MTLS Materialise NV

 

 

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 February 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   ¨

 

 

 

EXHIBIT INDEX

 

Exhibit		Description
99.1		Press Release dated February 20, 2025

 

 

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: February 20, 2025

 

 

 

Exhibit 99.1

 

Materialise Reports Fourth Quarter and Full Year 2024 Results

 

LEUVEN, Belgium--(BUSINESS WIRE)— February 20, 2025 -- Materialise NV (NASDAQ:MTLS), a leading provider of additive manufacturing and medical software solutions and of sophisticated 3D printing services, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

 

Highlights – Fourth Quarter 2024

 

	·	Total revenue increased 0.6% to 65,680 kEUR for the fourth quarter of 2024 from 65,295 kEUR for the corresponding 2023 period boosted by 14.3% growth in our Materialise Medical segment.
	·	Total deferred revenues from software maintenance and license fees increased by 5,878 kEUR this quarter to 46,948 kEUR.
	·	Adjusted EBITDA amounted to 4,306 kEUR for the fourth quarter of 2024 compared to 8,474 kEUR for the corresponding 2023 period. Adjusted EBIT amounted to (1,195) kEUR for the fourth quarter of 2024 compared to 3,154 kEUR for the 2023 period.
	·	Net result for the fourth quarter of 2024 was 2,907 kEUR, or 0.05 EUR per diluted share, compared to a net result of (539) kEUR, or (0.01) EUR per diluted share for the corresponding 2023 period.

 

Highlights – Full Year 2024

 

	·	Total revenue increased 4.2% to 266,765 kEUR for 2024 from 256,127 kEUR for 2023 boosted by 14.8% growth in our Materialise Medical segment.
	·	Gross profit as a percentage of revenue for 2024 remained stable at 56.5%, compared to 56.7% for 2023.
	·	Adjusted EBITDA was 31,484 kEUR for 2024 compared to 31,397 kEUR for 2023. Adjusted EBIT decreased slightly to 9,741 kEUR for 2024 from 9,886 kEUR for 2023.
	·	Net profit for 2024 was 13,406 kEUR, or 0.23 EUR per diluted share, compared to a net profit of 6,695 kEUR, or 0.11 EUR per diluted share, for 2023.
	·	Total cash reserves amounted to 102,304 kEUR at the end of 2024.

 

CEO Brigitte de Vet-Veithen commented, “In the final quarter of 2024 our Materialise Medical segment continued on its growth path, again posting record-high revenues. At the same time, global macro-economic headwinds persisted particularly in the European industrial sector, impacting Materialise Manufacturing segment’s performance. Our Materialise Software segment continued to make good progress in its conversion to a recurring revenue business model and delivered results in line with our expectations. Continued high R&D expenditures especially in our Materialise Medical and Software segments combined with integration and restructuring costs in our Materialise Manufacturing segment and in our corporate support departments impacted Adjusted EBIT in the fourth quarter of 2024. Over the full year 2024 we delivered a positive net result of 0.23 EUR per diluted share and increased our operational cash flow by 56% to 31.5 million EUR.”

 

Fourth Quarter 2024 Results

 

Total revenue for the fourth quarter of 2024 increased 0.6% to 65,680 kEUR from 65,295 kEUR for the fourth quarter of 2023. Adjusted EBITDA decreased to 4,306 kEUR for the fourth quarter of 2024 from 8,474 kEUR for the 2023 period. Adjusted EBIT amounted to (1,195) kEUR, compared to 3,154 kEUR for the same period in 2023.

 

Revenue from our Materialise Medical segment increased 14.3% to 31,837 kEUR for the fourth quarter of 2024, compared to 27,848 kEUR for the same period in 2023. Adjusted EBITDA for the segment was 9,547 kEUR compared to 9,365 kEUR, while the Adjusted EBITDA margin for the segment was 30.0%, compared to 33.6% for the prior-year period.

 

Revenue from our Materialise Software segment decreased 1.1% to 11,124 kEUR from 11,250 kEUR for the same quarter last year. Adjusted EBITDA for the segment amounted to 1,123 kEUR compared to 1,259 kEUR, while the Adjusted EBITDA margin for the segment was 10.1%, compared to 11.2% for the prior-year period.

