MTLS Q3 2025: Medical up 10.3%, EBITDA €8.43M

Rhea-AI Filing Summary

Materialise NV (MTLS) reported Q3 2025 results with total revenue of 66,259 kEUR, down 3.5% year over year. Net profit was 1,848 kEUR and the operating result was 2,522 kEUR.

Performance varied by segment: Medical grew 10.3% to 33,296 kEUR, while Manufacturing fell 17.1% to 22,677 kEUR and Software declined 7.4% to 10,286 kEUR. Gross margin held essentially steady at 56.8%. Adjusted EBITDA was 8,428 kEUR versus 9,895 kEUR, and Adjusted EBIT margin was 4.4% compared to 6.4% a year ago.

Operating cash flow was 10,359 kEUR and capital expenditures were 5,288 kEUR. Cash and cash equivalents were 132,022 kEUR at September 30, 2025, against gross debt of 64,278 kEUR, resulting in a net cash position of 67,744 kEUR. Basic EPS was 0.03.

Insights

Equity analyst — additive manufacturing

Mixed quarter: Medical strength offset by Manufacturing weakness; margins softer.

Materialise posted Q3 revenue of 66,259 kEUR (down 3.5%) and net profit of 1,848 kEUR. Segment trends diverged: Medical rose 10.3% to 33,296 kEUR, while Manufacturing fell 17.1% to 22,677 kEUR and Software declined 7.4% to 10,286 kEUR. Gross margin held at 56.8%, but lower mix and higher R&D trimmed profitability.

Adjusted EBITDA was 8,428 kEUR versus 9,895 kEUR, and Adjusted EBIT margin eased to 4.4%. Operating expenses rose only 0.5%, tempering the impact of softer revenue. Cash and cash equivalents reached 132,022 kEUR with gross debt at 64,278 kEUR, yielding net cash of 67,744 kEUR.

Key dependencies are segment mix and Manufacturing recovery. Cash generation (operating cash flow 10,359 kEUR in Q3) supports ongoing investment; subsequent filings may provide additional color on segment momentum.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number: 001-36515

Materialise NV

Technologielaan 15

3001 Leuven

Belgium

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x           Form 40-F  ¨

This Form 6-K is incorporated by reference into the registrant’s Registration Statement on Form F-3 (File No. 333-213649).

Third Quarter 2025 Financial Results

Except as otherwise required by the context, references to “Materialise,” “Company,” “we,” “us” and “our” are to Materialise NV and its subsidiaries.

Third Quarter 2025 Results

Total revenue for the third quarter of 2025 decreased 3.5% to 66,259 kEUR from 68,652 kEUR for the third quarter of 2024.

Revenue from our Materialise Medical segment increased 10.3% to 33,296 kEUR for the third quarter of 2025 compared to 30,197 kEUR for the same period in 2024.

Revenue from our Materialise Software segment decreased 7.4% to 10,286 kEUR for the third quarter of 2025 compared to 11,111 kEUR for the same quarter last year.

Revenue from our Materialise Manufacturing segment decreased 17.1% to 22,677 kEUR for the third quarter of 2025 compared to 27,344 kEUR for the third quarter of 2024.

Gross profit was 37,651 kEUR for the third quarter of 2025 compared to 39,297 kEUR for the same period last year, while gross profit as a percentage of revenue was 56.8% compared to 57.2% for the third quarter of 2024.

While Research and development (“R&D”) expenses increased by 4.2%, mainly reflecting higher investments in our Materialise Medical segment, overall operational expenses, also including sales and marketing (“S&M”) and general and administrative (“G&A”) expenses, increased in aggregate only slightly by 0.5% to 36,019 kEUR for the third quarter of 2025 compared to the third quarter of 2024.

Net other operating income amounted to 890 kEUR compared to 872 kEUR for the third quarter of 2024.

The operating result amounted to 2,522 kEUR compared to 4,313 kEUR for the third quarter of 2024.

Net financial result was (121) kEUR compared to (1,137) kEUR for the third quarter of 2024.

The third quarter of 2025 contained income tax results of (553) kEUR compared to (138) kEUR in the third quarter of 2024.

