MASTERPLAST PLC.
INTERIM MANAGEMENT REPORT26 February 2026
THE MASTERPLAST PLC. Interim Management Report 2025
Consolidated, non-audited
According to International Financial and Reporting Standards (IFRS) 26 February 2026
CONTENTSMASTERPLAST 4
SUMMARY 5
BUSINESS PROSPECTS 8
Industrial environment 10
Analysis of turnover 11
Profit and loss account 15
Other comprehensive income 17
Balance sheet presentation and analysis 18
Cash flow, bank information 20
Investigations against Masterplast 21
Change in equity 22
Contingent liabilities 23
Changes of the full-time employees (headcount) 23
Significant events between the quarter-end and the publication of this report 23
Consolidated companies 24
Executives and (strategic) employees influencing the operation of the Issuer 25
Shareholders of the Company with a holding above 5% 26
Presentation of the amount of own shares (pcs) 26
Publications issued by Masterplast PLC. in the reference period 27
DECLARATION 29
MASTERPLAST
Founded in 1997, Masterplast Group is the largest Hungarian-owned building materials manufacturing company in the Central European region. It has a direct market presence in 10 European countries through its subsidiaries and is present in most European countries through its export partners. It has a strong position in the market for façade insulation, high roof insulation and dry construction systems.
It ensures its product background mainly through manufacturing at its ISO and TÜV certified production sites in Hungary, Serbia and Germany and through strategic manufacturing partnerships. The company's
strategic goal is to make the modular business division a success as soon as possible. Due to the growing demand for fibre insulation materials, the company's focus in 2023 was on the establishment of glass wool insulation material plant to meet the needs of the Hungarian and Central and Eastern European markets.
Masterplast provides competitive business services to its partners through a well-established customer-oriented sales system, continuous quality control of manufactured and distributed products, a stable product supply background and flexible logistics solutions.
SUMMARY In the fourth quarter, Masterplast achieved consolidated sales revenue of EUR 60,9 million, representing the highest quarterly revenue in the Company's history and setting a new operational record. Operating EBITDA under normal business conditions amounted to EUR 6.4 million, marking the third strongest quarterly performance to date. The outstanding results were materially supported by robust sales of HEM products, while a broader improvement in turnover was also observed across the overall product portfolio. In parallel with higher volumes, production facilities operated at increased capacity utilisation and with improving efficiency. As a result of the strong quarterly performance, the previously projected turnaround in profitability was realised during the financial year. The Company's financial position further strengthened, and bond and loan repayments due at year-end were successfully fulfilled without the need to secure additional external financing. Following a comprehensive review and recalibration of its manufacturing strategy, the Company resolved to close its EPS production unit in Italy and to discontinue the planned rock wool investment. In connection with these measures, a total of EUR 9,8 million in impairment and provisions, as well as EUR 1,3 million in financial expenses, were recognised. These items represent one-off charges affecting the current year's results, while having no impact on the Company's liquidity position in 2025. The decisions taken serve the conscious and sustainable rationalisation of the manufacturing portfolio, placing greater emphasis on technologies and production sites that ensure more stable income-generating capacity and more predictable returns. Within this framework, the Company is working on the restart and ramp-up of the EPS plant in Kál, while also preparing further development plans for its jointly owned glass wool factory, operated in partnership with the Polish company Selena FM S.A. European building energy objectives, together with regulatory measures aimed at reducing energy consumption and increasing renovation rates, are creating a structurally supportive demand environment for thermal insulation materials. The reinforced and more cost-efficient operating structure - with capacities aligned to market demand and a competitive product portfolio - provides a solid foundation for the Company to continue along its improving profitability trajectory.
Data in 1000 EUR | Q4 2025 | Q4 2025 Excluding one-off items* | Q4 2024 | 2025 YTD | 2025 YTD Excluding one-off items* | 2024 YTD | ||
Sales revenues | 60 856 | 60 856 | 33 236 | 171 161 | 171 161 | 136 137 | ||
EBITDA | -3 370 | 6 442 | -1 306 | 2 195 | 12 006 | 2 205 | ||
EBITDA ratio | -5,54% | 10,59% | -3,93% | 1,28% | 7,01% | 1,62% | ||
Profit/loss after taxation | -8 932 | 2 177 | -1 656 | -14 082 | -2 973 | -4 640 | ||
Net income ratio | -14,68% | 3,58% | -4,98% | -8,23% | -1,74% | -3,41% | ||
*The Company recognised significant provisions and impairment charges related to the write-down of certain production units and investments.In order to present the results of normal business operations, the profit figures are also disclosed excluding the impact of these items.
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
The industry environment is gradually shifting in a more favourable direction. Although the construction sector as a whole is not yet characterised by broad-based expansion, developments in the renovation market and the residential construction segment provide grounds for cautious optimism. Within the euro area, the decline in interest rates and the availability of REPowerEU funding are improving both the investment climate and financing conditions. In
Hungary, additional incentive programmes are expected to be introduced, which may materially support demand growth in the coming period.
The market for Certified Energy Savings (HEM) demonstrated exceptional activity in the final quarter, playing a decisive role in the Company's performance. As a result, Masterplast achieved record-level sales revenue of EUR 60,9 million, representing an 83% increase compared to the same period of the previous
Source: the Group's IFRS consolidated non-audited accounts for 2024 and 2025
year. In addition to the outstanding turnover generated by product groups linked to HEM transactions and by the Hungarian market, most other product groups and markets also recorded revenue growth.
Production capacity utilisation increased during the reporting quarter. As a result of the higher utilisation levels, the Company's manufacturing units operated with improved cost efficiency. The closing headcount stood at 1 099 employees, representing a 4% decrease compared to the base period level of 1 150 employees. Personnel-related expenses in the quarter exceeded the corresponding period of the previous year by 11%, primarily reflecting performance-related bonuses and shift allowances linked to the favourable sales performance and higher capacity utilisation. At the same time, on an annual basis, total personnel expenses declined compared to the base period.
By prioritising technologies and production sites that ensure more stable income-generating capacity and predictable returns, the Company resolved at the beginning of 2026 to implement additional efficiency-enhancing measures. In order to strengthen its position in the Hungarian market, the Company is focusing on the ramp-up of production at its EPS plant in Kál (Heves County), while, as part of the optimisation process, EPS production in Italy will be discontinued. In parallel, the Company also decided to terminate the planned rock wool factory investment to be implemented through MIP Alapanyaggyártó Zrt. in cooperation with Market Építő Zrt. In the case of the particularly energy-intensive rock wool production, the development of energy prices, the increase in carbon-related costs and the decline in investors' risk appetite have together created an economic environment in which the project would not have been able to deliver the expected level of value creation.
In connection with the discontinuation of the Italian EPS production and the rock wool investment, the Company recognised total impairment and provisions of EUR 9,8 million, recorded as a one-off item under other expenses, thereby reducing the current year's result. During the implementation phase of the rock wool project, advance payments were made to technology suppliers. Due to the termination of the project, these advances may not be recoverable, or may only be recovered subject to specific conditions. The specialised equipment manufactured for the project, given its bespoke nature, can only be sold or utilised to a limited extent. Accordingly, the Company recognised 100% impairment on these assets. At the same time, it continues to take all necessary steps to maximise recovery from the impaired assets during the project closure process.
