Materialise Medical offsetting headwind in Manufacturing segment

In addition to the positive net result and strong cash flow in 3Q25, we were pleased to note that Materialise's Medical Segment achieved a record quarterly revenue, growing over 10% y/y. This performance stands out against a backdrop of ongoing macroeconomic headwinds, which continued to weigh on its overall revenues—particularly within Manufacturing.
Materialise highlighted it further implemented targeted cost control measures designed to protect its operational profitability without compromising on its continued R&D investments to drive future growth.
Materialise reiterated its guidance stressing that geo-political volatility and macro-economic uncertainty continue to impact the business environment in which they operate. Materialise remains confident that its business is solid and resilient, and that they are strongly positioned to capture growth opportunities once market conditions improve.
We maintain our Accumulate rating and $8 TP as Materialise still believes that its FY25 revenues will land within the €265m to €280m range (KBCSe from €268.4m to €269.3m). They also maintained their Adj. EBIT guidance of €6m to €10m (KBCSe from €8.8m to €9.8m).