As a result of the above, net profit for the third quarter of 2025 was 1,848 kEUR compared to 3,038 kEUR for the same period in 2024. Total comprehensive income for the third quarter of 2025, which includes exchange differences on translation of foreign operations, was 1,885 kEUR compared to 3,777 kEUR for the corresponding 2024 period.

At September 30, 2025, we reported 132,022 kEUR cash and cash equivalents on our balance sheet compared to 102,304 kEUR at December 31, 2024. Gross debt amounted to 64,278 kEUR compared to 41,284 kEUR at December 31, 2024. As a result, our net cash position (cash and cash equivalents less gross debt) was 67,744 kEUR, an increase of 6,724 KEUR compared to December 31, 2024.

Cash flow from operating activities for the third quarter of the year 2025 was 10,359 kEUR, compared to 6,870 kEUR for the same period in 2024. Total capital expenditures for the third quarter of 2025 amounted to 5,288 kEUR.

Net shareholders’ equity at September 30, 2025 increased to 251,448 kEUR compared to 248,578 kEUR at December 31, 2024.

Adjusted EBIT was 2,918 kEUR for the third quarter of 2025 compared to 4,408 kEUR for the 2024 period. The Adjusted EBIT margin (Adjusted EBIT divided by total revenue) for the third quarter of 2025 was 4.4%, compared to 6.4% for the third quarter of 2024. Adjusted EBITDA amounted to 8,428 kEUR for the third quarter of 2025 compared to 9,895 kEUR for the 2024 period.

Adjusted EBITDA from our Materialise Medical segment amounted to 10,199 kEUR for the third quarter of 2025 compared to 9,895 kEUR, while the segment Adjusted EBITDA margin (segment Adjusted EBITDA divided by segment revenue) was 30.6% compared to 32.8% for the third quarter of 2024.

Adjusted EBITDA from our Materialise Software segment amounted to 1,801 kEUR compared to 1,975 kEUR, while the segment Adjusted EBITDA margin was 17.5% compared to 17.8% for the corresponding prior-year period.

Adjusted EBITDA from our Materialise Manufacturing segment amounted to (845) kEUR compared to 701 kEUR for last year’s same period, while the segment Adjusted EBITDA margin was (3.7)% compared to 2.6% for the third quarter of 2024.

Non-IFRS Measures

Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA as supplemental financial measures of its financial performance. EBIT is calculated as net profit plus income taxes, financial expenses (less financial income) and shares of profit or loss in a joint venture. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of profit or loss in a joint venture and depreciation and amortization. Adjusted EBIT and Adjusted EBITDA are determined by adding to EBIT and EBITDA, respectively (i) share-based compensation expenses, (ii) acquisition or divestiture-related expenses of business combinations, (iii) impairments and revaluation of fair value due to business combinations and (iv) costs incurred in relation to corporate initiatives, restructurings or reorganizations that are of a non-recurring nature. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of financing decisions and, in the case of EBITDA and Adjusted EBITDA, long term investment, rather than the performance of the company’s day-to-day operations. The company also uses segment Adjusted EBITDA to evaluate the performance of its three business segments. As compared to net profit, these measures are limited in that they do not reflect the cash requirements necessary to service interest or principal payments on the company’s indebtedness and, in the case of EBITDA and Adjusted EBITDA, these measures are further limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the changes associated with impairments. Management evaluates such items through other financial measures such as financial expenses, capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.

Exchange Rate

This document contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this document were made at a rate of EUR 1.00 to USD 1.1741, the reference rate of the European Central Bank on September 30, 2025.

About Materialise

Materialise NV incorporates more than three decades of 3D printing experience into a range of software solutions and 3D printing services that empower sustainable 3D printing applications. Our open, secure, and innovative end-to-end solutions enable flexible industrial manufacturing and mass personalization in various industries — including healthcare, automotive, aerospace, eyewear, art and design, wearables, and consumer goods. Headquartered in Belgium and with branches worldwide, Materialise NV combines the largest group of software developers in the industry with one of the world's largest and most complete 3D printing facilities.

