RMASTERFLEX GROUP

Earnings Call Presentation

HY/2024

AGENDA

01 Overview
02 Key Figures HY/2024
03 Outlook 2024
04 Appendix

01 | Overview

Highlights of the first six months

Group revenue despite declining economic momentum stable at EUR 51.6 million (HY/2023: EUR 52.7 million)

Record result due to profitability boost: operating EBIT margin rises from $12.9 \%$ to $14.6 \%$

Future programme HERO@ZERO as growth strategy shows first successes

Stable order situation in medical technology, aviation, life science and specialist industries

Order backlog as of 30 June 2024 remains at a high level of EUR 20.0 million (31/12/2023: EUR 20.5 million)

Increase in Group equity to EUR 62.4 million (31/12/2023: EUR 57.6 million); solid equity ratio of $64.5 \%$ (31/12/2023: 61.5\%)

Guidance for 2024 confirmed: Revenue between EUR 100 million and EUR 107 million, EBIT between EUR 12 million and EUR 15 million expected
Dividend increase of $25 \%$ to EUR 0.25 per share (2023: EUR 0.20)

Profitability increased in the first half of 2024

Revenue slightly below previous year's figure due to economic conditions
Operating EBIT margin nevertheless expanded to 14.6\% (HY/2023: 12.9\%)
Stable earnings reflect favorable product mix
Price increases and efficiency improvements in purchasing are having an impact
Cost of materials ratio (measured in terms of total output) further reduced to 29.6\% (HY/2023: 33.0\%)
Labour costs partially offset by productivity increases

in EUR million	HY/2024	HY/2023	Change
Revenue	51.6	52.7	$-2.1 \%$
EBITDA	10.1	9.4	$+7.4 \%$
EBIT (operating)	7.5	6.8	$+10.8 \%$
Consolidated result	4.8	4.3	$+13.4 \%$
EPS (in EUR)	0.50	0.44	$+13.6 \%$

Rising Group equity in the first half of 2024

Group equity in EUR million and equity ratio

Dividend/EPS

Group equity increases to EUR 62.4 million as of 30 June 2024 due to the positive Group result (31/12/2023: EUR 57.6 million)
Equity ratio higher at 64.5\% (31/12/2023: 61.5\%)
Net debt slightly lower at EUR 12.4 million (31/12/2023: EUR 13.1 million) despite payment of bonuses and insurance premiums
Earnings per share of EUR 0.50 (previous year: EUR 0.44) influenced by higher financing costs and tax effect
Dividend of EUR 0.25 per share $(+25 \%)$

Masterflex share and analyst ratings

Development of the share price from April 2023 to July 2024 in EUR (on Xetra basis)

Analyst ratings
Consensus expectations revenue in EUR million

2024e 2025e 2026e
Source: Bloomberg

Shareholder structure

SMC Research 13.05.2024 BUY - EUR 15.00

OS | Outlook

Outlook 2024

Outlook medium-term forecast

Increasing digitalisation and further internationalisation coupled with organic and inorganic growth form the strategic basis for longterm growth
Additional leverage through organic growth and acquisitions to achieve revenue level of EUR 200 million by 2030 - focus shifts towards organic growth thanks to robust growth perspective
Extended product and service range in the circular economy planned based on Ampius hose system
Further increase in profitability thanks to the use of economies of scale
Focus on megatrends such as green energy, semiconductors, life science, medical technology and a suitable portfolio of solutions ensures sustainable growth