Core Points - Materialise NV will host an Extraordinary Shareholders' Meeting on November 14, 2025, at 17:00 CET [1][2] - The meeting will address proposals for share capital movements, a potential buyback program, and amendments to the articles of association, including the introduction of double voting rights for certain shares [2] - The company will also discuss the approval of the remuneration policy, the appointment of the statutory auditor for sustainability information assurance, and the confirmation of the board of directors' composition [2] Meeting Details - The meeting will take place at the registered office of the company located at Technologielaan 15, 3001 Leuven [2] - Attendance will be possible electronically, and voting options will include proxy voting for registered shareholders and voting forms for holders of ADSs [2] - Security holders are encouraged to submit questions in writing regarding the agenda items [2][3]

Core Insights - The company reported a mixed performance in Q3 2025, with overall revenue under pressure but strong growth in the medical unit, particularly in the cardiac segment, driven by the acquisition of FEops and advancements in AI-driven simulation technology [5][6][17]. Business Highlights - The medical unit achieved double-digit growth, with a record revenue of EUR 33.3 million, up more than 10% compared to Q3 2024 [18][22]. - The cardiac segment saw significant advancements, including the release of a new version of FEops' heart guide and additional clinical evidence supporting the benefits of cardiac planners [6][7]. - The software segment experienced a 7% revenue decline to EUR 10.3 million, attributed to macroeconomic headwinds and unfavorable foreign exchange impacts, although 83% of the revenue was recurring [19][24]. - The manufacturing segment faced challenges, with a 17% revenue decline to EUR 22.7 million, but showed slight improvement compared to Q2 2025 [25][26]. Financial Performance - Consolidated revenue for Q3 2025 was EUR 66.3 million, a 3.5% decrease from the previous year, with a gross profit margin of 56.8% [17][27]. - Adjusted EBIT for the quarter was EUR 2.9 million, with an adjusted EBIT margin of 4.4% [17][20]. - The company generated a net profit of EUR 1.8 million, increasing its net cash position to EUR 67.7 million, driven by strong free cash flow [18][30]. Future Outlook - The company maintained its full-year guidance for 2025, expecting revenues between EUR 265 million and EUR 280 million and adjusted EBIT between EUR 6 million and EUR 10 million [33]. - The management expressed confidence in the company's resilience and ability to capture growth opportunities once market conditions improve [33].

Group 1 - Materialise's third-quarter results show ongoing struggles due to a challenging demand environment, particularly in the automotive sector, despite strength in the Medical business [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes excess risk-adjusted returns can be achieved by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - The research process of Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] Group 3 - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, holds undergraduate degrees in engineering and finance and an MBA, and has passed the CFA exams [1]

