Materialise NV (MTLS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first-quarter 2025 Materialise financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 Materialise 財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Harriet Fried of Alliance Advisors. Please go ahead.

現在，我想將會議交給今天的發言人，聯盟顧問公司的哈麗特‧弗里德 (Harriet Fried)。請繼續。

Thank you for joining us today for Materialise's quarterly conference call. With us on the call are Brigitte de Vet, Chief Executive Officer; and Koen Berges, Chief Financial Officer.

感謝您今天參加 Materialise 的季度電話會議。與我們一起參加電話會議的還有執行長 Brigitte de Vet；科恩伯格斯 (Koen Berges)，財務長。

Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic financial and operational performance for the first quarter of 2025. To access the slides, if you haven't already done so, please go to the Investor Relations section of the company's website at www.materialise.com. The earnings press release issued earlier today can also be found on that page.

今天的電話會議和網路直播附有幻燈片演示，回顧了 Materialise 2025 年第一季的策略財務和營運績效。如果您尚未造訪投影片，請造訪公司網站 www.materialise.com 的投資者關係部分。今天早些時候發布的收益新聞稿也可以在該頁面上找到。

Before we get started, I'd like to remind you that management may make forward-looking statements regarding the company's plans, expectations, and growth prospects, among other things. These forward-looking statements are subject to known and unknown certainties and risks that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change.

在我們開始之前，我想提醒您，管理層可能會對公司的計劃、預期和成長前景等做出前瞻性陳述。這些前瞻性陳述受已知和未知的確定性和風險的影響，可能導致實際結果與所表達的預期有重大差異，包括競爭動態和產業變化。

Any forward-looking statements, including those related to the company's future results and activities, represent management's estimates as of today and should not be relied upon as representing their estimates as of any subsequent date. Management disclaims any duty to update or revise any forward-looking statements to reflect future events or changes in expectations. A more detailed description of the risks and uncertainties and other factors that may impact the company's future business or financial results can be found in the company's most recent annual report on Form 20-F filed with the SEC.

任何前瞻性陳述，包括與公司未來業績和活動相關的陳述，均代表管理層截至今天的估計，不應被視為代表其在任何後續日期的估計。管理層不承擔更新或修改任何前瞻性陳述以反映未來事件或預期變化的義務。有關可能影響公司未來業務或財務表現的風險、不確定性和其他因素的更詳細描述，請參閱本公司向美國證券交易委員會提交的最新 20-F 表年度報告。

Finally, management will discuss certain non-IFRS measures on today's call. A reconciliation table is contained in the earnings release and at the end of the slide presentation.

最後，管理階層將在今天的電話會議上討論某些非國際財務報告準則措施。收益報告中和投影片簡報的結尾都包含一個對帳表。

And with that, I'd like to turn the call over to Brigitte de Vet. Brigitte, please go ahead.

接下來，我想將電話轉給 Brigitte de Vet。布里吉特，請繼續。

Good morning and good afternoon, and thank you, everyone, for joining us today. You can find the agenda for our call on slide 3. First, I will summarize the business highlights for the first quarter of 2025. I will then pass the floor to Koen, who will take you through the first-quarter financials in more detail. And finally, I will come back and explain what we expect for the remaining months of 2025. When we've completed our prepared remarks, we'll be happy to respond to questions.

早安，下午好，感謝大家今天的參加。您可以在投影片 3 上找到我們電話會議的議程。首先，我將總結 2025 年第一季的業務亮點。然後，我將把發言權交給 Koen，他將向您更詳細地介紹第一季的財務狀況。最後，我將回來解釋我們對 2025 年剩餘幾個月的預期。當我們完成準備好的發言後，我們將很樂意回答問題。

Now, moving to slide 4 for the highlights of the first quarter 2025. To start with, we recently published our 2024 sustainability report, sharing our goals, actions, and progress on our sustainability strategy. Since the start of Materialise, our key focus has been to make a real difference through additive technology, and sustainability has always been part of this mission.

