Hayward二季度电话会维持全年销售和EPS指引，未进一步上调展望

Earnings Call Insights: Hayward Holdings (HAYW) Q2 2026
"Net sales increased 6% in the second quarter and 9% through the first half with positive price realization and stable volume," said President, CEO & Director Kevin Holleran, adding that Hayward "completed a comprehensive debt refinancing" that "reduc[es] our cost of capital by approximately $6 million on a full year basis" and helped reduce "net leverage to 1.5x, the lowest level since our IPO in 2021," while the company also "increasing share repurchases."
Holleran said Hayward is "maintaining our guidance for full year 2026" and continues to expect "net sales to increase approximately 5% and adjusted diluted EPS to increase approximately 9% to 13%." He described product demand trends as including "continued solid demand" in discretionary categories "such as salt chlorine generators, automation and lighting," and said "Commercial Pool and industrial flow control delivered solid growth again this quarter."
"Net sales increased 6% to $318 million" and "adjusted diluted EPS increased 8% to $0.26," said Senior VP & CFO Eifion Jones. Jones added that "volumes [were] stable in the quarter" and that he was "particularly pleased to see positive volume growth in our primary North American market."
"Given our strong half performance and current visibility into the second half, we are maintaining our guidance for full year 2026," Jones said. "We continue to expect net sales to increase approximately 5% with adjusted diluted EPS increasing approximately 9% to 13% to a range of $0.84 to $0.87" and "free cash flow in the region of $200 million."
Jones said the outlook "includes net interest expense of approximately $45 million, a normalized effective tax rate of around 24% and increased CapEx of approximately $40 million."
Compared with Q1’s call, management no longer described guidance as being increased; in Q2, Holleran said, "we are maintaining our guidance for full year 2026" after Q1’s update that "we are increasing our full year guidance" to the same net sales and adjusted EPS growth framework.
Jones reported "gross profit increased 8% to $155 million" with gross margin "declin[ing] 50 basis points to 48.7%," while "adjusted EBITDA increased 5% to $93 million" and adjusted EBITDA margin was "29.1%."
By region, Jones said "North America net sales were up 9% to $278 million" (including "7% price realization and 2% volume growth") while "Sales in Europe and Rest of World declined 8% to $41 million." He added that Europe and Rest of World gross margin "increased 50 basis points to 37.9%."
On cash generation and capital returns, Jones said "Cash flow from operations was strong in the second quarter, resulting in $172 million in the first half of 2026" and "Free cash flow was $154 million" in the first half, with full-year free cash flow still "approximately $200 million." He also said Hayward "deploy[ed] approximately $64 million to repurchase 4.4 million shares" in the first half.
On balance sheet actions, Jones said the company amended "Term Loan B of $960 million" to mature "in 2033 compared to 2028 previously" and that the change "reduces annual run rate interest expense by approximately $6 million." He also said Hayward ended the quarter with "$483 million of cash, cash equivalents and short-term investments" and "over $900 million of total liquidity," while "reducing net leverage to 1.5x" from "2.1x a year ago."
W. Andrew Carter, Stifel: asked about sell-out, customer variability, and channel inventory days; President & CEO Holleran responded that channel inventory exiting Q2 was "very normal" and that partners were not signaling "step level reductions in their days on hand"; CFO Jones added that Hayward typically operates at "just over 4 months' worth of inventory in the channel" and said that was "kind of where we're at exiting out of June."
Jeffrey Hammond, KeyBanc: asked where Hayward may be benefiting from competitor dislocation and then asked about gross margin trajectory; Holleran said, "we feel good about our share gains" and described a "multipronged" playbook spanning product gaps and commercial execution; Jones said the company is "all caught up now" on a Q2 inflation catch-up and reiterated, "we'll be able to maintain gross margins for the full year approximately in line with last year."
Brian Lee, Goldman Sachs: asked about future pricing power and sustaining/accelerating share gains; Holleran said, "I feel confident in our ability to continue to pass along at least dollar for dollar" inflation impacts, while also emphasizing internal "cost out and productivity" work; Jones said the company is "conscious that a lot of price has gone in" and is "limiting price increases" to those "necessary to protect dollar for dollar."
Rafe Jadrosich, BofA: asked about IEEPA refunds and end-market sell-out; Jones said refunds were "less than $10 million" with "line of sight" to "approximately $8 million to $10 million" and clarified, "There isn't" any benefit included in guidance; Holleran pointed to a distributor read-through of "plus 3% in the equipment category" in Q2 and said "Hayward sales out was a bit better than that."
Analysts’ tone was slightly negative to pressing, repeatedly referencing competitor weakness and channel rightsizing (e.g., Carter’s "Pentair's declines and channel rightsizing") and probing pricing durability and inventories.
Management tone was slightly positive and confident in prepared remarks (Holleran: "another strong quarter"; Jones: "another strong quarter of sales and earnings growth") and remained controlled in Q&A, using clarifying language on what is and isn’t embedded (Jones: "There isn't" [in guidance]) while reiterating pricing intent (Holleran: "pass along at least dollar for dollar").
Versus Q1, management’s tone shifted from upside-driven enthusiasm (Q1: "meaningfully ahead of expectations" and "increasing our full year guidance") to steadier execution language (Q2: "maintaining our guidance"), while analysts shifted from Early Buy/weather discussion toward competitor dislocation, inventory duration, and refund mechanics.
Guidance posture changed from Q1’s raised outlook to Q2’s reaffirmation, with Q2 reiterating "net sales to increase approximately 5%" and adjusted EPS "$0.84 to $0.87" without further changes.
Business discussion moved from Q1’s broad-based regional growth (Q1: Europe and Rest of World "increased 9%") to Q2’s sharper regional divergence (Q2: Europe and Rest of World "declined 8%") tied to "geopolitical disruption" in the Middle East and ongoing conflicts.
Capital allocation and balance sheet narrative intensified in Q2 with detailed refinancing terms and larger buybacks (Q2: "approximately $64 million" repurchases) compared with Q1’s "modest anti-dilutive repurchase of approximately $6 million."
Holleran cited "macroeconomic, geopolitical and inflationary challenges" and highlighted that Europe and Rest of World results were pressured by "geopolitical disruption related to the ongoing conflicts in Ukraine and the Middle East."
Jones described cost risk from "tariffs, commodity inflation, higher transportation costs" and said Q2 had timing pressure from "incremental inflation" before mitigation actions were "fully implemented," while management emphasized countermeasures including "surcharges," "nearshoring," and "dual sourcing" to "mitigate tariff and geopolitical risk."
On customer economics, Jones said IEEPA refunds are being processed and the company has "ambition to return to customers," but also said the accounting/operational steps are complex and the company will "update you at the end of Q3."
Hayward’s management framed Q2 as continued installed-base aftermarket resilience, highlighted by $318 million in net sales and $0.26 in adjusted diluted EPS, while holding full-year 2026 guidance for ~5% net sales growth, $0.84-$0.87 adjusted EPS, and about $200 million of free cash flow. The call emphasized balance sheet momentum—net leverage at 1.5x, a refinancing that management said lowers annual interest by about $6 million, and accelerated share repurchases—alongside ongoing inflation and geopolitical disruption that management said is being addressed through pricing actions, supply-chain changes, and productivity initiatives.