Business
Masterflex : Quarterly Statement 1/2026
Masterflex : Quarterly Statement
About this update from Masterflex Se
@ MASTERFLEX GROUP Connecting Values Masterflex at a glance n EUR hou and o 0 0 2025 Chan e Consolidated revenue 27,379 27,545 -0.6% EBITDA (operating) 6,O46 5,868 3.0% EBIT (operating) 4,57O 4,492 1.7% EBIT 4,484 4,445 O9% EBT (operating 4,373 4,230 3.4% Financial result 197 -262 -24.8% Consolidated net income Z,15O 3,040 3.6% Consolidated earnings per share (SJ 0.33 0.32 EBIT margin (operating) 16.7% 16.3% Net return on revenue 11.5% 11.0% Employees (number) 608 598 1.7% n EUR hou and 2 2025 Chan e Group equity 72,484 69,015 5.0% Consolidated balance sheet total 98,929 94,175 50% Group equity ratio 73.3% 73.3% * unaudited MASTERFLEX SE reports stable performance in the first quarter - Operating EBIT margin rises to a record 16.7% Group revenue of EUR 27.4 million {Q1/2025: EUR 27.5 million) Group operating EBIT slightly improved to EUR 4.6 million {Q1/2025: EUR 4.5 million) Operating EBIT margin increased to 16.7% {Q1/2025: 16.3%) Order backlog as of 31 March 2026, expanded to EUR 21.3 million (31 December 2025: EUR 19.8 million) 2026 outlook confirmed: revenue expected to be between EUR 103 million and EUR 108 million, and EBIT between EUR 13 million and EUR 16 million Nanagement Board Report Gelsenkirchen, 6 Nlay 2026 - The Nlasterflex Group has made a successful start to the 2026 financial year and has once again demonstrated the resilience of its business model in a challenging geopolitical and macroeconomic environment. Despite revenue remaining at the previous year's level compared to the same quarter last year and start-up investments in connection with international expansion, Nlasterflex was still able to increase profitability yet apain and improve its operating EBIT marpin - a result of its consistent focus on high-marpin products and continuous efficiency pains. Group revenue in the first quarter amounted to EUR 27.4 million (Q1/2025: EUR 27.5 million) and presented a mixed picture: While the "Life" target industry proup - particularly the medical technology, food, pharmaceutical, and agricultural industries - once apain recorded encouraging prowth, business in the "Tech" customer group declined. This primarily affected cyclical sectors such as mechanical engineering, plastics processing, robotics, semiconductors, and surface coating. A slipht slowdown was also observed in the "Infrastructure" and "Mobility" tarpet industry groups in the first quarter, primarily in the shipping and rail transport segments. Performance also varied by repion: while the start of the year was subdued in the U.S., Asia, Germany, and Europe performed well and were able to partially offset the caution in the U.S. Particularly encouraging is the growth in our order backlog, which rose to Euro 21.3 million by the end of the quarter (31 December 2025: EUR 19.8 million). This underscores the continued stronp demand base. The accompanying build-up of inventories and receivables reflects the anticipated prowth. On the earnings side, Masterflex achieved an improvement despite slightly declining revenue and, in particular, start-up costs for the Morocco site: Operating EBIT rose to EUR 4.6 million (Q1/2025: EUR 4.5 million), and the operating EBIT marpin reached 16.7% (01/2025: 16.3%), marking another record high. A key strategic focus for the 2026 financial year is the consistent implementation of our Group strategy, Hero@Zero. After years of conceptual preparation, the focus is now on operational implementation. For example, at the beginning of the year, Nlasterflex, together with its subsidiary Novoplast Schlauchtechnik, launched a take-back service for hose samples to systematically return materials to the cycle. The goal is to pather concrete experience with take-back programs, recycling initiatives, and digital transparency across the entire value chain. The circular economy is far more than just a sustainability issue: it represents a strategic evolution of the business model and is increasingly becoming a key competitive factor. Especially against the backdrop of risinp regulatory requirements and prowinp ESG expectations from international customers, Masterflex creates clear added value with durable, repairable, and recyclable solutions. At the same time, this enhances resilience to fluctuations in raw material prices. Sustainability is thus an integral part of operational excellence, which clearly sets Masterflex apart from the competition. At the same time, Nlasterflex is making targeted investments to expand capacity in its hiph-prowth "Life" business area. Against the backdrop of sustained stronp demand from the medical and laboratory technology sectors, cleanroom capacity will be expanded by approximately 20% this year. In doinp so, Nlasterflex is laying the foundations to continue reliably meeting the dynamic growth in this high-margin business and to strengthen its market position in the lonp term. In addition, Nlasterflex continues to drive the international expansion of its