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Masterflex SE Interim / Quarterly Report 2026
276_10-q_2026-05-06_045c04f3-3515-44fc-a6b9-713218a42666.pdf
Interim / Quarterly Report
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QUARTERLY STATEMENT
1/2026
MASTERFLEX GROUP
Connecting Values
Masterflex at a glance
| in EUR thousand | 01.01.-31.03.2026* | 01.01.-31.03.2025* | Change |
|---|---|---|---|
| Consolidated revenue | 27,379 | 27,545 | -0.6% |
| EBITDA (operating) | 6,046 | 5,868 | 3.0% |
| EBIT (operating) | 4,570 | 4,492 | 1.7% |
| EBIT | 4,484 | 4,445 | 0.9% |
| EBT (operating) | 4,373 | 4,230 | 3.4% |
| Financial result | -197 | -262 | -24.8% |
| Consolidated net income | 3,150 | 3,040 | 3.6% |
| Consolidated earnings per share (€) | 0.33 | 0.32 | 3.1% |
| EBIT margin (operating) | 16.7% | 16.3% | |
| Net return on revenue | 11.5% | 11.0% | |
| Employees (number) | 608 | 598 | 1.7% |
| in EUR thousand | 31.03.2026* | 31.12.2025 | Change |
| --- | --- | --- | --- |
| Group equity | 72,484 | 69,015 | 5.0% |
| Consolidated balance sheet total | 98,929 | 94,175 | 5.0% |
| Group equity ratio | 73.3% | 73.3% |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
MASTERFLEX SE reports stable performance in the first quarter – Operating EBIT margin rises to a record 16.7%
- Group revenue of EUR 27.4 million (Q1/2025: EUR 27.5 million)
- Group operating EBIT slightly improved to EUR 4.6 million (Q1/2025: EUR 4.5 million)
- Operating EBIT margin increased to 16.7% (Q1/2025: 16.3%)
- Order backlog as of 31 March 2026, expanded to EUR 21.3 million (31 December 2025: EUR 19.8 million)
- 2026 outlook confirmed: revenue expected to be between EUR 103 million and EUR 108 million, and EBIT between EUR 13 million and EUR 16 million
Management Board Report
Gelsenkirchen, 6 May 2026 – The Masterflex Group has made a successful start to the 2026 financial year and has once again demonstrated the resilience of its business model in a challenging geopolitical and macroeconomic environment. Despite revenue remaining at the previous year's level compared to the same quarter last year and start-up investments in connection with international expansion, Masterflex was still able to increase profitability yet again and improve its operating EBIT margin – a result of its consistent focus on high-margin products and continuous efficiency gains.
Group revenue in the first quarter amounted to EUR 27.4 million (Q1/2025: EUR 27.5 million) and presented a mixed picture: While the "Life" target industry group – particularly the medical technology, food, pharmaceutical, and agricultural industries – once again recorded encouraging growth, business in the "Tech" customer group declined. This primarily affected cyclical sectors such as mechanical engineering, plastics processing, robotics, semiconductors, and surface coating. A slight slowdown was also observed in the "Infrastructure" and "Mobility" target industry groups in the first quarter, primarily in the shipping and rail transport segments.
Performance also varied by region: while the start of the year was subdued in the U.S., Asia, Germany, and Europe performed well and were able to partially offset the caution in the U.S. Particularly encouraging is the growth in our order backlog, which rose to Euro 21.3 million by the end of the quarter (31 December 2025: EUR 19.8 million). This underscores the continued strong demand base. The accompanying build-up of inventories and receivables reflects the anticipated growth. On the earnings side, Masterflex achieved an improvement despite slightly declining revenue and, in particular, start-up costs for the Morocco site: Operating EBIT rose to EUR 4.6 million (Q1/2025: EUR 4.5 million), and the operating EBIT margin reached 16.7% (Q1/2025: 16.3%), marking another record high.
A key strategic focus for the 2026 financial year is the consistent implementation of our Group strategy, Hero@Zero. After years of conceptual preparation, the focus is now on operational implementation. For example, at the beginning of the year, Masterflex, together with its subsidiary Novoplast Schlauchtechnik, launched a take-back service for hose samples to systematically return materials to the cycle. The goal is to gather concrete experience with take-back programs, recycling initiatives, and digital transparency across the entire value chain.
