LEUVEN, Belgium--(BUSINESS WIRE)--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.
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.
for the three months ended
September 30,
for the nine months ended
September 30,
2025
2025
2024
2025
2024
77,795
66,259
68,652
197,469
201,085
(33,589)
(28,608)
(29,355)
(85,298)
(86,625)
44,206
37,651
39,297
112,171
114,461
56.8%
56.8%
57.2%
56.8%
56.9%
(13,431)
(11,439)
(10,979)
(33,973)
(32,301)
(17,432)
(14,847)
(14,896)
(45,386)
(45,130)
(11,427)
(9,733)
(9,981)
(29,506)
(29,195)
1,045
890
872
2,519
2,866
2,961
2,522
4,313
5,825
10,700
(683)
(582)
(1,843)
(7,393)
(4,082)
541
460
706
3,345
5,489
2,819
2,401
3,176
1,777
12,106
(649)
(553)
(138)
(266)
(1,607)
2,170
1,848
3,038
1,510
10,500
2,169
1,848
3,045
1,512
10,520
-
-
(7)
(2)
(20)
0.04
0.03
0.05
0.03
0.18
0.04
0.03
0.05
0.03
0.18
59,067
59,067
59,067
59,067
59,067
59,067
59,067
59,067
59,071
59,067
for the three months ended
September 30,
for the nine months ended
September 30,
2025
2025
2024
2025
2024
U.S.$
€
€
€
€
2,170
1,848
3,038
1,510
10,500
44
38
739
1,167
(317)
44
38
739
1,167
(317)
2,213
1,885
3,777
2,677
10,183
2,214
1,886
3,785
2,670
10,204
(0)
(0)
(7)
7
(22)
As of
September 30,
As of
December 31,
2025
2024
43,148
43,391
26,651
29,973
111,831
111,331
6,073
7,719
3,423
3,523
4,179
3,994
5,663
5,893
200,968
205,823
15,678
16,992
44,894
53,052
17,569
18,166
132,022
102,304
4,383
-
214,545
190,513
415,513
396,336
As of
September 30,
As of
December 31,
2025
2024
4,487
4,487
233,895
233,895
13,066
10,196
251,448
248,578
(79)
(86)
251,369
248,492
50,029
23,175
3,522
5,112
2,826
3,202
16,749
13,268
421
910
73,547
45,666
7,909
10,383
2,818
2,614
18,858
23,348
388
1,432
41,592
45,998
18,195
18,403
838
-
90,598
102,178
415,513
396,336
for the nine months ended
September 30,
2025
2024
1,510
10,500
20,198
16,964
11,317
11,370
4,834
4,838
191
213
(24)
(114)
(209)
-
(273)
311
194
202
(3,339)
(5,492)
7,385
4,066
(137)
(15)
260
1,584
(2,282)
(3,860)
6,197
1,666
(1,604)
(672)
(2,661)
(4,284)
(4,214)
(569)
(1,358)
(1,626)
1,977
3,262
20,045
25,239
for the nine months ended
September 30,
2025
2024
(10,372)
(17,305)
(1,477)
(1,312)
231
232
-
(2,670)
2,678
-
(8,940)
(21,055)
35,000
-
(10,461)
(11,470)
(2,257)
(2,314)
-
-
(1,209)
(1,052)
(1,515)
(240)
19,558
(15,077)
30,663
(10,892)
102,304
127,573
(915)
(517)
132,052
116,163
2025
2024
2025
2024
1,848
3,038
1,510
10,500
553
138
266
1,607
582
1,843
7,393
4,082
(460)
(706)
(3,345)
(5,489)
5,509
5,487
16,240
16,241
8,031
9,800
22,065
26,941
74
71
191
213
322
-
605
-
-
24
-
24
8,428
9,895
22,862
27,178
2025
2024
2025
2024
1,848
3,038
1,510
10,500
553
138
266
1,607
582
1,843
7,393
4,082
(460)
(706)
(3,345)
(5,489)
2,522
4,313
5,825
10,700
74
71
191
213
322
-
605
-
-
24
-
24
2,918
4,408
6,621
10,937
33,296
10,286
22,677
66,259
0
66,259
10,199
1,801
(845)
11,155
(2,728)
8,428
30.6%
17.5%
-3.7%
16.8%
12.7%
30,197
11,111
27,344
68,652
(0)
68,652
9,895
1,975
701
12,572
(2,677)
9,895
32.8%
17.8%
2.6%
18.3%
14.4%
97,224
29,933
70,313
197,469
0
197,469
29,974
3,772
(2,031)
31,716
(8,854)
22,862
30.8%
12.6%
-2.9%
16.1%
11.6%
84,522
32,775
83,789
201,085
0
201,085
26,015
4,439
4,648
35,103
(7,925)
27,178
30.8%
13.5%
5.5%
17.5%
13.5%
Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)
for the three months ended
September 30,
for the nine months ended
September 30,
2025
2024
2025
2024
1,848
3,038
1,510
10,500
553
138
266
1,607
582
1,843
7,393
4,082
(460)
(706)
(3,345)
(5,489)
2,522
4,313
5,825
10,700
5,509
5,487
16,240
16,241
826
912
2,926
2,675
2,761
2,454
8,512
7,537
(685)
(618)
(2,187)
(2,073)
222
-
400
-
-
24
-
24
11,155
12,572
31,716
35,103