現在，請翻到投影片 4，了解 2025 年第一季的亮點。首先，我們最近發布了 2024 年永續發展報告，分享了我們的目標、行動和永續發展策略的進展。自 Materialise 成立以來，我們的重點一直是透過增材技術帶來真正的改變，而永續性一直是這項使命的一部分。

As we shared in the report, we set ourselves the target to cut absolute emissions by 55% by 2029 compared to the 2019 baseline. And in 2024, we reduced our emissions already by 32%, which represents a 3% reduction on the 2023 emissions. The most significant change from the previous year was a reduction of almost 700 tonnes of CO2 in raw materials, reflecting improved efficiency and our constant improvements in our operational processes. And this is a perfect example to show that profit and planet go hand in hand.

正如我們在報告中所分享的，我們設定的目標是到 2029 年將絕對排放量與 2019 年基準相比減少 55%。到 2024 年，我們的排放量已減少了 32%，比 2023 年的排放量減少了 3%。與前一年相比，最顯著的變化是原材料中的二氧化碳減少了近 700 噸，這反映了效率的提高和我們營運流程的不斷改進。這是一個完美的例子，顯示利潤和地球是相輔相成的。

Now, our key focus in the recent years has been to scale additive manufacturing, making additive easier, faster, and more reliable while enabling more applications of additive. In the first quarter, we've made meaningful progress on this journey, and I'm very proud that in the current challenging market environment, we managed to grow our revenue in this period by more than 4%.

現在，我們近年來的重點是擴大積層製造規模，使積層製造變得更容易、更快捷、更可靠，同時實現更多增材製造的應用。在第一季度，我們在這一征程中取得了有意義的進展，我感到非常自豪，在當前充滿挑戰的市場環境下，我們成功實現了本季營收成長 4% 以上。

In our Medical business, we continue to see strong uptake of our personalized solutions, driven by adoption in various anatomical areas across orthopedics, CMS, cardiac, and respiratory. The strong growth in the first quarter, which comes on top of an already strong quarter last year, is evidence of this.

在我們的醫療業務中，我們繼續看到個人化解決方案的強勁應用，這得益於骨科、CMS、心臟和呼吸等各個解剖領域的採用。第一季的強勁成長就是明證，這與去年同期的強勁成長形成鮮明對比。

To boost the adoption of personalized devices even further, we are continuously improving our segmentation, planning, and design software to make it faster and more user-friendly. In our last earnings call, we discussed the launch of our cloud-based Mimics platform called Mimics Flow, which makes it easier and faster to segment and plan cases, thanks to the access to AI-based algorithms and which enables effortless collaboration among clinicians and engineers through real-time file sharing, eliminating the need to upload or download files. In the first quarter, our customers reported significant efficiency gains with this product and confirmed that they value the access to a single integrated platform.

為了進一步推動個人化設備的採用，我們不斷改進我們的細分、規劃和設計軟體，使其更快、更人性化。在我們上次的收益電話會議上，我們討論了推出基於雲端的 Mimics 平台，即 Mimics Flow，該平台透過基於人工智慧的演算法，可以更輕鬆、更快速地細分和規劃病例，並透過即時文件共享實現臨床醫生和工程師之間的輕鬆協作，無需上傳或下載文件。在第一季度，我們的客戶報告了該產品顯著的效率提升，並確認他們重視對單一整合平台的存取。

Now, in addition to Mimics Flow, we've previously introduced specialized solutions for segmentation and planning workflows in specific applications, such as CMF or Structural Heart, all under the Mimics Enlight brand. This tool helps surgeons reduce planning time. Orthognatic cases, for example, can be completed in under 25 minutes, thanks to its intuitive workflows. In the first quarter of this year, Mimics Enlight CMF was shortlisted as a finalist for the TCT Awards in the healthcare application category, and that is a testament to the value of this product line.

現在，除了 Mimics Flow 之外，我們之前還推出了針對特定應用中的分割和規劃工作流程的專門解決方案，例如 CMF 或 Structural Heart，所有這些解決方案都屬於 Mimics Enlight 品牌。該工具可幫助外科醫生減少計劃時間。例如，由於其直觀的工作流程，正顎病例可以在 25 分鐘內完成。今年第一季度，Mimics Enlight CMF 入圍了 TCT 大獎醫療保健應用類別的決賽，證明了該產品系列的價值。

Now, while we continuously make progress on our software offering, we also continue to expand our portfolio of personalized instrumentation and implants. In the first quarter, we announced the launch of a clinical trial led by the University of Michigan focused on a 3D-printed tracheal splint for infants with tracheobronchomalacia or TBM. TBM is a rare and potentially fatal condition where the airway collapses, and while most children outgrow the condition by age three, they often depend on ventilators in the meantime. This bioresorbable splint allows babies to grow up at home until the disease is resolved and the implant dissolves. The trial will enroll 35 infants across multiple children's hospitals, with the goal of making this life-changing personalized device widely accessible and opening the door to a new market for Materialise.