The circular economy is far more than just a sustainability issue: it represents a strategic evolution of the business model and is increasingly becoming a key competitive factor. Especially against the backdrop of rising regulatory requirements and growing ESG expectations from international customers, Masterflex creates clear added value with durable,
MASTERFLEX GROUP Connecting Values
QUARTERLY STATEMENT 1/2026
repairable, and recyclable solutions. At the same time, this enhances resilience to fluctuations in raw material prices. Sustainability is thus an integral part of operational excellence, which clearly sets Masterflex apart from the competition.
At the same time, Masterflex is making targeted investments to expand capacity in its high-growth "Life" business area. Against the backdrop of sustained strong demand from the medical and laboratory technology sectors, cleanroom capacity will be expanded by approximately 20% this year. In doing so, Masterflex is laying the foundations to continue reliably meeting the dynamic growth in this high-margin business and to strengthen its market position in the long term.
In addition, Masterflex continues to drive the international expansion of its business. Construction of the new production facility in Morocco is at an advanced stage, so production is still expected to begin in 2026. The facility is a key component in supporting growth in the aviation business with existing customers while also tapping into additional potential with new customers. Masterflex's solutions are well-established in a wide range of demanding applications in the aviation sector: today, virtually no commercial aircraft from Airbus is conceivable without Masterflex components – and the same applies to military aircraft such as helicopters, the Eurofighter, or the A400M transport plane. In addition, our specialty hoses are increasingly being used in modern drone systems with internal combustion engines, for example for exhaust gas routing or fresh air supply. This broad technological presence in safety- and infrastructure-critical applications not only underscores the high relevance of the Masterflex portfolio but also opens up opportunities in structurally growing markets.
Looking beyond the current year, our strategic priorities are clearly focused on the successful ramp-up of our operations in Morocco, further strengthening our organic growth, and targeted acquisitions. Our medium-term goal remains unchanged: by 2030, revenue is expected to grow to approximately EUR 200 million, driven by both organic growth and value-creating acquisitions. M&A activities are consistently aligned with the Hero@Zero strategy.
Dr. Andreas Bastin, CEO of the Masterflex Group, comments: "We started 2026 with strong earnings: despite revenue remaining at the previous year's level and targeted start-up investments, we were able to increase our margin to a record high while simultaneously expanding our order backlog. This demonstrates the robustness of our business model. Through the consistent implementation of Hero@Zero, capacity expansion in the 'Life' area, and international scaling – particularly with the new location in Morocco – we are laying the foundation to accelerate our growth sustainably and further expand our profitability."
Earnings
The Masterflex Group generated revenue of EUR 27.4 million in the first quarter of 2026, remaining at the previous year's level (Q1/2025: EUR 27.5 million). This performance was driven in particular by strong demand in the "Life" target industry group. This group includes customers from the medical technology sector as well as the food, pharmaceutical, and agricultural industries, which collectively reported positive revenue growth.
In contrast, business in the "Tech" area declined, particularly in the mechanical engineering, plastics, semiconductor, and surface coating industries. The "Infrastructure" cluster also saw a slight decline in revenue. In the "Mobility" target industry group - primarily in the shipping and rail transport areas - business also declined slightly.
From a regional perspective, the start of the year was subdued in the United States. In contrast, the regions of Asia, Germany, and Europe as a whole performed well and were able to partially offset the weaker performance.
As of 31 March 2026, the order backlog stood at EUR 21.3 million, up from EUR 19.8 million as of 31 December 2025. Compared to the same quarter of the previous year (Q1/2025: EUR 20.3 million), the order backlog also increased, reflecting an overall positive trend.
EBIT rose to EUR 4.5 million (Q1/2025: EUR 4.4 million). Operating EBIT increased by 1.7% to EUR 4.6 million (Q1/2025: EUR 4.5 million) over the same period. As a result, the operating EBIT margin increased to 16.7% (Q1/2025: 16.3%). This was driven in particular by the growing contribution of high-margin products, as well as further efficiency gains in production and ongoing optimizations in procurement. The material cost ratio improved from 27.6% to 26.8% over the same period.
Due to inflation-driven increases in wage and salary levels, a slight expansion of the workforce, and the insourcing of IT services, personnel costs rose by 5.6% to EUR 9.8 million during the reporting period (Q1/2025: EUR 9.3 million); however, this increase was largely offset by efficiency gains. The labour cost ratio (personnel expenses as a percentage of total revenue) stood at 35.6% in the reporting period, compared to 34.2% in the same period of the previous year.
