291,450 shares, representing 88.68% of the share capital. It is noted that out of these shares, 2,242,577 shares or treasury shares equivalent to 1.16% of the capital -- of the share capital and are present of the meeting of these shares, the voting rights of which are suspended in accordance with the provisions of Article 148 of the Company Act and are represented in the Board, 119 shareholders holding 123,472,257 shares equivalent to 64.26% of the share capital.

The relevant legal requirements have been met there is a sufficient quorum for the valid constitution of the meeting on first call to discuss all items on the agenda. The final quorum will be reported on the minutes of the general meeting and will be published on our corporate website. I give the floor to the Chairman.

Okay. As the necessary legal requirements have been met, I hereby declare the general meeting validly constituted. The floor is given to the notary who will now read out the relevant legal notices.

In accordance with Article 101.3 of the Commercial Register regulation, it forced me to ask the following question. Does any shareholder wish to raise any objections or reservations regarding the statements concerning the provisional number of shareholders present at the meeting and the capital present and represented? If so, please inform me at this time. Remote attendees may also do so via the remote attendance application.

The final quorum will be recorded in the minutes. We will wait a moment to give shareholders time, particularly those who have joined remotely in case any of them wish to raise any reservations or objections.

It looks like there are no shareholders wishing to express any reservations or objectives. I have verified that the legal requirements for the constitution of this meeting have been met.

Well, thank you, Mr. Notary. I now give the floor to the CEO of Fluidra, Mr. Jaime Ramirez Alfadi.

Well, thank you, Albert. Ladies and gentlemen, shareholders, good morning. It is a pleasure to be with you all once again at this Fluidra Annual General Meeting. Let me start with a simple idea.

2025 has been a good year for Fluidra. In an environment that has remained challenging, we have grown, we have improved our profitability, and we have kept clear financial discipline. We have once again demonstrated, as Eloy has just said, the strength of our business model, the resilience of our organization and the ability of our teams to move forward with determination.

We have done so by relying on what best defines Fluidra, our closeness to the customer, the strength of our teams, our capacity for innovation and a global leadership position in an industry that continues to offer attractive growth prospects. Swimming pools and wellness continue to gain importance as spaces for well-being, health, socializing and enjoyment. At Fluidra, we continue to move forward with a clear vision to grow profitably, sustainably and responsibly, creating value for our shareholders, customers, employees and for society at large.

In order to put into perspective where we are today, I'd like to start with Fluidra's evolution over the past 6 years. Since 2019, Fluidra has become a larger, more profitable and more robust company. Our sales have risen from EUR 1.37 billion in 2019 to EUR 2.18 billion in 2025, representing a growth of 60%. Over the same period, adjusted EBITDA has grown by 86%, reaching EUR 501 million with a margin improvement of more than 300 basis points.

We have also significantly improved our return on capital employed, which has risen from 12% to 18%. These figures reflect a very positive trend indeed. Not only have we grown, but we have grown better with greater efficiency, greater discipline and a greater capacity to generate value.

Moving now into the 2025 financial year. Sales grew by 4% compared to the previous year. Adjusted EBITDA increased by 5% and adjusted net profit per share grew by 8% to EUR 1.30 per share. We also distributed a dividend of EUR 0.60 per share, 9% more than the previous year, reflecting our confidence in the business and our commitment to attractive and sustainable returns for our shareholders. This performance was underpinned by positive contributions from both volume and price and by growth across all regions.

During the year, we also continued to improve our efficiency. The gross margin remained solid, driven by our simplification program, and we reduced leverage from 2.4x to 2.2x net debt to adjusted EBITDA. I would also like to highlight an acknowledgment that gives us special pleasure.

In the U.S.A., one of our most relevant markets, we have been named Supplier of the Year by the 3 leading distributors for the fifth consecutive year. This is a recognition to the quality of our products, but also to our reliability, operational excellence and above all, the way in which our teams support our customers every single day. To sum up, 2025 has been a year of growth, operational improvement and financial discipline.

Sustainability remains an essential part of our strategy. For Fluidra, sustainability is not a separate element of the business. It is a way to compete better, to innovate better and to grow responsibly. Throughout 2025, we have continued to make progress on our key environmental, social and governance commitments. I won't dwell in all of the indicators, but I'd like to highlight some key developments.

We have received external recognition from agencies such as CDP, S&P and MSCI. We have made improvements in areas such as renewable electricity, carbon footprint and the gender pay gap and sustainable products now account for 59% of our sales, very close to the 60% target for 2026. Now this progress shows that sustainability is increasingly integrated in our operations, in our innovation and in our value proposal.

Now looking now at the start of 2026, we have had a good first quarter, well aligned with our expectations for the year. Sales stood at EUR 564 million, on a reported basis, they were affected by currency movements, but on a constant currency basis, they grew by 5% with a healthy gross margin of 57%. Adjusted EBITDA reached EUR 124 million with a positive growth of 2% at constant exchange rates. The adjusted net profit per share was EUR 0.32, also growing by 2% at constant exchange rates. Both volume and price have contributed positively, confirming a strong commercial momentum.

The environment will remain a challenging one, but we are starting this year on a solid footing and with confidence in our ability to manage what is within our control. At the same time, we are well aware that 2026 is unfolding in a particularly dynamic environment. We continue to see macroeconomic uncertainty, constant changes in the external environment, pressures from tariffs, inflation and exchange rates as well as increasingly aggressive competition in some markets.

Given this backdrop, our priority is to keep on managing with discipline, but also with a forward-looking approach. To keep on implementing our strategy consistently, we need to keep on investing in key capabilities, operations, business areas, innovation, in technology, IT and digital. There is no quality growth without investment. Our challenge is to strike the right balance between the discipline required in the short term and investments that will enable us to remain more competitive, more efficient and closer to our customers long term.

The environment will keep on being challenging, but we are starting the year on a solid basis with clear priorities and confidence in our ability to manage what is within our control.

Ladies and gentlemen, shareholders, today, we have shared with you the results for 2025 and the start of 2026. I'd like to conclude with 3 main take-home points. Firstly, Fluidra has kept on growing and improving its profitability.

Secondly, our organization keeps on being transformed to be more efficient, more disciplined and increasingly customer-focused.

The third, we are in a strong position to keep on leading as an industry with bright future prospects. None of this would be possible without Fluid's teams around the world. I'd like to sincerely thank them for their commitment, their professionalism and their ability to move forward even in highly complex situation. I'd like also to thank you, our shareholders, for your trust and your continued support.

We will keep on working with ambition, discipline and responsibility to create sustainable value for all of our shareholders, for all of our stakeholders. Thank you very much.

Now I hand over to Eloy.

Jaime, thank you so much. We'll go through the corporate governance part. If we start off with the value creation, the reality is that we have more or less stability in looking back. The trend is clear in the latest year, the company has grown, overcoming all of the excellent indexes, and we can see this clearly, too. The current environment, the value of the company hasn't been reduced in the share value, and we are confident that the values have increased, and we know the context, and we know that the market.

Talking about value to our shareholders as a company, it's important for us to make sure that our shareholders get value through our dividends, and this is included in our cash allocation policy, which is part of our DNA. As you can see, we've been coherent with this throughout the years. In this regard, the proposal we bring to the shareholders' meeting is for the approval of a dividend of EUR 0.61 per share, which is an 8% growth, which is well aligned with the 50%, the policy to distribute 50%.

Now going into corporate governance, 2025, we've continued to strengthen. We are more transparent, more independent with a more balanced Board that is aligned with best practice. But beyond indicators, an important point for the company is that we want the Board to be able to anticipate and take the best decisions with a mid- to long-term perspective. I can guarantee that we have an excellent Board in this regard.

Now moving into the work done by the 2 commissions. I won't be giving you the details of all actions. We have the 2 chairs of the different Audit Committee, Ernest, from the appointment committees, and they're available if you have any questions, if you'd like to have more detailed information.

Now on the Auditing and Sustainability Committee, it continued to play a key role in supervising fundamental aspects such as financial and non-financial information, internal audit, risk assessment, cybersecurity and compliance, and strengthen the follow-up on our sustainability strategy that Jaime mentioned. We think this is something that is truly relevant for us to consider in the future, not just [FAB].

The Retribution and Appointments Committee has been working in key areas such as the composition of the Board, the management of talent, succession plans and retribution schemes with a key goal, and that is to make sure that we have the personal skills and capabilities to deal with the future.

Having said that, I would now like to hand over to the Secretary to continue with the more formal part of this general meeting. Thank you.

Next, we will continue with the interventions by the shareholders, and we shall govern this. We call all shareholders who would like to take the floor to ask staff in the room to hand them a microphone. First, we will listen to interventions by shareholders, and then at a later stage, we will respond, including to the comments and questions by shareholders participating remotely.

We have one single request, Jose Antonio Dario. The floor is yours.

Apologies, we would need a microphone. I wanted to mention that Fluidra today is worth EUR 20. 2 years ago, it was worth EUR 30. If I want to invest more than what I've invested so far, we need to move forward. We are capitalizing 30% less than 2 years ago. I want to put this into perspective for you. It's a great investment. It's a company with a long-term perspective, which has been improving its results year after year.

It is true that sometimes the market operates on a short-term perspective more than on a long-term one, and we must also acknowledge that we're living complex geopolitical times. As Jaime was saying, we are showing our strong ability to adapt. We have an important project looking ahead into the future, we have the capabilities to continue growing as we have in the past 2 years. We believe that the value of the shares you see on screen do not reflect the true value of the company. I encourage you all and you especially to continue investing in a project, which is a growing, robust project with a mid- to long-term perspective regardless of the fluctuations that there may be on the market.

Given there are no further requests, we shall now proceed to vote on the proposed resolutions relating to each of the items on the agenda. The vote will be conducted in accordance with the provisions of the Articles of Association and the rules of procedure of the general meeting.

In this regard, votes in favor shall be deemed to be those corresponding to all shares present and represented at the meeting, whether in person or by proxy, [Magus], firstly, the votes corresponding to shares whose holders or representatives state that they are voting against casting a blank vote or abstaining. Secondly, the votes corresponding to shares whose holders or representatives have left the meeting prior to the vote on the proposed resolution.