Consolidated income statements (Unaudited)

		for the three months ended September 30,												for the nine months ended September 30,
In '000		2025				2025				2024				2025				2024
		U.S.$				€				€				€				€
Revenue			77,795				66,259				68,652				197,469				201,085
Cost of Sales			(33,589	)			(28,608	)			(29,355	)			(85,298	)			(86,625	)
Gross Profit			44,206				37,651				39,297				112,171				114,461
Gross profit as % of revenue			56.8	%			56.8	%			57.2	%			56.8	%			56.9	%
Research and development expenses			(13,431	)			(11,439	)			(10,979	)			(33,973	)			(32,301	)
Sales and marketing expenses			(17,432	)			(14,847	)			(14,896	)			(45,386	)			(45,130	)
General and administrative expenses			(11,427	)			(9,733	)			(9,981	)			(29,506	)			(29,195	)
Net other operating income (expenses)			1,045				890				872				2,519				2,866
Operating (loss) profit			2,961				2,522				4,313				5,825				10,700
Financial expenses			(683	)			(582	)			(1,843	)			(7,393	)			(4,082	)
Financial income			541				460				706				3,345				5,489
(Loss) profit before taxes			2,819				2,401				3,176				1,777				12,106
Income Taxes			(649	)			(553	)			(138	)			(266	)			(1,607	)
Net (loss) profit for the period			2,170				1,848				3,038				1,510				10,500
Net (loss) profit attributable to:
The owners of the parent			2,169				1,848				3,045				1,512				10,520
Non-controlling interest			-				-				(7	)			(2	)			(20	)
Earning per share attributable to owners of the parent
Basic			0.04				0.03				0.05				0.03				0.18
Diluted			0.04				0.03				0.05				0.03				0.18
Weighted average basic shares outstanding			59,067				59,067				59,067				59,067				59,067
Weighted average diluted shares outstanding			59,067				59,067				59,067				59,071				59,067

Consolidated statements of comprehensive income (Unaudited)

		for the three months ended September 30,						for the nine months ended September 30,
In 000€		2025		2025		2024		2025		2024
		U.S.$		€		€		€		€
Net profit (loss) for the period		2,170		1,848		3,038		1,510		10,500
Other comprehensive income
Recycling
Exchange difference on translation of foreign operations		44		38		739		1,167		(317)
Other comprehensive income (loss), net of taxes		44		38		739		1,167		(317)
Total comprehensive income (loss) for the year, net of taxes		2,213		1,885		3,777		2,677		10,183
Total comprehensive income (loss) attributable to:
The owners of the parent		2,214		1,886		3,785		2,670		10,204
Non-controlling interests		(0)		(0)		(7)		7		(22)

Consolidated statement of financial position (Unaudited)

		As of September 30,				As of December 31,
In 000€		2025				2024
Assets
Non-current assets
Goodwill			43,148				43,391
Intangible assets			26,651				29,973
Property, plant & equipment			111,831				111,331
Right-of-Use assets			6,073				7,719
Deferred tax assets			3,423				3,523
Investments in convertible loans			4,179				3,994
Other non-current assets			5,663				5,893
Total non-current assets			200,968				205,823
Current assets
Inventories			15,678				16,992
Trade receivables			44,894				53,052
Other current assets			17,569				18,166
Cash and cash equivalents			132,022				102,304
Assets held for sale			4,383				-
Total current assets			214,545				190,513
Total assets			415,513				396,336

		As of September 30,				As of December 31,
In 000€		2025				2024
Equity and liabilities
Equity
Share capital			4,487				4,487
Share premium			233,895				233,895
Retained earnings and other reserves			13,066				10,196
Equity attributable to the owners of the parent			251,448				248,578
Non-controlling interest			(79	)			(86	)
Total equity			251,369				248,492
Non-current liabilities
Loans & borrowings			50,029				23,175
Lease liabilities			3,522				5,112
Deferred tax liabilities			2,826				3,202
Deferred income			16,749				13,268
Other non-current liabilities			421				910
Total non-current liabilities			73,547				45,666
Current liabilities
Loans & borrowings			7,909				10,383
Lease liabilities			2,818				2,614
Trade payables			18,858				23,348
Tax payables			388				1,432
Deferred income			41,592				45,998
Other current liabilities			18,195				18,403
Liabilities held for sale			838				-
Total current liabilities			90,598				102,178
Total equity and liabilities			415,513				396,336

