Business Context and Reporting Period
Company: Materialise NV
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Fourth Quarter and Full Year ended December 31, 2025
Filing Date: February 19, 2026
Business Overview: Materialise provides software solutions and 3D printing services across healthcare, automotive, aerospace, and consumer goods sectors. The company operates through three segments: Materialise Medical, Materialise Software, and Materialise Manufacturing.
Key Financial Metrics
Fourth Quarter 2025 (vs. Q4 2024)
- Total Revenue: 70,164 kEUR (Increase of 6.8%)
- Net Profit: 6,206 kEUR (Increase from 2,907 kEUR)
- Operating Result: 3,111 kEUR (Turnaround from loss of 1,268 kEUR)
- Gross Margin: 58.1% (Improved from 55.4%)
- Adjusted EBITDA: 9,524 kEUR (Increase from 4,306 kEUR)
- Free Cash Flow: 4,511 kEUR
- Cash Position: 133,918 kEUR cash and equivalents; Net cash position of 70,805 kEUR.
Full Year 2025 (vs. Full Year 2024)
- Total Revenue: 267,633 kEUR (Stable, +0.3%)
- Net Profit: 7,716 kEUR (Decrease from 13,406 kEUR)
- Operating Result: 8,936 kEUR (Decrease from 9,432 kEUR)
- Gross Margin: 57.1% (Improved from 56.5%)
- Adjusted EBITDA: 32,386 kEUR (Increase from 31,484 kEUR)
- Free Cash Flow: 15,615 kEUR
- Shareholders' Equity: 255,482 kEUR (Increase of 2.8%)
Material Changes vs. Prior Period
Segment Performance
- Materialise Medical: Strong growth driver. Q4 revenue up 16.3% to 37,016 kEUR; Full Year revenue up 15.4% to 134,239 kEUR. Adjusted EBITDA margin improved to 35.2% (Q4) and 32.0% (Full Year).
- Materialise Software: Declining revenue. Q4 revenue down 1.3% to 10,974 kEUR; Full Year revenue down 6.8% to 40,907 kEUR. Margins improved despite revenue drop.
- Materialise Manufacturing: Declining revenue and profitability. Q4 revenue down 2.4% to 22,174 kEUR; Full Year revenue down 13.2% to 92,486 kEUR. Segment Adjusted EBITDA turned negative for the full year at (4,236) kEUR, compared to positive 1,660 kEUR in 2024.
Financial Drivers
- Net Profit Decline (Full Year): Driven primarily by a significant unfavorable net financial result of (1,648) kEUR in 2025 compared to a positive 4,707 kEUR in 2024, attributed to exchange rate fluctuations.
- Debt Increase: Gross debt increased to 63,113 kEUR from 41,284 kEUR year-over-year, though the net cash position remains positive.
- Operating Expenses: R&D expenses increased 3.8% for the full year, reflecting higher investments in the Medical segment. Other operational expenses remained largely flat (+0.5%).
Guidance, Outlook, and Risks
- Non-IFRS Measures: Management emphasizes Adjusted EBITDA and Adjusted EBIT as key performance indicators, excluding non-recurring items such as the 750 kEUR Euronext listing costs in Q4 2025.
- Exchange Rate Risk: The filing explicitly notes that unfavorable exchange rate fluctuations significantly impacted the net financial result for the full year 2025.
- Segment Risks: The Manufacturing segment continues to face profitability challenges, posting negative Adjusted EBITDA for the full year, contrasting with the strong performance of the Medical segment.
- Capital Expenditures: Full year 2025 CapEx was 16,261 kEUR, indicating continued investment in property, plant, and equipment.
Investor Verification Checklist
- Exchange Rate Impact: Verify the specific currency exposures driving the 6.3 million kEUR swing in net financial results between 2024 and 2025.
- Manufacturing Segment Turnaround: Assess the strategic plan to reverse the negative Adjusted EBITDA trend in the Manufacturing segment, which declined from positive to negative territory.
- Debt Utilization: Review the purpose of the increased gross debt (from 41M to 63M kEUR) and its impact on future interest obligations.
- Software Revenue Trend: Investigate the causes behind the 6.8% full-year revenue decline in the Software segment despite margin improvements.
- Non-Recurring Costs: Confirm the one-time nature of the 750 kEUR Euronext listing costs and any other restructuring expenses included in Adjusted EBITDA.