Materialise Reports Fourth Quarter and Full Year 2025 Results

Regulated information¹

• Total revenue increased by 6.8% to 70,164 kEUR for the fourth quarter of 2025 from 65,680 kEUR for the corresponding 2024 period, boosted by 16.3% growth in our Materialise Medical segment.
• Gross profit as a percentage of revenue for the fourth quarter of 2025 increased to 58.1%, compared to 55.4% for the corresponding 2024 period.
• Adjusted EBIT amounted to 3,980 kEUR for the fourth quarter of 2025, representing 5.7% of consolidated revenue, compared to (1,195) kEUR for the corresponding period.
• Net result for the fourth quarter of 2025 was 6,206 kEUR, or 0.11 EUR per diluted share, compared to a net result of 2,907 kEUR, or 0.05 EUR per diluted share, for the corresponding 2024 period.

• Total revenue remained stable at 267,633 kEUR for 2025 compared to 266,765 kEUR for 2024, fueled by strong 15.4% growth in our Materialise Medical segment which was offset by lower revenues in our Materialise Manufacturing segment and unfavourable foreign exchange effects.
• Gross profit as a percentage of revenue for 2025 increased to 57.1%, compared to 56.5% for 2024.
• Adjusted EBITDA increased to 32,386 kEUR for 2025 compared to 31,484 kEUR for 2024. Adjusted EBIT increased to 10,601 kEUR for 2025 from 9,741 kEUR for 2024.
• Net profit for 2025 was 7,716 kEUR, or 0.13 EUR per diluted share, compared to a net profit of 13,406 kEUR, or 0.23 EUR per diluted share, for 2024.
• Total cash reserves amounted to 133,918 kEUR at the end of 2025.

CEO Brigitte de Vet-Veithen commented, “In the final quarter of 2025, we reached a major milestone with our successful Euronext listing and the announcement of a strategic share buyback program. These steps clearly demonstrate our commitment to delivering long-term shareholder value. We achieved nearly 7% revenue growth and delivered a substantial improvement in operational profitability compared to the fourth quarter of 2024. Our Materialise Medical segment continues to lead the way, achieving another quarterly revenue record and sustaining its double-digit growth path. Our Materialise Software segment maintained steady upward momentum, continuing to build on successive quarterly revenue increases throughout 2025. While our Materialise Manufacturing segment continued to be impacted by soft prototyping demand, its strategic transition towards series manufacturing led to key commercial wins in targeted aerospace and defense markets that we expect will contribute to our results in coming periods. Throughout the last quarter of 2025 we further executed focused cost control measures without compromising R&D investments. With 134 million EUR of cash and cash equivalents on our balance sheet, an improved net cash position and consistently positive operating cash flow, we believe we are financially strong and well-positioned to further drive innovation and capture emerging market opportunities.”

Total revenue for the fourth quarter of 2025 increased 6.8% to 70,164 kEUR from 65,680 kEUR for the fourth quarter of 2024. Adjusted EBITDA increased to 9,524 kEUR for the fourth quarter of 2025 from 4,306 kEUR for the 2024 period. Adjusted EBIT amounted to 3,980 kEUR, compared to (1,195) kEUR for the same period in 2024.

Revenue from our Materialise Medical segment increased 16.3% to 37,016 kEUR for the fourth quarter of 2025, compared to 31,837 kEUR for the same period in 2024. Adjusted EBITDA for the segment was 13,024 kEUR compared to 9,547 kEUR, while the Adjusted EBITDA margin for the segment was 35.2%, compared to 30.0% for the prior-year period.

Revenue from our Materialise Software segment decreased 1.3% to 10,974 kEUR from 11,124 kEUR for the same quarter last year. Adjusted EBITDA for the segment amounted to 1,701 kEUR compared to 1,123 kEUR, while the Adjusted EBITDA margin for the segment was 15.5%, compared to 10.1% for the prior-year period.

Revenue from our Materialise Manufacturing segment decreased 2.4% to 22,174 kEUR from 22,719 kEUR for the fourth quarter of 2024. Adjusted EBITDA for the segment increased to (2,199) kEUR compared to (2,989) kEUR, while the Adjusted EBITDA margin for the segment was (9.9)% compared to (13.2)% for the prior-year period.

Consolidated gross profit increased 12.2% to 40,791 kEUR for the fourth quarter of 2025 from 36,365 kEUR for the same period last year. Gross profit as a percentage of revenue improved to 58.1%, compared to 55.4%.

Research and development (“R&D”), sales and marketing (“S&M”), and general and administrative (“G&A”) expenses remained in aggregate stable at 38,938 kEUR for the fourth quarter of 2025 compared to 38,990 kEUR for the prior year period, while the fourth quarter of 2025 included non-recurring costs related to the Euronext listing of 750 kEUR.

Net other operating income decreased to 1,258 kEUR compared to 1,357 kEUR for the fourth quarter of 2024.

The operating result was 3,111 kEUR, compared to (1,268) kEUR for the fourth quarter of 2024.

Net financial result for the fourth quarter of 2025 was 2,400 kEUR, compared to 3,301 kEUR for the corresponding period of 2024.

The fourth quarter of 2025 contained net tax income of 695 kEUR, compared to 874 kEUR for the fourth quarter of 2024.

As a result of the above, net profit for the fourth quarter of 2025 was 6,206 kEUR, compared to 2,907 kEUR for the same period in 2024.