We request that shareholders physically present who wish to cast votes against blank votes or abstain are requested to inform the attending staff in writing by handing in the voting card provided to them. If any shareholder wishes to have the nature of their vote in relation to any of the resolutions recorded in the minutes, it must be made expressed.

The results of the voting on each proposed resolution will be recorded in the minutes and on the company's corporate website. The proposed resolution is drawn up by the Board of Directors regarding the items on the agenda and the corresponding reports have been available on the company's corporate website since the date of the publication of this notice.

All proposed resolutions put to the vote must be approved by the statutory majorities required. At this general meeting, all proposed resolutions shall be approved by a simple majority with the exception of the authorizations granted to the Board of Directors to increase or reduce the share capital and the consequent amendments to the Articles of Association proposed under items 9, 10 and 12 of the agenda, which shall be approved by absolute majority.

Furthermore, both the authorization to increase and reduce share capital and the consequent amendments of the Articles of Association proposed under items 9, 10 and 12 of the agenda as well as the authorization for the issue of debentures proposed under Item 11 of the agenda will require the attendance of shareholders present or represented who hold at least 50% of the subscribed share capital. Based on the information held by the company's corporate services, I hereby inform that shareholders that necessary votes in favor have been cast for the approval of all items on the agenda.

We shall now proceed to read out a summary of the proposed resolutions. First, the approval of the annual accounts and management report, both for the company and its consolidated group of companies for the 2025 financial year.

Second, approval of the consolidated non-financial statement and sustainability information for the 2025 financial year.

Third, the allocation of the profit for the 2025 financial year, which is proposed to be allocated to the payment of the dividend and to voluntary reserves in the amounts and on the terms proposed in the notice of the meeting.

Fourth, approval of the Board of Directors' performance during the 2025 financial year.

Fifth, the reelection of Mr. Jose Manuel Vargas Gomez as Non-Executive Director.

Sixth, ratification of the appointment of co-optation and appointment for Ms. Allison Steiner as a priority -- Proprietary Director.

Seventh, appointment of Mr. Stephen Kaniewski as an Independent Director.

Eighth, the consultative vote on the annual report on directors' remuneration for 2025.

Ninth, authorization for the Board of Directors to increase the share capital.

10, authorization of the Board of Directors to issue convertible bonds.

11, authorization for the Board of Directors to issue fixed income securities.

12, authorization of the Board to acquire its own shares.

Finally, 13, delegation of powers. The floor is given to the Chair.

Thank you very much. As the Secretary has already reported, all of the proposed resolutions put forward by the Board of Directors are hereby declared approved by a sufficient majority.

With that, we come to the end, and we will -- let me find my notes. I was thinking about the question you asked me before, and I was wondering when you were telling us about the price per share, we're referring to a moment during COVID when everything was of tune. When we look at the results shared by Jaime today, just to give you an idea of the value, we were basically at the same levels that you've seen here today. The market is indeed facing a lot of pressure because of the geopolitical situation, which means that sometimes the value isn't adequate on screen.

Having said that, we are reaching the end of our General Shareholders' Meeting. I'd like to wrap up on a simple idea. The market may be volatile, but what we have built up to now, what we are building and Fluidra is very robust. It's important, even more so at these times of uncertainty because it means that beyond the short term, we have a strong, robust company with a clear strategy that is able to push forward.

As I have always said, and I've said this in this meeting, you know that you can count on us and that we will also make a constant effort. We'll do what we do with full honesty, transparency and a strong commitment.

To conclude, I would like to say some words of thanks. First, to the whole team at Fluidra from around the world for their dedication, their efforts and the commitment they show day after day. It's incredible, and it's they who make it possible for the company to advance in these very demanding times.

Also my sincere thanks to Jaime and the entire management team for their leadership and the way in which they are leading this new stage of the company and to all Board members for their dedication, judgment and long-term perspective and for supporting us at all times. Very especially, I'd also like to thank you, our shareholders. Thank you for your trust, for supporting us, for sharing this long-term vision with us. Thank you for your trust. Trust is something that makes us strong.

At Fluidra, we are clear about our path. We will continue to move forward. We'll continue to invest and to take decisions aimed at creating sustainable value because at the end of the day, that is what matters, creating sustainable value. Thank you very much for being with us today. We now invite you to join us for a class of cover and to continue our discussions. Thank you very much, and I wish you all a very good day.

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 Planes; our CEO, Jaime Ramirez; and Xavier Tintore, 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 dropdown menu at the bottom right-hand side of your screen. [Operator Instructions] The presentation is available on our website and has been filed this morning with the Stock Exchange Commission. A replay of today's call will also be available on our website.

With that, I hand it over to our Executive Chairman, Eloy Planes.

Thank you, Clara, and 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 delivered 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 basis 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 remain 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. All in, 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 5. 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 in a complex 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 EUR 120 million, representing a 22% margin, consistent with our expectations. This reflects the effect of geographic and product mix, inflation and continued strategic investments to support long-term growth. These were partially offset by the positive contribution from pricing and the efficiency plan savings. Xavier will provide more color later. Adjusted EPS was up 2% year-on-year on constant FX. We reduced leverage by 0.1x net debt to adjusted EBITDA compared to the same period last year on the back of our strong working capital management. Our balance sheet remains strong, providing strategic flexibility.

Turning to Slide 6. 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 VarioPool 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 Sun Belt 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 7. 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 VarioPool acquisition, which enhances our position in commercial pool. At the same time, Aiper 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 Riaan 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 PoolTrackr 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, on 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 a strong progress across all 3 strategic pillars, and this disciplined 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.

Thank you, Jaime. Let's turn to Page 8 to start with the P&L. Sales of EUR 564 million represent a flat evolution year-on-year with an FX impact of 530 basis points and acquisitions adding another 10 basis points of growth. Due to the impact of currency on this quarter, I will be commenting variances on constant currency. Gross margin performance, which reached 57.1% is flat against a very strong quarter last year, where it expanded 250 basis points versus Q1 2024, with favorable pricing offset by product mix and inflation.

Operating expenses amounted to EUR 198 million, up 7.6% with continued investments in digitalization and R&D to enhance the future growth of the business and general inflation in labor and other costs. As we look into the remainder of the year, and as Jaime has mentioned earlier, we expect lower cost increases. So for the year as a whole, OpEx should increase around 3% at constant currency.

Adjusted EBITDA of EUR 124 million was up 2% FX adjusted and down 4.8% on a reported basis, with significant impact of currency you are all aware of. Adjusted EBITDA margin was 22%, 80 basis points lower than 2025. Adjusted EBITDA of EUR 98 million is up 2.5% on an FX adjusted basis with a margin of 17.4%, which is 50 basis points below last year's when adjusted for currency.

Below the adjusted EBITDA line, PPA amortization is down 6.5% to EUR 13 million. Restructuring, stock-based compensation and other expenses of EUR 7 million are slightly up year-on-year. Financial result amounted to EUR 17 million, slightly down on 2025 despite having executed the extension to January 2029 of the EUR 550 million revolver credit facility, which included around EUR 2 million in one-off costs.

Tax rate was 26%, similar to the one of 2025. Net profit reached EUR 46 million, an increase of 6.4% when adjusted for currency, but slightly behind the EUR 48 million reported in the prior year period. As you know, we track adjusted net profit, a good indicator for Fluidra as we have a significant amortization charge entirely purchase accounting related that impacts our net profit and EPS calculation. Adjusted net profit amounted to EUR 61 million, 1.8% higher than last year when compared at FX adjusted rates.

Page 9 shows the free cash flow evolution as well as the net debt position. As you all know, Q1 is an investment quarter as this is a seasonal business. Free cash flow in the period has been a use of cash of EUR 174 million. That compares to EUR 222 million last year. Let's look into the different components. Operating cash flow was a use of EUR 133 million versus EUR 177 million last year due to better contribution of net working capital with better performance in all of its components. Overall, the net working capital to sales ratio is at 26.7%, 290 basis points lower than last year, helped by currency.

On the investment front, we have used EUR 28 million with EUR 11 million in acquisitions driven by the completion of VarioPool in the Netherlands, which reinforces our commercial pool business. And on the financing front, we have seen a flat evolution.

Finally, net debt reached EUR 1.278 billion, down EUR 57 million compared to the prior year period, with FX contributing around EUR 35 million. Our leverage ratio is 2.6x versus 2.7x ratio in the same period last year.

And now I will leave the floor to Eloy to conclude today's call.

Thanks, Xavier. Let me close with a brief summary. We delivered a Q1 performance consistent with full year expectations with good sales growth across all regions and robust gross margin, a solid start to the year. We are maintaining our full year guidance based on current trading and the actions already underway. We are confident in our ability to continue to outperform the market, and we remain focused on executing what we can control, while we continue to monitor geopolitical and macroeconomic developments closely.

Looking ahead, we are confident in our future. We are consistently executing our strategy, driving both organic and inorganic growth and on delivering improving returns on capital over the medium-term. All of this supported by the structural attractiveness of our industry. All of that gives us confidence in our ability to continue creating value.

Clara, over to you for the Q&A.

Many thanks, Eloy, Jaime and Xavier for your presentation. We now begin the Q&A session. [Operator Instructions] The first question comes from Chitrita at JPMorgan.

I have 2, please, and I'll take it one by one. My first question is just on the SG&A development in the quarter. Could you provide more color on the moving parts this quarter, especially on the investment side? And how do you see this evolving for the rest of the year to get you to the margin guidance range?

Chitrita, I will take that call. Yes, I understand your concerns about the [ OpEx ] evolution. So let me provide a little bit more color. As I said during the call, during the speech, we expect to finish the year with an increase of around 3% to 3.5% constant currency. In the quarter, what we have seen is a combination of investments and increased volumes, increased volumes in manufacturing and freight, which you will see offset in the second part of the year or in the following 3 quarters with the freight surcharge that we have already implemented.

