Interim report
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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 We turn water into a better world (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)
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CONTENTS Interim Condensed Consolidated Financial Statements INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Interim Condensed Consolidated Statements of Financial Position Interim Condensed Consolidated Income Statements Interim Condensed Consolidated Statements of Comprehensive Income Interim Condensed Consolidated Statements of Changes in Equity Interim Condensed Consolidated Cash Flow Statements NOTES 1. N a t u r e , ͏ ͏ p r i n c i p a l a c t i v i t i e s a n d c o m p a n i e s c o m p r i s i n g t h e Group 2. Basis of presentation 3. Significant accounting principles applied 4. Segment reporting 5. Business combinations and sales of Group companies 6. Property, plant and equipment 7. Investment property 8. Goodwill and Other intangible assets 9. Right-of-use assets 10. Investments accounted for using the equity method 11. Current and non-current financial assets 12. Derivative financial instruments 13. Inventories 14. Trade and other receivables 15. Equity 16. Earnings / (losses) per share 17. Provisions 18. Bank borrowings and other marketable securities 19. Trade and other payables 20. Risk management policy 21. Supplies and change in inventories of finished goods and work in progress 22. Sales of goods and finished products 23. Income from the rendering of services 24. Personnel expenses 25. Other operating expenses 26. Finance income and costs 27. Deferred taxes and income tax 28. Related party balances and transactions 29. Environmental information 30. Other commitments and contingencies 31. Auditors’ and their Group companies’ or related-parties’ fees 32. Information on late payment to suppliers 33. Subsequent events APPENDICES APPENDIX I. Details of the corporate name and purpose of the subsidiaries, associates and joint ventures directly or indirectly owned APPENDIX II. Details of segment results APPENDIX III. Details of segment assets and liabilities INTERIM CONSOLIDATED DIRECTORS' REPORT 2
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FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 31 DECEMBER 2025 AND 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) Notes 31/12/2025 31/12/2024 Assets (restated) Property, plant, and equipment 6 208,254 194,485 Investment property 7 6,501 5,775 Goodwill 8 1,268,546 1,343,985 Other intangible assets 8 738,105 870,510 Right-of-use assets 9 163,341 161,378 Investments accounted for using the equity method 10 85,774 819 Non-current financial assets 11 8,212 4,703 Derivative financial instruments 12 0 19,775 Other receivables 14 315 2,115 Deferred tax assets 27 106,526 112,495 Total non-current assets 2,585,574 2,716,040 Inventories 13 437,169 466,258 Trade and other receivables 14 262,265 291,061 Other current financial assets 11 4,140 1,660 Derivative financial instruments 12 4,602 75 Cash and cash equivalents 15 & 18 120,654 162,213 Total current assets 828,830 921,267 Total assets 3,414,404 3,637,307 Equity S h a r e c a p i t a l ͏ ͏͏͏͏͏͏ 192,129 192,129 Share premium 1,148,591 1,148,591 Legal reserve 39,125 39,125 Retained earnings and other reserves 293,860 228,388 Treasury shares (51,202) (50,407) Other comprehensive income (30,721) 89,357 E q u i t y a t t r i b u t a b l e t o e q u i t y h o l d e r s o f t h e p a r e n t͏͏͏͏͏͏͏ 15 1,591,782 1,647,183 Non-controlling interests 8,789 10,011 Total equity 1,600,571 1,657,194 Liabilities Bank borrowings and other marketable securities 18 1,031,394 1,121,424 Lease liabilities 18 131,503 136,426 Deferred tax liabilities 27 172,572 194,643 Provisions 17 11,459 11,873 Government grants 74 97 Other non-current liabilities 19 1,344 1,960 Total non-current liabilities 1,348,346 1,466,423 Bank borrowings and other marketable securities 18 10,207 14,499 Lease liabilities 18 51,004 47,581 Trade and other payables 19 341,377 390,945 Provisions 17 62,817 60,588 Derivative financial instruments 12 82 77 Total current liabilities 465,487 513,690 Total liabilities 1,813,833 1,980,113 Total equity and liabilities 3,414,404 3,637,307 The accompanying notes are an integral part of the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the year ended 31 December 2025. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 3
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FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS 31 DECEMBER 2025 AND 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) Notes 31/12/2025 31/12/2024 Operating income Sales of goods and finished products 22 2,183,709 2,101,599 Income from the rendering of services 23 37,376 34,803 Work performed by the Group and capitalised as non-current assets 27,118 24,140 Total operating income 2,248,203 2,160,542 Operating expenses Changes in inventories of finished goods and work in progress and raw material supplies 21 (947,351) (912,069) Personnel expenses 24 (430,832) (418,245) Depreciation and amortisation expenses and impairment losses 6, 7, 8 & 9 (163,119) (161,132) Other operating expenses 25 (401,797) (409,283) Total operating expenses (1,943,099) (1,900,729) Other gains and losses P r o f i t / ͏ ( ͏ l o s s ͏ ) f r o m s a l e s o f f i x e d a s s e t s 4,170 (95) Total other gains and losses 4,170 (95) Operating profit 309,274 259,718 F i n a n c e i n c o m e ͏ ͏ / ͏ ͏ c o s t Finance income 4,694 3,835 Finance cost (53,757) (61,272) Right-of-use finance costs (7,843) (9,048) Exchange gains/(losses) (9,521) (145) Net financial result 26 (66,427) (66,630) Share in profit/(loss) for the year from investments accounted for using the equity method 10 37 1 Profit/(loss) before tax 242,884 193,089 Income tax expense 27 (64,044) (51,032) Profit/(loss) after tax 178,840 142,057 P r o f i t ͏ / ͏ ( ͏ l o s s ͏ ) ͏ a t t r i b u t a b l e t o n o n - c o n t r o l l i n g i n t e r e s t s 2,814 3,989 P r o f i t ͏ / ͏ ( ͏ l o s s ͏ ) ͏ a t t r i b u t a b l e t o e q u i t y h o l d e r s o f t h e p a r e n t 176,026 138,068 B a s i c e a r n i n g s / ( l o s s e s ) p e r s h a r e ͏ ( ͏ i n e u r o s ͏ ) 16 0.92712 0.72731 D i l u t e d e a r n i n g s / ( l o s s e s ) p e r s h a r e ͏ ( ͏ i n e u r o s ͏ ) 16 0.92712 0.72731 The accompanying notes are an integral part of the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the year ended 31 December 2025. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 4
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FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED 2025 AND 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) Notes 31/12/2025 31/12/2024 P r o f i t ͏ / ͏ ( ͏ l o s s ͏ ) ͏ f o r t h e y e a r 178,840 142,057 Items that will be reclassified to profit or loss Cash flow hedges 12 (14,960) (12,736) Actuarial gains and losses 174 (54) Exchange gains/(losses) on financial statements of foreign operations (109,287) 49,165 Tax effect 3,317 3,304 O t h e r c o m p r e h e n s i v e i n c o m e f o r t h e y e a r , ͏ ͏ n e t o f t a x͏͏͏͏ (120,756) 39,679 Total comprehensive income for the year 58,084 181,736 Total comprehensive income attributable to: Equity holders of the parent 55,802 177,673 Non-controlling interests 2,282 4,063 58,084 181,736 The accompanying notes are an integral part of the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the year ended 31 December 2025. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 5
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FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2025 Y 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) Equity attributable to equity holders of the Parent Other comprehensive income Share Share Legal Retained Treasury Translation Non-controlling Total equityCapital premium reserve earnings shares differences Other Total interests Balance at 1 January 2024 192,129 1,148,591 39,125 181,311 (42,155) 24,133 24,423 1,567,557 9,012 1,576,569 P r o f i t ͏ / ͏ ( ͏ l o s s ͏ ) ͏ f o r t h e y e a r — — — 138,068 — — — 138,068 3,989 142,057 Other comprehensive income — — — (1,196) — 50,287 (9,486) 39,605 74 39,679 Total comprehensive income for the year — — — 136,872 — 50,287 (9,486) 177,673 4,063 181,736 Disposal of entities — — — — — — — — (25) (25) Change in ownership interest — — — — — — — — (39) (39) Treasury shares — — — 8,603 (8,252) — — 351 — 351 Equity-based payments — — — 5,610 — — — 5,610 — 5,610 Adjustment for IAS 29 — — — 400 — — — 400 307 707 Dividend — — — (104,408) — — — (104,408) (3,307) (107,715) Balance at 31 December 2024 192,129 1,148,591 39,125 228,388 (50,407) 74,420 14,937 1,647,183 10,011 1,657,194 P r o f i t ͏ / ͏ ( ͏ l o s s ͏ ) ͏ f o r t h e y e a r — — — 176,026 — — — 176,026 2,814 178,840 Other comprehensive income — — — (146) — (108,609) (11,469) (120,224) (532) (120,756) Total comprehensive income for the year — — — 175,880 — (108,609) (11,469) 55,802 2,282 58,084 Capital increase — — — — — — — — 274 274 Treasury shares — — — 490 (795) — — (305) — (305) Equity-based payments — — — 3,173 — — — 3,173 — 3,173 Adjustment for IAS 29 — — — (165) — — — (165) (144) (309) Dividend — — — (113,906) — — — (113,906) (3,634) (117,540) Balance at 31 December 2025 192,129 1,148,591 39,125 293,860 (51,202) (34,189) 3,468 1,591,782 8,789 1,600,571 The accompanying notes are an integral part of the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the year ended 31 December 2025. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIALS STATEMENTS Contents 6
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FLUIDRA, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2025 AND 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) Cash flows from operating activities Profit /(loss) for the year before tax 242,884 193,089 Adjustments due to: Amortisation and depreciation 6, 7, 8 & 9 161,323 160,910 Adjustments due to impairment of receivables 25 (579) (372) Charge/(reversal) for impairment losses on assets 6, 7, 8 & 9 1,796 222 Charge/(reversal) for impairment losses on financial assets 26 1,451 1,942 Charge/(reversal) for losses on risks and expenses 6,734 8,681 Charge/(reversal) for losses on inventories 21 (4,391) (69) Income from financial assets 26 (4,603) (3,674) Finance cost 26 60,076 68,343 Exchange (gains)/losses 1,525 145 S h a r e i n ( p r o f i t ) / ͏ l o s s ͏ ͏ f o r t h e y e a r o f a s s o c i a t e s a c c o u n t e d f o r u s i n g t h e e q u i t y m e t h o d͏͏͏͏͏͏͏͏͏ (37) (1) (Profit)/loss on the sale of property, plant and equipment and other intangible assets (4,283) 38 (Profit)/loss on the sale of subsidiaries 113 57 Government grants recognised in profit and loss (29) (40) Share-based payment expenses 28 3,993 5,610 (Profit)/loss on financial instruments at fair value through profit or loss (18) (126) Operating profit before changes in working capital 465,955 434,755 Changes in working capital, excluding the effect of acquisitions and currency translation differences Increase/(decrease) in trade and other receivables (8,685) 13,983 Increase/(decrease) in inventories 13,337 (33,934) Increase/(decrease) in trade and other payables (26,706) 59,066 Utilisation of provisions (962) (909) Cash from operating activities 442,939 472,961 Interest paid (58,309) (66,428) Interest received 4,603 3,674 Income tax paid (46,632) (99,605) Cash flows from operating activities 342,601 310,602 Notes 2025 2024 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 7
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Cash flows from investing activities From the sale of property, plant and equipment 7,430 2,262 From the sale of other intangible assets 907 95 From the sale of financial assets 2,843 16,198 Dividends received 4 128 Proceeds from the sale of subsidiaries, net of drawn down cash 5 25 — Acquisition of property, plant and equipment (40,535) (39,374) Acquisition of intangible assets (30,564) (33,734) Acquisition of other financial assets (7,480) (14,175) Payments for investments accounted for using the equity method (85,396) — Payments for acquisitions of subsidiaries, net of cash and cash equivalents 5 (26,963) (3,062) Payments for acquisitions of subsidiaries in prior years (4,102) (2,630) Cash flows from investing activities (183,831) (74,292) Cash flows from financing activities Payments for repurchase of treasury shares (107,956) (108,868) Proceeds from the sale of treasury shares 107,631 109,219 Proceeds from grants 7 11 Payments from bank borrowings (15,814) (39,329) Payments from lease liabilities (48,562) (43,906) Dividends paid (116,734) (107,715) Cash flows from financing activities (181,428) (190,588) Net increase/(decrease) in cash and cash equivalents (22,658) 45,722 Cash and cash equivalents at 1 January 162,213 112,880 Effect of currency translation differences on cash flows (18,901) 3,611 Cash and cash equivalents at 31 December 120,654 162,213 Notes 2025 2024 The accompanying notes are an integral part of the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the year ended 31 December 2025. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 8
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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) 1. NATURE, PRINCIPAL ACTIVITIES A N D C O M P A N I E S C O M P R I S I N G T H E G R O U P F l u i d r a , ͏ ͏ S . A . ͏ ( ͏ h e r e i n a f t e r t h e C o m p a n y ͏ ) ͏ w a s i n c o r p o r a t e d a s a limited liability Company for an indefinite period in Girona, S p a i n , o n 3 O c t o b e r ͏ ͏ 2 0 0 2 ͏ ͏ u n d e r t h e n a m e A q u a r i a d e I n v . ͏ C o r p . , ͏ ͏ S . L . , ͏ ͏ a n d c h a n g e d t o i t s c u r r e n t n a m e o n 1 7 S e p t e m b e r ͏ ͏ 2 0 0 7 . The Company’s corporate purpose and activity consists of the holding and use of equity shares, securities and other stock, and advising, managing and administering the companies in which the Company holds an ownership interest. The Company’s registered address is located in the municipal area of Sant Cugat del Vallès (Avda. Alcalde Barnils no. 69, 08174 Sant Cugat del Vallès, Barcelona, Spain). The Group’s activity consists of the manufacture and marketing of specific accessories and machinery for swimming-pools, irrigation and water treatment and purification. The Group operates globally with a particular presence in EMEA (Europe, the Middle East and Africa) and in North America. Fluidra, S.A. is the Parent of the Group comprising the subsidiaries detailed in accompanying Appendix I (hereinafter Fluidra Group or the Group). Additionally, the Group holds ownership interests in other entities as detailed in Appendix I also. Group companies have been consolidated using their financial statements or their annual accounts prepared/ approved for issue by the corresponding managing bodies and boards of directors. Share capital is represented by 192,129,070 ordinary shares with a par value of € 1 each, fully subscribed and paid up. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 9
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2. BASIS OF PRESENTATION These interim condensed consolidated financial statements have been prepared from the accounting records of Fluidra, S.A. and the entities included in the Group using the going concern principle. The interim condensed consolidated financial statements for the year ended 31 December 2025 have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and other financial reporting framework provisions in order to present fairly the consolidated equity and consolidated financial position of Fluidra, S.A. and its subsidiaries at 31 December 2025 and its consolidated financial results, consolidated cash flows and changes in consolidated equity for the year then ended. A) BASIS OF PRESENTATION OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS These interim condensed consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and financial instruments at fair value through profit or loss. B) COMPARATIVE INFORMATION For comparative purposes, the interim condensed consolidated financial statements for the year ended 31 December 2025 include the consolidated figures for the year ended 31 December 2025 in addition to those for the prior year for each item of the interim condensed consolidated statement of financial position, the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated cash flow statement and the notes thereto, which have been obtained by consistently applying IFRS-EU as required by the standards. At 31 December 2025, the business combination comprising Dini & Lulio, LdA, Ecohídrica, Tecnologias da Agua LdA, Kreative Techk, LDA, and NCWG, Sistemas de Gestão de Água, LDA (jointly, the NCWG group) has been recorded as final and the previous periods have been restated in line with IFRS 3. The main impacts of this restatement are as follows: 31.12.2024 31.12.2024 audited IFRS 3 restated Goodwill 1,344,833 (848) 1,343,985 Other intangible assets 869,575 935 870,510 Total non-current assets 2,715,953 87 2,716,040 Inventories 466,117 141 466,258 Total current assets 921,126 141 921,267 TOTAL ASSETS 3,637,079 228 3,637,307 Deferred tax liabilities 194,415 228 194,643 Total non-current liabilities 1,466,195 228 1,466,423 Total liabilities 1,979,885 228 1,980,113 TOTAL EQUITY AND LIABILITIES 3,637,079 228 3,637,307 The Group’s accounting policies described in note 3 have been consistently applied to the year ended 31 December 2025 and the accompanying comparative information at 31 December 2024. All significant mandatory accounting principles have been applied. The 2024 consolidated annual accounts were approved for issue by shareholders in general meeting on 7 May 2025. C) SIGNIFICANT ACCOUNTING ESTIMATES AND KEY ASSUMPTIONS AND JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES When preparing the interim condensed consolidated financial statements in accordance with IFRS-EU, Group Management is required to make judgements, estimates and assumptions affecting the adoption of the standards and the amounts of assets, liabilities, income and expenses. The estimates and assumptions adopted are based on historical experience and various other factors understood to be reasonable under the existing circumstances. In the Group's interim condensed consolidated financial statements for the year ended 31 December 2025 estimates were occasionally made in order to quantify certain assets, liabilities, income, expenses and commitments reported therein. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 10
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These relevant accounting estimates and assumptions mainly relate to: • The useful life and fair value of the customer portfolio and other intangible assets (see note 8). • The assumptions used to calculate the fair value/value in use of the Cash-Generating Units (CGUs) for the purpose of evaluating potential impairment of goodwill and other assets (see note 8). • Assessment of technical and commercial feasibility of development projects in progress (see notes 3 d) ii) and 8). • Estimate of expected credit losses from receivables and obsolete inventory (see notes 3 i), 3 k), 13 and 14). • The fair value of financial instruments and of certain unquoted assets (see notes 11 and 12). • Assumptions used to calculate the fair value of assets, liabilities and contingent liabilities related to business combinations and/or asset purchases (see notes 3 a) i) and 19). Liabilities for contingent considerations correspond to level 3 of the fair value hierarchy in accordance with IFRS 13. • The fair value of the commitment to the Company’s management team to acquire an ownership interest in the Company’s share capital (see notes 3 g) and 28). • Estimates and judgements related to provisions for litigation (see notes 3 p) and 17). • Assessment of the recoverability of tax credits, including prior years' tax losses and rights to deduction. Deferred tax assets are recognised if future tax profit is available against which temporary differences can be charged, based on management’s assumptions about the amount of and payment schedules of future tax profit. Additionally, in the case of deferred tax assets related to investments in Group companies, their capitalisation takes into account whether they will be reversed in the foreseeable future (see notes 3 s) and 27). Although these estimates are made on the basis of the best information available on the events analysed at 31 December 2025 and 2024 events may occur in the future which require adjusting these estimates (upwards or downwards) in future reporting periods. Any effect on the interim condensed consolidated financial statements of adjustments made in future reporting periods is recognised prospectively. Additionally, the main judgements made by the Company's management in identifying and selecting the criteria applied in the measurement and classification of the main items presented in the interim condensed consolidated financial statements are as follows: • Reasons supporting the transfer of risks and rewards in leases and in the recognition of disposals of financial assets and liabilities (see note 3 h)). • Reasons supporting the classification of assets as investment property (see notes 3 e) and 7). • Assessment criteria for impairment of financial assets (see notes 3 i) d) and 11). • Judgements made to calculate the lease terms of agreements that can be renewed (see note 3 f) iv)). • Reasons supporting the capitalisation of development projects (see notes 3 d) ii) and 8). D) CHANGES TO IFRS-EU STANDARDS DURING THE YEAR ENDED 31 DECEMBER 2025 The accounting standards used to prepare the accompanying interim condensed consolidated financial statements are the same as those used to prepare the interim condensed consolidated financial statements for the year ended 31 December 2024, except for the new standards and any amendments that are applicable as of 1 January 2025, the main ones being as follows: • Standards and interpretations approved by the European Union applied for the first time in 2025. ◦ Lack of exchangeability (Amendments to IAS 21) None of the standards, interpretations or amendments to the standards that are applicable for the first time this year have had a significant impact on the Group’s accounting policies. The Group adopts the standards, interpretations and amendments to the standards issued by the IASB when they come into force, if applicable. E) FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES In recent years, the Turkish economy has seen high rates of inflation. In particular, as at 31 December 2025 the TSI (Turkish Statistical Institute) reported three-year cumulative inflation of 211% (three-year cumulative inflation of 291% at 31 December 2024). As a result, the Group has considered the Turkish economy as hyperinflationary in 2025 and 2024 and has applied IAS 29 (Financial Reporting in Hyperinflationary Economies) to companies whose functional currency is the Turkish lira. The main impacts on the Group’s consolidated financial statements for the years ended 31 December 2025 and 2024 of the aforementioned issues are as follows: Thousands of euros 2025 2024 Consolidated profit/(loss) after tax 222 (706) Non-current assets 139 106 Current assets 978 1.079 Equity 895 1.891 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 11
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3. SIGNIFICANT ACCOUNTING PRINCIPLES APPLIED The most significant principles are summarised as follows: a) CONSOLIDATION PRINCIPLES i) Subsidiaries and business combinations Subsidiaries are companies, including structured entities, over which the Company holds direct or indirect control through subsidiaries. The Company holds control over a subsidiary when it is exposed to, or has the right to receive, variable yield as a result of its involvement in it, and has the capacity to influence such yield through the power it exercises over the subsidiary. The Company is authorised to direct the relevant activities when valid substantive rights are held. The Company is exposed to, or has the right to receive, variable yield as a result of its involvement in the subsidiary when the yield it obtains from such involvement may vary based on the economic performance of the entity (IFRS 10.6, 10 and 15). The subsidiaries' income, expenses and cash flows are included in the interim condensed consolidated financial statements from the acquisition date, i.e., the date on which the Group obtains effective control over them. Subsidiaries are no longer consolidated from the date on which such control is relinquished. The Group applied the exception contemplated in IFRS 1 First- time adoption of International Financial Reporting Standards so that only business combinations undertaken after 1 January 2005, the IFRS-EU transition date, have been accounted for using the acquisition method. Acquisitions completed prior to the transition date were accounted for in accordance with the then-prevailing accounting principles, corrected and adjusted as required as of the transition date. Business combinations The consideration transferred in the business combination is determined at the acquisition date and calculated as the sum of the fair values of the assets transferred, the liabilities incurred or assumed, the equity instruments issued and any contingent consideration depending on future events or compliance with certain conditions in exchange for the control of the business acquired. The consideration transferred excludes any amounts that do not form part of the exchange for the acquiree. Acquisition-related costs are recognised as incurred. At the acquisition date, the Group recognises any assets acquired and liabilities assumed at their fair value. The liabilities assumed include contingent liabilities to the extent that they represent present obligations that arise as a result of past events and their fair value can be reliably measured. The excess over the consideration transferred, plus any non- controlling interest in the acquiree and the net amount of assets acquired and liabilities assumed, is recognised as goodwill. Any shortfall after assessing the amount of consideration transferred, the value assigned to non-controlling interests and the identification and measurement of the net assets acquired, is recognised in profit or loss. Contingent consideration is classified as a financial asset or liability, equity instrument or provision in accordance with the underlying contractual conditions. To the extent that subsequent changes in fair value of a financial asset or liability are not due to an adjustment to the measurement period, they are recorded in consolidated profit or loss. The contingent consideration classified as equity is not subsequently updated, and its settlement is likewise recognised in equity. The contingent consideration classified as a provision is subsequently recognised at fair value through profit or loss. Inter-company transactions, balances and unrealised gains and losses on transactions between group companies have been eliminated on consolidation. If any, unrealised losses on the transfer of assets between group companies have been deemed an indication of the potential impairment of the assets transferred. The subsidiaries' accounting policies have been aligned with those used by the Group for like transactions and events in similar circumstances. The financial statements of the subsidiaries used in the consolidation process refer to the same presentation date and reporting period as those of the Parent. ii) Non-controlling interests Non-controlling interests in a subsidiary are recorded at the percentage of the ownership held in the fair value of the net identifiable assets acquired, and are presented in equity separately from the equity attributed to the equity holders of the Parent. Non-controlling interests in consolidated profit/(loss) and consolidated total comprehensive income for the year are likewise presented separately in the consolidated income statement and the consolidated statement of comprehensive income, respectively. The Group's share and the share of non-controlling interests in consolidated profit/(loss) for the year (consolidated total comprehensive income for the year) and in changes in equity of the subsidiaries, net of adjustments and eliminations on INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 12
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consolidation, are determined based on the ownership interest held at year end, excluding the possible exercise or conversion of potential voting rights and after discounting the effect of agreed or non-agreed dividends on cumulative preference shares that may have been classified in the equity accounts. However, the existence or absence of control is determined considering the possible exercise of potential voting rights and other derivative financial instruments which, in substance, currently grant access to the economic benefits associated with the ownership interest, that is, the right to receive future dividends and changes in the value of subsidiaries. Surplus losses attributable to non-controlling interests generated prior to 1 January 2010 that cannot be allocated to such interests, as they exceed the amount of the equity interest in the related subsidiary, are recognised as a reduction in equity attributable to owners of the parent, unless the non-controlling interests have a binding obligation to assume some or all of such losses and have the capacity to make any additional investments necessary. Any profits obtained subsequently by the Group are then allocated to equity attributable to owners of the parent until the amount of losses absorbed in prior reporting periods in respect of non-controlling interests has been replenished. From 1 January 2010, the results and each component of other comprehensive income are allocated to equity attributable to owners of the Parent and to the non-controlling interests in proportion to their respective ownership interests, even if this implies a negative non-controlling interests balance. Agreements entered into between the Group and non- controlling interests are recognised as a separate transaction. Transactions with non-controlling interests The increase or decrease in non-controlling interest of a subsidiary with no loss of control is recognised as a transaction with equity instruments. Therefore, no new acquisition cost arises as a result of an increase, nor any gain or loss is recognised from a decrease, but the difference between the consideration paid or received and the carrying amount of non- controlling interest is recognised in the investing company's reserve, without prejudice to reclassifying the consolidation reserves and reallocating the other comprehensive income between the Group and the non-controlling interest. In a decrease in the Group's ownership interest in a subsidiary, non- controlling interest is recorded for its share in consolidated net assets. Put options granted The Group recognises put options on ownership interest in subsidiaries granted to non-controlling interest at the date of acquisition of a business combination as an advance acquisition of such interest, recording a financial liability for the present value of the best estimate of the amount payable, which is part of consideration paid. Subsequently, the change in the financial liability is recognised as a finance cost or income in profit or loss. Discretionary dividends, if any, paid to non-controlling interests up to the date the options are exercised, are recognised as a distribution of earnings, reflecting this amount as an increase in profits attributable to non-controlling interests. In the event that dividends are predetermined or incorporated into the measurement of the financial liability, settlement is discounted from the financial liability's carrying amount. If finally, the options are not exercised, the transaction is recognised as a sale of shares to non-controlling interests. iii) Associates Associates are defined as the entities over which the Company has significant influence, either directly or through other subsidiaries. Significant influence is the power to participate in the financial and operating policy decisions of an entity but no control or joint control over the entity is held. Investments in associates are recorded using the equity accounting method from the date significant influence is exercised until the date on which the Company can no longer prove this influence exists. The acquisition of associates is recorded by applying the acquisition method used for subsidiaries. Goodwill, net of accumulated impairment losses, is included in the carrying amount of the investment accounted for using the equity method. iv) Impairment The Group applies the impairment criteria contained in IFRS 9: Financial Instruments, so as to determine whether it is necessary to recognise any additional impairment loss with respect to the net investment in the associate or in any other financial asset held with it as a result of applying the equity method. b) FOREIGN CURRENCY i) Functional and presentation currency The interim condensed consolidated financial statements are presented in thousands of euros rounded off to the nearest thousand. The euro is the Parent company's functional and presentation currency. ii) Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing between the functional currency and the foreign currency at the transaction dates. Monetary assets and liabilities in foreign currency are translated to the functional currency at the closing exchange rate, while non-monetary items measured at historical cost are translated at the exchange rate prevailing at the transaction date. Exchange gains and losses arising on the settlement of foreign currency transactions and on the translation into euros at the closing exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 13