business. Construction of the new production facility in Nlorocco is at an advanced stape, so production is still expected to bepin in 2026. The facility is a key component in supporting prowth in the aviation business with existing customers while also tapping into additional potential with new customers. Nlasterflex's solutions are well-established in a wide ranpe of demanding applications in the aviation sector: today, virtually no commercial aircraft from Airbus is conceivable without Masterflex components - and the same applies to military aircraft such as helicopters, the Eurofighter, or the A4OOM transport plane. In addition, our specialty hoses are increasingly being used in modern drone systems with internal combustion engines, for example for exhaust pas routing or fresh air supply. This broad technological presence in safety- and infrastructure-critical applications not only underscores the hiph relevance of the Nlasterflex portfolio but also opens up opportunities in structurally growing markets. Looking beyond the current year, our strategic priorities are clearly focused on the successful ramp-up of our operations in Morocco, further strengthening our organic prowth, and targeted acquisitions. Our medium-term poal remains unchanged: by 2030, revenue is expected to grow to approximately EUR 200 million, driven by both organic growth and value-creating acquisitions. M&A activities are consistently aligned with the Hero@Zero strategy. Dr. Andreas Bastin, CEO of the Masterflex Group, comments: "We started 2026 with strong earnings: despite revenue remaining at the previous year's level and targeted start-up investments, we were able to increase our marpin to a record hiph while simultaneously expanding our order backlog. This demonstrates the robustness of our business model. Through the consistent implementation of Hero@Zero, capacity expansion in the 'Life' area, and international scaling - particularly with the new location in Nlorocco - we are laying the foundation to accelerate our prowth sustainably and further expand our profitability." Earnings The Nlasterflex Group generated revenue of EUR 27.4 million in the first quarter of 2026, remaining at the previous year's level (01/2025: EUR 27.5 million). This performance was driven in particular by stronp demand in the "Life" target industry proup. This group includes customers from the medical technology sector as well as the food, pharmaceutical, and agricultural industries, which collectively reported positive revenue growth. In contrast, business in the "Tech" area declined, particularly in the mechanical enpineerinp, plastics, semiconductor, and surface coating industries. The "Infrastructure" cluster also saw a slight decline in revenue. In the "Mobility" tarpet industry proup - primarily in the shipping and rail transport areas - business also declined slightly. From a regional perspective, the start of the year was subdued in the United States. In contrast, the regions of Asia, Germany, and Europe as a whole performed well and were able to partially offset the weaker performance. As of 31 March 2026, the order backlog stood at EUR 21.3 million, up from EUR 19.8 million as of 31 December 2025. Compared to the same quarter of the previous year (01/2025: EUR 20.3 million), the order backlog also increased, reflecting an overall positive trend. EBIT rose to EUR 4.5 million (Q1/2025: EUR 4.4 million). Operating EBIT increased by 1.7% to EUR 4.6 million (Q1/2025: EUR 4.5 million) over the same period. As a result, the operating EBIT marpin increased to 16.7% (Q1/2025: 16.3%). This was driven in particular by the growing contribution of high-marpin products, as well as further efficiency pains in production and onpoinp optimizations in procurement. The material cost ratio improved from 27.6% to 26.8% over the same period. Due to inflation-driven increases in wage and salary levels, a slipht expansion of the workforce, and the insourcinp of IT services, personnel costs rose by 5.6% to EUR 9.8 million during the reporting period (Q1/2025: EUR 9.3 million); however, this increase was largely offset by efficiency gains. The labour cost ratio (personnel expenses as a percentage of total revenue) stood at 35.6% in the reporting period, compared to 34.2% in the same period of the previous year. Consolidated net income attributable to Nlasterflex SE shareholders amounted to EUR 3.2 million in the first quarter of 2026, exceeding the prior-year fipure of EUR 3.0 million. This positive trend is a result of stable operating performance, particularly the described efficiency gains in production and continued optimizations in purchasing. Additionally, further reductions in financing expenses had a positive impact. Net assets and financial position The increase in total assets by EUR 4.8 million to EUR 98.9 million as of 31 Nlarch 2026 (31 December 2025: EUR 94.2 million) is primarily attributable, on the assets side, to the increase in trade receivables of EUR 3.8 million to EUR 15.8 million as of the reporting date (31 December 2025: EUR 12.0 