Materialise NV, a leading provider of additive manufacturing and medical software and of sophisticated 3D printing services, announced its financial results for the second quarter ended June 30, 2025.
Highlights — second quarter 2025
- Total consolidated revenue decreased 5.8% to 64,831 kEUR compared to the corresponding 2024 period; however at the same time our Materialise Medical segment showed a further 16.7% growth.
- Gross profit as a percentage of revenue for the second quarter of 2025 increased to 58.3%, compared to 57.0% for the corresponding 2024 period.
- Adjusted EBIT improved to 3,058 kEUR for the second quarter of 2025 from 646 kEUR for the first quarter of 2025, although it remained below the 3,872 kEUR of the corresponding 2024 period.
- Net result for the second quarter remained positive at 199 kEUR, or 0.0 EUR per diluted share, despite a significant impact from unfavorable exchange rate fluctuations.
- Driven by positive free cash flow during the first half of 2025, our reported net cash position increased by 2,025 kEUR to 63,045 kEUR compared to December 31, 2024.
CEO Brigitte de Vet-Veithen commented, “Our Materialise Medical segment once again demonstrated its resilience, growing by almost 17% compared to the same period of 2024. At the same time increasing geo-political uncertainty and sustained macro-economic headwinds negatively impacted revenues in our Materialise Manufacturing and Materialise Software segments, and therefore also our consolidated revenue in the second quarter of 2025. Despite revenue pressure we were able to materially improve our operational profitability in Q2 2025 compared to prior periods through structural and targeted cost control. Unfavorable effects from exchange rate fluctuations significantly impacted our quarterly financials, but we nevertheless again reported a positive net result.”
Second quarter 2025 results
Total revenue for the second quarter of 2025 decreased 5.8% to 64,831 kEUR from 68,797 kEUR for the second quarter of 2024. Adjusted EBIT was 3,058 kEUR for the second quarter of 2025 compared to 3,872 kEUR for the 2024 period. The Adjusted EBIT margin (Adjusted EBIT divided by total revenue) for the second quarter of 2025 was 4.7%, compared to 5.6% for the second quarter of 2024. Adjusted EBITDA for the second quarter of 2025 was 8,288 kEUR compared to 9,188 kEUR for the 2024 period.
Revenue from our Materialise Medical segment increased 16.7% to 32,850 kEUR for the second quarter of 2025 compared to 28,141 kEUR for the same period in 2024. Segment Adjusted EBITDA amounted to 10,728 kEUR for the second quarter of 2025 compared to 8,199 kEUR, while the segment Adjusted EBITDA margin was 32.7% compared to 29.1% for the second quarter of 2024.
Revenue from our Materialise Software segment decreased 12.1% to 9,872 kEUR for the second quarter of 2025 from 11,226 kEUR for the same quarter last year. Segment Adjusted EBITDA remained stable at 1,373 kEUR from 1,374 kEUR, while the segment Adjusted EBITDA margin was 13.9% compared to 12.2% for the corresponding prior-year period, reflecting the impact of strict cost control.
Revenue from our Materialise Manufacturing segment decreased 24.9% to 22,109 kEUR for the second quarter of 2025 from 29,429 kEUR for the second quarter of 2024. Segment Adjusted EBITDA amounted to (807) kEUR compared to 2,416 kEUR for the same period in 2024, while the segment Adjusted EBITDA margin was (3.6)% compared to 8.2% for the second quarter of 2024.
Gross profit was 37,778 kEUR for the second quarter of 2025 compared to 39,227 kEUR for the same period last year, while gross profit as a percentage of revenue increased to 58.3% compared to 57.0% for the second quarter of 2024.
Research and development (“R&D”), sales and marketing (“S&M”), and general and administrative (“G&A”) expenses decreased, in the aggregate, by 0.8% to 36,334 kEUR for the second quarter of 2025 from 36,631 kEUR for the second quarter of 2024.
Net other operating income was 1,286 kEUR compared to 1,205 kEUR for the second quarter of 2024.
Operating result amounted to 2,730 kEUR compared to 3,801 kEUR for the second quarter of 2024.
Net financial result was (3,052) kEUR compared to 1,033 kEUR for the second quarter of 2024, reflecting highly unfavorable effects from unrealized exchange rate fluctuations.
The second quarter of 2025 contained income tax benefits of 521 kEUR, compared to income tax expenses of (959) kEUR in the second quarter of 2024.
As a result of the above, net profit for the second quarter of 2025 was 199 kEUR, compared to 3,875 kEUR for the same period in 2024. Total comprehensive income for the second quarter of 2025, which includes exchange differences on translation of foreign operations, was 823 kEUR compared to 3,093 kEUR for the corresponding 2024 period.
At June 30, 2025, we report 116,712 kEUR cash and cash equivalents on our balance sheet compared to 102,304 kEUR at December 31, 2024. Gross debt amounted to 53,667 kEUR, compared to 41,284 kEUR at December 31, 2024. As a result, our reported net cash position was 63,045 kEUR, an increase of 2,025 kEUR compared to December 31, 2024.
Cash flow from operating activities for the second quarter of 2025 was (27) kEUR compared to 8,400 kEUR for the same period in 2024. Total cash out from capital expenditures for the second quarter of 2025 amounted to 4,729 kEUR.
Net shareholders’ equity at June 30, 2025 was 249,488 kEUR compared to 248,578 kEUR at December 31, 2024.
2025 guidance
Mrs. de Vet-Veithen concluded, “As we move through 2025 we see a risk that geo-political volatility and macro-economic uncertainty intensify and also impact the business climate for the remainder of this year. Unfavorable foreign exchange fluctuations might also add to the pressure on our revenue line and reported net result. We therefore believe it is prudent to slightly reduce our revenue guidance for the full fiscal year to a range of 265,000 to 280,000 kEUR. We remain convinced though that the fundamentals of our business are solid and resilient and believe that further structural cost efficiencies will allow us to safeguard operational profitability. Despite the slightly lower revenue outlook we are therefore reconfirming our Adjusted EBIT guidance of 6,000 kEUR to 10,000 kEUR for fiscal year 2025 in line with our earlier communications in February and April of this year.”
Conference call and webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the second quarter of 2025 on Thursday, July 24, 2025, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Brigitte de Vet-Veithen, Chief Executive Officer and Koen Berges, Chief Financial Officer. A question-and-answer session will follow management’s remarks.
To access the call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or receive a call to connect to Materialise’s conference call.
The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com. The webcast of the conference call will be archived on the company's website for one year.
