LEUVEN, Belgium--(BUSINESS WIRE)--October 28, 2025--
Materialise NV (NASDAQ:MTLS), a global leader in 3D-printed medical devices and software and a pioneer in additive manufacturing software and services, today announced its financial results for the third quarter ended September 30, 2025.
Highlights -- Third Quarter 2025
-- Total consolidated revenue increased 2.2% to 66,259 kEUR compared to
the second quarter of 2025, but decreased 3.5% compared to the third
quarter of 2024. Revenue from our Materialise Medical segment grew 10.3%
compared to the corresponding 2024 period.
-- Gross profit as a percentage of revenue for the third quarter of 2025
was 56.8%, in line with the gross margin realized over the first nine
months of 2025.
-- Adjusted EBIT amounted to 2,918 kEUR for the third quarter of 2025,
representing 4.4% of consolidated revenue.
-- Net profit for the third quarter of 2025 was 1,848 kEUR, or 0.03 EUR
per diluted share.
-- Driven by positive free cash flow during the first nine months of 2025,
our reported net cash position increased by 6,724 kEUR to 67,744 kEUR
compared to December 31, 2024.
CEO Brigitte de Vet-Veithen commented, "I am proud to report that we once more delivered a positive net result and strong cash flow in the third quarter of this year. Our Materialise Medical segment posted a quarterly revenue record, growing by more than 10% compared to the same period in 2024, while macro-economic headwinds continued to impact our consolidated revenue, and, in particular, our Materialise Manufacturing segment. We further implemented targeted cost control measures designed to protect our operational profitability without compromising on our continued R&D investments to drive future growth."
Third Quarter 2025 Results
Total revenue for the third quarter of 2025 decreased 3.5% to 66,259 kEUR from 68,652 kEUR for the third quarter of 2024. Adjusted EBIT was 2,918 kEUR for the third quarter of 2025 compared to 4,408 kEUR for the 2024 period. The Adjusted EBIT margin (Adjusted EBIT divided by total revenue) for the third quarter of 2025 was 4.4%, compared to 6.4% for the third quarter of 2024. Adjusted EBITDA amounted to 8,428 kEUR for the third quarter of 2025 compared to 9,895 kEUR for the 2024 period.
Revenue from our Materialise Medical segment increased 10.3% to 33,296 kEUR for the third quarter of 2025 compared to 30,197 kEUR for the same period in 2024. Segment Adjusted EBITDA amounted to 10,199 kEUR for the third quarter of 2025 compared to 9,895 kEUR, while the segment Adjusted EBITDA margin was 30.6% compared to 32.8% for the third quarter of 2024.
Revenue from our Materialise Software segment decreased 7.4% to 10,286 kEUR for the third quarter of 2025 compared to 11,111 kEUR for the same quarter last year. Segment Adjusted EBITDA amounted to 1,801 kEUR compared to 1,975 kEUR, while the segment Adjusted EBITDA margin was 17.5% compared to 17.8% for the corresponding prior-year period.
Revenue from our Materialise Manufacturing segment decreased 17.1% to 22,677 kEUR for the third quarter of 2025 compared to 27,344 kEUR for the third quarter of 2024. Segment Adjusted EBITDA amounted to (845) kEUR compared to 701 kEUR for last year's same period, while the segment Adjusted EBITDA margin was (3.7)% compared to 2.6% for the third quarter of 2024.
Gross profit was 37,651 kEUR for the third quarter of 2025 compared to 39,297 kEUR for the same period last year, while gross profit as a percentage of revenue was 56.8% compared to 57.2% for the third quarter of 2024.
While Research and development ("R&D") expenses increased by 4.2% mainly reflecting higher investments in our Materialise Medical segment, overall operational expenses, also including sales and marketing ("S&M") and general and administrative ("G&A") expenses, increased in aggregate only slightly by 0.5% to 36,019 kEUR for the third quarter of 2025 compared to the third quarter of 2024.
Net other operating income amounted to 890 kEUR compared to 872 kEUR for the third quarter of 2024.
The operating result amounted to 2,522 kEUR compared to 4,313 kEUR for the third quarter of 2024.
Net financial result was (121) kEUR compared to (1,137) kEUR for the third quarter of 2024.
