Materialise A Two-Speed Story

Materialise enters 2026 with diverging momentum across its business segments:
- Medical continues to expand robustly, increasingly becoming the company's structural growth engine driven by deeper platform adoption and mass personalization.
- Software is transitioning successfully toward a subscription-based, cloud-native AM workflow platform, with significant medium-term operating leverage.
- Manufacturing faces persistent macro softness, particularly in European prototyping, with recovery dependent on mix shift toward aerospace and defence.

We updated our model ($ 8.0/€ 6.8 Target Price and Accumulate rating maintained) as Materialise expects FY26 to grow to a range of € 273m to € 283m (KBCSe from € 282.5m to € 279.4m). 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 from € 14.5m to € 11m).