Materialise N.V.

Q2 2026 revenue was EUR 70.1 million, up 8% year over year; gross profit was EUR 39.8 million and gross margin was 56.8%; adjusted EBITDA was EUR 9.6 million with a 13.7% margin; adjusted EBIT was EUR 3.9 million with a 5.5% margin; net profit was EUR 3.3 million, or EUR 0.06 per share. For the first half, revenue was EUR 136.3 million, up nearly 4%; adjusted EBITDA was EUR 17.6 million with a 12.9% margin; adjusted EBIT was EUR 6.4 million with a 4.7% margin; net profit was EUR 5.1 million, or EUR 0.09 per share. Management reaffirmed full-year 2026 revenue guidance of EUR 273 million to EUR 283 million and raised adjusted EBIT guidance to EUR 12 million to EUR 14 million from EUR 10 million to EUR 12 million.

Brigitte de Vet-Veithen said the first half reinforced confidence in the company’s targets and framed the portfolio actions as a way to sharpen focus on strategic growth segments and support profitable growth. She highlighted leadership changes, the U.S. anniversary, progress in medical personalization, and the strategic importance of the new CO-AM releases and the manufacturing portfolio reshaping. Her tone was constructive and confident, with repeated emphasis on structural growth, scaling, and execution.

Koen Berges said Q2 revenue growth was broad-based, with Medical up more than 12%, Manufacturing up nearly 7%, and Software down 3% due to cautious spending and extended sales cycles. He highlighted adjusted EBITDA of EUR 9.6 million, adjusted EBIT of EUR 3.9 million, gross margin of 56.8%, cash of EUR 133.7 million, gross debt of EUR 59.5 million, and net cash of EUR 74.2 million, up more than EUR 3.4 million from the start of the year. He also noted EUR 5.2 million of share buybacks in the first half, operating cash flow of more than EUR 8 million in Q2, and first-half free cash flow of more than EUR 11.4 million.

Analysts asked whether Medical’s double-digit growth can be sustained and why Medical Software is weaker than devices and services. Management said Medical’s sustainable growth rate is around 10%, called it achievable, and explained that software is pressured by reduced U.S. academic research grants and by reimbursement and affordability trends in the orthopedic software end market. Another question focused on whether full-year EBIT guidance implies a weaker-than-usual seasonal pattern; Koen said the company expects typical seasonality, with Q4 usually stronger and Q3 softer, but believes the full-year range of EUR 12 million to EUR 14 million is still appropriate.