We've said that we are investing in R&D for the future growth, for example, with the opening of this new center in China, and this will be compensated by reductions in other countries as the year progresses. We are also investing in digitalization with PoolTrackr, with e-commerce capabilities, ERP rollouts. And we've also commented that we have reinforced our sales teams, again, to support future growth. But we are also taking action to reduce cost in other parts of the organization. As such, I can share, we have implemented some headcount reductions already in the U.S. and Europe that will be delivering savings in the remainder of the year to the tune of EUR 10 million to EUR 12 million, so reducing our fixed cost in 2026.

We've also commented that we are executing on our manufacturing footprint rationalization, and that will also have some impacts in the balance of the year. So all in all, and I understand that the increase in the quarter is a little bit ahead of expectations. All in all, we feel confident that we will be delivering this target of having a full year increase of around 3% at constant currency.

Just adding on what Xavier just shared with us. What I would say is the way to summarize this is, we're working on -- we're aware of the situation in Q1, but we're working on finding efficiencies across the system and the cost actions that Xavier mentioned. But what I want to highlight is, we're very focused on our strategic investments. He mentioned a list of different activities that we're doing that are very connected to our midterm and long-term strategic initiatives of supporting growth, differentiation for the business through innovation, technology and digital and productivity and efficiency as part of what we're doing with our manufacturing footprint. So we're very pleased with the progress we're making on this. We have the plans to finish at the 3% that Xavier mentioned in 2026. So that's part of the plans we're implementing.

Chitrita, you have a second question, I think.

Yes. Yes, please. Yes. So my second question is just on the price and volume development for each region, especially in North America. Did you see positive volume development here? And are you planning to put further price increases through for the rest of the year?

Okay. So first of all, as we said, we're very pleased with our volume growth as a total company. You saw the number. We grew volume in Q1 3% at a global scale, which is the biggest number, volume growth in our industry. In North America, our volume growth was 1%, and that was supported by what is going on in the aftermarket with all the activities and resources that we added to be more aggressive on the aftermarket to drive growth in aftermarket. So we're very pleased with that progress.

And we're confident on our capacity to drive growth. That's supported by what we said on the call, the low double-digit sell-out number. So our sell-in was 5% that's connected to volume. But the most important number in our volume growth in North America is our sell-out, double-digit, which is a fantastic number in Q1. If you move to the rest of the world and specifically to Europe, in Southern Europe, you heard in our call, we grew 8% in France, which we know France has been very tough, but that's a phenomenal number for what is going on in the market, supported by aftermarket. You all are aware that new construction is not helping the business. In fact, new construction is flattish across the business. So Europe doing extremely well. Spain continues to grow around 4% revenue growth for us in Q1.

So at the same time, we're very happy with the residential and commercial growth across the business. So in summary, you see as part of what Fluidra is and the global diversification we have, very good performance, not just in North America, but also in other regions of the world. Very healthy volume growth connected to sell-through in North America and in the rest of the regions.

As to the incremental price increases?

As to the pricing, if you want, Chitrita I can take that piece. We -- as you know, we take a regular price increase in North America in October in Europe at the beginning of the year. This year, in addition to that, we have taken other additional price increases to offset inflation, which vary by product line, depending on how we see the inflation on some metals, some plastics and so on. And in addition to that, we've also implemented a freight surcharge that will give us the ability to vary going forward also to be able to pass to any cost associated to transportation, any cost increase associated to transportation. So with all of that, we are protecting the P&L for the company for 2026.

The next question comes from Carlos at Kepler.

A couple from my side. First is a follow-up on the new price hikes. And I was wondering if you could share some views on the main geographies and products in which you're focused on? And if you are concerned that this additional ticket increase could somewhat dampen the short- and long-term volume outlook, especially considering what you've mentioned in North America of volume growth of 1% in Q1?

And second, on Aiper, I was wondering if you could share some additional data on the Q1 revenue drivers as well as some information on the EBITDA margins.

Yes. As I mentioned, Carlos, we have done a variable incremental prices in this Q1 and in April, May time frame, which basically try to offset inflation. So there's higher price increases for saltwater chlorinators because we have seen ruthenium, which is a key component of our material and a rare metal have significant more than double-digit increases, let's say. We're seeing smaller price increases on plastics. So it varies by product category, and we're basically protecting the P&L of the company as to impacts on volume, what we can say is that at this point in time, we don't expect changes to volume. There is certain pricing fatigue in the industry.

As you know, since the period after COVID, the industry has implemented significant price increases to offset overall significant inflation impacting the business. And there is some pricing fatigue. Our idea at this point in time was to be a little bit more conservative on the pricing point. But we've seen this inflation, and we are acting on it. We don't expect major changes to volume as new construction is at very, very low historical volumes, okay?

Yes. What I would add is that that's a valid concern, the volume is because of price increases. But as how we run the business, we're very focused on monitoring volumes across the business. That's why we check sell-through, sell-in and inventory in channels. It's something that we got to monitor on an ongoing basis in all the different countries and channels.

On the Aiper question, yes, we're very pleased with the revenue growth. That revenue growth is a combination of geographic performance, product mix. If you see the product mix, they are growing very fast in the MPP and the HPP segment, which is very good. That gives us very -- a lot of confidence on the quality and the innovation of the products. They're expanding in some channels. They have started to sell to the B2B channel in North America this year. So from that perspective, they are doing really well. And the plans they have continues to be very aggressive this year. They continue gaining market share and in a reality disrupting the category.

On the EBITDA side, we do not report the EBITDA by now. There is still a lot of work to do and potential in that area as Aiper continues to be an investment platform, and they keep working on multiple activities.

And they have -- just to add on that, on our financial statements, they have no material impact in Q1.

The next question comes from Manuel at Santander.

So my first question probably is a follow-up on the U.S. trend. So assuming the 5% underlying growth and the indication that Xavier and Jaime were regarding on volume trends, it looks like your price hike has been slightly below what other competitors has been pointing out of high single digit for the quarter.

Yes, Manuel, obviously, the price increase depends on your mix of products. What you have seen is 5%, which is more or less in line with some of our competitors. I know that there's another competitor that has really indicated a significantly higher price impact, but it's more a question of mix linked to that ruthenium comment that I made earlier.

Okay. And then a follow-up on whether I'm missing something because I was on the belief that this was a business of higher sell-in versus sell-through in Q4 and Q1 and then normalizes throughout the pool season. However, it looks like sell-through, especially in the U.S., as Jaime was pointing out, was significantly higher than sell-in in Q1.

Yes. I would say the result of the sellout in Q1 is the consequence of what we have said before, all the commercial activities, the focus in the aftermarket and the focus in gaining market share that we have in the company. So we have a very solid presence in new construction. But one of our key strategic areas in North America is how we accelerate gaining market share in aftermarket, which is basically all the investments we're doing in terms of people, in terms of the digital, in terms of some new products that are coming to the market. So this is really a phenomenal job done by our team in the U.S. is getting closer to the market, getting closer to having great relationship with our customers and improving the execution and how we're serving our customers.

I see. And just my final question. Given the vast majority of the earnings momentum of the company is aftermarket driven. Some of your competitors, again, are pointing out that roughly 85% of the P&L comes now for aftermarket. I don't know, you usually have a more 60% to 65% exposure to aftermarket. I don't know if you also have the feeling that your P&L is much more weighted towards aftermarket than in the past and whether you can give us an indication of a potential range?

What I would say is, for us, it's probably around 65% aftermarket, 35% new construction. We're growing in aftermarket. We see aftermarket, especially now with new construction being flattish and how it has performed in the last years. We have put a lot of focus on growing in the aftermarket. And that's kind of the opportunity for us. And with the volume growth, that's why we talk about that we continue gaining market share in North America specifically.

The next question comes from Francisco Ruiz at BNP.

Well, there are some follow-up on the OpEx evolution. I mean you have commented on around EUR 10 million to EUR 20 million -- sorry, EUR 10 million to EUR 15 million or EUR 10 million to EUR 12 million [ you have said ] savings on headcount reduction. Could you give us some indication of the cost of this?

The second question is, I was surprised that you have not commented on the savings on the new efficiency plan. I don't know because it's too early to show some savings or if in top of the 7% growth in OpEx, we have to add some savings from this efficiency plan. And last but not least, if you could give some, I mean, color on how April and May has gone ahead of the season.

Let me -- Paco, let me take the first 2, and then I'm pretty sure that Jaime will take the last one. Yes, there is some cost associated to that headcount reduction that I have mentioned in the call. As we look at the full year impact of the nonrecurring, we're going to be a little bit higher than what we indicated in the February call, including stock-based compensation and the restructuring activities associated to the manufacturing footprint and this headcount reduction, we're going to be around EUR 50 million, which includes EUR 7 million of stock-based compensation more or less.

There's a little bit of moving parts as we execute some of this program on the manufacturing. We're very pleased with the evolution of the savings, but we don't intend really to report it on a quarterly basis and more on a full year basis. But we are happy with the performance. Savings are on plan and are part of how we also feel that the OpEx increase at the end of the year will be at that lower rate that I have mentioned. So happy with the progress. Nothing else to report there.

Yes. On Aiper, as we mentioned Q1, they grew 50%. The beginning of the season continues to be very good. We're seeing very good performance in Q2 with revenue growing between 40% to 50% in the month of April and the beginning of May continues the trend. So they continue gaining market share in the category as -- they really have a different proposition to the market in terms of the technology, the innovation. And they're still penetrating a lot of markets across the globe. So the performance on Aiper continues to be very good. We know we have to work with them on how we improve their profitability, but this is -- Aiper has been performing really, really well.

I also want to talk about Fluidra and the beginning of what we're seeing in Q2. I have to say that our sell-through dynamics in North America continues to be very good, not at the double-digit. Double-digit is kind of a fantastic number but continues to be in line with our expectations in a quarter that now we're in the season. So we're talking about big numbers. So sell-through continues to perform really, really well in Q2.

And I would say that in Europe, we're having a fantastic beginning of Q2, which is a combination of multiple things connected to the performance we have in Q1. But the performance in Europe is, I would say, almost our revenue is up double-digit at the beginning of this quarter for Europe.

The next question comes from Juan at Alantra.