The Group's operating EBITDA in the fourth quarter of 2025 amounted to EUR 6 442 thousand, excluding one-off items, corresponding to an EBITDA margin of 10.6%. On a full-year basis, EBITDA exceeded EUR 12 million, representing a substantial improvement compared to the 2024 base. Including one-off items, EBITDA amounted to EUR -3 370 thousand in the fourth quarter and EUR 2 195 thousand for the full year, reflecting the impact of the previously disclosed exceptional expenses.
Taking depreciation into account, the Company's EBIT for the fourth quarter of 2025, excluding one-off items, was a profit of EUR 4 580 thousand, representing an improvement of EUR 7 850 thousand compared to the base period. Including one-off items, EBIT amounted to a loss of EUR 5 232 thousand in the quarter.
For the full year, EBIT under normal business operations reached a profit of EUR 4 419 thousand, confirming that the turnaround in profitability has also been achieved at the level of operating result.
Exchange rate movements had an adverse impact on the Company's financial result, leading to the recognition of an unrealised loss under financial operations, primarily related to the revaluation of balance sheet items connected to core activities. In addition, in connection with the derecognition of the loan granted to MIP Alapanyaggyártó Zrt., the Company recognised a financial loss of EUR 1,3 million.
The result of associated companies represented an additional loss of approximately EUR 850 thousand in the reporting quarter, primarily attributable to the performance of the glass wool production, which remains in its ramp-up phase. At the Szerencs glass wool factory, the ramp-up of regular production progressed in line with plans; however, due to still moderate capacity utilisation, the facility continued to operate at a loss. Within the framework of the jointly owned project with the Polish co-owner Selena FM S.A., the Company has initiated preparatory work for the further development of production and is also assessing the possibility of expanding existing capacities. The objective is to serve regional market demand more efficiently, improve production efficiency and increase the share of higher value-added products. In connection with the planned development, the Company is examining the potential involvement of state aid schemes and grant funding opportunities.
In the fourth quarter, the Company reported a profit after tax of EUR 2 177 thousand excluding one-off items, compared to a loss of EUR 1 656 thousand in the
same period of the previous year. Including one-off items, profit after tax amounted to a loss of EUR 8 932 thousand, primarily attributable to the accounting effects related to the strategic rationalisation measures.
On a cumulative basis, profit after tax excluding one-off items amounted to a loss of EUR 2 973 thousand for the year, compared to a loss of EUR 4 640 thousand in 2024. Including one-off items, the full-year profit after tax totalled a loss of EUR 14 082 thousand.
As a result of the strong quarterly performance, the Company's cash position increased significantly, providing not only coverage for operational financing needs but also sufficient funds for loan and bond repayments due in the fourth quarter.
Under the EKR regulation, a defined volume of certified energy savings must be achieved by 2030 in accordance with EU requirements, providing a predictable medium- and long-term demand base for the HEM market. The currently elevated level of demand is expected to remain in place during the first quarter of 2026, followed by a normalisation to a more moderate and sustainable level. The Company's Hungarocell Renovation Programme, which has attracted significant interest, supports not only demand for glass wool products but also the expansion of EPS sales. The European Union's building energy objectives - supported by a regulatory framework aimed at reducing energy consumption and increasing renovation rates - outline stable and structurally sustainable growth prospects for the thermal insulation market. The combination of steadily expanding demand and an optimised manufacturing structure provides a solid foundation for the continued strengthening of the Company's EBITDA-generating capacity and overall financial position.
BUSINESS PROSPECTS
Within the framework of the European Union's "Fit for 55" climate policy package, the Energy Performance of Buildings Directive (EPBD) was revised and strengthened in 2024, with the objective of accelerating the decarbonisation of the building stock and achieving a substantial reduction in energy consumption. The Directive supports the EU's 2050 climate neutrality target and requires Member States to prepare national renovation plans, increase renovation rates and ensure the gradual modernisation of existing buildings. The increasingly stringent regulatory and financing environment is expected to provide a stable demand backdrop for energy efficiency investments over the medium and long term, thereby establishing a structural support for the thermal insulation and renovation market.
The practical implementation of this regulatory framework is also visible in Hungary - the Company's largest market - where several residential construction and housing-related programmes have been launched in recent periods. Under the Home Start Programme, a state-subsidised mortgage loan of up to HUF 50 million is available for the purchase or construction of a first home or family house, with a fixed interest rate of 3% and a maturity of up to 25 years. This scheme may significantly improve access to financing for a broader segment of households, thereby supporting demand in the residential market. In addition, the Housing Capital Programme, with a total framework of HUF 300 billion, promotes new residential developments through equity financing. According to market expectations, the programme may support the construction of more than 30,000 new homes over a five-year horizon, with the first project completions anticipated from the second half of 2026.On the renovation side, the KEHOP Plus Home Renovation Programme continues to represent a relevant demand-stimulating factor. Within this framework, residential energy efficiency upgrades may be combined with non-repayable support elements, depending on the specific programme conditions. Through increased renovation activity, these measures are expected to create a favourable environment for the thermal insulation market as well.
Masterplast's innovative modular construction division, based on industrial prefabrication, is well aligned with the above-mentioned programmes aimed at promoting affordable housing. The applied technology ensures low labour intensity, standardised quality and rapid implementation, while maintaining a reduced environmental footprint. As such, it provides a simultaneous response to the challenges of housing affordability and the shortage of skilled labour. The development of the modular building component manufacturing division is at an advanced stage, and the first family houses constructed using modular technology have already been completed and handed over.
The EKR/HEM (Energy Efficiency Obligation Scheme) market has opened up a high-volume sales opportunity for the Company as a building materials manufacturer. Under the EKR framework, Hungary is required to achieve a certified level of energy savings (HEM) by 2030, in line with EU directives. Following the legislative amendment adopted in June 2025, the energy-saving obligations imposed on energy traders were further increased, with greater emphasis placed on residential energy savings. This regulatory shift has materially expanded the market potential for certified energy savings. To capitalise on these opportunities, the Company launched its innovative insulation initiative, the Hungarocell Renovation Programme. Within this framework, the full set of façade thermal insulation system materials is provided to residential customers free of charge, financed from the value of the certified energy savings (HEMs) generated. The programme can be combined with the already operational free attic insulation scheme based on a similar principle, in which glass wool serves as the key product. These initiatives generate significant additional revenue and predictable profitability. At the same time, through higher utilisation of production capacities, they contribute to improved margins in the Company's core manufacturing operations.
The availability of REPowerEU funding, together with the declining interest rate environment in the euro area, is contributing to a more favourable outlook for the renovation and residential construction markets across Europe, thereby supporting the Company's growth prospects at regional level.
As an established participant in the Ukrainian construction market, the Company is well positioned to benefit from the significant business opportunities that may arise from the reconstruction of Ukraine in the period following a potential ceasefire agreement.
In recent years, the Company has implemented production development investments of significant scale. It has substantially expanded its manufacturing capacities in fibreglass mesh and diffusion roofing membranes, enabling the Group to serve the premium segment with the highest quality requirements.
In addition to its EPS and XPS production units, the operational glass wool manufacturing facility - established in cooperation with the Polish company Selena FM S.A. - further strengthens the Group's industrial base. By the second half of the decade, Masterplast aims to evolve into an insulation materials manufacturer with strong production capabilities and market positions in both plastic-based and mineral insulation segments.
