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MASTERPLAST Nyilvánosan Működő Részvénytársaság
Quarterly Report • Oct 30, 2025
2013_rns_2025-10-30_48dbf884-7653-4195-885b-efe100e5f909.pdf
Quarterly Report
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MASTERPLAST PLC. INTERIM MANAGEMENT REPORT
30 October 2025
THE MASTERPLAST PLC. Interim Management Report 3 rd Quarter 2025
Consolidated, non-audited According to International Financial and Reporting Standards (IFRS) 30 October 2025
CONTENTS
| MASTERPLAST | 4 |
|---|---|
| SUMMARY | 5 |
| BUSINESS PROSPECTS | 7 |
| Industrial environment | 9 |
| Analysis of turnover | 10 |
| Profit and loss account | 13 |
| Other comprehensive income | 15 |
| Balance sheet presentation and analysis | 16 |
| Cash flow, bank information | 18 |
| Investigations against Masterplast | 19 |
| Change in equity | 20 |
| Contingent liabilities | 21 |
| Changes of the full-time employees (headcount) | 21 |
| Significant events between the quarter-end and the publication of this report | 21 |
| Balance sheet compared with 31 December 2024 status | 22 |
| Consolidated companies | 23 |
| Executives and (strategic) employees influencing the operation of the Issuer | 24 |
| Shareholders of the Company with a holding above 5% | 25 |
| Presentation of the amount of own shares (pcs) | 25 |
| Publications issued by Masterplast PLC. in the reference period | 26 |
| DECLARATION | 28 |
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 customeroriented sales system, continuous quality control of manufactured and distributed products, a stable product supply background and flexible logistics solutions.
During the summer months, the construction market was characterised by subdued activity, similar to previous periods, followed by a marked recovery in September. The growth was driven by the strengthening of the construction cycle in the Central European region and the acceleration of the EKR programmes in the Hungarian market. In the reporting period, Masterplast's revenue increased by 25% compared to the same period of the previous year, accompanied by a notable improvement in production capacity utilisation. In the third quarter, EBITDA reached EUR 3 429 thousand, compared to EUR 1 500 thousand in the previous year, indicating a substantial strengthening in the Company's profitability. Exchange rate movements, however, had an adverse effect on financial results, and the Company closed the period with a net loss of EUR 529 thousand, which nevertheless represents an improvement over the EUR 1 291 thousand loss recorded a year earlier. Excluding the impact of associated companies, Masterplast's profit before tax was already positive. The losses of associated companies mainly reflected start-up phase expenses related to the glass wool factory, which affected the consolidated figures. As a result of the successful quarter, the Company's cash position increased significantly, providing sufficient coverage not only for operational financing needs but also for the bond repayment due in the fourth quarter. Based on the current order portfolio, the favourable trend observed in September is expected to continue in the upcoming periods, with the final quarter of the year projected to be the strongest in terms of both revenue and profitability.
| Data in 1000 EUR | Q3 2025 | Q3 2024 | Change | 2025 YTD | 2024 YTD | Change |
|---|---|---|---|---|---|---|
| Sales revenues | 44 478 | 35 721 | 8 757 | 110 305 | 102 901 | 7 404 |
| EBITDA | 3 429 | 1 500 | 1 929 | 5 565 | 3 511 | 2 054 |
| EBITDA ratio | 7,7% | 4,2% | 5,0% | 3,4% | ||
| Profit/loss after taxation | -529 | -1 291 | 762 | -5 150 | -2 984 | -2 166 |
| Net income ratio | -1,19% | -3,61% | -4,67% | -2,90% | 7 404 |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024
During the summer months of the reporting quarter, the construction environment remained subdued, consistent with trends observed in previous periods. In September, the industry began to show signs of recovery, most notably in the Central European markets. In Hungary — the Company's largest market — the Home Start Programme and the Housing Capital Programme already acted as catalysts for demand, while the intensification of the EKR schemes provided an outstanding growth opportunity for the Company. Masterplast's quarterly sales revenue exceeded EUR 40 million for the first time since 2022, representing a 25% increase compared to the same period of the previous year. None of the product groups recorded a decline in sales revenue. Particularly strong performance was achieved in the Roofing foils and accessories segment (+19%) and in the Heat, sound and water insulation materials category (+40%), both consisting primarily of in-house manufactured products. Revenue in the Industrial applications segment rose sharply, which includes sales of HEM products in addition to raw materials and healthcare products. By market, turnover in Hungary grew significantly, by 67%, while sales also increased in Poland, the export markets, Romania, Ukraine, Croatia and North Macedonia compared to the base period. A notable decline in sales was recorded only in the Italian and Slovak markets.
The utilisation of production capacities increased during the reporting quarter. As a result of the higher capacity usage and the previous organisational restructuring, the Company's manufacturing units operated with improved cost efficiency. The closing headcount of 1 086 employees was 15% lower than in the same period of the previous year, while personnelrelated expenses showed a 6% reduction year-onyear.
Source: the Group's IFRS consolidated non-audited accounts for 2024 and 2025
The Group's operating EBITDA in the third quarter of 2025 amounted to EUR 3 429 thousand (EBITDA margin of 7,7%), compared to EUR 1 500 thousand (EBITDA margin of 4,2%) in the base period. For the first nine months of the year, consolidated EBITDA totalled EUR 5 565 thousand (EBITDA margin of 5,0%), representing an improvement of EUR 2 million, or 59%, compared to the corresponding period of the previous year.