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In the presentation of the consolidated statement of cash flows, cash flows from transactions in foreign currencies are translated into euros applying the exchange rates approximate to those existing at the date the cash flows occurred. The impact of fluctuations in exchange rates on cash and cash equivalents denominated in foreign currency is presented under a separate caption in the statement of cash flows as "Effect of exchange gains/(losses) on cash". The Group presents the effect of the conversion of deferred tax assets and liabilities denominated in foreign currency together with the deferred income tax in profit or loss. iii) Translation of foreign operations The translation into euros of foreign operations whose functional currency is not the currency of a hyperinflationary country is made using the following criteria: • Assets and liabilities, including any goodwill and any adjustments to the net assets arising on the acquisition of foreign operations, including comparative balances, are translated at the closing exchange rate at the balance sheet date. • Income and expenses, including comparative balances, are translated at the exchange rate prevailing at the date of each transaction. • All exchange gains or losses derived from applying the above- mentioned criteria are recognised as translation differences in other comprehensive income. In the presentation of the consolidated statement of cash flows, cash flows, including comparative balances, from the foreign subsidiaries are translated into euros applying the exchange rates prevailing at the date the cash flows occurred. Translation differences related to foreign operations recognised in other comprehensive income are recorded jointly under one line in profit or loss and when recognition in profit or loss related to the disposal of such operations occurs. c) PROPERTY, PLANT AND EQUIPMENT i) Assets for own use Property, plant and equipment are measured at acquisition cost less any accumulated depreciation and any impairment losses. The cost of property, plant and equipment built by the Group is determined following the same criteria as those used for acquired property, plant and equipment, considering also the principles established for the production cost of inventories. The capitalisation of production cost is recognised under Work performed by the Group and capitalised as non-current assets in the consolidated income statement. The cost of property, plant and equipment includes the acquisition price less any trade discounts or rebates plus any cost directly related to its location on the place and under the conditions necessary for it to operate as expected by the directors and, where appropriate, the initial estimate of dismantling or disposal costs, as well as the restoration of the land it is located on, provided that these obligations are assumed as a result of its use and for purposes other than the production of inventories. The Group records separately the items of a complex asset whose useful lives are different from the main asset's. ii) Investments in rented premises The Group recognises permanent investments in properties leased from third parties following the same criteria as the ones used for property, plant and equipment items. These investments are depreciated over the shorter of the useful life of the asset or over the lease term. To this effect, the determination of the lease term is consistent with that established for its classification. In the event that the full-term execution of the lease agreement is uncertain, a provision is recorded for the estimated carrying amount of irrecoverable investments. Likewise, the cost of these investments includes the estimated costs of dismantling and disposing of the assets and restoring the land they are located on that the Group shall pay at the end of the agreement; thus, a provision is recorded for the present value of the estimated cost that is expected to be incurred. iii) Costs subsequently incurred The Group recognises as an increase in the cost of the assets, the replacement cost of an asset's items when incurred, provided that it is probable that additional future economic benefits will be obtained from the asset and that the cost can be measured reliably. Other costs, including repair and maintenance expenses on property, plant and equipment items are charged to profit or loss in the period incurred. iv) Depreciation Property, plant and equipment items are depreciated by allocating their depreciable amount, which is the acquisition cost less residual value, on a straight-line basis over their useful lives. Depreciation is determined separately for each portion of a property, plant and equipment item that has a significant cost in relation to the total cost of the item. Land is not depreciated. The depreciation of property, plant and equipment items is determined as follows: Estimated years of useful life Buildings 33-45 Technical installations and machinery 3-10 Other installations, equipment and furniture 3-10 IT equipment 2-5 Vehicles 3-8 Other property, plant and equipment 4-10 At each year end, the Group reviews the residual value, useful life and depreciation method of property, plant and equipment INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 14
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items. Any changes to initially established criteria are accounted for as a change in accounting estimates.. v) Impairment The Group measures and determines impairment losses on property, plant and equipment and any reversals thereof in accordance with the criteria described in note 3 g). d) INTANGIBLE ASSETS i) Goodwill Goodwill is determined following the criteria indicated in note 3 a) i) Subsidiaries and business combinations. Goodwill is not amortised but it is tested for impairment at least once a year, or more frequently if an event is identified that could give rise to a potential impairment loss on the asset. Goodwill arising in business combinations is allocated to each cash-generating unit (CGU) or group of CGUs that are expected to benefit from the synergies of the combination, applying the criteria outlined in note 3 g). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Internally generated goodwill is not recognised as an asset. ii) Internally generated intangible asset Costs related to research activities are recognised as an expense when incurred. The costs related to development activities of certain products are capitalized to the extent that: • The Group has technical studies available that support the feasibility of the production process. • The Group is committed to completing production of the asset so that it is available for sale. • The asset will generate enough economic profit through future sales in the markets in which the Group operates. • The Group has the technical and financial (or other) resources necessary to complete the asset and has developed budget control systems and analytical accounting systems to monitor budgeted costs, modifications made and costs actually incurred in the projects. The cost of the assets generated internally by the Group is determined following the same criteria as for determining the production cost of inventories. The production cost is capitalised through the payment of the costs attributable to the asset in the Work performed by the Group and capitalised as non-current assets caption in the consolidated income statement. Additionally, the costs incurred in the performance of activities that contribute to developing the value of the businesses in which the Group operates as a whole are recorded as expenses when incurred. Also, replacements or subsequent costs incurred on intangible assets are generally recorded as expenses, unless they increase the future economic benefits expected from the assets. iii) Intangible assets acquired in business combinations Since 1 January 2005, identifiable intangible assets acquired in business combinations have been measured at fair value at acquisition date, provided that fair value can be determined reliably. Subsequent costs related to research and development projects are recorded following the criteria used for internally generated intangible assets. Customer portfolios acquired mainly include the value of the relationship existing between the corresponding company and their customers, which has arisen as a result of a contract and, therefore, are identified as intangible assets in accordance with a contractual and legal criterion. Additionally, the patents acquired include the value of the technologies for manufacturing certain products, and which arose as a result of a contract. They have been measured at market value using generally accepted measurement methods based on discounted cash flows. Additionally, finite useful lives have been calculated based on historical evidence of the renewal of the continuing relationship with these customers and based on the residual period for the right to use the patents, considering expected technical obsolescence. iv) Other intangible assets Other intangible assets are presented in the consolidated statement of financial position at cost, less any accumulated amortisation and any impairment losses. v) Useful life and amortisation The Group assesses the intangible asset's useful life to be either finite or indefinite. An intangible asset is deemed to have an indefinite useful life when the period over which it will generate net cash inflows has no foreseeable limit. Intangible assets with indefinite useful lives are not amortised, but tested for impairment. Intangible assets with finite useful lives are amortised by allocating the amortisable amount over their useful lives using the following criteria: Amortisation method Estimated years of useful life Development costs Straight-line basis 3-15 Industrial property and patents Straight-line basis 5-8 Computer software Straight-line basis 3-5 Relations with customers Declining-balance method 3-30 Other intangible assets Declining-balance method / Straight- line basis 5-8 To this end, the amortisable amount is understood as acquisition cost less residual value. The Group reviews the residual value, useful life and amortisation method of intangible assets at the end of each INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 15
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reporting period. Changes to initially established criteria are accounted for as a change in accounting estimates. vi) Impairment of assets The Group measures and determines impairment losses on intangible assets and any reversals thereof in accordance with the criteria described in note 3 g). e) INVESTMENT PROPERTY Investment property is property fully or partially held for obtaining income, gains or both rather than for producing or providing goods or services. Investment property is initially measured at cost, including transaction costs. Investment property is subsequently measured following the cost criteria established for property, plant and equipment. Depreciation methods and useful lives are presented in that section. f) RIGHT-OF-USE ASSETS AND LEASE LIABILITIES i) Rights-of-use The Group recognises the right-of-use at the start of a lease. That is, the date on which the underlying asset is available for use. Right-of-use is measured at cost, less accumulated amortisation and impairment losses, and is adjusted for any changes in the measurement of the associated lease liabilities. The initial cost of the right-of-use includes the recognised lease liabilities, initial direct costs and lease payments made before the start of the lease. Incentives received are deducted from the initial cost. Unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, the right-of-use is amortised on a straight-line basis over the shorter of the estimated useful life and the lease term. Right-of-use is subject to impairment analysis. ii) Lease liabilities At the start of the lease, the Group recognises the lease liabilities at the present value of the lease payments to be made during the lease term. Lease payments include fixed payments (including in-substance fixed payments) less lease incentives, variable payments depending on an index or rate, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a purchase option if the Group is reasonably certain of exercising this option and lease termination penalty payments if the term of the lease reflects the Group's exercising of the option to terminate the lease. Variable lease payments that are not linked to an index or rate are recognised as an expense in the period in which the event or condition that triggers the payment arises. When calculating the present value of lease payments, the Group uses the incremental interest rate at the lease start date if the interest rate implicit in the lease cannot be easily determined. After the start date, the lease liability amount is increased to reflect the accrual of interest and reduced by the lease payments made. In addition, the lease liability is re- measured if an amendment is made, the lease term is changed, the in-substance fixed lease payments are changed or the assessment for purchasing the underlying asset is changed. The liability also increases if there is a change in future lease payments arising from a change in the index or rate used to calculate these payments The incremental financing rate used by the Group is differentiated by the homogeneous portfolio of leases, country and lease term. The weighted average of the incremental interest rate in the year ended 31 December 2025 is 4.42% (4.50% in 2024). iii) Short-term and low value leases The Group applies the current lease recognition exemption to its machinery and equipment leases with a lease team of 12 months or less from the start date and which have no purchase option. It also applies the low-value asset recognition exemption to office equipment leases that are considered low-value. Lease payments under short-term and low-value leases are recognised on a straight-line basis over the term of the lease. iv) Judgements made to calculate the lease terms of contracts with renewal options The Group calculates the lease term as the non-cancellable period, plus the optional extension periods, if there is reasonable certainty that this option will be exercised. It has been estimated that all optional extensions will be exercised for most leases. Periods covered by the option to terminate the lease early are also included, if there is reasonable certainty that this option will not be exercised. g) IMPAIRMENT OF NON-FINANCIAL ASSETS The Group assesses whether there are indications that depreciable or amortisable non-financial assets may be impaired, including entities accounted for using the equity method, in order to determine if the carrying amount of said assets exceeds their recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The calculation of an asset's value in use reflects an estimate of the future cash flows expected to derive from the asset, expectations about possible variations in the amount or timing of those future cash flows, the time value of money, the price for bearing uncertainty inherent in the asset and other factors that market participants would reflect in pricing the future cash flows expected to derive from the asset. Negative differences arising as a result of comparing the carrying amounts of the assets with their recoverable amounts are recorded in profit or loss. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined for CGU to which the asset belongs. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 16
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Impairment losses on CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to reduce the carrying amount of the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit up to the highest of its fair value less costs to sell, its value in use and zero. The Group assesses at the end of each reporting period whether there is any indication that an impairment loss recognised in prior periods may no longer exist or may have decreased. Impairment losses on goodwill may not be reversed. Impairment losses on assets other than goodwill are reversed if, and only if, there has been a change in the estimates used to calculate the asset's recoverable amount. Any reversals of impairment losses are charged to income. The increased carrying amount of an asset attributable to a reversal of an impairment loss cannot exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset. The reversal of an impairment loss on a CGU is allocated between the assets of the unit, except for goodwill, pro rata on the basis of the carrying amount of the assets down to the lowest of their recoverable amount and carrying amount that would have been determined, net of depreciation and amortisation, had no impairment loss been recognised for the asset. h) FINANCE LEASES At the commencement of the lease term, the Group recognises an asset and liability at the lower of the fair value of the leased property and the present value of the minimum lease payments. Initial direct costs are added to the asset's carrying amount. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. Finance costs are recognised in the consolidated income statement using the effective interest rate method. Contingent rents are recognised as an expense when it is probable that they will be incurred. The accounting policies applied to the assets used by the Group under lease agreements that qualify as finance leases are the same as those outlined in note 3 f). i) FINANCIAL ASSETS The Group classifies its financial assets in the following measurement categories: • Those measured subsequently at fair value (through other comprehensive income or profit or loss), and • Those measured at amortised cost. The classification depends on the business model of the entity to manage the financial assets and contractual terms of the cash flows. For assets measured at fair value, profit and loss is recognised in income or other comprehensive income. For investments in equity instruments held for trading, it will depend on whether the Group has made an irrevocable choice upon initial recognition to recognise investments in equity at fair value through other comprehensive income. The Group only reclassifies debt investments when the business model used to manage these assets changes. Upon initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not carried at fair value through profit or loss, transaction costs directly attributable to the acquisition of the financial asset. The transaction costs of financial assets at fair value through profit or loss are taken to income. Financial assets with embedded derivatives are recognised in full since their cash flows are deemed to comprise solely the payment of the principal and interest. a) Debt instruments The subsequent measurement of the debt instruments depends on the Group’s asset management business model and the nature of the cash flows on the asset. There are three measurement categories into which the Group classifies its debt instruments: • Amortised cost: assets held for collection of contractual cash flows when these cash flows only represent payments of principal and interest are measured at amortised cost. Income on these financial assets is included in finance income according to the effective interest rate method. Losses arising as a result of disposals are expensed directly. Impairment losses and the value are recorded in separate income statement captions. • Fair value through other comprehensive income (FVOCI): assets that are held for both collecting contractual cash flows and for selling the financial assets, when the cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income. Changes in the carrying amount are taken to other comprehensive income, except for recognition of impairment gains and losses, ordinary interest income and exchange gains or losses, which are recognised in the income statement. When financial assets are written off, the accumulated gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss and recognised in other gains/(losses). Income on these financial assets is included in finance income according to the effective interest rate method. Exchange gains and losses are taken to other gains/(losses) and impairment expenses are recorded in a separate income statement caption. • Fair value through profit or loss (FVTPL): assets that do not meet the amortised cost or fair value through other comprehensive income criteria are recognised at fair value through profit or loss. A gain or loss in a debt investment subsequently recognised at fair value through profit or loss is INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 17
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recognised net within other gains/(losses) in the year in which it arises. b) Equity instruments The Group subsequently measures all investments in equity at fair value. When Group management has chosen to present gains and losses in the fair value of investments in equity in other comprehensive income, gains and losses in fair value are not subsequently reclassified to profit or loss following derecognition in the investment accounts. Dividends on these investments continue to be recognised in profit or loss for the year with other income when the Group’s distribution entitlement is established. Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains/(losses) in the income statement where applicable. Impairment losses (and reversals of impairment losses) in equity investments measured at fair value through other comprehensive income are not recognised separately to other changes in fair value. c) Derivatives and hedging activities Cash flow hedges that qualify for hedge accounting. The effective part of the gain or loss on the hedging instrument classed as a cash flow hedge is recognised in the cash flow hedge reserve in equity. Gains or losses relating to the ineffective part are taken straight to income, under other income/(expenses). The amounts accumulated in net equity are reclassified in the years in which the hedged item affects income for the year, as follows: • When the hedged item subsequently leads to the recognition of a non-financial asset (such as inventories), the deferred hedging gains and losses are included in the initial cost of the asset. The deferred amounts are ultimately recognised in profit or loss for the year when the hedged item affects net income (e.g. through the cost of sales). • Gains or losses corresponding to the effective part of interest rate swaps hedging variable rate loans are recognised in the income statement under “finance costs” at the same time as the interest expense on the hedged loans. When a hedging instrument expires, is sold or ends, or when a hedge no longer meets the hedge accounting criteria, any accumulated deferred gain or loss and the deferred costs of the hedge in equity at that time remain in equity until the planned transaction occurs. When the planned transaction is no longer expected to happen, the accumulated gain or loss and the deferred hedging costs that were recognised in equity are reclassified straight away to profit or loss for the year. d) Impairment The Group assesses expected credit losses linked to debt instruments accounted for at amortised cost and at fair value through other comprehensive income on a forward-looking basis. The impairment methodology applied depends on whether there has been a significant increase in the credit risk. The Group applies the simplified approach to trade receivables permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Group assesses expected credit losses based on two parameters. The historical impairment rate uses a matrix broken down according to the age of the debt, with a historical default ratio for each of the tranches analysed (not due - 30-60 days, 60-120 days, 120-365 days and over 365 days). The Group uses the invoice date and the payment term stated on the invoice to draw up the matrix, analysing its collection or default. This matrix is also weighted with the increase or decrease in future collection days, based on the budgets and/or forecasts in use at any given time, so as to assess not only historical information but also forward-looking information that could impact on historical impairment. Budgeted future days are estimated based on the macroeconomic environment, expected sales combinations in geographical regions, expectations within the pool industry and expected customer performance, etc. j) FINANCIAL LIABILITIES i) Initial recognition and measurement Financial liabilities are classified at the date of their initial recognition, where applicable, as financial liabilities at fair value through profit or loss, bank borrowings, accounts payable or derivatives designated as hedging instruments in an effective hedge. All financial liabilities are initially recognised at fair value and directly attributable transaction costs on bank borrowings and accounts payable are netted. Group financial liabilities include trade and other payables, bank borrowings, including current account overdrafts, financial guarantee contracts and derivative financial instruments. ii) Subsequent measurement The measurement of financial liabilities depends on their classification, as follows. iii) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated in their initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trading if their purpose is to be repurchased in the short term. This category includes derivative financial instruments contracted by the Group which have not been designated as hedging instruments in the hedging relationships. Embedded derivatives that have been separated are also classified as held for trading, unless designated as effective hedging instruments. 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Gains and losses on liabilities held for trading are recognised in the income statement. Financial liabilities designated in the initial recognition at fair value through profit or loss are only designated at the initial recognition date if they meet the criteria established in IFRS 9. iv) Bank borrowings This is the most significant financial liability category for the Group. After initial recognition, bank borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in the income statement when the liabilities are derecognised, as well as the interest accrued using the effective interest rate method. Amortised cost is calculated taking into account any acquisition premium or discount and the instalments and costs that are an integral part of the effective interest method. Interest accrued in accordance with this effective interest rate method is included in Finance cost in the income statement. This category generally applies to bank borrowings with interest. v) Derecognition A liability is derecognised when the obligation is discharged, cancelled or expires. When an existing financial liability is replaced with another from the same lender with substantially different conditions, or when the conditions of an existing liability are modified significantly, this exchange or modification is treated like a derecognition of the original liability and the new obligation is recognised. The difference in the respective carrying amounts is recognised in the income statement. k) INVENTORIES Inventories are measured at the lower of acquisition or production cost and net realisable value. The purchase price comprises the amount invoiced by the seller, after deduction of any discounts, rebates or other similar items, such as interest incorporated into the nominal amount, and any additional costs incurred to bring the goods to a saleable condition, other costs directly attributable to the acquisition, as well as borrowing costs and indirect taxes not recoverable from the Spanish taxation authorities. Trade discounts granted by suppliers are recognised as a cost reduction of the acquired inventories as soon as it is probable that the necessary conditions for the discounts to qualify as such will be met, and the excess amount, if any, is recognised as a reduction in consumption in the consolidated income statement. The production cost of inventories includes the acquisition cost of raw materials and other consumables and the costs directly related to the units produced and a systematically calculated portion of either the variable or fixed indirect costs incurred during the transformation process. Indirect fixed costs are distributed based on whichever is higher: normal working conditions for the means of production, or production output. The cost of raw materials, other supplies, goods, and conversion are assigned to the different cash-generating units in inventories, based on the average weighted price method. The Group uses the same cost formula for all inventories having the same nature and similar use within the Group. When the cost of inventories exceeds net realisable value, an adjustment is made to profit or loss. Net realisable value is understood to be: • Row materials and other supplies: replacement cost. However, the Group does not make any adjustments if the finished products in which the raw materials are incorporated are expected to be sold at a price equivalent to their production cost or higher. • Good and finished products: estimated selling price, less costs to sell. • Work in progress: the estimated selling price of the related finished goods, less the estimated costs to complete production and costs to sell. The previously recognised reduction in value is reversed against profit or loss when the circumstances that previously caused inventories to be written down no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances. The reversal of the reduction in value is limited to the lower of the cost and the revised net realisable value of the inventories. l) CASH AND CASH EQUIVALENTS Cash and cash equivalents includes cash on hand and demand deposits at banks without significant availability restrictions. This caption also includes other short-term highly-liquid investments readily convertible into specific amounts of cash that do not mature beyond three months. For the purpose of the cash flow statement, demand bank overdrafts that are part of the Group's cash management and that are recorded in the consolidated statement of financial position as bank borrowings under financial liabilities are included as cash and cash equivalents. The Group classifies the cash flows from interest received and paid as operating activities, including interest from lease liabilities (see note 3 f) ii)), except for the interest received on loans granted for reasons other than the Group's ordinary activity. Dividends received from associates are classified as investing activities and dividends paid by the Company, as financing activities. m) OWN EQUITY INSTRUMENTS The acquisition by the Group of the Company’s equity instruments is presented separately at acquisition cost as a decrease in consolidated shareholders' equity in the INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 19