 

Revenue from our Materialise Manufacturing segment decreased 13.3% to 22,719 kEUR from 26,198 kEUR for the fourth quarter of 2023. Adjusted EBITDA for the segment decreased to (2,989) kEUR compared to 557 kEUR, while the Adjusted EBITDA margin for the segment was (13.2)%, compared to 2.1% for the prior-year period.

 

 

Gross profit decreased 3.2% to 36,365 kEUR for the fourth quarter of 2024 from 37,548 kEUR for the same period last year. Gross profit as a percentage of revenue was 55.4%, compared to 57.5%.

 

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate, 10.2% to 38,990 kEUR for the fourth quarter of 2024 from 35,375 kEUR for the fourth quarter of 2023 mainly driven by a 19.6% increase in R&D spend.

 

Net other operating income was 1,357 kEUR compared to (3,287) kEUR for the fourth quarter of 2023, whereas the last quarter of 2023 included non-recurring charges from the impairment of goodwill, tangible and intangible assets of 4,228 kEUR.

 

The operating result was (1,268) kEUR, compared to (1,113) kEUR for the fourth quarter of 2023.

 

Net financial result for the fourth quarter of 2024 was 3,301 kEUR, compared to (234) kEUR for the corresponding period of 2023 reflecting favorable effects from exchange rate fluctuations.

 

The fourth quarter of 2024 contained net tax income of 874 kEUR, compared to net tax income of 809 kEUR for the fourth quarter of 2023.

 

As a result of the above, net profit for the fourth quarter of 2024 was 2,907 kEUR, compared to a net loss of (539) kEUR for the same period in 2023. Total comprehensive income for the fourth quarter of 2024 was 1,432 kEUR, compared to (112) kEUR for the 2023 period.

 

Cash flow from operating activities for the fourth quarter of the year 2024 was 6,218 kEUR, compared to 195 kEUR for the same period in 2023. Total capital expenditures for the fourth quarter of the year 2024 amounted to 7,760 kEUR.

 

Full Year 2024 Results

 

Total revenues for the year ended December 31, 2024 increased 4.2% to 266,765 kEUR from 256,127 kEUR for the year ended December 31, 2023. Adjusted EBITDA for 2024 amounted to 31,484 kEUR compared to 31,397 kEUR for 2023. The Adjusted EBITDA margin was 11.8% in 2024, compared to 12.3% in 2023. Adjusted EBIT for 2024 amounted to 9,741 kEUR compared to 9,886 kEUR for 2023. The Adjusted EBIT margin for 2024 was 3.7%, compared to 3.9% for 2023.

 

Revenues from our Materialise Medical segment grew by 14.8% for the year ended December 31, 2024 to 116,358 kEUR from 101,376 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA increased to 35,562 kEUR from 26,544 kEUR. The segment’s Adjusted EBITDA margin was 30.6% in 2024, compared to 26.2% in 2023.

 

Revenues from our Materialise Software segment decreased 1.2% to 43,899 kEUR for the year ended December 31, 2024 compared to 44,442 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA decreased to 5,562 kEUR from 7,450 kEUR in 2023. The segment’s Adjusted EBITDA margin was 12.7% in 2024, compared to 16.8% in 2023.

 

Revenues from our Materialise Manufacturing segment decreased 3.4% to 106,508 kEUR for the year ended December 31, 2024 from 110,310 kEUR for the year ended December 31, 2023. The segment’s Adjusted EBITDA amounted to 1,660 kEUR compared to 7,537 kEUR. The segment’s Adjusted EBITDA margin was 1.6% in 2024, compared to 6.8% in 2023.

 

Gross profit increased 3.9% to 150,826 kEUR from 145,131 kEUR last year. Gross profit as a percentage of revenue was 56.5%, compared to 56.7% in 2023.

 

Net other operating income was 4,223 kEUR compared to (6,524) kEUR for 2023, whereas 2023 included non-recurring charges from the impairment of goodwill, tangible and intangible assets of 4,228 kEUR.

 

Operating result amounted to 9,432 kEUR for the year ended December 31, 2024 compared to 5,619 kEUR in the prior year.

 

Net financial result amounted to 4,707 kEUR, compared to net financial result of 1,154 kEUR for the year ended December 31, 2023. Income taxes amounted to (733) kEUR compared to (78) kEUR for the year ended December 31, 2023. As a result, net profit was 13,406 kEUR for 2024 compared to a net profit of 6,695 kEUR in 2023.

