MTLS · Materialise N.V.

Materialise NV's FY 2025 results reflect divergent segment performance amid strategic investments. Revenue edged up 0.3% to €267.6 million, driven by robust 15.4% growth in the Materialise Medical segment to €134.2 million, fueled by higher recurrent software revenues (up 7.9%) and medical devices/services (up 18.4%), supported by an increase in 3D printers from 51 to 56. This segment's Adjusted EBITDA margin improved to 32.0% from 30.6%, benefiting from revenue growth, gross margin expansion to 57.1%, and cost controls despite elevated R&D spending (up 3.8% to €46.1 million). In contrast, Materialise Software revenue fell 6.8% to €40.9 million due to a 36.6% drop in non-recurrent revenues, though recurrent revenues rose 3.9% and the Adjusted EBITDA margin ticked up to 13.4% via cost discipline during the shift to cloud-based subscriptions. Materialise Manufacturing faced headwinds, with revenue down 13.2% to €92.5 million from macro-economic pressures, leading to an Adjusted EBITDA loss of €4.2 million (margin -4.6% vs. 1.6%), alongside reduced equipment capacity (3D printers down to 126 from 155). Overall, gross profit rose 1.4% to €152.9 million, but operating profit dipped to €8.9 million from €9.4 million, pressured by stable S&M expenses and a slight G&A increase including Euronext listing costs. Net financial expenses of €1.6 million, mainly from FX fluctuations, contributed to net profit declining 42% to €7.7 million. Adjusted metrics showed resilience, with Adjusted EBITDA up to €32.4 million. Balance sheet strengthened with total assets at €420.6 million, cash surging 31.6 million to €133.9 million, and equity at €255.5 million, despite higher debt to €57.5 million. Management highlighted ongoing investments in growth areas like medical and cloud transitions, with documents available ahead of the June 16, 2026 AGM.