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LPKF Laser & Electronics SE Interim / Quarterly Report 2026
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Interim / Quarterly Report
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TOMORROW'S TECHNOLOGY TODAY
QUARTERLY FINANCIAL REPORT
1 January - 31 March 2026
LPKF
Quarterly Financial Report
Content
CONTENT
At a glance...3
Letter from the CEO ...4
Interim group Management Report as of 31 March 2026...8
1 Basic Information on The Group...8
2 Report on economic position ...8
3 Supplementary report ...12
4 Opportunities and risks ...12
5 Report on expected developments ...12
Consolidated financial statements...16
Consolidated statement of comprehensive income ...16
Consolidated statement of financial position ...17
Consolidated statement of changes in equity...19
Consolidated statement of cash flows ...21
Notes on the preparation of the quarterly financial report...23
Financial calendar...24
Quarterly Financial Report
At a glance
AT A GLANCE
LPKF Laser & Electronics SE
Key Group figures after 3 months 2026
| | 3 Months
2026 | 3 Months
2025 |
| --- | --- | --- |
| Revenue (EUR million) | 17.1 | 25.3 |
| EBIT (EUR million) | -6.9 | -3.9 |
| EBIT margin (%) | -40.6 | -15.5 |
| Adjusted EBIT (EUR million) | -5.7 | -3.4 |
| Adjusted EBIT margin (%) | -33.3 | -13.5 |
| Free Cash Flow (EUR million) | -7.6 | 0.0 |
| EPS, diluted (EUR) | -0.30 | -0.18 |
| Incoming orders (EUR million) | 24.1 | 33.2 |
| | As of
03/31/2026 | As of
03/31/2025 |
| --- | --- | --- |
| Net working capital (EUR million) | 25.4 | 36.8 |
| Equity ratio (%) | 67.8 | 69.4 |
| Orders on hand (EUR million) | 34.1 | 46.1 |
| Employees | 714 | 749 |
Segments and markets
| DEVELOPMENT | ELECTRONICS |
|---|---|
| Systems for printed circuit board development and research | Systems for electronics production and advanced semiconductor packaging |
| WELDING | SOLAR |
| Systems for plastic welding | Systems for the production of solar cells and for laser transfer printing |
Quarterly Financial Report
Letter from the CEO
4
LETTER FROM THE CEO
Garbsen, 30 April 2026
Dear Shareholders,
As in every quarterly report, it is my personal priority to provide you with a transparent overview of our business performance. Despite a macroeconomic environment that remains volatile, we have made a solid start to the financial year 2026. In the Advanced Semicon Packaging area, we are making good progress and are in concrete discussions with several customers regarding orders for initial production equipment. In addition, order intake in the Development and Electronics segments has increased significantly. This underscores the relevance of our systems to our customers.
At the same time, we continue to operate in a challenging environment. The ongoing conflict with Iran is increasing geopolitical risks in our supply chains, particularly due to potential restrictions on shipping traffic around the Strait of Hormuz and rerouting of maritime trade. Rising energy and raw material prices are exacerbating cost and procurement risks for key intermediate products used in our machines. As an export-oriented technology company, we feel the impact of these developments directly through our own procurement processes and indirectly through our customers' investment behavior.
In addition, competitive pressure from Chinese suppliers continues to grow, making business in China particularly difficult for the machinery sector. To protect our technological position in the Advanced Semicon Packaging sector, LPKF is resolutely defending itself against patent infringers in China and has filed its first patent lawsuits.
In recent weeks, the LPKF share price has shown a very encouraging trend. In our assessment, this movement could be related to individual posts on social media platforms in which our positioning in the field of Advanced Semicon Packaging with glass was highlighted and achieved high visibility. As a result, our strategic role in the supply chain for Advanced Packaging is coming more into focus in the external perception. Developments in this area continue to proceed according to plan and are in line with the statements we made in connection with the publication of our annual report on 26 March, which I will discuss in more detail below.
Business Performance in the First Quarter of 2026
The LPKF Group generated revenue of EUR 17.1 million in the first quarter of 2026, representing a decrease of 32.4% compared to the same period last year (Q1 2025: EUR 25.3 million). A significant factor in the decline in revenue was substantially lower revenue in the Solar segment.
In the first three months, the Group reported a negative EBIT (earnings before interest and taxes) of EUR -6.9 million (previous year: EUR -3.9 million). Adjusted EBIT in the first quarter
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Letter from the CEO
5
amounted to EUR -5.7 million (previous year: EUR -4.3 million). This included special items totaling EUR 1.2 million (same period last year: EUR 0.5 million), consisting primarily of restructuring costs (staff reductions/consultants). The North Star transformation program already led to a noticeable reduction in costs in the first quarter. This had a positive impact on EBIT. As a result, the effects of the year-over-year decline in revenue were significantly mitigated.
