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Q2 2025 Financial Results Conference call | July 24, 2025 www.materialise.com | NASDAQ: MTLS
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Safe Harbor Summary 2 This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, our estimates for revenue, Adjusted EBITDA, Adjusted EBIT, our results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including how our business, results of operations and financial condition could be impacted by the current armed geopolitical conflicts around the world and governmental responses thereto, inflation, increased labor, energy and materials costs), policy changes resulting from the U.S. presidential administration, changes in tariffs and trade restrictions, and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this presentation, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements . These forward-looking statements are based upon the expectations of management under current assumptions at the time of this presentation. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this presentation. This presentation includes non-IFRS financial measures, including EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA. These measures are supplemental measures of financial performance that are not required by, or presented in accordance with, international financial reporting standards (“IFRS”). Please refer to the Appendix of this presentation for a reconciliation of such non-IFRS financial measures to the most directly comparable financial measures prepared in accordance with IFRS.
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• Q2 2025 Business Highlights • Q2 2025 Financial Highlights • Q2 2025 Financial Results • 2025 Financial Guidance Update • Q&A Agenda Koen Berges CFO Brigitte de Vet-Veithen CEO 3
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Q2 2025 - Business Highlights Celebrating 35 years of Materialise Medical: Scaling up to reach more patients • Collaboration with J&J’s surgical business in EMEA to address the respiratory market • 510K clearance for Personalized Alignment features in our Surgicase Knee Planner Software and Manufacturing: Market headwinds but confirmation of our strategy • Focus on growth segments • Broader engagement in the defense industry • Restructuring in our Manufacturing segment 4
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Q2 2025 – Financial Highlights • Revenue of 64.8 mEUR, representing a decrease of 5.8% from Q2 2024 • Gross Profit of 37.8 mEUR, representing 58.3% of revenue • Adjusted EBIT of 3.1 mEUR, representing 4.7% of revenue • Net profit of 199 kEUR, representing 0 EUR-ct. per share • Reported Net Cash position of 63.0 mEUR, representing an increase of 2.0 mEUR from year-end 2024 5
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Q2 2025 Consolidated Revenue • Revenue of 64.8 mEUR, representing a decrease of 5.8% compared to Q2 2024 • Consistent double-digit revenue growth in our Medical segment. Intensified geo-political instability and macro-economic headwinds impacted revenue generation in our Manufacturing and Software segments • 46.7 mEUR of deferred revenue from software licenses and maintenance carried on our balance sheet at the end of Q2 2025 Q2 2024 Q2 2025 68,797 64,831 -5.8% 15% 51% 34% Software Medical Manufacturing Q2 2025 Revenue by Segment 6 [Data in kEUR unless notes otherwise. All numbers and percentages rounded]
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Q2 2025 Consolidated Adjusted EBIT & EBITDA • Q2 2025 Adjusted EBIT decreased by 21% to 3.1 mEUR compared to Q2 2024 • Q2 2025 Adjusted EBITDA decreased by 10% to 8.3 mEUR compared to Q2 2024 • Despite lower revenue, Adjusted EBIT and Adjusted EBITDA improved significantly compared to Q1 2025 Q2 2024 Q2 2025 3,872 3,058 -21.0% 4.7% 5.6% Adj. EBIT Q2 2024 Q2 2025 9,188 8,288 -9.8% 12.8%13.4% Adj. EBITDA 7 [Data in kEUR unless notes otherwise. All numbers and percentages rounded]