現在，我們在軟體產品方面不斷取得進展的同時，也持續擴大個人化儀器和植入物的產品組合。在第一季度，我們宣布啟動一項由密西根大學領導的臨床試驗，重點研究針對患有氣管支氣管軟化症或TBM的嬰兒的3D列印氣管夾板。 TBM 是一種罕見且可能致命的疾病，會導致氣道塌陷，雖然大多數兒童在三歲時就會擺脫這種疾病，但在此期間他們通常需要依賴呼吸器。這種生物可吸收夾板可讓嬰兒在家中長大，直到疾病得到解決並且植入物溶解。這項試驗將在多家兒童醫院招募 35 名嬰兒，目的是讓這種改變生活的個人化設備廣泛普及，並為 Materialise 打開新市場的大門。

Now, in our Software division, our goal is to help customers scale additive manufacturing with advanced software solutions. Broader adoption of additive manufacturing depends on overcoming current barriers and reducing the cost of parts. At the recent RAPID + TCT Conference in Detroit, we announced two new products that address these challenges. The first was the 2025 release of Magics, our flagship software for data and build preparation. The user will now benefit from performance and functionality enhancements, as well as simplified licensing and automatic updates.

現在，在我們的軟體部門，我們的目標是幫助客戶利用先進的軟體解決方案擴大積層製造規模。增材製造的更廣泛應用取決於克服當前的障礙並降低零件成本。在最近於底特律舉行的 RAPID + TCT 會議上，我們宣布了兩款應對這些挑戰的新產品。第一個是 2025 年發布的 Magics，這是我們用於數據和建置準備的旗艦軟體。用戶現在將受益於效能和功能的增強，以及簡化的許可和自動更新。

As an example, the new release introduces seamless processing of nTop implicit geometries, a file format that can characterize very complex, high-performance geometries at a fraction of traditional file formats. By pairing this capability with Materialise's next-generation build processors, users can design and print parts that were previously too complex for 3D printing. For example, DMG MORI, a leader in precision machining, used the new integration of Magics and nTop to process a high-performance geometry file in seconds compared to days previously.

例如，新版本引入了對 nTop 隱式幾何的無縫處理，這種文件格式可以以傳統文件格式的一小部分來表徵非常複雜、高效能的幾何。透過將此功能與 Materialise 的下一代建構處理器結合，使用者可以設計和列印以前因過於複雜而無法透過 3D 列印的零件。例如，精密加工領域的領導者 DMG MORI 使用 Magics 和 nTop 的新集成，在幾秒鐘內處理了一個高性能幾何文件，而以前則需要幾天的時間。

In a second announcement, we introduced two next-generation build processors developed through partnerships with Raplas and One Click Metal. Materialise's next-gen build processor is a configurable software that translates 3D design files into 3D printable instructions, optimizing and managing the 3D printing process from start to finish. The combination of Raplas' SLA 3D printing technology with Materialise's build processor has already demonstrated remarkable results, including a 30% to 40% increase in printing speed. At the same time, the build processor integration with One Click Metal supports the rapid growth of the mid-market 3D printing sector.

在第二次公告中，我們介紹了透過與 Raplas 和 One Click Metal 合作開發的兩款新一代建置處理器。 Materialise 的下一代建置處理器是一款可設定軟體，可將 3D 設計檔案轉換為 3D 可列印指令，從頭到尾優化和管理 3D 列印流程。 Raplas 的 SLA 3D 列印技術與 Materialise 的建置處理器的結合已經取得了顯著的成果，包括列印速度提高了 30% 到 40%。同時，與One Click Metal的建置處理器整合支援中階市場3D列印領域的快速成長。

These new capabilities complement our Magics SDK offerings, which we launched at the end of 2024. By giving users access to our algorithm base, which we've built over 35 years, we allow them to create custom workflows for their unique manufacturing requirements. With these solutions in the market, we help customers overcome the barriers to adoption of AM, and we are confident in the growth that this will bring for Materialise.