Group 1: Company Performance - Materialise's third-quarter results indicate ongoing struggles due to a challenging demand environment, particularly in the automotive sector, which has negatively impacted its share price despite strong performance in the Medical business [1] Group 2: Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations resulting from a poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - The investment approach emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and a long-term horizon targeting deeply undervalued stocks, particularly in smaller cap markets [1] Group 3: Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, while many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities, which drives up asset prices and compresses risk premia over time [1]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was EUR 66.3 million, a decrease of 3.5% compared to the same period last year, despite a 2% growth from Q2 2025 [15][16] - Gross profit margin remained strong at 56.8%, consistent with the margin for the first nine months of 2025 [15][23] - Adjusted EBIT for Q3 2025 was EUR 2.9 million, representing an adjusted EBIT margin of 4.4% [15][17] - Net profit for the quarter was EUR 1.8 million, with a net cash position increasing to EUR 67.7 million [15][25] Business Line Data and Key Metrics Changes - Materialise Medical achieved record revenue of EUR 33.3 million, growing over 10% compared to Q3 2024 [16][19] - Materialise Software revenue decreased by 7% to EUR 10.3 million, impacted by macroeconomic conditions [20] - Materialise Manufacturing revenue declined by 17% to EUR 22.7 million, reflecting ongoing market challenges [22] Market Data and Key Metrics Changes - Materialise Medical accounted for 50% of total revenue, while Materialise Software and Manufacturing contributed 16% and 34%, respectively [16][17] - The software segment's transition to a subscription-based model saw 83% of revenue being recurring, up from 74% in the previous year [21] Company Strategy and Development Direction - The company is focusing on growth in the cardiac segment, having acquired FEops to enhance its capabilities in AI-driven simulation technology [5][6] - Continued investment in R&D, particularly in the medical segment, is planned to drive future growth [19] - The company is also expanding its presence in the defense sector, leveraging additive manufacturing capabilities to meet industry needs [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic headwinds affecting the software and manufacturing segments but expressed confidence in the company's resilience and growth potential [28] - The guidance for fiscal year 2025 remains unchanged, with expected revenues between EUR 265 million and EUR 280 million and adjusted EBIT between EUR 6 million and EUR 10 million [28] Other Important Information - The company reported a strong balance sheet with cash reserves increasing to EUR 132 million [25][26] - Capital expenditures for Q3 amounted to EUR 5.3 million, with a significant portion allocated to non-recurring investments [26] Q&A Session Summary Question: Update on medical segment exposure and growth potential - Management indicated that existing markets like CMF and orthopedics are mature, while new markets such as cardiac and respiratory are expected to grow faster in the future [33] Question: Size of aerospace and defense as a percentage of revenue - Aerospace has shown continuous growth, while defense is a newer segment with potential for future growth [34][35] Question: Manufacturing profitability and recovery prospects - Management highlighted cost reduction measures already in place and emphasized the need for recovery in European and automotive markets to improve profitability [37][38]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was €66.3 million, a decrease of 3.5% compared to the same period last year [15][16] - Gross profit margin remained strong at 56.8%, consistent with the margin for the first nine months of 2025 [15][23] - Adjusted EBIT for Q3 2025 was €2.9 million, with an adjusted EBIT margin of 4.4% [15][17] - Net profit for the quarter was €1.8 million, representing €0.03 per share [15][24] - Net cash position increased to €67.7 million, driven by strong free cash flow [15][25] Business Line Data and Key Metrics Changes - Materialise Medical achieved record revenue of €33.3 million, growing by over 10% compared to Q3 2024 [15][16] - Materialise Software revenue decreased by 7% to €10.3 million, impacted by macroeconomic headwinds [19][20] - Materialise Manufacturing revenue declined by 17% to €22.7 million, reflecting ongoing market challenges [22] Market Data and Key Metrics Changes - Materialise Medical accounted for 50% of total revenue, while Materialise Software and Manufacturing contributed 16% and 34%, respectively [16] - The software segment's recurring revenue increased to 83%, up from 74% in the same quarter last year [20] Company Strategy and Development Direction - The company continues to focus on growth in the medical segment, particularly in cardiac and trauma markets [5][8] - Investment in R&D for medical applications is expected to drive future growth [19] - The company is expanding its capabilities in the defense sector, leveraging additive manufacturing to address industry challenges [13][14] Management's Comments on Operating Environment and Future Outlook - Management maintains guidance for 2025 revenues in the range of €265 to €280 million and adjusted EBIT between €6 to €10 million [28] - The company remains confident in its resilience and ability to capture growth opportunities as market conditions improve [28] Other Important Information - The company has launched new versions of its software products, enhancing features and efficiency for users [8][10] - The defense sector is expected to see increased spending, particularly in Europe, which may benefit the company's offerings [13] Q&A Session Summary Question: Update on medical segment exposure and growth potential - Management indicated that existing markets like CMF and orthopedics are mature, while new markets such as cardiac and respiratory are expected to grow faster in the future [34] Question: Size of aerospace and defense as a percentage of revenue - Aerospace has shown continuous growth, while defense is a newer segment with potential for future growth [35] Question: Manufacturing profitability and recovery prospects - Management highlighted cost reduction measures and the need for recovery in European and automotive markets to improve profitability [38][39]

Financial Performance - Revenue for Q3 2025 was 663 million EUR, a decrease of 35% compared to Q3 2024 [16] - Gross profit for Q3 2025 was 377 million EUR, representing 568% of revenue [16] - Adjusted EBIT for Q3 2025 was 29 million EUR, representing 44% of revenue [16] - Net profit for Q3 2025 was 18 million EUR, or 3 EUR-ct per share [16] - Adjusted EBITDA decreased by 15% to 84 million EUR compared to Q3 2024 [24] Segment Performance - Medical segment revenue increased by 103% to 333 million EUR in Q3 2025 compared to Q3 2024 [27] - Software segment revenue decreased by 7% to 103 million EUR in Q3 2025 compared to Q3 2024 [30] - Manufacturing segment revenue decreased by 17% to 227 million EUR compared to Q3 2024 [33] Financial Position - The company reported a net cash position of 677 million EUR, an increase of 67 million EUR from year-end 2024 [16] Guidance - The company maintains its prior guidance for 2025 consolidated revenue within the 265 - 280 million EUR range and Adjusted EBIT within the 6 - 10 million EUR range [43, 46]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article highlights that users may face access issues if they have an ad-blocker enabled, suggesting the need to disable it for a better experience [1]

Core Insights - Materialise NV reported a total consolidated revenue of 66,259 kEUR for Q3 2025, marking a 2.2% increase compared to Q2 2025, but a 3.5% decrease compared to Q3 2024 [1] Financial Performance - Total consolidated revenue for Q3 2025 was 66,259 kEUR, reflecting a 2.2% increase from the previous quarter [1] - Year-over-year, revenue decreased by 3.5% compared to Q3 2024 [1] Segment Performance - Revenue from the Materialise Medical segment was highlighted, although specific figures were not provided in the excerpt [1]

Group 1 - Materialise is a Belgium-based company that provides 3D printing services, producing on-demand prototypes and production parts [1] - The 3D printing industry is anticipated to offer advantages such as customized manufacturing, which may support partial supply-chain relocalization, waste reduction, and lower carbon emissions [1] Group 2 - The investment focus is on growth companies, particularly in the mid-cap segment, with an emphasis on sectors like biotechnologies, computer chips, cloud technology, energy, and commodities [1] - A systematic balance sheet analysis will be conducted, as growing businesses often struggle with funding [1] - Long-term capital appreciation is prioritized over short-term speculation [1]