 

At December 31, 2024, we had cash and equivalents of 102,304 kEUR compared to 127,573 kEUR at December 31, 2023. Gross debt reduced to 41,284 kEUR (of which 12,997 kEUR was short term), compared to 64,398 kEUR at December 31, 2023.

 

 

Cash flow from operating activities for the year ended December 31, 2024 was 31,456 kEUR compared to 20,157 kEUR in the year ended December 31, 2023. Total capital expenditures for the year ended December 31, 2024 amounted to 26,377 kEUR.

 

Net shareholders’ equity at December 31, 2024 was 248,492 kEUR compared to 236,594 kEUR at December 31, 2023, representing an increase of 5.0%.

 

2025 Guidance

 

Mrs. de Vet-Veithen concluded, “For calendar year 2025, we expect our three reporting segments to evolve at a different pace. We anticipate the strongest revenue growth to come from our Materialise Medical segment. Materialise Software will continue its transition towards a cloud-based subscription business model, which will impact its revenue growth potential. Furthermore, we anticipate the difficult macroeconomic environment will persist throughout 2025, specifically in the European industrial sector, which will impact the performance of our Materialise Manufacturing segment. On a consolidated level we expect our full year revenues for 2025 to grow to a range of 270.000 to 285.000 kEUR. We will continue investing in our Materialise Medical and Software segments while keeping a strong focus on cost control and optimization in particular in our Materialise Manufacturing segment and in our corporate support departments. For calendar year 2025, we anticipate our Adjusted EBIT will reach 6.000 to 10.000 kEUR reflecting also increased depreciation charges.”

 

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 share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to business combinations to EBIT and EBITDA, respectively. 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 1.039, the reference rate of the European Central Bank on December 31, 2024.

 

Conference Call and Webcast

 

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2024 and other matters on Thursday, February 20, 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.

 

·

https://register.vevent.com/register/BI291a6f2c7454403ba50a5ec3e4455faa

 

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. A webcast of the conference call will be archived on the company's website for one year.

 

 

About Materialise

 

Materialise incorporates over 30 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest and most complete 3D printing facilities in the world. For additional information, please visit: www.materialise.com.

 

Cautionary Statement on Forward-Looking Statements

 

This press release 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 the current fiscal year’s revenue and 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 press release, 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 press release. 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 most recent 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 press release.

 

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

 

 

Consolidated income statements (Unaudited)

 

		for the three months ended December 31,									for the twelve months ended December 31,
In '000		2024			2024			2023			2024			2023
		U.S.$			€			€			€			€
Revenue		68,235			65,680			65,295			266,765			256,127
Cost of Sales		(30,455	)		(29,315	)		(27,747	)		(115,940	)		(110,996	)
Gross Profit		37,780			36,365			37,548			150,826			145,131
Gross profit as % of revenue		55.4	%		55.4	%		57.5	%		56.5	%		56.7	%
Research and development expenses		(12,569	)		(12,099	)		(10,116	)		(44,400	)		(38,098	)
Sales and marketing expenses		(17,131	)		(16,490	)		(15,403	)		(61,620	)		(57,822	)
General and administrative expenses		(10,806	)		(10,402	)		(9,855	)		(39,597	)		(37,068	)
Net other operating income (expenses)		1,410			1,357			(3,287	)		4,223			(6,524	)
Operating (loss) profit		(1,316	)		(1,268	)		(1,113	)		9,432			5,619
Financial expenses		(451	)		(434	)		(266	)		(4,516	)		(3,865	)
Financial income		3,880			3,735			32			9,224			5,019
(Loss) profit before taxes		2,113			2,033			(1,348	)		14,139			6,772
Income Taxes		908			874			809			(733	)		(78	)
Net (loss) profit for the period		3,021			2,907			(539	)		13,406			6,695
Net (loss) profit attributable to:
The owners of the parent		3,030			2,917			(529	)		13,436			6,722
Non-controlling interest		(10	)		(10	)		(10	)		(30	)		(27	)
Earning per share attributable to owners of the parent
Basic		0.05			0.05			(0.01	)		0.23			0.11
Diluted		0.05			0.05			(0.01	)		0.23			0.11
Weighted average basic shares outstanding		59,067			59,067			59,067			59,067			59,067
Weighted average diluted shares outstanding		59,148			59,148			59,067			59,105			59,085

 

 

Consolidated statements of comprehensive income (Unaudited)

