Business
Masterflex : Quarterly Statement 3/2025
Masterflex : Quarterly Statement
About this update from Masterflex Se
0 Q 3/20 @ NASTERFLEX GROUP Connecting Values Masterflex at a Glance in EUR thousand 01.01.-30.09.2025* 01.01.-30.09.2024* Change Consolidated revenue 79.833 76.937 3,8% EBITDA (operating) 16.145 15.248 5,9% EBIT (operating) 12.053 11.192 7,7% EBIT 11.963 11.072 8,0% EBT (operating) 11.298 10.211 10,6% Financial result -754 -981 -23,1% Consolidated net income 7.743 7.098 9,1% Consolidated earnings per share (€) 0,81 0,74 9,5% EBIT margin (operating) 15,1% 14,5% Net return on revenue 9,7% 9,2% Employees (number) 603 603 0,0% in EUR thousand 30.09.2025* 31.12.2024 Change Group equity 68.003 63.585 6,9% Consolidated balance sheet total 98.411 93.890 4,8% Group equity ratio 69,1% 67,7% * unaudited MASTERFLEX SE: Continued increase in profitability during the first nine months of 2025 Group revenue after nine months at EUR 79.8 million (9M/2024: EUR 76.9 million) Group operating EBIT at a nine-month record high of EUR 12.1 million (9M/2024: EUR 11.2 million) Operating EBIT margin rises to 15.1% (9M/2024: 14.5%) Net debt more than halved to EUR 4.4 million (December 31, 2024: EUR 9.0 million) Forecast for the 2025 financial year confirmed Report of the Management Board Gelsenkirchen, 5 November 2025 - The Masterflex Group continued its positive revenue trend in the first nine months of the 2025 financial year, and despite a challenging trading and geopolitical environment, once again achieved record figures for the nine-month results. Thanks to further productivity improvements, the operating EBIT margin also expanded again. From January to September 2025, the Masterflex Group generated revenue of EUR 79.8 million, compared to EUR 76.9 million in the same period last year. Thus, the growth trend of previous quarters continued. Cumulative growth since the beginning of the year is 3.8%, with an increase of 4.4% in the third quarter. Significant growth momentum came in particular from the industrial groups of Life (i.a. medical technology), Mobility (i.a. aviation and automotive), and Infrastructure (air conditioning). The impact of the ongoing tariff discussions remained manageable overall but led to a noticeable decline in revenue among customers in the food sector. Regionally, growth was driven in particular by the domestic market in Germany, the European subsidiaries, and the American sites, including Brazil. Operating EBITDA for the first nine months of 2025 amounted to EUR 16.1 million, up 5.9% on the previous year's figure of EUR 15.2 million. Operating EBIT amounted to EUR 12.1 million, an increase of 7.7% compared with the EUR 11.2 million achieved in the first nine months of 2024. The operating EBIT margin improved accordingly from 14.5% in the same period of the previous year to 15.1%. Positive effects from efficiency gains in production and purchasing were partially offset by higher personnel expenses due to inflation, volume growth, and the establishment of the new location in Morocco. Consolidated net income rose by 9.1% to EUR 7.7 million (9M/2024: EUR 7.1 million) and was influenced in opposite directions by a higher tax rate and an improvement in the financial result. This corresponds to consolidated earnings per share of EUR 0.81 (9M/2024: EUR 0.74). Thanks to the encouraging earnings performance, Masterflex's balance sheet position has improved further. Cash and cash equivalents rose from EUR 11.6 million on December 31, 2024, to EUR 13.8 million on September 30, 2025. Net debt decreased to EUR 4.4 million compared to December 31, 2024 (December 31, 2024: EUR 9.0 million) due to scheduled repayments and positive operating cash flow development. Consolidated equity grew to EUR 68.0 million as of September 30, 2025, compared to EUR 63.6 million as of the 2024 balance sheet date. Despite the increase in total assets, the Group's equity ratio rose from 67.7% as of December 31, 2024, to 69.1% as of September 30, 2025. Dr. Andreas Bastin, CEO of the Masterflex Group: "We made progress in all areas this year. Despite the challenging environment for the industry, we returned to revenue growth. As promised, we increased our profitability and achieved record results in the first nine months once again. Our regional expansion is proceeding according to plan, most recently with the new location in Morocco. At the same time, we are moving forward with concrete projects under our HERO@ZERO strategy to make the circular economy feasible in everyday industrial life. We have every reason to look ahead with confidence and confirm our targets for 2025 and beyond." Earnings The Masterflex Group recorded