MTLS · Materialise N.V.

Materialise NV delivered stable revenue of 66,276 kEUR in Q1 2026, matching prior year levels amid mixed segment performance: Medical grew 6.7% to 33,165 kEUR, Software dipped 1.4% to 9,641 kEUR, and Manufacturing fell 8.1% to 23,470 kEUR. Gross profit expanded 3.2% to 37,894 kEUR with margin improvement to 57.2%, driven by operational efficiencies. Aggregate R&D, S&M, and G&A expenses held steady at 36,713 kEUR, while net other operating income rose to 909 kEUR, boosting operating profit to 2,090 kEUR from 574 kEUR. Favorable net financial result of 392 kEUR versus a prior loss, coupled with higher tax expenses of (662) kEUR, yielded net profit of 1,820 kEUR against a (535) kEUR loss. Adjusted EBITDA climbed to 8,049 kEUR (12.1% margin) from 6,147 kEUR, with Medical at 9,235 kEUR (27.8% margin, down slightly), Software surging 87.4% to 1,123 kEUR (11.6% margin), and Manufacturing turning positive at 281 kEUR (1.2% margin). Balance sheet strengthened with net cash at 72,826 kEUR (up 2,021 kEUR), supported by 6,914 kEUR operating cash flow exceeding 1,470 kEUR capex for positive free cash flow. Share repurchases of 511,513 shares for 2,308 kEUR reflect capital return confidence. Subsequent eyewear business transfer to management, retaining minority stake, signals portfolio optimization but anticipates Q2 impairment charges.