@ 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, interest | 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'lte " | |
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 reh n ive 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'lte " | |
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: sh@crossalliance.de 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: info@masterflexgroup.com 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.
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