revenue growth of 3.8% to EUR 79.8 million in the first nine months, compared with EUR 76.9 million in the same period of the previous year. This revenue trend reflects a mixed performance across the individual customer sectors. While revenue from customers in the semiconductor and food industries stagnated or declined due to tariffs, growth was driven primarily by business with customers in the industrial groups of Life, Mobility and Infrastructure. The order backlog as of September 30, 2025, was EUR 17.4 million, compared to EUR 19.8 million at the end of 2024 and EUR 20.1 million at the end of the second quarter of 2025. Operating earnings before interest and taxes (EBIT before non-operating income and expenses) rose by 7.7% to EUR 12.1 million in the first nine months of 2025, compared with EUR 11.2 million in the same period of the previous year. This corresponds to an operating EBIT margin of 15.1% based on revenue (9M/2024: 14.5%). The cost of materials ratio (measured in terms of total output) improved to 27.8% as of September 30, 2025 (9M/2024: 29.3%). The personnel cost ratio (measured in terms of total output) amounted to 35.0% after nine months in the 2025 financial year (9M/2024: 35.1%), influenced by a slight increase in personnel costs due to inflation and the expansion of the workforce at the Morocco site. The increase in other expenses from EUR 12.7 million in the previous year to EUR 14.5 million after nine months in 2025 is mainly due to inflation and volume factors, for example in the form of higher freight and packaging costs and higher energy costs. Currency effects and costs associated with setting up the site in Morocco also impacted the increase. Depreciation and amortization remained at the previous year's level at EUR 4.1 million (9M/2024: EUR 4.1 million). Financing costs fell significantly by 22.9% to EUR 0.8 million (9M/2024: EUR 1.0 million). This was due to scheduled repayments of financial liabilities and improved loan terms resulting from the Group's financing restructuring in September 2024. Consolidated net income rose to EUR 7.7 million in the first nine months of the current financial year (9M/2024: EUR 7.1 million). Consolidated earnings per share thus increased to EUR 0.81 in the reporting period (9M/2024: EUR 0.74). Net Assets and Financial Position The increase in total assets by EUR 4.5 million to EUR 98.4 million as of September 30, 2025 (December 31, 2024: EUR 93.9 million) is mainly attributable to the EUR 4.6 million increase in trade receivables on the assets side, which was partly due to the reporting date, and to the increase in equity on the liabilities side due to the encouraging earnings development. The Masterflex Group's cash and cash equivalents grew to EUR 13.8 million as of September 30, 2025 (December 31, 2024: EUR 11.6 million). Earnings performance, higher trade payables, and lower capital expenditure had a positive impact, while the increase in receivables, the higher dividend, and the repayment of loans had a negative impact. Due to the favorable earnings situation of the Masterflex Group, equity increased by EUR 4.4 million to EUR 68.0 million as of September 30, 2025. As of the 2024 balance sheet date on December 31, 2024, it amounted to EUR 63.6 million. This corresponds to an equity ratio of 69.1% as of September 30, 2025, compared to 67.7% as of December 31, 2024. Net debt amounted to EUR 4.4 million as of September 30, 2025 (December 31, 2024: EUR 9.0 million). The ratio of net debt to EBITDA ("gearing ratio") thus improved significantly to 0.23 (December 31, 2024: 0.5). Short-term and long-term financial liabilities amounted to EUR 18.2 million as of September 30, 2025 (December 31, 2024: EUR 20.5 million). Cash flow development in the first nine months of 2025 was significantly influenced by the increase in trade receivables, the dividend payment, and currency effects. Cash flow from operating activities amounted to EUR 10.7 million as of September 30, 2025 (9M/2024: EUR 9.3 million). Cash flow from investing activities declined slightly year-on-year to around EUR 2.1 million (9M/2024: EUR 2.6 million). The payment of the increased dividend for the 2024 financial year in the amount of EUR 2.7 million (9M/2024: EUR 2.4 million) and a corresponding decrease in interest expenses of EUR 0.6 million (9M/2024: EUR 0.9 million) had a significant impact on the development of cash flow from financing activities. Outlook Based on the successful business development in the first nine months of 2025, the Management Board confirms its previous outlook for the 2025 financial year and continues to expect to generate revenues in the range of EUR 100 