 

		for the three months ended December 31,									for the twelve months ended December 31,
In 000€		2024			2024			2023			2024			2023
		U.S.$			€			€			€			€
Net profit (loss) for the period		3,021			2,907			(539	)		13,406			6,695
Other comprehensive income
Recycling
Exchange difference on translation of foreign operations		(1,536	)		(1,478	)		759			(1,795	)		1,255
Non-recycling
Fair value adjustments through OCI - Equity instruments		3			3			(331	)		3			(331	)
Other comprehensive income (loss), net of taxes		(1,532	)		(1,475	)		428			(1,792	)		924
Total comprehensive income (loss) for the year, net of taxes		1,487			1,432			(112	)		11,615			7,619
Total comprehensive income (loss) attributable to:
The owners of the parent		1,501			1,445			(102	)		11,647			7,644
Non-controlling interests		(13	)		(13	)		(10	)		(33	)		(25	)

 

 

Consolidated statement of financial position (Unaudited)

 

		As of December 31,			As of December 31,
In 000€		2024			2023
Assets
Non-current assets
Goodwill		43,391			43,158
Intangible assets		29,973			31,464
Property, plant & equipment		111,331			95,400
Right-of-Use assets		7,719			8,102
Deferred tax assets		3,523			2,797
Investments in convertible loans		3,994			3,744
Other non-current assets		5,892			5,501
Total non-current assets		205,823			190,166
Current assets
Inventories		16,992			17,034
Trade receivables		53,052			52,698
Other current assets		18,165			9,161
Cash and cash equivalents		102,304			127,573
Total current assets		190,513			206,465
Total assets		396,336			396,630

 

 

		As of December 31,			As of December 31,
In 000€		2024			2023
Equity and liabilities
Equity
Share capital		4,487			4,487
Share premium		234,228			233,942
Retained earnings and other reserves		9,863			(1,783	)
Equity attributable to the owners of the parent		248,578			236,646
Non-controlling interest		(86	)		(53	)
Total equity		248,492			236,594
Non-current liabilities
Loans & borrowings		23,175			33,582
Lease liabilities		5,112			5,333
Deferred tax liabilities		3,202			3,725
Deferred income		13,268			10,701
Other non-current liabilities		909			1,745
Total non-current liabilities		45,666			55,086
Current liabilities
Loans & borrowings		10,383			22,873
Lease liabilities		2,614			2,610
Trade payables		23,348			21,196
Tax payables		1,432			1,777
Deferred income		45,998			40,791
Other current liabilities		18,403			15,703
Total current liabilities		102,178			104,950
Total equity and liabilities		396,336			396,630

 

 

Consolidated statement of cash flows (Unaudited)

 

		for the twelve months ended December 31,
In 000€		2024			2023
Operating activities
Net (loss) profit for the period		13,406			6,695
Non-cash and operational adjustments		18,655			24,571
Depreciation of property plant & equipment		15,372			15,065
Amortization of intangible assets		6,435			6,504
Impairment of goodwill and intangible assets		-			4,228
(Gain) on bargain purchase		(23	)
Share-based payment expense		285			39
Loss (gain) on disposal of intangible assets and property, plant & equipment		(312	)		(415	)
Government grants		(57	)
Movement in provisions		539			(181	)
Movement reserve for bad debt and slow moving inventory		236			499
Financial income		(9,122	)		(5,033	)
Financial expense		4,559			3,886
Impact of foreign currencies		29			(94	)
(Deferred) income taxes		714			73
Working capital adjustments		(1,418	)		(12,576	)
Decrease (increase) in trade receivables and other receivables		(1,037	)		(3,335	)
Decrease (increase) in inventories and contracts in progress		(372	)		(806	)
Increase (decrease) in deferred revenue		1,270			525
Increase (decrease) in trade payables and other payables		(1,279	)		(8,961	)
Income tax paid & Interest received		813			1,469
Net cash flow from operating activities		31,456			20,157

 

 

		for the twelve months ended December 31,
In 000€		2024			2023
Investing activities
Purchase of property, plant & equipment		(24,649	)		(9,235	)
Purchase of intangible assets		(1,728	)		(2,525	)
Proceeds from the sale of property, plant & equipment & intangible assets (net)		458			723
Acquisition of subsidiary (net of cash)		(2,670	)		-
Net cash flow used in investing activities		(28,588	)		(11,037	)
Financing activities
Repayment of loans & borrowings		(23,267	)		(16,723	)
Repayment of leases		(3,122	)		(3,549	)
Capital increase		-			-
Interest paid		(1,337	)		(1,750	)
Other financial income (expense)		81			(346	)
Net cash flow from (used in) financing activities		(27,644	)		(22,368	)
Net increase/(decrease) of cash & cash equivalents		(24,776	)		(13,248	)
Cash & Cash equivalents at the beginning of the year		127,573			140,867
Exchange rate differences on cash & cash equivalents		(492	)		(46	)
Cash & cash equivalents at end of the period		102,304			127,573