I have 3 questions. The first one is you mentioned Middle East is not an important part of sales, around 3%. But I mean, do you see any risk of you losing some sales there because of the war in Iran?

And second, you mentioned pricing fatigue. So I mean, do you have an idea whether there might be some shift in the market towards more direct-to-consumer sales in detracting sales from the B2B channel? And third, I mean, could you quantify the market share gains you have been mentioning?

On the Middle East question and probably pass the price fatigue question to Xavier. On the Middle East, yes, Middle East is 3% of our revenue. What we have today in our numbers is potential risk in Q2. Of course, it's a very volatile situation. We don't know how that is going to evolve. We see some pressure in Q2, but mainly because of the supply and of course, with everything that is going on right there. And it's not a significant number within the scope of the company, and we keep monitoring the situation and how it evolves. On the price fatigue?

Yes. We've mentioned this pricing fatigue, Juan, due to the increased pricing over the last few years. Your question around are we seeing a shift to DTC. The reality is we're only seeing a shift to direct-to-consumer in products that are not intermediated where you don't require installation like the robotic cleaners that we have mentioned in other calls, that's very clear where you see that shift and where you see also some pricing pressure with Aiper and the likes coming to the market.

On the intermediated products, we are not seeing any shift that continues to be there. I think that probably this has an impact in volume in terms of having that new build number at very low levels at this point in time, which is a combination of this pricing, the total cost of the pool and the fact that interest rates have not come down as expected. So that's where we're seeing and the comments that we are receiving from pool builders in the states.

And then the last question on market share gains. Unfortunately, there's no market share data. I think there is public information regarding some of our competitors. And when you look at this over time, the amount of revenue growth over the last 5 or 6 years, you can see that our growth rates are ahead of competition, and that's what points out to market share gains.

I see no more questions on the line. I'm going to wait a few seconds to see if anyone else would like to ask a question. So I give you a few seconds. Okay. I see no more questions are coming up.

So thank you all for your participation in today's call. And as always, please feel free to reach out to the Investor Relations team for any further queries. And before we go, I would like to hand over the call to Jaime for some closing remarks. And thank you, and goodbye from my side.

Thank you, Clara. So I want to take this opportunity to thank our teams around the globe. We are very proud of what everybody is doing in a market that is very bumpy. So we really appreciate the effort and what our teams do in all the different markets.

At Fluidra, we have a great business platform, and we're working to make it better. We keep executing our key strategic initiatives with discipline and agility to adapt to the market dynamics to drive value creation through profitable, sustainable growth, differentiation and innovation, productivity and efficiency, which are our key pillars of the strategic plan we have and want to be very consistent. We're very pleased with our progress and the opportunity we have in front of us as the leader of our industry. Thank you very much.

Good morning, and welcome to our full year 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 Planes, our CEO, Jaime Ramirez, and Xavier Tintore, 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 [Operator Instructions] The presentation is available on our website, fluidra.com and was filed with the Stock Exchange Commission earlier this morning. A replay will also be available on our website.

With that, I now hand over to our Executive Chairman, Eloy Planes.

Thank you, Clara. Good morning, and thank you for joining our result 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 delivered strong results in 2025, continuing to outperform the market while advancing our strategic priorities in a dynamic environment. This achievement is a testament to the strength of our platform, the clear strategy and objectives we pursue and the dedicated Fluidra team behind it. My sincere thanks to all of them for their resilience, commitment and contribution.

At constant FX, sales were up 7% and EBITDA grew 9% in the year, reflecting consistent volume growth across all the regions. We are particularly pleased with the market share gains achieved in 2025, which has been a focus for us. We successfully delivered the final year of the Simplification Programs. Since its 2022 launch, margin expansion has been significant. Gross margin has improved by more than 500 bps and EBITDA margin by 150. And there is more to come, as Jaime will explain shortly.

Cash generation was strong, further consolidating our progress in working capital management. Net debt to EBITDA stood at 2.2x at year end, down 0.2x versus last year, while accommodating dividend payments and the completion of Aiper and other acquisitions in 2025. We are pleased the Board of Directors has proposed a 2025 dividend of EUR 0.65 per share, up 8% versus prior year subject to shareholders' approval. This reflects the confidence in the future of our business and represents a payout of approximately 50% of adjusted EPS fully aligned with our dividend policy and capital allocation framework. If approved, the dividend will be paid in 2 installments in the second half of the year.

Today, we are also introducing guidance for 2026. While macroeconomic and geopolitical uncertainty remains, we are confident in our ability to continue delivering growth in sales and EBITDA margin expansion. Beyond 2026, we expect to further expand our leadership in a structurally attractive industry with long-term growth underpinned by favorable secular growth drivers and a robust recurring aftermarket. Our focus is clear, disciplined execution of our strategic framework and continued investment to strengthen the business for the long term. We are committed to improving returns on capital by accelerating growth, both organic and inorganic driving competitive differentiation through product innovation and digitalization of the customers' experience and further enhancing operational excellence.

On the next slide, you can see how over the past 6 years, we have delivered outstanding performance, exploiting our established position to further strengthen our global leading platform. This was achieved in an extraordinary and volatile period whose dynamics, I think you are all familiar with. We generated this progress, growth, margin and efficiency, cash generation and returns on invested capital with a clear focus on delivery and execution and judicious capital allocation aligned with our framework.

We have grown revenues over the period at a component average growth rate of 8%, expanded adjusted EBITDA margin by more than 300 basis points and improved return on capital by more than 600 points. We have also returned around EUR 650 million to shareholders. I'm proud of the team and what we have accomplished. We look forward to disclosing 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 full year performance on Slide 6. I will provide some highlights and then turn it over to Xavier to share more detail on the financial results. I'm proud of our strong execution in a complex context. Sales were up 7% on constant FX with growth across all regions, driven by higher volumes and prices and the contribution from acquisitions. Adjusted EBITDA was up 9% year-on-year on constant FX to EUR 501 million, which represents a 23% margin, up year-on-year driven by higher volumes and prices and ongoing operational excellence focus. We continue to invest in the business to support long-term growth and the underlying performance remains strong. Adjusted EPS was up 14% year-on-year on constant FX. We reduced leverage of 0.2x net debt to adjusted EBITDA on the back of our strong operating performance and FX tailwinds.

I would like to remind you that we have funded 3 acquisitions and paid a dividend of EUR 0.60 per share in 2025. Our balance sheet remains strong, providing strategic flexibility. And last but not least, we have expanded our return of capital by around 150 basis points versus last year, which represents our progress on margin and asset efficiency.

Turning to Slide 7. On the right, you see 4% volume growth in the year as we continue to gain share, together with accelerated price contribution. Revenue growth was also benefited by -- from our bolt on acquisition in Australia. Portugal and Central Europe. FX had an overall negative effect on sales in the period. North America delivered 7% organic growth year-on-year on constant FX and perimeter aligned with underlying sell-through trends across our customer network. This reflects continued market share gains and underscore the strength of our customer-centric model. Our strategic focus on the sunbelt region and our positioning in the mid- to high-end segments. I will discuss further later.

In Europe, the positive momentum continued, resulting in approximately 4% organic growth. France continued to recover in Q4, driven by the aftermarket, ending the year flat, while Spain recorded strong growth. Performance across other European markets was good in the year. Growth in the rest of the world was also strong on a constant FX and perimeter supported by double-digit growth in commercial pool. This is the beauty of our global platform. We are geographically diversified with a strong presence in key pool markets across the globe. In summary, also demand for new builds remain 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.

Next on Slide 8. As Eloy mentioned, we are executing on our strategy to deliver growth, margin expansion and higher returns as we presented at our Capital Market Day last April. This is based on the 3 strategic pillars you see on the slide, which are supported by the enablers below, and will provide further details on the progress made in 2025 on each front.

Moving to Slide 9, let me briefly touch on how our strategy to accelerate growth is translating into real tangible results. In 2025, we made clear progress in strengthening our position in the markets that matter most to us, confirming that our value proposition continues to resonate with customers even in a demanding environment. We also took important steps in commercial excellence with a particular focus on pricing. This was not just about price increases, but about better discipline, better tools and better execution across regions. These initiatives are now embedded in the organization and will continue to contribute to more resilient performance.

Our customer-centric approach and service levels were once again recognized being named as Supplier of the year in the U.S. for the fifth consecutive time. By leading distributors is something we're especially proud of as it reflects consistency, trust and our commitment to long-term partnership. Finally, we continue to create value through both organic and inorganic growth. In 2025, we completed the acquisitions of Bac, Aiper and a movable pool cover producer PowerPlastics. And we have also signed the agreement to acquire VarioPool, amovable floors commercial pool player in Northern Europe. These acquisitions both strengthen our portfolio and position us well in attractive segments.

Next, on Slide 10. Let me now turn to how we are advancing competitive differentiation by transforming our organization to accelerate innovation and time to market, leveraging our global scale to deliver a customer-centered digital experience platform. In 2025, we invested EUR 64 million in R&D or around 3% of sales, ensuring that innovation remains a core driver of value creation at Fluidra. A key milestone this year was the opening in Q4 for our new global R&D center in China, which will increase our agility and cost efficiency in product development. We measure how innovation translate into sales with our vitality metric.

New products launched in the last 5 years represented 19% of total sales. demonstrating our ability to continuously renew our portfolio while maintaining high quality and service levels. We are accelerating our digital strategy. After the acquisition of PoolTracker, rolling it out for our customers in Australia, and the platform will be launched in the U.S. in the first half of 2026. This will improve the day-to-day experience of pool professionals, stressing customer engagement and providing a key ingredient to our digital experience platform mentioned earlier. Overall, these achievements show that we are not only investing in innovation, but doing so in a disciplined and focused way, turning differentiation into tangible results for our customers and returns for our investors.