Taking depreciation into account, the Company achieved an EBIT profit of EUR 1 491 thousand in the third quarter of 2025, representing an improvement of EUR 1 901 thousand compared to the base period. On a cumulative basis, the Company recorded an EBIT loss of EUR 161 thousand, compared to a loss of EUR 2 048 thousand in the corresponding period of the previous year.
Exchange rate movements had an adverse effect on the Company's financial result; consequently, the Company recognised a significantly higher, mostly unrealised loss from financial operations compared to the base period.
The results of associated companies contributed an additional loss of EUR 678 thousand in the reporting quarter, primarily attributable to the performance of the glass wool production, which is in its start-up phase.
At the Szerencs glass wool plant, the ramp-up of regular production is progressing according to plan. Production has already reached full capacity on several occasions, and in line with the Company's objectives, the operation of the facility is expected to stabilise by the end of the year.
In the third quarter of 2025, the Company reported a net loss of EUR 529 thousand, compared to a loss of EUR 1 291 thousand in the same period of the previous year. It is noteworthy that, excluding the temporary losses of associated companies, the Company recorded a net profit for the quarter. On a cumulative basis, a total loss of EUR 5 150 thousand was reported, compared to a cumulative loss of EUR 2 984 thousand in 2024.
Supported by the successful quarterly performance, the Company's cash position increased significantly, providing coverage not only for operational financing needs but already ensuring the funds required for the bond repayment due in the fourth quarter.
Under the EKR regulation, obligated parties are required to achieve a certified level of energy savings by 2030, as defined by EU directives, over the coming years. In September, Masterplast entered into a longterm agreement with MVM Next Energiakereskedelmi Zrt. for the delivery of certified energy savings (HEM), with a total contract value of approximately HUF 18 billion. The agreement provides significant additional revenue and predictable profit directly, while also having a positive impact on the profitability of the Company's core operations through higher utilisation of production capacities. The Company's Hungarocell Renovation Programme, launched in connection with this initiative, has generated strong interest among households.
Based on the current year's order portfolio, the favourable trend observed in September is expected to continue in the upcoming periods, with the final quarter anticipated to be the strongest of the year in terms of both revenue and profitability
BUSINESS PROSPECTS
The main objective of the European Union's Energy Performance of Buildings Directive (EPBD)1 is to significantly reduce the energy consumption of buildings through energy efficiency measures and to achieve the EU's climate neutrality target for 2050. It requires Member States to draw up national plans to gradually improve the energy efficiency of the building stock, including increasing the renovation rate and developing long-term strategies. This leads to regulatory changes across Member States and the launch of renovation programmes throughout Europe, which in the medium and long term implies a significant increase in demand in the thermal insulation industry.
In Hungary — the Company's largest market — several residential construction incentive programmes have been launched in recent periods. Through targeted stimulus measures, the Government is strengthening both the demand and supply sides of the housing market, while also initiating the renewal of building energy renovation programmes.
The EKR/HEM (Energy Efficiency Obligation Scheme) market has opened up a large-scale sales opportunity for the Company as a building materials manufacturer. According to the EKR regulation is that Hungary must achieve a certified level of energy savings (HEM) by 2030, as prescribed by EU directives. Following the legislative amendment adopted in June 2025, the energy-saving obligations imposed on energy traders were further increased, and the law placed greater emphasis on residential energy savings. On 19 September 2025, Masterplast signed a long-term agreement of over ten years with MVM Next Energiakereskedelmi Zrt., with a total contract value of approximately HUF 18 billion, for the transfer of certified energy savings. The fulfilment of this agreement is based on the Company's innovative insulation programme (Hungarocell Renovation Programme), under which the full set of thermal insulation materials is provided free of charge to residential customers, financed from the value of the certified energy savings (HEMs).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. The agreement provides significant additional revenue and predictable profit directly, while also contributing to the improvement of profitability in the Company's core operations through higher utilisation of production capacities.
The Home Start Programme, launched in September 2025, is also expected to give new momentum to the construction market in Hungary. The programme offers a widely accessible, interest-subsidised mortgage loan with a fixed 3% interest rate, specifically available for the purchase of a first home or family house. Additional stimulus may come from the Housing Capital Programme, launched with a total budget of HUF 300 billion, which promotes the implementation of new residential construction projects through equity financing and aims to support the construction of approximately 30 000 new homes over a five-year period. Furthermore, according to the Government's announcement, the available funding and eligibility scope of the KEHOP Plus Home Renovation Programme will soon be expanded, which could further stimulate the entire industry through increased renovation activity.
Masterplast's innovative modular construction division, based on industrial prefabrication, is well aligned with the aforementioned programmes aimed at promoting affordable housing. The technology ensures minimal labour demand, standardised quality, and rapid implementation — all with a low environmental footprint. It provides a simultaneous solution to the challenges of affordable housing 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 built using modular technology have already been completed.
As an established participant in the Ukrainian construction market, the Company is well positioned to benefit from the anticipated reconstruction
1 Directive (EU) 2024/1275
The new glass wool factory in Szerencs is already producing
activities in Ukraine, during the period following a possible ceasefire agreement.