Consolidated statement of cash flows (Unaudited)

		for the nine months ended September 30,
In 000€		2025				2024
Operating activities
Net (loss) profit for the period			1,510				10,500
Non-cash and operational adjustments			20,198				16,964
Depreciation of property plant & equipment			11,317				11,370
Amortization of intangible assets			4,834				4,838
Share-based payment expense			191				213
Loss (gain) on disposal of intangible assets and property, plant & equipment			(24	)			(114	)
Government grants			(209	)			-
Movement in provisions			(273	)			311
Movement reserve for bad debt and slow moving inventory			194				202
Financial income			(3,339	)			(5,492	)
Financial expense			7,385				4,066
Impact of foreign currencies			(137	)			(15	)
(Deferred) income taxes			260				1,584
Working capital adjustments			(2,282	)			(3,860	)
Decrease (increase) in trade receivables and other receivables			6,197				1,666
Decrease (increase) in inventories and contracts in progress			(1,604	)			(672	)
Increase (decrease) in deferred revenue			(2,661	)			(4,284	)
Increase (decrease) in trade payables and other payables			(4,214	)			(569	)
Income tax paid			(1,358	)			(1,626	)
Interest received			1,977				3,262
Net cash flow from operating activities			20,045				25,239

		for the nine months ended September 30,
In 000€		2025				2024
Investing activities
Purchase of property, plant & equipment			(10,372	)			(17,305	)
Purchase of intangible assets			(1,477	)			(1,312	)
Proceeds from the sale of property, plant & equipment & intangible assets (net)			231				232
Acquisition of subsidiary (net of cash)			-				(2,670	)
Capital government grants received			2,678				-
Net cash flow used in investing activities			(8,940	)			(21,055	)
Financing activities
Proceeds from loans & borrowings			35,000				-
Repayment of loans & borrowings			(10,461	)			(11,470	)
Repayment of leases			(2,257	)			(2,314	)
Capital increase			-				-
Interest paid			(1,209	)			(1,052	)
Other financial income (expense)			(1,515	)			(240	)
Net cash flow from (used in) financing activities			19,558				(15,077	)
Net increase/(decrease) of cash & cash equivalents			30,663				(10,892	)
Cash & Cash equivalents at the beginning of the year			102,304				127,573
Exchange rate differences on cash & cash equivalents			(915	)			(517	)
Cash & cash equivalents at end of the period			132,052				116,163

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

		for the three months ended September 30,								for the nine months ended September 30,
In 000€		2025				2024				2025				2024
Net profit (loss) for the period			1,848				3,038				1,510				10,500
Income taxes			553				138				266				1,607
Financial expenses			582				1,843				7,393				4,082
Financial income			(460	)			(706	)			(3,345	)			(5,489	)
Depreciation and amortization			5,509				5,487				16,240				16,241
EBITDA			8,031				9,800				22,065				26,941
Share-based compensation expense (1)			74				71				191				213
Restructuring and corporate initiatives (2)			322				-				605				-
Acquisition-related expenses of business combinations (3)			-				24				-				24
Adjusted EBITDA			8,428				9,895				22,862				27,178

(1) Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.

(2) Non-recurring costs related to corporate initiatives, restructurings or reorganizations

(3)  Acquisition-related expenses of business combinations represent expenses incurred in connection with the acquisition of Feops.

Reconciliation of Net Profit (Loss) to EBIT and Adjusted EBIT (Unaudited)

		for the three months ended September 30,								for the nine months ended September 30,
In 000€		2025				2024				2025				2024
Net profit (loss) for the period			1,848				3,038				1,510				10,500
Income taxes			553				138				266				1,607
Financial expenses			582				1,843				7,393				4,082
Financial income			(460	)			(706	)			(3,345	)			(5,489	)
EBIT			2,522				4,313				5,825				10,700
Share-based compensation expense (1)			74				71				191				213
Restructuring and corporate initiatives (2)			322				-				605				-
Acquisition-related expenses of business combinations (3)			-				24				-				24
Adjusted EBIT			2,918				4,408				6,621				10,937

(1) Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.

(2) Non-recurring costs related to corporate initiatives, restructurings or reorganizations

(3)  Acquisition-related expenses of business combinations represent expenses incurred in connection with the acquisition of Feops.