Moving to Slide 11. Let me show you examples of products to be launched in 2026. Many of these were showcased at the Atlantic City poll show and customer feedback was extremely positive. Our latest innovation, Jandy Edge, reimagines how pool automation with the aim of bringing a clean modern intelligent smart home style experience to the backyard that not only simplify the pool experience but makes it enjoyable both for the Pro and the homeowner. We're also bringing this innovation mindset to other categories, such as salt chlorination. We soft launched Cellguard last year, and we expect to see accelerated sales in 2026 as the product gains increased market adoption. Cellguard's breakthrough patented salt cell technology enhances the life of the chlorinator by automatically removing the sales landscape and industry first. At the same time, the product enables lower cost of production to support stronger margins.

Additionally, we are continually growing our portfolio of drop in equipment lines for the aftermarket, focusing on energy, energy efficiency, ease of installation and competitive repayment and reliability. These products allow pool professionals to upgrade existing pools with higher performance solutions, while supporting sustainability and lower operating costs for end customers. Overall, this innovation pipeline reinforces our leadership position and supports both growth and margin expansion over the medium term.

Let me now turn to operational excellence on Slide 12. A critical pillar of our strategy. In 2025, we delivered very tangible results with this program. First, we achieved the EUR 100 million gross savings target under our Simplification Program growing our margins over the last 3 years. This is a major milestone and a clear demonstration of disciplined execution across procurement, manufacturing and supply chain. Importantly, we did not stop there. During the year, we completed the development of a new efficiency plan, which is expected to generate an additional EUR 120 million in savings over the next 5 years. This gives us strong confidence that operational excellence will remain a structural driver of margin improvement. We're building a more agile, cost-effective and resilient global supply chain.

At the same time, we continue to strengthen our operational platform for the future. We're investing in technology and systems, including S&OP tools and a new ERP to unlock further efficiencies and improve visibility and enhance decision-making across the organization. This plan builds on the strong foundation established through our previous Simplification Program and is fully embedded in our long-term operating model. It is designed to structurally enhance efficiency and competitiveness through 3 core levers strategic supplier management, disciplined design-to-value initiatives and a more flexible, competitive and scalable industrial footprint. We'll further optimize our manufacturing and sourcing network while maintaining the high service levels to our customers, that our customers expect.

In terms of impact, approximately 75% of the savings will come from gross margin expansion with the remaining 25% driven by operating expense efficiencies. As shown on the chart, these benefits are expected to ramp up progressively between 2026 and 2030, providing sustained support to margin expansion over the planned period. The program involves nonrecurring costs of approximately EUR 50 million, we expect this to occur in the next 3 years. This efficiency plan reinforces our ability to expand margins, enhance our competitiveness, strengthen our cash generation and fund growth. While maintaining the flexibility needed to support the business long term.

With that, I will turn it over to Xavier to explain the financial results in more detail.

Thank you, Jaime. Let's turn to Page 14 to start with the P&L. Sales of EUR 2.181 billion represents a 3.9% increase year-on-year. FX represented a significant negative impact of 310 basis points and acquisitions added 90 basis points of growth. For the quarter, FX was a significant headwind with 600 basis points of impact. Gross margin reached 56.6%, flat year-on-year, where the positive contribution of the Simplification Program and pricing read-through were offset by tariffs, inflation and mix.

Operating expenses reached EUR 735 million, up 3.1% with enhanced investments in digitalization, R&D and inflation in labor cost and logistics. M&A contributed EUR 6 million to operating expenses. Adjusted EBITDA of EUR 501 million was up 5%, driven by top line growth, leveraging our OpEx base despite the above-mentioned investments. Adjusted EBITDA margin was 22.9%, 20 basis points higher than in 2024. EBITDA of EUR 395 million is up 4.1% with a margin of 18.1%.

Below the EBITDA line, PPA amortization is down 10% to EUR 57 million. restructuring, M&A, stock-based compensation and other expenses of EUR 29 million were 49% lower than prior year as one-off costs from the Simplification Program come to an end. Financial result amounted to EUR 66 million, flat year-on-year with lower cash interest. Tax rate was 26%, similar to the one of 2024. Net profit reached EUR 176 million compared to EUR 138 million, a remarkable increase of 28%. As you know, we track adjusted net profit, a good indicator for Fluidra as we have a significant amortization charge entirely purchase accounting related that impacts our net profit and EPS calculation.

Adjusted net profit amounted to EUR 250 million, 8% higher than last year. Adjusted EPS was EUR1.30 marginally below our guidance range, mainly due to slightly higher-than-expected depreciation in 2025.

Page 15 shows the net debt evolution as well as the cash flow generation and the cash allocation priorities during the year, which has been very consistent with our Capital Market Day guidelines. You have the traditional cash flow statement in the appendix. Of the EUR 501 million EBITDA, EUR 101 million was used to pay tax and interest, which is 38% lower due to lower cash taxes. We invested EUR 23 million in net working capital with excellent work finishing the year at 16.4% of sales or 130 basis points better than in 2024.

On the investment front, CapEx is flat year-on-year, and we have used EUR 113 million in acquisitions, including BAC in Switzerland and PoolTracker in Australia as well as completing the Phase 1 of the Aiper acquisition with EUR 100 million investment for the 27% ownership agreed. In the next slides, I will provide more color on the investment in Aiper. On the financing front, dividends were up 8%, reaching EUR 117 million. Finally, net debt reached EUR 1.87 billion, down EUR 45 million compared to the prior year period. Our leverage ratio is 2.2x versus 2.4x last year, improving 0.2x.

Let's focus on Aiper and why this is a strategic investment for Fluidra. Aiper is a fast-growing innovative company that has developed great cordless robots and has successfully disrupted the market with an omnichannel approach. We believe the robotic cleaner market is going to be the winning technology for cleaning pools. And therefore, this is a growth market with 30 million in ground and above ground pools to serve. We have completed Phase 1 of the investment, owning now 27% of the company. But when Aiper reaches more than $370 million of sales and 15% adjusted EBITDA margin, we will increase the stake to 51% by contributing in kind our robotic cleaner business. The resulting entity will develop and manufacture cleaners, while distribution will leverage the strength of both companies in consumer and professional channels. By working together, we will develop better products faster and have global reach.

On the following page, you can see the evolution of Aiper in recent years. based on internal market share data at retail prices, Aiper is already the #1 player in the industry with good penetration in North America and Europe and a growing share in the rest of the world. With nearly a 40% compound annual growth rate in sales for the period from 2023 to 2027, and we expect to execute Phase 2 in 2027 when Aiper will be above the $400 million in sales and around 15% IFRS EBITDA margin. As a reminder, our 2025 financial statements just reflect the investment of $100 million as we have completed the deal on the last days of the year. And in 2026, we will report Aiper under the equity method accounting, but we will provide quarterly business highlights to help you understand their performance.

And now I will give the floor to Jaime and Eloy to conclude today's call.

Thank you, Xavier. Moving to our guidance for 2026 on Slide #18. We are positive about 2026. Volume-wise, we anticipate broadly flat demand in residential new construction and remodel. Performance will vary by geography with some markets slightly up and others are slightly down. On the other hand, we expect residential aftermarket in particular maintenance and repair to grow low single digits, reflecting the resilience of demand to maintain the installed base. We also anticipate continued positive momentum in our commercial pool business, alongside further market share gains.

For the 2026 full season, we have implemented moderate price increases. This, along with the positive contribution from the new efficiency plan, mostly in gross margin, should more than offset tariff effects as well as inflation in raw materials and labor. We will continue investing in growth initiatives and digitalization to further strengthen the business and enhance our long-term competitive position. Our guidance is based on constant euro-USD exchange rate and includes the contribution of M&A. All in all, we're expecting at constant FX, sales growth between 3% to 7%; adjusted EBITDA margin between 23.3% and 24.3% and EPS growth between 4% to 13%.

And now back to Eloy to wrap up before we move to Q&A.

Thanks, Jaime. Our performance this year was strong with growth across all regions and an effective implementation of our strategy and plan. The Simplification Program delivered the planned savings and played a key role in sustaining and excellent gross margin level in 2025. Looking ahead, we are well prepared for this season for 2026. Early trends point to a resilient aftermarket and flat new construction. In this context, we remain firmly focused on disciplined execution of our strategy to future-proof our business and ensure our long-term success. We are a global leader in an attractive industry, driven by long-term structural growth drivers, having positioned the business for growth and transformation. We are positioned exceptionally well to continue growing and delivering value into the future.

Clara, over to you for the Q&A.

Many thanks Eloy, Jaime and Xavier, thank you for your presentation [Operator Instructions] The first question comes from Chitrita at JPMorgan -- let's go to the next question, which comes from Timothy Lee from Barclays. Apologies, please bear with us. There seems to be some delay on the line. Just give us a few seconds.

Can you hear me?

Yes, we can hear you.

Yes, actually, I have a broken line from your side. So I'm not sure whether it is only my problem or it is the platform issue. But I'll try to go ahead for my questions. So the first question is about the sell-in sell-out. Can you please elaborate a bit about how the situation is going on? And related to that, if I look at POOLCORP's numbers reported last few days, they have some increase in inventory levels in the fourth quarter. So I'm not sure whether that is implying some of the inventory buildup in the channel? And what do you see about the overall sales performance from the distributor side of things? And yes, that's the first question.

And the second question is about the new build and remodel market in 2026. I think in your guidance, you're assuming kind of flattish volume in 2026. But can you please give us a little bit of color about what's going on in the market and whether you are seeing some of the green shoot, let's say, in Europe in terms of buildup? Yes, that's my two questions.

Thank you for the question. With regards to sell-in and sell-out, that's a very good question for us. That's the way we run the business. We are always focused on how we sell in and sell out for the year those two align. And we feel that, that 7% that you see, especially in the North American market, that revenue growth is very in line with the sell-out numbers we have from all the different channels of distribution. So that's kind of very positive news for us in the business. From the perspective of the sell-in for inventory for POOLCORP, they were very clear that there was prebuy connected to price increases last year. The price increase dynamics last year changed a little bit what happened because we were increasing prices because of tariffs because of inflation. So there's a combination of price increases. And that's what they referred to on the call.