The third quarter of 2025 contained income tax results of (553) kEUR compared to (138) kEUR in the third quarter of 2024.
As a result of the above, net profit for the third quarter of 2025 was 1,848 kEUR compared to 3,038 kEUR for the same period in 2024. Total comprehensive income for the third quarter of 2025, which includes exchange differences on translation of foreign operations, was 1,885 kEUR compared to 3,777 kEUR for the corresponding 2024 period.
At September 30, 2025, we reported 132,022 kEUR cash and cash equivalents on our balance sheet compared to 102,304 kEUR at December 31, 2024. Gross debt amounted to 64,278 kEUR compared to 41,284 kEUR at December 31, 2024. As a result, our net cash position (cash and cash equivalents less gross debt) was 67,744 kEUR, an increase of 6,724 kEUR compared to December 31, 2024.
Cash flow from operating activities for the third quarter of the year 2025 was 10,359 kEUR, compared to 6,870 kEUR for the same period in 2024. Total capital expenditures for the third quarter of 2025 amounted to 5,288 kEUR.
Net shareholders' equity at September 30, 2025 increased to 251,448 kEUR compared to 248,578 kEUR at December 31, 2024.
2025 Guidance
Mrs. de Vet-Veithen concluded, "As we approach the end of 2025, geo-political volatility and macro-economic uncertainty continue to impact the business environment in which we operate. We remain confident that our business is solid and resilient, and that Materialise is strongly positioned to capture growth opportunities once market conditions improve. For fiscal year 2025, we believe that our full-year revenues will land within the 265,000 to 280,000 kEUR range we communicated in July and we are maintaining our Adjusted EBIT guidance of 6,000 kEUR to 10,000 kEUR."
Non-IFRS Measures
Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA as supplemental financial measures of its financial performance. EBIT is calculated as net profit plus income taxes, financial expenses (less financial income) and shares of profit or loss in a joint venture. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of profit or loss in a joint venture and depreciation and amortization. Adjusted EBIT and Adjusted EBITDA are determined by adding to EBIT and EBITDA, respectively (i) share-based compensation expenses, (ii) acquisition or divestiture-related expenses of business combinations, (iii) impairments and revaluation of fair value due to business combinations and (iv) costs incurred in relation to corporate initiatives, restructurings or reorganizations that are of a non-recurring nature. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of financing decisions and, in the case of EBITDA and Adjusted EBITDA, long term investment, rather than the performance of the company's day-to-day operations. The company also uses segment Adjusted EBITDA to evaluate the performance of its three business segments. As compared to net profit, these measures are limited in that they do not reflect the cash requirements necessary to service interest or principal payments on the company's indebtedness and, in the case of EBITDA and Adjusted EBITDA, these measures are further limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company's business, or the changes associated with impairments. Management evaluates such items through other financial measures such as financial expenses, capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company's ability to grow or as a valuation measurement. The company's calculation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company's presentation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
Exchange Rate
This document contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this document were made at a rate of EUR 1.00 to USD 1.1741, the reference rate of the European Central Bank on September 30, 2025.
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the third quarter of 2025 on Tuesday, October 28, 2025, at 8:30 a.m. ET/1:30 p.m. CET. Company participants on the call will include Brigitte de Vet-Veithen, Chief Executive Officer and Koen Berges, Chief Financial Officer. A question-and-answer session will follow management's remarks.
To access the call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or receive a call to connect to Materialise's conference call.
-- https://register-conf.media-server.com/register/BI3e50fd3de7714d018b8bbb70a7d71cb6
The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company's website at http://investors.materialise.com. The webcast of the conference call will be archived on the company's website for one year.
About Materialise
Materialise NV incorporates more than three decades of 3D printing experience into a range of software solutions and 3D printing services that empower sustainable 3D printing applications. Our open, secure, and innovative end-to-end solutions enable flexible industrial manufacturing and mass personalization in various industries -- including healthcare, automotive, aerospace, eyewear, art and design, wearables, and consumer goods. Headquartered in Belgium and with branches worldwide, Materialise NV combines the largest group of software developers in the industry with one of the world's largest and most complete 3D printing facilities. For additional information, please visit: www.materialise.com.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, our estimates for the current fiscal year's revenue and Adjusted EBIT, our results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including how our business, results of operations and financial condition could be impacted by the current armed geopolitical conflicts around the world and governmental responses thereto, inflation, increased labor, energy and materials costs), policy changes resulting from the U.S. presidential administration, changes in tariffs and trade restrictions, and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," "will, " "may," "could," "might," "aim," "should," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.
