Masterplast closed one of the strongest first halves in its history

Key results

• Revenue of 100.5 million euros – the second highest first-half revenue in the company's history

• EBITDA of 11.1 million euros – the third best first-half result in the company's history

• An EBITDA margin of 11.0% – improving profitability

• Revenue growth of more than 50%

Despite a European construction environment that remains subdued, Masterplast Nyrt. achieved one of the strongest first-half performances in its history. In the first six months of 2026 the company realised revenue of 100.5 million euros, the second highest first-half revenue in its existence, while EBITDA of 11.1 million euros is the third best first-half result in the company's history. Revenue exceeded the 65.8 million euros achieved in the same period of the previous year by 34.7 million euros, more than 50 percent. Profitability also improved further: the first-half EBITDA margin rose to 11.0 percent.

The outstanding first quarter was followed by dynamic growth in the second quarter as well. Masterplast's revenue rose to 43.1 million euros, an expansion of 33 percent compared with the same period of the previous year. Growing turnover was paired with strong profitability: EBITDA reached 5.9 million euros and the EBITDA margin improved to 13.8 percent. The performance is particularly strong in the light of the fact that this time the expansion was secured without any one-off VEE effect, predominantly by the traditional business activity. All of this was achieved in a still depressed European construction environment, where the pick-up in investments, housing construction and renovations is falling short of expectations in several countries. In this unfavourable external environment, the group's diversified geographical presence, broad product portfolio and multi-source procurement system all supported growth. Even amid rapidly changing market conditions, the company was able to provide its partners with continuous supply, predictable service and competitive prices, which also helped it conclude significant new contracts and agreements. During the quarter the ramp-up of production at the Szerencs glass wool factory continued, while sales in Ukraine showed growth despite difficult operating conditions. The financial result was also supported by the restructuring of the financing structure and the use of hedging transactions, which meaningfully reduced exchange rate exposure.

Masterplast begins the second half from a strong market position. Thanks to well-managed raw material procurement, the company has an adequate supply background, and the high level of inventories makes continuous supply possible and supports competitive market operations for the remainder of the year. A substantial improvement in operating cash flow is expected in the second half, so the company will be able to secure the funds needed for the year-end bond payment from its own operations. Longer-term prospects are favourably influenced by the fact that energy efficiency, housing construction and support for affordable housing are receiving ever greater emphasis both in Europe and in Hungary. High and volatile energy prices, as well as protection against summer heatwaves, both increase the value of building energy modernisation and modern thermal insulation systems. Proper thermal insulation not only contributes to reducing energy consumption in winter, but also plays an important role in moderating summer overheating. The company expects that several of the new domestic building energy, rental housing construction and affordable housing programmes may appear on the market as early as the second half of 2026.

"We have closed one of the strongest first halves in our history, and it is particularly important to me that the second quarter's performance was clearly delivered by the strength of our core business rather than by one-off effects. I am proud that we were able to provide our partners with competitive conditions and reliable service, which directly contributed to the growth in our factories' output. In the coming period we expect the role of building energy performance to strengthen further at both European and domestic level, since a well-insulated building cools in summer and heats in winter. We are convinced that the best answer to the most important economic, energy and environmental challenges facing Europe and Hungary is the earliest possible, comprehensive insulation of our buildings."

– Tibor Dávid, Chairman and CEO of Masterplast Nyrt.