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Q2 2025 Medical Segment • Q2 2025 revenue increased 17% to 32.9 mEUR compared to Q2 2024 • Revenue from medical software grew 14% • Revenue from medical devices & services increased 18% driven by growth in both partner and direct sales • Q2 2025 Adjusted EBITDA grew to 10.7 mEUR, representing an Adjusted EBITDA margin of 33% Q2 2024 Q2 2025 28,141 32,850 +16.7% Q2 2024 Q2 2025 8,199 10,728+30.8% 29.1% 32.7% Revenue Adj. EBITDA 8 [Data in kEUR unless notes otherwise. All numbers and percentages rounded]
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Q2 2025 Software Segment • Q2 2025 revenue decreased by 12% to 9.9 mEUR compared to Q2 2024 • 84% recurring revenue generated in Q2 2025 • Q2 2025 Adjusted EBITDA remains stable at 1.4 mEUR, representing an Adjusted EBITDA margin of 14% Q2 2024 Q2 2025 11,226 9,872 -12.1% Q2 2024 Q2 2025 1,374 1,373 -0.1% 12.2% 13.9% Revenue Adj. EBITDA [Data in kEUR unless notes otherwise. All numbers and percentages rounded] 9
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Q2 2025 Manufacturing Segment Q2 2024 Q2 2025 29,429 22,109 -24.9% (807) Q2 2024 Q2 2025 2,416 8.2% -3.6% • Compared to Q2 2024 segment revenue decreased by 25% to 22.1 mEUR • Further growth in strategic certified manufacturing sectors offset by declining prototyping demand • Q2 2025 Adjusted EBITDA decreased to (0.8) mEUR, representing an Adjusted EBITDA margin of (3.6)% Revenue Adj. EBITDA 10 [Data in kEUR unless notes otherwise. All numbers and percentages rounded]
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Income Statement Highlights Q2 2025 Q2 2024 Revenue 64,831 68,797 Cost of sales (27,053) (29,570) Gross profit 37,778 39,227 Research & development expenses (11,120) (11,090) Sales & marketing expenses (15,471) (15,636) General & administrative expenses (9,744) (9,905) Other income/(expenses), net 1,286 1,205 Operating profit/(loss) 2,730 3,801 Financial income/(expenses), net (3,052) 1,033 Taxes 521 (959) Net profit/(loss) 199 3,875 Diluted EPS (in EUR) 0.00 0.07 (Diluted) weighted average shares (thousands) 59,067 59,067 11 Q2 2024 Q2 2025 57.0% 58.3% Gross profit margin (in %) Diluted EPS (in EUR) Q2 2024 Q2 2025 0.07 0.00 [Data in kEUR unless noted otherwise. All numbers and percentages rounded]
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Other Financial Highlights Balance Sheet items 06/30/25 12/31/24 Cash and equivalents 116,712 102,304 Borrowings 53,667 41,284 Net Cash 63,045 61,020 Trade receivables 49,564 53,052 Inventories 14,678 16,992 Trade payables 20,091 23,348 Deferred income 60,413 59,266 Equity 249,410 248,492 Total balance sheet 404,385 396,336 12 Q2 2024 Q2 2025 -27 8,400 Cash flow from operations Capital expenditures (cash impact) Q2 2024 Q2 2025 8,459 4,729 [Data in kEUR unless noted otherwise. All numbers and percentages rounded]
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2025 Financial Guidance Update Prudent outlook on market condition in H2 leading to slightly reduced revenue guidance while maintaining prior Adjusted EBIT guidance • Expect 2025 consolidated revenue within 265 - 280 mEUR range • Expect 2025 consolidated Adjusted EBIT within 6 - 10 mEUR range 13
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Adjusted EBIT/EBITDA Reconciliation Appendix [Data in kEUR unless noted otherwise. All numbers and percentages rounded] Q2 2025 Q2 2024 Net profit/(loss) 199 3,875 Income taxes (521) 959 Financial expenses 4,039 1,441 Financial income (987) (2,474) EBIT 2,730 3,801 Depreciation & amortization 5,230 5,316 EBITDA 7,960 9,117 Share-based compensation expense 45 71 Restructuring and corporate initiatives 283 - Adjusted EBITDA 8,288 9,188 Depreciation & amortization (5,230) (5,316) Adjusted EBIT 3,058 3,872 14
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Thank You Contact: Investor Relations Materialise investors@materialise.com 15