At EUR 24.1 million after three months, order intake was higher than in the prior year (Q1 2025: EUR 20.5 million). Consequently, the book-to-bill ratio stood at 1.4. The order backlog fell from EUR 46.1 million in the same quarter of the previous year to EUR 34.1 million. This decline is also primarily attributable to a lack of solar orders.
Furthermore, during this quarter we extended our current syndicated loan agreement with our existing financing partners through 31 December 2028. This agreement secures the financing for our restructuring as well as further investments in new technologies.
Update on developments in the segments
In the Advanced Semicon Packaging area, we further expanded our strategic position in the first quarter. Our LIDE technology is being successfully deployed by leading semiconductor customers, and additional follow-on orders confirm its role as a key technology for crack-free, high-precision glass processing. This reinforces our strong starting position in the emerging glass market for advanced packaging and lays the foundation for us to benefit disproportionately from a future market ramp-up.
Building on this position, we are strategically expanding our offering beyond a single process step. In addition to the established LIDE process, we are developing complementary process technologies such as the singulation of glass-based packages and the laser-based bonding of multilayer glass stacks. In this way, we are strengthening our role as a strategic partner to our customers and sharpening our profile as a system provider in glass advanced packaging.
At the same time, we are focusing on the next generation of packaging architectures. LPKF is working on the integration of Co-Packaged Optics (CPO) on glass substrates—a key technology for future semiconductor generations. In addition to its electrical advantages, glass also performs key optical functions here, such as waveguiding and beam shaping. In this emerging market, LPKF is positioning itself as an active co-creator of the future semicon packaging landscape with a range of new technologies.
In the Development segment, we recorded good capacity utilization and a significantly higher order intake in the first quarter of 2026 compared to the same period last year. A major factor was the U.S. government shutdown in the second half of 2025, which resulted in several of our customers' investment decisions being postponed to the current year. We also saw an increase in orders from the defense sector last year; this positive trend is continuing in the current year. In addition to these effects, we continue to see solid demand from research institutions and development departments that use our systems for Rapid PCB Prototyping. The impact of the Iran conflict remains under close observation.
In the Electronics segment, order intake improved significantly in the first quarter of 2026. Solutions for the precise laser cutting of PCBs were particularly in demand, as our customers
Quarterly Financial Report
Letter from the CEO
6
continue to focus on efficient, flexible, and clean production processes using laser technology. This positive trend indicates that the investment reluctance of previous years is at least partially easing and that our solutions for cutting printed circuit boards in the SMT environment are perceived as a technologically leading and economically attractive alternative.
We expect 2026 to be a difficult year for the Solar segment. Investment reluctance in the wake of the expected technology shift toward perovskites is currently dampening demand. At the same time, we have a strong technological foundation and a leading position in this market, so we aim to benefit from a later ramp-up and, in particular, from the transition to new cell technologies.
As part of the North Star project, we are implementing structural changes in the Welding segment at the Fürth site in Germany. The goal of the measures initiated is to sustainably improve profitability, strengthen our market position in attractive applications—particularly outside the traditional automotive industry—and streamline the organization to make it more efficient. During the reporting period, we have already successfully implemented initial steps and are seeing that the changes initiated are taking effect. Overall, we are thus well on our way to clearly aligning the Welding segment with profitable growth. In the first quarter, the Welding segment recorded good capacity utilization with major projects for smart robotics applications.
We continue to work consistently on implementing our North Star efficiency and restructuring program to sustainably reduce costs, increase our resilience to economic fluctuations, and secure our innovative strength. In the first quarter, we made progress with the implementation of the measures as planned. This includes the consolidation of production activities for Welding and Solar at the Suhl site in Germany. By consolidating production, we were able to realize additional synergies. The first Welding systems assembled in Suhl are now being shipped. To further reduce costs, we are working on additional structural improvements within the Group, with a focus on enhancing the efficiency of our processes. Our goal remains to achieve a double-digit EBIT margin by 2028.
Outlook
The current economic conditions present LPKF with significant challenges. As an export-oriented technology company, we are affected directly and indirectly through our customers by geopolitical tensions. The experiences of recent years also make it clear that we are in an era of persistent volatility and cannot rely on global crises disappearing in the short term.
Given the current sharp increase in uncertainty in the economic and geopolitical environment, including risks of war and fragile supply chains, and assuming a significantly lower revenue volume in the Solar segment, we expect consolidated revenue of EUR 105 to 120 million and an adjusted EBIT margin between -3.0% and 4.5% for the 2026 financial year.
