Fluidra S.A.

Investor Presentation • Apr 15, 2021

TO CREATE THE PERFECT POOL & WELLNESS EXPERIENCE, RESPONSIBLY

Global Market Leader - Delivering Growth, Quality & Resilience 5 th Capital Markets Day – 15th April 2021

DISCLAIMER

• This document is for information purposes only and does not constitute an offer to sell, exchange or buy, or an invitation to make offers to buy, securities issued by any of the companies mentioned. This financial information has been prepared by Fluidra, S.A. ("Fluidra", and with all its subsidiaries, the "Fluidra Group") in accordance with International Financial Reporting Standards (IFRS).
• The assumptions, information and forecasts contained herein do not guarantee future results and are exposed to risks and uncertainties; actual results may differ significantly from those used in the assumptions and forecasts for various reasons.
• The information contained in this document may contain statements regarding future intentions, expectations or projections. All statements, other than those based on historical facts, are forward-looking statements, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations. Such forward-looking statements are affected, as such, by risks and uncertainties, which could mean that what actually happens does not correspond to them.
• These risks include, amongst others, seasonal fluctuations that may change demand, industry competition, economic and legal conditions, restrictions on free trade and/or political instability in the markets where the Fluidra Group operates or in those countries where Fluidra Group's products are manufactured or distributed, and those that may arise from potential COVID 19-related contingencies. The Fluidra Group makes no commitment to issue updates or revisions concerning the forward-looking statements included in this financial information or concerning the expectations, events, conditions or circumstances on which these forwardlooking statements are based.
• In any event, the Fluidra Group provides information on these and other factors that may affect the company's forward-looking statements, business and financial results in documents filed with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores). We invite all interested persons or entities to consult these documents.

TODAY'S PRESENTERS

Eloi Planes Executive Chairman

• +25 years in the company
• 10 years as CEO and 5 as Executive Chairman
• Only senior executive (second generation) out of the four founding families

Bruce Brooks CEO

• +10 years as CEO (incl. Zodiac)
• +30 years of experience in international management
• Expert in entering new markets, internationalization and strategic development

Xavier Tintoré CFO

• +10 years in the company
• Strong international experience
• Extensive background in Finance and Business development leadership positions

TO CREATE THE PERFECT POOL & WELLNESS EXPERIENCE, RESPONSIBLY

Global Market Leader - Delivering Growth, Quality & Resilience 5 th Capital Markets Day – 15th April 2021

ACCELERATING GROWTH & IMPROVING VALUE CREATION

1 Global leader – at scale, in a long-term structural growth industry

Winning regional strategies for growth and profitability IoT increasing barriers to entry – Fluidra leading the transformation Significant inorganic growth opportunities in a fragmented industry ESG at the heart of Fluidra's activity

3

Clear medium-term objectives based on improving outlook further enhanced by megatrends and current lifestyle shifts 4

FLUIDRA CONTINUES TO DELIVER ON FINANCIAL OBJECTIVES – AHEAD OF PLAN

• Executed ahead of plans set with transformational 2018 Zodiac
• All 2022 Strategic Plan objectives to be met by 2021

• Step change continues: 2021 guidance will be met (at

• "Stay at home" & "Flight to suburbs" trends continue to stimulate growth
• Texas freeze disaster (Feb 2021) increasing aftermarket replacement demand

2021 Guidance PF for CMP acquisition

• 1: €351m EBITDA 2022 objective is pre IFRS 16, becoming €375m once adjusted, also to be achieved during 2021
• 2: FCF calculated as adjusted EBITDA Capex +/- Changes in Operating Working Capital

6 3: ROCE is defined as adjusted EBITA / Cash Equity. Cash Equity includes (€527M) adjustment to reflect delta in between 6 months average share price pre-merger announcement (€7.37 p.s.) and share price pre closing (€13.72 p.s.) times 83 million issued shares. 18% ROCE on IFRS accounting, becoming 19% once measured as per US GAAP

GLOBAL LEADER IN A GROWTH INDUSTRY

Structurally attractive industry – long-term growth, accelerated by recent lifestyle changes

