Materialise (NASDAQ:MTLS) reported fourth-quarter 2025 results that showed mid-single-digit top-line growth and improved profitability, supported by continued strength in its medical segment and cost discipline across the business. Management also discussed a new dual listing in Europe, a share repurchase program, and its outlook for 2026, which anticipates continued double-digit growth in medical alongside ongoing macro headwinds for manufacturing.
Dual listing in Brussels and share repurchase program
Chief Executive Officer Brigitte de Vet-Veithen said the company rang the opening bell at Euronext Brussels on Nov. 20, 2025, complementing its existing Nasdaq listing. She said the dual listing is intended to broaden access to European investors and increase operational flexibility, including the option to initiate ADS and/or share buyback programs. Management emphasized that no shares were offered and no capital was raised as part of the listing, and that the stock trades under the same ticker symbol, MTLS.
Business highlights: medical milestone and software product updates
In its medical business, de Vet-Veithen said Materialise surpassed a milestone of 700,000 patients treated with the company’s personalized solutions, with more than 70,000 patients treated in 2025 alone. She characterized the milestone as progress toward “mass personalization.”
Materialise also released a new version of Mimics Flow, which de Vet-Veithen described as workflow software for companies developing their own personalized solutions. She cited three aspects of the release:
- Enhanced functionality, including additional AI algorithms aimed at enabling faster work for high-volume applications and improvements designed to make 3D planning and case discussions more efficient within a unified platform.
- A new licensing system, including an end-user portal intended to reduce licensing overhead by allowing users to rehost, activate, and deactivate licenses as needed.
- New pricing structure, enabling subscription pricing models that management said more closely align Materialise’s success with customers. Management said these models will be introduced gradually in specific markets and applications.
In software, the company introduced three tailored CO-AM solutions and additional enabling technologies to address growing demand for workflow automation and interoperability. De Vet-Veithen said the new offerings target different user needs: CO-AM Professional for high-mix, low-volume production with automation and traceability; CO-AM NPI for accelerating new product introductions and qualification; and CO-AM Enterprise combining preparation with production execution and order management.
She also highlighted CO-AM Bricks, a low-code, node-based automation technology that integrates algorithms from Materialise SDK suites and can incorporate external tools and libraries. De Vet-Veithen said Bricks has been used internally in the production of the company’s fit insoles, where it helped automate almost the entire process from order to print. She cited internal metrics showing nesting time falling from 45 minutes to 1 minute, build processing becoming 20 times faster, total build time declining by 15%, and error rates dropping from 10% to under 0.1%.
Manufacturing headwinds and aerospace/defense momentum
De Vet-Veithen said manufacturing continued to face headwinds in the fourth quarter, while the company made progress in “high-growth, certified industries.” She said Materialise merged its i.materialise and Materialise OnSite platforms into a single platform, describing the move as aligned with a strategic focus on the professional 3D printing market.
She also pointed to two aerospace and defense-related projects awarded in the fourth quarter. First, Materialise was invited to join the Sonrisa project, a funded aviation initiative led by Diehl Aerospace, aimed at making quality assurance for metal 3D printed aircraft parts more reliable and easier to certify. De Vet-Veithen said Materialise’s role is to develop data-driven quality assessment concepts that merge production and inspection data to support automated acceptance decisions, as well as virtual testing tools to assess manufacturability early in design.
Second, Airbus Defense and Space awarded Materialise production of environmental control systems for the Eurodrone project. De Vet-Veithen said production of the first aircraft is expected in 2027, with a “go live” for the parts requested from Materialise at the end of 2026, calling the order a significant step forward in a key vertical.
Q4 and full-year financial results: revenue growth and improved margins
Chief Financial Officer Koen Berges said consolidated fourth-quarter revenue rose 6.8% year-over-year to EUR 70.2 million. Gross profit was EUR 40.8 million, representing a gross margin of 58.1%. Adjusted EBIT was EUR 4.0 million, or 5.7% of revenue, and net profit was EUR 6.2 million. Berges also said the net cash position improved to EUR 70.8 million, up more than EUR 3 million from the prior quarter and EUR 10 million above the level at the end of 2024.
By segment in the fourth quarter:
- Medical revenue increased more than 16% to EUR 37.0 million, driven by a 23% increase in medical devices and services revenue, while medical software revenue was stable versus a strong Q4 2024. Adjusted EBITDA rose to EUR 13.0 million, with a 35% margin.
- Software revenue was about EUR 11.0 million. Berges cited unfavorable foreign exchange effects and an ongoing transition to a cloud and subscription-based model. Recurring revenue grew 4% year-over-year, while non-recurring revenue declined 19%. Adjusted EBITDA was EUR 1.7 million, a 15.5% margin.
- Manufacturing revenue declined 2% to EUR 22.2 million. Berges said demand remained pressured, particularly in prototyping, though he noted growth in strategic markets and series manufacturing and said major aerospace and defense contracts closed at year-end should contribute in coming periods. Adjusted EBITDA was negative EUR 2.2 million.
For the full year 2025, Materialise reported revenue of EUR 268.0 million, essentially flat versus 2024. Adjusted EBITDA was EUR 32.4 million (12.1% margin) and adjusted EBIT was EUR 10.6 million (4% margin). Net profit for 2025 was EUR 7.7 million, or EUR 0.13 per share. The company’s gross margin for the year was 57.1%, up from 56.5% in 2024.
Berges said operating expenses in the quarter were stable at around EUR 39 million, and he called out approximately EUR 750,000 of non-recurring costs in Q4 related primarily to the Euronext listing.
2026 outlook: modest revenue growth, manufacturing caution
Management forecast 2026 revenue of EUR 273 million to EUR 283 million, with adjusted EBIT expected to be EUR 10 million to EUR 12 million. De Vet-Veithen said the medical segment is expected to continue growing at a double-digit pace, software is expected to complete its transition to a cloud-based subscription model in 2026, and manufacturing is expected to continue shifting toward series manufacturing and focus sectors while facing persistent industrial macro headwinds.
During the Q&A, de Vet-Veithen confirmed that the company’s assumptions imply manufacturing will be flat to down year-over-year in 2026, citing a weaker industrial climate in Europe weighing on prototyping. She said the company has not disclosed what portion of manufacturing is tied to prototyping, but indicated it remains a “material” and “significant” part of the business even as it declines quarter after quarter. She also said the company plans to continue cost optimization in manufacturing and overhead, while focusing on sectors where it believes it can differentiate and generate stronger margins.
About Materialise (NASDAQ:MTLS)
Materialise NV is a Belgium-based company specializing in 3D printing software and additive manufacturing services. Through its dual focus on software and printing, the company addresses a wide range of industries, including automotive, aerospace, consumer goods, and healthcare. Materialise’s offerings span from design and simulation tools to end-to-end production, delivering both standardized and highly customized parts across polymer and metal platforms.
On the software side, Materialise develops a suite of proprietary applications—such as Magics for data preparation, Mimics for medical image processing and patient-specific modeling, and Streamics for production workflow management.