million to EUR 105 million. The Management Board anticipates EBIT in the range of EUR 12 million to EUR 15 million. Consolidated Statement of Financial Position Assets in EUR thousand 30.09.2025* 31.12.2024 Non-current assets Intangible assets 13.208 13.251 Concessions, industrial property rights 871 1.099 Development costs 2.656 2.471 Goodwill 9.187 9.187 Advance payments 494 494 Property, plant and equipment 34.408 36.116 Land and buildings 17.979 19.651 Technical equipment and machinery 11.829 12.406 Other equipment, operating and office equipment 3.545 3.456 Advance payments and assets under construction 1.055 603 Financial assets 81 86 Securities held as fixed assets 81 86 Other assets 110 66 Deferred taxes 269 364 48.076 49.883 Current assets Inventories 21.178 21.844 Raw materials, consumables and supplies 11.955 12.931 Unfinished goods and services 287 344 Finished products and goods 8.936 8.556 Advance payments made 0 13 Receivables and other assets 15.079 10.235 Trade receivables 13.932 9.285 Other assets 1.147 950 Income tax assets 262 344 Cash and cash equivalents 13.816 11.584 50.335 44.007 Total assets 98.411 93.890 * unaudited Consolidated Statement of Financial Position Equity and liabilities in EUR thousand 30.09.2025* 31.12.2024 Equity Consolidated equity 67.639 63.206 Issued capital 9.618 9.618 Capital reserve 31.306 31.306 Retained earnings 28.248 23.129 Reserve for the market valuation of financial instruments -626 -621 Reserves for the fair value measurement of hedging instruments 58 -203 Reserve for currency differences -965 -23 Non-controlling interests 364 379 Total equity 68.003 63.585 Non-current liabilities Provisions 265 265 Financial liabilities 16.800 18.886 Other liabilities 588 588 Deferred taxes 2.258 1.052 19.911 20.791 Current liabilities Provisions 145 145 Financial liabilities 1.433 1.648 Income tax liabilities 1.411 1.454 Other liabilities 7.508 6.267 Trade payables 2.510 2.149 Other liabilities 4.998 4.118 10.497 9.514 Total liabilities and shareholders' equity 98.411 93.890 * unaudited Consolidated Statement of Income (9M) 01.01.-30.09.2025* 01.01.-30.09.2024* EUR thousand EUR thousand 1. Revenue 79.833 76.937 2. Increase/Decrease in inventories of finished and unfinished goods 444 -54 3. Other own work capitalised 104 56 4. Other income 651 391 Operating performance 81.032 77.330 5. Cost of materials -22.311 -22.547 6. Personnel expenses -28.132 -26.993 7. Depreciation and amortisation -4.092 -4.056 8. Other expenses -14.534 -12.662 9. Financial result Financial expenses -761 -987 Other financial result 7 6 10. Earnings before taxes 11.209 10.091 11. Income taxes -3.425 -2.942 12. Consolidated result 7.784 7.149 thereof: non-controlling interests 41 51 thereof: share of shareholders of Masterflex SE 7.743 7.098 Earnings per share (undiluted and diluted) in € 0,81 0,74 * unaudited Consolidated Statement of Income (Q3) 01.07.-30.09.2025* 01.07.-30.09.2024* EUR thousand EUR thousand 1. Revenue 26.461 25.338 2. Increase in inventories of finished and unfinished goods 497 113 3. Other own work capitalised 56 20 4. Other income 34 145 Operating performance 27.048 25.616 5. Cost of materials -7.596 -7.303 6. Personnel expenses -9.220 -9.046 7. Depreciation and amortisation -1.350 -1.495 8. Other expenses -4.736 -4.119 9. Financial result Financial expenses -245 -318 Other financial result 2 2 10. Earnings before taxes 3.903 3.337 11. Income taxes -1.063 -1.054 12. Consolidated result 2.840 2.283 thereof: non-controlling interests 7 24 thereof: share of shareholders of Masterflex SE 2.833 2.259 Earnings per share (undiluted and diluted) in € 0,30 0,24 * unaudited Consolidated Statement of Comprehensive Income (9M) 01.01.-30.09.2025* 01.01.-30.09.2024* EUR thousand EUR thousand Consolidated result 7.784 7.149 Other income Items that are subsequently reclassified to profit or loss if certain conditions are fulfilled 1. Currency gains/losses from the translation of foreign financial statements -969 -342 2. Changes in the market value of financial instruments -5 18 3. Changes in the market value of hedging transactions 372 -139 4. Income taxes -111 32 5. Other comprehensive income after taxes -713 -431 6. Comprehensive income 7.071 6.718 Comprehensive income 7.071 6.718 thereof: non-controlling interests 41 51 thereof: share of the shareholders of Masterflex SE 7.030 6.667 * unaudited Consolidated Statement of Comprehensive Income (Q3) 01.07.-30.09.2025* 01.07.