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consolidated statement of financial position. In the transactions entered into with own equity instruments no profit or loss is recognised in the consolidated income statement. Transaction costs related to own equity instruments, including issue costs related to a business combination, are recorded as a decrease in reserves, net of any tax effect. Subsequent repayment of the parent's equity instruments gives rise to a capital reduction for the amount of those shares, and the positive or negative difference between acquisition cost and the nominal amount of the shares is charged or credited to reserve accounts for retained earnings. Dividends related to equity instruments are recorded as a reduction in consolidated equity when they are approved by the shareholders in general meeting. n) GOVERNMENT GRANTS Grants awarded by public entities are recorded when there is reasonable assurance that the conditions associated with their awarding will be met and they will be received. i) Capital grants Capital grants awarded as monetary assets are recorded with a credit to the Government grants caption of the consolidated statement of financial position, and are recorded in the Other income caption as the corresponding financed assets are depreciated or amortised. ii) Operating grants Operating grants are recorded as a reduction in the expenses they finance. Grants received as compensation for expenses or losses incurred, or in order to provide immediate financial support not related to future expenses, are recorded with a credit to other income accounts. iii) Interest rate grants Financial liabilities comprising implicit assistance in the form of below-market interest rates are initially recognised at fair value. The difference between this value, adjusted where necessary for the issue costs of the financial liability and the amount received, is recognised as a government grant based on the nature of the grant awarded. o) EMPLOYEE BENEFITS i) Termination benefits Termination benefits are recognised at the earlier of the date from which the Group can no longer withdraw its offer and that on which it recognises the costs of a restructuring effort that will entail the payment of termination benefits. In respect of termination benefits as a result of the employees' decision to accept a voluntary redundancy offer, the Group is deemed unable to withdraw its offer at the earlier of the date on which the employees accept the offer and the date of effectiveness of some form of restriction on the Group's ability to withdraw the offer. In respect of involuntary termination, the Group is deemed unable to withdraw its offer when it has communicated the plan to the affected employees or their union representatives and the actions needed to complete the plan suggest that it is unlikely that there will be significant changes in the plan; the plan identifies the number of employees whose services are to be terminated, their job classification of function, their location and their expected termination date; and the termination benefits to be received by the laid-off employees have been established in sufficient detail to enable them to determine the type and amount of remuneration they will receive upon termination. If the Group expects to fully settle the termination benefits within 12 months after year end, the liability is discounted using the market returns for issues of high-rated bonds. ii) Termination benefits linked to restructuring processes Termination benefits related to restructuring processes are recognised when the Group has a constructive obligation, i.e. when there is a detailed formal plan for such process identifying at a minimum the business (or parts of the business) concerned, the main locations affected, the function and approximate number of employees who will be compensated for termination of their services, the termination benefits to be paid, the plan's implementation timing, and a valid expectation has been raised among those affected that the restructuring will be carried out either because the plan has started to be implemented or because the main features of the plan have been announced to those affected by it. iii) Other long-term employee benefits The Group has assumed payment to its employees of the obligations derived from the collective agreements to which certain Spanish Group companies are party, whereby the employees subject to them with at least 25 or 40 years of service in the company shall receive 45 or 75 days, respectively, of the last fixed salary. The Group has recorded the estimated liability for this commitment in the Provisions caption of the consolidated statement of financial position. Additionally, in accordance with prevailing regulations in the corresponding country, certain foreign group companies have commitments to their employees for retirement bonuses. The estimated liability is recorded in the above-mentioned caption whereby upon retirement, employees will receive an amount accrued over their working lives at the Company based on an accrued annual amount calculated by applying a ratio to the employee’s overall annual remuneration. The liability is recorded at the beginning of the year subject to the increase in the cost of living. Some of these commitments are financed through the payment of insurance premiums. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 20
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The liability for long-term employee benefits recorded in the consolidated statement of financial position corresponds to the present value of the obligations assumed at year end. In the case of subcontracted commitments, the liability for long- term employee benefits recorded in the consolidated statement of financial position corresponds to the present value of the defined benefit obligations existing at year end less the fair value of the plan assets at that date. The Group recognises as an expense or income accrued for long-term employee benefits the net amount of the service cost for the year, the net cost of interest and the recalculation of the measurement of the net liability for long-term benefits, as well as the one related to any reimbursement and the effect of any reduction or settlement of the commitments acquired. The present value of the obligations existing at year end and the service cost is calculated periodically by independent actuaries using the projected unit credit method. The discount interest rate is determined based on the market interest rates for issues of high-rated bonds, denominated in the currency in which the benefits will be paid and with maturity periods similar to those for the corresponding benefits. The reimbursement rights to some or all payment obligations for defined benefits are only recognised when collection is virtually certain. The asset or liability for defined employee benefits is recorded as current or non-current based on the realisation or maturity period of the corresponding benefits. iv) Short-term employee benefits The Group recognises the expected cost of short-term employee benefits as paid leave, the right to which accumulates from period to period, as employees render the services that vest the right to this remuneration. If paid leave is not cumulative, the cost is recognised as the leave is taken. The Group recognises the expected cost of the share in profit or employee bonus plans when it has a legal or constructive present obligation as a result of past events and a reliable estimate of the obligation can be made. p) PROVISIONS Provisions are recognised when the Group has a present obligation (legal or implicit) as a result of a past event; it is more probable than not that an outflow of resources embodying economic benefits will be required to settle the obligation; and the amount of the obligation can be reliably estimated. The amount recognised as a provision in the consolidated statement of financial position is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account all risks and uncertainties surrounding the amount to be recognised as a provision and, where the time value of money is material, the financial effect of discounting provided that the expenditure to be made each period can be reliably estimated. The discount rate is a pre-tax rate that reflects the time value of money and the specific risks for which future cash flows associated with the provision have not been adjusted at each reporting date. The financial effect of the provisions is recorded as a finance cost in profit or loss. The provisions do not include the tax effect, nor the disposal or abandonment of assets. The provision is reversed if it is less probable than not that an outflow of resources will be required to settle the obligation. The provision is reversed against the profit or loss caption in which the corresponding expense was recorded, and the surplus, if any, is recognised in the Other income caption. Our warranty policy complies with the legislation in each country where we market our products and usually lasts for a minimum of one year. In certain cases, and to adapt to the nature of the markets we serve, these warranties can be increased to up to three/five years if needed. The warranties given by Fluidra are assurance warranties, whereby Fluidra undertakes to deliver the product under the terms of the contract. Assurance warranties are calculated in accordance with historical fault rates and are quantified as the cost of raw materials and labour required to bring the product to compliance with the contract terms. They are recorded when the product is sold as a current liability. The historical rates are calculated annually and are applied to the different product ranges sold. q) SHARE-BASED PAYMENT TRANSACTIONS The Group recognises the goods and services received or acquired in a share-based payment transaction when it obtains the goods or as the services are received. If the goods or services are received as part of an equity-settled share-based payment, it recognises an increase in equity; if they are received as part of a cash-settled share-based payment, it recognises a liability along with a balancing charge in profit or loss or an asset in the consolidated statement of financial position. The delivery of equity instruments as consideration for the services performed by the employees of the Group or third parties providing similar services are measured by reference to the fair value of the equity instruments granted. Employee benefits paid in the form of equity instruments are recognised by applying the following criteria: • If the equity instruments granted vest immediately on the grant date, the services received are recognised with a charge to profit or loss, with a corresponding increase in equity. • If the equity instruments granted vest when the employees complete a specified service period, those services are accounted for during the vesting period, with a credit to equity accounts. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 21
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The Group measures the fair value of the instruments granted to employees at the grant date. Market-related vesting conditions and other non-determining vesting conditions are taken into account when measuring the fair value of the equity instruments granted. Vesting conditions, other than market conditions, are taken into account by adjusting the number of equity instruments included in the measurement of the transaction amount so that, ultimately, the amount recognised for services received is based on the number of equity instruments that eventually vest. Consequently, the Group recognises an amount for the services received during the vesting period based on the best available estimate of the number of equity instruments expected to vest, revising this estimate if the number of equity instruments expected to vest differs from previous estimates. Once the services received and the corresponding increase in equity have been recognised, no additional adjustments to equity are made after the vesting date, notwithstanding the corresponding reclassifications made in equity. r) RECOGNITION OF REVENUE FROM CONTRACTS WITH CUSTOMERS The Group has adopted IFRS 15 Revenue from contracts with customers since 1 January 2018, which has required certain accounting policies to be adapted. i) Sale of goods Revenue from the sale of goods is recognised when control of the goods is transferred to the customer. Delivery takes place when the products have been sent to the specified location, the risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the sales contract, the acceptance terms have expired or the Group has objective evidence that all acceptance criteria have been met. A receivable is recognised when the goods are delivered, as this is the moment when the consideration is unconditional because only the passing of time is needed before payment is due. Unless otherwise stated and specified in the sales contract, control of the products is considered to be transferred to the customer when the risk is transferred, according to the Incoterm (International Commercial Terms) applied. No differences are made for the type of product or customer. The most frequently used Incoterms are CIP, DAP, FCA and, to a lesser extent, FOB, CIF and EXW. When the customer is entitled to return the product within a specific period, the company is obliged to refund the acquisition cost. Ordinary income is adjusted by the expected value of the refunds and the cost of sales is adjusted by the value of the corresponding expected goods returns. Under IFRS 15, a refund liability is recognised for expected customer returns as an adjustment in ordinary income in trade and other payables. At the same time, the Group is entitled to recover the product from the customer when the customer exercises their right to return and recognises an asset and an adjustment relating to the sales cost. The asset is measured by reference to the former carrying amount of the product. Sales prices are based on a number of recommended rates for end customers, to which discounts are applied for our customers according to the volume of business they do with us and the type of product they buy from us. A scale of additional incentives is also applied to large accounts, depending on the purchase volumes they reach. These incentives are negotiated yearly. Under IFRS 15, an entity estimates the variable consideration (volume discounts, prompt payment discounts, rebates, etc.) using whichever of the following methods it believes predicts the amount of consideration to which it will be entitled: • Expected value: is the total probability-weighted amount based on a range of possible consideration amounts. • Most likely amount: is the single most likely amount. In our business, we use the expected value method in the majority of cases, in accordance with IFRS 15. Volume discounts is the most relevant category in the key customer segment, and we specifically apply different scenarios based on sales from the last budget or projection, corrected according to actual sales. Prompt payment discounts are recognised based on the most likely amount in play if a customer does or does not take advantage of the discount. Historical rates for each of the companies and/or markets comprising the Group are used for other types of discount (trade discounts, sales, etc.). In addition, pool professionals in the American market who purchase via our distributors are offered a points programme based on the volume of purchases, which can be redeemed for rebates, products, company merchandising or travel. This points programme (loyalty programme) is treated as a performance obligation, as our customer has the right to receive the consideration included in this programme. Income is recognised as the loyalty points are redeemed or expire. The points given are corrected for the historical percentage of points that are not redeemable and are measured according to the sales price of the products delivered and/or the discounts granted. ii) Services rendered Income from services is recognised in the year in which they are rendered. In the case of fixed-price contracts, revenue is recognised on the basis of the actual service rendered until the end of the reporting period, as a percentage of the total services to be rendered. This is calculated based on the actual total costs incurred in relation to expected total costs. Some contracts include multiple deliverables, such as installation services. However, installation is simple, does not entail an integration service and could be carried out by a third INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 22
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party. Therefore, it is recognised as a separate execution obligation. In this case, the transaction price is allocated to each execution obligation based on independent sales prices. When these are not directly discernible, they are estimated based on the expected cost plus margin. If the circumstances change, the estimated revenue, costs and degree of completion is reviewed. Any resulting increase or decrease in revenue or estimated costs is reflected in profit or loss for the year in which management becomes aware of the circumstances calling for the review. With fixed-price contracts, the customer pays the fixed amount in line with a payment schedule. If the services rendered by the Group exceed the payment, a contract asset is recognised. If payments exceed the services rendered, a contract liability is recorded. iii) Financial components The Group does not expect to have any contracts in which the period between the transfer of goods and services promised to the customer and the payment received exceeds one year. Therefore, the Group does not adjust any of the transaction prices on account of the time value of money. iv) Dividend income Income from dividends on investments in financial instruments are recognised in profit or loss when the Group's right to receive payment is established. s) INCOME TAX Tax expense/(income) comprises current tax and deferred tax. Current tax is the income tax payable (recoverable) in respect of consolidated taxable profit (tax loss) for the year. Current tax liabilities and assets are measured at the amount expected to be paid or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are income tax payable in future periods in respect of taxable temporary differences, while deferred tax assets are income tax recoverable in future periods in respect of deductible temporary differences, the carryforward of unused tax losses and the carryforward of unused tax credits. Temporary differences are defined as differences between the carrying amount of an asset or liability in the statement of financial position and its tax base. Current and deferred tax is recognised in profit or loss, unless the tax arises from a transaction or economic event which is recognised, in the same or a different period, directly in consolidated equity or a business combination. Tax credits on the income tax granted by public entities as a decrease on the amount payable for this tax are recognised as a decrease in the income tax expense when there is reasonable assurance that the conditions related to the right to deduction will be met. In certain territories, the Group has availed itself of the consolidated tax regime, as mentioned in note 27. i) Recognition of taxable temporary differences A deferred tax liability is recognised for all taxable temporary differences, except: • To the extent that the deferred tax liability arises from the initial recognition of goodwill, or the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). • To the extent that the deferred tax liability relates to taxable temporary differences associated with investments in subsidiaries or joint ventures where the Group has the capacity to control the date of reversal and it is not probable that reversal will happen in the foreseeable future. ii) Recognition of deductible temporary differences Deferred tax assets are recognised provided that: • It is probable that sufficient future taxable profit will be available against which they can be utilised, unless the differences arise from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). • They relate to deductible temporary differences associated with investments in subsidiaries or joint ventures to the extent that temporary differences will be reversed in the foreseeable future and future taxable profit will be available to offset the differences. Tax planning opportunities are only considered for the purpose of assessing the recoverability of deferred tax assets if the Group intends to use them or it is probable that it will use them. iii) Measurement Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period and factoring in the tax consequences that would follow from the manner in which the Group expects to recover or settle the carrying amount of its assets and liabilities. The Group reviews the carrying amounts of its deferred tax assets at the end of each reporting period with a view to reducing these carrying amounts to the extent that it is no longer probable that sufficient taxable profit will be available to allow part or all of the assets to be utilized. Deferred tax assets that do not satisfy the above conditions are not recognised in the consolidated statement of financial position. At the end of each reporting period, the Group INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 23
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reassesses unrecognised deferred tax assets to determine whether the recognition criteria have been met. iv) Offsetting and classification The Group only offsets current tax assets and current tax liabilities if it has a legally enforceable right to offset the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group only offsets deferred tax assets and liabilities if it has a legally enforceable right, when they relate to income taxes levied by the same tax authority and on the same taxable entity and when the tax authority permits the Group to make or receive a single net payment, or to recover the assets and settle the liabilities simultaneously in each future year in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. t) OFFSETTING OF ASSETS AND LIABILITIES, INCOME AND EXPENSE Assets and liabilities and income and expense are not offset, unless offsetting is required or allowed by a standard or interpretation. u) CLASSIFICATION OF CURRENT AND NON-CURRENT ASSETS AND LIABILITIES The Group classifies assets and liabilities in the consolidated statement of financial position as current and non-current. For these purposes, assets and liabilities are classified as current in accordance with the following criteria: • Assets are classified as current when they are expected to be realised or are intended for sale or consumption in the Group's normal operating cycle, they are held primarily for trading, they are expected to be realised within 12 months from the reporting date, or are cash or cash equivalents, unless they are restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date. • Liabilities are classified as current when they are expected to be settled in the Group's normal operating cycle, they are held primarily for the purpose of trading, they are due to be settled within 12 months after the reporting period, or the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. • Financial liabilities are classified as current liabilities when they are due to be settled within 12 months after the reporting date, even if the original term was for a period longer than 12 months, and an agreement to refinance, or to reschedule payments, on a long-term basis is completed after the reporting period and before the interim condensed consolidated financial statements are authorised for issue. • Deferred tax assets and deferred tax liabilities are recognised in the consolidated statement of financial position as non- current assets and non-current liabilities, irrespective of the expected date of recovery or settlement. v) SEGMENT REPORTING An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group's chief operating decision maker to make decisions about resources to be allocated to the segment, assess its performance, and for which discrete financial information is available. w) ENVIRONMENTAL ISSUES The Group carries out activities whose primary purpose is to prevent, reduce or repair damages caused to the environment from its operations. For further details on Fluidra’s Sustainability Master Plan and the relevant non-financial data, refer to section 2 "Environmental information" of the Consolidated Non-Financial Information Statement and sustainability information included in the Sustainability Report within the Consolidated Directors’ Report. Expenses incurred for environmental activities are recognised under Other operating expenses during the year in which they are incurred. Property, plant and equipment acquired by the Group for long- term use to minimise the environmental impact of its activity and protect and improve the environment, including the reduction and elimination of future pollution from the Group's activities, are recognised as assets applying the measurement, presentation and disclosure criteria described in section (c) above. Where appropriate, the Group records provisions for environmental activities when such expenses are known in the same year or previous year, and when the related concepts are clearly specified. These provisions are recorded based on the criteria indicated in section (p) Provisions of this note. Compensation to be received by the Group in connection with environmental obligations is recognised as an amount receivable in assets on the consolidated statement of financial position, provided that there is no doubt as to whether this compensation will actually be received, and that it does not exceed the amount of the recorded obligation. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 24
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4. SEGMENT REPORTING The Fluidra Group's organisational structure is organised into four divisions, three of them covering a geographical approach, which manage the Group's sales and distribution activity, and the fourth one, which comprises the manufacturing and logistics chain for the whole Group. A manager is assigned to each division and they report directly to the Management Advisory Committee, maintaining regular contact to deal with operations, operating results and financial profit/(loss), forecasts and plans for each segment. The Management Advisory Committee monitors financial information based on the following division structure. The Business Divisions are EMEA, North America and APAC. The EMEA segment (Europe, Middle East & Africa) relates to Europe, Africa (excluding South Africa) and South America, including mature markets showing more modest growth and a larger market share where the strategy is to improve profitability through operating leverage, and also other emerging markets with higher growth expectations. The North America segment relates to the United States and Canada and centres on increasing market share in the world’s largest swimming-pool market, taking advantage of the growth in connected pools, customer loyalty and an increase in product range. The APAC (Asia-Pacific) segment’s main markets are Australia, Asia and South Africa. This segment includes mature markets showing more modest growth, but a smaller market share than in European markets, and emerging markets with greater growth expectations due to new pool construction and a bigger focus on public pools in Asian markets. Lastly, the Operations Division, which is mainly located in Spain, France and China, focuses on increasing cost efficiency through the rationalisation of production plant structure, improving quality, demand planning and the streamlining of industrial assets. This organisational structure also affects identification of the Group’s CGUs (see note 8). In addition to the four segments mentioned above, the holding, real estate and/or services companies (where there are no operational or sales activities and which do not generate significant revenue for third parties) are included in the shared services caption. This breakdown is provided for the purposes of reconciling the segment information in the total consolidated figures in the financial statements, as it does not constitute an operating segment under IFRS 8. The inter-segment selling prices are established based on standard terms and conditions available to unrelated third parties. The difference between the sum of the items of the different business segments and the total thereof in the consolidated income statement corresponds to the Shared services caption and to intra-segment consolidation adjustments, basically the sales between the Operations division and the Sales divisions, and their corresponding margin adjustment in inventories, as well as other adjustments derived from the business combinations and consolidation. The Management Advisory Committee uses adjusted EBITDA to measure the segment results. As well as the financial information prepared under IFRS-EU, Fluidra also prepares alternative performance measures (APMs), as defined in the guidelines issued by the European Markets and Securities Authority (ESMA). For further information about definitions, relevance of use and the reconciliation of APMs, go to: Alternative performance measures 2025. Amortisation/ depreciation and impairment losses are linked to the assets directly allocated to the segment activity, excluding the impact of allocating the acquisition price of business combinations and investment portfolio provisions. Net financial profit/(loss) and income tax expense are not allocated by segment, as these activities are dealt with by the Group's central departments. Intangible assets, deferred taxes, goodwill, provisions and financial assets and liabilities are not allocated by segment, as they are dealt with at Group level. Each segment manages non- current property, plant and equipment, inventories, trade and other receivables and trade and other payables (the segment’s net assets). Intangible assets that reflect the fair value of the acquired customer portfolios are monitored centrally by the central finance department and not by the segment, where only the business management of these portfolios is carried out. The CGU manager is in charge of the business management of the customer portfolio (at CGU level), whether from business combinations or as a result of organic growth, via the business network in each of the territories where it operates. Under no circumstances is a distinction made between whether the portfolio comes from a business combination or not, so the intangible asset is not allocated for internal monitoring of the segment. A breakdown of the Group’s segment information for 2025 and 2024 is shown in Appendix II and Appendix III to these interim condensed consolidated financial statements. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 25
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5. BUSINESS COMBINATIONS AND SALES OF GROUP COMPANIES The breakdown of transactions resulting in a business combination in 2025 and 2024 is as follows: 2025 On 9 January 2025, the purchase of 100% of BAC pool systems Holding AG, BAC pool systems AG, and BAC pool systems GmbH ("BAC") was finalised. BAC is a well-known manufacturer and designer of automatic; manual and safety covers for residential and commercial pools and operates in Germany and Switzerland. This acquisition helps Fluidra strengthen its standing in the pool cover market in central Europe. This is a sustainable product that is increasingly in demand, as the covers significantly reduce water evaporation and loss of heat from swimming-pools, leading to savings in water replacement and energy. The acquisition price involved an initial outlay of CHF 17,717 thousand (€19,213 thousand), with a deferred payment of CHF 2,054 thousand (€2,182 thousand). Due to commercial and management synergies, this acquisition has been integrated into the Europe CGU. On 7 May 2025, the purchase of 100% of the shares of Pooltrackr Pty, LTD ("Pooltrackr") was finalised. Pooltrackr is a state-of-the-art Software-as-a-Service (SaaS) platform that streamlines every aspect of operations for pool and spa sales and services professionals, with a solid and expanding customer base in Australia and New Zealand. This acquisition backs up Fluidra’s commitment to digital innovation and strengthens its lead position in providing a connected pool experience. The acquisition price involved an initial outlay of AUD 11,000 thousand (€6,180 thousand). As this entity’s business is completely unrelated to the other Group companies, which essentially market/manufacture pool accessories and products, it has been kept as a separate CGU, as it is managed independently. On 31 October 2025, the subsidiary Fluidra Waterlinx, PTY LTD executed two asset purchase agreements, acquiring Power Plastics Propietary Limited and Power Plastic Trading Propietary Limited ("Power Plastics"). These companies have a solid track record in pool covers and related products and thus complement Fluidra’s current portfolio. The acquisition price involved an initial outlay of ZAR 30,324 thousand (€1,513 thousand). Due to commercial and management synergies, this acquisition has been integrated into the Asia-Pacific CGU. During the period comprised between the date of acquisition and 31 December 2025, the acquired business has generated consolidated total sales of goods and finished products amounting to €11,117 thousand and consolidated total profit after tax amounting to €80 thousand. If the acquisition had occurred on 1 January 2025, the Group's sales of goods and finished products would have increased by €1,826 thousand and consolidated profit after tax would have increased by €154 thousand. The breakdown of the consideration paid, of the fair value of the net assets acquired and goodwill for the business combinations carried out during the year ended 31 December 2025 is as follows: Consideration paid Cash paid 26,906 Deferred price 2,182 Total consideration paid 29,088 F a i r v a l u e o f n e t a s s e t s a c q u i r e d ͏ 21,004 Goodwill 8,084 The intangible assets that were not recorded separately from goodwill and were therefore included in it since they do not meet the separability criterion required by IFRS-EU mainly relate to the workforce and synergies of the acquired business. The business combinations’ accounting is definitive. The main differences between the carrying amounts of the businesses acquired during the year ended 31 December 2025 and their fair values relate to a property and land, a customer portfolio and technology. The income approach with a remaining useful life of 44 years and a 3.85% interest rate has been used by an independent expert to appraise the property. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 26