The recently optimised and diversified manufacturing portfolio, combined with the structurally supported demand environment outlined above, provides a solid
foundation for the Company in the coming years. The sustained medium- and long-term demand for thermal insulation materials, together with a disciplined financial focus and a prudent, return-oriented investment approach, are expected to further strengthen the Company's earnings-generating capacity, while gradually enhancing the stability and resilience of its financial position.
The new glass wool factory in Szerencs is already producing
Industrial environment
The external economic and industrial environment has a significant effect on the production and sale of the insulation and other construction materials, which are the main activities of the Masterplast. While the sale of the constructional and accessories products is mainly in relation with the new buildings market, the insulation related materials (primarily the heat insulation) depend on both the new building and home renovation markets.
The European economic environment in recent years has been characterized by significant volatility, shaped by the aftereffects of the COVID-19 pandemic, the Russia - Ukraine conflict, the inflationary wave of 2021-2022, and the sharp increase in energy prices. Rising interest rates and declining real incomes have restrained the investment activity, which was particularly noticeable in the decrease in the number of housing constructions and renovations. In 2024 and 2025, a gradual stabilization began to emerge, however, the construction industry continues to face persistent challenges, including financing difficulties, uncertain demand, and a shortage of skilled labour. As a result of the monetary easing cycle launched by the European Central Bank in 2025, financing conditions have already begun to improve perceptibly. The decline in borrowing costs and the strengthening of banking activity are gradually supporting the reactivation of investment decisions across several markets.
In the third quarter of 2025, the Hungarian construction market recorded a noticeable expansion in turnover, as confirmed by feedback from market traders. The growth was driven by a range of support programmes and incentives with a strong demand-stimulating effect, including the Home Renovation Programme for the Implementation of Residential Energy Efficiency Investments, the Rural Home Renovation Programme, the Home Start Programme, and the entry into force of the amended EKR Act. Furthermore, it is worth noting that the new state-subsidised housing loan with a fixed 3% interest rate, launched in September, can be used not only for first-time home purchases but also for new constructions. EKR-based insulation schemes available free of charge or under preferential terms - including Masterplast's
Hungarocell Renovation Programme - have generated substantial market interest, thereby strengthening demand in the residential renovation segment.
In Poland, cumulative data for 2025 indicate a tangible improvement in residential market dynamics in the final quarter of the year. Following a marginal decline of 0.4% in the first nine months, full-year housing completions increased by 4.3%, pointing to a strong performance in the fourth quarter. In the case of building permits, the earlier contraction of above 13% moderated to 8.8% by year-end, signalling a stabilisation in permitting activity. At the same time, the number of housing starts continued to decline on an annual basis, suggesting that the launch of new development projects has not yet fully aligned with the improving trend observed in permits.
In Romania, the construction sector showed growth in 2025 following a weak performance in 2024, driven primarily by infrastructure and civil engineering projects. Both construction output and the number of building permits increased. State and EU founded programmes have mainly targeted infrastructure and industrial developments, as well as energy efficiency upgrades of multi-apartment residential buildings and public institutions, providing structural support to the sector's activity.
By the end of 2025, Serbia recorded parallel growth in construction output and in permitting activity underpinning future investments. Despite of Serbia is not a member of the European Union, energy efficiency renovation projects targeting public buildings and certain residential properties are being implemented with the involvement of international financial institutions. These initiatives, however, are typically project-based rather than broad, nationwide residential subsidy schemes, and their scale remains below that of large infrastructure developments.
In Germany, construction performance in 2025 remained challenging. Although the number of residential building permits increased on an annual basis, housing activity and construction output continued to operate at restrained levels in the fourth quarter. Market sentiment indicators likewise
reflected a low order backlog and subdued demand conditions across the sector.
Despite the ongoing war, construction and reconstruction activities in Ukraine continued in the fourth quarter of 2025, particularly in projects aimed at repairing war caused damage. The growth is mainly driven by the by substantial international financial support. The European Union, the United States and other international actors are providing multi-billion-euro support packages and financial assistance, a significant portion of which is directly linked to the construction sector. These funds are primarily allocated to the development of residential and public buildings as well as business infrastructure. Although no comprehensive official statistics are available for the fourth quarter, the volume of ongoing projects and the continued implementation of support programmes indicate that construction activity remained tangible across several regions of the country.
Analysis of turnoverIn the smaller Slovak and Croatian markets, moderate growth - a gradual recovery with minor interruptions
- was observed during the year. In both countries, the European Union provides substantial support to facilitate construction investments.
Overall, the industry environment has shown a mixed picture in recent periods, yet the medium- and longterm outlook for the construction sector remains favourable. With the adoption of the EU Building Energy Performance Directive, energy efficiency has come into focus in renovation activities, leading to the launch - and further expectation - of new building energy renovation programmes across Europe. The improvement in financing conditions is also favourable for the market of new constructions.
Data in 1000 euros | Q4 2025 | Q4 2024 | Index | 2025 YTD | 2024 YTD | Index |
(A) | (B) | (A/B-1) | (A) | (B) | (A/B-1) | |
Thermal insulation system | 16 558 | 14 702 | 13% | 67 013 | 69 360 | -3% |
Roofing foils and accessories | 7 902 | 5 585 | 41% | 27 326 | 24 107 | 13% |
Dry construction system | 1 898 | 1 824 | 4% | 8 464 | 8 756 | -3% |
Heat, sound and water insulation materials | 17 677 | 5 026 | 252% | 31 688 | 15 512 | 104% |
Building industry accessories | 911 | 922 | -1% | 3 996 | 3 971 | 1% |
Industrial applications | 15 910 | 5 177 | 207% | 32 674 | 14 431 | 126% |
Total sales revenue | 60 856 | 33 236 | 83% | 171 161 | 136 137 | 26% |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024, and non-audited data from the Group's management information system
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024, and non-audited data from the Group's management information system
Masterplast's sales revenue in the last quarter exceeded the base period by 83%, reaching the highest quarterly revenue and the third-highest annual revenue in the Company's history.
Sales revenue continued to be primarily driven by the Thermal insulation system product group, which accounted for 28% of total sales and recorded a 13% year-on-year increase. Growth was mainly supported by higher sales volumes of the own manufactured EPS products, while the also own manufactured fiberglass mesh products contributed too positively to the results.
Revenue in the Roofing foils and accessories product group increased by 41%, with particularly strong performance in the sales of the company's own manufactured roofing foils.
The Heat, sound and water insulation materials group recorded outstanding revenue growth. Revenue from Masterplast's own manufactured XPS products increased significantly, while sales of partially own
produced mineral wool exceeded the level of the previous year by more than fivefold. The growing volume of mineral wool sales is increasingly being supplied by the fiberglass wool plant in Szerencs, operated jointly with Selena FM S.A.
Revenue from the Dry construction systems product group increased slightly compared to the same period of the previous year. Sales of Buildings industry accessories remained close to the prior-year base level.
Revenue in the Industrial applications product group increased by slightly more than threefold year-on-year. Within this segment, sales of self-manufactured healthcare materials declined, while revenue from the trading of other raw materials improved compared to the previous year's base. This segment also includes the sale of a restricted intangible asset (the so-called HEM), which generated significant revenue during the period.