 

 

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

 

		for the three months ended December 31,						for the twelve months ended December 31,
In 000€		2024			2023			2024			2023
Net profit (loss) for the period		2,907			(539	)		13,406			6,695
Income taxes		(874	)		(809	)		733			78
Financial expenses		434			266			4,516			3,865
Financial income		(3,735	)		(32	)		(9,224	)		(5,019	)
Depreciation and amortization		5,501			5,320			21,742			21,511
EBITDA		4,234			4,207			31,175			27,130
Share-based compensation expense (1)		72			39			285			39
Impairments (2)		-			4,228			-			4,228
Acquisition-related expenses of business combinations (3)		-			-			24			-
Adjusted EBITDA		4,306			8,474			31,484			31,397

 

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

(2) Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).

(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 December 31,						for the twelve months ended December 31,
In 000€		2024			2023			2024			2023
Net profit (loss) for the period		2,907			(539	)		13,406			6,695
Income taxes		(874	)		(809	)		733			78
Financial expenses		434			266			4,516			3,865
Financial income		(3,735	)		(32	)		(9,224	)		(5,019	)
EBIT		(1,268	)		(1,113	)		9,432			5,619
Share-based compensation expense (1)		72			39			285			39
Impairments (2)		-			4,228			-			4,228
Acquisition-related expenses of business combinations (3)		-			-			24			-
Adjusted EBIT		(1,195	)		3,154			9,741			9,886

 

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

(2) Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).

(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 December 31, 2024
Revenues		31,837			11,124			22,719			65,680			0			65,680
Segment (adj) EBITDA		9,547			1,123			(2,989	)		7,681			(3,375	)		4,306
Segment (adj) EBITDA %		30.0	%		10.1	%		-13.2	%		11.7	%					6.6	%
For the three months ended December 31, 2023
Revenues		27,848			11,250			26,198			65,295			0			65,295
Segment (adj) EBITDA		9,365			1,259			557			11,181			(2,708	)		8,474
Segment (adj) EBITDA %		33.6	%		11.2	%		2.1	%		17.1	%					13.0	%

 

In 000€		Materialise Medical			Materialise Software			Materialise Manufacturing			Total segments			Unallocated (1)			Consolidated
For the twelve months ended December 31, 2024
Revenues		116,358			43,899			106,508			266,765			0			266,765
Segment (adj) EBITDA		35,562			5,562			1,660			42,784			(11,300	)		31,484
Segment (adj) EBITDA %		30.6	%		12.7	%		1.6	%		16.0	%					11.8	%
For the twelve months ended December 31, 2023
Revenues		101,376			44,442			110,310			256,127			0			256,127
Segment (adj) EBITDA		26,544			7,450			7,537			41,530			(10,133	)		31,397
Segment (adj) EBITDA %		26.2	%		16.8	%		6.8	%		16.2	%					12.3	%

 

(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 related expenses of business combinations, impairments and fair value of business combinations that are included in Adjusted EBITDA.

 

 

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

 

		for the three months ended December 31,						for the twelve months ended December 31,
In 000€		2024			2023			2024			2023
Net profit (loss) for the period		2,907			(539	)		13,406			6,695
Income taxes		(874	)		(809	)		733			78
Financial cost		434			266			4,516			3,865
Financial income		(3,735	)		(32	)		(9,224	)		(5,019	)
Operating (loss) profit		(1,268	)		(1,113	)		9,432			5,619
Depreciation and amortization		5,501			5,320			21,742			21,511
Corporate research and development		1,006			721			3,681			2,785
Corporate headquarter costs		2,717			2,869			10,254			10,464
Other operating income (expense)		(276	)		(844	)		(2,350	)		(3,077	)
Impairments (1)		-			4,228			-			4,228
Segment EBITDA adjustments (2)		-			-			24			-
Segment adjusted EBITDA		7,681			11,181			42,784			41,530

 

(1) Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).

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

 

 

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