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The customer portfolios have been valued by an independent expert using the MPEE method (multi-period excess earnings). The following assumptions were used: BAC Pooltrackr Power Plastics Sales CAGR 3.3% 37.2% 3.5% Discount rate 11.5% 15.3% 16.7% Tax rate 25.0% 30.0% 27.0% Loss rate 4.3% 4.4% 14.9% Royalty rate — 16.5% — The amounts that have been recorded in the consolidated statement of financial position at the date of acquisition of the assets, liabilities and contingent liabilities of the businesses acquired during the year ended 31 December 2025, by significant categories, are as follows: Thousands of euros Property, plant and equipment 17,378 Other intangible assets 4,065 Right-of-use assets 261 Non-current financial assets 21 Other non-current receivables 8,801 Deferred tax assets 13 Inventories 2,406 Trade and other receivables 537 Cash and cash equivalents 2,125 Total assets 35,607 Non-current lease liabilities 261 Deferred tax liabilities 3,009 Non-current provisions 103 Other non-current liabilities 8,486 Bank borrowings and other marketable securities - current 16 Trade and other payables 2,086 Current provisions 642 Total liabilities and contingent liabilities 14,603 Total net assets 21,004 Total net assets acquired 21,004 Paid in cash 26,906 Cash and cash equivalents acquired 2,125 Cash paid for the acquisitions 24,781 In the year ended 31 December 2025, cash was disbursed in connection with the acquisition of subsidiaries in prior years and non-controlling interests for €4,102 thousand. In line with Fluidra’s strategy of divesting non-core activities, on 5 June 2025 the Portuguese company Ecohídrica, Tecnologias da água LDA was sold for €115 thousand. Details of the sale of the abovementioned company are as follows: Consideration received Cash collected 10 Deferred price 105 Total consideration received 115 F a i r v a l u e o f n e t a s s e t s d i s p o s e d o f ͏ ͏͏͏͏͏ 228 L o s s o n t h e s a l e͏͏͏͏͏͏ (113) The amounts that have been derecognised in the consolidated statement of financial position at the date of disposal of the assets, liabilities and contingent liabilities of the businesses sold, by significant class, are as follows: Thousands of euros Property, plant and equipment 321 Other intangible assets 29 Right-of-use assets 103 Inventories 139 Trade and other receivables 149 Cash and cash equivalents 16 Total assets 757 Bank borrowings and other marketable securities - non-current 39 Non-current lease liabilities 71 Bank borrowings and other marketable securities - current 79 Current lease liabilities 33 Trade and other payables 307 Total liabilities and contingent liabilities 529 Total net assets 228 Total net assets disposed of 228 Amount received in cash 10 Cash and cash equivalents disposed of 16 Cash flow generated by the sale (6) At 31 December 2025, €31.5 thousand has been collected of the total deferred price on the sale of businesses in the year ended 31 December 2025. 2024 Fluidra Group Australia Pty Ltd, a subsidiary owned in full and indirectly by Fluidra, S.A., signed a purchase agreement on 1 February 2024 to acquire the business of Chadson Engineering Pty Ltd, a renowned designer and manufacturer of granular and regenerative filtration systems in Australia. This acquisition complements Fluidra’s range of products for commercial pools and improves its capacity to offer a wide range of solutions to customers in the Asia-Pacific region. The acquisition price involved an initial outlay of AUD 3,900 thousand (€2,413 thousand), with a deferred payment of AUD 1,700 thousand (€1,051 thousand). Due to commercial and management synergies, this acquisition was integrated into the Asia-Pacific CGU. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 27
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On 29 November 2024, an agreement was signed to purchase 100% of the share capital of the Portuguese companies Dini & Lulio, LdA, Ecohídrica, Tecnologias da Agua LdA, Kreative Techk, LDA, and NCWG, Sistemas de Gestão de Água, LDA (jointly, the NCWG Group). The NCWG Group is one of the leading swimming-pool distributors in Portugal. This acquisition enables Fluidra to expand its product offering and customer portfolio and strengthen its geographical presence in the country. The acquisition price involved an initial outlay of €800 thousand, with a deferred payment of €804 thousand. Due to commercial and management synergies, this acquisition was integrated into the Europe CGU. During the period comprised between the date of acquisition and 31 December 2024, the acquired businesses generated consolidated total sales of goods and finished products amounting to €915 thousand and consolidated total profit after tax amounting to €140 thousand. If the acquisition had occurred on 1 January 2024, the Group's sales of goods and finished products would have increased by approximately €13 million and consolidated profit after tax would have decreased by around €0.7 million. The breakdown of the consideration paid, of the fair value of the net assets acquired and goodwill for the business combinations carried out during the year ended 31 December 2024 is as follows: Consideration paid Cash paid 3,213 Deferred price 1,855 Total consideration paid 5,068 F a i r v a l u e o f n e t a s s e t s a c q u i r e d ͏ 265 Goodwill 4,803 The intangible assets that were not recorded separately from goodwill and were therefore included in it since they do not meet the separability criterion required by IFRS-EU mainly relate to the workforce and synergies of the acquired business. At 31 December 2024, accounting of the Chadson Engineering business combination is final, whereas accounting of the NCWG Group business combination was still provisional. At 31 December 2025, following restatement (see nota 2 b), this business combination is now definitive. The main differences between the carrying amounts of the businesses acquired during the year and their fair values related to customer portfolios and brands. The customer portfolios were valued by an independent expert using the MPEE method (multi-period excess earnings). The fair value of the brands was also based on valuations made by an independent expert using the royalty relief method. The following assumptions were used: Chadson NCWG Sales CAGR 5,0% - 10,0% 3.2% Discount rate 13.3% 13.0% Tax rate 30.0% 21.3% Loss rate 2,7% - 6,4% 8.6% Royalty rate 4.9% — The amounts that were recorded in the consolidated statement of financial position at the date of acquisition of the assets, liabilities and contingent liabilities of the businesses acquired during the year ended 31 December 2024, by significant categories, were as follows: Thousands of euros Property, plant and equipment 1,359 Other intangible assets 3,215 Right-of-use assets 244 Non-current financial assets 9 Inventories 3,366 Trade and other receivables 1,459 Cash and cash equivalents 151 Total assets 9,803 Bank borrowings and other marketable securities - non-current 148 Non-current lease liabilities 244 Non-current provisions 200 Deferred tax liabilities 898 Bank borrowings and other marketable securities - current 2,834 Trade and other payables 3,338 Current provisions 544 Total liabilities and contingent liabilities 9,538 Total net assets 265 Total net assets acquired 265 Paid in cash 3,213 Cash and cash equivalents acquired 151 Cash paid for the acquisitions 3,062 In the year ended 31 December 2024 cash was disbursed in connection with the acquisition of subsidiaries in prior years and non-controlling interests for €2,630 thousand. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 28
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6. PROPERTY, PLANT AND EQUIPMENT Details of property, plant and equipment and movement during 2025 and 2024 are as follows: Thousands of euros Balances at 31.12.2024 Business combinations Additions Disposals Transfers Exchange gains/(losses) Balances at 31.12.2025 Cost Land and buildings 56,206 15,700 265 (937) 115 (799) 70,550 Plant and machinery 186,700 3 7,946 (4,139) 5,100 (5,207) 190,403 Other installations, tools and furniture 203,033 1,589 7,615 (1,742) 7,681 (7,920) 210,256 Other PPE 27,953 25 3,826 (1,395) 1,122 (653) 30,878 Under construction 21,783 61 21,379 (1,945) (16,074) (1,182) 24,022 495,675 17,378 41,031 (10,158) (2,056) (15,761) 526,109 Accumulated amortisation Buildings (24,570) — (3,256) 442 270 403 (26,711) Plant and machinery (122,837) — (12,590) 3,164 (86) 3,622 (128,727) Other installations, tools and furniture (134,944) — (12,697) 1,536 10 4,452 (141,643) Other PPE (18,839) — (3,894) 1,358 150 451 (20,774) (301,190) — (32,437) 6,500 344 8,928 (317,855) Carrying amount 194,485 17,378 8,594 (3,658) (1,712) (6,833) 208,254 Thousands of euros Balances at 31.12.2023 Business combinations Additions Disposals Transfers Exchange gains/(losses) Balances at 31.12.2024 Cost Land and buildings 64,537 84 409 (357) (8,735) 268 56,206 Plant and machinery 160,813 950 11,317 (3,709) 15,793 1,536 186,700 Other installations, tools and furniture 193,278 49 11,480 (7,481) 2,087 3,620 203,033 Other PPE 29,330 276 3,204 (5,646) 1,050 (261) 27,953 Under construction 23,805 — 11,981 (181) (14,196) 374 21,783 471,763 1,359 38,391 (17,374) (4,001) 5,537 495,675 Accumulated amortisation Buildings (29,108) — (1,419) — 6,080 (123) (24,570) Plant and machinery (102,541) — (11,936) 3,472 (10,627) (1,205) (122,837) Other installations, tools and furniture (133,907) — (12,280) 7,227 5,957 (1,941) (134,944) Other PPE (20,871) — (3,368) 5,556 (285) 129 (18,839) (286,427) — (29,003) 16,255 1,125 (3,140) (301,190) Carrying amount 185,336 1,359 9,388 (1,119) (2,876) 2,397 194,485 During the year ended 31 December 2025, approximately €3,745 has been invested in molds for new products (€3,931 thousand during 2024). The investments in several production plants (€22,436 thousand) and machinery to improve the production process (€5,413 thousand) should be noted (€14,506 thousand and €7,238 thousand, respectively, in 2024). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 29
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A) PROPERTY, PLANT AND EQUIPMENT PLEDGED AS GUARANTEES At 31 December 2025 and 2024, no property, plant and equipment items are mortgaged or pledged as guarantees. B) INSURANCE The consolidated Group has taken out insurance policies to cover the risks to which its property, plant and equipment items are exposed. The coverage of these policies is considered sufficient. C) FULLY DEPRECIATED ASSETS The cost of fully depreciated property, plant and equipment items still in use at 31 December 2025 and 2024 is as follows: Thousands of euros 2025 2024 Buildings 11,735 10,986 Plant and machinery 90,927 90,677 Other installations, tools and furniture 112,672 113,286 Other property, plant and equipment 17,127 16,683 232,461 231,632 D) PROPERTY, PLANT AND EQUIPMENT LOCATED ABROAD At 31 December 2025, items of property, plant and equipment located outside Spain have a carrying amount of €105,955 thousand (€97,089 thousand at 31 December 2024). E) GAINS/(LOSSES) ON DISPOSALS OF FIXED ASSETS Gains/(losses) on disposals of fixed assets during the year ended 31 December 2025 essentially relate to profit of €3,341 thousand and profit of €1,824 thousand on the sale of two properties in Italy and Germany, respectively. No individually significant fixed assets were disposed of during the year ended 31 December 2024. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 30
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7. INVESTMENT PROPERTY Details of the investment property accounts and movement during 2025 and 2024 are as follows: Thousands of euros Balances at 31.12.2024 Additions Impairment Transfers Exchange gains / (losses) Balances at 31.12.2025 Cost Land 4,582 — — 1,136 — 5,718 Buildings 9,650 — — — — 9,650 14,232 — — 1,136 — 15,368 Accumulated amortisation Buildings (8,457) (78) — (332) — (8,867) (8,457) (78) — (332) — (8,867) Carrying amount 5,775 (78) — 804 — 6,501 Thousands of euros Balances at 31.12.2023 Additions Impairment Transfers Exchange gains / (losses) Balances at 31.12.2024 Cost Land 1,790 — 7 2,820 (35) 4,582 Buildings 6,223 18 — 3,409 — 9,650 8,013 18 7 6,229 (35) 14,232 Accumulated amortisation Buildings (5,069) (58) — (3,330) — (8,457) (5,069) (58) — (3,330) — (8,457) Carrying amount 2,944 (40) 7 2,899 (35) 5,775 The fair value of investment property does not substantially differ from the carrying amount. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 31
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8. GOODWILL AND OTHER INTANGIBLE ASSETS Movement in the Goodwill and Other intangible assets accounts during 2025 and 2024 is as follows: a) GOODWILL Thousands of euros Balances at 31.12.2024 Business combinations Additions Disposals Impairment Exchange gains/(losses) Balances at 31.12.2025 Carrying amount Goodwill 1,343,985 8,084 — — — (83,523) 1,268,546 Thousands of euros Balances at 31.12.2023 Business combinations Additions Disposals Impairment Exchange gains/(losses) Balances at 31.12.2024 Carrying amount Goodwill 1,297,026 4,803 — — — 42,156 1,343,985 b) OTHER INTANGIBLE ASSETS Thousands of euros Balances at 31.12.2024 Business combinations Additions Disposals Impairment Transfers Exchange gains / (losses) Balances at 31.12.2025 Cost Development expenses for work in progress 178,785 — 23,270 (5,556) (1,836) 288 (13,635) 181,316 Relations with customers/ Contractual relations 854,918 299 — (6,189) — — (88,544) 760,484 Computer software 68,651 362 3,835 (600) — 3,278 (1,665) 73,861 Patents, Trademarks and Other intangible assets 336,188 3,404 3,459 (1,379) 40 (2,264) (33,043) 306,405 1,438,542 4,065 30,564 (13,724) (1,796) 1,302 (136,887) 1,322,066 Accumulated amortisation Product development expenses (89,372) — (17,173) 5,258 — (129) 7,176 (94,240) Relations with customers/ Contractual relations (390,855) — (46,408) 6,189 — (977) 40,503 (391,548) Computer software (55,345) — (6,426) 263 — (424) 1,501 (60,431) Patents, Trademarks and Other intangible assets (32,460) — (11,738) 1,078 — 1,136 4,242 (37,742) (568,032) — (81,745) 12,788 — (394) 53,422 (583,961) Carrying amount 870,510 4,065 (51,181) (936) (1,796) 908 (83,465) 738,105 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 32
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Thousands of euros Balances at 31.12.2023 Business combinations Additions Disposals Impairment Transfers Exchange gains / (losses) Balances at 31.12.2024 Cost Development expenses for work in progress 154,504 — 21,060 (2,906) (229) (109) 6,465 178,785 Relations with customers/ Contractual relations 807,959 2,845 59 — — (1,540) 45,595 854,918 Computer software 62,338 — 5,764 (750) — 501 798 68,651 Patents, Trademarks and Other intangible assets 312,993 370 6,851 (2,224) — 2,018 16,180 336,188 1,337,794 3,215 33,734 (5,880) (229) 870 69,038 1,438,542 Accumulated amortisation Product development expenses (71,882) — (16,992) 2,906 — (31) (3,373) (89,372) Relations with customers/ Contractual relations (318,684) — (51,925) — — (1,051) (19,195) (390,855) Computer software (48,673) — (6,221) 688 — (450) (689) (55,345) Patents, Trademarks and Other intangible assets (21,988) — (11,916) 2,191 — 627 (1,374) (32,460) (461,227) — (87,054) 5,785 — (905) (24,631) (568,032) Carrying amount 876,567 3,215 (53,320) (95) (229) (35) 44,407 870,510 There are no intangible assets pledged as guarantees, except for those mentioned in Note 18. Additions to product development expenses in the year ended 31 December 2025 amounting to €23,270 thousand (€21,060 thousand in 2024) relate to work performed by the Group and capitalised as non-current assets, and are included in said caption of the consolidated income statement. At 31 December 2025, additions to accumulated amortisation include €57,3936 thousand relating to the amortisation of intangible assets generated by business combinations. This result from allocating the purchase price to the assets and liabilities acquired (€63,423 thousand at 31 December 2024). The cost of fully amortised intangible assets still in use at 31 December 2025 and 2024 is as follows: Thousands of euros 2025 2024 Development expenses for work in progress 69,197 70,238 Computer software 48,142 44,187 Patents, trademarks and other intangible assets 28,797 30,633 146,136 145,058 At 31 December 2025, intangible assets located outside Spain have a carrying amount of €710,741 thousand (€842,163 thousand at 31 December 2024). c) IMPAIRMENT AND ALLOCATION OF GOODWILL TO CGUs i) CGU structure The CGU structure is as follows: • North America North America represents both a segment and a separate CGU, based on the territory's high level of independence in terms of trademarks used and the range of products managed from the region. This impacts on how its performance is measured (segment) and also how cash flows are managed with regard other business units (CGUs). This segment includes the American business (USA and Canada) from the merger with Zodiac. Subsequent business combinations in the American market have been assigned to this CGU due to the highly interrelated nature of the business in the USA and the centralised management of the different entities acquired. • Europe Europe has characteristics that make a grouping of the sub- regions (countries or groups of countries) included therein appropriate and therefore considered as a single CGU: - Shared business objectives and policies that are set at this level. - Agility in the designation of roles and responsibilities, as these responsibilities are commonly redefined and/or reassigned. - Markets with similar characteristics. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 33
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The main countries included in this CGU are Spain, Italy, France, Belgium, Germany, Austria, Switzerland, Denmark, Portugal, Hungary, Poland and the Czech Republic. • Operations Relevant decisions for production operations are taken at a centralised level, with the Global Distribution entity (Fluidra Global Distribution, S.L.U.) as the decision-making unit considered to be the most independent. The decision-making margin held by each individual production unit is therefore reduced. Although this unit brings together different production units that differ somewhat in terms of the technologies used in each of them, it is the Global Distribution entity that draws up the contracting terms between them and the business entities included in Europe, EMEA expansion, Asia-Pacific and North America. The Global Distribution entity also allocates production to the different geographical regions. It is possible in the future that these technologies will be subject to some integration, meaning that differentiation in such a scenario would be diluted. This CGU includes production entities and logistics centres in Spain, France and China. • Asia–Pacific Asia-Pacific is considered highly independent from other CGUs, where no international customers are shared, no international regulations apply, and no processes are relocatable to other geographical areas. These territories are highly interdependent in the sense that key policies and decisions are made jointly and there is a single unit in charge that brings together South Africa, Australia and Asia. This CGU includes the following territories: Australia, New Zealand, South Africa, Thailand, Malaysia, Singapore, Indonesia and Vietnam. • EMEA expansion This CGU includes Brazil, Mexico, the Arab Emirates, Morocco, Turkey, Greece, India, Egypt, Romania, Colombia, Cyprus and Chile, among others. It includes relatively small legal entities with little structure (apart from the business structure) where the Sales and Purchasing Policies, and financial and risk management are jointly carried out by an area manager who allocates resources and decides on the policies to be applied in each of these countries and/or legal entities. Area managers and the sales and purchasing policies and financial and risk management are separate from those in Europe. • SIBO Fluidra Netherlands B.V. This CGU is a legal entity with no groups of smaller assets that generate separate cash flows. Although this entity is part of the European level, it is a separate CGU as it is managed independently. This entity is increasingly integrated into the European network, but a significant portion of its sales centre on natural pools, unlike the rest of Fluidra's European distribution network, which is why it has remained a separate CGU up until now. • Certikin International, LTD This CGU is a legal entity with no groups of smaller assets that generate separate cash flows. Although this entity is part of the European level, it is a separate CGU as it is managed independently. In this entity, products are marketed by third parties and sold under the Certikin brand, unlike the other entities in the European CGU, where the product is manufactured by the Group and is generally marketed under the AstralPool and/or Zodiac brand. Brexit has heightened the idiosyncrasies of the UK market, which must be managed differently from the rest of Europe. • Pooltrackr Pty, LTD This CGU is a legal entity with no group of smaller assets that generate separate cash flows. Although this entity is part of the Asia-Pacific level, it is a separate CGU as it is managed independently. This company develops and markets a software platform that streamlines operations and control activities of pool and spa sales and services professionals. The other companies in the Asia-Pacific CGU essentially market/manufacture pool accessories and products. The Group has allocated goodwill to its CGUs in accordance with IAS 36, where a CGU is defined as a smaller identifiable group of assets which generates cash inflows that are largely independent of those from other assets or groups of assets. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 34
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A breakdown of goodwill allocated by CGU at 31 December 2025 and 31 December 2024 is as follows: Thousands of euros Segment 31.12.25 31.12.24 North America North America 632,111 714,860 Europe EMEA 329,769 326,440 Operations Operations 186,562 186,562 Asia - Pacific APAC 67,913 67,612 EMEA expansion EMEA 39,921 39,926 SIBO Fluidra Netherlands B.V. EMEA 5,048 5,048 Certikin International, LTD EMEA 3,382 3,537 Pooltrackr Pty, LTD APAC 3,840 — Total 1,268,546 1,343,985 Movement in goodwill is essentially due to the acquisition of BAC, Pooltrackr and Power Plastics (see note 5) and the currency translation differences arising on the goodwill denominated in foreign currency, chiefly as a result of fluctuations in US dollar exchange rates. ii) Impairment The recoverable amount of each CGU is determined based on the greater of fair value less disposal costs, calculated using a Level 3 methodology in line with the hierarchy established in IFRS 3, and continuing value in use. These calculations use cash flow projections based on finance budgets and/or strategic plans, approved by management, for the cash-generating units to which goodwill has been allocated and cover a period of five years. The process for preparing the strategic plans of the CGUs considers the current market situation in the main geographical regions, analysing the macroeconomic and competitive environments, as well as the CGU's position in those environments and the opportunities for growth. The key factors of business evolution are mainly the evolution of the pool stock existing in each market for the maintenance business and the evolution of the manufacture of new pools. Additionally, potential operating efficiencies due to growth and cost improvement plans are considered. Said projections and estimates are consistent with those that would be made by a market participant. From the last year, cash flow projections are calculated using a growth rate in perpetuity in accordance with each market. The growth rates applied are detailed in the section below. The perpetual adjusted EBITDA margin is based on the long- term profitability that is estimated likely to be sustained for each CGU, generally in line with those of the last projected year. The perpetual growth rate has been calculated taking into account long-term CPI estimates from market sources, weighted by the importance of sales in the main countries in which each CGU operates and considering the possible depreciation of the main currencies against the euro, if applicable. The discount rates applied to the cash flow projections used for the CGUs relate to the Weighted Average Cost of Capital (WACC) and have been calculated using the well-known Capital Assets Pricing Model (CAPM). The parameters considered include risk- free rates (sovereign bond yields), industry beta coefficients, equity market risk premiums, finance market leverage, the cost of debt and tax rates in the different markets each CGU operates in, all weighted by the importance of each market within it. The discount rates applied before and after tax are detailed in the following section. For the impairment test, the right-of-use assets arising as a result of IFRS16 have been taken into account in the carrying amount of each CGU's net assets, adjusting the cash flows and discount rates accordingly. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 35
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iii) Quantitative assumptions The quantitative assumptions used for the year ended 31 December 2025 are shown in the accompanying table: CGU Sales CAGR (*) Adjusted EBITDA CAGR (*) g (**) WACC (***) WACC (****) 2026-2030 2026-2030 2025 2025 North America 6.02% 4.98% 2.17% 8.96% 11.88% Europe 5.29% 8.46% 1.97% 9.37% 11.85% Operations 4.39% 26.16% 1.92% 9.19% 11.58% Asia - Pacific 5.58% 3.87% 2.40% 10.05% 13.69% EMEA expansion 8.24% 3.99% 2.95% 13.34% 16.65% SIBO Fluidra Netherlands B.V. 8.05% 7.55% 2.02% 8.82% 11.72% Certikin International, LTD 8.03% 10.01% 1.94% 9.34% 11.74% (*) CAGR is the term used to represent the compound annual growth rate of the five-year periods used. (**) Perpetual growth rate. (***) After-tax discount rate. (****) Before-tax discount rate. The quantitative assumptions used for the year ended 31 December 2024 are shown in the accompanying table: CGU Sales CAGR (*) Adjusted EBITDA CAGR (*) g (**) WACC (***) WACC (****) 2025-2029 2025-2029 2024 2024 North America 6.58% 8.60% 2.25% 8.50% 11.17% Europe 5.64% 9.52% 1.92% 9.02% 11.33% Operations 5.65% 10.32% 1.96% 8.85% 11.57% Asia - Pacific 8.40% 11.03% 2.49% 9.60% 12.74% EMEA expansion 5.75% 8.37% 2.99% 12.94% 15.78% SIBO Fluidra Netherlands B.V. 6.17% 10.80% 2.00% 8.21% 10.76% Certikin International, LTD 5.65% 9.21% 1.96% 8.87% 11.25% (*) CAGR is the term used to represent the compound annual growth rate of the five-year periods used. (**) Perpetual growth rate. (***) After-tax discount rate. (****) Before-tax discount rate. iv) Quantitative assumptions and sensitivity analysis At 31 December 2025, the business environment is marked by greater competition in several regions, a more complex environment in North America due to industry price tariffs and the entry of Asian competitors in key categories and weaker demand in South Africa in the APAC segment. Following the success of the streamlining programme, efficiency programmes are expected to help, but at a somewhat slower pace. The company also plans to invest in IT, R&D and systems to digitise its product offering. These elements have been included in the strategic plans and projections used in the 2025 impairment test. Below is an explanation of the changes to the assumptions used in the impairment test on goodwill and other non-current assets at 31 December 2025 compared with the forecasts taken into consideration the previous year, and the business variables subject to a sensitivity analysis, with details of the impacts on the main CGUs. • North America Sales CAGR Adjusted EBITDA CAGR 2026-2030 6.02% 4.98% 2025-2029 6.58% 8.60% Performance in 2025 was slightly below the forecasts used in the previous year’s test. This was essentially the result of increased competition and an environment under pressure from tariffs. Furthermore, the gross margin was lower than the expected 2024 forecast, reflecting the impact of tariffs. Although tariffs were offset in absolute terms by price rises, they have had an impact on margins in percentage terms and somewhat of a negative impact on the product mix. The forecast sales CAGR is backed up by a price increase of around 2%, a 2% increase in volume and a market share increase of 3%. Sensitivity analyses take into account a scenario of more moderate volumes, a steady adjusted EBITDA margin and more gradual improvements in the long-term. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 36
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• Europe Sales CAGR Adjusted EBITDA CAGR 2026-2030 5.29% 8.46% 2025-2029 5.64% 9.52% Sales in 2025 are slightly down on the forecasts in the prior year’s impairment test and gross margins are also below the estimates included in the 2024 forecast. These differences reflect a scenario that is more competitive than initially forecast, particularly in markets where there are price pressures in some product groups, such as robots and chemicals. In terms of margins, adjusted EBITDA is below 2024 estimates, reflecting more conservative assumptions aligned with the business’ actual performance. Sensitivity analyses take into account drops in market share and volumes in those markets where Fluidra is already leader, thus adjusting long-term growth expectations. The forecast sales CAGR is based on a price increase of 2%, a 2% increase in volume and a market share increase of 3%. The sensitivity analysis lowers the sales figures, with market share and expected sales volumes in European markets where Fluidra is already the leader. • Operations Sales CAGR Adjusted EBITDA CAGR 2026-2030 4.39% 26.16% 2025-2029 5.65% 10.32% As a result of developments in Europe, sales transactions are growing at a lower rate than expected sales in the 2024 impairment test. Significant adjusted EBITDA margin growth in 2026-2030 is due mainly to the improvements and cost optimisation programmes implemented in prior years being fully centralised. These initiatives have a greater structural impact on the Operations CGU, as this unit combines the efficiencies of standardised processes, consolidated activities and lower cost bases. As a result, expected profitability in 2026-2030 reflects substantial operational leverage, enabling EBITDA growth to exceed the previous cycle’s predictions, even in a scenario where sales growth is more moderate. Sales forecasts and the sensitivity analysis are in line with those of the Europe CGU. The aforementioned improvement plans have had an impact on the improved adjusted EBITDA margin. The sensitivity analysis has taken into account lower investment levels. • Asia - Pacific Sales CAGR Adjusted EBITDA CAGR 2026-2030 5.58% 3.87% 2025-2029 8.40% 11.03% Sales growth in 2025 is below forecasts from the previous year’s test, due essentially to lower volumes as a result of less demand in South Africa and the disruption caused by the entry of Asian competitors in certain, strategically important categories. The adjusted EBITDA margin is also lower than the 2024 estimate, stabilising at around 17%, which is below historic levels. The sales CAGR forecast is based on a 2% price increase, a 2% volume increase and a 3% market share increase. The sensitivity analyses lower both sales and gross margin growth, taking into account a smaller market share increase, lower volumes and more modest improvements in fixed cost leverage. Possible changes to the aforementioned assumptions used, impacting on sales CAGR and adjusted EBITDA, do not result in any impairment whatsoever in any of the CGUs. In addition, an illustrative and standardised sensitivity analysis for all CGUs using a decrease of 100 basis points in the perpetual adjusted EBITDA margin has been included at the end of this note. In terms of the changes to perpetual growth rates (g), estimates of the sources used do not reflect significant changes in 2025 compared to 2024. Only Europe shows a more noticeable increase. Lastly, changes to WACC (Weighted Average Cost of Capital) in 2025 indicate a slight variation on 2024, given generalised growth in risk-free rates, increases in the industry’s beta coefficient and tax rate rises in the North America, Europe, Expansion and Sibo CGUs. The increase in WACC represents a greater change in the risk-free rate (0.3% higher in 2025) in the Sibo CGU. v) Climate risks The physical risks linked to climate change across our value chain are identified as part of the Corporate Risk Map, in accordance with the Group’s Global Risk Management Policy. Advanced tools, such as Munich Re, are used for this analysis and it is aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), ensuring an exhaustive assessment of vulnerability in our current and future operations in relation to adverse weather events. • Physical risks Eleven potential risks in our value chain have been identified and assessed. Ten of these are severe (extreme weather phenomena) and one is chronic (long-term weather trends). The analysis shows that there are no extreme hazards at the Group’s facilities in terms of the severe physical risks, although some factories are in areas of high risk. The greatest potential financial impact comes from the risk of flooding. The estimated cost for the Company's 96 main assets could reach €1.6 million in terms of damage and operational losses. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 37