Data in 1000 euros | Q4 2025 | Q4 2024 | Index | 2025 YTD | 2024 YTD | Index |
(A) | (B) | (A/B-1) | (A) | (B) | (A/B-1) | |
Hungary | 42 319 | 15 265 | 177% | 88 850 | 49 950 | 78% |
Poland | 3 127 | 2 768 | 13% | 14 639 | 13 139 | 11% |
Export | 3 014 | 2 870 | 5% | 13 836 | 14 514 | -5% |
Serbia | 2 832 | 2 631 | 8% | 11 262 | 11 264 | 0% |
Romania | 2 392 | 2 736 | -13% | 11 412 | 12 209 | -7% |
Ukraine | 1 931 | 1 827 | 6% | 8 117 | 7 641 | 6% |
Germany | 1 801 | 2 017 | -11% | 9 148 | 9 803 | -7% |
Italy | 1 256 | 975 | 29% | 4 590 | 7 063 | -35% |
Slovakia | 1 003 | 1 069 | -6% | 4 253 | 5 133 | -17% |
Croatia | 862 | 751 | 15% | 3 708 | 3 948 | -6% |
North-Macedonia | 319 | 327 | -2% | 1 346 | 1 473 | -9% |
Total sales revenue | 60 856 | 33 236 | 83% | 171 161 | 136 137 | 26% |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024, and non-audited data from the Group's management information system
The breakdown of sales by country shows the revenue realized in countries where Masterplast has its own subsidiaries, regardless of which subsidiary made the sale in the territory of the given country. Turnover in countries without subsidiaries are reported as Exports.
The Hungarian market delivered exceptionally strong growth, with revenue exceeding the prior-year base across all product groups in the fourth quarter. Sales increased in each product category; however, the most significant contribution to growth came from the sale of HEM and products linked to HEM programmes. From September the Company continued the façade insulation discount programme launched last year in Hungary, under more favourable conditions. In addition, Masterplast also participates - together with its insulation contractor partners - in the attic insulation programme available on the market. As a result of the energy savings achieved under these prog rammes, a restricted intangible asset known as Certified Energy Saving (HEM) is generated. The HEMs, verified either directly by Masterplast or indirectly through its partners, are sold within the framework of the EKR system to entities entitled to purchase them. These sales also made a significant contribution to the 177% increase in turnover achieved in the Hungarian market.
In Poland, the Company returned to revenue growth in the fourth quarter, further strengthening the country's position as the Group's second-largest market. Growth in the region was primarily driven by a substantial increase in fiberglass mesh sales.
In the Export region, strong performance was recorded for roofing foils as well as for own manufactured XPS and roofing accessory products, resulting in overall growth of 5%.
In Romania, revenue declined across all major product groups, particularly in self-manufactured fiberglass mesh and diffusion roofing membranes. Despite the ongoing war situation, the Ukrainian market maintained stable growth of 6% compared to the same period of the previous year, with revenue increasing in most product groups.
In the Balkan region, lower sales of diffusion roofing membranes in Serbia and Croatia were offset by higher revenue from own manufactured EPS and XPS products.
In other regions, namely Germany, Slovakia and North Macedonia, quarterly revenue decreased compared to the previous year.
Quarterly sales figures clearly indicate a strengthening in market activity. Growth was not limited to HEM-related product groups and markets, but was also evident across a broader range of the portfolio. This provides a more stable foundation for the Company's further revenue expansion and the efficient utilisation of its capacities.
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024, and non-audited data from the Group's management information system
Profit and loss accountThe exhibit below shows the consolidated profit and loss statement of the Masterplast PLC. in total cost form, in 1000 EUR.
Data in 1000 euros | Q4 2025 | Q4 2024 | Change | Index | 2025 YTD | 2024 YTD | Change | Index |
(A) | (B) | A-B | (A/B-1) | (A) | (B) | A-B | (A/B-1) | |
Sales revenues | 60 856 | 33 236 | 27 620 | 83% | 171 161 | 136 137 | 35 024 | 26% |
Cost of materials and services | -52 434 | -34 633 | -17 801 | 51% | -132 605 | -112 965 | -19 640 | 17% |
Payroll costs and contributions | -7 476 | -6 750 | -726 | 11% | -27 005 | -27 509 | 504 | -2% |
Depreciation | -1 862 | -1 964 | 102 | -5% | -7 588 | -7 523 | -65 | 1% |
Change in self-manufactured inventories | 5 180 | 6 660 | -1 480 | -22% | -1 062 | 5 369 | -6 431 | -120% |
Other operating revenues and expenses | -9 496 | 181 | -9 677 | -5346% | -8 294 | 1 173 | -9 467 | -807% |
EBITDA | -3 370 | -1 306 | -2 064 | 158% | 2 195 | 2 205 | -10 | 0% |
EBIDTA ratio | -5,5% | -3,9% | 1,3% | 1,6% | ||||
PROFIT / LOSS OF BUSINESS ACTIVITY (EBIT) | -5 232 | -3 270 | -1 962 | 60% | -5 393 | -5 318 | -75 | 1% |
Interest revenues | 208 | 164 | 44 | 27% | 472 | 771 | -299 | -39% |
Interest expenses | -835 | -819 | -16 | 2% | -3 180 | -3 238 | 58 | -2% |
Other financial revenues and expenses | -1 714 | 1 311 | -3 025 | -231% | -3 453 | 2 510 | -5 963 | -238% |
FINANCIAL PROFIT/LOSS | -2 341 | 656 | -2 997 | -457% | -6 161 | 43 | -6 204 | - 14428% |
Profit/loss from associations | -853 | 140 | -993 | -709% | -2 495 | -82 | -2 413 | 2943% |
Profit/loss before income tax | -8 426 | -2 474 | -5 952 | 241% | -14 049 | -5 357 | -8 692 | 162% |
Taxes | -506 | 818 | -1 324 | -162% | -33 | 717 | -750 | -105% |
Profit/loss after taxation | -8 932 | -1 656 | -7 276 | 439% | -14 082 | -4 640 | -9 442 | 203% |
Profit attributable to the owners of the parent | -8 934 | -1 681 | -7 253 | 431% | -14 227 | -4 825 | -9 402 | 195% |
Profit attributable to the minority | 2 | 25 | -23 | -92% | 145 | 185 | -40 | -22% |
Earnings per share (EPS) (EUR) | -0,48 | -0,10 | -0,74 | -0,29 | ||||
Diluted earnings per share (diluted EPS) (EUR) | -0,48 | -0,10 | -0,76 | -0,29 |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
The Group's sales revenue in the third quarter of 2025 was EUR 60 856 thousand, which is 283 higher than the value of the base period.
Capacity utilisation across all active production sites significantly exceeded the level recorded one year earlier. The ramp-up of the XPS manufacturing unit is progressing steadily, with its profitability showing continuous improvement.
The value of materials and services used - taking into account the change in stock of self-produced inventories - is 69% higher than the base year. A greater growth could be observed in the contracted services, while other materials - including energy costs - recorded a smaller increase.
Personnel-related expenses increased by 11% in the quarter compared to the same period of the previous year. The rise was primarily attributable to performance-related bonuses and shift allowances linked to the favourable sales performance and higher capacity utilisation levels.
The Company has reviewed and recalibrated its manufacturing strategy and, as a result, decided to close its EPS production unit in Italy and to discontinue the rock wool investment project. In connection with these measures, total provisions and impairment charges of EUR 9.8 million were recognised. These items are of a non-recurring nature and have been recorded as one-off charges in the current year's financial results.
Depreciation and amortisation recognised by the Company in the quarter decreased by 5% compared to the base period.