Consolidated net income attributable to Masterflex SE shareholders amounted to EUR 3.2 million in the first quarter of 2026, exceeding the prior-year figure of EUR 3.0 million. This positive trend is a result of stable operating performance, particularly the described efficiency gains in production and continued optimizations in purchasing. Additionally, further reductions in financing expenses had a positive impact.
MASTERFLEX GROUP Connecting Values
QUARTERLY STATEMENT 1/2026
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MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Net assets and financial position
The increase in total assets by EUR 4.8 million to EUR 98.9 million as of 31 March 2026 (31 December 2025: EUR 94.2 million) is primarily attributable, on the assets side, to the increase in trade receivables of EUR 3.8 million to EUR 15.8 million as of the reporting date (31 December 2025: EUR 12.0 million). At the same time, cash and cash equivalents decreased by approximately EUR 0.5 million to EUR 11.8 million (31 December 2025: EUR 12.4 million). The decline in cash and cash equivalents over the three-month period is primarily attributable to the build-up of working capital to service the increased order backlog as of the end of March, as well as to payments for investments in fixed assets.
As a result of the positive quarterly results, consolidated equity increased to EUR 72.5 million as of 31 March 2026 (31 December 2025: EUR 69.0 million). Despite an increase in total assets, the equity ratio remained unchanged at 73.3% compared to the balance sheet date in 2025.
Net debt increased slightly by approximately EUR 0.2 million compared with 31 December 2025, reaching EUR 2.9 million (31 December 2025: EUR 2.7 million), primarily due to lower cash on hand. The debt ratio (net debt/operating EBITDA LTM) remained unchanged at 0.1, the same level as of the 2025 balance sheet date.
Cash flow from operating activities was clearly positive in the first quarter of 2026 at EUR 1.5 million (Q1/2025: EUR 0.3 million) and was influenced in particular by changes in working capital related to the reporting date. The main factors were a decrease in trade receivables coupled with an increase in inventories compared to the same period last year. Cash flow from investing activities amounted to EUR -1.7 million in the first quarter (Q1/2025: EUR -0.5 million) and reflects investments in the Morocco facility, the ramp-up of the development and framework agreement concluded in the previous financial year, and the purchase of used injection molding machines.
MASTERFLEX GROUP Connecting Values
QUARTERLY STATEMENT 1/2026
5
Outlook
Against the backdrop of ongoing geopolitical, trade, and economic uncertainties, the Management Board considers the start of the financial year to be solid overall and sees a good foundation for positive performance in the remainder of the year.
The Company continues to expect growth momentum, particularly in the second half of 2026, driven primarily by the ramp-up of the new aviation production facility in Morocco and by the first deliveries under the development and framework agreement newly concluded in the 2025 financial year. The start-up costs associated with these projects are likely to weigh slightly on earnings in the short term. Nevertheless, the Management expects to maintain the operating EBIT margin at a stable level.
For 2026, the Management Board of the Masterflex Group confirms its previous full-year forecast and continues to expect to generate revenue in the range of EUR 103 million to EUR 108 million (2025: EUR 102.6 million). The Management anticipates EBIT in the range of EUR 13 million to EUR 16 million (2025: EUR 12.5 million).
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Consolidated Statement of Financial Position
| Assets in EUR thousand | 31.03.2026* | 31.12.2025 |
|---|---|---|
| Non-current assets | ||
| Intangible assets | 12,947 | 13,204 |
| Concessions, industrial property rights | 1,156 | 821 |
| Development costs | 2,599 | 2,702 |
| Goodwill | 9,187 | 9,187 |
| Advance payments | 5 | 494 |
| Property, plant and equipment | 35,390 | 34,888 |
| Land and buildings | 17,030 | 17,556 |
| Technical equipment and machinery | 12,253 | 11,984 |
| Other equipment, operating and office equipment | 4,019 | 3,801 |
| Advance payments and assets under construction | 2,088 | 1,547 |
