Materialise FIRST LOOK : 4Q25 results

We will update our model as Materialise expects FY26 to grow to a range of €273m to €283m (KBCSe € 282.5m). Materialise will continue investing in its Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in its Materialise Manufacturing segment and in its overhead. As a result, Materialise expects its FY26 Adj EBIT to reach € 10m to € 12m (KBCSe € 14.5m).


FY25 revenue remained stable at € 267.6m (KBCSe € 269.3m), fuelled by strong y/y 15.4% growth in its Materialise Medical segment which was offset by lower revenues in its Materialise Manufacturing segment and unfavourable FX effects.

Also for FY26 Materialise expects its three reporting segments to evolve at a different pace. They anticipate continued strong revenue growth from its Materialise Medical segment. They expect that its 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. Materialise's Manufacturing segment will intensify its ongoing shift towards series manufacturing and dedicated focus sectors, but they expect macroeconomic headwinds in the industrial market segments to persist throughout FY26.
4Q25 revenues increased y/y 6.8% to € 70.2m (KBCSe € 71.9m). 4Q25 Ad. EBITDA increased to € 9.5m (KBCSe € 9.35m) and Adj. EBIT amounted to € 4.0m (KBCSe €3.9m) compared to -1.2m in 4Q24.
Revenue from its Materialise Medical segment increased 16.3% to € 37.0m (KBCSe € 34.0m. 4Q25 Adj. EBITDA for the segment was € 13.0m (KBCSe € 10.4m), resulting in 4Q25 Adj. EBITDA margin for the segment of 35.2% (KBCSe 30.6%) compared to 30.0% in 4Q24.
Revenue from its Materialise Software segment decreased y/y -1.3% to €11m (KBCSe 12.0m). 4Q25 Adj. EBITDA for this segment amounted to €1.7m (KBCSe € 2.1m) resulting in 4Q25 Adj. EBITDA margin for this segment of 15.5% (KBCSe 17.5%), compared to 10.1% in 4Q24.
4Q25 Revenue from its Materialise Manufacturing segment decreased y/y 2.4% to € 22.2m (KBCSe € 25.8m). 4Q25 Adj. EBITDA for the segment increased to €-2.2m (KBCSe € 0.3m) compared to -3m in 4Q24 resulting in a 4Q25 Adjusted EBITDA margin for the segment of -9.9% (KBCSe 1%) compared to -13.2% for 4Q24.