這些新功能是我們於 2024 年底推出的 Magics SDK 產品的補充。透過讓使用者存取我們 35 年來建立的演算法庫，我們允許他們根據其獨特的製造需求創建自訂工作流程。透過這些解決方案，我們可以幫助客戶克服採用 AM 的障礙，並且我們對這將為 Materialise 帶來的成長充滿信心。

In our Manufacturing division, macroeconomic circumstances remained difficult in the first quarter. Nevertheless, I'm proud to say that we again made progress in our key segments and, in particular, in our Aerospace segment, where sales grew by 23% versus the first quarter 2024, and we were able to renew longer-term contracts with key customers. In light of the current geopolitical landscape and the breakdown of traditional global alliances, we are also reassessing Materialise's involvement in the defense sector to extend our offering into this segment. We anticipate that a broader engagement in the defense sector will strengthen our position in the Aerospace segment and create new opportunities in the future.

在我們的製造部門，第一季的宏觀經濟環境依然艱困。儘管如此，我很自豪地說，我們在關鍵領域再次取得了進展，特別是在航空航天領域，銷售額與 2024 年第一季相比增長了 23%，並且我們能夠與主要客戶續簽長期合約。鑑於當前的地緣政治格局和傳統全球聯盟的破裂，我們也正在重新評估 Materialise 在國防領域的參與度，以將我們的服務擴展到這一領域。我們預計，在國防領域的更廣泛參與將加強我們在航空航太領域的地位，並在未來創造新的機會。

I will now turn over to Koen, who will present the financial results.

現在我將把時間交給 Koen，他將介紹財務結果。

Thank you, Brigitte. Good morning or good afternoon to all of you on this call. I'll begin with a brief overview of our key financial results, as shown on slide 5.

謝謝你，布里吉特。祝本次電話會議的各位早安或下午好。我將首先簡要概述我們的主要財務業績，如投影片 5 所示。

Amidst the current macroeconomic and geopolitical turbulence, in the first quarter of this year, we managed to increase total revenue year over year by more than 4% to EUR66.4 million, while EBIT for the first quarter of 2025 amounted to EUR0.6 million. The net result for the quarter amounted to a loss of minus EUR0.5 million, or EUR0.01 per share, reflecting also the impact of significant unfavorable effects from exchange rate fluctuations. Driven by positive free cash flow, we reinforced our net cash position at the end of Q1 to EUR67.7 million, an increase of almost EUR7 million versus the beginning of the quarter.

在當前宏觀經濟和地緣政治動盪的背景下，今年第一季度，我們的總收入年增超過 4%，達到 6,640 萬歐元，而 2025 年第一季的息稅前利潤達到 60 萬歐元。本季淨利為負50萬歐元，即每股虧損0.01歐元，也反映了匯率波動帶來的重大不利影響。在正自由現金流的推動下，我們第一季末的淨現金狀況增加至 6,770 萬歐元，比季度初增加了近 700 萬歐元。

In the following slides, I will further elaborate on these results. As a reminder, please note that unless stated otherwise, all comparisons are against our results for the first quarter of 2024.

在下面的幻燈片中，我將進一步闡述這些結果。提醒一下，除非另有說明，所有比較都針對我們 2024 年第一季的結果。

Turning now to slide 6, you'll see an overview of our consolidated revenue. Materialise Medical continued nicely on its double-digit growth path, increasing its revenue by almost 19%. On the other hand, revenues at our Software and Manufacturing segments were impacted by the uncertain market conditions, resulting in reported revenue decreases of around 6% each.

現在翻到第 6 張投影片，您將看到我們合併收入的概覽。 Materialise Medical 繼續保持兩位數成長勢頭，營收成長近 19%。另一方面，我們的軟體和製造​​部門的收入受到不確定的市場條件的影響，導致報告收入分別下降約 6%。

At the same time, however, we managed to grow the deferred revenue related to software maintenance and license fees coming both from our Medical and Software segments by EUR1.9 million in this year's first quarter, bringing the total amount carried in our balance sheet to almost EUR49 million. As you can see in the graph on the right side of the page, Materialise Medical accounted for 47%, Materialise Software for 15%, and Materialise Manufacturing for 39% of our total revenue over the first quarter of 2025.