At December 31, 2025, we reported 133,918 kEUR cash and cash equivalents on our balance sheet compared to 102,304 kEUR at December 31, 2024. Gross debt amounted to 63,113 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 70,805 kEUR, an increase of 9,785 KEUR compared to December 31, 2024.

Cash flow from operating activities for the fourth quarter of the year 2025 was 5,274 kEUR, compared to 6,218 kEUR for the same period in 2024. Total capital expenditures for the fourth quarter of the year 2025 amounted to 4,411 kEUR. The generated free cash flow over the fourth quarter of 2025 amounted to 4,511 kEUR.

Net shareholders’ equity at December 31, 2025 was 255,482 kEUR compared to 248,492 kEUR at December 31, 2024, representing an increase of 2.8%.

Total revenues for the year ended December 31, 2025 remained stable at 267,633 kEUR compared to 266,765 kEUR for the year ended December 31, 2024. Adjusted EBITDA for 2025 improved to 32,386 kEUR compared to 31,484 kEUR for 2024. The Adjusted EBITDA margin improved to 12.1% in 2025, compared to 11.8% in 2024. Adjusted EBIT for 2025 increased to 10,601 kEUR compared to 9,741 kEUR for 2024. The Adjusted EBIT margin for 2025 increased to 4.0%, compared to 3.7% for 2024.

Revenues from our Materialise Medical segment grew by 15.4% for the year ended December 31, 2025 to 134,239 kEUR from 116,358 kEUR for the year ended December 31, 2024. The segment’s Adjusted EBITDA increased to 42,983 kEUR from 35,562 kEUR. The segment’s Adjusted EBITDA margin improved to 32.0% in 2025, compared to 30.6% in 2024.

Revenues from our Materialise Software segment decreased 6.8% to 40,907 kEUR for the year ended December 31, 2025 compared to 43,899 kEUR for the year ended December 31, 2024. The segment’s Adjusted EBITDA decreased to 5,469 kEUR from 5,562 kEUR in 2024. The segment’s Adjusted EBITDA margin improved to 13.4% in 2025, compared to 12.7% in 2024.

Revenues from our Materialise Manufacturing segment decreased 13.2% to 92,486 kEUR for the year ended December 31, 2025 from 106,508 kEUR for the year ended December 31, 2024. The segment’s Adjusted EBITDA amounted to (4,236) kEUR compared to 1,660 kEUR. The segment’s Adjusted EBITDA margin was (4.6)% in 2025, compared to 1.6% in 2024.

Consolidated gross profit increased 1.4% to 152,949 kEUR from 150,826 kEUR last year. Gross profit as a percentage of revenue increased to 57.1%, compared to 56.5% in 2024.

Research and development (“R&D”) expenses increased by 3.8% to 46,089 kEUR mainly reflecting higher investments in our Materialise Medical segment. Other operational expenses, including sales and marketing (“S&M”) and general and administrative (“G&A”) expenses, increased in aggregate over the full year 2025 by only 0.5% compared to 2024 to 101,714 kEUR.

Net other operating income was 3,789 kEUR compared to 4,223 kEUR for 2024.

Operating result amounted to 8,936 kEUR for the year ended December 31, 2025 compared to 9,432 kEUR in the prior year.

Net financial result amounted to (1,648) kEUR, compared to net financial result of 4,707 kEUR for the year ended December 31, 2024 reflecting the significantly higher impact of unfavorable exchange rate fluctuations in 2025.

Income taxes amounted to 429 kEUR compared to (733) kEUR for the year ended December 31, 2024.

As a result, net profit was 7,716 kEUR for 2025 compared to a net profit of 13,406 kEUR in 2024.

Cash flow from operating activities for the year ended December 31, 2025 was 25,319 kEUR compared to 31,456 kEUR for the year ended December 31, 2024. Total capital expenditures for the year ended December 31, 2025 amounted to 16,261 kEUR. The generated free cash flow over 2025 amounted to 15,615 kEUR.

Mrs. de Vet-Veithen concluded, “Also for fiscal year 2026, we expect our three reporting segments to evolve at a different pace. We anticipate continued strong revenue growth from our Materialise Medical segment. Our Materialise Software segment will complete the transition towards a cloud-based subscription business model, and will continue its investments in a broader AM software ecosystem covering end-to-end workflows. Our Materialise Manufacturing segment will intensify its ongoing shift towards series manufacturing and dedicated focus sectors, but we expect macroeconomic headwinds in the industrial market segments to persist throughout 2026.

On a consolidated level, we therefore expect our full year revenues for 2026 to grow to a range of 273,000 to 283,000 kEUR. We will continue investing in our Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in our Materialise Manufacturing segment and in our overhead. As a result, we expect our Adjusted EBIT to reach 10,000 to 12,000 kEUR for fiscal year 2026.”

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.

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 1.1750, the reference rate of the European Central Bank on December 31, 2025.

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2025 on Thursday, February 19, 2026, at 8:30 a.m. ET/2:30 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.

• Fourth Quarter 2025 Conference Call.

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 https://investors.materialise.com. A webcast of the conference call will be archived on the company's website for one year.

About Materialise

Materialise 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 flexible end-to-end solutions enable 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 combines the largest group of software developers in the industry with one of the world's largest and most complete 3D printing facilities