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The most significant chronic physical risk is sustained temperature increases, which could impact on demand for products and services, and on operating costs and the availability of essential resources. This risk has not yet been quantified, but the Group is currently assessing it. • Transition risks The transition risk with the greatest potential financial impact is the stigmatisation of using water for swimming-pools in regions where there are severe water shortages. In a situation where restrictions are stepped up: It is estimated that this risk could have an impact of up to €200 million on sales figures. This situation is currently thought to be remote, but it could be likely in 2030 and highly likely in 2050. To sum up, despite the existence of these risks, they are generally considered irrelevant according to our risk policy, as the Company has strategies to mitigate and adapt to them and this reduces their impact significantly. We continue to actively monitor these factors to ensure our operations and value chain are resilient. vi) Illustrative sensitivity analysis Although reasonably possible variations do not imply impairment and do not need to be disclosed in accordance with IFRS 36.134 f), the Group performs a sensitivity analysis using illustrative changes to the main assumptions considered in this calculation. These illustrative changes are considered prudent and are consistent over time. Below are the illustrative changes: • Decrease of 100 basis points in the perpetual adjusted EBITDA margin (adjusted EBITDA). • Perpetual growth rate - Decrease of 0.5% (g). • Discount rate - Increase of 1.5% (WACC). The quantitative result of these variations on the model, shown as a percentage of surplus/shortfall over the carrying amount of the net assets, including goodwill, at 31 December 2025 and 2024, is as follows: CGU Adjusted EBITDA g WACC North America >100% >100% >100% Europe >100% >100% >100% Operations >100% >100% >100% Asia - Pacific >100% >100% >100% EMEA expansion >100% >100% >100% SIBO Fluidra Netherlands B.V. >100% >100% >100% Certikin International, LTD >100% >100% >100% It is deemed that none of the aforementioned variations to the key assumptions in the measurement model would imply the need to recognise a goodwill impairment at 31 December 2025. The Group's market capitalization at 31 December 2025 amounts to €4,450 million (€4,519 million at 31 December 2024). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 38
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9. RIGHT-OF-USE ASSETS Details of and movement in right-of use assets during the year ended 31 December 2025 and 2024 are as follows: Thousands of euros Balances at 31.12.24 Business combinations Additions Disposals Impairment Transfers Exchange gains / (losses) Balances at 31.12.25 Cost Land and buildings 265,196 261 47,952 (15,607) — 450 (13,246) 285,006 Plant and machinery 9,173 — 2,267 (839) — — (101) 10,500 Other installations, tools and furniture 3,238 — 858 (298) — — (1) 3,797 Other PPE 15,800 — 5,392 (3,558) — — (214) 17,420 293,407 261 56,469 (20,302) — 450 (13,562) 316,723 Accumulated depreciation Buildings (119,336) — (39,278) 15,603 — (450) 5,831 (137,630) Plant and machinery (3,421) — (2,107) 800 — — 32 (4,696) Other installations, tools and furniture (1,725) — (681) 298 — — 2 (2,106) Other PPE (7,547) — (4,997) 3,498 — — 96 (8,950) (132,029) — (47,063) 20,199 — (450) 5,961 (153,382) Carrying amount 161,378 261 9,406 (103) — — (7,601) 163,341 Thousands of euros Balances at 31.12.23 Business combinations Additions Disposals Impairment Transfers Exchange gains / (losses) Balances at 31.12.24 Cost Land and buildings 254,880 244 24,813 (19,294) — (24) 4,577 265,196 Plant and machinery 7,764 — 2,844 (1,321) — (78) (36) 9,173 Other installations, tools and furniture 3,040 — 266 (78) — — 10 3,238 Other PPE 13,774 — 4,913 (2,849) — 93 (131) 15,800 279,458 244 32,836 (23,542) — (9) 4,420 293,407 Accumulated depreciation Buildings (89,203) — (38,040) 9,604 — (92) (1,605) (119,336) Plant and machinery (2,878) — (1,817) 1,318 — (118) 74 (3,421) Other installations, tools and furniture (1,153) — (646) 78 — — (4) (1,725) Other PPE (6,450) — (4,292) 3,008 — 146 41 (7,547) (99,684) — (44,795) 14,008 — (64) (1,494) (132,029) Carrying amount 179,774 244 (11,959) (9,534) — (73) 2,926 161,378 At 31 December 2025 and 2024, items of note in the right-of-use heading are the leases on the headquarters in Keysborough, Australia, two logistics warehouses in the USA, a logistics warehouse in France and a factory in China. These contracts mature from 2027 to 2033 and do not include renewal options. Additions to right-of-use assets for the year ended 31 December 2025 mainly relate to the leasing of new logistics warehouses in France, Austria and Italy. Additions to right-of-use assets in the year ended 31 December 2024 related essentially to the leasing of a new logistics warehouse and a new factory in Spain, and a logistics warehouse in France. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 39
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10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Movement in investments accounted for using the equity method is as follows: Thousands of euros 2025 2024 Balances at 1 January 819 830 Share in profit/(loss) 37 1 Dividends received (4) (128) Additions/ Inclusions 85,396 120 Disposals (390) — Exchange gains/(losses) (84) (4) Balance at 31 December 85,774 819 On 23 December 2025, a 27% interest was acquired in the share capital of Aiper Inc (Aiper Group), leader in wireless, technological pool-cleaning solutions. This acquisition consolidates the strategic alliance between the two companies, a partnership designed to transform the pool-cleaning robot market. Subsequently, if the Aiper Group meets certain volume and profitability targets, Fluidra will expand this stake until it becomes a majority shareholder. The cost of the initial interest required an outlay of USD 100 million, offset by the USD 25 million loan granted to the Aiper Group on 25 April 2025, accruing interest at market rates. A breakdown of the consideration paid, of the fair value of the net assets acquired and goodwill relating to the investment is as follows: Thousands of euros Cost of investment in Aiper Inc 85,396 S h a r e i n f a i r v a l u e o f n e t a s s e t s a c q u i r e d ͏ ͏͏͏͏ 10,976 Goodwill 74,420 The fair value of net assets acquired calculation is not final. The breakdown of investments accounted for using the equity method for the years ended 31 December 2025 and 2024 is as follows: 2025 2024 Country % of shareholding % of shareholding Aiper Inc Cayman islands 27 — Astral Nigeria, LTD Nigeria 25 25 Blue Factory, S.R.L. Italy 17 17 Aspire Polymers, Pty Ltd. Australia — 50 The financial position of investments accounted for using the equity method, which in 2025 essentially relates to the Aiper Group, is as follows: Thousands of euros 2025 2024 Non-current assets 19,402 359 Current assets 90,115 1,554 Non-current liabilities 4,812 142 Current liabilities 62,509 520 Equity 42,196 1,251 Share in equity 11,354 314 Goodwill 74,420 505 Investment accounted for using the equity method 85,774 819 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 40
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11. CURRENT AND NON-CURRENT FINANCIAL ASSETS The breakdown of other current and non-current financial assets is as follows: Thousands of euros Notes 2025 2024 Financial assets at fair value through profit or loss 2,520 516 D e p o s i t s a n d g u a r a n t e e s ͏ ͏͏͏͏͏͏ 5,692 4,187 Derivative financial instruments 12 — 19,775 Total non-current 8,212 24,478 D e p o s i t s a n d g u a r a n t e e s ͏ ͏͏͏͏͏͏ 4,140 1,660 Derivative financial instruments 12 4,602 75 T o t a l c u r r e n t ͏ ͏͏͏͏͏͏ 8,742 1,735 The Deposits and guarantees caption mainly includes time deposits that earn market interest rates and are classified in the “Loans and receivables” caption, as well as deposits and guarantees given as a result of rental contracts. These are measured following the criteria established for financial assets in note 3. The difference between the amount paid and fair value is recognised in the income statement as a prepayment over the lease term. The fair value of quoted securities is determined based on their price at the reporting date of the interim condensed consolidated financial statements. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 41
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12. DERIVATIVE FINANCIAL INSTRUMENTS Details of derivative financial instruments are as follows: 2025 Thousands of euros Notional Amount Fair values Assets Liabilities Non-current Current Non current Current 1) Derivatives held for trading a ͏ ) ͏ E x c h a n g e r a t e d e r i v a t i v e s͏͏͏͏͏ Foreign currency contracts 29,607 — 17 — 82 Total derivatives traded on over-the-counter markets — 17 — 82 Total derivatives held for trading — 17 — 82 2) Hedging derivatives a ͏ ) ͏ C a s h f l o w h e d g e s͏͏͏͏͏ Interest rate swaps 860,638 — 4,585 — — Total hedging derivatives — 4,585 — — Total recognised derivatives — 4,602 — 82 (Note 11) 2024 Thousands of euros Notional Amount Fair values Assets Liabilities Non-current Current Non current Current 1) Derivatives held for trading a ͏ ) ͏ E x c h a n g e r a t e d e r i v a t i v e s͏͏͏͏͏ Foreign currency contracts 12,315 — 75 — 77 Total derivatives traded on over-the-counter markets — 75 — 77 Total derivatives held for trading — 75 — 77 2) Hedging derivatives a ͏ ) ͏ C a s h f l o w h e d g e s͏͏͏͏͏ Interest rate swaps 927,534 19,775 — — — Total hedging derivatives 19,775 — — — Total recognised derivatives 19,775 75 — 77 (Note 11) (Note 11) The overall change in fair value of derivatives held for trading, which has been estimated using measurement techniques, has been recognised in profit/(loss) and amounts to a loss of €60 thousand (a loss of €35 thousand in 2024). The overall change in fair value of hedging derivatives, which has been estimated using measurement techniques and has been recognised in consolidated equity, as it has been considered an effective hedge, has resulted in an increase of €2,602 thousand (an increase of €15,832 thousand in 2024). The cash flow hedge total transferred during the year ended 31 December 2025 from other comprehensive income in equity to the consolidated income statement (under financial result) is a profit of €14,245 thousand (a profit of €25.264 thousand in 2024). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 42
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a) INTEREST RATE SWAPS The Group uses interest rate swaps at a floating interest rate without knock-out barriers, with fixed rate values ranging from 2.205% to 1.385% in the years ended 31 December 2025 and 2024. These derivatives are used to manage exposure to fluctuations in the interest rates mainly of bank loans. Hedging derivatives 31.12.2025 Notional amount in thousands of euros Start End Type of date date derivative 119,149 23/2/2022 30/6/2026 Fixed swap with 0,5% Floor 391,489 23/2/2022 30/6/2026 Fixed swap with 0,5% Floor 90,000 30/3/2022 30/6/2026 Fixed swap with 0 Floor 70,000 30/3/2022 30/6/2026 Fixed swap with 0 Floor 100,000 31/3/2022 30/6/2026 Fixed swap with 0 Floor 90,000 31/3/2022 30/6/2026 Fixed swap with 0 Floor 860,638 Hedging derivatives 31.12.2024 Notional amount in thousands of euros Start End Type of date date derivative 134,758 23/2/2022 30/6/2026 Fixed swap with 0.5% floor 442,776 23/2/2022 30/6/2026 Fixed swap with 0.5% floor 90,000 30/3/2022 30/6/2026 Fixed swap with 0 floor 70,000 30/3/2022 30/6/2026 Fixed swap with 0 floor 100,000 31/3/2022 30/6/2026 Fixed swap with 0 floor 90,000 31/3/2022 30/6/2026 Fixed swap with 0 floor 927,534 The breakdown, by notional amount and residual maturity term, of the swaps prevailing at year end is as follows: Thousands of euros 2025 2024 Under one year 860,638 — Between one and five years — 927,534 860,638 927,534 Since derivatives are not traded on organised markets, the fair value of swaps is calculated using the discounted value of expected cash flows due to the spread in rates, based on observable market conditions at the date of measurement (corresponding to the level 2 measurement method in accordance with IFRS 13). b) EXCHANGE RATE DERIVATIVES To manage exchange rate risk in future firm sales and purchases, the Group has arranged option contracts and currency forwards in the main markets in which it operates. The breakdown, by type of foreign currency, of the notional amounts of exchange rate derivatives at 31 December 2025 and 2024, is as follows: Thousands of euros 2025 2024 EUR / USD 7,234 — CHF / EUR 1,952 — CZK / EUR 1,140 — GBP / EUR 8,575 10,775 USD / ZAR — 1,540 SEK / EUR 1,606 — PLN / EUR 1,200 — AUD / EUR 7,400 — HUF / EUR 500 — 29,607 12,315 At 31 December 2025 and 2024,all foreign exchange derivatives are held for trading, with no hedging derivatives at that date. The breakdown, by notional amount and residual maturity term, of the exchange rate derivatives is as follows: Thousands of euros 2025 2024 Under one year 29,607 12,315 29,607 12,315 The fair value of these derivatives has been estimated using the discounted cash flow method based on forward exchange rates available in public databases at the reporting date (corresponding to the level 2 measurement method in accordance with IFRS 13). The gains and losses from measuring and settling these contracts are taken to finance costs for the year. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 43
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13. INVENTORIES Details of inventories are as follows: Thousands of euros 2025 2024 Goods, finished products and work in progress 270,761 278,922 Raw materials and other consumables 166,408 187,336 437,169 466,258 At 31 December 2025 and 2024, there are no inventories with a recovery period greater than 12 months from the date of the consolidated statements of financial position. As a result of the business combinations carried out during the year ended 31 December 2025, inventories amounting to $2,406 thousand ($3,366 thousand in 2024) have been added. Consolidated Group companies have taken out several insurance policies to cover the risks to which their inventories are exposed. The coverage of these policies is considered sufficient. There are no significant commitments to purchase or sell goods. During the year ended 31 December 2025, the Group has recorded reversals in inventories amounting to $4,391 thousand to adjust them to their carrying amounts (reversals of $69 thousand in 2024) (see Note 21). Movement in inventory provisions for 2025 and 2024 is as follows: Thousands of euros Balance at 31 December 2023 36,777 Business combinations 723 Reversals for the year (69) Exchange gains / (losses) 1,088 Write-offs / Transfers 700 Balance at 31 December 2024 39,219 Business combinations 410 Reversals for the year (4,391) Exchange gains / (losses) (2,475) Write-offs / Transfers 1,570 Balance at 31 December 2025 34,333 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 44
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14. TRADE AND OTHER RECEIVABLES A breakdown of this caption in the consolidated statement of financial position is as follows: Thousands of euros 2025 2024 Non-current Other non-current receivables 315 2,115 Total non-current 315 2,115 Current Trade receivables for sales and services 227,977 226,462 Other receivables and advance payments 25,654 33,428 Public entities 15,558 16,589 Current income tax assets 10,588 33,850 Provisions for impairment and bad debts (17,512) (19,268) T o t a l c u r r e n t͏͏͏͏͏͏͏ 262,265 291,061 The fair value of trade and other receivables does not significantly differ from carrying amount. The most significant balances in currencies other than the euro at 31 December 2025 and 2024 are as follows: Thousands of euros 2025 2024 US dollar 85,370 88,856 Australian dollar 29,543 30,503 Pounds sterling 7,870 7,557 Arab Emirate dirham 7,637 7,430 South African rand 7,338 7,645 Chinese renminbi 4,876 4,860 Canadian dollar 3,619 5,045 146,253 151,896 Receivables from public entities mostly relate to VAT balances receivable. Movement in impairment and bad debts for 2025 and 2024 is as follows: Thousands of euros Balance at 31 December 2023 21,229 Business combinations 856 Charges for the year 4,108 Recoveries (4,480) Exchange gains / (losses) 135 Transfers to assets held for sale 110 Write-offs (2,690) Balance at 31 December 2024 19,268 Business combinations 103 C h a r g e s ͏ ͏ f o r t h e y e a r͏͏͏͏͏ 3,968 Recoveries (4,547) Exchange gains / (losses) (564) Transfers from assets held for sale — Write-offs (716) Balance at 31 December 2025 17,512 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 45
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15. EQUITY The breakdown of and movements in consolidated equity are shown in the consolidated statement of changes in equity. a) SUBSCRIBED CAPITAL At 31 December 2025 Fluidra, S.A.'s share capital consists of 192,129,070 ordinary shares with a par value of €1 each, fully subscribed. The shares are represented by book entries and are established as such by being recorded in the corresponding accounting record. All shares bear the same political and financial rights. The Company only knows the identity of its shareholders through the information that they provide voluntarily or in compliance with applicable regulations. In accordance with the Company's information, the structure of significant ownership interests at 31 December 2025 and 2024 is as follows: % OF SHAREHOLDING 31.12.2025 31.12.2024 ABDE Partners, S.L. 20.00% 0.00% Rhône Capital L.L.C. 11.67% 11.67% Schwarzsee 2018, S.L. 8.85% 7.41% G3T, S.L. 5.73% 5.73% Boyser, S.R.L. 2.81% 7.80% Capital Research and Management Company 2.60% 5.31% Dispur, S.L. 2.38% 7.33% Edrem, S.L. 1.93% 6.93% Aniol, S.L. 1.23% 6.23% Otros accionistas 42.80% 41.59% 100.00% 100.00% b) SHARE PREMIUM This reserve can be freely distributed, except for what is mentioned in the section on Dividends and limitations on the distribution of dividends in this note. c) LEGAL RESERVE Pursuant to article 274 of the consolidated text of the Spanish Companies Act, 10% of profit for each year must be transferred to the legal reserve until the balance of this reserve reaches at least 20% of share capital. This reserve can be used to increase capital by the amount exceeding 10% of the new capital after the increase. Otherwise, until it exceeds 20% of share capital and provided there are no sufficient available reserves, the legal reserve may only be used to offset losses. At 31 December 2025 and 2024 the legal reserve is fully funded. d) PARENT COMPANY SHARES Movement in treasury shares during 2025 and 2024 is as follows: Euros Number Nominal amount Average acquisition/ disposal price Balances at 1.1.24 2,308,765 2,308,765 18.2587 Acquisitions 5,007,687 5,007,687 21.7402 Disposals (5,030,840) (5,030,840) (21.7098) Balances at 31.12.24 2,285,612 2,285,612 22.0541 Acquisitions 4,769,435 4,769,435 22.6349 Disposals (4,816,873) (4,816,873) (22.3445) Balances at 31.12.25 2,238,174 2,238,174 22.8767 The time and maximum percentage limits of treasury shares meet the statutory limits. None of the Group companies own any Parent company shares. e) RECOGNISED INCOME AND EXPENSE This caption mainly includes the currency translation differences and gains and losses on the measurement at fair value of the hedging instrument that corresponds to the portion identified as an efficient hedge, net of the tax effect, if applicable. During the years ended 2025 and 2024, translation differences have changed significantly due to the effect of US dollar denominated businesses. f) DIVIDENDS AND LIMITATIONS ON THE DISTRIBUTION OF DIVIDENDS The Parent company’s share premium and profit/(loss) for the year are freely available, but are subject to the legal limitations on their distribution contained in article 273 of the rewritten text of the Spanish Companies Act of Royal Decree 1/2010 of 2 July. The board of directors of Fluidra, S.A. shall propose a dividend of €0.65 per share to the general shareholders’ meeting, charged to profit/(loss). g) CAPITAL MANAGEMENT The objectives of the Group's capital management are to ensure that it maintains the ability to continue as a going concern so that it can provide returns to shareholders and benefit other stakeholders, and to maintain an optimal capital structure in order to reduce its cost of capital. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 46
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To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, issue shares and sell assets in order to reduce debt. Fluidra, S.A. controls its capital structure based on total leverage and net debt to adjusted EBITDA ratios (see Note 4). • The total leverage ratio is calculated as total assets divided by total equity. • The net debt (ND) to adjusted EBITDA ratio is calculated as net debt divided by adjusted EBITDA. Net debt is calculated as total current and non-current bank borrowings, and other current and non-current marketable securities, lease liabilities and derivative financial liabilities less non-current financial assets, less cash and cash equivalents, less other current financial assets, less derivative financial assets. In the year ended 31 December 2025, the strategy, which has remained unchanged over prior years, was to keep the total leverage ratio and the net debt to adjusted EBITDA ratio between 2 and 2.5. The ratios for 2025 and 2024 have been determined as follows: Total leverage ratio: Thousands of euros 2025 2024 Total consolidated assets 3,414,404 3,637,307 Total consolidated equity 1,600,571 1,657,194 Total leverage ratio 2.13 2.19 Net debt / adjusted EBITDA ratio: Thousands of euros 2025 2024 Bank borrowings 1,041,601 1,135,923 Plus: Lease liabilities 182,507 184,007 Plus: Derivative financial instruments 82 77 Less: Cash and cash equivalents (120,654) (162,213) Less: Non-current financial assets (8,212) (4,703) Less: Other current financial assets (4,140) (1,660) Less: Derivative financial instruments (4,602) (19,850) Net debt 1,086,582 1,131,581 Adjusted EBITDA (1) 501,102 477,384 % net debt / adjusted EBITDA 2.17 2.37 (1) As well as the financial information prepared under IFRS-EU, Fluidra also prepares alternative performance measures (APMs), as defined in the guidelines issued by the European Markets and Securities Authority (ESMA). For further information about definitions, relevance of use and the reconciliation of APMs, go to: Alternative performance measures - 2025. h) NON CONTROLLING INTERESTS There have been no changes to the % of shareholding of non- controlling interests in the year ended 31 December 2025. There are no significant restrictions on the Group's capacity to act on the assets of non-controlling interests. Details of the most significant non-controlling interests at 31 December 2025 and 31 December 2024 are as follows: 2025 Thousands of euros Country % of shareholding Assets Liabilities Equity Income Profit/ (loss) Fluidra Balkans JSC Bulgaria 38.84 2,832 2,041 791 7,934 1,171 Fluidra Kazakhstan Limited Liability Company Republic of Kazakhstan 30.00 572 227 345 1,447 98 Fluidra Tr Su Ve Havuz Ekipmanlari AS Turkey 49.00 3,744 2,174 1,570 5,431 ( 167 ) Ningbo Dongchuan Swimming Pool Equipments Co, LTD China 30.00 7,260 4,377 2,883 7,697 604 2024 Thousands of euros Country % of shareholding Assets Liabilities Equity Income Profit/ (loss) Fluidra Balkans JSC Bulgaria 38.84 2,692 1,031 1,661 6,450 1,073 Fluidra Kazakhstan Limited Liability Company Republic of Kazakhstan 30.00 910 476 434 1,092 78 Fluidra Tr Su Ve Havuz Ekipmanlari AS Turkey 49.00 3,997 1,343 2,654 5,120 897 Ningbo Dongchuan Swimming Pool Equipments Co, LTD China 30.00 8,524 5,283 3,241 8,165 854 The figures indicated above correspond to the % of shareholding of each company. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 47
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16. EARNINGS/(LOSSES) PER SHARE A) BASIC EARNINGS Basic earnings/(losses) per share are calculated by dividing consolidated profit/(loss) for the year attributable to equity holders of the Parent by the weighted average number of ordinary shares outstanding during the years ended 31 December 2025 and 2024, excluding treasury shares. A breakdown of the basic earnings per share calculation is as follows: 31.12.2025 31.12.2024 Profit for the period attributable to e q u i t y h o l d e r s o f t h e P a r e n t ͏ ( ͏ t h o u s a n d s o f e u r o s ͏ )͏͏͏͏͏͏͏ 176,026 138,068 Weighted average number of ordinary shares outstanding 189,863,583 189,833,227 B a s i c e a r n i n g s p e r s h a r e ͏ f r o m c o n t i n u i n g o p e r a t i o n s ( ͏ e u r o s ͏ )͏͏͏͏͏͏͏ 0.92712 0.72731 Profit/(loss) for the year corresponds to the profit/(loss) for the year attributable to equity holders of the Parent. The weighted average number of ordinary shares outstanding during the year was calculated as follows: Number of shares 31.12.2025 31.12.2024 Ordinary shares outstanding at 1 J a n u a r y͏͏͏͏͏ 192,129,070 192,129,070 Effect of changes in treasury shares (2,265,487) (2,295,843) Weighted average number of ordinary shares outstanding at 31 December 189,863,583 189,833,227 B) DILUTED EARNINGS Diluted earnings/(losses) per share are calculated by adjusting profit/(loss) for the year attributable to equity holders of the Parent and the weighted average number of ordinary shares outstanding for all dilutive effects inherent to potential ordinary shares. Given that there are no potential ordinary shares, this calculation is not necessary. No dilutive effect has been considered, as the shares arising from the long-term variable remuneration plans paid to executive directors and the management team of Fluidra, S.A. and of the investee companies that make up its consolidated Group (see note 28) will be paid out using treasury shares. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 48
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17. PROVISIONS A breakdown of other provisions is as follows: Thousands of euros 2025 2024 Non-current Current Non-current Current Warranties — 62,817 — 60,588 Provisions for taxes 308 — 668 — P r o v i s i o n s f o r o b l i g a t i o n s w i t h e m p l o y e e s ͏ ͏͏͏͏͏͏ 9,426 — 9,978 — Litigation and other liabilities 1,725 — 1,227 — Total 11,459 62,817 11,873 60,588 The provisions caption includes, on one hand, current provisions for warranties provided to cover potential incidents related to the products sold by the Group and, on the other hand, non- current provisions that are described in the following three captions: Provisions for taxes to cover potential risks related to tax obligations in the countries in which the Group operates; Provisions for commitments to employees recorded in accordance with employment legislation in some countries in which the Group operates in order to cover potential future employee compensation and benefits; and Provisions for litigation and other liabilities, which include provisions recorded by Group companies in connection with contingencies arisen as a result of their activities. Movement during 2025 and 2024 is as follows: Warranties Provisions for obligations with e m p l o y e e s͏͏͏͏͏͏͏ Litigation and other liabilities Provision for taxes Total At 1 January 2024 50,791 9,332 2,033 — 62,156 Business combinations 544 — — 200 744 Allocations 12,075 2,507 21 — 14,603 Payments / disposals (27) (330) (552) — (909) Applications (3,983) (1,731) (208) — (5,922) Transfers — — (35) 468 433 Exchange gains/(losses) 1,188 200 (32) — 1,356 At 31 December 2024 60,588 9,978 1,227 668 72,461 Business combinations 642 — — 103 745 Allocations 9,777 933 1,421 18 12,149 Payments / disposals (19) (373) (569) — (961) Applications (4,027) (546) (356) (486) (5,415) Transfers — — — — — Exchange gains/(losses) (4,144) (566) 2 5 (4,703) At 31 December 2025 62,817 9,426 1,725 308 74,276 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 49
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18. BANK BORROWINGS AND OTHER MARKETABLE SECURITIES The breakdown of this caption in the consolidated statement of financial position is as follows: Thousands of Euros 2025 2024 Non-current loan 1,031,394 1,120,015 Bank borrowings — 1,409 T o t a l n o n - c u r r e n t͏͏͏͏͏͏͏ 1,031,394 1,121,424 Bank loans 1,233 3,338 Non-current borrowings (a portion of it with current maturity) 8,974 9,922 Bank borrowings — 1,129 Líneas de descuento — 110 Total corriente 10,207 14,499 Total bank borrowings and other marketable securities 1,041,601 1,135,923 All the balances shown in the table above relate to the financial liabilities at amortised cost category. On 27 January 2022, Fluidra signed a non-current loan with two tranches (EUR and USD) and a "revolving" credit facility. The terms of the non-current loans and the credit facilities are linked to environmental objectives. The non-current loans consist of a USD 750 million tranche at Term SOFR (Secured Overnight Funding Rate), plus a spread of 200 basis points and a €450 million tranche at Euribor plus a spread of 225 basis points, maturing in January 2029. The multi- currency revolving credit facility is for €450 million and is valid until January 2027. The "revolving" credit facility spread is linked to the existing debt ratio and can be between 1.25% and 2%. The Group is obliged to report to the lenders quarterly and there are certain standard limitations on increasing borrowings in loans and credit facilities of this kind. Furthermore, the "revolving" credit facility is subject to compliance with certain financial ratios based on the requirement to keep the financial debt/adjusted EBITDA ratio below 4.5 when the credit facility is drawn down more than 40%. The agreement that includes the non-current loans in both US dollars and euros and the revolving credit line is signed by the borrowers, Fluidra North America LLC (previously Zodiac Pool Solutions LLC), Fluidra Commercial S.A.U. (previously Fluidra Finco S.L.U.) and Fluidra Holdings Australia Pty Ltd (Borrowers), as well as by Fluidra S.A., in its capacity as Parent company of the Group (holding companies), who are jointly liable for the obligations of said agreement. The following Group companies also act as Guarantors, jointly and severally liable if the borrowers breach the agreement: Zodiac Pool Systems LLC, SR Smith LLC, Custom Molded Products LLC, Cover-Pools LLC, Trace Logistics S.A.U., Sacopa S.A.U., Manufacturas Gre S.A.U., I.D. Electroquímica S.L.U, Inquide S.A.U., Fluidra Global Distribution S.L.U., Fluidra Export S.A.U, Fluidra Comercial España S.A.U., Cepex S.A.U., Fluidra Group Australia Pty Ltd, Fluidra Commercial France S.A.S., Zodiac Pool Care Europe S.A.S., Fluidra Industry France S.A.S, Poolweb SAS and ZPES Holdings S.A.S. As is customary in this type of syndicated financing and in order to meet the personal obligations assumed, the Guarantors have established a collateral package on some of their assets in the four jurisdictions in which they operate, namely Spain, the US, France and Australia, consisting mainly of pledges on shares, intellectual property and certain receivables. Under Spanish, US and French law, pledges have been signed on certain shares as guarantees in rem to ensure compliance with the financial obligations assumed in the credit agreement. Specifically, senior pledges have been established on shares in the companies mentioned above with registered addresses in Spain, the US and France in favour of the lenders. The pledges established in the US include collection rights to borrowed money and the rights to dividends and other rights linked to these shares. Under US law, a guarantee in rem agreement has also been signed on intellectual property assets. Lastly, a security trust deed was signed on the shares in Fluidra Holdings Australia Pty Ltd and Fluidra Group Australia Pty Ltd, and on all current and future goods of any kind at these companies, including all their intellectual property assets. Appendix I to Fluidra, S.A.’s individual annual accounts includes details of the carrying amount and capital and reserves of the aforementioned shares that jointly and severally guarantee the long-term loan. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 50
