We are a true global player with a balanced geographic portfolio of strong local businesses in more than 40 countries, united by a common purpose, strategy and culture.

We operate through four regional divisions covering the Americas; Europe, the Middle East, and Africa (EMEA); Asia; and the Pacific.

Our global scale gives us a real competitive edge and increasingly we are building on that advantage by sharing best practices and knowledge across Aliaxis. We are particularly driven to work together to achieve operational excellence and boost innovation to please our customers.

Our annual Best Practice Awards continue to be a magnet for greater efficiency and transfer of innovative ideas, last year attracting a record 436 entries from across the Group.

Eric Olsen, Chief Executive Officer
Eric Olsen, Chief Executive Officer
Eric Olsen

Chief Executive Officer

How we deliver worldwide

Americas

We’re meeting our customers’ exacting needs better thanks to continued investment in internal and external growth.

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EMEA

We’re achieving significant improvements in safety, productivity and procurement thanks to our operational excellence programme.

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Asia

Our growth strategy in India is built on our proven record for rapid innovation, delivering smart solutions that customers and society need.

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Pacific

In Australia and New Zealand we are playing the lead role in boosting the use of recycled content in our solutions.

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Leveraging the strengths of our local business

We maintain autonomy and independence at a local level while staying guided by a common purpose: to bring solutions to the world’s water challenges.

Our local cultures and markets are able to operate independently, according to their own specific needs, while our 15,000+ employees are galvanised by a common ambition of Growth with Purpose and by our shared behaviours – we dare, we care, we deliver.

Best Practice Awards

436 entries

This blend of the global and the local fits with the unique dynamics of the wider building materials market, which is, by nature, local.

Across the world, this market is driven by local building methods and trends, local standards and regulations, local competitors and, above all, local customers with specific demands and expectations.

Our local teams are best placed to understand our customers’ priorities and to work with them to deliver relevant solutions that meet their exacting needs.

Carbon intensity reduced

-18%

Since 2021 our carbon intensity has been cut significantly, with further reductions in sight

Through our global and local approach, we have built a strong presence on the ground through many well-established and well-respected brands, some of which have been serving customers for more than 60 years.

They include IPEX, the leading brand in North America, Durman in Latin America, Nicoll in Europe, Ashirvad in India, Marley in New Zealand, and Philmac in Australia.

Today, we hold a top three position in 80% of the markets we serve, while FIP, our Italian subsidiary, exports its specialist fittings and valves to customers in more than 85 countries.

A history of service

60+ years

Some of our brands have been serving customers for more than 60 years

“As anticipated, market conditions were challenging throughout 2023, with volumes down globally. Despite that, we maintained a solid overall performance with robust profitability.”

Koen Sticker, Chief Financial Officer
Koen Sticker, Chief Financial Officer
Koen Sticker

Chief Financial Officer

Financial highlights

We anticipated challenging market conditions in 2023 and knew it would impact our financial results, after two very strong years in 2021 and 2022.

Overall, our net sales declined 5.3% to €4.1 billion on a like-for-like basis1. Against 2020, our Revenue has grown by +40%, soaring from €2.9 billion in 2020 to €4.1 billion in 2023.

Step change maintained

€600 million+

Recurring EBITDA has risen from €461 million in 2020 to over €600 million for three years in a row

Recurring EBITDA stood at €619.5 million, down by 12.9% compared with 2022 on a like-for-like1 basis. Since the launch of our Growth with Purpose strategy in 2021, we have confirmed a step change in profitability, achieving Recurring EBITDA over €600 million for three years in a row – jumping from €461 million in 2020.

In 2023, our recurring EBITDA margin declined 1.5 percentage points to 15.3%, showing continued resilience despite very challenging market conditions.

Net profit at €323.9 million was down 12.7% compared with 2022 and included a €76 million gain after tax on the sale of our stake in Uponor which was accounted for in financial results and had no impact on recurring EBITDA.

We remain on course to achieve our target of €850 million EBITDA by 2025.

Recurring EBITDA margin

15.3%

Healthy balance sheet

Our net financial debt amounts to €754 million, an increase of €12 million compared to December 2022, setting our financial leverage at 1.2x the last 12 months’ recurring EBITDA.