Considering these factors, the favourable trend observed in September is expected to continue, and the fourth quarter is anticipated to show the strongest performance of the year in both revenue and profitability.
The Group has carried out production development investments of significant value. It has substantially increased its capacity in fibreglass mesh and roofing membrane manufacturing, enabling the Group to serve the premium segment with the highest quality requirements. Its thermal insulation capacity has also been expanded with new EPS and XPS production plants. At the Szerencs glass wool plant, established with a 50% participation of the Polish company Selena FM S.A., the trial production phase has been completed, and the ramp-up of regular production is now underway. According to the Company's vision, by the second half of the decade Masterplast aims to become an insulation materials manufacturer with a strong production and market presence in both plastic-based and mineral insulation segments.
These developments indicate that the industry has already overcome its downturn across Europe. As the market enters a phase of dynamic growth, Masterplast, with its increased production capacity, is in a strong position to take advantage of the forthcoming expansion.
The Serbian XPS factory
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, surging inflation, 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, 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. In 2025, the European Central Bank implemented two reductions of its key interest rate, resulting in the deposit facility rate stabilising within a range of 2,25 – 2,50%. In the second half of 2025, a moderate increase in investments is expected, not a rapid upswing, but a gradual improvement, particularly in areas such as infrastructure, green investments and innovation.
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 demandstimulating 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 statesubsidised housing loan with a fixed 3% interest rate, launched in September, can be used not only for firsttime home purchases but also for new constructions. The EKR-based insulation campaigns available free of charge or at highly discounted prices — including Masterplast's Hungarocell Renovation Programme also generated strong interest, thereby increasing market demand. The continuation and possible expansion of these programmes and incentives may further boost demand for housing construction and renovation in the final quarter of the year.
In Poland, the third quarter showed a relatively volatile construction environment, starting with a decline followed by a slight improvement. However, the construction sector is expected to show more substantial growth between 2026 and 2029, supported by government investment projects.
In Romania, the construction sector showed growth in 2025 following a weak performance in 2024. Both construction output and the number of building permits increased. State and EU-funded programmes were mainly directed towards infrastructure and industrial investments, while the private construction sector also recorded moderate growth, which was stronger in the first half of the year.
In Serbia, economic activity remained subdued during the year, and a cautious approach continued to characterise demand in the construction sector.
The German construction industry continues to face challenges, with the sector characterised by inflation, high construction material costs and tighter financing conditions. In 2025, a slight improvement is expected in the permitting processes of the residential construction segment, although a stable recovery cannot yet be confirmed.
The construction sector in Ukraine showed positive dynamics despite the challenges posed by the ongoing war, labour shortages, uncertainty in energy supply and the difficult state of infrastructure. The growth is mainly driven by the reconstruction of war damage and by substantial international financial support. The European Union, the EBRD 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.
In 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 outlook for the construction sector remains positive. 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 | Q3 2025 | Q3 2024 | Index | 2025 YTD | 2024 YTD | Index |
|---|---|---|---|---|---|---|
| (A) | (B) | (A/B-1) | (A) | (B) | (A/B-1) | |
| Thermal insulation system | 18 525 | 18 428 | 1% | 50 455 | 54 659 | -8% |
| Roofing foils and accessories | 7 618 | 6 418 | 19% | 19 424 | 18 521 | 5% |
| Dry construction system | 2 159 | 2 168 | 0% | 6 566 | 6 932 | -5% |
| Heat, sound and water insulation materials | 6 530 | 4 679 | 40% | 14 011 | 10 487 | 34% |
| Building industry accessories | 1 093 | 1 022 | 7% | 3 085 | 3 049 | 1% |
| Industrial applications | 8 553 | 3 006 | 185% | 16 764 | 9 253 | 81% |
| Total sales revenue | 44 478 | 35 721 | 25% | 110 305 | 102 901 | 7% |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024, and nonaudited data from the Group's management information system
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024, and nonaudited data from the Group's management information system
Masterplast's quarterly sales revenue was 25% higher than in the base quarter.
Almost half of the sales revenue is represented by the Thermal insulation system product group. This segment recorded a solid 1% increase in the third quarter. Within this, the fiberglass mesh products experienced a decline in revenue, while the own manufactured EPS sales performed well.
Revenue in the Roofing foils and accessories product group increased by 19%, with particularly strong performance in the sales of the company's own manufactured roofing foils.
The Heat, sound and water insulation materials group again delivered strong performance (+40%), where the own manufactured XPS products and mineral wool achieved significant revenue growth.
Dry construction system group performed at similar level to the base period, whereas sales of the Building industry accessories grew by 7%.