Potential volume orders from the Advanced Semicon Packaging area are not included in this forecast, as the timing of the market-expected ramp-up is determined not by the LIDE process provided by LPKF, but by the qualification of downstream process steps.
Quarterly Financial Report
Letter from the CEO
7
We are confident about the medium-term development of the LPKF Group. While our segments are currently performing differently, our goal remains clear: We are aiming for a sustainable double-digit EBIT margin for the Group by 2028.
Particularly in the semiconductor market, we see very strong strategic positioning and significant growth potential with LIDE and the expansion of our product portfolio. Our SMT division and Rapid PCB Prototyping also offer very solid growth prospects.
Despite the current weakness in orders in the Solar segment, we see the transition to perovskite technology as a promising growth area with significant opportunities for LPKF. Following the strategic realignment in Welding, we also expect profitable long-term growth in this segment.
To position the LPKF Group for sustainable resilience and competitiveness, we are currently implementing significant structural adjustments that we have to consistently pursue. In this phase of economic uncertainty, the focus is clearly on strengthening our structural foundation, meaning that no significant growth momentum is expected in the short term.
On behalf of the Management Board, I would like to thank our employees for their great commitment in a challenging environment and you, dear shareholders, for your trust and support.
With kind regards,
Dr. Klaus Fiedler
Chief Executive Officer
Quarterly Financial Report
Interim group Management Report as of 31 March 2026
8
INTERIM GROUP MANAGEMENT REPORT AS OF 31 MARCH 2026
1 BASIC INFORMATION ON THE GROUP
The basic information on the LPKF Group in the combined management and Group management report for 2025 continues to apply unchanged.
2 REPORT ON ECONOMIC POSITION
2.1 NET ASSETS, FINANCIAL POSITION AND RESULTS OF OPERATIONS OF THE GROUP
Results of operations
The LPKF Group generated revenue of EUR 17.1 million in the first quarter of 2026, representing a decrease of 32.4% compared to the same period last year (Q1 2025: EUR 25.3 million). Revenue in the Solar segment decreased by EUR 9.3 million compared to the same quarter of the previous year, to EUR 1.3 million. Investment reluctance due to the expected technology shift toward perovskites is currently dampening demand. The Development segment increased its revenue by EUR 0.5 million compared to the previous year, to EUR 6.2 million. In the Welding segment, revenue in the first three months of 2026 was EUR 4.1 million, up EUR 0.7 million from the prior-year figure. The segment continues to be affected by investment caution in the automotive industry. In the Electronics segment, revenue was EUR 5.5 million, in line with the prior-year level of EUR 5.6 million.
The order backlog reached EUR 34.1 million as of 31 March 2026, representing a 26% decrease from the prior-year figure of EUR 46.1 million. New orders, at EUR 24.1 million, exceeded the prior-year figure of EUR 20.5 million. A key factor behind this development is a slight overall increase in the order situation in the Electronics segment.
Capitalized in-house services included EUR 1.2 million in development costs for products and software (previous year: EUR 1.5 million). Other income of EUR 0.7 million remained unchanged compared to the previous year.
The cost of materials ratio was 26%, down from the prior-year figure of 34%, due to the product mix.
As of 31 March 2026, 714 people were employed by the LPKF Group, 35 fewer than on 31 March 2025. Personnel expenses for the reporting period amounted to EUR 14.4 million, down from the prior-year figure of EUR 14.8 million. The decrease is primarily due to the reduction in headcount.
Depreciation and amortization for the reporting period amounted to EUR 2.0 million, which was EUR 0.1 million lower than in the prior year. Of this amount, EUR 0.8 million was attributable to depreciation and amortization of capitalized development costs (prior year:
Quarterly Financial Report
Interim group Management Report as of 31 March 2026
9
EUR 0.9 million). At EUR 5.0 million, other operating expenses were below the prior-year figure of EUR 6.1 million. This decline was primarily due to lower expenses for research and development (EUR 0.5 million), other operating expenses (EUR 0.4 million), and temporary labor (EUR 0.3 million). In contrast, legal and consulting costs increased by EUR 0.7 million.
In the first three months, the Group reported a negative EBIT (earnings before interest and taxes) of EUR -6.9 million (previous year: EUR -3.9 million). Adjusted EBIT for the first quarter amounted to EUR -5.7 million (previous year: EUR -3.4 million). Adjusted EBIT is EBIT adjusted for restructuring and severance costs, effects from changes in the scope of consolidation, and changes in the long-term incentive resulting from fluctuations in the performance factor or the share price.
