- Group revenue in Q1 2026 at EUR 27.4 million (Q1/2025: EUR 27.5 million)
- Operating Group 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 expanded to EUR 21.3 million as of 31 March 2026 (31 December 2025: EUR 19.8 million)
- 2026 forecast: revenue expected between EUR 103 million and EUR 108 million, EBIT between EUR 13 million and EUR 16 million
Masterflex SE (ISIN: DE0005492938) has made a successful start to the 2026 financial year and once again confirms the resilience of its business model in a still challenging geopolitical and macroeconomic environment. Despite start-up investments related to international expansion, Masterflex was able to further increase profitability and improve its operating EBIT margin in the first quarter of 2026 while maintaining stable revenue development – the result of a consistent focus on high-margin products and continuous efficiency improvements.
Group revenue stood at EUR 27.4 million, unchanged from the previous year (Q1/2025: EUR 27.5 million). While the target industry group “Life” – particularly medical technology, food, pharma, and agriculture – once again recorded encouraging growth, business in the “Tech” customer group declined temporarily. This mainly affected cyclical industries such as mechanical engineering, plastics processing, robotics, semiconductors, and surface coatings. The “Infrastructure” and “Mobility” areas, particularly shipping and rail, also experienced a slight weakening in the first quarter. Regional development was mixed: while the start of the year in the U.S. was subdued, Asia as well as Germany and Europe developed positively and were able to partially offset the weaker U.S. market.
On the earnings side, Masterflex achieved further improvements despite start-up costs for the Morocco site: operating EBITDA increased by 3.0% to EUR 6.0 million (Q1/2025: EUR 5.9 million), 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%). Net income attributable to shareholders of Masterflex SE amounted to EUR 3.2 million in the first quarter of 2026, above the prior-year level of EUR 3.0 million. With new record Q1 earnings, the Masterflex Group demonstrates sustainable earnings strength driven by its consistent focus on high-margin products and ongoing efficiency gains.
The balance sheet remains very solid: Group equity increased to EUR 72.5 million as of 31 March 2026 (31 December 2025: EUR 69.0 million) as a result of the positive quarterly result. The equity ratio remained stable at 73.3% despite an expansion of the balance sheet total. Net debt amounted to EUR 2.9 million as of the reporting date (31 December 2025: EUR 2.7 million). The gearing ratio (net debt/ operating EBITDA LTM) remained unchanged at 0.1 compared to the 2025 balance sheet date.
The order backlog increased to EUR 21.3 million as of 31 March 2026, exceeding both the level as of 31 December 2025 (EUR 19.8 million) and the prior-year quarter (Q1/2025: EUR 20.3 million). Overall, this reflects a positive development and underlines the continued solid demand base. The associated build-up of inventories and receivables reflects the anticipated growth.
Despite ongoing geopolitical, trade, and economic policy uncertainties, the Management Board maintains the forecast for the 2026 financial year as communicated in the 2025 Annual Report, supported by the strong order situation and the overall encouraging performance in the first quarter. The company continues to expect growth momentum particularly in the second half of 2026, driven mainly by the ramp-up of the new aviation production facility in Morocco as well as initial deliveries from the development and framework agreement concluded in the 2025 financial year. The start-up costs associated with these projects are likely to weigh slightly on earnings development in the short term. Nevertheless, management expects to keep the operating EBIT margin at a stable level for the full year.
For the 2026 financial year, the Masterflex Group continues to expect revenue in the range of EUR 103 million to EUR 108 million (2025: EUR 102.6 million). EBIT is expected to range between EUR 13 million and EUR 16 million (2025: EUR 12.5 million).
Dr. Andreas Bastin, CEO of the Masterflex Group, comments: “We have started 2026 with high earnings quality. Despite revenue at the previous year’s level and targeted start-up investments, we were able to further improve our margin while expanding our order backlog. This underlines the robustness of our business model. By consistently implementing our strategy, expanding capacities in the Life segment, and scaling internationally, we are laying the foundation for sustainable growth and further increases in profitability.”
Selected Group key figures
| in EUR thousand | Q1 2026* | Q1 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% |
| Consolidated net income | 3,150 | 3,040 | 3.6% |
| Consolidated earnings per share (EUR) | 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% |
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| |
| in EUR thousand | 31.03.2026* | 31.12.2025 | Change |
| Consolidated equity | 72,484 | 69,015 | 5.0% |
| Consolidated total assets | 98,929 | 94,175 | 5.0% |
| Consolidated equity ratio | 73.3% | 73.3% |
|
*unaudited
Quarterly Report
The quarterly report as of 31 March 2026 is available online 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 on 6 May 2026, at 10:00 a.m. The investor presentation on the first quarter 2026 business figures will be published at www.masterflexgroup.com/investor-relations/financial-reports-of-masterflex-se/.
To register for the conference call/webcast, please sign up at the following link: