Materialise Macro-economic uncertainty impacting business climate for 2H25

Although its Medical segment was demonstrating its resilience (nearly +17% y/y in 2Q25), Materialise's overall 2Q25 revenue decreased -5.8% y/y to € 64.8m impacted by increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in its Manufacturing and Software segments.


Despite revenue pressure, Materialise was able to materially improve its operational profitability in 2Q25 q/q/ through structural and targeted cost control. Unfavourable FX-effects significantly impacted 2Q, but nevertheless Materialise again reported a small but positive net result (€ 0.2m) in 2Q25.


We maintain our Accumulate rating but slightly lower our Target Price from $ 8.20 to $ 8.00, reflecting updated expectations as Materialise -moving through 2025- sees a risk that geo-political volatility and macro-economic uncertainty intensify and also impact the business climate for the remainder of this year. Materialise indicated that unfavourable FX-fluctuations might also add to the pressure on its revenue line and reported net result. Materialise therefore believe it is prudent to slightly reduce its FY25 revenue guidance to a range of € 265m to € 280m (was € 270 to € 285m before). Materialise remains convinced though that the fundamentals of its business are solid and resilient and believes that further structural cost efficiencies will allow them to safeguard operational profitability. Despite this slightly lower revenue outlook Materialise is therefore reconfirming its FT25 Adj. EBIT guidance of € 6m to € 10m, in line with its earlier communications after FY24 and 1Q25.