The revenue of the Industrial Applications product group increased significantly. Within this product group, the sales of self-manufactured healthcare materials decreased, while the revenue from other raw material trading activities improved compared to the previous year's base period. This segment also includes the revenue from the sale of a restricted intangible asset (the so-called HEM), as well as the sales of the modular business division, both of which generated significant income for the product group.
| Data in 1000 euros | Q3 2025 | Q3 2024 | Index | 2025 YTD | 2024 YTD | Index |
|---|---|---|---|---|---|---|
| (A) | (B) | (A/B-1) | (A) | (B) | (A/B-1) | |
| Hungary | 21 142 | 12 670 | 67% | 46 529 | 34 685 | 34% |
| Poland | 4 286 | 4 099 | 5% | 11 513 | 10 371 | 11% |
| Export | 3 891 | 3 241 | 20% | 10 822 | 11 644 | -7% |
| Romania | 3 827 | 3 622 | 6% | 9 019 | 9 473 | -5% |
| Serbia | 2 971 | 3 050 | -3% | 8 430 | 8 633 | -2% |
| Germany | 2 500 | 2 634 | -5% | 7 347 | 7 785 | -6% |
| Ukraine | 2 464 | 2 312 | 7% | 6 187 | 5 815 | 6% |
| Italy | 940 | 1 611 | -42% | 3 334 | 6 088 | -45% |
| Slovakia | 1 089 | 1 361 | -20% | 3 251 | 4 064 | -20% |
| Croatia | 964 | 766 | 26% | 2 846 | 3 197 | -11% |
| North-Macedonia | 404 | 355 | 14% | 1 027 | 1 146 | -10% |
| Total sales revenue | 44 478 | 35 721 | 25% | 110 305 | 102 901 | 7% |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024, and nonaudited 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 temporary slowdown at the beginning of the third quarter was followed by a remarkable increase in sales in September. The economic environment in the Central European region developed favourably, with Masterplast achieving outstanding performance particularly in Poland, Slovakia and Romania. In Western Europe, construction activity was more moderate and demand declined; nevertheless, our fibreglass mesh and roofing foils products performed strongly, enabling us to achieve market growth at the expense of competitors and thereby increase the utilisation of our production capacities for the year.
In the Hungarian market, revenue in all product groups exceeded the base period in the third quarter. The selfmanufactured XPS and roofing foil products performed particularly well. 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 programmes, 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 67% increase in turnover achieved in the Hungarian market.
In Poland, revenue once again increased in the third quarter, keeping the country as the Group's second largest market. As mentioned earlier, sales of fibreglass mesh and roofing foils products grew the most dynamically in this region. These product lines also performed exceptionally well in the Export region, delivering a 20% increase in the category's turnover.
Sales on the Romanian and Ukrainian market likewise performed strongly during the quarter, rising by 6-7%, at the latter with revenue growth recorded across most product groups .
In Romania, product sales remained broadly unchanged, with revenue at a similar level to the base period, excluding the proceeds from the property sale.
In other regions – namely Serbia, Germany, Italy, Slovakia, – quarterly revenue declined compared to the previous year, while sales increased in the smaller Croatian and North Macedonian markets.
Overall, it can be stated that some of the larger markets performed well and the sales of selfmanufactured products expanded. The development of quarterly revenue indicates that market demand appears to be stabilising and returning to a growth path.
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024, and nonaudited data from the Group's management information system
Profit and loss account
The exhibit below shows the consolidated profit and loss statement of the Masterplast PLC. in total cost form, in EUR.
| Data in 1000 euros | Q3 2025 | Q3 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 | 44 478 | 35 721 | 8 757 | 25% | 110 305 | 102 901 | 7 404 | 7% |
| Cost of materials and services | -33 153 | -26 444 | -6 709 | 25% | -80 171 | -78 332 | -1 839 | 2% |
| Payroll costs and contributions | -6 687 | -7 150 | 463 | -6% | -19 529 | -20 759 | 1 230 | -6% |
| Depreciation | -1 938 | -1 910 | -28 | 1% | -5 726 | -5 559 | -167 | 3% |
| Change in self-manufactured inventories | -1 566 | -1 001 | -565 | 56% | -6 242 | -1 291 | -4 951 | 384% |
| Other operating revenues and expenses | 357 | 374 | -17 | -5% | 1 202 | 992 | 210 | 21% |
| EBITDA | 3 429 | 1 500 | 1 929 | 129% | 5 565 | 3 511 | 2 054 | 59% |
| EBIDTA ratio | 7,7% | 4,2% | 5,0% | 3,4% | ||||
| PROFIT / LOSS OF BUSINESS ACTIVITY (EBIT) | 1 491 | -410 | 1 901 | -464% | -161 | -2 048 | 1 887 | -92% |
| Interest revenues | 64 | 165 | -101 | -61% | 264 | 607 | -343 | -57% |
| Interest expenses | -691 | -852 | 161 | -19% | -2 345 | -2 419 | 74 | -3% |
| Other financial revenues and expenses | -846 | 0 | -846 | 0% | -1 739 | 1 199 | -2 938 | -245% |
| FINANCIAL PROFIT/LOSS | -1 473 | -687 | -786 | 114% | -3 820 | -613 | -3 207 | 523% |
| Profit/loss from associations | -678 | -161 | -517 | 321% | -1 642 | -222 | -1 420 | 640% |
| Profit/loss before income tax | -660 | -1 258 | 598 | -48% | -5 623 | -2 883 | -2 740 | 95% |
| Taxes | 131 | -33 | 164 | -497% | 473 | -101 | 574 | -568% |
| Profit/loss after taxation | -529 | -1 291 | 762 | -59% | -5 150 | -2 984 | -2 166 | 73% |
| Profit attributable to the owners of the parent | -611 | -1 376 | 765 | -56% | -5 293 | -3 144 | -2 149 | 68% |
| Profit attributable to the minority | 82 | 85 | -3 | -4% | 143 | 160 | -17 | -11% |
| Earnings per share (EPS) (EUR) | -0,03 | -0,08 | -0,27 | -0,19 |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024
The Group's sales revenue in the third quarter of 2025 was EUR 44 478 thousand, which is 25% higher than the value of the base period.