The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.
Consolidated income statements (Unaudited)
for the three months ended for the nine months
September 30, ended September 30,
---------------------------- ----------------------
In '000 2025 2025 2024 2025 2024
-------- -------- -------- -------- ------------
U.S.$ EUR EUR EUR EUR
Revenue 77,795 66,259 68,652 197,469 201,085
Cost of Sales (33,589) (28,608) (29,355) (85,298) (86,625)
Gross Profit 44,206 37,651 39,297 112,171 114,461
Gross profit as % of
revenue 56.8% 56.8% 57.2% 56.8% 56.9%
Research and
development
expenses (13,431) (11,439) (10,979) (33,973) (32,301)
Sales and marketing
expenses (17,432) (14,847) (14,896) (45,386) (45,130)
General and
administrative
expenses (11,427) (9,733) (9,981) (29,506) (29,195)
Net other operating
income (expenses) 1,045 890 872 2,519 2,866
Operating (loss)
profit 2,961 2,522 4,313 5,825 10,700
Financial expenses (683) (582) (1,843) (7,393) (4,082)
Financial income 541 460 706 3,345 5,489
(Loss) profit before
taxes 2,819 2,401 3,176 1,777 12,106
Income Taxes (649) (553) (138) (266) (1,607)
Net (loss) profit for
the period 2,170 1,848 3,038 1,510 10,500
Net (loss) profit
attributable to:
The owners of the
parent 2,169 1,848 3,045 1,512 10,520
Non-controlling
interest - - (7) (2) (20)
Earning per share attributable
to owners of the parent
Basic 0.04 0.03 0.05 0.03 0.18
Diluted 0.04 0.03 0.05 0.03 0.18
Weighted average
basic shares
outstanding 59,067 59,067 59,067 59,067 59,067
Weighted average
diluted shares
outstanding 59,067 59,067 59,067 59,071 59,067
Consolidated statements of comprehensive income (Unaudited)
for the three months for the nine months
ended September 30, ended September 30,
----------------------- --------------------
In 000EUR 2025 2025 2024 2025 2024
----- ------ -------- ----- -------------
U.S.$ EUR EUR EUR EUR
Net profit (loss) for
the period 2,170 1,848 3,038 1,510 10,500
Other comprehensive
income
Recycling
Exchange
difference on
translation of
foreign
operations 44 38 739 1,167 (317)
Other comprehensive
income (loss), net
of taxes 44 38 739 1,167 (317)
Total comprehensive
income (loss) for
the year, net of
taxes 2,213 1,885 3,777 2,677 10,183
Total comprehensive
income (loss)
attributable to:
The owners of the
parent 2,214 1,886 3,785 2,670 10,204
Non-controlling
interests (0) (0) (7) 7 (22)
Consolidated statement of financial position (Unaudited)
As of As of
September 30, December 31,
-------------- -------------
In 000EUR 2025 2024
-------------- -------------
Assets
Non-current assets
Goodwill 43,148 43,391
Intangible assets 26,651 29,973
Property, plant & equipment 111,831 111,331
Right-of-Use assets 6,073 7,719
Deferred tax assets 3,423 3,523
Investments in convertible loans 4,179 3,994
Other non-current assets 5,663 5,893
Total non-current assets 200,968 205,823
Current assets
Inventories 15,678 16,992
Trade receivables 44,894 53,052
Other current assets 17,569 18,166
Cash and cash equivalents 132,022 102,304
Assets held for sale 4,383 -
Total current assets 214,545 190,513
Total assets 415,513 396,336
As of As of
September 30, December 31,
-------------- -------------
In 000EUR 2025 2024
-------------- -------------
Equity and liabilities
Equity
Share capital 4,487 4,487
Share premium 233,895 233,895
Retained earnings and other reserves 13,066 10,196
Equity attributable to the owners of
the parent 251,448 248,578
Non-controlling interest (79) (86)
Total equity 251,369 248,492
Non-current liabilities
Loans & borrowings 50,029 23,175
Lease liabilities 3,522 5,112
Deferred tax liabilities 2,826 3,202
Deferred income 16,749 13,268
Other non-current liabilities 421 910
Total non-current liabilities 73,547 45,666