The LPKF Group did not recognize any deferred tax assets on the loss incurred in the first quarter due to the maximum utilization of the upper limit by the deferred tax liabilities, which were recognized at EUR 0.3 million, in accordance with and application of the provisions of IAS 12 regarding the impairment and timing of deferred taxes.
After interest and taxes, consolidated net income amounted to EUR -7.4 million (previous year: EUR -4.3 million).
Financial position
The Group's cash and cash equivalents decreased during the reporting period from EUR 7.0 million as of 31 December 2025, to EUR 5.8 million. The cash and cash equivalents, consisting of cash and cash equivalents and current liabilities, decreased to EUR -1.5 million compared to the end of 2025 (Q4 2025: EUR 7.0 million).
Cash flow from operating activities, at EUR -6.4 million, is below the figure for the same quarter of the previous year (EUR -2.8 million). In particular, the lower net income for the period weighed on this figure.
Following a cash outflow from investing activities of EUR -1.2 million, free cash flow amounted to EUR -7.6 million. The cash outflow from financing activities was EUR -1.0 million (previous year: cash outflow of EUR -0.3 million).
The LPKF Group has the necessary funds to meet all financial obligations and to implement all planned strategic business activities, consisting of cash and cash equivalents and available credit lines.
Net assets
Analysis of net assets and capital structure
Compared to 31 December 2025, non-current assets decreased by EUR 1.0 million to EUR 58.9 million. The change is primarily due to lower property, plant, and equipment (EUR -0.8 million).
Current trade receivables decreased by EUR 0.6 million to EUR 12.9 million during the reporting period. Inventories increased by EUR 3.5 million to EUR 23.2 million. This increase resulted from the production of equipment for delivery in the second and third quarters. Cash and cash equivalents decreased by EUR 4.3 million and stood at EUR 5.8 million as of 31 March 2026. Overall, current assets decreased by EUR 0.8 million to EUR 45.9 million.
Quarterly Financial Report
Interim group Management Report as of 31 March 2026
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The equity ratio fell from 73.2% at the end of 2025 to 67.8% as of 31 March 2026.
Long-term liabilities decreased by EUR 0.7 million to EUR 3.4 million. This is due to a reclassification of long-term lease liabilities to short-term lease liabilities (EUR -0.7 million). Current liabilities, at EUR 30.4 million, are EUR 5.9 million higher than the figure as of 31 December 2025. Current liabilities to banks increased by EUR 4.2 million. Trade payables decreased by EUR 0.7 million, and contractual liabilities increased by EUR 2.6 million.
Net working capital increased slightly in the first three months from EUR 24.4 million to EUR 25.4 million. A decrease in accounts receivable (EUR -1.2 million) and trade payables (EUR -0.9 million) was offset by an increase in inventory (EUR +3.6 million) and contractual liabilities (EUR +2.7 million).
Furthermore, the balance sheet structure has not changed significantly.
Investments
In the first three months, the Group invested to a lesser extent than in the previous year, primarily in capitalized development costs amounting to EUR 1.2 million.
Segment performance
The following table provides an overview of the development of the business segments:
| Revenue | EBIT | |||
|---|---|---|---|---|
| in EUR million | 3 Months 2026 | 3 Months 2025 | 3 Months 2026 | 3 Months 2025 |
| Electronics | 5.5 | 5.6 | -2.8 | -2.4 |
| Development | 6.2 | 5.7 | 0.2 | -0.6 |
| Welding | 4.1 | 3.4 | -1.5 | -1.5 |
| Solar | 1.3 | 10.6 | -1.6 | 1.1 |
| Total | 17.1 | 25.3 | -5.7 | -3.4 |
The adjusted operating result (EBIT) of the segments includes the operating business of the segments and the Group allocations attributable to them, adjusted for restructuring and severance costs as well as changes in the long-term incentive from fluctuations in the performance factor or the share price.
Quarterly Financial Report
Interim group Management Report as of 31 March 2026
2.2 EMPLOYEES
The following table shows the development in employee numbers in the first three months of 2026:
| Area | 03/31/2026 | 03/31 2025 |
|---|---|---|
| Production | 129 | 146 |
| Sales | 138 | 143 |
| Development | 192 | 207 |
| Service | 94 | 100 |
| Administration | 161 | 153 |
| Total | 714 | 749 |
The total number of employees as of 31 March 2026 corresponds to 647 (31 December 2025: 707) full-time equivalents (FTE).