Under Other operating income (expenses), Masterplast recognised a loss of EUR 9 496 thousand, compared to a profit of EUR 181 thousand in the base period. In addition to the above-mentioned provisions and impairment charges, this line item also includes grant income released in proportion to depreciation, related to previous investment projects.
The Group's operating EBITDA in the fourth quarter of 2025 amounted to EUR 6 442 thousand, excluding the impact of non-recurring items, corresponding to an EBITDA margin of 10.6%. This represents a substantial improvement compared to the fourth quarter of 2024, when EBITDA stood at EUR -1 306 thousand, with a margin of -3.93%. Including one-off items, EBITDA for the reporting period totalled EUR -3 370 thousand, reflecting the effect of the previously disclosed non-recurring charges.
Taking depreciation into account, the Company's EBIT for the fourth quarter of 2025 - excluding non-recurring items - amounted to a profit of EUR 4 580 thousand, representing an improvement of EUR 7 850 thousand compared to the base period. Including all items, EBIT for the quarter showed a loss of EUR -5 232 thousand, reflecting the impact of the previously recognised one-off charges. For the full year, EBIT generated under normal operating conditions totalled EUR 4 419 thousand in profit, indicating that the turnaround in profitability has also been achieved at the operating result level.
Both interest income and interest expenses increased marginally during the quarter. Overall, the net interest result closed with a loss that was EUR 28 thousand lower than in the base period.
In connection with the derecognition of the loan granted to MIP Alapanyaggyártó Zrt., the Company recognised a financial loss of EUR 1,3 million under Other financial income and expenses.
Other financial income and expenses also include foreign exchange gains and losses. Exchange rate movements had an adverse impact on the Company's financial result during the period. The Group procures a significant portion of its products in EUR and USD, while sales are primarily realised in local currencies; accordingly, currency fluctuations affect overall profitability. As the currencies of most operating countries are pegged to the euro, movements in the EUR/USD exchange rate particularly influence results in the case of dollar-based purchases. Under Other financial income and expenses, the Company recognised a loss of EUR 417 thousand, predominantly unrealised, compared to a broadly neutral financial result in the same period of the previous year.
Overall, the Company recognised a financial loss of EUR 2 341 thousand in the quarter, representing a deterioration of EUR 2 997 thousand compared to the same period of the previous year.
In the fourth quarter, the Company generated a profit after tax of EUR 2 177 thousand, excluding the impact of non-recurring items, compared to a loss of EUR 1 656 thousand recorded in the same period of the previous year. Including one-off items, profit after tax amounted to EUR -8 932 thousand, primarily reflecting the accounting effects related to the strategic rationalisation measures. On a cumulative annual basis, profit after tax excluding non-recurring items totalled EUR -2 973 thousand, compared to a loss of EUR -4 640 thousand in 2024. Including one-off items, the full-year profit after tax amounted to EUR -14 082 thousand.
Other comprehensive incomeData in 1000 euros | 31-12-2025 | 31-12-2024 |
Profit for the year | -14 082 | -4 640 |
Foreign exchange result on translation* | 303 | -1 873 |
Comprehensive income related to a CCIRS transaction* | 223 | 196 |
Parent company's share of the change in the value of associates* | 1 003 | -976 |
Other comprehensive income | 1 529 | -2 653 |
Comprehensive income | -12 553 | -7 294 |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
* Will not be recognised in profit or loss in future periods
Balance sheet presentation and analysisData in 1000 euros | 31-12-2025 | 31-12-2024 | Change | Index |
(A) | (B) | A-B | (A/B-1) | |
FIXED ASSETS | ||||
Land, buildings and equipment | 99 059 | 110 865 | -11 806 | -11% |
Intangible assets | 1 386 | 2 248 | -862 | -38% |
Shares in related companies | 8 101 | 15 651 | -7 550 | -48% |
Deferred tax assets | 3 872 | 3 865 | 7 | 0% |
Total fixed assets | 112 418 | 132 629 | -20 211 | -15% |
CURRENT ASSETS | ||||
Inventories | 39 096 | 40 018 | -922 | -2% |
Trade accounts receivable | 19 611 | 11 201 | 8 410 | 75% |
Tax receivables | 2 709 | 2 295 | 414 | 18% |
Other current assets | 6 949 | 4 464 | 2 485 | 56% |
Liquid assets | 11 277 | 4 370 | 6 907 | 158% |
Assets held for sale | 5 218 | 3 121 | 2 097 | 67% |
Total current assets | 84 860 | 65 469 | 19 391 | 30% |
TOTAL ASSETS | 197 278 | 198 098 | -820 | 0% |
CAPITAL AND RESERVES | ||||
Subscribed capital | 6 652 | 6 049 | 603 | 10% |
Reserves | 71 946 | 60 672 | 11 274 | 19% |
Repurchased shares | -2 260 | -2 117 | -143 | 7% |
Parent share of interests | -14 226 | -4 825 | -9 401 | 195% |
Equity attributable to the owners of the parent | 62 112 | 59 779 | 2 333 | 4% |
Minority interests | 714 | 705 | 9 | 1% |
Total capital and reserves | 62 826 | 60 484 | 2 342 | 4% |
LONG-TERM LIABILITIES | ||||
Long- term loans | 14 947 | 15 920 | -973 | -6% |
Liabilities from issued bonds | 27 227 | 32 894 | -5 667 | -17% |
Deferred tax liabilities | 1 239 | 1 455 | -216 | -15% |
Deferred income | 26 025 | 32 109 | -6 084 | -19% |
Other long-term liabilities | 739 | 960 | -221 | -23% |
Total long-term liabilities | 70 177 | 83 338 | -13 161 | -16% |
SHORT-TERM LIABILITIES | ||||
Short-term loans | 18 352 | 19 843 | -1 491 | -8% |
Liabilities from issued bonds (short-term) | 7 784 | 7 309 | 475 | 6% |
Trade accounts payable | 19 900 | 15 186 | 4 714 | 31% |
Short-term leasing liabilities | 261 | 276 | -15 | -5% |
Other financial liabilities | 803 | 2 119 | -1 316 | -62% |
Tax liabilities | 6 267 | 2 179 | 4 088 | 188% |
Short-term deferred income | 2 067 | 2 067 | 0 | 0% |
Provisions | 1 950 | 775 | 1 175 | 152% |
Other short-term liabilities | 6 891 | 4 522 | 2 369 | 52% |
Total short-term liabilities | 64 275 | 54 276 | 9 999 | 18% |
TOTAL LIABILITIES | 134 452 | 137 614 | -3 162 | -2% |
TOTAL CAPITAL AND LIABILITIES | 197 278 | 198 098 | -820 | 0% |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
The Group's total assets at the end of December 2025 was 197 278 thousand euros, which was 820 thousand euros lower than the figures of the base period.
The value of fixed assets at the end of Q4 2025 stood at EUR 112 418 thousand, which is EUR 20 211 thousand lower than the closing value recorded one year earlier. The nearly EUR 12 million decrease in property, plant and equipment, was driven mainly by the impairment losses recorded in connection with the decision to close the Italian manufacturing facility, as well as to the reclassification of certain underutilised machinery within the healthcare division as assets held for sale. Within investments in associates, an impairment loss recognised on the Group's interest in MIP Zrt. resulted in a decrease of approximately EUR 6 million, in connection with the decision to discontinue the planned rock wool investment.
