KBC Securities - Materialise ADS (MTLS) Materialise Growth will not (yet) materialise in 2025

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KBC Securities

Guy Sips

Materialise Growth will not (yet) materialise in 2025

We have adjusted our FY25 projections, reducing FY25E sales from €291m to €277m, as Materialise expects the challenging macroeconomic conditions to continue throughout FY25, particularly affecting the European industrial sector. This will impact the performance of our Materialise Manufacturing segment. Consequently, following the FY24 results, we have lowered our Target Price to $8.2 (previously $10) while maintaining our Accumulate rating.

24/02/2025 1 EN

Underlying

Materialise ADS

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US57667T1007 NASDAQ Stock Market Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

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Morning Notes : COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, QFG BB, SOF BB, UMI BB, WDP BB, XIOR BB, IMCD NA

: COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, QFG BB, SOF BB, UMI BB, WDP BB, XIOR BB, IMCD NA

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Morning Notes : NN NA, SEQUA BB

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Materialise Growth will not (yet) materialise in 2025

We are a financial services provider for several types of professional clients, each with distinct needs.

Materialise to Hold Annual Shareholders’ Meeting and Extraordinary Shareholders’ Meeting on June 3, 2025

Materialise Medical segment continues to lead the way

Morning Notes : COFB BB, CRBN NA, OPTI BB, GLPG NA, IVA FP, MTLS US, QFG BB, SOF BB, UMI BB, WDP BB, XIOR BB, IMCD NA

Sequana Medical Extends runway into 1Q26 with additional € 6.3m convertible loan

Morning Notes : NN NA, SEQUA BB

Dynamic Top Pick List update Removing Merus

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