2.3 OVERALL ASSESSMENT OF THE GROUP'S ECONOMIC SITUATION
LPKF anticipates a challenging and uncertain market environment also for the 2026 financial year. Key factors contributing to this include, in particular, ongoing geopolitical and trade tensions and the resulting reluctance to invest on the part of customers. In September 2025, the company launched the North Star program with the goal of achieving a double-digit EBIT margin by 2028, thereby ensuring the sustainable financing of the business models innovative strength, and resilience to economic fluctuations. The program comprises a comprehensive efficiency and restructuring package involving personnel measures and the reduction of selected cost items. The company believes these steps are necessary to permanently improve profitability, rebuild financial reserves, and continue to enable strategic investments in research and development. The company is confident that the consistent implementation of the North Star program will bring about the necessary turnaround and put it back on a profitable, growth-oriented course.
LPKF addresses potential liquidity risks with forward-looking, currency-differentiated liquidity and working capital planning. In addition to the key factors affecting cash flows, this planning also takes into account risks that could impact the future liquidity situation. The LPKF Group has only a low level of debt. In addition to its own cash and cash equivalents, LPKF had access to a credit line of up to EUR 12.5 million in cash for working capital as of 31 March 2026, under a syndicated loan. In addition to the cash, the syndicated loan also includes an additional guarantee facility of EUR 7.5 million. The syndicated loan was renegotiated as part of the transformation and comprises a working capital facility of EUR 25.0 million and a guarantee facility of EUR 7.5 million. It continues to be provided by five globally active financing partners with a term until 31 December 2028.
The Management Board assesses the Group's earnings, assets, and financial position as solid and orderly in light of the ongoing program to increase profitability and the extension of the syndicated loan agreement. It continues to assume that the Group has sufficient resources
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Interim group Management Report as of 31 March 2026
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to continue its business operations for at least another twelve months and that the going concern assumption is appropriate as the basis for financial reporting.
3 SUPPLEMENTARY REPORT
No significant events with a material effect on the net assets, financial position and results of operations of LPKF have occurred since the reporting date on 31 March 2026.
4 OPPORTUNITIES AND RISKS
In the combined management report and Group management report for 2025, the opportunities and risks of the LPKF Group are presented and explained in detail. These explanations continue to apply unchanged.
The company does not consider there to be any risks that jeopardize its continued existence at present, and no such risks for the future can currently be identified.
5 REPORT ON EXPECTED DEVELOPMENTS
5.1 MANAGEMENT'S ASSESSMENT OF THE GROUP'S EXPECTED DEVELOPMENT
International economic institutions expect the global economy to continue growing at a moderate pace in 2026. According to the latest assessments by the International Monetary Fund (World Economic Outlook), the OECD (OECD Economic Outlook), and the World Bank (Global Economic Prospects), the global economy will continue to be shaped by regionally varying growth rates, geopolitical risks, the monetary policies of major central banks, and the adjustment process to higher interest rates and the energy transition. Overall, experts anticipate a moderate but positive trend in global economic output, although uncertainty in the environment remains above average.
Geopolitical tensions remain at a very high level and have further intensified due to the recent military conflict in the Middle East. The specific impacts of this conflict cannot yet be reliably assessed at this time. However, there is a risk that the conflict could negatively impact global supply chains and lead to increased volatility in energy markets as well as significantly rising energy prices. Consequently, the costs of energy-intensive materials and plastics could also rise significantly. Furthermore, the conflict may adversely affect the availability of transport capacity as well as the level of transport costs. The company has already taken proactive measures to minimize these potential impacts, for example by reserving transport capacity well in advance. In addition, a possible spread of tensions to other regions of the world could place additional strain on the overall economic environment and thus also on the Group's business.
Despite the uncertain economic outlook, LPKF sees growth opportunities for the Group in the medium term.
Quarterly Financial Report
Interim group Management Report as of 31 March 2026
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The strategic focus of LPKF Laser & Electronics SE is on the development of innovative, less cyclical technologies that have the potential to sustainably transform products, components, and manufacturing in the electronics, semiconductor, and other industries.
In the Management Board's assessment, the company is financially stable and will be positioned for sustainable profitability again thanks to the North Star program launched in September 2025 to achieve a sustainable improvement in profitability, despite the current economic situation. LPKF is in a position to expand its business activities through market-ready new developments, an even stronger focus on customer needs, and operational improvements. Investments in the development of new technologies and applications are being carried out in full despite the currently difficult economic conditions.
The Management Board continues to see significant potential for sustainably increasing the company's revenue and earnings. This potential stems from the technologies mastered by LPKF, the ability to integrate them into high-performance solutions, and the exceptional expertise of its employees. In this way, the company offers its customers a decisive value contribution.