The value of inventories of 31 December 2025 was EUR 39 096 thousand, which is 2% lower than the level recorded one year earlier. The Company remains focused on maintaining an inventory level that is efficiently aligned with market demand, while remaining adequately stocked to meet the anticipated increase in demand in the forthcoming period.
Alongside the 83% increase in sales revenue, at the of the final quarter 2025 the Company's accounts receivables closed at EUR 19 611 thousand, which is 75% higher than the base.
The value of other current assets increased by EUR 2 485 thousand compared to the closing balance of one year earlier, driven primarily by a rise in loans granted to associated companies.
The Group's cash and cash equivalents amounted to EUR 11 277 thousand at the end of fourth quarter 2025, which is EUR 6,9 million higher than the balance at the end of the base period.
The Group's liabilities from issued bonds decreased in the balance sheet by EUR 5 192. The repayment due in the current year was successfully completed without the involvement of external financing.
The Company's loan portfolio was EUR 33 299 thousand, 7% lower than a year ago.
The Group's accounts payable closed at EUR 19 900 thousand, compared to EUR 15 185 thousand at the end of last year Q4.
The value of deferred income related to investments, including grants not yet recognized against the result, decreased by EUR 6 084 thousand. The Company released the deferred income associated with the healthcare machinery reclassified as assets held for sale.
Cash flow, bank informationData in 1000 euros | 31-12-2025 | 31-12-2024 | Change | Index |
(A) | (B) | A-B | (A/B-1) | |
Operating Activities | ||||
PBT | -14 049 | -5 357 | -8 692 | 162% |
Depreciation and Amortisation | 7 588 | 7 524 | 64 | 1% |
Bed debt provision | 8 764 | -215 | 8 979 | -4216% |
Shortage and scrap of stocks | 128 | 627 | -499 | -80% |
Provisions | 1 174 | 127 | 1 047 | 824% |
Profit on fixed asset sale | -86 | -98 | 12 | -12% |
Interest expense | 3 180 | 3 238 | -58 | -2% |
Interest revenue | -472 | -771 | 299 | -39% |
Profit/loss from associations | 2 495 | 82 | 2 413 | 2943% |
Unrealized foreign exchange gain (loss) | 3 553 | -7 101 | 10 654 | -150% |
Changes in Working Capital | ||||
Change in Accounts Receivable | -7 751 | 1 622 | -9 373 | -578% |
Change in Inventory | 1 185 | -9 226 | 10 411 | -113% |
Change in Other Assets | -2 899 | -435 | -2 464 | 566% |
Change in Accounts Payable | 4 714 | 1 345 | 3 369 | 250% |
Change in Short-term liabilities | -822 | -658 | -164 | 25% |
Taxation | 80 | -328 | 408 | -124% |
Net Cash from Operations | 6 782 | -9 622 | 16 404 | -170% |
Investing Activities | ||||
CAPEX | -1 482 | -2 782 | 1 300 | -47% |
Sale of fixed assets | 124 | 111 | 13 | 12% |
Subsidiaries share purchase | 0 | -2 055 | 2 055 | -100% |
Interest received | 472 | 771 | -299 | -39% |
Net Cash from Investing activities | -886 | -3 955 | 3 069 | -78% |
Financing Activities | ||||
Proceeds from share issuance | 15 036 | 0 | 15 036 | 0% |
Redeemed treasury shares | -143 | -82 | -61 | 74% |
Borrowing | 2 500 | 6 257 | -3 757 | -60% |
Loan repayments | -4 964 | -805 | -4 159 | 517% |
Bond repayment | -7 799 | -7 258 | -541 | 7% |
Government grant | 0 | 1 176 | -1 176 | -100% |
Dividends paid | -119 | -100 | -19 | 19% |
Interest paid | -3 180 | -3 238 | 58 | -2% |
Net Cash from Financing activities | 1 331 | -4 050 | 5 381 | -133% |
Net Cash flow of the period | 7 227 | -17 627 | 24 854 | -141% |
Cash at beginning of period | 4 370 | 18 210 | -13 840 | -76% |
Effect of exchange rate changes | -320 | 3 787 | -4 107 | -108% |
Cash at end of period | 11 277 | 4 370 | 6 907 | 158% |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
Net cash flow from operating activities amounted to EUR 6,782 thousand at the end of December 2025, compared to EUR -9,622 thousand in the base period.
Cash flow from investing activities totalled EUR -886 thousand, versus EUR -3,955 thousand in the base period.
Net cash flow from financing activities amounted to EUR 1,331 thousand, compared to EUR -4,050 thousand in the base period.
Overall, the Group's cash and cash equivalents stood at EUR 11,277 thousand at the end of the fourth quarter of 2025, representing an increase of EUR 6,907 thousand compared to the EUR 4,370 thousand balance recorded at the end of December 2024.
Investigations against MasterplastAs part of the transfer price investigation launched at the Romanian subsidiary of the Company, the Romanian Tax Authorities identified a tax deficit of EUR 454 665 (RON 2 318 107) in 2020 for the financial years 2014-2018. The Company has appealed because of the finding with the assistance of experts thus the proceedings are still ongoing. In order to avoid possible future tax fines, the Company has paid the full amount to the tax authorities in year 2020. The Group is of the opinion that the proceedings are not expected
to have a material impact on the financial position or performance of the Company.
In connection with the previous work accident at Masterplast Medical Kft., an investigation is underway by the Székesfehérvár Police Department. The condition of the injured employee has improved significantly since the accident, and the Company remains confident that this positive development will continue.
Change in equityData in 1000 euros | Share capital | Own share | Capital reserve | Retained earnings | Translation reserve | Total reserves | Parent company's share of profit | Equity per parent shareholders | Minority interest | Total equity |
1 January 2024 | 6 049 | -2 036 | 29 368 | 62 682 | -12 921 | 79 129 | -15 811 | 67 331 | 627 | 67 959 |
Profit after tax | 0 | 0 | 0 | 0 | 0 | 0 | -4 825 | -4 825 | 185 | -4 641 |
Overall income related to CCIRS transaction | 0 | 0 | 0 | 0 | 196 | 196 | 0 | 196 | 0 | 196 |
Dividends to minority shareholders | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100 | -100 |
Other comprehensive income | 0 | 0 | 0 | 0 | -2 842 | -2 842 | 0 | -2 842 | -7 | -2 849 |
Carry forward of previous year's tax profit | 0 | 0 | 0 | -15 811 | 0 | -15 811 | 15 811 | 0 | 0 | 0 |
Treasury shares repurchased | 0 | -82 | 0 | 0 | 0 | 0 | 0 | -82 | 0 | -82 |
31 December 2024 | 6 049 | -2 117 | 29 368 | 46 871 | -15 567 | 60 672 | -4 825 | 59 778 | 705 | 60 484 |
1 January 2025 | 6 049 | -2 117 | 29 368 | 46 871 | -15 567 | 60 672 | -4 825 | 59 778 | 705 | 60 484 |
Profit after tax | 0 | 0 | 0 | 0 | 0 | 0 | -14 226 | -14 226 | 145 | -14 082 |
Capital increase | 603 | 0 | 14 434 | 0 | 0 | 14 434 | 0 | 15 036 | 0 | 15 037 |
Overall income related to CCIRS transaction | 0 | 0 | 0 | 0 | 223 | 223 | 0 | 223 | 0 | 224 |
Other comprehensive income | 0 | 0 | 0 | 0 | 1 442 | 1 442 | 0 | 1 442 | -136 | 1 306 |
Carry forward of previous year's tax profit | 0 | 0 | 0 | -4 825 | 0 | -4 825 | 4 825 | 0 | 0 | 0 |
Treasury shares repurchased | 0 | -143 | 0 | 0 | 0 | 0 | 0 | -142 | 0 | -142 |
31 December 2025 | 6 652 | -2 260 | 43 802 | 42 046 | -13 902 | 71 946 | -14 226 | 62 112 | 714 | 62 826 |
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and audited accounts as at 31 December 2024
On 28 February 2025, the Company's Board of Directors resolved to increase the share capital of the Company. The amount of the capital increase was HUF 240 000 000, in connection with which 2 400 000 new registered dematerialised ordinary shares were issued, each with a nominal value of HUF 100 and an issue value of HUF 2 500. As a result, the total increased share capital amounted to HUF 1 925 063
100, comprising 19 250 631 ordinary shares with a nominal value of HUF 100 each.