Current liabilities
Loans & borrowings 7,909 10,383
Lease liabilities 2,818 2,614
Trade payables 18,858 23,348
Tax payables 388 1,432
Deferred income 41,592 45,998
Other current liabilities 18,195 18,403
Liabilities held for sale 838 -
Total current liabilities 90,598 102,178
Total equity and liabilities 415,513 396,336
Consolidated statement of cash flows (Unaudited)
for the nine months ended
September 30,
---------------------------
In 000EUR 2025 2024
------------- ------------
Operating activities
Net (loss) profit for the period 1,510 10,500
Non-cash and operational adjustments 20,198 16,964
Depreciation of property plant &
equipment 11,317 11,370
Amortization of intangible assets 4,834 4,838
Share-based payment expense 191 213
Loss (gain) on disposal of intangible
assets and property, plant &
equipment (24) (114)
Government grants (209) -
Movement in provisions (273) 311
Movement reserve for bad debt and slow
moving inventory 194 202
Financial income (3,339) (5,492)
Financial expense 7,385 4,066
Impact of foreign currencies (137) (15)
(Deferred) income taxes 260 1,584
Working capital adjustments (2,282) (3,860)
Decrease (increase) in trade
receivables and other receivables 6,197 1,666
Decrease (increase) in inventories and
contracts in progress (1,604) (672)
Increase (decrease) in deferred revenue (2,661) (4,284)
Increase (decrease) in trade payables
and other payables (4,214) (569)
Income tax paid (1,358) (1,626)
Interest received 1,977 3,262
Net cash flow from operating activities 20,045 25,239
for the nine months ended
September 30,
---------------------------
In 000EUR 2025 2024
------------- ------------
Investing activities
Purchase of property, plant & equipment (10,372) (17,305)
Purchase of intangible assets (1,477) (1,312)
Proceeds from the sale of property, plant &
equipment & intangible assets (net) 231 232
Acquisition of subsidiary (net of cash) - (2,670)
Capital government grants received 2,678 -
Net cash flow used in investing activities (8,940) (21,055)
Financing activities
Proceeds from loans & borrowings 35,000 -
Repayment of loans & borrowings (10,461) (11,470)
Repayment of leases (2,257) (2,314)
Capital increase - -
Interest paid (1,209) (1,052)
Other financial income (expense) (1,515) (240)
Net cash flow from (used in) financing
activities 19,558 (15,077)
Net increase/(decrease) of cash & cash
equivalents 30,663 (10,892)
Cash & Cash equivalents at the beginning of
the year 102,304 127,573
Exchange rate differences on cash & cash
equivalents (915) (517)
Cash & cash equivalents at end of the period 132,052 116,163
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA
(Unaudited)
for the three months for the nine months ended
ended September 30, September 30,
----------------------- -------------------------
In 000EUR 2025 2024 2025 2024
---------- ----------- ----------- ------------
Net profit (loss) for
the period 1,848 3,038 1,510 10,500
Income taxes 553 138 266 1,607
Financial
expenses 582 1,843 7,393 4,082
Financial income (460) (706) (3,345) (5,489)
Depreciation and
amortization 5,509 5,487 16,240 16,241
EBITDA 8,031 9,800 22,065 26,941
Share-based
compensation expense
(1) 74 71 191 213
Restructuring and
corporate
initiatives (2) 322 - 605 -
Acquisition-related
expenses of business
combinations (3) - 24 - 24
Adjusted EBITDA 8,428 9,895 22,862 27,178
(1) Share-based compensation expense represents the cost of equity-settled and
share-based payments to employees.
(2) Non-recurring costs related to corporate initiatives, restructurings or
reorganizations
(3) Acquisition-related expenses of business combinations represent expenses
incurred in connection with the acquisition of Feops.