LPKF will continue to remain agile and flexible as a company in order to respond quickly to changes in economic conditions. Overall, LPKF anticipates profitable growth in the medium term, even in a volatile economic environment. Financially, the company is and remains solidly positioned and has the necessary resources for investments and further growth.
Key financial indicators
Guidance for the financial year 2026
In view of the current high level of uncertainty in the economic and geopolitical environment, including the risk of war and fragile supply chains, and assuming significantly lower sales volumes in the Solar segment, LPKF expects consolidated revenues of EUR 105 to 120 million and an adjusted EBIT margin of between -3.0% and 4.5% for the 2026 financial year, this corresponds to an adjusted EBIT between EUR -3,15 to 5,4 million.
Potential high-volume orders from the advanced packaging sector are not included in this forecast, as the timing of the market-expected ramp-up is determined not by the LIDE process provided by LPKF, but by the qualification of downstream process steps.
Adjusted EBIT is calculated from EBIT after deducting restructuring and severance costs, effects from changes in the scope of consolidation, and adjustments to the Long-Term Incentive (LTI) resulting from fluctuations in the performance factor or the share price. For the 2026 financial year, LPKF expects exceptionally high restructuring costs of around 3–4% of revenue as part of the North Star transformation program.
Ambition for the years ahead
The Management Board is confident about the medium-term development of the LPKF Group. While the segments are currently developing at different rates, the goal remains clear: the Management Board is aiming for a sustainable double-digit EBIT margin for the Group until 2028.
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Interim group Management Report as of 31 March 2026
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The company sees LIDE and the expansion of its product portfolio as particularly good strategic positioning and offering great growth potential in the semiconductor market. The SMT division and Rapid PCB Prototyping also offer very solid growth prospects.
Despite the current weakness in orders in the Solar business, LPKF expects the transformation to perovskite technology to be a promising growth area with significant opportunities for LPKF. Following the strategic realignment in plastic welding, the Management Board also expects long-term profitable growth in this segment.
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Quarterly Financial Report
Consolidated financial statements
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FROM 1 JANUARY TO 31 MARCH 2026
| in EUR thousand | 01-03 / 2026 | 01-03 / 2025 |
|---|---|---|
| Revenue | 17,103 | 25,349 |
| Changes in inventories of finished goods and work in progress | 7,297 | 471 |
| Other own work capitalized | 1,164 | 1,521 |
| Other income | 653 | 710 |
| Cost of materials | -11,735 | -9,073 |
| Staff costs | -14,416 | -14,765 |
| Depreciation and amortization | -2,047 | -2,103 |
| Impairment expenses (including reversals) on financial assets and contract assets | 21 | 25 |
| Other expenses | -4,980 | -6,063 |
| Operating Result (EBIT) | -6,940 | -3,928 |
| Finance income | 2 | 1 |
| Finance costs | -176 | -213 |
| Earnings before tax | -7,114 | -4,140 |
| Income taxes | -282 | -155 |
| Consolidated net profit/loss | -7,396 | -4,295 |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Revaluations of defined benefit plans | 0 | 0 |
| Tax effects | 0 | 0 |
| Items that will be reclassified to profit or loss | ||
| Currency translation differences | 227 | -166 |
| Other comprehensive income after taxes | 227 | -166 |
| Total comprehensive income | -7,169 | -4,461 |
| in EUR | ||
| Earnings per share (basic) | -0.30 | -0.18 |
| Earnings per share (diluted) | -0.30 | -0.18 |
Quarterly Financial Report
Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF 31 MARCH 2026
| in EUR thousand | 03/31/2026 | 12/31/2025 |
|---|---|---|
| ASSETS | ||
| Intangible assets and goodwill | 19,225 | 18,969 |
| Property, plant and equipment | 36,676 | 37,462 |
| Right of use assets from leases | 1,986 | 2,219 |
| Other financial assets | 152 | 152 |
| Other non-financial assets | 266 | 262 |
| Deferred tax assets | 602 | 857 |
| Non-current assets | 58,907 | 59,921 |
| Inventories | 23,181 | 19,641 |