但與此同時，我們今年第一季來自醫療和軟體部門的與軟體維護和授權費相關的遞延收入增加了 190 萬歐元，使我們資產負債表上的總金額達到近 4,900 萬歐元。正如您在頁面右側的圖表中所看到的，在 2025 年第一季度，Materialise Medical 占我們總收入的 47%，Materialise Software 佔 15%，Materialise Manufacturing 佔 39%。

On slide 7, you will see our consolidated adjusted EBIT and EBITDA figures for the first quarter of this year. Consolidated adjusted EBIT totaled EUR0.6 million compared to EUR2.7 million for the same period of last year, representing an adjusted EBIT margin of 1%. Consolidated adjusted EBITDA for the first quarter amounted to EUR6.1 million, decreasing from EUR8.1 million in 2024, representing an adjusted EBITDA margin of 9.3%.

在第 7 張投影片上，您將看到我們今年第一季的合併調整後 EBIT 和 EBITDA 數據。合併調整後息稅前利潤總計 60 萬歐元，去年同期為 270 萬歐元，調整後息稅前利潤率為 1%。第一季綜合調整後 EBITDA 為 610 萬歐元，低於 2024 年的 810 萬歐元，調整後 EBITDA 利潤率為 9.3%。

In today's turbulent and rapidly changing market environment, it's also relevant, though, to compare our operational performance against the prior quarter, being the last quarter of 2024. We are happy to report that both the adjusted EBIT and EBITDA in the first quarter of this year improved significantly compared to Q4 of 2024. The increases of, respectively, 154% and 43% reflect the impact of the measures we are taking to safeguard operational profitability in these challenging times.

在當今動盪且快速變化的市場環境中，將我們的營運績效與上一季（即 2024 年最後一季）進行比較也具有重要意義。我們很高興地報告，今年第一季的調整後息稅前利潤 (EBIT) 和息稅折舊攤提前利潤 (EBITDA) 均較 2024 年第四季顯著提升。分別成長 154% 和 43%，反映了我們在當前充滿挑戰的時期保障營運獲利能力所採取的措施的效果。

Moving now to slide 8, you will notice that the quarter's total revenue in our Materialise Medical segment increased, as said, almost 19% compared to an already strong first quarter of 2024. This solid growth was generated by both medical software and by revenue from medical devices sales, which grew, respectively, by 14% and 21%. Within our Medical Devices & Services activity, we saw continued growth, both in our direct and in our partner sales. In line with top-line growth, adjusted EBITDA grew further to over EUR9 million at a stable adjusted EBITDA margin of 29%. Important R&D investments in our future growth and in the further integration of FEops continued as planned for the first three months of this year.

現在翻到第 8 張投影片，您會注意到，與已經表現強勁的 2024 年第一季相比，Materialise Medical 部門本季的總營收成長了近 19%。這一穩健的成長是由醫療軟體和醫療設備銷售收入共同推動的，它們分別成長了 14% 和 21%。在我們的醫療器材和服務業務中，我們的直接銷售額和合作夥伴銷售額均持續成長。與營業收入成長一致，調整後的 EBITDA 進一步成長至 900 萬歐元以上，調整後的 EBITDA 利潤率穩定在 29%。今年前三個月，我們對未來成長和 FEops 進一步整合的重要研發投資繼續按計劃進行。

Slide 9 summarizes the results of our Materialise Software segment. Although sales in our Software segment increased by more than 2%, reported revenue declined by 6% to EUR9.8 million as a result of more revenue deferral. This quarter, we generated a net buildup of EUR0.7 million of deferred revenue in our Software segment, whereas in last year's corresponding period, we depleted the deferred revenue reserve on our balance sheet.

投影片 9 總結了我們的 Materialise 軟體部門的表現。儘管我們軟體部門的銷售額成長了 2% 以上，但由於收入遞延增加，報告收入下降了 6% 至 980 萬歐元。本季度，我們的軟體部門產生了 70 萬歐元的淨遞延收入，而去年同期，我們的資產負債表上已耗盡了遞延收入儲備。

This also reflects the continued transition to a cloud and subscription-based business model. In Q1 of this year, and for the first time, more than 80% of our software revenue was of a recurring nature. As a result of the lower top line, adjusted EBITDA in our Software segment decreased to EUR0.6 million, representing an adjusted EBITDA margin of 6.1%.

