Materialise: Revenue up 2.1% in third quarter, adjusted EBIT margin at 3.7%
Materialise's third quarter revealed a divergence in pace between business activity and expenses. Gross margin improved to 57.7% of revenue, compared with 56.8% a year earlier.
Research and development, sales and administrative expenses increased by 7.8%, primarily driven by a 11.9% rise in research spending.
This development brought the adjusted EBIT margin to 3.7%, compared with 4.4% in the third quarter of 2025. Meanwhile, the Belgian group's net cash position improved by €11.67 million since the end of fiscal year 2025, and management confirmed its two annual targets.
Revenue up 2.1%, adjusted EBIT at €2.49 million
Consolidated revenue reached €67.67 million in the third quarter of 2026, up 2.1% from €66.26 million in the same period of 2025. Excluding prior year revenue related to recent disposals in the Materialise Manufacturing segment, growth stood at 4.9%.
Adjusted EBITDA was €8.05 million, compared with €8.43 million a year earlier, and adjusted EBIT reached €2.49 million, versus €2.92 million. Net profit totaled €1.38 million, or €0.02 per diluted share, compared with €1.85 million and €0.03 per share in the third quarter of 2025.
Operating profit fell from €2.52 million to €1.34 million. It includes a non-recurring charge of €184,000 related to inventory depreciation following the transfer of Eyewear activities.
Net financial income came in positive at €160,000, compared with a charge of €121,000 a year earlier, and the tax charge declined from €553,000 to €120,000.
Medical up 9.7%, Manufacturing improves its EBITDA loss
Materialise Medical, the group's leading segment, saw its revenue increase by 9.7% to €36.54 million, compared with €33.30 million a year earlier. This pace is close to that of the first half, where the segment posted growth of 9.6% according to the publication of August 27, 2026.
The segment's adjusted EBITDA stood at €10.02 million, compared with €10.20 million, and its margin declined from 30.6% to 27.4%. Management indicated it has increased research and development investments in this business to capture additional growth opportunities.
Materialise Manufacturing saw its revenue decline from €22.68 million to €21.27 million on a reported basis, but advance 1.5% adjusted for disposals, driven according to management by aerospace and defense. Its adjusted EBITDA improved to -€0.26 million, compared with -€0.85 million, representing a margin of -1.2% versus -3.7%.
The Materialise Software segment recorded revenue of €9.86 million, compared with €10.29 million a year earlier. Its adjusted EBITDA fell from €1.80 million to €1.46 million, for a margin of 14.8% compared with 17.5%.
Net cash at €82.47 million and annual targets confirmed
Operating cash flow totaled €9.67 million in the quarter, compared with €10.36 million a year earlier, with capital expenditures of €2.15 million. The group reported free cash flow of €11.42 million after operating and investment activities.
As of September 30, 2026, cash stood at €153.53 million, compared with €133.92 million at end 2025, while gross debt increased from €63.11 million to €71.06 million. Net cash thus totals €82.47 million, compared with €70.81 million at December 31, 2025.
The group spent €2.28 million on share buybacks during the quarter. Since the program's launch, 1,426,784 shares have been repurchased for €7.48 million, excluding transaction costs.
Management confirmed its 2026 revenue target, in the range of €273 to €283 million, noting it has absorbed the impact of RapidFit and Eyewear disposals. When publishing annual results on April 29, 2026, the group reported 2025 revenue of €267.63 million and guided to €278 million for 2026.
The adjusted EBIT target, raised in August to a range of €12 to €14 million, was also confirmed, with management highlighting cost and capital discipline alongside intensified research and development investments.
