EQS-News: Masterflex increases revenue and achieves record earnings in the first nine months of 2026 – outlook for the 2026 financial year reaffirmed

Masterflex increases revenue and achieves record earnings in the first nine months of 2026 – outlook for the 2026 financial year reaffirmed

• Consolidated revenue after nine months at EUR 82.2 million (9M/2025: EUR 79.8 million)
• Consolidated operating EBIT at a nine-month record high of EUR 12.3 million (9M/2025: EUR 12.1 million)
• Operating EBIT margin largely stable at 14.9% (9M/2025: 15.1%) despite start-up costs for Morocco
• Net debt reduced to EUR 1.0 million (31 December 2025: EUR 2.7 million); Equity ratio increased to 74.1% (31 December 2025: 73.3%)
• Forecast for the 2026 financial year confirmed

Gelsenkirchen, Germany, 4 November 2026 – Masterflex SE (ISIN: DE0005492938) continued its positive performance in the first nine months of the 2026 financial year. Despite a geopolitical and macroeconomic environment that remains challenging, the Company once again increased its revenue and earnings and achieved another record result for the period from January through September.

Growth particularly strong in the “Life” target industry group

From January through September 2026, Masterflex increased revenue by 3.0% to EUR 82.2 million (9M/2025: EUR 79.8 million). Looking at the third quarter in isolation, revenue actually rose by 5.6% to EUR 27.9 million (Q3/2025: EUR 26.5 million). Price and volume effects contributed equally to this growth. Once again, the most important driver was the “Life” target industry group: Both customers in the medical technology sector and the food industry placed more orders.

Regionally, the home market of Germany in particular showed a significantly positive trend. In Europe as well, revenue was slightly above the prior-year level, while in Asia the positive trend from the first half of the year continued. In the Americas, revenue remained slightly below the prior-year level; this was due to declining revenue in certain areas and currency effects.

Order intake remained at a high level and was largely driven by the medical technology business. The order backlog increased to EUR 23.2 million as of 30 September 2026 (30 June 2026: EUR 21.8 million; 31 December 2025: EUR 19.8 million).

Operating result and consolidated net income increased further

On the earnings side, Masterflex continued its positive trend and once again achieved record figures for the nine-month period. Operating EBITDA rose by 3.9% to EUR 16.8 million in the first nine months of 2026 (9M/2025: EUR 16.1 million). Operating EBIT increased by 1.9% to EUR 12.3 million (9M/2025: EUR 12.1 million). The operating EBIT margin stood at 14.9% (9M/2025: 15.1%), representing a slight improvement over the first-half figure of 14.8%. The moderate year-over-year decline in the operating EBIT margin reflects one-time effects from start-up costs associated with establishing the site in Morocco, which amounted to approximately EUR 0.6 million on an EBIT basis. Efficiency gains in production and procurement partially offset this impact.

The cost of materials as a percentage of total output improved to 26.9% (9M/2025: 27.8%). The personnel cost ratio increased to 36.9% (9M/2025: 35.0%), primarily due to workforce expansion in Morocco, higher personnel costs driven by inflation, the insourcing of IT services, and the use of temporary workers as a result of a temporary spike in sick leave. Other expenses decreased by 4.0% to just under EUR 14.0 million, partly due to the IT insourcing.

Consolidated net income attributable to Masterflex SE shareholders increased by 10.0% to EUR 8.5 million (9M/2025: EUR 7.7 million). A lower tax rate and the improved financial result also contributed to this. Earnings per share rose accordingly from EUR 0.81 to EUR 0.89.

Solid financial position and further decline in net debt

The balance sheet remains exceptionally solid. Equity increased to EUR 75.1 million, primarily as a result of the positive nine-month results. The equity ratio improved from 73.3% at the end of 2025 to 74.1%, even though total assets as of 30 September 2026 rose to EUR 101.3 million (31 December 2025: EUR 94.2 million). Cash and cash equivalents rose by EUR 0.7 million to EUR 13.1 million since the end of 2025, despite higher capital expenditures. At the same time, current and non-current financial liabilities decreased by EUR 1.0 million to EUR 14.1 million. Net debt fell significantly from EUR 2.7 million at year-end to approximately EUR 1.0 million.

Investments lay the foundation for further growth

As part of the implementation of the Hero@Zero Group strategy, Masterflex continued to pursue several strategic growth initiatives in the first nine months. A key step is the engineering and framework agreement with an industrial customer that was finalized in the previous financial year. The project opens the door to new materials, assembly, and automation technologies and expands the depth of technological value creation. Initial revenue from this project is still expected to begin in 2027. In the medium term, the project – together with potential follow-up projects – could contribute up to an additional EUR 10 million annually. At the same time, it increases the share of recurring revenue.

Construction of the new production facility in Morocco is well underway. The start of production is still scheduled for the fourth quarter of 2026. The state-of-the-art manufacturing facility will provide additional capacity for highly specialized hose and connection systems for the aviation industry. In the medium term, the facility is expected to make a significant contribution to the expansion of the aviation business. The long-term goal is to double revenue in this segment.

In addition, Masterflex has specifically expanded its cleanroom capacity for applications in medical and laboratory technology. In doing so, the Company is laying the groundwork to meet the persistently high demand in this high-margin business and to further strengthen its position in the fast-growing life sciences and medical technology sectors.

Dr. Andreas Bastin, CEO of the Masterflex Group: “With the ramp-up of production in Morocco, the expansion of cleanroom capacity, and the first revenue from the engineering contract expected in 2027, we are systematically positioning our Company for the years ahead. These initiatives will involve start-up and investment expenses in the short term, but they will create additional capacity and growth opportunities. We therefore reaffirm our forecast for the current financial year.”

Outlook for 2026 confirmed

Given the positive business performance and the continued solid order backlog, the Management Board confirms its forecast for the 2026 financial year. Despite ongoing geopolitical, trade, and economic uncertainties, the Company continues to expect revenue of between EUR 103 million and EUR 108 million (2025: EUR 102.6 million) and EBIT in the range of EUR 13 million to EUR 16 million (2025: EUR 13.7 million).

The aforementioned growth projects will initially be characterized by start-up costs and will still have a slight negative impact on earnings in the 2026 financial year. Nevertheless, the Management Board continues to expect to be able to maintain the operating EBIT margin at a stable level for the full year.

Selected Group key figures

*unaudited

Quarterly Report

The quarterly report as of 30 September 2026 has been published at www.masterflexgroup.com/investor-relations/financial-reports-of-masterflex-se/

Webcast

A webcast for members of the press, analysts, and institutional investors will take place today, 4 November 2026, at 10:00 a.m. CET. The investor presentation on the business figures for the first nine months of 2026 is available for download at www.masterflexgroup.com/investor-relations/financial-reports-of-masterflex-se/

To register for the webcast, please sign up at the following link:

Masterflex SE – Earnings Call 9M 2026

About Masterflex SE:
The Masterflex Group specializes in the development and manufacture of sophisticated connection and hose systems. With 14 operating units in Europe, America and Asia, the Group is represented almost worldwide. Growth drivers are internationalization, innovation, operational excellence and digitalization. Masterflex shares (GSIN: 549293, ISIN: DE0005492938) have been listed in the Prime Standard of the German Stock Exchange since 2000.

IR Contact:
Susan Hoffmeister
Investor Relations
Tel.: +49 89 125 09 03 33
sh@crossalliance.de
www.crossalliance.de