The issue value of the shares involved in the capital increase amounted to HUF 2 500 per share, totalling HUF 6 000 000 000. The portion of the issue value exceeding the nominal value - totalling HUF 5 760 000 000 - was allocated to the Company's capital reserve.
The shares were subscribed by the MFB Corporate Investment and Transaction Private Equity Fund, which provided the cash contribution within the required deadline. Accordingly, the capital increase was completed on 4 March 2025.
Contingent liabilitiesCompany name | Type of guarantee | Amount covered by guarantee | Currency | Amount in EUR | Currency |
Masterplast YU D.o.o. | Bank guarantee | 10 000 000 | RSD | 85 265 | EUR |
Masterplast YU D.o.o. | Bank guarantee | 25 000 000 | RSD | 2113 161 | EUR |
Masterplast Proizvodnja DOO Subotica | Bill of exchange | 1 262 397 853 | HUF | 3 275 552 | EUR |
Total: | 3 573 978 | EUR | |||
Source: the Group's IFRS consolidated non-audited accounts as at 31 December 2025 and non-audited data from the Group's management information system
Off balance sheet items: relevant items in financial terms but items are not being presented in the balance
sheet (such as guarantees, mortgage related liabilities etc.).
Changes of the full-time employees (headcount)31-12-2025 | 31-12-2024 | |
Employees working for the company | 73 | 70 |
Applied at group level | 1 099 | 1 150 |
Source: non-audited data from the Group's management information system
The efficiency improvement programmes implemented in recent years, along with advancements in automation and digitalisation, have enabled the Company to streamline its operations and
enhance resource efficiency. As a result, the current headcount is now precisely aligned with operational requirements, maintaining an optimal balance between productivity and cost efficiency.
Significant events between the quarter-end and the publication of this reportFollowing a review of its insulation materials portfolio, the Board of Directors resolved that the Company's strategic focus will henceforth be placed on glass wool production in Szerencs, including its technological development and capacity expansion. Due to global market conditions in 2025, the resulting more conservative investment sentiment, and changes in the business environment, the key conditions for implementing the rock wool factory investment planned jointly with Market Építő Zrt. became less favourable. Based on prior consultations among the shareholders of MIP Zrt., the Board of Directors approved that the owners withdraw from the implementation of the rock wool project. The Board of Directors also reviewed the Group's EPS production and resolved to discontinue EPS manufacturing at Masterplast Italia Srl. The Company's strategic presence in the Italian target market will be maintained and commercial activities will continue, while options for utilising the dismantled machinery are being examined. In order to increase sales in Hungary, Masterplast will place emphasis on ramping up production at the EPS plant in Kál, which is scheduled to restart in the spring of 2026.
Consolidated companiesCompany | Place of business registration | Equity capital | Foreign currency | Owner- ship | Voting rate | Activity |
Masterplast Romania S.R.L. | Romania | 36 000 | RON | 100% | 100% | Wholesale of building materials |
Masterplast YU D.o.o. | Serbia | 192 557 060 | RSD | 100% | 100% | Wholesale of building materials, EPS and fiberglass mesh production |
Master Plast s.r.o. | Slovakia | 26 555 | EUR | 100% | 100% | Wholesale of building materials |
Masterplast d.o.o. | Croatia | 20 000 | HRK | 100% | 100% | Wholesale of building materials |
MasterPlast TOV | Ukraine | 27 000 | UAH | 80% | 80% | Wholesale of building materials, Façade profiles production |
Masterplast Sp zoo | Poland | 200 000 | PLN | 80,04% | 80,04% | Wholesale of building materials |
Masterplast Insulation Kft. | Hungary | 3 000 000 | HUF | 100% | 100% | EPS production |
Masterplast Medical Kft. (1) | Hungary | 10 000 000 | HUF | 100% | 100% | Fleece and multilayer membrane production, Finished health care products production |
Masterplast D.O.O. | North Macedonia | 973 255 | MKD | 100% | 100% | Wholesale of building materials |
Green MP Invest | Ukraine | 33 223 500 | UAH | 100% | 100% | Asset management |
Masterplast Hungária Kft. | Hungary | 230 000 000 | HUF | 100% | 100% | Wholesale of building materials |
Masterplast Modulhouse Kft. | Hungary | 300 000 000 | HUF | 100% | 100% | Construction of residential and non- residential buildings |
Masterplast International Kft. | Hungary | 3 000 000 | HUF | 100% | 100% | Wholesale of building materials |
Masterplast Nonwoven GmbH | Germany | 25 000 | EUR | 100% | 100% | Fleece and multilayer membrane production |
Fidelis Bau Kft. | Hungary | 3 000 000 | HUF | 100% | 100% | Thermobeton production |
Masterplast Italia Srl. | Italy | 200 000 | EUR | 100% | 100% | EPS production |
MASTERWOOL MW-1 d.o.o. (2) | Serbia | 0 | RSD | 0% | 0% | Not active |
Masterplast Proizvodnja D.o.o | Serbia | 600 000 | RSD | 1% | 1% | XPS production |
Indirect links: | ||||||
Masterplast Proizvodnja D.o.o . | Serbia | 600 000 | RSD | 99% | 99% | XPS production |
An associated company of the Group: | ||||||
Masterprofil Kft. | Hungary | 3 000 000 | HUF | 20% | 20% | Profile production |
T-CELL Plasztik Kft. | Hungary | 104 000 000 | HUF | 24% | 24% | EPS production |
MIP Zrt. | Hungary | 820 000 000 | HUF | 49,39% | 49,39% | Rock wool production |
PIMCO Kft. | Hungary | 3 627 942 000 | HUF | 50% | 50% | Glass wool production |
Source: non-audited data from the Group's management information system
A change of company name has been effected in respect of Masterplast Medical Kft.; effective from 1 January 2026, the subsidiary operates under the corporate name Masterplast Membrane Kf
On 26 June 2025, the Board of Directors of the Company resolved on the merger of Masterwool MW-1 d.o.o. into Masterplast YU d.o.o. The merger procedure has been completed in accordance with the applicable laws of the Republic of Serbia and the relevant accounting and corporate governance regulations. The merger was duly registered by the Serbian Business Registers Agency (APR) in November 2025.
The consolidation of the affiliate companies is based on equity valuation (equity method) and recognized in profit and loss account. The fair value of the interest at the date of preparation of the interim management report is the same as the purchase value, so the profit and loss account has not been adjusted by the difference resulting from the valuation of the share.