million). At the same time, cash and cash equivalents decreased by approximately EUR 0.5 million to EUR 11.8 million (31 December 2025: EUR 12.4 million). The decline in cash and cash equivalents over the three-month period is primarily attributable to the build-up of working capital to service the increased order backlog as of the end of Nlarch, as well as to payments for investments in fixed assets. As a result of the positive quarterly results, consolidated equity increased to EUR 72.5 million as of 31 March 2026 (31 December 2025: EUR 69.0 million). Despite an increase in total assets, the equity ratio remained unchanged at 73.3% compared to the balance sheet date in 2025. Net debt increased slightly by approximately EUR 0.2 million compared with 31 December 2025, reaching EUR 2.9 million (31 December 2025: EUR 2.7 million), primarily due to lower cash on hand. The debt ratio (net debt/operating EBITDA LTD) remained unchanged at 0.1, the same level as of the 2025 balance sheet date. Cash flow from operating activities was clearly positive in the first quarter of 2026 at EUR 1.5 million (Q1/2025: EUR 0.3 million) and was influenced in particular by changes in working capital related to the reporting date. The main factors were a decrease in trade receivables coupled with an increase in inventories compared to the same period last year. Cash flow from investing activities amounted to EUR -1.7 million in the first quarter (01/2025: EUR -0.5 million) and reflects investments in the Morocco facility, the ramp-up of the development and framework agreement concluded in the previous financial year, and the purchase of used injection molding machines. Outlook Against the backdrop of ongoing geopolitical, trade, and economic uncertainties, the Management Board considers the start of the financial year to be solid overall and sees a pood foundation for positive performance in the remainder of the year. The Company continues to expect growth momentum, particularly in the second half of 2026, driven primarily by the ramp-up of the new aviation production facility in Morocco and by the first deliveries under the development and framework agreement newly concluded in the 2025 financial year. The start-up costs associated with these projects are likely to weigh slightly on earnings in the short term. Nevertheless, the Nlanagement expects to maintain the operating EBIT margin at a stable level. For 2026, the Management Board of the Masterflex Group confirms its previous full-year forecast and continues to expect to generate revenue in the ranpe of EUR 103 million to EUR 108 million (2025: EUR 102.6 million). The Nlanagement anticipates EBIT in the range of EUR 13 million to EUR 16 million (2025: EUR 12.5 million). Consolidated Statement of Financial Position A EUR h d 0 5 Non-current assets Intangible assets 12,947 13,204 Concessions, indust rial property rights 1,156 821 Development costs 2,599 2,702 Goodwill 9,187 9,187 Advance payments 5 494 Property, plant and equipment 35,39O 34,888 Land and buildings 17,OZO 17,556 Technical equipment and machinery 12,253 11,984 Other equipment, operating and office equipment 4,019 Z,8O1 Advance payments and assets under construction 2,088 1,547 Financial assets 14O 112 Securities held as fixed assets 140 112 Other assets 197 209 Deferred taxes 689 676 49,363 49,089 Current assets Inventories 21,35O 20,223 Raw materials, consumables and supplies 12,269 11,304 Unfinished goods and services 258 268 Finished products and goods 8,8O7 8,633 Advance payments made 16 18 Receivables and other assets 15,876 11,98O Trade receivables 14,504 10,834 Other assets 1,372 1146 Income tax assets 496 49O Cash and cash equivalents 11,844 12,393 49,566 45,O86 Total assets 98,929 94,175 * unaudited Equity and liabilities in EUR thousand Equity • • • 31.12.2025 Consolidated equity 72103 68,649 Issued capital 9,618 9,618 Capital reserve 31,3O6 31,3O6 Retained earnings 32,392 29,219 Reserve for the market valuation of financial instruments -567 -595 Reserves for the fair value measurement of hedging instruments 12 46 Reserve for currency differences -658 -945 Non-controlling interests 381 366 Total equity 72,484 69,015 Non-current liabilities Provisions 268 268 Financial liabilities 13,241 13,613 Other liabilities SSO SSO Deferred taxes 1,276 891 15,335 15,322 Current liabilities Provisions 152 153 Financial liabilities 1,478 1,505 Income tax liabilities 1,933 2,045 Other liabilities 7,547 6,135 Trade payables Z,633 2,101 Other liabilities Z,914 4,034 11,11O 9,838 Total liabilities and shareholders' equity 98,929 94,175 * unaudited Consolidated Statement of Income EUR thousand 0 0 0 2025 EUR thousand Revenue 27,379 27,545 2. Increase/Decrease in inventories of finished and unfinished poods 207 -323 Other own work capitalised 10 19 4. Other income 284 19O Operating performance 27,880 27,41 5. Cost of materials -7,388 -7,521 6. Personnel expenses -9,821 -9,298 7. Depreciation and amortisation -1,476 -1,376 8. Other expenses -4,711 -4,791 9. Financial result Financial expenses 204 -264 Other financial