With regards to new build flattish, yes. Our model for 2026 has new build flattish. We are, I would say, not optimistic on significant change on new construction. As you heard from what we said before, we will continue to focus on new construction regardless of where it goes, but the best opportunity to continue gaining market share is in aftermarket. As you saw our numbers, one of the things that I want to highlight about our numbers is our volume number in 2025. We grew volume 4% in our full business, which is an outstanding performance from the market share perspective, and that mainly came from aftermarket. So we will continue very focused on that piece.

Then just to give you a little bit more specific color on the guidance on the midpoint. We are assuming around 2% volume growth coming from M&A. And remember that this guidance is provided at constant currency.

Which connects with our focus on volume as the main driver for growth.

Apologies, we seem to be -- to have some problems with the line, and we are looking to fix that. In the meantime, I'm going to try to ask Francisco Ruiz, please go ahead with your questions.

I mean I had some problems listening to the previous answer, but probably it is on this. On the guidance, I mean, you commented on flat newbuild, but positive aftermarket. This aftermarket includes market share gains? And if you could be more specific in geographies? Second, I mean, could you give us an idea of what is the current weight or size of your robotic division in order to think what's going to be the impact other Phase 2 in Aiper. These are my two questions.

I'll take the second.

So on the growth by regions and our view in 2026, yes, we -- the way we're seeing what is going on in the market we're confident on our capacity to continue gaining market share through volumes in 2026, as Xavier mentioned, we are in our model, we have 2% volume growth for the next year. that will reflect market share gains. When we talk about regions, we're very proud of the outperformance we're having in all markets. In North America, as we said before, we grew volume last year, 2% above our competitors, and we see that trend continuing.

Of course, price had a big weight on that growth. We grew pricing 5% and volume 2%. And for next year, we're also going after price. In Europe, as we said before, and I would say this is one of the beauties of this company. I mean, the diversification of our portfolio and the scale of those regions are very meaningful. So Europe, we're seeing a positive trend. You saw the growth we had 4%. We see great performance in Spain. France, which is the second largest market. We're seeing a recovery in France from a very negative number in the previous year to a point that we finished the year at almost flat in 2025.

In the rest of the market in Europe, we're seeing growth. New construction continues to be slow, but we continue seeing growth. Australia was a very positive surprise for us. We had a 6% growth in revenue in Australia and as you know, they are finishing the season and they started this year very strong and finishing the season very strong.

As I go to your second question, today, the weight of the robotic cleaner business is around 6% of our revenue. What we have seen in 2025, and we expect to continue seeing in 2026 as some of these Chinese players come into the picture. We're seeing some pressure on people trading down. and some more intense competition that is affecting our margin and will continue to affect this part of in 2026. As to the second part of your question, which is how this will impact into Phase 2, as I explained to the call. And obviously, as you can understand, the Phase 2 is a couple of years away, we don't have all the details.

But you should think about what the Fluidra is today will continue to be just a distributor of robotic cleaners, mainly focusing on the channels where we lead, which are the more the professional channels while Aiper will be the R&D manufacturer and distributor mainly focusing that distribution piece on the consumer side. I mean, and there's always gray lines between that consumer and professional business. But that's the main idea behind that Phase II. So we will continue having sales our margin instead of being a manufacturer margin will be the margin of our distributor.

Thank you, Xavier. The next question comes from Juan Canovas at Alantra.

My question was whether you could provide the guidance at current FX. That was the first one. And the second one, whether you focus on maintenance has impacted fourth quarter growth as this is less of a maintenance quarter. given that you are expecting to grow in maintenance and commercial in full year '26, where do you expect some falling volumes? What part of the business ? .

Guidance.

Well, I mean, obviously, at current rates, that 3% to 7% sales growth is probably going to be around a couple of points lower. But obviously, FX rate is very volatile these days. The biggest impact, obviously, is going to be on Q1. And if you look at EBITDA, that margin has a slight decline. But if you look at -- what you're looking is at an absolute value, this is going to be around EUR 511 million to EUR 553 million. And then if I go to the second question, the different components, I think as we said in the call, we expect flat new build with probably a better performance in France where we have seen today a 15% decline and a better performance in Europe. We are seeing the these days. We expect aftermarket to grow between 1 point to a couple of points, depending on where you place yourself in the guidance. the remodel also around 1% to 2% growth.

Commercial, which has been a very positive growth contributor is probably going to be around flat to 5% or 6% in the top end of the range. And market share gains contribution we expect to be around 1 point of growth.

Thank you, Juan. The next question comes from Christoph at Berenberg.

Two from my side, please. Firstly, on the sales growth in Q4 and more specifically in North America. So there was a lower number than what you had posted in Q3 and it also was somewhat below what your main competitors have reported for the quarter. So just wondering what were the reasons for that development then, was it just flagging? I could not understand your answer on the sell and sell-out dynamics in case they had something to do with it.

And then the second question is on the rollout of the PoolTracker Software as a Service offering that you have mentioned in the prepared remarks. Just wondering if you expect that to have any material contribution to your P&L in 2026 or over the medium term? .

Let's just start with the Q4 dynamics and I will describe the Q4 dynamics is I'm going to start with part of your question. The way we see the business is the connection between sell-in and sell-out. And as I said before, our full year numbers are fully in line. What happened specifically in Q4 in North America, you saw 2% to 3% revenue growth. Let's start with the base of the number for 2024. North America in 2024 grew almost 13%. So we have a very high base for the North American business. The other piece was related to FX. The other critical thing as we see the dynamics of the market, we're seeing -- the retail business, part of our business in North America is changing and is going through a kind of transition that impacted our numbers. So from that perspective, we believe the market share gains continue. It was a timing dynamics, but we're very confident, as I said before, connecting sell-in and sell-through in the market.

Regarding PoolTracker, it's a very interesting question because the first view of PoolTracker that we see today is more to improve and to enhance and to differentiate ourselves in our digital experience to the customers. So we're bringing PoolTracker to create more demand to generate demand, to improve our digital experience and connectivity with our customers and consumers, the Pro and the consumer. And that's kind of the first phase. One of the things that we see as a potential opportunity is thinking on the SaaS business, but that's something we don't have in the numbers today. We're not incorporating that as part of our numbers. It's more the demand generation opportunity and the differentiation that we can have in the digital experience.

The next question comes from Manuel Lorente and then after Manuel's question, Chitrita if you are still on the line, we would be happy to go to your questions. Otherwise, I can read them aloud because I have them on my email. But Manuel, please go ahead.

My first question is a little bit of granularity on the constant currency sales guidance that 3% to 7% range, let's say, low range implies flat to slightly negative new wheels and upper range of the guidance implies some new build apps or there is something else. For example, the plus 7% also include, let's say, better-than-expected Aiper sales or faster-than-expected recovery in France. So a little bit what is the moving parts on the different ranges of the guidance.

I'll take that one. First, let me clarify that Aiper, we own 27%. So we will be accounting for it with the equity method. So it doesn't impact our revenue numbers. you will see it flow through on the net income line, okay? So excluding that impact, what is built on our assumption is flattish new build. And obviously, the high end may include some slight positiveness while the low end may include some slight negativeness. What drives the high end is better performance in terms of aftermarket, a little bit of a longer season, a little bit more remodels than in that midpoint, remodel growing around 2%. The high end implies an excellent performance on commercial pool, similar to the one that we have had in 2025 with a mid-single-digit type of growth. It implies share gains. So that's what really differentiates the midpoint from the high end. And then the last piece is we have built M&A contribution of around 1%, which may be a little bit higher on the high end.

So my second question then probably is for Jaime. When they have tried to explain the evolution in the second quarter on the U.S. segment, you mentioned that some retail changes impacting our results. That is something related with POOLCORP, let's say, losing market share versus other competitors? Or is nothing related to that?

It has nothing to do with the POOLCORP, it has to do with the B2B and let's say, the B2B2C markets that we -- customers that we have and the evolution and some of the dynamics that is going in the market. The way I would say it is we're seeing as a total, the growth -- the volume growth in North America, which is the key indicator for us. We have to manage that dynamics. And a very good quarter. We recognize that Q4 was a slower quarter for us, but we're very happy with the full year performance. And as I said before, I go back to the sell-in and sell-out way to see the business for us. And I need to highlight again that Q4 of 2024 was a very high quarter for us. Total company was up 9% and North America was up 14%.

My final question, just it looks like a lot of the top line evolution it's coming and might come from market share gains. You have mentioned several times on the call, this market share gain. So whether you can be a little bit more precise, this is market share coming from other larger players, smaller competitors, certain categories, well aftermarket, new bills. So where do you expect these market share gains coming from?

From, I would say, all the channels of distribution is small and big customers, number one. Number two, as we said, is mainly coming from aftermarket. New build continues to be strong, but new build didn't grow in fact, be a number of new pools that were built in 2024 and 2025 in North America was lower than the number in 2024. And that market share probably to be deeper in your question, in aftermarket gains comes from dealer conversion. We have said this in other calls that the way we operate is very focused on converting dealers from other brands into our brands. And that's the way we gain market share, number one.

Then number two, the information we got from the market from the different channels reflects also those market share gains. Also remember something that -- and again, I go back to the same dynamics. We have significant business outside of North America. And when you see our numbers, our volume growth outside North America, that also reflects the gain shares we're having in the majority of the significant markets, like France, like Spain, like Italy, like Australia.

Thank you, Manuel. Chitrita, if you are still on the line, would you like to try again your questions. Please go ahead. She doesn't come on the line, she has sent me her questions. So, her first question is on the fourth quarter, in particularly in North America, which we have addressed and she specifically mentioned regarding adjusted EBITDA for the fourth quarter and for the full year 2025 EBITDA came at the lower end of the guidance? And was there anything in particular, any particular headwind that you would like to highlight? And her second question is regarding the 2026 guidance range. We have addressed this question because she was asking about the building blocks for the low and the high end, and I think we've gone through that. So perhaps Xavier on 2025 performance I think we gave in the guidance, but of course, maybe some color from your side.

Yes. I mean, I think what it does reflects the 2025 performance, and I'll move away from the quarter, which obviously was impacted by the mix, geographic mix of the lower contribution from North America and the currency. I think that overall what drives the results for 2026. The tariffs on absolute value, but that has an implication in terms of margin. And you see that in the gross margin, but it also has an impact on the EBITDA margin where the expansion is more limited. I think that's one of the biggest drivers. We've also seen inflation, the impact of the robotic cleaners as I have mentioned earlier, and that has offset the positive contribution from the Simplification Program. .

As we look into 2026, we will continue to execute on our plan with a Jaime has shared the contribution of the operational excellence program with adding the footprint optimization to the equation, which will allow us to continue expanding margins. I think that the bigger impact there has been tariffs on a margin percentage. But as we look at 2026, we feel confident that we will continue expanding margin and that the opportunities for continued margin improvement for the company still there for '26, '27 and beyond.

Thank you, Xavier. I wait a few seconds in case we have more questions. We have one more question from Jingyi at UBS.

I have two questions, if I may. First is on commercial pool. I noticed it grew 12% in the quarter and 10% in the full year like-for-like. And in your outlook, you're guiding for mid-single digit at the higher end. So in that case, I wonder if that implies an underlying moderation in growth trend? Or is it a matter of higher comp or being conservative?

Can you repeat the question, sorry, it was very difficult to hear you. I know it's about commercial pool and the guidance, which we said up to mid-single-digit growth. Can you repeat your question? Apologies.

Yes, yes, exactly. I was just wondering in that case, does that imply an underlying moderation of growth trend or is it more a matter of higher comp or being conservative.

Well, we are guiding in 2026 for organic growth of around 5%. We will have the contribution of VarioPool, which is an M&A contribution. We are being, let's say, conservative after a really strong year in 2025, which we are very pleased about. And of course, for 2026, we expect to do even a little bit better at least our mid-single-digit growth target. But I think 2025 was a strong year. So it's good to think about 2026 with some cautious but very positively.

We're putting a lot of focus on commercial pool resources and it is a strategic growth area for us as we think about organic growth. And as Clara said, we're also active from the inorganic perspective. We mentioned VarioPool. That's an acquisition that is coming in 2026 and will reinforce that business.

And we couldn't hear your second question, Jingyi.

My second question is on the efficiency program. It's now you're done for progressive delivering over the years. And I wonder, in 2026, looking at the cadence for 2026, do you expect the delivery to be back-end loaded? Or do you expect to start from the beginning of the year and see this as a continuation of the Simplification Program.

I think it's -- her question is around the guidance for 2026 and phasing throughout the year and the well, the efficiency plan contribution. Jingyi, we expect more or less a linear contribution, but Xavier?

Yes. I mean I think growth-wise, I would say that we expect more or less as Clara was mentioning a linear contribution probably due to the strong quarter we had in Q3 and weaker Q4 that we have had those comps that you should take into consideration where you may see slower growth there. In terms of the margin evolution. I think you need to take into consideration that we still have tariff impact in the beginning of the year because last year, on the first 4, 5 months, we didn't have any tariff impact.

And I know that there's a lot of volatility on tariffs out there, but our guidance is built on the assumptions that there's no major changes to the tariff but margin-wise, this is something that you should take into consideration.

That marks the end of today's call. I'd like to thank our speakers and all of you for participating. And as always, please feel free to reach out to the Investor Relations team for further queries. Thank you, and goodbye.

Good morning, and welcome to our 2025 9 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 Planes; our CEO, Jaime Ramirez; and Xavier Tintore, 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. [Operator Instructions] 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 Planes.

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 continue 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 mix effects. And as you will see, our margins are up year-on-year.

Year-to-date, adjusted EBITDA has reached EUR 411 million, 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 2.1x at the end of September, down 0.2x 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 see 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 the 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 9 months performance on Slide 5. 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%, 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 and perimeter to EUR 1,724 million, with growth across all regions, driven by higher volumes and prices and the contribution from acquisitions.

Adjusted EBITDA was up 6% year-on-year, 8% on constant FX and perimeter to EUR 411 million which represents a 24% 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, I'm pleased adjusted EPS was up 10% year-on-year. The level of operating net working capital to sales in the last 12 months was around 20%, slightly higher year-on-year given the strong sales performance. Xavier will provide more color later.

And we reduced leverage by 0.2x 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 6. The chart on the right illustrates the solid volume performance in the 9-month period as we continue to gain share together with accelerated price contribution. Revenue growth also benefited from our bolt-on 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% organic growth year-on-year in the first 9 months on constant FX and 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 Sun Belt region and our positioning in the mid- to high-end segments.

In Europe, the positive momentum continued, resulting in approximately 4% 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, although demand for new builds remains slightly negative across our markets, aftermarket activity was solid, and we continue to expand our share across core regions, both in residential and commercial pool.

On the other hand, price contributed almost 2% in the first 9 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 1, 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 7, at Fluidra, our success is built on our simple truth -- 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 a strong technical support, but being a trusted partner that helps our customers succeed every day. And they value our partnership. We won four awards, including being named Vendor of the Year by 3 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.

Thank you, Jaime. Let's turn to Page 8 and start with the P&L. Sales of EUR 1,724 million represent a 5.3% increase year-on-year. FX represented a negative impact of 210 basis points and acquisitions added 100 basis points of growth. For the quarter, FX was a significant headwind with 400 basis points of impact.

Gross margin reached 56.1%, 20 basis points higher than in 2024, driven by a positive contribution of the simplification program and pricing read-through despite impact of tariff and unfavorable product and geographic mix, which was more pronounced in the third quarter.

Operating expenses reached EUR 556 million, up 5.3% with enhanced investments in digitalization, R&D and inflation in labor cost and logistics. M&A contributed EUR 6 million to SG&A.

Adjusted EBITDA of $411 million was up 6.4%, driven by the higher gross margin despite some increased OpEx investments and inflation. Adjusted EBITDA margin was 23.9%, 30 bps higher than the same period in 2024. EBITDA of EUR 334 million is up 6.1% with a margin of 19.4%.

Below the EBITDA line, PPA amortization is down 10% to EUR 43 million. Restructuring, stock-based compensation and other expenses of EUR 17 million is 58% lower than the prior year as one-off costs from the simplification program come to an end.

Financial result amounted to EUR 48 million, 12% lower than a year ago, driven by lower debt. Tax rate was 26%, similar to the one of 2024.

Net profit reached EUR 163 million compared to EUR 123 million, a remarkable increase of 33%. As you know, we track adjusted net profit, a good indicator for Fluidra as we have a significant amortization charge entirely purchase accounting related that impacts our net profit and EPS calculation.

Adjusted net profit amounted to EUR 213 million, 10% higher than last year.

On the next page, I will share our progress on the simplification program, which delivers long-term value and structurally strengthening our business. We have continued to execute during the third quarter, having achieved to date EUR 93 million in cumulative savings since the start of the program. And we are well on track to finish 2025, delivering the target EUR 100 million savings. September's year-to-date incremental savings of EUR 25 million are driven by global strategic procurement efforts and product design to value initiative.

Page 10 shows the free cash flow statement as well as the net debt evolution. Free cash flow generated in the period was EUR 6 million that compares to EUR 113 million last year. Let's look at the different components. Operating cash flow was EUR 199 million versus EUR 252 million last year, with higher cash generated by the P&L, but greater cash invested in net working capital.

Overall, the net working capital to sale ratio was -- is at 20%, 170 basis points higher than the prior year, with increased receivables due to the accelerated sales in the quarter. We expect to finish the year around 18% of sales, which is aligned with last year's level.

On the investment front, we have used EUR 99 million including CapEx and EUR 29 million in acquisitions, driven by the completion of BAC in Switzerland and Pooltrackr in Australia. On the financing front, we have seen a flat evolution. We expect the Aiper acquisition to close in Q4, executing the USD 100 million investment for the 27% ownership agreed.

Finally, net debt reached EUR 1,034 million down EUR 34 million compared to the prior year period. Our leverage ratio is 2.1x versus 2.3x ratio last year, improving 0.2x.

And now I will give the floor to Jaime to conclude today's call.

Thank you, Xavier. We had a strong Q3. We continued growth across all regions, in line with our expectations for the year. We are confident in delivering our full year 2025 guidance. Please remember that these targets represent an upgrade on the guidance we provided in February at constant currency.

All in all, we're expecting sales between EUR 2,160 million and EUR 2,220 million. Adjusted EBITDA between EUR 500 million and EUR 520 million and adjusted EPS between EUR 1.33 and EUR 1.40 per share.

Looking into the future, we are focused on executing our strategic framework and delivering improving returns on capital by accelerating growth, both organically and inorganically, fostering competitive differentiation through innovation and digitalization and enhancing operational excellence.

Clara, over to you for Q&A.

Many thanks, Eloy, Jaime and Xavier, for your presentation, and we now begin the Q&A session. [Operator Instructions].

The first question comes from Chitrita at JPMorgan.

I've got 3, please. So firstly, just on the unchanged guidance. I agree that I think from an underlying basis, it seems like an upgrade. But after a strong Q3, maybe the top end of the range is achievable. Could you give a bit more color on this, please?

Yes. Thank you, Chitrita. Yes, we are happy to see the strong Q3. And as we look at the remainder of the year, we continue to see the positive momentum on the business. And we are confident on delivering within our range. I think if you look at the guidance that we have provided and the year to go, we have a very high degree of confidence in achieving the midpoint, which is this mid-single -- mid- to high single digit growth when you adjust for currency.

Chitrita, let me add some color on that one. Yes, our performance in Q3 was very good. I mean, you saw the organic growth we had. You saw the performance of price, the performance on volume. And I also want to highlight that this is very connected to the sellout dynamics in the market. So we're very pleased with all the improvement.

For our Q4, you see the numbers. I mean, the midpoint of our guidance is showing almost a 7% organic growth, which that's going to be an amazing result for Q4. So we're very confident on that number and we will continue very focused on delivering organic growth in the quarter.

Chitrita, you said you have a couple more?

Yes, sorry. Can you hear me?

Yes.

Yes, perfect. Sorry. My second question is just regarding the market share gains that you've been talking about. And it seems like you're consistently outperforming your 2 U.S. listed peers. Could you provide more color on how you're gaining market share? Is it by product innovation? Is it pricing? And then is it mainly from smaller players? Or is it more broad based?