The value of materials and services used - taking into account the change in stock of self-produced inventories - is 27% 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.
The production units continued to operate at lower capacity utilisation levels. Within the organisation, which has been adjusted to prevailing demand conditions — and supported by the organisational restructuring carried out at the end of last year — the company's own manufacturing capacities operated in a cost-efficient manner. The XPS production unit is currently in the process of ramping, with improving profitability.
Personnel expenses decreased by 5% compared to the base period, primarily as a result of the organisational restructuring undertaken at the end of last year to enhance operational efficiency. The closing headcount for the period stood at 1 086 employees, which is 195 lower than the closing headcount in the base period of 2024.
The Company's depreciation and amortisation expense increased by a minimal 1% compared to the base period.
Under other operating revenues, Masterplast reported a profit of EUR 357 thousand, compared to a profit of EUR 374 thousand in the base period (-5%). This item includes the grant income released in
MASTERPLAST PUBLIC LIMITED COMPANY
proportion to the amortization, related to the previous investments.
Thanks to efficient operations and the business upturn at the end of the quarter, the Group's operating EBITDA amounted to EUR 3 429 thousand (7,7% EBITDA margin) in Q3 2025, more than doubling the base period's profit of EUR 1 500 thousand (4,2% EBITDA margin).
The cumulative EBITDA result for the first nine months of the year closed at EUR 5 565 thousand (5,0% EBITDA margin), representing an improvement of EUR 2 054 thousand, or 59%, compared to the base period.
Taking into account depreciation, the company's EBIT result was a profit of EUR 1 491 thousand in Q3, which is EUR 1 901 thousand improvement than a year earlier.
Both the Company's interest income and interest expenses decreased in the quarter. Overall, interest loss closed by EUR 60 thousand lower than in the base period.
Other income/expenditure on financial operations mainly includes exchange rate gains and losses. In the quarter under review, exchange rate changes had favourable effect on the Group's result. The Group purchases the majority of its products in HUF and USD, which are sold in local currencies, and therefore foreign currency movements affect the Group's results. The currencies of the majority of countries are pegged to the euro, so movements in EUR/USD affect the exchange rate results for dollar-based purchases. The Company recorded a loss of EUR 846 thousand as other financial result (mostly unrealised), compared to a nearly neutral financial result in the same period of the previous year.
Overall, the Company reported a financial loss of EUR 1 473 thousand for the quarter, which is EUR 786 thousand higher loss than in the same period of the previous year, mainly due to the unfavourable effects of exchange rate movements
As a result, the Company's profit after tax in the Q3 2025 was a loss of EUR 529 thousand, compared to a loss of EUR 1 291 thousand a year earlier.
Other comprehensive income
| Data in 1000 euros | 30-09-2025 | 30-09-2024 |
|---|---|---|
| Profit for the year | -5 150 | -2 985 |
| Foreign exchange result on translation* | 373 | -1 131 |
| Comprehensive income related to a CCIRS transaction* | 193 | 319 |
| Parent company's share of the change in the value of associates* | 760 | -545 |
| Other comprehensive income | 1 326 | -1 357 |
| Comprehensive income | -3 825 | -4 341 |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024
* Will not be recognised in profit or loss in future periods
Balance sheet presentation and analysis
| Data in 1000 euros | 30-09-2025 | 30-09-2024 | Change | Index |
|---|---|---|---|---|
| (A) | (B) | A-B | (A/B-1) | |
| FIXED ASSETS | ||||
| Land, buildings and equipment | 106 994 | 116 036 | -9 042 | -8% |
| Intangible assets | 1 959 | 2 170 | -211 | -10% |
| Shares in related companies | 14 769 | 15 478 | -709 | -5% |
| Deferred tax assets | 3 870 | 2 233 | 1 637 | 73% |
| Total fixed assets | 127 592 | 135 917 | -8 325 | -6% |
| CURRENT ASSETS | ||||
| Inventories | 39 098 | 38 994 | 104 | 0% |
| Trade accounts receivable | 25 635 | 20 197 | 5 438 | 27% |
| Tax receivables | 3 436 | 3 520 | -84 | -2% |
| Other financial receivables | 0 | 27 | -27 | -100% |
| Other current assets | 5 999 | 4 524 | 1 475 | 33% |
| Liquid assets | 13 280 | 4 822 | 8 458 | 175% |
| Assets held for sale | 3 093 | 0 | 3 093 | 0% |
| Total current assets | 90 541 | 72 084 | 18 457 | 26% |
| TOTAL ASSETS | 218 133 | 208 001 | 10 132 | 5% |
| CAPITAL AND RESERVES | ||||
| Subscribed capital | 6 652 | 6 049 | 603 | 10% |
| Reserves | 71 739 | 62 078 | 9 661 | 16% |
| Repurchased shares | -2 310 | -2 251 | -59 | 3% |
| Parent share of interests | -5 293 | -3 145 | -2 148 | 68% |
| Equity attributable to the owners of the parent | 70 788 | 62 731 | 8 057 | 13% |
| Minority interests | 715 | 670 | 45 | 7% |
| Total capital and reserves | 71 503 | 63 401 | 8 102 | 13% |
| LONG-TERM LIABILITIES | ||||
| Long- term loans | 18 681 | 11 275 | 7 406 | 66% |
| Liabilities from issued bonds | 34 498 | 41 462 | -6 964 | -17% |
| Deferred tax liabilities | 1 312 | 966 | 346 | 36% |