| Financial assets | 140 | 112 |
| Securities held as fixed assets | 140 | 112 |
| Other assets | 197 | 209 |
| Deferred taxes | 689 | 676 |
| 49,363 | 49,089 | |
| Current assets | ||
| Inventories | 21,350 | 20,223 |
| Raw materials, consumables and supplies | 12,269 | 11,304 |
| Unfinished goods and services | 258 | 268 |
| Finished products and goods | 8,807 | 8,633 |
| Advance payments made | 16 | 18 |
| Receivables and other assets | 15,876 | 11,980 |
| Trade receivables | 14,504 | 10,834 |
| Other assets | 1,372 | 1,146 |
| Income tax assets | 496 | 490 |
| Cash and cash equivalents | 11,844 | 12,393 |
| 49,566 | 45,086 | |
| Total assets | 98,929 | 94,175 |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
7
| Equity and liabilities in EUR thousand | 31.03.2026* | 31.12.2025 |
|---|---|---|
| Equity | ||
| Consolidated equity | 72,103 | 68,649 |
| Issued capital | 9,618 | 9,618 |
| Capital reserve | 31,306 | 31,306 |
| Retained earnings | 32,392 | 29,219 |
| Reserve for the market valuation of financial instruments | -567 | -595 |
| Reserves for the fair value measurement of hedging instruments | 12 | 46 |
| Reserve for currency differences | -658 | -945 |
| Non-controlling interests | 381 | 366 |
| Total equity | 72,484 | 69,015 |
| Non-current liabilities | ||
| Provisions | 268 | 268 |
| Financial liabilities | 13,241 | 13,613 |
| Other liabilities | 550 | 550 |
| Deferred taxes | 1,276 | 891 |
| 15,335 | 15,322 | |
| Current liabilities | ||
| Provisions | 152 | 153 |
| Financial liabilities | 1,478 | 1,505 |
| Income tax liabilities | 1,933 | 2,045 |
| Other liabilities | 7,547 | 6,135 |
| Trade payables | 3,633 | 2,101 |
| Other liabilities | 3,914 | 4,034 |
| 11,110 | 9,838 | |
| Total liabilities and shareholders' equity | 98,929 | 94,175 |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Consolidated Statement of Income
| 01.01.-31.03.2026* | 01.01.-31.03.2025* | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| 1. | Revenue | 27,379 | 27,545 |
| 2. | Increase/Decrease in inventories of finished and unfinished goods | 207 | -323 |
| 3. | Other own work capitalised | 10 | 19 |
| 4. | Other income | 284 | 190 |
| Operating performance | 27,880 | 27,431 | |
| 5. | Cost of materials | -7,388 | -7,521 |
| 6. | Personnel expenses | -9,821 | -9,298 |
| 7. | Depreciation and amortisation | -1,476 | -1,376 |
| 8. | Other expenses | -4,711 | -4,791 |
| 9. | Financial result | ||
| Financial expenses | -204 | -264 | |
| Other financial result | 7 | 2 | |
| 10. | Earnings before taxes | 4,287 | 4,183 |
| 11. | Income taxes | -1,122 | -1,123 |
| 12. | Consolidated result | 3,165 | 3,060 |
| thereof: non-controlling interests | 15 | 20 | |
| thereof: share of shareholders of Masterflex SE | 3,150 | 3,040 | |
| Earnings per share (undiluted and diluted) in € | 0.33 | 0.32 |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Consolidated Statement of Comprehensive Income
| 01.01.-31.03.2026* | 01.01.-31.03.2025* | |
|---|---|---|
| EUR thousand | EUR thousand | |
| Consolidated result | 3,165 | 3,060 |
Other income
| Items that are subsequently reclassified to profit or loss if certain conditions are fulfilled | |||
|---|---|---|---|
| 1. | Currency gains/losses from the translation of foreign financial statements | 310 | -401 |
| 2. | Changes in the market value of financial instruments | 28 | 11 |
| 3. | Changes in the market value of hedging transactions | -48 | 150 |
| 4. | Income taxes | 14 | -45 |
| 5. | Other comprehensive income after taxes | 304 | -285 |
| 6. | Comprehensive income | 3,469 | 2,775 |
| Comprehensive income | 3,469 | 2,775 | |
| thereof: non-controlling interests | 15 | 20 | |
| thereof: share of the shareholders of Masterflex SE | 3,454 | 2,755 |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Consolidated Cash Flow Statement
| in EUR thousand | 31.03.2026* | 31.03.2025* |
|---|---|---|
| Profit for the period before taxes, interest expenses and financial income | 4,484 | 4,445 |
| Income tax expenses | -808 | -799 |
| Depreciation and amortisation of property, plant and equipment and intangible assets | 1,476 | 1,376 |
| Increase/decrease in provisions | -1 | 7 |
| Other non-cash income and profit from the disposal of fixed assets | 5 | 1 |
| Increase in inventories | -1,127 | 316 |