Following the refinancing in 2021 and additional committed financing secured this year, we have now secured over €1.7 billion in committed financing until November 2028. With liquidity headroom of €1.34 billion, we are strongly positioned to continue investing in our Growth with Purpose strategy goals for internal and external growth.

We are now investing in our future, spending three times more a year on internal growth than we did ahead of the launch of our strategy. Capital expenditure in 2023 was €331 million and we are on target to invest a cumulative €1 billion for the years 2021 to 2024 in building new plants, modernising our existing factories, and opening new distribution centres, to better serve our customers.

In addition, we are continuing to invest in non-organic growth through M&A.

Standout transactions in 2023 included our asset acquisition of two factories and a distribution centre from the Valencia Pipe Company – a deal which not only increases our US manufacturing capacity but completes our distribution chain in Western US, giving us coast-to-coast coverage.

In Europe, we acquired Zypho, a leader in drain water heat recovery, while in New Zealand we bought Comspec, the specialist plastic recycler, with a strong pipeline of opportunities that we will continue to pursue in the coming year.

We are serving a global market (excluding China) estimated to be worth €50 billion, of which our share is currently just 8%. There are only a few other international players of meaningful scale and together we account for approximately a third of the market, the rest of which remains local and fragmented.

We see huge scope for further acquisitions and consolidation to extend our global reach and deepen our grounding in local markets.

“Our continuous drive for operational excellence across all our factories and our supply chain is key in improving our financial performance and our ability to meet our customers’ needs. Improving the way we operate is already bringing important efficiency gains.”

Mathieu Rousseau, Chief Operations and Supply Chain Officer
Mathieu Rousseau, Chief Operations and Supply Chain Officer
Mathieu Rousseau

Chief Operations and Supply Chain Officer

Increased efficiency gain from operational excellence

In the face of the challenging markets we’ve seen in 2023, our ongoing and relentless drive for operational excellence is proving highly effective.

Indeed, finding better ways to work is helping us achieve important efficiency gains which are, in turn, allowing us to keep costs under tight control while maintaining high levels of service and quality our customers have come to expect.

In 2023, we developed continuous improvement capabilities across all levels of our organisation with the ultimate objective of nurturing our performance culture.

As a result, our operational excellence programmes delivered significant value, tapping into opportunities related to how our products are made and value-engineered, and how we use raw material. On this latter point, we have focused our efforts on optimised product weights and raw material consumption in our extrusion sites in various regions, including Latin America, as showcased in Coyol, Costa Rica.

Another key lever of efficiency and productivity in our operations is the automation of our manufacturing and warehousing. A great example of this is the factory of the future we are building in Adelaide, Australia.

Further cost savings

€100 million

After reducing costs by €125 million in three years, we have a further €100 million of savings in the pipeline

We continue to work on our ability to anticipate customer volume demand by better integrating processes between our supply chain and our manufacturing activities.

We have also improved our strategic procurement capabilities across the world, resulting in cost savings which amounted to some €20 million in the EMEA region alone.

We are learning great lessons from our operational excellence programme and are continuing to share best practice right across our businesses.

EMEA procurement savings

€20 million+

1 2022 adjusted on a pro-forma basis to reflect the impact of the acquisition of Harco Fittings LLC in April 2022, Aquarius Spectrum in August 2022, OptiRTC Inc. in November 2022, Lareter in December 2022, Zypho in May 2023, Valencia Fittings LLC in June 2023 and the discontinued operations in Russia in June 2022. Impact of FX excluded to reflect underlying performance at a constant exchange rate.

How we deliver worldwide

Americas

We’re meeting our customers’ exacting needs better thanks to continued investment in internal and external growth.

Learn more

EMEA

We’re achieving significant improvements in safety, productivity and procurement thanks to our operational excellence programme.

Learn more

Asia

Our growth strategy in India is built on our proven record for rapid innovation, delivering smart solutions that customers and society need.

Learn more

Pacific

In Australia and New Zealand we are playing the lead role in boosting the use of recycled content in our solutions.

Learn more

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