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In terms of the intellectual property subject to guarantee, the only carrying amount related to the guarantees granted, as mentioned above, arises from the fair value of the brands identified in the business combination with Zodiac in 2018, and amounts to USD 137,588 thousand. In order to reduce finance costs and diversify sources of financing, Fluidra, S.A. set into action a promissory notes scheme on the Alternative Fixed Income Market (MARF). On 1 July 2025, the scheme was extended for a further year and for €200 million. There is no debt at 31 December 2025 or 31 December 2024. No bilateral loans have been signed during the year ended 31 December 2025 . The most significant balances in currencies other than the euro at 31 December 2025 and 2024 are as follows: Thousands of Euros 2025 2024 US dollar 624,359 711,380 Australian dollar 27 329 South African rand 16 9 Pounds sterling 8 1,691 Other currencies 4,229 7,153 628,639 720,562 The Group has the following credit and discounting facilities at 31 December 2025 and 2024: Thousands of Euros 2025 2024 Drawn down Limit Drawn down Limit Credit facilities 1,233 557,345 3,338 542,993 Discounting facilities — 13,000 110 13,000 1,233 570,345 3,448 555,993 At 31 December 2025 and 2024, there are no mortgage-backed borrowings (see Note 6). Non-current loans taken out with banks mature as follows: Thousands of Euros Maturity 2025 2024 Under one year 8,974 11,051 2 years 9,627 10,371 3 years 9,689 11,070 4 years 1,012,078 10,431 5 years — 1,089,552 1,040,368 1,132,475 In 2025 and 2024, all of the Group’s loans and facilities have variable rates with monthly and quarterly interest rate renewals. The only difference between the fair value and the carrying amount of the financial assets and liabilities relates to non- current loans, the fair value of which is €1,049,676 thousand (versus a carrying amount of €1,040,368 thousand). This fair value is based on the secondary market quotation of these loans (hierarchy level 1). The other financial assets and liabilities show no significant differences between fair values and carrying amounts. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 51
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Details of changes in liabilities for financing activities and in cash flows are as follows: Non-monetary changes Balances at 1.1.25 Cash flows Business combinations/ Sale of companies Accumulated interest Exchange rate movement New leases Transfers Balances at 31.12.25 Non-current borrowings 1,129,937 (11,129) — 1,985 (80,425) — — 1,040,368 Non-current bank borrowings 1,409 (1,409) — — — — — — Current bank borrowings 1,129 (1,145) 16 — — — — — Current bank loans 3,338 (2,021) (118) — — — 34 1,233 Discounting facilities 110 (110) — — — — — — 1,135,923 (15,814) (102) 1,985 (80,425) — 34 1,041,601 Lease liabilities 184,007 (48,562) 157 — (9,564) 56,469 — 182,507 Cash and cash equivalents 162,213 (24,783) 2,109 — (18,885) — — 120,654 Non-monetary changes Balances at 1.1.24 Cash flows Business combinations/ Sale of companies Accumulated interest Exchange rate movement New leases Transfers/ disposals Balances at 31.12.24 Non-current borrowings 1,097,846 (11,439) — 1,759 41,771 — — 1,129,937 Non-current bank borrowings — — 1,409 — — — — 1,409 Current bank borrowings — — 1,129 — — — — 1,129 Current bank loans 4,826 (3,149) 1,666 — — — (5) 3,338 Discounting facilities — — 110 — — — — 110 Other marketable securities 24,741 (24,741) — — — — — — 1,127,413 (39,329) 4,314 1,759 41,771 — (5) 1,135,923 Lease liabilities 199,066 (43,906) 244 — 4,230 32,836 (8,463) 184,007 Cash and cash equivalents 111,303 47,148 151 — 3,611 — — 162,213 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 52
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19. TRADE AND OTHER PAYABLES The breakdown of this caption in the consolidated statement of financial position is as follows: Thousands of euros 2025 2024 Liabilities arisen in business acquisitions 111 462 Other 1,233 1,498 Total non-current 1,344 1,960 Trade payables for purchases and services 225,079 265,180 Other debt / Suppliers of fixed assets 2,202 2,482 Liabilities arisen in business acquisitions 693 4,267 Public entities 29,637 29,871 Current income tax liabilities 29,637 31,189 Remuneration payable 54,129 57,956 Total current 341,377 390,945 At 31 December 2024 , the Other debt/ suppliers of fixed assets heading includes €301 thousand arising from the purchase of Realco assets. Trade and other payables includes €22,269 thousand subject to a supplier financing agreement (reverse factoring payment method). The payment terms do not differ significantly from creditors with other payment methods, allowing the supplier to anticipate collection of these amounts with the bank. The advance rate of suppliers subject to these agreements is around 55%. The most significant balances in currencies other than the euro at 31 December 2025 and 2024 are as follows: Debt from sales and services rendered: Thousands of euros 2025 2024 US dollar 121,618 148,208 Australian dollar 24,976 30,104 Chinese renminbi 11,837 13,626 South African rand 8,309 10,077 Pounds sterling 4,792 3,959 Brazilian real 2,734 3,699 Total 174,266 209,673 Payables to Public entities are as follows: Thousands of euros 2025 2024 Tax payable to tax authorities VAT 11,666 13,278 Withholdings made 9,030 7,583 Social Security payable 8,920 8,988 Other 21 22 Total 29,637 29,871 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 53
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20. RISK MANAGEMENT POLICY The risk management and control systems are described in section E., Risk Management and Control Systems, of the Annual Corporate Governance Report, which is part of the Consolidated Directors’ Report. Exposure to and controls over credit, liquidity, foreign exchange and interest rate risk are detailed below. a) CREDIT RISK Credit risk is managed separately by each operating unit of the Group in accordance with the parameters set by Group policies, except for the subsidiaries in Spain, Portugal, France, Italy, Germany, the Netherlands and Morrocco, where credit risk is managed centrally by the Group's Risk Department. Credit risk exists when a potential loss may arise from Fluidra, S.A. and subsidiaries’ counterparties not meeting their contractual obligations, that is, due to not collecting the financial assets according to the established amounts and time frame. In the case of the Group, the risk is mainly attributable to trade receivables. Aside from one customer in the USA (see note 22), with high solvency and extremely limited credit risk, which represents 23.43% of all receivables from sales and services rendered at the 31 December 2025 reporting date (24.15% at the 2024 reporting date), the rest of the national and international customer portfolio is highly diversified. Credit risk arising from the failure of a counterparty to meet its contractual obligations is duly controlled by policies and risk limits which establish requirements regarding: • Agreements suited to the transaction made. • Sufficient internal or external credit quality of the counterparty. • Additional guarantees when necessary. The Group's exposure to past due unimpaired financial assets is solely focused on the Trade and other receivables caption, and there are no other past due financial assets balances. The accompanying table shows the aging analysis of past due unimpaired Trade and other receivables at 31 December2025 y 2024. 2025 2024 Not due 184,347 184,639 Past due 26,118 22,555 0 - 90 days 20,533 19,557 90 - 120 days 1,754 1,705 More than 120 days 3,831 1,293 b) LIQUIDITY RISK Liquidity risk is the possibility that Fluidra, S.A. will not have sufficient funds or access to sufficient funds at an acceptable cost to meet its payment obligations at all times. The Group manages liquidity risk based on prudent criteria in order to maintain sufficient cash and marketable securities, secure the availability of committed credit facilities to provide financing, and ensure its capacity to exit market positions. Due to the dynamic nature of the underlying businesses, the Group’s finance department aims to maintain financing by having credit facilities of different types available, including both long-term structural and bilateral financing. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 54
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The table below shows the Group's exposure to liquidity risk at 31 December 2025 and 2024. The accompanying table shows an analysis of financial liabilities by contractual maturity: 2025 Thousands of euros 1 year 2 years 3 years 4 years 5 years Over 5 years Financial liabilities and other marketable securities 55,686 58,137 59,441 1,016,324 — — Share capital 10,207 9,627 9,689 1,012,078 — — Interest 45,479 48,510 49,752 4,246 — — Lease liabilities 58,754 49,060 39,428 28,085 18,860 16,535 Share capital 51,004 42,238 34,535 24,717 16,678 13,335 Interest 7,750 6,822 4,893 3,368 2,182 3,200 Derivative financial liabilities 82 — — — — — Trade and other payables 341,377 — — — — — Other non-current liabilities — 426 158 213 122 425 455,899 107,623 99,027 1,044,622 18,982 16,960 2024 Thousands of euros 1 year 2 years 3 years 4 years 5 years Over 5 years Financial liabilities and other marketable securities 61,279 57,564 66,996 65,840 1,094,163 — Share capital 14,499 10,371 11,070 10,431 1,089,552 — Interest 46,780 47,193 55,926 55,409 4,611 — Lease liabilities 56,371 44,605 37,271 31,327 23,645 22,384 Share capital 47,581 37,712 32,085 27,535 21,042 18,052 Interest 8,790 6,893 5,186 3,792 2,603 4,332 Derivative financial liabilities 77 — — — — — Trade and other payables 390,945 — — — — — Other non-current liabilities — 658 282 170 223 627 508,672 102,827 104,549 97,337 1,118,031 23,011 During the next few months, based on its cash flow forecasts and financing available, the Group does not expect any difficulties in terms of liquidity. c) FOREIGN CURRENCY RISK The Group operates in an international environment and therefore is exposed to foreign exchange risks on transactions denominated in foreign currencies, particularly the US dollar. Foreign exchange risk arises on future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Group companies manage the foreign currency risk of future commercial transactions, recognised assets and liabilities by using forward currency contracts, which are mainly entered into by the Group's finance department. Foreign exchange risk arises when future commercial transactions or firm commitments, recognised assets and liabilities and net investments in foreign operations are denominated in a currency that is not the Company's functional currency. This risk also arises as a result of balances between group companies that have been eliminated on consolidation. The Group's finance department is responsible for managing the net position of each foreign currency by entering into external forward currency contracts. The purpose of the Group's risk management policy is to hedge the risk arising in transactions carried out in dollars and euros through natural hedges (offsetting collections against payments), using forward instruments to hedge the excess or shortfall for USD risks outside the American market. Transactions in Australian dollars, Chinese renminbi and pounds sterling are covered using forward hedges. No hedging instruments are used to hedge transactions carried out in the other foreign currencies. The Group also has several investments in foreign operations whose net assets are exposed to foreign currency translation risk. The Group manages the foreign currency risk relating to the net assets of its foreign operations, mainly in the USA, by holding borrowings denominated in the related foreign currency. Although the Group arranges forward contracts for the economic hedging of foreign currency risks, not all of them are recognised applying hedge accounting. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 55
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The abovementioned risk management policy ensures that the exchange rate risk of the main currencies is considerably reduced. Reasonably likely changes in the exchange rates of the main currencies the Group operates with (US dollar, Australian dollar, Chinese renminbi and pound sterling) would not have a significant impact on exchange gains/losses. The changes in exchange gains/(losses) in equity are essentially generated by the translation of goodwill and intangible assets recorded for USD 1,391 million resulting from the business combinations in 2021 and the Zodiac Group merger (USD 1,446 million at 31 December 2024). In addition, the equity of companies denominated in US dollars amounts to USD 383 million (USD 345 million at 31 December 2024). A 5% change in the euro/dollar exchange rate would mean an increase/decrease of approximately €5.5 million (3.5 million at 31 December 2024), respectively, in exchange gains/losses. At the 2025 and 2024 reporting dates, changes in other currencies would not have a significant impact on exchange gains/losses. In terms of exchange rate exposure when translating the consolidated financial statements, sales to third parties and the net profit/(loss) of companies whose currency is the US dollar amount to USD 1,053 million and USD 190 million, respectively (USD 979 million and USD 135 million, respectively, at 31 December 2024). A 5% change in the euro/dollar exchange rate would mean an increase/decrease in the sales figure of approximately €49 million and €9 million in net profit/(loss) (€48 million and €6 million, respectively, at 31 December 2024). Appendix I to Fluidra, S.A.’s individual annual accounts includes details of the equity and net profit/(loss) of the entities operating in currencies other than the euro. d) CASH FLOW INTEREST RATE RISK Since the Group does not have any significant remunerated assets, income and cash flows from operating activities are not significantly exposed to the risk of changes in market interest rates. The Group's interest rate risk arises from long-term borrowings. Borrowings issued at floating rates expose the Group to cash flow interest rate risk. As indicated in note 18, most loans taken out by the Group are linked to floating market interest rates that are updated every month. The Group manages its cash flow interest rate risk with floating- to-fixed interest rate swaps without barriers. The effect of these interest rate swaps is to convert floating borrowings to fixed borrowings. Generally, the Group borrows at a floating rate and swaps for a fixed rate, which is generally lower than the fixed rate at which the Group could have borrowed. Under interest rate swaps, the Group agrees with other parties to exchange, on a regular basis (usually monthly), the difference between fixed interest and floating interest calculated on the notional principal agreed upon. The accompanying table includes a sensitivity analysis of reasonably likely changes to interest rates and their impact on profit/(loss) and equity (before the tax effect): Change in interest rates Impact on profit/ (loss) Impact on equity +0,50% (4,995) 1,231 +1,00% (9,991) 2,900 +1,50% (14,986) 4,562 -0,5% 4,995 (2,133) -1% 9,991 (3,826) -1,5% 14,986 (5,514) Apart from the swaps arranged by the Group mentioned in the section above, there are no significant price risks related to equity instruments classified as held for sale or at fair value through profit or loss. Note 12 includes the notional amount of outstanding hedging derivatives at 31 December 2025. Changes in the future interest rate curve could have an impact on measurement, although as they are hedging derivatives, this risk is offset by the variable interest rate risk in the cash flows they aim to hedge. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 56
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21. SUPPLIES AND CHANGE IN INVENTORIES OF FINISHED PRODUCTS AND WORK IN PROGRESS The breakdown of this income statement caption is as follows: Thousands of euros 31.12.2025 31.12.2024 Raw and related materials used 945,262 941,670 Changes in inventories of finished p r o d u c t s , w o r k i n p r o g r e s s a n d g o o d s͏͏͏͏͏ 6,480 (29,532) Net charge to the provision for obsolescence (4,391) (69) Total 947,351 912,069 The difference between the opening and closing inventory balances in the statement of financial position and the change in inventories of finished products, work in progress and goods in the income statement is due to exchange gains/(losses) resulting from using different exchange rates for opening and closing inventories, and to applying an average exchange rate to purchases and the inventories that have been included in business combinations. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 57
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22. SALES OF GOODS AND FINISHED PRODUCTS The breakdown of sales of goods and finished products by business unit in 2025 and 2024 is as follows: Thousands of euros 31.12.2025 31.12.2024 Residential 1,532,309 1,487,761 Commercial 200,385 184,597 Water treatment 320,807 304,469 Fluid handling 93,492 91,907 Pool & Wellness 2,146,993 2,068,734 Irrigation, Industrial and Other 36,716 32,865 Total 2,183,709 2,101,599 In the year ended 31 December 2025, the Commercial Pool revenue caption included €26,023 thousand (€17,884 thousand in 2024) relating to the execution of projects where the rendering of services is recognised based on the degree of completion at the reporting date, as long as the result of the transaction can be reliably estimated. The breakdown of sales of goods and finished products by geographical region (country of destination) in 2025 and 2024 is as follows: Thousands of euros 31.12.2025 31.12.2024 Southern Europe 572,568 543,508 Rest of Europe 288,069 267,598 North America 959,100 934,562 Rest of the world 363,972 355,931 Total 2,183,709 2,101,599 At 31 December 2025, there is one customer in the USA whose sales to third parties represent 21.00% of total sales (20,51% at 31 December 2024). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 58
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23. INCOME FROM SERVICES RENDERED This caption mainly includes the revenue from sales transportation services and other logistics services rendered by the Group. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 59
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24. PERSONNEL EXPENSES The breakdown of personnel expenses in 2025 and 2024 is as follows: Thousands of euros 31.12.2025 31.12.2024 Wages and salaries 339,683 329,487 Termination benefits 6,016 5,345 Social security expense 61,875 60,011 Other employee benefits expense 23,258 23,402 430,832 418,245 The Group's average headcount during the years 2025 and 2024, by professional category is as follows: 31.12.2025 31.12.2024 Executives 58 59 Managers 478 365 Professional workers 1,007 1,039 Technicians 1,912 1,924 Administrative and support staff 1,103 1,073 Production staff 2,389 2,276 6,947 6,736 The average number of employees with a disability equal to or greater than 33% in the year ended 31 December 2025 is 55 (52 employees in 2024) and they are distributed by professional category as follows: 0 "Executives", 2 "Managers", 6 "Professional workers", 10 "Technicians", 9 "Administrative and support staff" and 28 "Production staff" (0, 2, 7, 11, 7 and 25, respectively, in 2024). The Group's headcount by gender at year end is as follows: 31.12.2025 31.12.2024 Men Women Men Women Directors (*) 8 6 10 4 Executives 52 6 49 7 Managers 346 131 281 90 Professional workers 702 281 753 295 Technicians 1,258 606 1,319 611 Administrative and support staff 454 639 430 644 Production staff 1,593 685 1,487 687 4,413 2,354 4,329 2,338 (*) The Directors category includes two senior managers. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 60
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25. OTHER OPERATING EXPENSES The breakdown of Other operating expenses is as follows: Thousands of euros 31.12.2025 31.12.2024 Leases and fees 10,706 10,494 Repairs and maintenance 47,104 50,685 Independent professional services 72,722 78,038 Temporary employment agency expenses 23,269 23,061 Fees 4,070 4,043 Sales transportation and logistics services 107,959 106,588 Insurance premiums 10,954 8,664 Banking 3,081 2,876 Advertising and publicity 34,148 33,288 Utilities 19,697 19,182 Communications 5,342 5,318 Travel expenses 23,470 22,617 Taxes 3,863 3,720 Adjustments due to impairment of receivables (579) (372) Warranties 16,889 21,944 Other (*) 19,102 19,137 401,797 409,283 (*) It includes pay earned by the members of the board of directors, research and development expenses and other expenses. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 61
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26. FINANCE INCOME AND COST A breakdown of finance income and cost is as follows: Thousands of euros 31.12.2025 31.12.2024 Finance income Other finance income 4,603 3,674 Gains on the fair value of financial instruments 91 161 Total finance income 4,694 3,835 Finance cost Non-current interest on loans (47,762) (49,766) I n t e r e s t o n d e b t ͏ ( ͏ l o a n s ͏ , c r e d i t f a c i l i t i e s a n d b i l l s d i s c o u n t e d )͏͏͏͏͏͏͏͏͏ (1,845) (4,581) Other finance costs (2,626) (4,948) Losses on the fair value of financial instruments (73) (35) ͏ ͏ I m p a i r m e n t l o s s e s o n f i n a n c i a l a s s e t s a t a m o r t i s e d c o s t o t h e r t h a n t r a d e a n d o t h e r r e c e i v a b l e s͏͏͏͏ (1,451) (1,942) Total finance cost (53,757) (61,272) Right-of-use finance cost (7,843) (9,048) Exchange gains / (losses) Exchange gains 28,932 31,436 Exchange losses (38,453) (31,581) Total exchange gains / (losses) (9,521) (145) Net profit / (loss) (66,427) (66,630) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 62
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27. DEFERRED TAX AND INCOME TAX In 2025, the Group has operated in 47 countries and has been taxed as a tax group when local legislation allows for it and we are advised to do so. The most significant tax groups are in Spain, the USA, France and Australia. Details of these tax groups at the reporting date and the type of tax applicable are as follows: Spain (25%) United States of America (23,80%) Australia (30%) Fluidra, S.A. Fluidra North America, LLC Fluidra Holdings Australia PTY LTD Cepex, S.A.U. Zodiac Pool Systems, LLC Fluidra Group Australia PTY LTD Fluidra Commercial, S.A.U. Cover-Pools, LLC SRS Australia, PTY LTD Fluidra Comercial España, S.A.U. Fluidra Latam Export, LLC Sunbather PTY LTD Fluidra Global Distribution, S.L.U. Fluidra USA, LLC Pooltrackr PTY LTD Fluidra Export, S.A. Taylor Water Technologies, LLC I.D. Electroquímica, S.L.U. Custom Molded Products, LLC Innodrip, S.L.U. SR Smith, LLC Other countries (approx. 23,5%) Inquide, S.A.U. Manufacturas GRE, S.A.U. France (25,83%) Sacopa, S.A.U. ZPES Holdings, S.A.S. Talleres del Agua, S.L.U. Fluidra Commercial France, S.A.S. Trace Logistics, S.A.U. Fluidra Industry France, S.A.S. Piscines Techniques 2000, S.A.S. Poolweb, S.A.S. Zodiac Pool Care Europe, S.A.S. INCOME TAX EXPENSE The relationship between profit from continuing activities and the income tax expense is as follows: Thousands of euros 2025 2024 Profit for the year before tax from continuing operations 242,884 193,089 Profit at 25% 60,721 48,272 Effect of applying effective tax rates in other countries (8,250) 1,297 Permanent differences 14,741 6,874 Offsetting of unrecognised tax loss carryforwards from prior years 342 354 Tax effect of unused tax loss carryforwards in current year (1,402) (1,636) Differences in the income tax expense from prior years (1,354) (36) Withholding at source on income earned abroad 1,258 1,204 Provision for taxes (336) (545) Tax deductions generated in the year (4,275) (2,328) Deferred taxation of dividends 2,082 (2,543) Effect of the change in the tax rate 345 (350) Other 172 469 Income tax expense 64,044 51,032 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 63
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Details of the corporate income tax expense are as follows: Thousands of euros 2025 2024 Current tax 70,283 72,179 for the year 74,558 74,507 T a x d e d u c t i o n s͏͏͏͏͏͏͏ (4,275) (2,328) Prior years' adjustments (1,354) (36) Provision for taxes (336) (545) Other/ Withholding at source on income earned abroad 1,258 2,147 Deferred taxes (5,807) (22,713) Source and reversal of temporary differences (2,656) (21,425) Tax credit for unused tax loss carryforwards and deductions (3,496) (1,997) Effect of the change in the tax rate 345 709 Total income tax expense 64,044 51,032 The reconciliation of current tax with current net income tax liabilities is as follows: Thousands of euros 2025 2024 Current tax 70,283 72,179 Withholdings and payments made on account during the year (56,049) (77,123) Other 251 (1,500) Provisions for taxes (336) (638) Exchange gains/(losses) (227) (460) Additions from business combinations 89 — Liabilities derecognised due to the sale o f G r o u p c o m p a n i e s͏͏͏͏͏͏͏ — — Tax payable in 2024 5,038 — Tax payable in 2023 — 4,881 19,049 (2,661) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 64
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DEFERRED TAX ASSETS Details of changes in deferred tax assets are as follows: Thousands of euros 31/12/2024 Losses and gains Effect of rate change on P&L Equity Business combinations Exchange gains / (losses) / Other Transfers 31/12/2025 Provision for employee obligations 12,734 (198) (28) 283 13 (1,174) (2) 11,628 Provision for warranties and other provisions 29,900 418 (40) — — (2,841) (80) 27,357 Obligations for discounts, rebates and customer rewards 9,029 1,015 (59) — — (1,083) — 8,902 Inventories 10,053 (790) — — — — — 9,263 Other items 14,511 (3,682) (61) — — (1,203) 252 9,817 Tax loss carryforwards and deductions 36,268 3,496 — — — (264) 59 39,559 Total 112,495 259 (188) 283 13 (6,565) 229 106,526 Thousands of euros 31/12/2023 Losses and gains Effect of rate change on P&L Equity Business combinations Exchange gains / (losses) / Other Transfers 31/12/2024 Provision for employee obligations 8,872 2,298 294 593 — 677 — 12,734 Provision for warranties and other provisions 27,574 1,151 153 — — 1,022 — 29,900 Obligations for discounts, rebates and customer rewards 7,053 1,355 132 — — 489 — 9,029 Inventories 9,372 708 — — — (27) — 10,053 Other items 15,085 (3,353) (31) — — 575 2,235 14,511 Tax loss carryforwards and deductions 34,243 1,997 — — — 28 — 36,268 Total 102,199 4,156 548 593 — 2,764 2,235 112,495 • Provisions for obligations with employees This heading includes the tax impact of the difference between accounting and tax criteria relating to the Group's obligations with its employees for future remuneration payable on retirement, proportional extraordinary payments, provision for accrued and unpaid holidays, as well as the amounts accrued for the long-term variable remuneration that are paid in Fluidra, S.A. shares to the Group's executive directors and management team. These expenses are recorded on an accruals basis and are deductible for tax purposes in a subsequent period in most jurisdictions when the obligations are paid. In 2025, the shares relating to the first cycle of the 2022-2026 plan were paid, meaning that the relevant tax could be deducted and the deferred tax assets recognised in prior years reversed. The difference between the recorded accumulated amount and the amount deductible in the USA, €283 thousand, is registered in the equity heading, in accordance with applicable regulations on share-based payments. • Provision for warranties and other provisions Accounting provisions that do not have a tax effect until they are applied for their intended purpose in a year following their recognition. There is therefore a difference between accounting and taxation with a knock-on effect on deferred taxes. An amount of €12,091 thousand (€13,088 thousand in 2024) is recorded for provisions for warranties and €8,451 thousand (€8,479 thousand in 2024) relating to provisions for adjustments in inventories to their net realisable value. Similarly, it includes €1,266 thousand (€2,039 thousand in 2024) for provisions for bad debts, while the remaining €5,549 thousand (€6,294 thousand in 2024) relate to provisions other INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 65
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than warranties, inventories and bad debts, which are accounted for in a financial year that is different from the year in which they are deducted for tax purposes. • Obligations for discounts, rebates and customer rewards This item records the tax impact of the difference between accounting and tax criteria relating to the variable consideration for product sales with regard volume rebates and discounts under customer contracts.This item records the tax impact of the difference between accounting and tax criteria relating to the variable consideration for product sales with regard volume rebates and discounts under customer contracts. • Inventories Most of the opening and closing deferred tax balance for this item relates to internal elimination when consolidating the margin obtained on purchases and sales of inventories between Group companies. There are also some differences deriving from the difference in the tax and accounting accrual of impairment losses on inventories in some jurisdictions. • Other items Most of these items are expenses that are not deductible in the year in which they are recorded but in a later year, due to differences between the accounting and tax amortisation and depreciation of property, plant and equipment and intangible assets. This caption also includes deferred tax of €599 thousand (€246 thousand in 2024) relating to differences between the accounting and tax criteria for transaction costs, as well as deferred tax of €4,403 thousand (€5,181 thousand in 2024) relating to temporary differences between right-of-use asset and lease liability amounts and their tax bases, due to the adoption of IFRS 16. • Tax loss carryforwards and deductions Tax loss carryforwards and deductions amounting to €1,871 thousand and capitalised in prior years were utilised in 2025 (€2,542 thousand in 2024). In addition, €8,024 thousand of tax loss carryforwards have been capitalised in 2025 (€5,768 thousand in 2024) relating to the temporary measure included in Law 38/2022, which limits the individual tax loss carryforwards of each of the entities comprising the Spanish tax group to 50%. This amount is spread over the ten following tax periods in equal parts. The amount reversed in 2025 is €2,657 thousand (€1,229 in 2024). In the Zodiac Group business combination, €44,995 thousand in tax loss carryforwards were recorded from the group’s French companies. Projections for the French companies as a merged group and the synergies obtained by integrating these businesses reasonably support the recovery of the said tax loss carryforwards in a period of less than ten years. At 31 December 2025, €14,041 thousand (€15,910 thousand in 2024) are unused. Details of the most relevant deferred tax asset amounts relating to taxable income pending offset, totalling €39,520 thousand (€36,251 thousand in 2024), are as follows: €22,234 thousand relate to the Spanish tax group (€16,767 thousand in 2024), €14,041 relate to ZPES Holdings, S.A.S., parent of the tax group in France (€15,910 thousand in 2024), €2,986 thousand relate to Fluidra North America, LLC (California state tax, USA) (€3,394 thousand in 2024) and smaller amounts, totalling €259 thousand, relate to other countries (€180 thousand in 2024). Capitalised deductions total €39 thousand (€17 thousand in 2024). Deferred tax assets, unused tax loss carryforwards and deductions not recorded in the interim condensed consolidated financial statements of the Group are as follows: Thousands of euros 2025 2024 Deductions 567 101 Tax loss carryforwards 2,254 3,393 2,821 3,494 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 66