Segment P&L (Unaudited)

In 000€		Materialise Medical			Materialise Software			Materialise Manufacturing			Total segments			Unallocated (1)			Consolidated
For the three months ended September 30, 2025
Revenues		33,296			10,286			22,677			66,259			0			66,259
Segment (adj) EBITDA		10,199			1,801			(845	)		11,155			(2,728	)		8,428
Segment (adj) EBITDA %		30.6	%		17.5	%		-3.7	%		16.8	%					12.7	%
For the three months ended September 30, 2024
Revenues		30,197			11,111			27,344			68,652			(0	)		68,652
Segment (adj) EBITDA		9,895			1,975			701			12,572			(2,677	)		9,895
Segment (adj) EBITDA %		32.8	%		17.8	%		2.6	%		18.3	%					14.4	%

In 000€		Materialise Medical			Materialise Software			Materialise Manufacturing			Total segments			Unallocated (1)			Consolidated
For the nine months ended September 30, 2025
Revenues		97,224			29,933			70,313			197,469			0			197,469
Segment (adj) EBITDA		29,974			3,772			(2,031	)		31,716			(8,854	)		22,862
Segment (adj) EBITDA %		30.8	%		12.6	%		-2.9	%		16.1	%					11.6	%
For the nine months ended September 30, 2024
Revenues		84,522			32,775			83,789			201,085			0			201,085
Segment (adj) EBITDA		26,015			4,439			4,648			35,103			(7,925	)		27,178
Segment (adj) EBITDA %		30.8	%		13.5	%		5.5	%		17.5	%					13.5	%

(1)  Unallocated segment adjusted EBITDA consists of corporate research and development and corporate other operating income (expense), and the added share-based compensation expenses, acquisition or divestiture-related expenses of business combinations, impairments and revaluation of fair value of business combinations and non-recurring costs related to corporate initiatives, restructurings and reorganizations that are included in Adjusted EBITDA and that are not allocated to the reporting segments .

Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)

		for the three months ended September 30,								for the nine months ended September 30,
In 000€		2025				2024				2025				2024
Net profit (loss) for the period			1,848				3,038				1,510				10,500
Income taxes			553				138				266				1,607
Financial cost			582				1,843				7,393				4,082
Financial income			(460	)			(706	)			(3,345	)			(5,489	)
Operating (loss) profit			2,522				4,313				5,825				10,700
Depreciation and amortization			5,509				5,487				16,240				16,241
Corporate research and development			826				912				2,926				2,675
Corporate headquarter costs			2,761				2,454				8,512				7,537
Other operating income (expense)			(685	)			(618	)			(2,187	)			(2,073	)
Segment restructuring and reorganization			222				-				400				-
Acquisition-related expenses of business combinations (1)			-				24				-				24
Segment adjusted EBITDA			11,155				12,572				31,716				35,103

(1) Acquisition-related expenses of business combinations represent expenses incurred in connection with the acquisition of Feops.  

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MATERIALISE NV
	By:	/s/ Brigitte de Vet-Veithen
	Name:	Brigitte de Vet-Veithen
		De Vet Management BV
	Title:	Chief Executive Officer

Date: October 28, 2025

FAQ

How did Materialise (MTLS) perform in Q3 2025?

Total revenue was 66,259 kEUR (down 3.5%), net profit 1,848 kEUR, and operating result 2,522 kEUR.

Which Materialise segments grew or declined in Q3 2025?

Medical grew 10.3% to 33,296 kEUR; Manufacturing fell 17.1% to 22,677 kEUR; Software declined 7.4% to 10,286 kEUR.

What were Materialise’s margins in Q3 2025?

Gross margin was 56.8%. Adjusted EBITDA was 8,428 kEUR, and Adjusted EBIT margin was 4.4%.

What is Materialise’s cash and debt position as of September 30, 2025?

Cash and cash equivalents were 132,022 kEUR, gross debt 64,278 kEUR, for a net cash position of 67,744 kEUR.

How did operating cash flow and capex trend in Q3 2025 for MTLS?

Operating cash flow was 10,359 kEUR, and capital expenditures were 5,288 kEUR in the quarter.

What was Materialise’s EPS in Q3 2025?

Basic and diluted EPS were 0.03.