| Trade receivables | 12,894 | 13,491 |
| Income tax receivables | 432 | 438 |
| Other non-financial assets | 3,645 | 3,113 |
| Cash and cash equivalents | 5,754 | 10,038 |
| Current assets | 45,906 | 46,721 |
| Total assets | 104,813 | 106,642 |
Quarterly Financial Report
Consolidated statement of financial position
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| in EUR thousand | 03/31/2026 | 12/31/2025 |
|---|---|---|
| EQUITY | ||
| Subscribed capital | 24,497 | 24,497 |
| Capital reserve | 15,463 | 15,463 |
| Other reserves | 13,135 | 12,894 |
| Net retained profits | 17,951 | 25,244 |
| Equity | 71,046 | 78,098 |
| LIABILITIES | ||
| Provisions for pensions and similar obligations | 484 | 492 |
| Other financial liabilities | 717 | 1,415 |
| Deferred income | 282 | 291 |
| Contract liabilities | 474 | 426 |
| Other provisions | 302 | 302 |
| Deferred tax liabilities | 1,133 | 1,125 |
| Non-current liabilities | 3,392 | 4,051 |
| Other provisions | 6,971 | 7,122 |
| Other financial liabilities | 8,114 | 3,891 |
| Deferred income | 36 | 36 |
| Trade payables | 3,912 | 4,606 |
| Contract liabilities | 6,311 | 3,717 |
| Other non-financial liabilities | 5,031 | 5,121 |
| Current liabilities | 30,375 | 24,493 |
| Liabilities | 33,767 | 28,544 |
| Total equity and liabilities | 104,813 | 106,642 |
Quarterly Financial Report
Consolidated statement of changes in equity
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS OF 31 MARCH 2026
| in EUR thousand | Subscribed capital | Capital reserve | Other retained earnings |
|---|---|---|---|
| As of 01/01/2026 | 24,497 | 15,463 | 10,560 |
| Consolidated net profit/loss | |||
| Other comprehensive income after taxes | |||
| Total comprehensive income | 0 | 0 | 0 |
| Transactions with shareholders | |||
| As of 03/31/2026 | 24,497 | 15,463 | 10,560 |
| in EUR thousand | Subscribed capital | Capital reserve | Other retained earnings |
| --- | --- | --- | --- |
| As of 01/01/2025 | 24,497 | 15,463 | 10,529 |
| Consolidated net profit/loss | |||
| Other comprehensive income after taxes | |||
| Total comprehensive income | 0 | 0 | 0 |
| As of 03/31/2025 | 24,497 | 15,463 | 10,529 |
Quarterly Financial Report
Consolidated statement of changes in equity
20
| Other reserves | |||||
|---|---|---|---|---|---|
| Revaluations of defined benefit plans | Share-based payment reserve | Foreign currency translation reserve | Net retained profits | Total equity | |
| -237 | 1,034 | 1,434 | 25,348 | 78,099 | |
| -7,396 | -7,396 | ||||
| 0 | 560 | 678 | |||
| 0 | 118 | 560 | -7,396 | -6,718 | |
| 0 | |||||
| -237 | 1,152 | 1,994 | 17,617 | 71,046 | |
| Other reserves | |||||
| Revaluations of defined benefit plans | Share-based payment reserve | Foreign currency translation reserve | Net retained profits | Total equity | |
| -247 | 737 | 2,270 | 38,512 | 91,761 | |
| -4,295 | -4,295 | ||||
| 0 | -166 | -76 | |||
| 0 | 90 | -166 | -4,295 | -4,371 | |
| -247 | 827 | 2,104 | 34,217 | 87,390 |
Quarterly Financial Report
Consolidated statement of cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS
FROM 1 JANUARY TO 31 MARCH 2026
| in EUR thousand | 01-03 / 2026 | 01-03 / 2025 |
|---|---|---|
| Cash flow from operating activities | ||
| Consolidated net profit/loss | -7,396 | -4,295 |
| Adjustments: | ||
| Tax expenses | 282 | 155 |
| Financial expenses | 176 | 213 |
| Financial income | -2 | -1 |
| Depreciation/amortization of non-current assets | 2,047 | 2,103 |
| Gains/losses on the disposal of property, plant and equipment | 0 | -8 |
| Impairment losses/reversals | 66 | -85 |
| Other non-cash expenses and income | 117 | 92 |
| Changes: | ||
| Inventories | -3,521 | -1,893 |
| Trade receivables | 666 | 6,359 |
| Other assets | -530 | -1,139 |
| Provisions | -169 | 63 |
| Trade payables | -699 | -401 |
| Other liabilities | 2,529 | -3,882 |
| Other: | ||
| Interest received | 2 | 1 |
| Income taxes refund (paid) | -12 | -91 |
| Cash flow from operating activities | -6,444 | -2,809 |
| Cash flow from investing activities | ||
| Investments in intangible assets | -1,185 | -1,560 |
| Investments in property, plant and equipment | -12 | -73 |
| Revenue from the disposal of assets | 26 | 21 |
| Cash flow from investing activities | -1,171 | -1,612 |
Quarterly Financial Report
Consolidated statement of cash flows
22
| in EUR thousand | 01-03 / 2026 | 01-03 / 2025 |
|---|---|---|
| Cash flow from financing activities | ||
| Interest paid | -142 | -140 |