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DEFERRED TAX LIABILITIES Details of changes in deferred tax liabilities are as follows: Thousands of euros 31/12/2024 Losses and gains Effect of interest rate change on P&L Equity Business combinations Exchange gains / (losses) / Other Transfers 31/12/2025 Property, plant and equipment and investment property (6,254) 284 (4) — (1,873) 293 228 (7,326) R & D expenses (3,518) (5,771) 329 — — 535 1,486 (6,939) Business combinations (165,509) 11,667 (480) — (1,106) 15,358 (1,943) (142,013) Deferred taxation of dividends (9,141) (2,082) — — — — — (11,223) Other items (10,221) 1,795 (2) 3,323 (30) 64 — (5,071) Total (194,643) 5,893 (157) 3,323 (3,009) 16,250 (229) (172,572) Thousands of euros 31/12/2023 Losses and gains Effect of interest rate change on P&L Equity Business combinations Exchange gains / (losses) / Other Transfers 31/12/2024 Property, plant and equipment and investment property (6,722) 700 9 — — (241) — (6,254) R & D expenses (5,486) 1,974 5 — — (11) — (3,518) Business combinations (167,208) 14,123 (1,252) — (868) (8,069) (2,235) (165,509) Deferred taxation of dividends (10,900) 2,543 — — — — (784) (9,141) Other items (13,762) (74) (19) 3,306 (30) (426) 784 (10,221) Total (204,078) 19,266 (1,257) 3,306 (898) (8,747) (2,235) (194,643) • Property, plant and equipment and investment property Certain items have a higher rate of tax depreciation than accounting depreciation and this generates deferred tax in years when the tax expense is higher than the accounting expense and a reduction in deferred tax when the opposite happens. • R&D expenses This line includes the tax impact of the differences between the accounting and tax criteria for R&D project expenses, as accelerated depreciation of R&D projects is allowed in some jurisdictions. • Business combinations Business combinations have taken place in previous years, as described in Note 5 to the consolidated annual accounts. Deferred tax assets of a significant amount have arisen as a result of allocating the acquisition price to the resulting assets recognised on the balance sheet. In some jurisdictions, goodwill arising on certain acquisitions can be amortised for tax purposes, even though it cannot be amortised for accounting purposes. The tax effect of this difference between accounting and tax criteria therefore generates a deferral that is included in this section. • Deferred taxation of dividends The General State Budget Act of 31 December 2020 stipulated a reduction in the dividend exemption in Spain from 100% to the current 95%. A corresponding deferred tax liability is therefore recognised for the potential taxation in Spain of profits distributed by subsidiaries, calculated on the total profit contributed by the companies on a consolidated basis. This deferred liability is reversed as the subsidiaries' profits/(loss) are distributed, and the profits are then effectively taxed in Spain as dividends • Other items These are tax expenses and/or reductions in the tax base that have no related accounting expense. When they result in a reduced tax burden, a corresponding deferred tax liability is recognised. For example: the accelerated amortisation of certain finance leases, the deferral of capital gains arising from the transfer of property, plant and equipment, or temporary differences arising from income recognised directly in equity, such as measurement adjustments to financial instruments. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 67
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LEGISLATIVE CHANGES TO CORPORATE INCOME TAX In the year ended 31 December 2025, the USA passed the One Big Beautiful Bill Act (OBBBA), which includes significant changes to US tax regulations. Below are the main impacts on corporate income tax: (i) section 174 restores the immediate deduction of domestic R&D expenses, including the possibility of accelerating the deduction of outstanding amounts from 2022-2024; (ii) expansion of the limit on deductibility of finance costs under section 163(j), returning to an EBITDA-based calculation of adjusted taxable income; and (iii) revival of 100% accelerated depreciation for certain qualified assets acquired as of 20 January 2025, expanding the scope of eligible assets. This reform has led to a net increase in deferred tax of €6,453 thousand for the Group, due essentially to the change in tax deductibility of R&D expenses. The other changes introduced by the OBBBA have not had a significant impact. PILLAR 2 - GLOBAL MINIMUM TAX On 20 September 2022, the European Union approved Directive (EU) 2022/2523 setting out standards to ensure a global minimum level of taxation of 15% for multinational enterprise groups and large-scale domestic groups with annual consolidated income equal to or higher than €750 million, also called Pillar 2. In Spain, this Directive has been transposed through Law 7/2024 of 20 December, setting out a top-up tax to ensure a global minimum taxation level, among other things, applicable to years beginning on or after 1 January 2024. At the 31 December 2025 reporting date, the Group assessed the potential impact of adopting this standard on its consolidated financial statements. As a result of this analysis, a provision of €716 thousand has been recorded (€790 thousand in 2024) for estimated top-up tax. A full calculation is required in the following jurisdictions: Hungary, Switzerland, United Arab Emirates, China and Bulgaria. In the other jurisdictions in which the Group operates, it was concluded that no tax would be paid as they fall under the transitional safe harbour rules provided for in the fourth transitional provision of Law 7/2024. These transitional safe harbour rules seek to simplify adaptation to the Pillar 2 regulations by stipulating that the top-up tax will be zero when one of three conditions are met. The Group will revisit this assessment at 2026 year-end, taking regulatory changes and current tax criteria applicable in each jurisdiction into consideration. In accordance with the temporary exemption included in IAS 12, the Group has not recognised deferred tax assets or liabilities relating to the top-up tax arising from application of Law 7/2024. INSPECTIONS, LITIGATION AND OTHER TAX INFORMATION On 6 March 2025, Fluidra, S.A., head company of the Group, received notification from the tax authorities informing it of the start of a general tax inspection covering 2020 to 2023 corporate income tax, VAT for the February 2021 to January 2025 period, withholdings and payments on account for income earned and income from professional services, and withholdings and payment on account for non-residents and dividends for the February 2021 to January 2025 period. The Company does not have enough information to estimate the possible financial impact of this inspection. The directors believe however that the Company has rigorously complied with its tax obligations, in accordance with current legislation and that, as a result, they do not expect this inspection to have a significant impact on the Company. The following other Group companies are currently undergoing tax inspections: Fluidra Egypt, Egyptian Limited Liability Company, Zodiac Pool Care Europe, S.A.S, Astral India Private Limited, Zodiac Pool Systems Canada, Fluidra Deutschland, GMBH and Zodiac Pool Systems, LLC. No significant liabilities are expected to arise for the Group. In general terms, and in relation to the most relevant countries, the following years are open to inspection: Country Years Spain From 2021 to 2025 United States of America From 2022 to 2025 Australia From 2021 to 2025 France From 2022 to 2025 The Company’s directors consider that, if there were additional inspections to the ones already mentioned, the possibility of additional contingent liabilities arising is remote and, the additional tax payable, if any, would not have a significant impact on the consolidated financial statements. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 68
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28. RELATED PARTY BALANCES AND TRANSACTIONS The breakdown of balances receivable from and payable to related parties and associates and their main characteristics is as follows: Thousands of euros 31.12.2025 31.12.2024 R e c e i v a b l e b a l a n c e s ͏ Payable balances Receivable balances P a y a b l e b a l a n c e s ͏ C u s t o m e r s ͏ 478 — 179 — Receivables 305 — 39 — Suppliers — 1,107 — 1,377 Payables — — — — T o t a l c u r r e n t ͏ 783 1,107 218 1,377 a) CONSOLIDATED GROUP TRANSACTIONS WITH RELATED PARTIES Current related-party transactions correspond to the Group's normal trading activity, have been carried out on a reasonable arm’s length basis and mainly include the following transactions: • Purchases of finished products, specifically spas and accessories from Iberspa, S.L. (with ownership interest by Boyser, S.R.L., Edrem, S.L., Dispur, S.L. and Aniol, S.L.). • Sales of necessary components and materials produced by the Group to manufacture spas for Iberspa, S.L. • Rendering of services by the Group to Iberspa, S.L. The nature of the relationship with the abovementioned related parties is the existence of significant shareholders in common. Details of consolidated Group transactions with related parties are as follows: Thousands of euros 31.12.2025 31.12.2024 Associates Related parties Associates Related parties S a l e s ͏ 658 1,522 389 1,354 I n c o m e f r o m s e r v i c e s ͏ 118 200 67 237 P u r c h a s e s ͏ — ( 8.112 ) ( 170 ) ( 7.114 ) E x p e n s e s f o r s e r v i c e s a n d o t h e r ͏ — ( 65 ) — ( 47 ) b) INFORMATION ON THE PARENT COMPANY'S DIRECTORS AND THE GROUP'S KEY MANAGEMENT PERSONNEL No advances or loans have been granted to key management personnel or directors. Pay earned by key management personnel and directors of the Company is as follows: Thousands of euros 2025 2024 Total key management personnel 6,557 9,327 Total directors of the Parent Company 5,545 5,958 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 69
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Members of the Parent company's board of directors have earned €1,636 thousand 2025 (€1,591 thousand in 2024) from the consolidated companies at which they are board members. Additionally, for the performance of executive duties, they have earned €3,729 thousand in 2025 (€4,210 thousand in 2024). Executive duties include payment in kind relating to vehicles, life insurance, medical insurance and income from share plans. Similarly, members of the board of directors have received €180 thousand in compensation for travel expenses in 2025 (€157 thousand in 2024). The Company has life insurance policies involving an expense of €92 thousand in the year ended 31 December 2025 (€89 thousand in 2024). These life insurance policies comprise an income supplement in the event of total permanent invalidity. Furthermore, the Company has made contributions to benefit plans and pension plans of €141 thousand (€240 thousand in 2024). During the year ended 31 December 2025, , Fluidra, S.A. (the parent company of the Group to which the company belongs) paid the annual civil liability insurance premiums for Group directors and executives to cover possible damages and/or claims from third parties during the exercise of their duties amounting to €147 thousand (€147 thousand in 2024), with all Group directors and executives covered by these policies. The Group’s key management includes the executives that answer directly to the board of directors or the Company’s CEO, as well as the internal auditor. On 9 June 2022, the general meeting of shareholders approved a long-term variable pay plan for executive directors and the management team of Fluidra, S.A. and the subsidiaries comprising the consolidated Group, including the transfer of Fluidra, S.A. shares. The 2022-2026 plan covers a five year period from 1 January 2022, with effect from the date of approval of the plan by the general shareholders' meeting, until 31 December 2026, without prejudice to the effective settlement of the plan’s last cycle which will take place during June 2027. The 2022-2026 plan entails the concession of a certain number of PSUs (Performance Share Units) which will be taken as a reference to determine the final number of shares to be paid to the beneficiaries after a certain period of time, provided that certain strategic objectives of the Fluidra Group are met and the requirements set forth in the regulations are fulfilled. The plan is divided into three independent cycles and will have three grant dates for the incentive to be received in the event of 100% compliance with the targets to which it is linked, each of which have been granted in 2022, 2023 and 2024, respectively. Each cycle has a target measurement period of three years, starting on 1 January of the year in which the cycle starts and ending three years after the start date of the cycle measurement period, i.e. 31 December of the year in which the cycle measurement period ends. After the end of each cycle’s measurement period, the incentive linked to each cycle will be decided and each beneficiary will be entitled to receive the incentive depending on the degree of fulfilment with the objectives set for the relevant cycle. The incentive linked to each plan cycle will be settled in June of the financial year subsequent to the end of the measurement period, following approval of the annual accounts for the year in which the measurement period of the relevant cycle ends. In order for the beneficiary to consolidate the right to receive the incentive corresponding to each cycle of the 2022-2026 plan, he/she must remain in the Fluidra Group until the end date of the cycle's measurement period, notwithstanding the special cases of disengagement set out in the regulations, and the objectives to which each cycle of the 2022-2026 plan is linked must be met. In particular, the plan’s three cycles are linked to the meeting of the following strategic targets; a) Evolution of the “Total Shareholder Return” (TSR), in absolute terms; b) Evolution of Fluidra Group’s adjusted EBITDA; c) S&P rating linked to ESG objectives (Environment, Social and Governance). For the purposes of measuring the evolution of TSR, the initial value is taken as the weighted average of Fluidra's share price at the close of the stock market sessions on the thirty days prior to the start date of each cycle’s measurement period, and the final value shall be taken as the weighted average of Fluidra's share price at the close of the stock market sessions on the thirty days prior to the end date of each cycle’s measurement period. The maximum amount earmarked for the plan’s three cycles as a whole in the event of 100% compliance with the targets to which it is linked is fixed at €55 million. The maximum number of shares included in the plan is the result of dividing the maximum amount allocated to each cycle by the weighted average share price at the close of the stock market sessions on the 30 days prior to the starting date of the relevant cycle’s measurement period. If the maximum number of shares allocated to the plan authorised by the general shareholders' meeting is not sufficient to settle the incentive in shares corresponding to the beneficiaries under each cycle of the plan, Fluidra shall pay in cash the excess incentive that cannot be settled in shares. At 31 December 2025, the best estimate of the fair value of the second and third cycle in the 2022-2026 plan comes to approximately €20,399 thousand, which will be settled in full in equity instruments. At 31 December 2025, an equity increase was recorded in this respect for the amount of €1,333 thousand (€5,610 thousand at 31 December 2024, in relation to the first, second and third cycles of the 2022-2026 plan). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 70
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In July 2025, the first cycle of the 2022-2026 plan was settled and the payment and the relevant tax withholdings were recorded under the Equity-based payments heading for €697 thousand. On 7 May 2025, the general meeting of shareholders approved a new long-term variable pay plan for executive directors and the management team of Fluidra, S.A. and the subsidiaries comprising the consolidated group, including the delivery of Fluidra, S.A. shares. The 2025-2029 plan covers a five year period from 1 January 2025, with effect from the date of approval of the plan by the general shareholders' meeting, until 31 December 2029, without prejudice to the effective settlement of the plan’s last cycle which will take place during June 2030. The 2025-2029 plan entails the concession of a certain number of PSUs (Performance Share Units) which will be taken as a reference to determine the final number of shares to be paid to the beneficiaries after a certain period of time, provided that certain strategic objectives of the Fluidra Group are met and the requirements set forth in the regulations are fulfilled. The plan is divided into three independent cycles and will have three grant dates for the target incentive to be received in the event of 100% compliance with the targets to which it is linked, each of which will take place in 2025, 2026 and 2027, respectively. Each cycle shall have a target measurement period of three years, starting on 1 January of the year in which the cycle starts and ending three years after the start date of the cycle measurement period, i.e. 31 December of the year in which the cycle measurement period ends. After the end of each cycle’s measurement period, the incentive linked to each cycle will be decided and each beneficiary will be entitled to receive the incentive depending on the degree of fulfilment with the objectives set for the relevant cycle. The incentive linked to each plan cycle will be settled in June of the financial year subsequent to the end of the measurement period, following approval of the annual accounts for the year in which the measurement period of the relevant cycle ends. In order for the beneficiary to consolidate the right to receive the incentive corresponding to each cycle of the 2025-2029 plan, he/she must remain in the Fluidra Group until the end date of the cycle's measurement period, notwithstanding the special cases of disengagement set out in the Regulations, and the objectives to which each cycle of the 2025-2029 plan is linked must be met in accordance with the following terms and conditions: · Shareholder value creation targets; · Financial targets, and · ESG-linked targets (environment, social and governance). In particular, the plan’s first cycle is linked to the meeting of the following strategic targets; a) Evolution of the “Total Shareholder Return” of Fluidra (TSR) , in absolute terms; b) Evolution of the Fluidra Group’s EBITDA; c) S&P rating For the purposes of measuring the evolution of TSR, the initial value shall be taken as the weighted average of Fluidra's share price at the close of the stock market sessions on the thirty days prior to the start date of the first cycle’s measurement period, and the final value shall be taken as the weighted average of Fluidra's share price at the close of the stock market sessions on the thirty days prior to the end date of the first cycle’s measurement period. For the plan’s second and third cycles, Fluidra's board of directors, at the proposal of the Appointments and Remuneration Committee, may decide to maintain or amend the metrics, their relative weighting and the degree of attainment set out for the first cycle. The maximum amount earmarked for the plan’s three cycles as a whole in the event of 100% compliance with the targets to which it is linked is fixed at €64 million. The maximum number of shares included in the plan shall be the result of dividing the maximum amount allocated to each cycle by the weighted average share price at the close of the stock market sessions on the thirty days prior to the starting date of the relevant cycle’s measurement period. In any case, if 100% of the targets are met, the total number of shares to be paid under the plan to all beneficiaries of the three cycles may not exceed 1.21% of Fluidra’s share capital, rising to 2.03% if the maximum degree of attainment is met for the targets. If the maximum number of shares allocated to the plan authorised by the general shareholders' meeting is not sufficient to settle the incentive in shares corresponding to the beneficiaries under each cycle of the plan, Fluidra shall pay in cash the excess incentive that cannot be settled in shares. At 31 December 2025, the best estimate of the fair value of the 2025-2029 plan’s first cycle comes to approximately €6,858 thousand, which will be settled in full in equity instruments. At 31 December 2025, an equity increase was recorded in this respect for the amount of €1,143 thousand. €3,993 thousand is recorded under the personnel expenses heading for all plans in force in 2025 (€5,317 thousand at 31 December 2024). c) TRANSACTIONS PERFORMED BY THE DIRECTORS OF THE PARENT COMPANY OUTSIDE OF ITS ORDINARY COURSE OF BUSINESS OR OTHER THAN ON AN ARM’S LENGTH BASIS During 2025 and 2024, the directors of the Parent Company have not carried out any transactions with the Company or with INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 71
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Group companies other than those conducted on an arm's length basis in the normal course of business. d) CONFLICTS OF INTEREST CONCERNING THE DIRECTORS OF THE PARENT COMPANY Neither the Company's directors nor any persons related to them were party to any conflicts of interest requiring disclosure in these notes pursuant to the provisions of article 229 of the consolidated text of the Spanish Companies Act. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 72
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29. ENVIRONMENTAL INFORMATION Fluidra has kept its commitment to optimise the natural resources it uses in production processes and to promote the use of alternative energies. Additionally, one of the main focuses of R&D projects is the responsible use of water. The directors estimate that there are no significant contingencies related to environmental improvement and protection and, therefore, no provision for risks and expenses has been recognised in any Group company at 31 December 2025 or 2024. No environmental grants have been received at 31 December 2025 or 2024. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 73
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30. OTHER COMMITMENTS AND CONTINGENCIES At 31 December 2025 and 2024, the Group has not presented any mortgage guarantees. At 31 December 2025, the Group has presented guarantees to banks and other companies amounting to €7,522 thousand (€8,680 thousand in 2024), of which €841 thousand relate to technical guarantees (€823 thousand in 2024). INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 74
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31. AUDITORS' AND THEIR GROUP COMPANIES' OR RELATED PARTIES' FEES Net fees for professional services paid to Ernst & Young, S.L. as the auditor of the Group's consolidated financial statements for the year ended 31 December 2025 and 2024 were as follows: Thousands of euros 31.12.2025 31.12.2024 Audit services 605 672 Other assurance services 166 157 Total 771 829 Other assurance services include: the Report on the System of Internal Control over Financial Reporting (SCIIF), the Review Report on Non-Financial Information and the review of the Integrated Report. The amounts presented in the tables above include all of the fees related to the services rendered in 2025 and 2024, regardless of when they were invoiced. Additionally, the professional services invoiced to the Group by other companies associated to Ernst & Young Global Limited during the year ended 31 December 2025 and 2024, were as follows: Thousands of euros 31.12.2025 31.12.2024 Audit services 945 847 Assurance services — — Total 945 847 Furthermore, net fees for professional services invoiced to the Group by auditors other than Ernst & Young, S.L. during the year ended 31 December 2025 and 2024, were as follows: Thousands of euros 31.12.2025 31.12.2024 Audit services 339 329 Other assurance services 50 27 Tax advisory services 241 145 Other services 73 2 Total 703 503 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 75
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32. INFORMATION ON LATE PAYMENTS TO SUPPLIERS According to Law 31/2014 of 3 December establishing measures on combating late payment in commercial transactions, the information on late payment to suppliers in Spain is as follows: 2025 2024 Days Days Average payment period to suppliers 50.29 50.52 Transactions paid ratio 52.72 54.44 Transactions payable ratio 29.40 20.56 Amount (thousands of euros) Amount (thousands of euros) Total payments made 513,741 469,371 Total payments outstanding 59,711 61,447 Monetary amount of invoices paid within the maximum period set out in late payment legislation 276,697 247,019 Payments made within the maximum period as a percentage of total payments made 53.86% 52.63% Amount (number of invoices) Amount (number of invoices) Invoices paid within the maximum period set out in late payment legislation 37,688 32,858 As a percentage of total invoices 53.16% 50.01% INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 76
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33. SUBSEQUENT EVENTS On 19 December 2025, an agreement was signed for the purchase of 100% of Variopool Holding BV (Variopool). Variopool has its headquarters in the Netherlands and specialises in designing, producing and installing moveable walls and floors for pools, water parks and underwater windows with business projects worldwide. Variopool employs approximately 65 people. Sales of around €25 million and EBITDA of around €3.5 million are expected in 2025. The price will be paid in two instalments; one when the transaction is completed, which is expected to happen in the first quarter of 2026, and another in 2027. This transaction strengthens Fluidra’s position in the commercial pool segment, with Variopool’s products perfectly complementing Fluidra’s current portfolio. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTES Contents 2025 Integrated Annual Report 77
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APPENDIX I (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) FLUIDRA, S.A. AND SUBSIDIARIES DETAILS OF THE CORPORATE NAME AND PURPOSE OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES DIRECTLY OR INDIRECTLY OWNED Subsidiaries accounted for using the full consolidation method • AO Astral SNG, domiciled in Moscow (Russia), is mainly engaged in the marketing of swimming-pool materials. • Aquacontrol, Gesellschaft für meß-, regel- und steuerungstechnik zur wasseraufbereitung GMBH, domiciled in Haan (Germany), is mainly engaged in the production and distribution of measuring, control and regulation equipment for pools, water systems and wastewater of all kinds. • Astral Aqua Design Limited Liability Company, domiciled in Moscow (Russia), is mainly engaged in the distribution, design, installation and project management of fountains and ponds. • Astral Bazénové Prislusentsvi, S.R.O., domiciled in Modletice - Doubravice (Czech Republic), is mainly engaged in the production and sale of chemical substances and other chemical products classified as toxic and very toxic. • Astralpool Cyprus, LTD, domiciled in Limassol (Cyprus), is mainly engaged in the distribution of pool-related products. • Astralpool Hongkong, CO., Limited, domiciled in Wang Chai (Hong Kong), is mainly engaged in the marketing of pool, water treatment and irrigation products. • Astralpool UK Limited., domiciled in Fareham (England), is engaged in the manufacture, purchase and sale, distribution, marketing, export and import of all types of swimming-pool products. • Bac pool Systems Holding AG, domiciled in Oftringen (Switzerland), is engaged in the purchase, sale and management of shares and the provision of management services to other companies in Switzerland and abroad. • Bac pool Systems AG, domiciled in Oftringen (Switzerland), is mainly engaged in the development, marketing and distribution of pool equipment and related products. • Bac pool Systems GMBH, domiciled in Ettlingen (Germany), is mainly engaged in the production, planning and marketing of covers, accessories and solar technology for pools. • Cepex S.A.U., domiciled in La Garriga (Barcelona, Spain), is mainly engaged in the manufacture and distribution of plastic material by injection systems or similar and, in particular, plastic parts for valves and the manufacture of plastic injection molds. • Certikin International, Limited, domiciled in Witney, Oxford (England), is engaged in the marketing of swimming-pool products. • Cover Pools LLC, domiciled in West Valley City (USA), is mainly engaged in the manufacture and distribution of automatic pool covers. • Custom Molded Products Shanghái, Inc., domiciled in Shanghai (China), is essentially engaged in the sale of bathroom equipment, plastic products, rubber products, electronic products and metal materials, as well as the import and export of goods and technology. • Custom Molded Products, LLC, domiciled in Newnan, Georgia (United States), is engaged in taking part in any legal act or activity whereby limited liability companies may be created under the law and to engage in any and all activities required or incidental thereto. • Fluidra Adriatic D.O.O., domiciled in Zagreb (Croatia), is mainly engaged in the purchase, sale and distribution of machinery, equipment, materials, products and special equipment for pool and water system maintenance. • Fluidra Balkans JSC, domiciled in Plovdiv (Bulgaria), is mainly engaged in the purchase, sale and distribution of machinery, equipment, materials, products and special equipment for pool and water system maintenance. • Fluidra Belgique, S.R.L., domiciled in Gosselies (Belgium), is engaged in the manufacture, purchase and sale, distribution, marketing, export and import of all types of swimming-pool products. • Fluidra Benelux, B.V. (Formerly Sibo Fluidra Netherlands B.V.), domiciled in Veghel (the Netherlands), has as its corporate purpose to act as a wholesale technician and to carry out all activities directly or indirectly related thereto; as well as to incorporate, participate in and direct the management, to have financial interests in other companies; and to provide administrative services. It owns 100% of the share capital of the German company SIBO Gmbh. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 78