這也反映了向雲端和基於訂閱的商業模式的持續轉變。今年第一季度，我們的軟體收入首次超過 80% 屬於經常性收入。由於營業收入下降，我們軟體部門的調整後 EBITDA 下降至 60 萬歐元，調整後 EBITDA 利潤率為 6.1%。

Now, let's turn to slide 10 for an overview of the performance of our Materialise Manufacturing segment. In the first quarter of 2025, as expected, Manufacturing continued to operate in a very challenging market environment, where macroeconomic uncertainty further impacted the investment climate in our core markets. As a result, revenues decreased by 5.5% in the first months of this year compared to the corresponding period of 2024.

現在，讓我們翻到第 10 張幻燈片來概覽一下 Materialise Manufacturing 部門的業績。 2025 年第一季度，正如預期的那樣，製造業繼續在極具挑戰性的市場環境中運營，宏觀經濟的不確定性進一步影響了我們核心市場的投資環境。因此，今年前幾個月的營收與 2024 年同期相比下降了 5.5%。

When making the comparison against the fourth quarter of 2024, however, revenue increased again by 12%. Also in the opening months of this year, we realized further growth in our strategic focus areas of Aerospace and Medtech, while the Industrial and Automotive segments continue to face serious headwinds. Adjusted EBITDA for the segment ended negatively at minus EUR0.4 million, but was significantly up from the adjusted EBITDA of minus EUR3 million reported in the fourth quarter of 2024, reflecting the impact of operational optimizations we continue to implement in this business segment.

然而，與 2024 年第四季相比，營收再次成長了 12%。此外，在今年頭幾個月，我們在航空航太和醫療技術等戰略重點領域實現了進一步成長，而工業和汽車領域繼續面臨嚴峻阻力。該部門的調整後 EBITDA 最終為負 40 萬歐元，但較 2024 年第四季度報告的調整後 EBITDA 負 300 萬歐元大幅上升，反映了我們在該業務部門繼續實施的營運優化的影響。

Slide 11 provides the highlights of our consolidated income statement for the first quarter of this year. Over the first months, our gross profit margin decreased to 55.3%, compared to 56.5% in Q1 of 2024, while remaining roughly stable compared to the prior quarter.

投影片 11 展示了我們今年第一季合併損益表的重點內容。在頭幾個月，我們的毛利率下降至 55.3%，而 2024 年第一季為 56.5%，但與上一季相比基本保持穩定。

Our operating expenses in the quarter increased by EUR2.4 million, or 6.9% in aggregate, with the biggest increase coming from higher R&D spend, which grew by almost 12% compared to prior year. In the first quarter of this year, we spent more than EUR11 million on R&D, the majority of which was in our Medical segment.

本季我們的營運費用增加了 240 萬歐元，總計增加了 6.9%，其中最大的增幅來自研發支出的增加，與去年相比成長了近 12%。今年第一季度，我們在研發上花費了超過 1,100 萬歐元，其中大部分用於醫療領域。

Net operating income in the quarter was EUR0.4 million compared to EUR0.8 million last year. And as a result of these elements, the group's operating result in the quarter was EUR0.6 million compared to EUR2.6 million in last year.

本季淨營業收入為 40 萬歐元，去年同期為 80 萬歐元。由於這些因素，該集團本季的營業利潤為 60 萬歐元，而去年同期為 260 萬歐元。

Now, in Q1, net financial results amounted to a loss of EUR0.9 million, which includes interest income of EUR0.7 million from our cash reserves, an interest expense on our financial debt of EUR0.2 million, and significant negative impact from foreign exchange fluctuations of minus EUR1.3 million. In last year's corresponding period, the net financial result was positive by EUR1.5 million as we benefited from favorable exchange rate effects at that time.

目前，第一季的淨財務業績虧損 90 萬歐元，其中包括來自現金儲備的 70 萬歐元利息收入、20 萬歐元金融債務的利息支出，以及外匯波動造成的負 130 萬歐元的重大負面影響。去年同期，由於當時我們受惠於有利的匯率效應，淨財務表現為正 150 萬歐元。

Income tax expense in the quarter amounted to EUR0.2 million compared to EUR0.5 million last year. And as a result, the net loss of the first quarter was EUR0.5 million, representing EUR0.01 per share, compared to the net profit of EUR3.6 million for the corresponding 2024 period.