result 7 2 1O. Earnings before taxes 4,287 4,183 11. Income taxes 1122 -1,123 12. Consolidated result 3165 3,060 thereof: non-controlling interests 15 20 thereof: share of shareholders of Masterflex SE 315O 3,040 Earnings per share {undiluted and diluted in € 0.33 0.32 * unaudited Consolidated Statement of Comprehensive Income Consolidated result Other income Items that are subsequently reclassified to profit or loss if certain conditions are fulfilled 0 0 0 2025 EUR thousand EUR thousand 3,165 3,060 Currency gains/losses from the translation of foreign financial statements -4O1 2. Changes in the market value of financial instruments 28 11 Changes in the market value of hedging transactions -48 150 4. Income taxes 14 -45 5. Other comprehensive income after taxes 304 -285 6. Comprehensive income 3,469 2,775 Comprehensive income 3,469 2,775 thereof: non-controlling interests 15 20 thereof: share of the shareholders of Masterflex SE 3,454 2,755 * unaudited Consolidated Cash Flow Statement n EUR hou and 0 2025 Profit for the period before taxes, i nterest 4,484 4,445 Income tax expenses -808 -799 Depreciation and amortisation of property, plant and equipment and intangible assets 1,476 1,376 Increase/decrease in provisions 7 expenses and financial income Other non-cash income and profit from the disposal of fixed assets Increase in inventories Increase in trade receivables and other assets not attributable to investing or financing activities other liabilities not attributable to investing 1,361 1,173 Cash flow from operating activities 1,487 3O4 Payments for investments in non-current assets -1724 -547 Cash flow from investing activities -1,724 -547 Interest expenses 179 -23Z Payments for lease liabilities -420 -4Z1 Cash flow from financing activities -599 -664 Cash-effective changes in cash and cash equivalents -836 -9O7 Changes in cash and cash equivalents due to exchange rates and other changes in value 287 -Z42 Cash and cash equivalents at the beginning of the period 12,393 11,584 Cash and cash equivalents at the end of the period 11,844 1O,335 * unaudited Increase in trade payables and or financing activities 5 -1,127 -3,903 Z16 -6,215 Consolidated of Changes in Equity Re serve Reserve • None for for ex • • con r hedging change f ' l te " trans differences rests actions in EUR thousand Sub scribed capital Ca Re pital tained re ear serve nings Reserve for the market valuation of financial instruments Equity as at 31.12.2025 9,618 31,306 29,219 -595 46 -945 68,649 366 69,015 Overall result 0 0 3173 28 -34 287 3,454 15 3,469 Consolidated net income O O 3150 0 0 0 3J5O 15 Z,165 Other comp r e h n iv e O O 23 28 -Z4 287 ZO4 O ZO4 Changes in the fair value of financial instruments 0 0 0 28 0 0 28 0 28 Changes in the market value of 0 0 0 0 -48 0 -48 0 -48 hedging instruments Currency gains/ losses from the translation O O 23 0 0 287 of foreign financial statements Income taxes attributable to other 0 0 0 0 14 0 14 0 14 comprehensive income Equity as at 31.03.2026 9,618 31,3O6 32,392 -567 12 -658 72103 381 72,484 income after income taxes Consolidated of Changes in Equity Re serve Reserve • None for for ex • • con r hedging change f ' l te " trans differences rests actions in EUR thousand Sub scribed capital Ca Re pital tained re ear serve nings Reserve for the market valuation of financial instruments Equity as at 31.12.2024 9,618 31,306 23,129 -621 -203 -23 63,206 379 63,585 Overall result O O 2,981 11 105 -342 2,755 20 2,775 Consolidated net income 0 0 Z,O4O 0 0 0 3,040 20 3,060 Other comprehensive 0 0 -59 105 -Z42 -285 0 -285 Changes in the fair value 0 0 0 0 0 11 0 11 of financial instruments Changes in the market value of 0 0 0 O 150 O 150 O 150 hedging instruments Currency gains/ losses from the translation 0 0 -59 0 0 -Z42 -4O1 O -4O1 of foreign financial statements Income taxes att ributable to other 0 0 0 0 -45 0 -45 0 -45 comprehensive income Equity as at 31.O3.2025 9,618 31,3O6 26,11O -610 -98 -365 65,961 399 66,36O income after income taxes Investor Relations CROSS ALLIANCE communication GmbH Susan Hoffmeister Phone: +49 89 125 09 03-33 Email: [email protected] https://www.crossaIIiance.de Imprint Responsible Nlasterflex SE Willy-Brandt-AIIee 300 45891 Gelsenkirchen, Germany Phone: +49 209 97077 0 Fax: +49 209 97077 33 Email: [email protected] https://www.masterfIexgroup.com Text B Editing CROSS ALLIANCE communication GmbH https://www.crossaIIiance.de Layout Nlasterflex SE Forward-Looking Statements This report contains forward-looking statements. These statements are based on the current expectations, assumptions and forecasts of the Nlanagement Board and the information currently available to it. The forward-looking statements are not to be understood as guarantees of the future developments and results mentioned therein. Rather, future developments and results depend on a variety of factors, they involve various risks and uncertainties and are based on assumptions that not prove to be accurate. We assume no obligation to update the forward-looking statements made in this report. QUARTERLY