Masterplast closed the year with a record quarter – the turnaround in profitability has been achieved

EBITDA from normal business operations was 6.4 million euros, at an EBITDA ratio of 10.6%. In the fourth quarter the Company's profit after tax – excluding the effect of one-off items – reached 2,177 thousand euros, against the loss realised in the same period of the previous year.

Thanks to the outstanding quarterly performance, the turnaround in profitability signalled earlier was also achieved at the annual level. A decisive role in this was played by the intense sales activity seen on the market for Verified Energy Efficiency (VEE) certificates, alongside noticeable growth in demand across several segments of the company's product range. The growth in turnover resulted in higher production volumes, which allowed for higher capacity utilisation and improving operational efficiency.

Taking the 2025 business year as a whole, the Group's revenue rose to 171.2 million euros. Annual EBITDA cleared of the effect of one-off items exceeded 12 million euros, a considerable improvement on the previous year. The turnaround in operational profitability is shown by annual EBIT excluding one-off items, which came to a profit of 4.4 million euros.

The reported annual result was, however, burdened by a total of 9.8 million euros of impairment and provisioning, as well as 1.3 million euros of financial expenses. The Company emphasises that these are predominantly conservative accounting entries related to settling the investment exposures of recent years – primarily the discontinuation of EPS manufacturing in Italy and the halting of the rock wool investment – and do not arise from the operations of the fourth quarter. During the preparation of the latter project the Company made significant advance payments to technology suppliers, and the manufacturing of special-purpose machinery had also begun. Following the halting of the investment, the recovery of these amounts and assets may be limited and partly conditional; the Company is nevertheless taking every necessary step to achieve the highest possible rate of recovery and utilisation.

The Company's financial position strengthened further by the end of the year: cash holdings rose to 11.3 million euros, and the company met its due bond and loan repayments without drawing on external funds.

In the industry environment, the recovery of the renovation market and of energy efficiency investments remains a decisive factor. European building energy regulation, together with Hungarian and regional incentive programmes, creates a stable basis of demand on the thermal insulation market. The VEE market showed outstanding activity in the last quarter of 2025, which contributed directly to the record revenue.

"The results of the fourth quarter clearly confirm that Masterplast is once again on a positive growth path. Record revenue, improving efficiency and a strengthened financial position provide a stable basis for further development. By rethinking our manufacturing strategy and cleaning up the portfolio, the losses suffered in recent years have been written off, so we begin the new year with a clean slate. Our focus is on the technologies and sites that provide stable profitability and long-term growth potential, with particular regard to developing glass wool manufacturing and strengthening EPS production in Hungary. Over the past three years of crisis we have learned to operate profitably even with lower output and a lower cost level, and this efficiency will bring us a great deal during the market recovery expected in the coming years. We are convinced that the European thermal insulation market will remain on a dynamic growth path, and that Masterplast, with its strengthened operational foundations, will be one of its winners," said Tibor Dávid, Chairman and CEO of Masterplast Nyrt.