Global leader – based on unique footprint and offering

Growth, improving margin and value creation for shareholders

1 STRUCTURALLY ATTRACTIVE INDUSTRY

FLUIDRA CAPITAL MARKETS DAY

LONG-TERM STRUCTURAL GROWTH DRIVERS – CURRENTLY BOOSTED FURTHER

Market Dynamics & Drivers

Market

Large installed pool base with accelerating growth

Average selling price continues to grow

Innovation driving consumer demand for an upgraded pool experience

Despite step change, new construction below long-term historic average in USA, Spain & below peak globally

Flight to suburbs globally and in the USA to the sunbelt

Increasing tendency towards outdoor living

Step Change Consumer trends

Pool as the anchor to the backyard experience

Strong equity in housing and consumer willingness to invest in their largest asset

Pool unit value has grown > 60% in recent years and Fluidra's participation more than 2x

Pre 2011 pool Present day pool

>€40k Avg. cost for a

pool in the USA

>15% Fluidra's value

ATTRACTIVE INDUSTRY GROWTH RATE EXPECTED TO INCREASE FURTHER

3 Driven by innovation and upgrades

LARGE GLOBAL MARKET – HIGHLY FRAGMENTED & LED BY FLUIDRA

... as well as the dispersed residential segment

Fluidra is the global leader in a fragmented industry 13% 17% 9% 8% 53% >1k companies Other Top 3 Global Equipment Players Top 10 Regional Players Leading 2 Chemicals Others

Players

Market share commentary

• Expanded addressable market provides plentiful growth opportunities
• Addressable market well-diversified by product category
• Robust market growth provides ample room to grow and capture market share
• Strong market shares greater than 20% in core product segments

GROWING RESIDENTIAL INSTALLED BASE SOLIDIFYING REVENUE RESILIENCE AND VISIBILITY

Life of residential pool & renewal cycle – leading to highly predictable unit economics

Aftermarket

1: Prices for inground pools at manufacturer level

TOTAL ADDRESSABLE MARKET WELL-DIVERSIFIED BY SEGMENT

Total global addressable market Increasing Fluidra's ability to gain market share in all the pool industry's verticals

€11.5bn Total Addressable Market

VERY ATTRACTIVE – AND IMPROVING – INDUSTRY DYNAMICS

2 GLOBAL INDUSTRY LEADER

FLUIDRA CAPITAL MARKETS DAY

GLOBAL INDUSTRY LEADER – STRENGTHENED, AND INVESTED, TO WIN

SIGNIFICANT SCOPE TO GAIN FURTHER MARKET SHARE, DRIVEN BY SCALE AND MARKET FRAGMENTATION

Fluidra is #1 in countries with 40% of global pool base… and top 3 in 93%

Global diversified platform

Fluidra generates 4x more revenue outside 1 North America than next player…

… and now Fluidra has closed the gap to the 2 #2 player in North America

Fluidra's 2020 sales by region¹

1: Sales are proforma for CMP's acquisition

BLENDED MODEL ADAPTS & OPTIMIZES ROUTE TO MARKET ACROSS GLOBE

Long-lasting relationships built on trust and reliability

GLOBAL INDUSTRY LEADER WITH WINNING REGIONAL STRATEGIES

GLOBAL R&D LEADER – STRATEGIC INVESTMENTS IN INNOVATION AT OUR CORE

• R&D capability with >200 engineers and >1,400 patents
  • 3x more patents than the next industry player
• Robust product roadmap based on key criteria
  • Improving quality and user experience
  • Technology focused on increasing energy efficiency and sustainability
  • Global range expansion
  • Industry leader in connected pools (IoT)

1: 2020 figures pre CMP

Internet of

Proven history of innovation helps us outgrow the market

Fluidra – Global industry leader IOT STARTING MOMENTOUS TRANSFORMATION OF CUSTOMER DEMANDS & EXPECTATIONS FEWER PLAYERS CAN DELIVER - INCREASING BARRIER TO ENTRY / PARTICIPATION

IOT SET TO DELIVER MEANINGFUL VALUE FOR CUSTOMERS AND INVESTORS FLUIDRA THE CLEAR LEADER IN CONNECTED EQUIPMENT

• 2025 Target Strong penetration with c.65% of US new builds including connectivity
  • Accelerating demand with >35% CAGR 18-20 in # connected users
  • Clear leader in connected equipment >40% over next competitor

