Masterflex increases profitability in the first quarter of 2024 – Operating EBIT margin rises to 16.3%

• Group revenue at EUR 26.2 million (3M/2023: EUR 27.6 million)

• Group operating EBIT grows to EUR 4.3 million (3M/2023: EUR 4.1 million)

• Further improvement in operating EBIT margin to 16.3% (3M/2023: 15.0%)

• Solid order backlog of EUR 20.8 million as of March 31, 2024

• Forecast for the financial year 2024 confirmed

Gelsenkirchen, 08. May 2024 – Masterflex SE (ISIN: DE0005492938) is starting the financial year 2024 with a boost in profitability in the first quarter. Although the challenging economic environment is having an impact on the revenue side, Masterflex nevertheless recorded the best operating EBIT ever in a first quarter.

The Masterflex Group generated revenue of EUR 26.2 million in the first three months of 2024. This corresponds to a year-on-year decline in revenue of 5.2% compared to a strong prior-year figure of EUR 27.6 million. The slight decline in revenue primarily reflects the economic headwind in cyclical customer sectors such as mechanical and plant engineering. Activities in Asia were also slightly down on the previous year due to the economic situation and the uncertain geopolitical situation. The medical technology sector remained at a high level with a 17% share of sales, although it stagnated in the first quarter. This was partly due to the effects of the Easter holidays and partly to inventory corrections on the customer side. In contrast, the aerospace, food and semiconductor sectors recorded growth as in previous quarters. At regional level, the robust US economy in particular is reflected in the growth of activities in the USA.

EBITDA increased by 1.8% to EUR 5.5 million (3M/2023: EUR 5.4 million) despite the decline in revenue. Group operating EBIT for the first quarter of 2024 improved to EUR 4.3 million and set a new record for a first quarter with an increase of 3.1% compared to the same period of the previous year (3M/2023: EUR 4.1 million). The Group's operating EBIT margin thus increased to 16.3% after 15.0% in the same period of the previous year. The very pleasing earnings performance given the decline in sales is mainly due to a strong increase in earnings in the aviation business at Matzen & Timm, which was achieved through volume effects and improved efficiency. The positive business development of the US activities and the continued high earnings level of the other subsidiaries also contributed significantly to the strong EBIT. The increase in earnings is based, among other things, on efficiency gains in production and optimizations in purchasing, which are reflected in an improved materials usage ratio. In addition, despite a higher wage and salary level due to inflation, personnel costs were successfully controlled through capacity optimization, which is reflected in an only moderately increasing personnel cost ratio of 34.2% in the reporting period compared to 33.1% in the previous year.

At net level, consolidated net income totaled EUR 2.8 million (3M/2023: EUR 3.4 million. Accordingly, consolidated earnings per share totaled EUR 0.30 (3M/2023: EUR 0.36). The decline in earnings at net level is due to higher financing costs as a result of the rise in interest rates and, in particular, a positive tax effect in the same period of the previous year.

“In terms of earnings, we had a strong start to the financial year. In the first quarter, we once again topped the high benchmark from the previous year and are of course working on increasing our profitability,” comments CFO Mark Becks.

The Masterflex Group's balance sheet position improved again as of March 31, 2024. Group equity amounted to EUR 60.6 million as at the end of March 2024, compared with EUR 57.6 million as of December 31, 2023. The Group's equity ratio consequently increased to 63.4% as of March 31, 2024 (December 31, 2023: 61.5%) despite the EUR 1.9 million increase in total assets to EUR 95.6 million (December 31, 2023: EUR 93.7 million).

Dr Andreas Bastin, CEO of the Masterflex Group: “We are satisfied with the development of the first quarter of 2024, especially concerning our further increase in profitability. The increase in our operating EBIT margin to 16.3% shows that we are delivering what we promise. Our leading position in the market for hose and connection solutions is helping us, especially in the current challenging economic environment. We are now building on this as part of our HERO@ZERO strategy expansion. The transition to the circular economy, the focus on growth areas such as life science, mobility, technology and infrastructure and the addition of new, data- and service-based business offer us the opportunity to further drive growth and profitability. We are facing perhaps the most exciting growth phase in the history of Masterflex.”

Order situation allows optimistic outlook – 2024 forecast confirmed

The order situation remains robust despite economic uncertainties, with the order backlog at the end of the first quarter standing at EUR 20.8 million and remaining stable compared to the year-end figure of EUR 20.5 million as of December 31, 2023. Looking ahead, there are signs of an upturn in the medical technology sector following the inventory corrections, business in the Aerospace sector continues to develop positively, while US activities are benefiting from the robust US economy. In addition, catch-up effects are expected from projects in the industrial hose business that were postponed due to the reporting date, meaning that the order situation allows an optimistic outlook for the rest of the year.

Against this background, the Management Board confirms the previous forecast for the 2024 financial year. Based on the assumption that there will be no substantial deterioration in either the economic situation or geopolitical uncertainties, the Management of the Masterflex Group continues to expect revenue in the range of EUR 100 million to EUR 107 million and EBIT in the range of EUR 12 million to EUR 15 million for 2024 as a whole.

Key figures

*) unaudited

The quarterly report as of March 31, 2024 is available online at

Conference Call/Webcast
A conference call/webcast will be held for press representatives, analysts and institutional investors on May 8, 2024, 10:00 am. The investor presentation on the first quarter 2024 business figures will be published on .
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About Masterflex SE
The Masterflex Group is an expert on the development and manufacture of sophisticated connection and hose systems. With 14 operating units in Europe, America and Asia, the Group is represented nearly worldwide. Current drivers of its growth include internationalization, innovation, operational excellence and digitalization. Masterflex shares (GSIN: , ISIN: ) have been listed in the Prime Standard of the German Stock Exchange since 2000.

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