Reconciliation of Net Profit (Loss) to EBIT and Adjusted EBIT (Unaudited)
for the three months for the nine months ended
ended September 30, September 30,
------------------------- --------------------------
In 000EUR 2025 2024 2025 2024
----------- ------------ ------------ ------------
Net profit (loss) for
the period 1,848 3,038 1,510 10,500
Income taxes 553 138 266 1,607
Financial
expenses 582 1,843 7,393 4,082
Financial income (460) (706) (3,345) (5,489)
EBIT 2,522 4,313 5,825 10,700
Share-based
compensation expense
(1) 74 71 191 213
Restructuring and
corporate
initiatives (2) 322 - 605 -
Acquisition-related
expenses of business
combinations (3) - 24 - 24
Adjusted EBIT 2,918 4,408 6,621 10,937
(1) Share-based compensation expense represents the cost of equity-settled and
share-based payments to employees.
(2) Non-recurring costs related to corporate initiatives, restructurings or
reorganizations
(3) Acquisition-related expenses of business combinations represent expenses
incurred in connection with the acquisition of Feops.
Segment P&L
(Unaudited)
Materialise Materialise Materialise Total Unallocated
In 000EUR Medical Software Manufacturing segments (1) Consolidated
----------- ----------- ------------- -------- ----------- ------------
For the three
months ended
September
30, 2025
Revenues 33,296 10,286 22,677 66,259 0 66,259
Segment (adj)
EBITDA 10,199 1,801 (845) 11,155 (2,728) 8,428
Segment (adj)
EBITDA % 30.6% 17.5% -3.7% 16.8% 12.7%
For the three
months ended
September
30, 2024
Revenues 30,197 11,111 27,344 68,652 (0) 68,652
Segment (adj)
EBITDA 9,895 1,975 701 12,572 (2,677) 9,895
Segment (adj)
EBITDA % 32.8% 17.8% 2.6% 18.3% 14.4%
Materialise Materialise Materialise Total Unallocated
In 000EUR Medical Software Manufacturing segments (1) Consolidated
----------- ----------- ------------- -------- ----------- ------------
For the nine
months ended
September
30, 2025
Revenues 97,224 29,933 70,313 197,469 0 197,469
Segment (adj)
EBITDA 29,974 3,772 (2,031) 31,716 (8,854) 22,862
Segment (adj)
EBITDA % 30.8% 12.6% -2.9% 16.1% 11.6%
For the nine
months ended
September
30, 2024
Revenues 84,522 32,775 83,789 201,085 0 201,085
Segment (adj)
EBITDA 26,015 4,439 4,648 35,103 (7,925) 27,178
Segment (adj)
EBITDA % 30.8% 13.5% 5.5% 17.5% 13.5%
(1) Unallocated segment adjusted EBITDA consists of corporate research and
development and corporate other operating income (expense), and the added
share-based compensation expenses, acquisition or divestiture-related expenses
of business combinations, impairments and revaluation of fair value of
business combinations and non-recurring costs related to corporate
initiatives, restructurings and reorganizations that are included in Adjusted
EBITDA and that are not allocated to the reporting segments.
Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA
(Unaudited)
for the three
months ended for the nine months
September 30, ended September 30,
------------------ ---------------------
In 000EUR 2025 2024 2025 2024
------- --------- ------- ------------
Net profit (loss) for the
period 1,848 3,038 1,510 10,500
Income taxes 553 138 266 1,607
Financial cost 582 1,843 7,393 4,082
Financial income (460) (706) (3,345) (5,489)
Operating (loss) profit 2,522 4,313 5,825 10,700
Depreciation and
amortization 5,509 5,487 16,240 16,241
Corporate research
and development 826 912 2,926 2,675
Corporate headquarter
costs 2,761 2,454 8,512 7,537
Other operating
income (expense) (685) (618) (2,187) (2,073)
Segment restructuring
and reorganization 222 - 400 -
Acquisition-related
expenses of business
combinations (1) - 24 - 24
Segment adjusted EBITDA 11,155 12,572 31,716 35,103
(1) Acquisition-related expenses of business combinations represent
expenses incurred in connection with the acquisition of Feops.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251028410613/en/
CONTACT: Investor Relations Contact
Harriet Fried
Alliance Advisors Investor Relations
212.838.3777
hfried@allianceadvisors.com
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October 28, 2025 06:30 ET (10:30 GMT)