PROVEN TRACK RECORD ON MARGIN EXPANSION - SET TO CONTINUE

Clear competencies to drive margin

• Lean and Value Initiatives as a constant process taking cost out of products mainly through:
  • ‒ Product or component redesign
  • ‒ Supplier change or cost renegotiation
  • ‒ Lean process
• M&A cost synergies are a recurring feature within margin expansion
  • ‒ >€6.3m cost synergies through CMP and €2.8m remaining from the Zodiac merger
• Good operating leverage driven by fixed nature of approx. 60% of Opex base
• Digitization of internal operations
• Simplification as a future opportunity for further margin expansion

Proven Margin Expansion

(Adjusted EBITDA % Sales)

M&A TRACK RECORD: REGULAR, SYSTEMATIC PROCESS - CREATING VALUE

Disciplined M&A strategy in a largely fragmented market

• Objective to generate additional annual sales growth of c. 1-2% per annum
• Large opportunity list, generally <€25m sales and <7x EV/EBITDA
• Leverage proven competencies and group capabilities
• Centralized deal team ensures discipline and increases capacity for local teams, who prospect and own the opportunities
• Established market reputation for bolt-on acquisitions

Proven inorganic track record – plentiful future opportunities

CMP ACQUISITION CASE STUDY (Q1 2021) – MEETS ALL OUR CRITERIA

STRONG CULTURE REINFORCED BY ESG – MISSION, VISION AND VALUES

MISSION VISION VALUES

TO CREATE THE PERFECT POOL & WELLNESS EXPERIENCE

RESPONSIBLY

To enhance lives through innovative and sustainable solutions that transform the way people enjoy water for recreation and health

ESG CASE STUDY – THE MOST EFFICIENT POOL SYSTEM ON THE PLANET

Old vs New: Efficiency Comparison
Old		Totals Comparison			% savings	New
	2 Single-speed pumps 5000W	5.45KW avg	Power	1.6KW avg	71%	2 VS pumps	1400W
	1 Incandescent light 300W	3 PPM avg	Chlorine	1.5 PPM avg	50%	3 LED lights	144W
	Plumbing head loss 150W					VersaPlumb head loss	40W
	Traditional chlorine	>680 liter loss per week	Water	38 liter loss per week	94%	Salt + Mineral sanitizers
	No cover					Automatic cover

RESPONSIBILITY BLUEPRINT: CLEAR COMMITMENTS IN EACH ESG VERTICAL

Environment

Carbon neutral

Be a carbon neutral company in 2027 (Scope 1 & 2) and by 2050 (Scope 3)

Products

Have >80% of product sales classified as ESG friendly¹in 2035

Currently >50% of product sales already qualify as ESG friendly

Zero net wage gap

Equal pay for equal work between men and women by 2024

Employee engagement

Reach an engagement of >80 in the employee survey by 2025

Pool social action

Fluidra Foundation: Benefit to 1M people through our social action by 2030

1: ESG friendly includes low carbon, avoiding-emissions, carbon neutral, water savings, chemical savings and circular products

FLUIDRA IS THE ONLY GLOBAL PLAYER WITH AN INTEGRATED MODEL

3 GROWTH, QUALITY & VALUE CREATION

FLUIDRA CAPITAL MARKETS DAY

FLUIDRA'S PROPOSITION OF GROWTH & QUALITY OF RETURNS IS A RARE COMBINATION - WARRANTS A WIDER PEER SET

STRONG TRACK RECORD - GROWTH, DIVERSIFICATION & RESILIENCE

• Strong and consistent top-line growth above market

• Resilience founded on megatrends, and growing installed base
• Global footprint diversifies exposure and optimizes growth opportunities
• EBITDA growth stimulated by business improvement initiatives
• High and improving cash conversion, and growth

Increasingly resilient and diversified business model Sales by market segment (2020) Sales by geography (2020)⁴

• 1: Constant FX and perimeter. Revenues CAGR adjusted for Aquatron remedy implementation
• 2: 2017 and 2018 adjusted for IFRS16 implementation considering 2019 lease volume

3: Based on '17 and '18 PF figures. Assuming '19 Cash Interest Paid of €47m for '17 and '18, as well as 28% PF tax rate for years '17 and '18 4: PF for CMP acquisition

HIGH QUALITY CASH RETURNS ON INVESTMENT – SET TO IMPROVE FURTHER

• Delivering Growth & Quality of Returns

• Fluidra leads a fast-growing industry
• And generates high-quality, repeatable returns
• Our model is a "Best-of-Breed" longterm value creator / Compounder

• We are Committed to

• Further value-accretive investment
• Compounding value-creation for shareholders (systematic ROCE>WACC)
• Appropriate and attractive cash returns to shareholders

1: 2017 and 2018 adjusted for IFRS16 implementation considering 2019 lease volume

2: FCF calculated as adjusted EBITDA – Capex +/- Changes in Operating Working Capital. FCF conversion calculated as FCF/ Adj. EBITDA

3: ROCE is defined as adjusted EBITA / Cash Equity. Cash Equity includes (€527M) adjustment to reflect delta in between 6 months average share price pre-merger announcement (€7.37 p.s.) and share price pre closing (€13.72 p.s.) times 83 million issued shares

WE TAKE A DISCIPLINED APPROACH TO CAPITAL ALLOCATION, TO OPTIMIZE RETURNS

INVESTMENT PRIORITY	CONSIDERATIONS
Reinvest in the business to drive organic revenue growth and margin improvement	• Optimize market entry and expansion • R&D investment at 1.5-2% sales p.a. Optimize efficiency via digitalization and invest in simplification •
Invest in acquisitions to supplement Fluidra's existing strategy and capabilities	Maintain disciplined M&A approach and focus on transactions • with high strategic value Conservative approach to anticipated synergies, and vigorous • focus on execution and realization 2021 acquisition of CMP for total consideration of c.€205m •
Return cash to shareholders via dividends	• Target dividend payout ratio of c. 50% Cash Net Profit Dividend per share grown at 16% p.a. since 20171 •

MEDIUM-TERM STRATEGIC & FINANCIAL OBJECTIVES SUMMARY

Growth	• > Industry, leveraging global footprint • Focus on North America expansion • Drive by innovation, IoT, Commercial Pool
Margin Expansion	• Continued execution – Simplify / Lean / Digitalize • Scale central functions of global platform • Optimize brand & sales channel management
Cash Generation & Leverage	• Tight focus on WC and Capex control • Ensure cash conversion remains high • Leverage +/- 2x may vary temporarily with inorganic growth
Returns on	• Value accretive M&A pipeline

ACCELERATING GROWTH & IMPROVING VALUE CREATION

1 Global leader – at scale, in a long-term structural growth industry

Winning regional strategies for growth and profitability IoT increasing barriers to entry – Fluidra leading the transformation Significant inorganic growth opportunities in a fragmented industry ESG at the heart of Fluidra's activity

3

Clear medium-term objectives based on improving outlook further enhanced by megatrends and current lifestyle shifts 4

APPENDIX

FLUIDRA CAPITAL MARKETS DAY

OWNERSHIP STRUCTURE AND SHAREHOLDERS' AGREEMENT

Ownership structure Shareholders' agreement

Rhône Capital:

• Prohibition to sell to a single acquirer (i) more than 20% or (ii) any number of shares if this would legally oblige the acquirer to launch a tender offer
  • Once funds managed by Rhône <=20% but > 7%:
    • Free transfers: (i) transfers made through an accelerated bookbuild offering, block trade or other similar transactions ("ABB") in which no single acquirer is entitled to acquire 3% or more (ii) transfers, whether in single or several transactions, representing a maximum aggregate of 3% within any 6 month period
    • Founding families have a right to participate on same terms / right of first offer on both (i) and (ii)
• Once funds managed by Rhône <= 7%: Free transfers provided that in transfers made through ABB no single acquirer is entitled to acquire 3% or more

Founding Families:

• Lock-up period until July 2021 except for (i) sales up to a maximum of 5% in aggregate or (ii) among families

US GAAP TO IFRS - KEY FINANCIAL DIFFERENCES FOR FLUIDRA

€M	2020
Adjusted EBITDA	320.8
Lease expense	(24.7)	Lease expenses not included in P&L under IFRS 16
R&D expense	(12.5)	Capitalized R&D expenses
Adjusted EBITDA (US GAAP comparable)	283.6
Depreciation	(58.1)
Adjusted EBITA (US GAAP comparable)	225.5

THANK YOU FOR YOUR ATTENTION!

Luis Boada IR, Corporate Communications & Business Development Director lboada@fluidra.com T: +34 93 724 39 00 | M: +34 600 930 505 | www.fluidra.com/shareholders

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