Quarterly Revenue and Profitability Improvement
Consolidated Q4 revenue grew 6.8% year‑on‑year to EUR 70.2 million. Gross profit reached EUR 40.8 million (58.1% margin). Adjusted EBITDA more than doubled to EUR 9.5 million (13.6% margin) versus EUR 4.3 million a year ago. Adjusted EBIT improved to EUR 4.0 million (5.7% margin). Net profit was EUR 6.2 million (EPS EUR 0.11), more than double Q4 2024.
Materialise Medical: Strong Growth and Patient Milestone
Materialise Medical revenue rose 16% in Q4 to EUR 37 million (quarterly record) and full‑year medical revenue increased 15% to EUR 134 million. Q4 adjusted EBITDA for Medical was EUR 13 million with a 35% margin. The business surpassed a historical milestone of over 700,000 patients treated with Materialise personalized solutions, including more than 17,000 patients in 2025.
Software Transition Progress and Recurring Revenue Gain
Software Q4 revenue held steady at ~EUR 11 million despite FX headwinds. Recurring revenue from software maintenance and license sales grew 4% YoY in Q4. For 2025 recurring revenue represented ~82% of total software revenue (up from 74% in 2024). Software adjusted EBITDA improved to EUR 1.7 million in Q4 (15.5% margin), reflecting progress toward cloud/subscription transition.
CO‑AM Brix and Process Automation Efficiency Gains
Introduction and use of CO‑AM Brix produced substantial operational improvements in internal production examples: nesting time reduced from 45 minutes to 1 minute, bill processing became 20x faster, total build time decreased ~15%, and error rates fell from 10% to under 0.1%.
Strong Cash Generation and Solid Balance Sheet
Year‑end cash reserves were EUR 134 million with gross debt EUR 63.1 million (implying net cash of ~EUR 70.8 million as reported). Q4 free cash flow was EUR 4.5 million and full‑year free cash flow exceeded EUR 15 million. Operating cash flow for the year was over EUR 25 million. Deferred revenue (software maintenance/licenses) increased, ending Q4 at EUR 48.8 million and total deferred revenue at EUR 60.9 million.
Corporate Actions to Enhance Shareholder Optionality
Completed an additional listing on Euronext Brussels (same ticker MTLS, no shares issued/no capital raised) and announced a share buyback program up to EUR 30 million (program started Jan 26, 2026); to date management acquired 187,500 shares for just under USD 1 million.