| Increase in trade receivables and other assets not attributable to investing or financing activities | -3,903 | -6,215 |
| Increase in trade payables and other liabilities not attributable to investing or financing activities | 1,361 | 1,173 |
| Cash flow from operating activities | 1,487 | 304 |
| Payments for investments in non-current assets | -1,724 | -547 |
| Cash flow from investing activities | -1,724 | -547 |
| Interest expenses | -179 | -233 |
| Payments for lease liabilities | -420 | -431 |
| Cash flow from financing activities | -599 | -664 |
| Cash-effective changes in cash and cash equivalents | -836 | -907 |
| Changes in cash and cash equivalents due to exchange rates and other changes in value | 287 | -342 |
| Cash and cash equivalents at the beginning of the period | 12,393 | 11,584 |
| Cash and cash equivalents at the end of the period | 11,844 | 10,335 |
- unaudited
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
Consolidated of Changes in Equity
| Subscribed capital | Capital reserve | Retained earnings | Reserve for the market valuation of financial instruments | Reserve for hedging transactions | Reserve for exchange differences | Share/ of shareholders of Master Flex SE | Non controlling interests | Equity | |
|---|---|---|---|---|---|---|---|---|---|
| in EUR thousand | |||||||||
| Equity as at 31.12.2025 | 9,618 | 31,306 | 29,219 | -595 | 46 | -945 | 68,649 | 366 | 69,015 |
| Overall result | 0 | 0 | 3,173 | 28 | -34 | 287 | 3,454 | 15 | 3,469 |
| Consolidated net income | 0 | 0 | 3,150 | 0 | 0 | 0 | 3,150 | 15 | 3,165 |
| Other comprehensive income after income taxes | 0 | 0 | 23 | 28 | -34 | 287 | 304 | 0 | 304 |
| Changes in the fair value of financial instruments | 0 | 0 | 0 | 28 | 0 | 0 | 28 | 0 | 28 |
| Changes in the market value of hedging instruments | 0 | 0 | 0 | 0 | -48 | 0 | -48 | 0 | -48 |
| Currency gains/losses from the translation of foreign financial statements | 0 | 0 | 23 | 0 | 0 | 287 | 310 | 0 | 310 |
| Income taxes attributable to other comprehensive income | 0 | 0 | 0 | 0 | 14 | 0 | 14 | 0 | 14 |
| Equity as at 31.03.2026 | 9,618 | 31,306 | 32,392 | -567 | 12 | -658 | 72,103 | 381 | 72,484 |
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
12
Consolidated of Changes in Equity
| Subscribed capital | Capital reserve | Retained earnings | Reserve for the market valuation of financial instruments | Reserve for hedging transactions | Reserve for exchange differences | Share of shareholders of Master Flex SE | Non controlling interests | Equity | |
|---|---|---|---|---|---|---|---|---|---|
| in EUR thousand | |||||||||
| Equity as at 31.12.2024 | 9,618 | 31,306 | 23,129 | -621 | -203 | -23 | 63,206 | 379 | 63,585 |
| Overall result | 0 | 0 | 2,981 | 11 | 105 | -342 | 2,755 | 20 | 2,775 |
| Consolidated net income | 0 | 0 | 3,040 | 0 | 0 | 0 | 3,040 | 20 | 3,060 |
| Other comprehensive income after income taxes | 0 | 0 | -59 | 11 | 105 | -342 | -285 | 0 | -285 |
| Changes in the fair value of financial instruments | 0 | 0 | 0 | 11 | 0 | 0 | 11 | 0 | 11 |
| Changes in the market value of hedging instruments | 0 | 0 | 0 | 0 | 150 | 0 | 150 | 0 | 150 |
| Currency gains/losses from the translation of foreign financial statements | 0 | 0 | -59 | 0 | 0 | -342 | -401 | 0 | -401 |
| Income taxes attributable to other comprehensive income | 0 | 0 | 0 | 0 | -45 | 0 | -45 | 0 | -45 |
| Equity as at 31.03.2025 | 9,618 | 31,306 | 26,110 | -610 | -98 | -365 | 65,961 | 399 | 66,360 |
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026
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Investor Relations
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www.masterflexgroup.com
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Masterflex SE
Forward-Looking Statements
This report contains forward-looking statements. These statements are based on the current expectations, assumptions and forecasts of the Management Board and the information currently available to it. The forward-looking statements are not to be understood as guarantees of the future developments and results mentioned therein. Rather, future developments and results depend on a variety of factors, they involve various risks and uncertainties and are based on assumptions that not prove to be accurate. We assume no obligation to update the forward-looking statements made in this report.
MASTERFLEX GROUP
Connecting Values
QUARTERLY STATEMENT 1/2026