It's a very good question, Chitrita. Thank you very much. Yes, we're very proud of a clear signal that we're gaining market share with the volume growth we're having, especially in the North American market. Also, we're seeing the same in the rest of the world.

I would say the main reasons for our organic growth, number one is the continued success that we have with the new build in the U.S. As you know, we've been very successful growing the business in new build.

Second, the tremendous focus we're putting on in the aftermarket. Aftermarket is a tremendous opportunity for us in North America and our team is very focused on how we're gaining market share.

On top of that, we're working a lot on conversion of pool builders in North America, moving into selling our Jandy products and installing our Jandy products. So this is a good combination of the hard work that we've been having over the years, our innovation and the new products that we've been selling in the U.S., the great service and focus on conversion that our commercial teams have. I would say that Fluidra for many years has done a phenomenal job staying very close to the pros and our customers. And that has been what we're seeing is a result of that ongoing effort and investment in the business.

Very clear. And then my final question is just regarding the Commercial segment, which 14% growth organically is very strong. How should we think about this for the rest of the year and then, I guess, going into 2026? Maybe if you just touch on the drivers behind this?

Very good question. As you heard from us in our Capital Market Day, commercial is a focus area for us. It's 20% of the market and we see an opportunity to gain market share. That commercial business is very connected to projects. So the team has done a very good job working on multiple projects. Projects, I mean, you got to see what's the pipeline for the future and that's what the team is working on. But at the same time, because what we said, we've been putting investment and focus on that area of the business. And what we offered, the full services approach that we have for projects is the key for our success. So more to come on that area and at the same time, looking into building the pipeline for future growth. But as I said before, that's a focus area for our growth going forward.

The next question comes from Jingyi at UBS.

My first question is on the current trading. Could you please share some color on the current trading and how the early buy season is going?

Jingyi, we couldn't hear you very well. You said on current trading and the early buy, if I understood correctly your question.

Yes. Yes, indeed.

So on the early buy, we haven't finished the numbers yet as we finished the early buy in the month of October. But the progress so far in the early buy, we're very pleased with where we are. And one of the critical things of the early buy, as you know, why is that so critical? Because that give us a better way for us to manage supply and prepare for decisions. So it's going well as expected. It's in line with our expectations, and that gives us confidence for us in 2026.

And in light of that, should we expect organic growth run rate or momentum to continue into Q4?

And secondly, does it give us higher confidence in the new build market in 2026?

We see the trend of organic growth. The new build market in 2026, I would love to have the answer for that question. I mean, the expectation we had in 2025 of new buildings that, that was going to be better and is basically flat or even, I don't know, a little bit negative. We are -- I mean, we hope that given the current interest rate dynamics, new build is going to be better in 2026. But to be honest with you, for us in 2026, the focus is going to be to maintain our strong presence in new build regardless of what happens with the economy and the dynamics of new construction.

But what is critical for us is the focus in aftermarket, as I mentioned before, where we have a lot of opportunity, where we continue gaining market share. And of course, we will continue also with our price discipline next year as we have shown during this year to offset tariffs and also inflation.

Got it. And then for Q4, do we expect organic run rate to continue into Q4 from current levels in Q3?

Yes, Jingyi. We expect organic growth. We expect organic growth to continue in Q4. We see similar trends that what we have seen year-to-date. And if you look at our guidance, if you look at the midpoint of the guidance and just for currency, we expect around 7% growth in that midpoint.

Got it. And my second question is on acquisitions. Earlier in the year, you acquired BAC pool systems and Pooltrackr. Could you share some color on how the pipeline is looking out and what's expected in terms of M&A activities going forward?

I'm sorry, can you repeat the question? I didn't listen well.

Yes. So my question was on the M&A activities. Could you share some color on how the pipeline is looking now? And what is expected in terms of M&A activities going forward?

So on the 2 acquisitions, the 2 big acquisitions we did on April, as you know, we're still going through the process of the antitrust and getting the approval. But the performance of April continues to be good. And the team continues working really well on the commercial and new productivity. And they are I mean, they had very good news. They I mean, and this is public information. They just signed one major distributor in the U.S. So we're very pleased with the progress of April. But more to come as we complete the antitrust and we move into the Phase 1 of the process.

On Pooltrackr, the team is working on how Pooltrackr will help us to accelerate our digitalization and our Fluidra Pro and Fluidra Pool initiatives around the globe. The initial focus is, of course, maintaining Pooltrackr is strong in Australia and expanding in the North American market where we see the biggest one.

On M&A, I mean, Fluidra has been a very active company. We have a pipeline, and we're always looking into great opportunities that are financially compelling and strategic for our business to getting stronger and bigger.

The next question comes from Leo Carrington at Citi.

Could I please ask a couple of questions on pricing. I noted your U.S. peers who've proposed already mentioned pricing fatigue among customers given the broad price increases across products. And firstly, is this something you're also noting in your business, perhaps as a sign in terms of mix? And then what's the implications for Fluidra? I'm wondering if there is, in fact, an opportunity for better bundling of your products if customers are or distributors or product buyers are more sensitive to pricing?

Yes. Leo, we've implemented pricing all along the history of business. It's true that in 2025, we have implemented higher-than-average price increases due to the impact of tariff, especially this is true in North America. And yes, we hear the same noise around pricing fatigue in the industry. I think this is not really reflected on the mix comment if the mix comes from the fact that that's impacting our margins. The impact of mix is happening more outside of North America, where pricing doesn't really have that big component.

And as to the future, I think we continue to work on innovation. We continue to work on improving our offering to our customers so that they can see the value. And I think that up to now, that market share gains, basically, tell us that we are successful in our product offering. So that's where we are.

Yes. Let me add some color on that one. I would say that, yes, we're watching the pricing dynamics. That's something we have to watch in this industry. But at the same time, I want also to reinforce that, and you saw in our presentation, the win awards with our customers means a lot for us in terms of our customer-centric culture. And that makes a huge difference when it comes to how we see the business. So we're trying to create value for them, number one.

And the second point was Xavier just mentioned, we're very focused and you're seeing investments in our P&L, in our OpEx, very related to what we're doing on innovation, on new products, on digitalization. I just talked about Pooltrackr. So we're working on those areas to really, really create value for our brands, our products and also for our customers.

The next question comes from Tim Lee at Barclays.

So my first question is also about pricing. In terms of early buy, I think one of your competitors were talking about, say, mid-single digit -- mid- to high single-digit increase in prices. I'm not sure whether that's the number that you are also seeing in terms of the price implementation for the next pool season.

And second is about the simplification program. So obviously, you have done a very good job in terms of bringing out the value of the company and to bring the cost down and the cost saving has been amazing. The simplification program is going to end this year? And I remember in the CMD earlier this year, you were also talking about another, let's say, EUR 120 million cost saving opportunities in the next 5 years until 2030. So I'm just wondering whether there will be another round of simplification program or cost saving program that will be launched starting in 2026 that you can see to further drive your margin expansion in the next couple of years?

Thank you, Tim. Yes, I'll take the questions. In terms of pricing, yes, we are seeing similar mid-single price impacts in North America. Actually, if we look at our growth in North America is driven by price and volume half-on-half more or less. And as we look into 2026, the pricing that we've implemented will probably be slightly lower than the one -- than the impact of the read-through that we are seeing up to today, but it's going to be close to that mid-single-digit number for the U.S. and it's going to be slightly lower in -- outside of North America as we don't have that impact of tariffs that we are offsetting in North America.

If we look at the simplification program, yes, we are very pleased with the execution of the program. We are about to close the program reaching the EUR 100 million mark that we established 3 years ago. And we are working on the details of the EUR 120 million program that was shared at the Capital Markets Day. It's a little bit too early to share with you the components of that program, but it's going to have areas of obviously, product redesign, manufacturing footprint, SKU rationalization, the topics that Jorge covered in the Capital Markets Day.

We will share with you in the February call, the phasing of these savings by year and the content of restructuring cost and so on. So as I said, it's a little bit too early, but you will see margin improvement and productivity coming from those initiatives in our 2026 numbers.

Our next question comes from Luis at ODDO.

Most of my questions have been addressed. Maybe a follow-up on the negative margin effect mix geographically. I get the product is related with the chemicals. But product-wise, I'm looking at the evolution of the different segments, I think it might be within regions, specific markets maybe facing more soft figures. Maybe if you could specify and address the French market evolution.

Yes. I mean the margin, as you were indicating and as we said during the call, was a little weaker in the third quarter, which, as you know, is a market where we have significant weight of the aftermarket business. And therefore, some of the commodities like chemicals, as you mentioned, carry some pricing declines and an impact on the margin. Some other commodity products like liner, and we also see some trade down on robotic cleaners driving a little bit -- having an impact on the margins.

In North America, this was the quarter where we have the biggest impact of tariff. And that's what you see in the quarter. As you know, year-to-date, we're still above margin -- above last year's margin. For the fourth quarter, we expect better performance as the -- some of these mix effects have a lower impact because, as I said, the aftermarket doesn't weigh that much in the quarter.

And for the full year, we expect to be broadly aligned with the gross margin with a combination of positive price, positive contribution from simplification and then some of the negatives, as I said, tariff mix and currency. And as we look at 2026 and as I told Tim in the previous answer, we expect some margin contribution driven by some of the productivity initiatives that we talked at the Capital Markets Day.

And just to add on what Xavier just said, yes, we saw the dynamics of gross margin in Q3 for all the different reasons he mentioned. The good news and the positive news is the trend we're seeing even at the end of the quarter and what we're seeing for Q4 is the recovery of the margin and to be better than last year, and that will come out of all the different activities we have. So we're very confident on that positive trend of the gross margin getting into Q4 and the end of the year and getting into 2026.

We don't have any more questions on the line. I'll give a couple of seconds in case someone has an additional question.

Okay. As usual, you know the Investor Relations team is here to help you if you have any other questions or follow-ups. But this marks the end of today's presentation. I'd like to thank our speakers and all of you for joining and your interest in Fluidra. And as always, please feel free to reach out. Thank you, and goodbye.