-30.09.2024* EUR thousand EUR thousand Consolidated result 2.840 2.283 Other income Items that are subsequently reclassified to profit or loss if certain conditions are fulfilled 1. Currency gains/losses from the translation of foreign financial statements 254 -552 2. Changes in the market value of financial instruments -7 8 3. Changes in the market value of hedging transactions -31 142 4. Income taxes 9 -31 5. Other comprehensive income after taxes 225 -433 6. Comprehensive income 3.065 1.850 Comprehensive income 3.065 1.850 thereof: non-controlling interests 7 24 thereof: share of the shareholders of Masterflex SE 3.058 1.826 * unaudited Consolidated Statement of Cash Flow in EUR thousand 30.09.2025* 30.09.2024* Profit for the period before taxes, interest expenses and financial income 11.963 11.072 Income tax expenses -2.143 -4.074 Depreciation and amortisation of property, plant and equipment and intangible assets 4.092 4.056 Increase/decrease in provisions 0 -1 Other non-cash income and profit from the disposal of fixed assets -63 -5 Increase in inventories 666 166 Increase in trade receivables and other assets not attributable to investing or financing activities -4.711 -2.359 Increase in trade payables and other liabilities not attributable to investing or financing activities 941 407 Cash flow from operating activities 10.745 9.262 Payments for investments in non-current assets -2.122 -2.600 Cash flow from investing activities -2.122 -2.600 Payments to company owners and minority shareholders -2.653 -2.449 Interest and dividend income 4 4 Interest expenses -645 -866 Payments for lease liabilities -1.155 -927 Payments for the repayment of loans -1.000 -1.000 Cash flow from financing activities -5.449 -5.238 Cash-effective changes in cash and cash equivalents 3.174 1.424 Changes in cash and cash equivalents due to exchange rates and other changes in value -942 -268 Cash and cash equivalents at the beginning of the period 11.584 11.026 Cash and cash equivalents at the end of the period 13.816 12.182 * unaudited Consolidated Statement of Changes in Equity Sub scribed capital Ca pital re serve Re tained ear nings Reserve for the market valuation of financial instruments Re serve for hedging trans actions Reserve for ex change differences Shares of share holders of Master flex SE Non control ling inte rests Equity in EUR thousand Equity as at 31.12.2024 9.618 31.306 23.129 -621 -203 -23 63.206 379 63.585 Distributions 0 0 -2.597 0 0 0 -2.597 -56 -2.653 Overall result 0 0 7.716 -5 261 -942 7.030 41 7.071 Consolidated net income 0 0 7.743 0 0 0 7.743 41 7.784 Other comprehensive 0 0 -27 -5 261 -942 -713 0 -713 income after income taxes Changes in the fair value 0 0 0 -5 0 0 -5 0 -5 of financial instruments Changes in the 372 0 372 market value of 0 0 0 0 372 0 hedging instruments Currency gains/ losses from the translation 0 0 -27 0 0 -942 -969 0 -969 of foreign financial statements Income taxes -111 0 -111 attributable to other 0 0 0 0 -111 0 comprehensive income Equity as at 30.09.2025 9.618 31.306 28.248 -626 58 -965 67.639 364 68.003 Consolidated Statement of Changes in Equity Sub scribed capital Ca pital re serve Re tained ear nings Reserve for the market valuation of financial instruments Re serve for hedging trans actions Reserve for ex change differences Shares of share holders of Master flex SE Non control ling inte rests Equity in EUR thousand Equity as at 31.12.2023 9.618 31.306 17.374 -646 71 -487 57.236 366 57.602 Distributions 0 0 -2.405 0 0 0 -2.405 -44 -2.449 Overall result 0 0 7.024 18 -107 -268 6.667 51 6.718 Consolidated net income 0 0 7.098 0 0 0 7.098 51 7.149 Other comprehensive 0 0 -74 18 -107 -268 -431 0 -431 income after income taxes Changes in the fair value 0 0 0 18 0 0 18 0 18 of financial instruments Changes in the -139 0 -139 market value of 0 0 0 0 -139 0 hedging instruments Currency gains/ losses from the translation 0 0 -74 0 0 -268 -342 0 -342 of foreign financial statements Income taxes 32 0 32 attributable to other 0 0 0 0 32 0 comprehensive income Equity as at 30.09.2024 9.618 31.306 21.993 -628 -36 -755 61.498 373 61.871 Investor Relations CROSS ALLIANCE communication GmbH Susan Hoffmeister Tel: +49 89 125 09 03-33 E-Mail: [email protected] https://www.crossalliance.de Imprint Responsible Masterflex SE Willy-Brandt-Allee 300 45891 Gelsenkirchen, Germany Tel: +49 209 97077 0 Fax: +49 209 97077 33 E-Mail: [email protected] https://www.masterflexgroup.com Text & Editing CROSS ALLIANCE communication GmbH https://www.crossalliance.de Layout Masterflex SE Forward-Looking Statements This report contains forward-looking statements. These statements are based on the current expectations, assumptions and forecasts of the Management 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 may not prove to be accurate. We assume no obligation to update the forward-looking statements made in this report.