3D Printing Financials: Materialise Reports Strong Finish to 2025, Led by Medical Growth

Materialise (Nasdaq: MTLS) closed out 2025 with a solid fourth quarter, showing stronger profitability, steady revenue growth, and continued momentum in its medical business. While some parts of the company are still facing market pressure, the overall message from leadership was clear: the company is financially strong and focused, and is positioning itself for long-term growth.

For the fourth quarter of 2025, revenue rose 6.8% year-over-year to €70.2 million ($82.9 million). Adjusted EBIT reached €4 million ($4.7 million), compared to a loss of €1.2 million ($1.4 million) in the same period last year. Net profit more than doubled to €6.2 million ($7.3 million).

CEO Brigitte de Vet-Veithen told investors during an earnings call: “In the final quarter of 2025, we reached a major milestone with our successful Euronext listing and the announcement of a strategic share buyback program. These steps clearly demonstrate our commitment to delivering long-term shareholder value.”

Medical Continues to Lead

Materialise’s Medical segment once again led the company’s growth.

Fourth-quarter medical revenue increased 16.3% to €37 million ($43.7 million), marking another quarterly record. For the full year, medical revenue grew 15.4% to €134.2 million ($158.4 million). The segment now represents roughly half of the company’s total revenue.

During the call, de Vet-Veithen highlighted a major milestone: “In the fourth quarter, we surpassed the historical milestone of 700,000 patients treated with Materialise personalized solutions. More than 17,000 patients have been treated in 2025 alone.”

This result reflects years of work in personalized medical devices and surgical planning software.

Materialise also released a new version of Mimics Flow, part of its Mimics platform. The update introduces additional AI algorithms, a new licensing system, and subscription pricing options. According to the CEO, the goal is clear: make it easier for customers to scale personalized healthcare solutions and align pricing with long-term usage.

The Medical segment’s adjusted EBITDA margin reached 35% in Q4, a strong result that shows both growth and better efficiency.

Software Stabilizes and Shifts to Subscription

Materialise’s Software segment remained steady in the fourth quarter. Revenue declined slightly year-over-year to €11 million ($13 million), but profitability improved strongly.

Adjusted EBITDA rose to €1.7 million ($2 million), with margins improving to 15.5%.

And the company continues transitioning its software business to a cloud-based subscription model. Recurring revenue now represents about 82% of total software revenue, up from 74% the previous year.

De Vet-Veithen highlighted that 2026 will complete that transition: “Our Materialise Software segment will complete the transition towards a cloud-based subscription business model in 2026 and will continue its investments in a broader AM software ecosystem.”

One important piece of data from late 2025 was the introduction of CO-AM Brix, a low-code automation tool designed to simplify complex additive manufacturing workflows.

“We’ve seen the impact of CO-AM Brix firsthand in our own production of fixed insoles, our custom 3D printed robotics. In producing these insoles, CO-AM Brix enabled us to automate almost the entire process from order to print. Nesting time dropped from 45 minutes to just 1 minute. Bill processing became 20x faster. Total build time fell by 15% and error rates fell from 10% to under 0.1%,” said the CEO.

Manufacturing Still Facing Headwinds

The biggest challenge remains the Manufacturing segment. Fourth-quarter manufacturing revenue declined 2.4% to €22.2 million ($26.2 million). For the full year, revenue dropped 13.2% to €92.5 million ($109.2 million), with the segment posting a negative adjusted EBITDA margin. This drop reflects lower prototyping activity and softer industrial conditions in Europe.

On the call, when asked directly whether Manufacturing would likely decline again in 2026, de Vet-Veithen noted: “Yes, that’s a correct assumption. So we assume that the current trends that we see driven by the weaker industrial climate, in particular in Europe, will continue to weigh on the manufacturing results, in particular on the prototyping segment.”

At the same time, she pointed to progress in aerospace and defense, including new contracts with Airbus Defense and Space and participation in the SONRISA aviation initiative.

These projects will take time to add to revenue, but they show a shift toward higher-value production work instead of basic prototyping.

Margins Improve Despite Flat Revenue

For the full year 2025, total revenue was essentially flat at €267.6 million ($315.9 million) compared to €266.8 million ($315 million) in 2024. However, margins improved: gross margin increased to 57.1%, adjusted EBITDA rose to €32.4 million ($38.3 million), and adjusted EBIT increased to €10.6 million ($12.5 million).

CFO Koen Berges said the company was able to turn steady revenue into stronger operating results: “These results demonstrate our ability to strengthen profitability even in a challenging macroeconomic environment.”

Net profit for the year came in at €7.7 million ($9 million), lower than 2024 due in part to unfavorable currency exchange effects.

Materialise ended the year with €134 million ($158.2 million) in cash and cash equivalents. Net cash improved to roughly €70.8 million ($83.6 million) compared to the end of 2024. Free cash flow for 2025 totaled €15.6 million ($18.4 million).

The company also announced plans to spend up to €30 million ($35.4 million) buying back its own shares after adding a second stock listing in Brussels.

Overall, De Vet-Veithen said the company is in a solid financial position: “With €134 million of cash and cash equivalents on our balance sheet, an improved net cash position and consistently positive operating and free cash flow, we are financially strong and well positioned to further drive innovation and capture emerging market opportunities.”

2026 Outlook

Looking ahead, Materialise expects total 2026 revenue to be between €273 million ($322.3 million) and €283 million ($334.1 million). Adjusted EBIT is expected to reach between €10 million ($11.8 million) and €12 million. What’s more, the company expects continued double-digit growth in Medical, completion of the Software subscription transition, and continued pressure in Manufacturing due to macroeconomic conditions.

Still, leadership remains confident in its strategy.

As de Vet-Veithen closed the call, she added a personal note relevant to the additive manufacturing community.

“We look forward to continuing our dialogue with you through investor conferences, one-on-one meetings, or calls. And I’m also looking forward to meeting some of you in person at the upcoming AMS conference.”

With Additive Manufacturing Strategies (AMS) 2026 happening this week in New York, Materialise arrives with improving profits, strong medical growth, and a focused strategy, despite ongoing weakness in the industrial market.