| Deferred income | 30 568 | 32 250 | -1 682 | -5% |
| Other long-term liabilities | 1 039 | 1 209 | -170 | -14% |
| Total long-term liabilities | 86 098 | 87 162 | -1 064 | -1% |
| SHORT-TERM LIABILITIES | ||||
| Short-term loans | 16 359 | 18 266 | -1 907 | -10% |
| Liabilities from issued bonds (short-term) | 7 309 | 7 531 | -222 | -3% |
| Trade accounts payable | 21 351 | 17 631 | 3 720 | 21% |
| Short-term leasing liabilities | 74 | 67 | 7 | 10% |
| Other financial liabilities | 1 584 | 2 578 | -994 | -39% |
| Tax liabilities | 3 460 | 3 110 | 350 | 11% |
| Short-term deferred income | 2 067 | 2 033 | 34 | 2% |
| Provisions | 764 | 701 | 63 | 9% |
| Other short-term liabilities | 7 564 | 5 521 | 2 043 | 37% |
| Total short-term liabilities | 60 532 | 57 438 | 3 094 | 5% |
| TOTAL LIABILITIES | 146 630 | 144 600 | 2 030 | 1% |
| TOTAL CAPITAL AND LIABILITIES | 218 133 | 208 001 | 10 132 | 5% |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024
MASTERPLAST PUBLIC LIMITED COMPANY
The Group's total assets at the end of September 2025 was 218 133 thousand euros, which was 10 132 thousand euros higher than the figures of the base period.
The value of fixed assets at the end of Q3 2025 stood at EUR 127 592 thousand, which is EUR 8 325 thousand lower than the closing value recorded one year earlier. The decrease was driven by the depreciation recorded at production units, and the reclassification of properties owned by the Romanian subsidiary and the parent company into inventory for sale.
The value of inventories of 30 September 2025 was EUR 39 098 thousand, which is almost equal to the level recorded one year earlier. The Company remains focused on maintaining an inventory level that is efficiently aligned with market demand, while remaining well prepared with adequate stock levels in product categories affected by the EKR scheme to meet the anticipated surge in demand in the further periods.
Alongside the 25% increase in sales revenue, at the of September 2025 the Company's accounts receivables closed at EUR 25 635 thousand, which is 27% higher than the base.
The value of other current assets increased by EUR 1 475 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 13 280 thousand at the end of third quarter 2025, which is EUR 8,5 million higher than the balance at the end of the base period.
The Group's liabilities from issued bonds decreased in the balance sheet, in line with the repayment of the HUF 3 billion due in the last quarter of 2024.
The Company's loan portfolio was EUR 35 040 thousand, 19% higher than a year ago, attributable to new working capital loans obtained at the end of 2024 and in September 2025.
The Group's accounts payable closed at EUR 21 351 thousand, compared to EUR 17 631 thousand at the end of last year Q3.
The value of deferred income related to investments, including grants not yet recognized against the result, decreased by EUR 1 648 thousand.
Cash flow, bank information
| Data in 1000 euros | 30-09-2025 | 30-09-2024 | Change | Index |
|---|---|---|---|---|
| (A) | (B) | A-B | (A/B-1) | |
| Operating Activities | ||||
| PBT | -5 623 | -2 885 | -2 738 | 95% |
| Depreciation and Amortisation | 5 726 | 5 559 | 167 | 3% |
| Bed debt provision | 42 | -427 | 469 | -110% |
| Shortage and scrap of stocks | 23 | 470 | -447 | -95% |
| Provisions | -11 | 53 | -64 | -121% |
| Profit on fixed asset sale | -78 | -91 | 13 | -14% |
| Interest expense | 2 345 | 2 419 | -74 | -3% |
| Interest revenue | -264 | -607 | 343 | -57% |
| Profit/loss from associations | 1 642 | 222 | 1 420 | 640% |
| Unrealized foreign exchange gain (loss) | 3 914 | -2 850 | 6 764 | -237% |
| Changes in Working Capital | ||||
| Change in Accounts Receivable | -14 490 | -7 412 | -7 078 | 95% |
| Change in Inventory | 940 | -4 672 | 5 612 | -120% |
| Change in Other Assets | -2 677 | -1 747 | -930 | 53% |
| Change in Accounts Payable | 6 165 | 3 790 | 2 375 | 63% |
| Change in Short-term liabilities | 3 353 | -800 | 4 153 | -519% |
| Taxation | 140 | 0 | 140 | 0% |
| Net Cash from Operations | 1 147 | -8 976 | 10 123 | -113% |
| Investing Activities | ||||
| CAPEX | -1 855 | -2 294 | 439 | -19% |
| Sale of fixed assets | 52 | 111 | -59 | -53% |
| Subsidiaries share purchase | 0 | -1 590 | 1 590 | -100% |
| Interest received | 264 | 607 | -343 | -57% |
| Net Cash from Investing activities | -1 539 | -3 166 | 1 627 | -51% |
| Financing Activities | ||||
| Proceeds from share issuance | 15 036 | 0 | 15 036 | 0% |
| Redeemed treasury shares | -192 | -215 | 23 | -11% |
| Borrowing | 2 500 | 0 | 2 500 | 0% |
| Loan repayments | -3 222 | -769 | -2 453 | 319% |
| Issued bond | 0 | 0 | 0 | 0% |
| Government grant | 0 | 1 176 | -1 176 | -100% |
| Dividends paid | -119 | -100 | -19 | 19% |
| Interest paid | -2 345 | -2 419 | 74 | -3% |
| Net Cash from Financing activities | 11 658 | -2 327 | 13 985 | -601% |
| Net Cash flow of the period | 11 266 | -14 469 | 25 735 | -178% |
| Cash at beginning of period | 4 370 | 18 210 | -13 840 | -76% |
| Effect of exchange rate changes | -2 356 | 1 081 | -3 437 | -318% |
| Cash at end of period | 13 280 | 4 822 | 8 458 | 175% |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 2024
Net cash flow from operating activities at the end of September 2025 was EUR 1 147 thousand, compared to EUR -8 976 thousand in the base period.