Executives and (strategic) employees influencing the operation of the IssuerMembers of the Board of Directors during the period:
Name | Post | Commencement of mandate (beginning of membership in the Board) | Completion of mandate | Time spent in Board /as Board members | Stockholding (pcs) |
Tibor Dávid (1) | Chairman of the Board of Directors | 03-04-2008 | 30-06-2026 | Approximately 17,5 years | - |
Ács Balázs | Vice-Chairman of the Board of Directors | 03-04-2008 | 30-06-2026 | Approximately 17,5 years | 3 877 259 ordinary shares |
Dirk Theuns | Member of the Board of Directors | 01-05-2014 | 30-06-2026 | Approximately 11,5 years | - |
Dezse Margaret | Member of the Board of Directors | 01-05-2020 | 30-06-2026 | Approximately 5,5 years | 1 300 ordinary shares |
Tóth József | Member of the Board of Directors | 01-05-2025 | 30-06-2026 | Approximately 0,5 years | - |
The data of the Company's top management are shown in the table below on 31stof December 2025:
Name | Post | Beginning of the current top management position | Completion of current top management position | Stockholding (pcs) |
Tibor Dávid (1) | CEO | 27-04-2023 | indefinite duration | 0 |
Ács Balázs | Deputy CEO | 27-04-2023 | indefinite duration | 3 877 259 |
Nádasi Róbert | Deputy CEO | 27-04-2023 | indefinite duration | 129 034 |
Jancsó Illés Zoltán | Deputy CEO | 22-01-2024 | indefinite duration | 34 909 |
Lukács Flórián László | Deputy CEO | 01-01-2025 | indefinite duration | 2 520 |
Bunford Tivadar | Group management member | 02-10-2023 | indefinite duration | 421 690 |
Pécsi László | Group management member | 02-10-2023 | indefinite duration | 20 132 |
(1) Tibor Dávid, President of the Board of Directors and Chief Executive Officer announced on 29 December 2025 that he had transferred 4,548,057 MASTERPLAST Nyrt. registered shares for the long-term restructuring and consolidation of his private assets as sole settlor for the purpose of fiduciary asset management to a trust management company founded by him, managed by him as sole executive director, and wholly owned by him, Tibor Dávid Bizalmi Vagyonkezelő Korlátolt Felelősségű Társaság under a trust management agreement. Based on the above, pursuant to Section 3(38) of Act LIII of 2017 on Prevention and Combating of Money Laundering and Terrorist Financing, Tibor Dávid shall remain the beneficial owner in all respects, as the settlor, beneficiary, and sole owner of the trust management company, with regard to the Shares, the identity of the actual, ultimate and controlling owner does not change as a result of the establishment of the trust structure.
Shareholders of the Company with a holding above 5%Shareholders of the Company holding more than 5% at the time of closing the report, as reported:
Name | Deposit handler | Quantity (pcs) | Share (%) |
Tibor Dávid Bizalmi Vagyonkezelő Korlátolt Felelősségi Társaság | not | 4 548 057 | 23,62% |
Ács Balázs | not | 3 877 259 | 20,14% |
MFB Vállalati Beruházási és Tranzakciós Magántőkealap on behalf of: Focus Ventures Befektetési Alapkezelő Zártkörűen Működő Részvénytársaság | not | 3 131 707 | 16,27% |
Total | 11 557 023 | 60,03% | |
31-12-2025 | |
Issuing ownership | 8 564 |
MRP organisation | 301 587 |
Affiliated companies ownership | 0 |
Total | 310 151 |
02.01.2025 | Voting rights, registered capital |
02.01.2025 | Information on changes to the management structure |
14.01.2025 | Information about the agreement between MASTERPLAST Nyrt. and Market Építő Zrt. |
01.02.2025 | Voting rights, registered capital |
27.02.2025 | Interim management report |
28.02.2025 | Information on the decision to increase the share capital |
03.03.2025 | Voting rights, registered capital |
04.03.2025 | Information on the implementation of the share capital increase |
07.03.2025 | Information on the sale of shares by a person discharging managerial responsibilities |
13.03.2025 | Information on the sale of shares by a person discharging managerial responsibilities |
14.03.2025 | Information about strategic cooperation agreement |
17.03.2025 | Information on the sale of shares by a person discharging managerial responsibilities |
19.03.2025 | Information on the registration of changes in the Company Registry Court |
19.03.2025 | Articles of Association |
24.03.2025 | Information on the resignation of member of the Board of Directors |
24.03.2025 | General Meeting Invitation |
24.03.2025 | Information about investor forum |
01.04.2025 | Voting rights, registered capital |
03.04.2025 | GM - Proposals |
11.04.2025 | Information on shareholder announcement |
17.04.2025 | Information on agenda items 1-2 and 4 of the Ordinary General Meeting |
24.04.2025 | Presentation of the 24 April 2025 investor forum |
24.04.2025 | GM- Resolutions |
24.04.2025 | Annual Report |
24.04.2025 | CG Declaration |
24.04.2025 | Remuneration Report |
24.04.2025 | Remuneration Policy |
29.04.2025 | Information on treasury share transactions |
30.04.2025 | Voting rights, registered capital |
05.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
06.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
07.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
08.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
09.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
12.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
13.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
14.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
15.05.2025 | Publication of Q1 2025 results, interim management report |
15.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
15.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
20.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
21.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
22.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
23.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
26.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
28.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
30.05.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
30.05.2025 | Extract of financial and sustainability report |
02.06.2025 | Voting rights, registered capital |
02.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
03.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
03.06.2025 | Information on company registration of changes in accordance with general meeting resolutions |
03.06.2025 | Articles of Association |
04.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
05.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
06.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
10.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
11.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
26.06.2025 | Information on share purchasing by MASTERPLAST Employee Stock Ownership Program Organization |
01.07.2025 | Information on the start of trial production of Pimco Kft. |
01.07.2025 | Voting rights, registered capital |
24.07.2025 | Half-yearly Report |
01.08.2025 | Voting rights, registered capital |
19.08.2025 | Bondholders' notice calling for a written resolution |
31.08.2025 | Voting rights, registered capital |
10.09.2025 | Information on the result of the bondholders' written vote |
19.09.2025 | Information on the framework agreement for the transfer of Certified Energy Savings (HEM) |
01.10.2025 | Voting rights, registered capital |
30.10.2025 | Interim management report |
03.11.2025 | Voting rights, registered capital |
06.11.2025 | Management's evaluation of the published interim management report |
07.11.2025 | Management's evaluation of the published interim management report |
11.11.2025 | Information on the credit rating agency's decision |
18.11.2025 | Information on the completion of the merger of a subsidiary |
01.12.2025 | Voting rights, registered capital |
05.12.2025 | Information on the signing of a strategic cooperation agreement |
08.12.2025 | Information on the performance of obligations related to bonds |
12.12.2026 | Corporate Action Timetable |
22.12.2026 | Information on the fulfillment of obligations related to a bond |
29.12.2026 | Information about owner notifications |
05.01.2026 | Voting rights, registered capital |
02.02.2026 | Voting rights, registered capital |
17.02.2026 | Information on the Board of Directors' resolutions concerning the Company's insulation materials manufacturing strategy |
Sárszentmihály, 26 February 2026
Tibor Dávid
the Chairman of the Board of Directors