Materialise NV reported fourth‑quarter and full‑year 2025 results that surpassed analyst expectations, with revenue rising 6.8% to €70.2 million and full‑year revenue reaching €267.6 million. Adjusted EBITDA climbed to €9.5 million in Q4, up from €4.3 million a year earlier, while adjusted EBIT turned a loss into a profit of €3.98 million. The company’s earnings per share of €0.11 beat the consensus estimate of €0.06, an 83% upside that reflects disciplined cost control and a favorable mix of high‑margin business.
The Medical segment was the primary growth engine, with revenue increasing 16.3% to €37.0 million and adjusted EBITDA reaching €13.0 million, a margin of 35.2% versus 30.0% a year earlier. The Software segment, while reporting a 1.3% decline in revenue to €10.97 million, improved its adjusted EBITDA margin to 15.5% from 10.1%, driven by cost efficiencies and a shift toward a cloud‑based subscription model. Manufacturing revenue fell 2.4% to €22.2 million and adjusted EBITDA remained negative at €2.20 million, although the loss narrowed from €2.99 million a year earlier.
Cash and liquidity remained robust, with €134 million in cash and cash equivalents and a net cash balance of €70.8 million as of December 31, 2025. The strong liquidity position supports ongoing investment in the Medical and Software platforms while providing a buffer against manufacturing headwinds.
Management emphasized the company’s confidence in the continued expansion of its high‑margin Medical business and the transition of its Software offering to a subscription model. CEO Brigitte de Vet‑Veithen noted that the company’s “operational profitability reflects the shift in focus toward key markets, disciplined cost control, and the impact of targeted cost reduction measures implemented throughout the year.” She added that the 2026 revenue guidance of €273–283 million and an adjusted EBIT target of €10–12 million signal confidence in sustained growth despite manufacturing challenges.
Investors reacted positively to the results, citing the EPS beat and the robust performance of the Medical segment as key drivers. The company’s guidance for 2026 maintains a strong outlook, reinforcing management’s confidence in the company’s strategic direction and its ability to navigate headwinds in the manufacturing segment.
The earnings release underscores Materialise’s continued focus on high‑margin growth areas while managing cost pressures in legacy segments, positioning the company for sustained profitability in the coming years.
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