The cash flow of investment activity was EUR -1 539 thousand, compared to EUR -3 166 thousand in the base period.
As a result of the EUR 15 036 thousand capital increase completed in March the net cash flow from financial activities was EUR 11 658 thousand, compared to EUR -2 327 thousand in the base period.
All in all, the Group's cash and cash equivalents at the end of Q3 2025 amounted to EUR 13 280 thousand, EUR 8 458 thousand higher than the EUR 4 822 thousand at the end of last year Q3.
Investigations against Masterplast
As part of the transfer price investigation launched at the Romanian subsidiary of the Company, the Romanian Tax Authorities identified a tax deficit of EUR 456 221 (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.
Change in equity
| Data 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 | -3 145 | -3 145 | 160 | -2 985 |
| Overall income related to CCIRS transaction |
0 | 0 | 0 | 0 | 319 | 319 | 0 | 319 | 0 | 319 |
| Other comprehensive income |
0 | 0 | 0 | 0 | -1 559 | -1 559 | 0 | -1 559 | -117 | -1 675 |
| 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 | -215 | 0 | 0 | 0 | 0 | 0 | -215 | 0 | -215 |
| 30 September 2024 | 6 049 | -2 251 | 29 368 | 46 871 | -14 161 | 62 078 | -3 145 | 62 732 | 670 | 63 402 |
| 1 January 2025 | 6 049 | -2 117 | 29 368 | 46 871 | -15 567 | 60 672 | -4 825 | 59 778 | 705 | 60 483 |
| Profit after tax | 0 | 0 | 0 | 0 | 0 | 0 | -5 293 | -5 293 | 143 | -5 150 |
| Capital increase | 603 | 0 | 14 434 | 0 | 0 | 14 434 | 0 | 15 036 | 0 | 15 036 |
| Overall income related to CCIRS transaction |
0 | 0 | 0 | 0 | 193 | 193 | 0 | 193 | 0 | 193 |
| Other comprehensive income |
0 | 0 | 0 | 0 | 1 265 | 1 265 | 0 | 1 265 | -133 | 1 132 |
| 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 | -192 | 0 | 0 | 0 | 0 | 0 | -192 | 0 | -192 |
| 30 September 2025 | 6 652 | -2 310 | 43 802 | 42 046 | -14 109 | 71 739 | -5 293 | 70 788 | 715 | 71 503 |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and non-audited accounts as at 30 September 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 liabilities
| Company name | Type of guarantee | Amount covered by guarantee | Currency | Amount in EUR | Currency |
|---|---|---|---|---|---|
| Masterplast YU D.o.o. | Bank guarantee | 10 000 000 | RSD | 85 324 | EUR |
| Masterplast YU D.o.o. | Bank guarantee | 25 000 000 | RSD | 213 310 | EUR |
| Masterplast Proizvodnja DOO Subotica | Bill of exchange | 2 224 75 725 | HUF | 5 688 414 | EUR |
| Total: | 5 987 048 | EUR |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 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)
| 30-09-2025 | 31-12-2024 | 30-09-2024 | |
|---|---|---|---|
| Employees working for the company | 73 | 70 | 79 |
| Applied at group level | 1 086 | 1 150 | 1 281 |
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 report
There were no significant events between the end of the quarter and the publication of this report.
