3D Printing Financials: Another Strong Quarter for Materialise’s Medical Segment — and a New Brussels Listing

See the addendum to this article for an update from October 30, 2025.

Materialise (Nasdaq: MTLS) reported its third-quarter 2025 results, remaining profitable with positive cash flow despite weaker performance in its manufacturing division. For the third time this year, the company’s Medical segment led results, setting a new quarterly revenue record and helping offset slower industrial demand. So far, 2025 has been a year defined by steady medical growth, pointing to Materialise’s strength in 3D printed healthcare solutions and demand for its software and patient-specific devices.

Total revenue for the quarter reached €66.3 million ($77.3 million), down 3.5% from the same period in 2024. While overall sales declined, Materialise still posted a positive net profit of €1.8 million ($2 million), or three cents per share, and kept gross margins stable at 56.8%. The company continues to demonstrate solid cost control and efficient operations during a challenging year for the 3D printing industry as a whole.

CEO Brigitte de Vet-Veithen said she was proud of the company’s continued resilience: “Our Materialise Medical segment posted a quarterly revenue record, growing by more than 10% compared to the same period in 2024, while macro-economic headwinds continued to impact our consolidated revenue, and, in particular, our Materialise Manufacturing segment. We further implemented targeted cost control measures designed to protect our operational profitability without compromising on our continued R&D investments to drive future growth.”

Materialise’s Medical segment had the best results. It grew 10.3% year over year to €33.3 million ($38.8 million), setting a new record. This division, which includes personalized implants, surgical planning, and medical software, now represents half of Materialise’s total revenue. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose to €10.2 million ($11.9 million), showing continued profitability even as the company expanded R&D investment in this area.

Meanwhile, the Software segment, which provides design and manufacturing tools used across the additive industry, reported €10.3 million ($12 million) in revenue, down 7.4% from last year. However, the biggest slowdown came from Materialise Manufacturing, where revenue dropped 17.1% to €22.7 million ($26.5 million). The division posted a loss of €800,000 (≈$932,000), compared to a small profit a year earlier. The company cited continued macroeconomic pressures and a slower recovery in industrial demand, especially in Europe, where many clients have delayed capital spending.

In fact, if we look at recent data from the European Central Bank and the European Steel Association, they are among many that point to the same trend, with “weak manufacturing conditions” and “subdued investment activity” across the region in the third quarter of 2025. And banks even cited “global uncertainty and trade tensions” as a dampening factor.

Although profit was lower, the company ended the quarter with more cash, a good sign for liquidity. At the end of September, Materialise held €132 million ($153.8 million) in cash and cash equivalents, up from €102 million ($118.9 million) at the end of 2024. Its net cash position rose to €67.7 million (​​$78.9 million), a €6.7 million ($7.8 million) increase since December, supported by the strong operating cash flow of €10.4 million ($12 million).

Gross profit came in at €37.7 million ($43.9 million), only slightly below last year, pointing to stable cost management. R&D spending rose 4.2%, mainly driven by new medical programs, while overall operating expenses increased only 0.5%.

Indeed, Materialise continues to invest heavily in R&D, especially within its medical and software platforms. These investments include developing advanced surgical planning tools, improving simulation software, and expanding automation in digital manufacturing workflows.

The company continues to focus on data-driven 3D printing. While manufacturing remains weak, Materialise expects its ongoing investments to support growth once markets stabilize.

De Vet-Veithen pointed out, “As we approach the end of 2025, geopolitical volatility and macro-economic uncertainty continue to impact the business environment in which we operate. We remain confident that our business is solid and resilient, and that Materialise is strongly positioned to capture growth opportunities once market conditions improve.”

Materialise reaffirmed its full-year guidance, expecting total revenue between €265 million ($308.8 million) and €280 million ($326 million) and adjusted EBIT between €6 million ($7 million) and €10 million ($11.7 million). The forecast suggests the company expects profits to remain stable through the end of the year, supported by steady medical demand and cost control.

Update October 30, 2025:

After releasing its Q3 results earlier this week, Materialise announced plans to launch an additional listing on the Euronext Brussels exchange, alongside its existing Nasdaq listing, and to initiate a potential €30 million ($34.7 million) ADS buyback program. The dual listing is intended to expand the company’s investor base, increase liquidity, and strengthen ties to its Belgian roots while maintaining its U.S. presence. The listing on Euronext Brussels is expected around November 20, 2025, following regulatory approvals, while the buyback program (already approved by the Board) will begin after shareholder authorization on November 14, 2025, with repurchases anticipated to start by January 2026. The move could help Materialise attract more European investors, make it easier for shareholders to trade its stock, and signal that the company feels stable and ready for 2026.