| Payments of lease liabilities | -308 | -202 |
| Payments for repaying loans | -582 | 0 |
| Cash flow from financing activities | -1,032 | -342 |
| Change in cash and cash equivalents | ||
| Increase (decrease) in cash and cash equivalents | -8,647 | -4,763 |
| Cash and cash equivalents as of 1 January | 7,038 | -1,165 |
| Effects of exchange rate changes on cash and cash equivalents | 50 | 218 |
| Cash and cash equivalents as of end of reporting period | -1,559 | -5,710 |
Quarterly Financial Report Notes on the preparation of the quarterly financial report
23
NOTES ON THE PREPARATION OF THE QUARTERLY FINANCIAL REPORT
This financial report as of 31 March 2026 fully complies with the rules set out in IAS 34 and the interpretations of the International Financial Interpretations Committee (IFRIC). The figures for the previous period have been calculated in accordance with the same principles, unless new standards require a change. The same applies to the accounting policies and calculation methods used in the interim financial statements. New standards to be applied in the current financial year have already been applied. Estimates of amounts presented in the last annual financial statements or in previous financial years have not been changed in this financial report. There have been no significant changes to contingent liabilities and contingent assets since the last balance sheet date. This financial report has not been audited or reviewed by an auditor. Information on events of particular significance after the balance sheet date is provided in the supplementary report of the interim management report.
Basis of consolidation
In addition to the Group's parent company LPKF Laser & Electronics SE, Garbsen, the following subsidiaries have also been included in the consolidated financial statements:
| Name
Full consolidation | Registered office | Equity interest
in % |
| --- | --- | --- |
| LPKF SolarQuipment GmbH | Suhl, Germany | 100.0 |
| LPKF WeldingQuipment GmbH | Fürth, Germany | 100.0 |
| LPKF Laser & Electronics d.o.o. | Naklo, Slovenia | 100.0 |
| LPKF Distribution Inc. | Tualatin (Portland), US | 100.0 |
| LPKF (Tianjin) Co. Ltd. | Tianjin, China | 100.0 |
| LPKF Shanghai Co., Ltd. | Shanghai, China | 100.0 |
| LPKF Laser & Electronics Korea Ltd. | Seoul, Korea | 100.0 |
| LPKF Laser & Electronics Vietnam Co., Ltd. | Bac Ninh, Vietnam | 100.0 |
Transactions with related parties
There are no reportable business relations with related parties of the LPKF Group.
Garbsen, 30 April 2026
LPKF Laser & Electronics Societas Europaea
The Management Board
Dr. Klaus Fiedler
Peter Mümmler
Quarterly Financial Report
Financial calendar
FINANCIAL CALENDAR
30 April 2026
Publication of the three-months report 2026
04 June 2026
Annual General Meeting in Hanover, Germany
23 July 2026
Publication of the six-months report 2026
29 October 2026
Publication of the nine-months report 2026
More dates and publications can be found on the LPKF website at
www.lpkf.com/en/investor-relations/financial-calendar
CONTACT & PUBLISHING INFORMATION
Published by
LPKF Laser & Electronics SE
Osteriede 7
30827 Garbsen
Germany
Telephone: +49 5131 7095-0
Telefax: +49 5131 7095-90
[email protected]
www.lpkf.com
Text
LPKF Laser & Electronics SE
Cover Layout
LPKF Laser & Electronics SE
Cover: Jenko Sternberg Design
Foto: Nils Anspach, LPKF
Internet
For more information on LPKF Laser & Electronics SE and the addresses of subsidiaries, please go to www.lpkf.com. This financial report can also be downloaded from the LPKF website.
Disclaimer
This Financial Report contains forward-looking statements that are based on the Management Board's current estimates and forecasts and on information currently available. These forward-looking statements are not to be understood as guarantees of forecast future performance and results. Instead, future performance and results depend on a large number of risks and uncertainties and are based on assumptions that might not prove accurate. We disclaim any obligation to update these forward-looking statements. For mathematical reasons, rounding differences may occur in percentage figures and numbers in the tables, illustrations and texts of this report.
This Financial Report is published in German and English. In case of any discrepancies, the German version shall prevail.
LPKF Laser & Electronics SE
Osteriede 7
30827 Garbsen
Germany
Phone: +49 5131 7095-0
Telefax: +49 5131 7095-90
www.lpkf.com