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• Fluidra BH D.O.O. Bijeljina, domiciled in Bijeljina (Bosnia and Herzegovina) is mainly engaged in selling swimming pool products. • Fluidra Brasil Indústria e Comércio LTDA, domiciled in Itajaí (Brazil), is mainly engaged in the marketing, import, export and distribution of equipment, products and services for fluid handling, irrigation, swimming-pools and water treatment, as either partner or shareholder in other companies. Rendering of technical assistance services for machines, filters and industrial and electrical and electronic equipment. Rental of machines and industrial and/or electrical and electronic equipment. • Fluidra Chile, S.A., domiciled in Santiago de Chile (Chile), is mainly engaged in the purchase and sale, assembly, distribution and marketing of swimming-pool, irrigation and water treatment and purification machinery, equipment and products. • Fluidra Colombia, S.A.S., domiciled in Antioquia (Colombia), is engaged in the purchase and sale, distribution, marketing, import, export of all types of machinery, equipment, components and machinery parts, tools, accessories and products for swimming-pools, irrigation and water treatment and purification in general, built with both metal materials and any type of plastic materials and plastic derivatives. • Fluidra Comercial España, S.A.U., domiciled in Sant Cugat del Vallés (Barcelona, Spain), is engaged in the manufacture, purchase, sale and distribution of all kinds of machinery, filters, instruments, accessories and specific products for swimming-pools, as well as for the treatment and purification of water in general, irrigation and fluid conduction, made of both metallic materials and all kinds of plastic materials and their transformation; as well as the construction and manufacture of all kinds of elements and products that can be manufactured with fibreglass, metal, vacuum thermoformed materials or injected materials. • Fluidra Comercial Portugal Unipessoal, Lda. (company absorbing NCWG Sistemas de Gestão de Água, Lda., Dini & Lulio, Lda. and Kreative Techk, Lda.), domiciled in São Domingo da Rana (Portugal), is engaged in the manufacture, purchase and sale, distribution, marketing, export and import of all types of swimming-pool products. • Fluidra Commercial France, S.A.S., domiciled in Perpignan (France), is mainly engaged in the marketing of rotary and centrifugal pumps, electric motors and accessories, and the marketing of equipment for swimming-pools and water treatment. • Fluidra Commercial, S.A.U., domiciled in Sant Cugat de Vallés (Barcelona, Spain) is engaged in the holding and use of equity shares and securities, and advising, managing and administering the companies in which it holds an ownership interest, among other activities. • Fluidra Commerciale Italia, S.P.A., domiciled in Bedizzole (Italy), is engaged in the manufacture, purchase and sale, distribution, marketing, export and import of all types of swimming-pool products. • Fluidra Deutschland, GmbH., domiciled in Großostheim (Germany), is engaged in the distribution and sale of pool- related products and accessories. • Fluidra Egypt, Egyptian Limited Liability Company, domiciled in Cairo (Egypt), is mainly engaged in the marketing of swimming-pool accessories. • Fluidra Export, S.A.U., domiciled in Sant Cugat de Vallés (Barcelona, Spain), is engaged in both domestic and foreign marketing of all types of products and goods, mainly in the marketing of pool-related products, basically acquired from related parties. • Fluidra Global Distribution Italy, S.R.L., domiciled in Castrezzato (Italy), is mainly engaged in managing and organising the distribution and provision of logistics and marketing services, including import and export, freight storage and transport and the management of supply flows. • Fluidra Global Distribution, S.L.U., domiciled in Sant Cugat del Vallés (Barcelona, Spain) is engaged in the manufacture, purchase and sale and distribution of all types of machinery, equipment, components and machinery parts, tools, accessories and products for swimming-pools, irrigation and water treatment and purification in general, built with both metal materials and any type of plastic materials and plastic derivatives. • Fluidra Group Australia, Pty Ltd, domiciled in Smithfield (Australia), is mainly engaged in the manufacture, assembly and distribution of pool equipment and other related products. • Fluidra Hellas, S.A., domiciled in Aspropyrgos (Greece), is mainly engaged in the distribution of pool-related products. • Fluidra Holdings Australia, Pty Ltd, domiciled in Smithfield (Australia), is engaged in the holding and use of equity shares and securities, and advising, managing and administering the companies in which it holds an ownership interest. • Fluidra Holdings South Africa Pty Ltd, domiciled in Johannesburg (South Africa), is engaged in the holding and use of equity shares and securities, and advising, managing and administering the companies in which it holds an ownership interest. • Fluidra India Private Limited, domiciled in Chennai (India), is mainly engaged in the marketing of pool materials and chemical water, spa and irrigation treatments. • Fluidra Indonesia PT, domiciled in Jakarta (Indonesia), has as its corporate purpose the import and distribution of products and equipment for swimming-pools, as well as chemical products and accessories. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 79
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• Fluidra Industry France, S.A.S., with registered offices in Perpignan (France), is mainly engaged in the manufacture of automatic covers for swimming-pools of all types, as well as the purchase and sale of materials, accessories and products for swimming*pools. • Fluidra Kazakhstan Limited Liability Company, domiciled in Almaty City (Kazakhstan), is engaged in the purchase of swimming-pool material for subsequent sale in the domestic market. • Fluidra Latam Export , LLC, domiciled in Wilmington (US), is mainly engaged in distributing pool materials in the Latin American market. • Fluidra Magyarország, Kft, domiciled in Budapest (Hungary), is mainly engaged in the marketing and assembly of machinery and accessories for swimming-pools, irrigation and water treatment and purification. • Fluidra Malaysia SDN.BHD, domiciled in Semenyih Selangor (Malaysia), is mainly engaged in the marketing of swimming- pool materials. • Fluidra Maroc, S.A.R.L., domiciled in Casablanca (Morocco), is engaged in the import, export, manufacture, marketing, sale and distribution of spare parts for swimming-pools, irrigation and water treatment. • Fluidra México, S.A. DE CV, domiciled in Mexico City (Mexico) is engaged in the purchase and sale, import, export, storage, manufacture and, in general, marketing of all types of goods, equipment, components, machinery, accessories and chemical specialties for swimming-pools, irrigation and water treatment. • Fluidra Middle East Fze, domiciled in Jebel Ali (Dubai), is engaged in the marketing of sand, gravel, stones, tiles, flooring materials, swimming-pools, swimming-pool and water treatment equipment and related accessories, water cooling and heating equipment, electronic instruments, pumps, motors, valves and spare parts, as well as fibreglass products. • Fluidra Montenegro DOO, domiciled in Podgorica (Montenegro), is mainly engaged in the purchase, sale and distribution of machinery, equipment, materials, accessories, products and special equipment for pool and water system and irrigation maintenance. • Fluidra (N.Z.) Limited, domiciled in North Shore City (New Zealand), is engaged in the distribution and sale of pool material. • Fluidra Nordic AB, domiciled in Källered (Sweden), is mainly engaged in the purchase, sale, import, export of product categories and products relating to swimming-pools, water treatment and irrigation. • Fluidra North America LLC, domiciled in Carlsbad (USA) is engaged in the holding and use of equity shares and securities, and advising, managing and administering the companies in which it holds an ownership interest. • Fluidra Österreich GmbH “SSA”, domiciled in Grödig (Austria), is mainly engaged in the marketing of swimming- pool and wellness products. • Fluidra Polska, SP. Z.O.O., domiciled in Wroclaw (Poland), is mainly engaged in the marketing of pool accessories. • Fluidra Romania S.A., domiciled in Bucharest (Romania), is mainly engaged in the purchase, sale and distribution of machinery, equipment, materials, accessories, products and special equipment for pool and water system and irrigation maintenance. • Fluidra Serbica, D.O.O. Beograd, domiciled in Belgrade (Serbia) is mainly engaged in the marketing of swimming-pool material. • Fluidra SI D.O.O., domiciled in Ljubljana (Slovenia), is mainly engaged in marketing pool-related goods, products and materials. • Fluidra Singapore, PTE LTD, domiciled in Singapore (Singapore), is mainly engaged in the marketing of pool- related accessories. • Fluidra Switzerland, S.A., domiciled in Bedano (Switzerland), is mainly engaged in the marketing of pool material. • Fluidra (Thailand) Co., Ltd. (previously called Astralpool (Thailand) Co., Ltd, domiciled in SamutPrakarn (Thailand), is mainly engaged in the marketing of pool, spa and irrigation products. • Fluidra Tr Su Ve Havuz Ekipmanlari AS, domiciled in Tuzla (Turkey), is engaged in the import of equipment, chemical products and other secondary materials necessary for swimming-pools, and their subsequent distribution. • Fluidra Tunisie, S.A.R.L., with its registered office in El Manar (Tunisia), has as its main object the provision of manufacturing services and related activities aimed at promoting and strengthening the Fluidra Group's activity in Tunisia. • Fluidra USA, LLC, domiciled in Jacksonville (USA), is engaged in the marketing of pool-related products and accessories. • Fluidra Vietnam LTD, domiciled in Ho Chi Minh City (Vietnam), is engaged in advising, allocating and installing pool filtering systems and water applications, as well as the import, export and distribution of wholesale and retail products. • Fluidra Waterlinx Pty, Ltd, domiciled in Johannesburg (South Africa), is mainly engaged in the manufacture and distribution of swimming-pools, equipment and spa and garden accessories. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 80
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• I.D. Electroquímica, S.L.U., domiciled in Alicante (Alicante, Spain), is engaged in the sale of all types of process development machines and electrochemical reactors. • Innodrip, S.L.U., domiciled in Sant Cugat del Vallés (Barcelona, Spain), is engaged in the rendering of services aimed at the sustainable use of water. • Inquide, S.A.U., domiciled in Polinyà (Barcelona, Spain), is mainly engaged in the manufacture of chemical products and specialties in general, excluding pharmaceutical products. • Manufacturas Gre, S.A.U., domiciled in Leioa (Vizcaya, Spain), is engaged in the manufacture and marketing of products, accessories and materials for swimming-pools, irrigation and water treatment and purification in general. • Ningbo Dongchuan Swimming Pool Equipment Co., LTD, domiciled in Ningbo (China), is engaged in the production and installation of swimming-pool equipment, brushes, plastic and aluminium products, industrial thermometer, water disinfection equipment and water testing equipment. Import and export of technology for own use or as an agent. • Piscines Techniques 2000, S.A.S., domiciled in Perpignan (France), is engaged in the sale of spare parts for swimming- pools; the purchase and sale of pool equipment and recycled water systems; the sale, distribution, marketing, repair and maintenance of swimming-pool equipment, gardening, irrigation and water treatment; and technical advice to swimming-pool and water professionals. • Pooltrackr Pty, LTD, domiciled in Smithfield (Australia), operates under a B2B Software-as-a-Service (SaaS) business model, generating recurring income through subscription- based software licences. Furthermore, additional income is generated via integrated payment processing services and revenue-sharing agreements linked to its POS software platform. • Poolweb, SAS, domiciled in Chassieu (France), is engaged in the purchase and sale of equipment for pools and other business areas relating to water and relaxation, in providing technical assistance to professionals in this industry and to creating and selling IT programmes used in the aforementioned activities. • SR Smith, LLC, domiciled in Canby, Oregon (United States), has as its corporate purpose to engage in any lawful act or activity that limited liability companies may engage in under Delaware law, including consulting, brokering, commissions or investments in other companies. • Sacopa, S.A.U., domiciled in Sant Jaume de Llierca (Girona, Spain), is mainly engaged in the processing, marketing and sale of plastic materials, as well as the manufacture, assembly, processing, purchase and sale and distribution of all types of lighting and decoration devices and tools. Foreign and domestic trading activities of all types of goods and products directly and indirectly related to the above products, their purchase and sale and distribution. Representation of domestic and foreign brands and commercial and industrial enterprises engaged in the manufacture of the aforementioned products. • SRS Australia , Pty LTD, domiciled in Brisbane, Queensland (Australia), is principally engaged in the sale of swimming-pool cover equipment and materials to both residential and commercial retail and wholesale customers. • Sunbather Pty LTD, domiciled in Hastings, Victoria (Australia), is principally engaged in the manufacture and distribution of swimming-pool heating equipment and thermal pool covers. • Swim & Fun Scandinavia ApS, domiciled in Roskilde (Denmark), is principally engaged in wholesale trade transactions relating to swimming-pools and water treatment. • Talleres del Agua, S.L.U., domiciled in Los Corrales de Buelna (Cantabria, Spain), is engaged in the building, sale, installation, air-conditioning and maintenance of swimming-pools, as well as the manufacture, purchase and sale, import and export of all types of swimming-pool tools. • Taylor Water Technologies LLC, domiciled in Sparks, Maryland (USA), is principally engaged in the manufacture and distribution of water testing solutions, testing stations and test strips for swimming-pools and plastic bottles. • Trace Logistics North, B.V., domiciled in Veghel (Holland), is engaged in receiving third-party goods in consignment in its warehouses or premises for their storage, control and distribution to third parties at the request of its depositors; performing storage, depositing, loading and unloading duties and any other function required for managing the distribution of these goods in accordance with the instructions of the depositors and arranging and managing transport. • Trace Logistics, S.A.U., domiciled in Maçanet de la Selva (Girona, Spain), is engaged in receiving third-party goods in consignment in its warehouses or premises for their storage, control and distribution to third parties at the request of its depositors; performing storage, loading and unloading duties and other supplementary activities that are necessary for managing the distribution of these goods in accordance with the instructions of the depositors and arranging and managing transport. • Veico. Com. Br Indústria e Comércio LTDA, domiciled in Ciudad de Itají, Estado de Santa Catarina (Brazil), has as its corporate purpose the provision of administrative support, digitalisation of texts, electronic templates and forms in general, professional and managerial development courses and training, as well as the sale of machines and equipment. • Wit Egypt, Egyptian Limited Liability Company, domiciled in Cairo (Egypt), is mainly engaged in the marketing of swimming-pool accessories. • Ya Shi Tu Swimming Pool Equipment (Shanghai) Co, Ltd, domiciled in Shanghai (China), is mainly engaged in the marketing of swimming-pool products. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 81
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• Zodiac Pool Care Europe, S.A.S., domiciled in Belberaud (France), is engaged in the distribution and sale of pool- related products and accessories. • Zodiac Pool Systems Canada, INC, domiciled in Vancouver (Canada), is engaged in the distribution and sale of pool- related products and accessories. • Zodiac Pool Systems, LLC, domiciled in Carlsbad (USA), is mainly engaged in the manufacture and distribution of several Group brands relating to pool equipment. • Zodiac Swimming Pool Equipment (Shenzen), Co, Ltd, domiciled in Shenzen (China), is mainly engaged in the rendering of technical services for pool and spa equipment; the distribution, sale, import and export of pool and spa products and elements and post-sales services. • ZPES Holdings, S.A.S. domiciled in Belberaud (France), is engaged in the holding and use of equity shares and securities, and advising, managing and administering the companies in which it holds an ownership interest. Associates consolidated using the equity method • Astral Nigeria, Ltd., domiciled in Surulere-Lagos (Nigeria), is engaged in the marketing of swimming-pool products. • Blue Factory S.R.L., domiciled in Milan (Italy), has as its corporate purpose the provision of consultancy services to both public and private entities related to project design and implementation, the development, implementation and marketing of innovative solutions and high-value technological services. • Aiper, Inc, domiciled in Grand Cayman, (Cayman Islands), has as its corporate purpose the research, development and sale of wireless pool robots and garden maintenance products. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 82
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List of subsidiaries accounted for using the full consolidation method FLUIDRA COMMERCIAL, S.A.U. 100.00% AO ASTRAL SNG 90.00% AQUACONTROL, GESELLSCHAFT FÜR MEß-, REGEL- UND STEUERUNGSTECHNIK ZUR WASSERAUFBEREITUNG GMBH 100.00% ASTRAL AQUADESIGN, LIMITED LIABILITY COMPANY 58.50% ASTRAL BAZENOVE PRISLUSENTSVI, S.R.O. 100.00% ASTRALPOOL CYPRUS, LTD 100.00% ASTRALPOOL HONGKONG CO., LIMITED 100.00% ASTRALPOOL UK, LIMITED 100.00% BAC POOL SYSTEMS AG 100.00% (4) BAC POOL SYSTEMS HOLDING AG 100.00% (4) BAC POOLS SYSTEMS GMBH 100.00% (4) CEPEX, S.A.U. 100.00% CERTIKIN INTERNATIONAL, LIMITED 100.00% COVER - POOLS LLC. 100.00% CUSTOM MOLDED PRODUCTS SHANGHAI, INC. 100.00% CUSTOM MOLDED PRODUCTS, LLC 100.00% FLUIDRA ADRIATIC, D.O.O. 100.00% FLUIDRA BALKANS, JSC 61.16% FLUIDRA BELGIQUE, S.R.L. 100.00% FLUIDRA BENELUX, B.V. 100.00% (2)(3) FLUIDRA BH, D.O.O. Bijeljina 60.00% FLUIDRA BRASIL INDÚSTRIA E COMÉRCIO, LTDA 100.00% FLUIDRA CHILE, S.A. 100.00% FLUIDRA COLOMBIA, S.A.S 100.00% FLUIDRA COMERCIAL ESPAÑA, S.A.U. 100.00% FLUIDRA COMERCIAL PORTUGAL Unipessoal, LDA 100.00% (9) FLUIDRA COMMERCIAL FRANCE, S.A.S. 100.00% FLUIDRA COMMERCIALE ITALIA, S.P.A. 100.00% FLUIDRA DEUTSCHLAND, GmbH 100.00% FLUIDRA EGYPT, Egyptian Limited Liability Company 100.00% FLUIDRA EXPORT, S.A.U. 100.00% FLUIDRA GLOBAL DISTRIBUTION ITALY, S.R.L. 100.00% (5) FLUIDRA GLOBAL DISTRIBUTION, S.L.U. 100.00% FLUIDRA GROUP AUSTRALIA, PTY LTD 100.00% FLUIDRA HELLAS, S.A. 96.96% FLUIDRA HOLDINGS AUSTRALIA, PTY LTD 100.00% FLUIDRA HOLDINGS SOUTH AFRICA, PTY LTD 100.00% FLUIDRA INDIA, PRIVATE LIMITED 100.00% FLUIDRA INDONESIA PT. 100.00% FLUIDRA INDUSTRY FRANCE, S.A.S 100.00% FLUIDRA KAZAKHSTAN, Limited Liability Company 70.00% FLUIDRA LATAM EXPORT, LLC 100.00% FLUIDRA MAGYARORSZÁG Kft. 95.00% FLUIDRA MALAYSIA SDN.BHD. 100.00% FLUIDRA MAROC, S.A.R.L. 100.00% % ownership interest Direct Indirect INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 83
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FLUIDRA MEXICO, S.A. DE C.V. 100.00% FLUIDRA MIDDLE EAST FZE 100.00% FLUIDRA MONTENEGRO, DOO 60.00% FLUIDRA N.Z., LIMITED 100.00% FLUIDRA NORDIC, AB 100.00% FLUIDRA NORTH AMERICA LLC 100.00% FLUIDRA ÖSTERREICH, Gmbh "SSA" 98.50% FLUIDRA POLSKA, SP. Z.O.O. 100.00% FLUIDRA ROMANIA, S.A. 66.66% FLUIDRA SERBICA, D.O.O. BEOGRAD 60.00% FLUIDRA SI, D.O.O 60.00% FLUIDRA SINGAPORE, PTE LTD 100.00% FLUIDRA SWITZERLAND, S.A. 100.00% FLUIDRA THAILAND CO., LTD 100.00% (10) FLUIDRA TR SU VE HAVUZ EKIPMANLARI AS 51.00% FLUIDRA TUNISIE, S.A.R.L. 100.00% FLUIDRA USA, LLC 100.00% FLUIDRA VIETNAM, LTD 100.00% FLUIDRA WATERLINX, PTY LTD 100.00% (11) I.D. ELECTROQUÍMICA, S.L.U. 100.00% INNODRIP, S.L.U 100.00% INQUIDE, S.A.U. 100.00% MANUFACTURAS GRE, S.A.U. 100.00% NINGBO DONGCHUAN SWIMMING POOL EQUIPMENT CO., LTD 70.00% PISCINES TECHNIQUES 2000, S.A.S. 100.00% POOLTRACKR PTY LTD 100.00% (4) POOLWEB, SAS 100.00% S.R. SMITH, LLC 100.00% SACOPA, S.A.U. 100.00% SRS AUSTRALIA, Pty LTD 100.00% SUNBATHER, Pty LTD 100.00% SWIM & FUN SCANDINAVIA, APS 100.00% TALLERES DEL AGUA, S.L.U. 100.00% TAYLOR WATER TECHNOLOGIES, LLC 100.00% TRACE LOGISTICS NORTH, BV 100.00% TRACE LOGISTICS, S.A.U. 100.00% VEICO.COM.BR INDÚSTRIA E COMÉRCIO, LTDA 100.00% W.I.T. EGYPT, Egyptian Limited Liability Company 100.00% YA SHI TU SWIMMING POOL EQUIPMENT (SHANGHAI) Co, Ltd 100.00% ZODIAC POOL CARE EUROPE, SAS 100.00% ZODIAC POOL SYSTEMS CANADA, INC. 100.00% ZODIAC POOL SYSTEMS, LLC 100.00% ZODIAC SWIMMING POOL EQUIPMENT (SHENZHEN) CO.,LTD. 100.00% ZPES HOLDINGS, SAS 100.00% % ownership interest Direct Indirect INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 84
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List of associates consolidated using the equity method ASTRAL NIGERIA, LTD. 25.00% (1) BLUE FACTORY, S.R.L. 17.00% AIPER, Inc. and subsidiaries 27.00% (4) List of companies consolidated at cost DISCOVERPOOLS COM, INC. 11.00% (1) SWIM-TEC GmbH 25.00% (6) (1) Companies belonging to the Fluidra Commercial, S.A. and subsidiaries subgroup. (2) Previous company name was Sibo Fluidra Netherlands, B.V. (3) Fluidra Benelux, B.V., owns 100% of the share capital of the German company SIBO Gmbh. (4) Companies adquired during the current year. (5) New company incorporated during the current year. (6) 25% of the company owned by Fluidra Deutschland, GmbH (7) During the current year, the following company has been sold: Ecohídrica, Tecnologias da agua uniperssoal Lda. (8) During the current year, the following company has been wound up: Fabtronics Australia PTY LTD (9) Absorbing company of NCWG sistemas de Gestão de Água, Lda, Dini&Lulio, Lda y Kreative Techk, Lda. (10) Previous company name was Astrapool (Thailand) Co. Ltd. (11) During the current year, Fluidra Waterlinx, PTY LTD has adquired through the execution of two assets purchase agreements, the business of Power Plastics Propietary Limited and Power Plastic Trading Propietary Limited, companies engaged in the manufacturing and sale of pools and industrial covers. (12) During the current year, the group has divest in the following company: Aspire Polymers Pty Ltd. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 2025 Integrated Annual Report 85
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APPENDIX II FLUIDRA, S.A. AND SUBSIDIARIES DETAILS OF SEGMENT RESULTS FOR THE YEAR ENDED 31 DECEMBER 2025 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) EMEA NORTH AMERICA OPERATIONS APAC SHARED SERVICES A d j u s t m e n t s ͏ ͏ & e l i m i n a t i o n s͏͏͏͏͏ Total consolidated figures 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 Sales to third parties 975,169 943,406 58,348 206,786 — — 2,183,709 Inter-segment sales 84,745 4,336 450,552 1,820 — (541,453) — Segment sales of goods and finished products 1,059,914 947,742 508,900 208,606 — (541,453) 2,183,709 Adjusted EBITDA (1) 160,207 306,290 73,445 43,574 (86,493) 4,079 501,102 Depreciation and amortisation expenses and impairment losses (31,908) (28,625) (27,900) (10,449) (62,339) (1,898) (163,119) (1) As well as the financial information prepared under IFRS-EU, Fluidra also prepares alternative performance measures (APMs), as defined in the guidelines issued by the European Markets and Securities Authority (ESMA). For further information about definitions, relevance of use and the reconciliation of APMs, go to: Alternative performance measures - 2025. This appendix is an integral part of note 4 to the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the years ended 31 December 2025 and 2024, prepared in accordance with IFRS as adopted by the European Union INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 86
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FLUIDRA, S.A. AND SUBSIDIARIES DETAILS OF SEGMENT RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) EMEA NORTH AMERICA OPERATIONS APAC SHARED SERVICES A d j u s t m e n t s ͏ ͏ & e l i m i n a t i o n s͏͏͏͏͏ Total consolidated figures 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 Sales to third parties 919,384 918,071 54,538 209,606 — — 2,101,599 Inter-segment sales 89,903 7,367 422,529 2,276 — (522,075) — Segment sales of goods and finished products 1,009,287 925,438 477,067 211,882 — (522,075) 2,101,599 Adjusted EBITDA (1) 166,443 284,955 76,544 46,017 (95,806) (769) 477,384 Depreciation and amortisation expenses and impairment losses (29,281) (28,306) (24,869) (16,280) (59,744) (2,652) (161,132) (1) As well as the financial information prepared under IFRS-EU, Fluidra also prepares alternative performance measures (APMs), as defined in the guidelines issued by the European Markets and Securities Authority (ESMA). For further information about definitions, relevance of use and the reconciliation of APMs, go to: Alternative performance measures - 2025. This appendix is an integral part of note 4 to the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the years ended 31 December 2025 and 2024, prepared in accordance with IFRS as adopted by the European Union. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 87
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APPENDIX III FLUIDRA, S.A. AND SUBSIDIARIES DETAILS OF SEGMENT ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) EMEA NORTH AMERICA OPERATIONS APAC SHARED SERVICES Adjustments and eliminations Total consolidated figures 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 31/12/2025 NON-CURRENT ASSETS Property, plant, and equipment 43,488 46,231 94,091 11,130 5,955 7,359 208,254 Property, plant and equipment in Spain 5,461 — 90,883 — 5,955 — 102,299 Inventories 123,270 151,386 159,567 41,507 — (38,561) 437,169 Trade and other receivables 105,395 79,722 18,289 41,448 18,226 (815) 262,265 Trade and other payables 63,752 123,238 55,998 37,739 60,648 2 341,377 Net assets for segment 208,401 154,101 215,949 56,346 (36,467) (32,019) 566,311 This appendix is an integral part of note 4 to the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the years ended 31 December 2025 and 2024, prepared in accordance with IFRS as adopted by the European Union. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 88
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FLUIDRA, S.A. AND SUBSIDIARIES DETAILS OF SEGMENT ASSETS AND LIABILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) (Expressed in thousands of euros) EMEA NORTH AMERICA OPERATIONS APAC SHARED SERVICES Adjustments and eliminations Total consolidated figures 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 31/12/2024 NON-CURRENT ASSETS Property, plant, and equipment 34,064 54,335 85,007 11,365 9,714 — 194,485 Property, plant and equipment in Spain 5,688 — 81,994 — 9,714 — 97,396 Inventories 116,934 187,378 157,980 45,370 — (41,545) 466,117 Trade and other receivables 99,466 87,075 15,783 42,499 48,152 (1,914) 291,061 Trade and other payables 71,066 153,399 58,839 44,090 63,318 233 390,945 Net assets for segment 179,398 175,389 199,931 55,144 (5,452) (43,692) 560,718 This appendix is an integral part of note 4 to the interim condensed consolidated financial statements of Fluidra, S.A. and subsidiaries for the years ended 31 December 2025 and 2024, prepared in accordance with IFRS as adopted by the European Union. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS APPENDICES Contents 89
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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONSOLIDATED DIRECTORS' REPORT 31 DECEMBER 2025 General business outlook Fluidra Group's turnover at the December 2025 reporting date stands at €2,184 million, up 3.9% on the previous year. The gross margin has remained stable compared to last year, standing at 56.6% in both 2025 and 2024. Net operating expenses (sum of personnel expenses, other operating expenses net of income from services rendered, work performed by the Group and capitalised as non-current assets, profits from the sale of fixed assets and before changes in trading provisions) have decreased 0.6%. The rise in inflation has had a significant impact on personnel expenses. There is a reversal of €579 thousand in trading provisions in the current year compared to €372 thousand in 2024, as a result of the decrease in overdue balances and the solid work undertaken in collection management. Amortisation and depreciation expenses and impairment losses rise slightly from 161.1 to 163.1 million in the year, remaining stable without significant changes. The financial result improves slightly, from €-66.6 million in 2024 to €-66.4 million in 2025. This change results from a significant decrease in finance costs (from -61.3 to -53.8 million), which is partially offset by poorer translation differences, which rise from -0.1 million to -9.5 million. Net profit attributable to the parent company stands at €176.0 million in 2025, compared to €138.1 million in 2024, driven by growth in sales, a stable gross margin and ongoing control of operating and finance costs. This change puts sales profitability at 8.1% compared to 6.6% in 2024. In terms of the Group’s consolidated balance sheet, it is important to note the increase in investments accounted for using the equity method due to the acquisition of the 27% stake in Aiper Inc for €85.4 million. The impact of translation differences is also noted, linked mainly to performance of the US dollar that affects goodwill, intangible assets and bank borrowings. Investment in property, plant and equipment, investment property, other intangible assets and right-of-use assets has increased €23.1 million to €128.1 million in 2025, driven essentially by new lease agreements (see Note 9). Net debt, which includes lease liabilities, drops from €1,131.6 million to €1,086.6 million, due essentially to the repayment of loans and the positive impact of the USD exchange rate on bank borrowings. In addition, increased cash generation has been recorded, resulting from operating activities assigned, to a large extent, to the acquisition of Aiper. Further information on the business outlook for 2025 can be found in the FY 2025 Results presentation available on the company’s website within the Shareholders and Investors section. There are 100 employees more than in the same period last year, due mainly to greater business activity. At 31 December 2025, there are 6,767 employees; 65% are male and 35% are female. In terms of the environment, Fluidra has kept its commitment to streamline the natural resources it uses in production processes and to promote the use of alternative energies. Additionally, one of the main focuses of R&D projects is the responsible use of water. Details of related-party transactions can be found in Note 28, Related-party balances and transactions, within the interim financial statements. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONSOLIDATED DIRECTORS' REPORT Contents 90
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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) FLUIDRA, S.A. AND SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2025 On 24 February 2026, Fluidra, S.A.’s board of directors authorised for issue the interim condensed consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by the European Union (which comprise the interim condensed consolidated statement of financial position, the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated cash flow statement, the notes thereto and the consolidated directors’ report) for the years ended 31 December 2025 and 2024, in accordance with article 12 of Royal Decree 1362/2007. In witness whereof, all directors sign in agreement below. Mr. Eloy Planes Corts Mr. Jaime Ramírez Alzate Ms. Esther Berrozpe Galindo Ms. Barbara Borra Mr. Bruce Walker Brooks Mr. Jorge Valentín Constans Fernández Ms. María del Carmen Gañet Cirera Ms. Mercedes Grau Monjo Ms. Aedhmar Hynes Mr. Brian McDonald Mr. Manuel Puig Rocha Ms. Marsha Allison Steiner Ms. Olatz Urroz García Mr. José Manuel Vargas Gómez INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 91
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(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) STATEMENT OF DIRECTOR RESPONSIBILITY FOR THE PURPOSES OF ARTICLE 11.1.B) OF ROYAL DECREE 1362/2007 OF 19 OCTOBER At the board meeting held on 24 February 2026, the members of the board of directors of Fluidra, S.A. (the Company) state that, to the best of their knowledge, the interim condensed consolidated financial statements for the second half of 2025, prepared in accordance with applicable accounting principles, give a true and fair view of the equity, financial position and results of the Company and consolidated subsidiaries taken as a whole, and that the interim consolidated directors’ report includes an accurate analysis of the required information. In Sant Cugat del Vallès, the 24 February 2026 Mr. Eloy Planes Corts Mr. Jaime Ramírez Alzate Ms. Esther Berrozpe Galindo Ms. Barbara Borra Mr. Bruce Walker Brooks Mr. Jorge Valentín Constans Fernández Ms. María del Carmen Gañet Cirera Ms. Mercedes Grau Monjo Ms. Aedhmar Hynes Mr. Brian McDonald Mr. Manuel Puig Rocha Ms. Marsha Allison Steiner Ms. Olatz Urroz García Mr. José Manuel Vargas Gómez INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contents 92