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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250219144310/en/
Harriet Fried Alliance Advisors Investor Relations 212.838.3777
hfried@allianceadvisors.com
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