Balance sheet compared with 31 December 2024 status
| Data in 1000 euros | 30-09-2025 | 31-12-2024 | Change | Index |
|---|---|---|---|---|
| (A) | (B) | A-B | (A/B-1) | |
| FIXED ASSETS | ||||
| Land, buildings and equipment | 106 994 | 110 865 | -3 871 | -3% |
| Intangible assets | 1 959 | 2 248 | -289 | -13% |
| Shares in related companies | 14 769 | 15 651 | -882 | -6% |
| Deferred tax assets | 3 870 | 3 865 | 5 | 0% |
| Total fixed assets | 127 592 | 132 629 | -5 037 | -4% |
| CURRENT ASSETS | ||||
| Inventories | 39 098 | 40 018 | -920 | -2% |
| Trade accounts receivable | 25 635 | 11 201 | 14 434 | 129% |
| Tax receivables | 3 436 | 2 295 | 1 141 | 50% |
| Other current assets | 5 999 | 4 464 | 1 535 | 34% |
| Liquid assets | 13 280 | 4 370 | 8 910 | 204% |
| Assets held for sale | 3 093 | 3 121 | -28 | -1% |
| Total current assets | 90 541 | 65 469 | 25 072 | 38% |
| TOTAL ASSETS | 218 133 | 198 098 | 20 035 | 10% |
| CAPITAL AND RESERVES | ||||
| Subscribed capital | 6 652 | 6 049 | 603 | 10% |
| Reserves | 71 739 | 60 672 | 11 067 | 18% |
| Repurchased shares | -2 310 | -2 117 | -193 | 9% |
| Parent share of interests | -5 293 | -4 825 | -468 | 10% |
| Equity attributable to the owners of the parent | 70 788 | 59 779 | 11 009 | 18% |
| Minority interests | 715 | 705 | 10 | 1% |
| Total capital and reserves | 71 503 | 60 484 | 11 019 | 18% |
| LONG-TERM LIABILITIES | ||||
| Long- term loans | 18 681 | 15 920 | 2 761 | 17% |
| Liabilities from issued bonds | 34 498 | 32 894 | 1 604 | 5% |
| Deferred tax liabilities | 1 312 | 1 455 | -143 | -10% |
| Deferred income | 30 568 | 32 109 | -1 541 | -5% |
| Other long-term liabilities | 1 039 | 960 | 79 | 8% |
| Total long-term liabilities | 86 098 | 83 338 | 2 760 | 3% |
| SHORT-TERM LIABILITIES | ||||
| Short-term loans | 16 359 | 19 843 | -3 484 | -18% |
| Liabilities from issued bonds (short-term) | 7 309 | 7 309 | 0 | 0% |
| Trade accounts payable | 21 351 | 15 186 | 6 165 | 41% |
| Short-term leasing liabilities | 74 | 276 | -202 | -73% |
| Other financial liabilities | 1 584 | 2 119 | -535 | -25% |
| Tax liabilities | 3 460 | 2 179 | 1 281 | 59% |
| Short-term deferred income | 2 067 | 2 067 | 0 | 0% |
| Provisions | 764 | 775 | -11 | -1% |
| Other short-term liabilities | 7 564 | 4 523 | 3 041 | 67% |
| Total short-term liabilities | 60 532 | 54 277 | 6 255 | 12% |
| TOTAL LIABILITIES | 146 630 | 137 615 | 9 015 | 7% |
| TOTAL CAPITAL AND LIABILITIES | 218 133 | 198 098 | 20 035 | 10% |
Source: the Group's IFRS consolidated non-audited accounts as at 30 September 2025 and audited accounts as at 31 December 2024
Consolidated companies
| Company | 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.(1) | Hungary | 3 000 000 | HUF | 100% | 100% | EPS production |
| Masterplast Medical Kft. | 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 | 293 900 000 | RSD | 100% | 100% | Not active |
| Masterplast Proizvodnja D.o.o (3). | Serbia | 600 000 | RSD | 1% | 1% | XPS production |
| Indirect links: | ||||||
| Masterplast Proizvodnja D.o.o (3). | Serbia | 600 000 | RSD | 99% | 99% | XPS production |
| An associated company of the Grou | ıp: | |||||
| 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
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.
(1) As of 4 July 2025, the company name Masterfoam Gyártó és Kereskedelmi Korlátolt Felelősségű Társaság has been changed to MASTERPLAST Insulation Korlátolt Felelősségű Társaság.
(2) Based on the resolution of the Board of Directors dated 26 June 2025, Masterwool MW-1 d.o.o. will be merged into Masterplast YU d.o.o.. The transaction will be carried out in compliance with applicable Serbian legislation as well as the relevant accounting and corporate regulations.
(3) Masterplast Nyrt. acquired a 1% ownership stake in the XPS manufacturing subsidiary Masterplast Proizvodnja D.o.o. on August 29, 2025, thus changing the 100% ownership stake of Masterplast Medical Kft. to 99%.
Executives and (strategic) employees influencing the operation of the Issuer
Members 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 | Chairman of the Board of Directors |
03-04-2008 | 30-06-2026 | Approximately 17,5 years | 4 548 057 ordinary shares |
| 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 30 th of September 2025:
| Name | Post | Beginning of the current top management position |
Completion of current top management position |
Stockholding (pcs) |
|---|---|---|---|---|
| Tibor Dávid | CEO | 27-04-2023 | indefinite duration | 4 548 057 |
| 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 |
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 | 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% |
Presentation of the amount of own shares (pcs)
| 30-09-2025 | |
|---|---|
| Issuing ownership | 8 564 |
| MRP organisation | 301 587 |
| Affiliated companies ownership | 0 |
| Total | 310 151 |
Publications issued by Masterplast PLC. in the reference period
| 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 |
MASTERPLAST PUBLIC LIMITED COMPANY
| 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 |
DECLARATION
MASTERPLAST Nyrt . (H-8143 Sárszentmihály, Árpád u. 1/A.) declares that the interim management report provides a true and fair view of the financial position of MASTERPLAST Nyrt., comprises the subsidiaries included in the consolidation.
Sárszentmihály, 30 October 2025
Tibor Dávid the Chairman of the Board of Directors
