- Group revenue increased by 5.1% to EUR 27.5 million (Q1/2024: EUR 26.2 million)
- Group operating EBIT improved to EUR 4.5 million (Q1/2024: EUR 4.3 million)
- Operating EBIT margin remains stable at 16.3% (Q1/2024: 16.3%)
- Order backlog as of 31 March 2025 slightly increased to EUR 20.3 million (31 December 2024: EUR 19.8 million)
- Outlook for 2025 confirmed: revenue between EUR 100 million and EUR 105 million and EBIT between EUR 12 million and EUR 15 million expected
The Masterflex Group generated revenue of EUR 27.5 million in the first three months of 2025. This represents year-on-year growth of 5.1% compared with the previous year's figure of EUR 26.2 million. After a stable start to the year in the first two months, business picked up significantly in March and even set a new monthly record. The subsidiaries Novoplast, Matzen & Timm and the American business contributed significantly to growth in the first three months thanks to strong demand from customers in the infrastructure, medical technology, aviation and automotive industries.
“We have made a promising start to the 2025 financial year and have returned to our growth trajectory, which, given the continuing uncertain economic situation, serves as a validation of our work and market position,” emphasises Dr. Andreas Bastin, CEO of the Masterflex Group.
Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 5.6% to EUR 5.8 million (Q1/2024: EUR 5.5 million). Operating earnings before interest and taxes (EBIT) were 5.4% higher than the previous year's figure of EUR 4.3 million at EUR 4.5 million. Thus, both EBITDA and operating EBIT thus reached new record levels in the first quarter.
The operating EBIT margin remained stable at 16.3% (Q1/2024: 16.3%) despite higher investments in capacity expansion. Consolidated net income attributable to shareholders of Masterflex SE reached EUR 3.0 million, representing an increase of 7.1% compared with the prior-year figure of EUR 2.8 million. Earnings per share rose accordingly to EUR 0.32 (Q1/2024: EUR 0.30).
The increase in earnings is primarily due to the growing contribution of high-margin products to revenue growth, greater production efficiency and optimised purchasing. Additionally, despite higher wage and salary levels due to inflation, personnel costs were successfully controlled through capacity optimisations. These effects are reflected in an improved cost of material ratio of 27.6% (Q1 2024: 30.4%) and virtually stable personnel cost ratio of 34.1% (Q1 2024: 33.9%).
Mark Becks, CFO of the Masterflex Group, comments: “We are delighted with the record operating results achieved. Maintaining our operating EBIT margin despite higher inflation-related costs and additional expenses for setting up and ramping up the new site in Morocco shows that we are making the right adjustments.”
The Masterflex Group's balance sheet position improved further as of 31 March 2025. Consolidated equity amounted to EUR 66.4 million as of the reporting date at the end of March 2025, compared with EUR 63.6 million as of 31 December 2024. The consolidated equity ratio increased slightly to 67.9% as of 31 March 2025 (31 December 2024: 67.7%), despite the EUR 4.1 million increase in total assets to EUR 97.7 million (31 December 2024: EUR 93.9 million).
In the 2025 financial year, the focus will be on important projects to accelerate growth. These include, in particular, the planned expansion of production capacity in the aviation business with a new plant in Morocco to meet high demand and optimise costs. As part of its HERO@ZERO strategy, the Masterflex Group is also expanding its consulting services for sustainable product development. In this context, the market launch of the first biodegradable and cradle-to-cradle-capable hoses, which are currently being developed for series production, is also planned in order to expand the product range in the direction of sustainability.
Dr Andreas Bastin, CEO of the Masterflex Group, adds: “As an innovation leader in the industry, the Masterflex Group is excellently positioned to actively shape the transformation and secure long-term, sustainable growth. We are seeing robust demand for our solutions and are confident that we will achieve the targets we have set for 2025.”
Robust order situation – outlook for 2025 confirmed
Despite economic uncertainties, the order situation remains robust, with orders on hand at the end of the first quarter of 2025 amounting to EUR 20.3 million, slightly above the year-end figure of EUR 19.8 million as of 31 December 2024.
Against this background, the Management Board confirms the outlook for the 2025 financial year communicated in the 2024 annual report. The Management Board of the Masterflex Group continues to expect revenues in the range of EUR 100 million to EUR 105 million. EBIT is expected to be between EUR 12 million and EUR 15 million.
Key figures
| in EUR thousand | 3M/2025* | 3M/2024* | Change |
| Consolidated revenue | 27,545 | 26,207 | 5.1% |
| EBITDA | 5,821 | 5,514 | 5.6% |
| EBIT (operating) | 4,492 | 4,263 | 5.4% |
| EBIT | 4,445 | 4,238 | 4.9% |
| EBT | 4,183 | 3,917 | 6.8% |
| Financial result | -262 | -321 | -18.4% |
| Consolidated net income | 3,040 | 2,839 | 7.1% |
| Consolidated earnings per share (EUR) | 0.32 | 0.30 | 6.7% |
| EBIT-Marge (operating) | 16.3% | 16.3% | |
| Net return on revenue | 11.0% | 10.8% | |
| Employees (number) | 598 | 604 | -1.0% |
| in EUR thousand | 31.03.2025* | 31.12.2024 | Change |
| Consolidated equity | 66,360 | 63,585 | 4.4% |
| Consolidated equity ratio | 67.9% | 67.7% | |
| Consolidated balance sheet | 97,716 | 93,890 | 4.1% |
* unaudited
The quarterly report as of March 31, 2025 is available online at https://www.masterflexgroup.com/investor-relations/financial-reports-of-masterflex-se/
Conference Call/Webcast
A conference call/webcast will be held for press representatives, analysts and institutional investors on May 7, 2025, 10:00 am. The current investor presentation on the first quarter 2025 business figures will be published on www.masterflexgroup.com.
To participate, please register here: Masterflex SE – Earnings Call Q1 2025