Materplast: The era of insulation has begun

In the first three months, revenue has reached the same value as during the primary season and achieved a new all-time first quarter record of 51,5 million EUR, which is 35% more than last year’s performance. Despite the forced cessation of the Ukrainian subsidiary and the negative effect of increasing raw material and energy prices, EBITDA increased by 20% and exceeded 5,2 million euros, which is the best first quarter result in the company’s history. The company believes that the high thermal insulation demand will continue.

The success of the first three months was thanks to the construction sector’s core activities, particularly the outstanding sales results of Masterplast’s in-house produced thermal insulation and constituents. In Hungary, one of the company’s main markets, sales rose by 23%. The company’s performance could soon reach its all-time high in Hungary as demand continuously increases due to active and available governmental support schemes. On the other hand, in the foreign markets, Masterplast’s revenue grew more dynamically. Sales increased by 42% in Poland, 47% in Serbia, 52% in Slovakia, and 76% in Romania. Export increased by 88%, with Italy playing a crucial part in this growth. The company’s plants provided production for thermal insulation and energy efficiency products at full capacity. As a result of the Russian-Ukrainian conflict, the Ukrainian subsidiary was forced to stop its operation, effecting the company’s performance results and making it necessary to create 500,000 EUR worth of reserves. Medical sales, generally with a higher margin, achieved a slower growth rate in the first quarter; however, based on the yearly base year, it still shows significant results. 

One of the significant revenue growth factors was the efficient product supply; therefore, Masterplast pays particular attention to investing in manufacturing and expanding its production capacity. The fiber wool producing plant in Subotica has already added to the company’s 2022 results, even though it is in the third phase of development. The company’s latest ventures, like the XPS insulation manufacturing plant and the modular building manufacturing unit, will commence operation in 2023, while the Italian project worth 4,5 million EUR producing polystyrene thermal insulation will launch in 2024. 

 „The outbreak of the war has made our life difficult for several reasons, and the adverse effects arrived in waves. However, the issues opened new doors as well. Even before the war, the EU’s climate policies, increasing energy prices, and the tightening energy-efficiency regulations have propelled the building thermal insulation market. The EU’s aim for energy independence will boost the need to decrease the energy use of buildings, to which a key factor is thermal insulation. This unfolding trend will enhance and stay. The decade ahead of us will be the era of building thermal insulation. For Masterplast, a stable financial, raw material supply, and manufacturing background is given, and as a result, our competitiveness and market position is improving while our investments ensure continuous growth and expansion in Europe.” – advised Dávid Tibor, CEO of Masterplast.