本季所得稅支出為 20 萬歐元，去年同期為 50 萬歐元。因此，第一季淨虧損為 50 萬歐元，即每股 0.01 歐元，而 2024 年同期淨利為 360 萬歐元。

Now, please turn to slide 12 for a recap of balance sheet and cash flow highlights. In the first quarter of 2025, we further reinforced our balance sheet. Our cash reserve increased to EUR104 million by the end of the quarter. Loan and lease repayments further reduced our gross debt to EUR36 million. The resulting net cash position at the end of the year, as said, was EUR67.7 million, up by almost EUR7 million compared to the position at the beginning of the year.

現在，請翻到第 12 張投影片來回顧資產負債表和現金流量的重點。 2025年第一季度，我們進一步加強了資產負債表。截至本季末，我們的現金儲備增加至 1.04 億歐元。貸款和租賃償還進一步將我們的總債務減少至 3,600 萬歐元。如上所述，年底的淨現金狀況為 6,770 萬歐元，與年初相比增加了近 700 萬歐元。

Trade receivables, inventory, and trade payable positions all decreased, reducing our net working capital. The total deferred income position increased to EUR61 million, out of which EUR49 million was related to deferred revenue from software licenses and maintenance contracts, as I mentioned earlier.

貿易應收款、庫存和貿易應付款項均有所減少，從而減少了我們的淨營運資本。遞延收入總額增加至 6,100 萬歐元，其中 4,900 萬歐元與軟體授權和維護合約的遞延收入有關，正如我之前提到的。

As you can see from the graphs on the right side of the page, cash flow from operating activities for the first quarter was strong and amounted to almost EUR10 million. Capital expenditures for the quarter amounted to EUR1.8 million, reflecting a more normalized level with the bulk of the investments in our new ACTech plants behind us now. As a result of these, we generated, once more, a positive free cash flow, which amounted to EUR8 million over the quarter.

從頁面右側的圖表可以看出，第一季的營運活動現金流強勁，達到近 1,000 萬歐元。本季的資本支出為 180 萬歐元，反映了更正常的水平，目前我們對新的 ACTech 工廠的大部分投資已經完成。由此，我們再次產生了正自由現金流，本季達到 800 萬歐元。

And with that, I'd like to hand the call back to Brigitte.

說完這些，我想把電話轉回給布里吉特。

Thank you, Koen. Let's turn to page 13. I'll conclude my remarks with a discussion of our full-year 2025 guidance.

謝謝你，Koen。讓我們翻到第 13 頁。我將透過討論我們的 2025 年全年指導來結束我的演講。

The fundamentals of our business segments are strong. And while we expect the current uncertain macroeconomic and geopolitical conditions to weigh on our 2025 results, in particular, in the second quarter, we anticipate a stabilization in the second half of the year and, therefore, expect to be able to deliver on our earlier guidance. As such, we continue to expect to report consolidated revenue for the full year 2025 within the EUR270 million to EUR285 million range we communicated in our prior year earnings call. We're also maintaining our adjusted EBIT guidance of EUR6 million to EUR10 million for the fiscal year.

我們各業務部門的基本面都很強勁。雖然我們預計當前不確定的宏觀經濟和地緣政治條件將對我們 2025 年的業績產生影響，尤其是在第二季度，但我們預計下半年將趨於穩定，因此預計能夠實現我們先前的預期。因此，我們繼續預計 2025 年全年綜合收入將在 2.7 億歐元至 2.85 億歐元之間，正如我們在上一年收益電話會議上所說的那樣。我們也維持本財年調整後的息稅前利潤指引，即 600 萬歐元至 1,000 萬歐元。

This concludes our prepared remarks. Operator, we're now ready to open the call for questions.

我們的準備好的演講到此結束。接線員，我們現在可以開始回答問題了。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作員指示）特洛伊·詹森 (Troy Jensen)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

Hey. Good morning. Good afternoon. Congrats on the better-than-expected Q1 results here. So Brigitte, for you first, just tariff impact, to me, it's probably not much. And when I think about your European business, you print parts out of there and ship them into Europe, and probably for the US Healthcare business, you print locally and ship from the US. But can you touch on kind of tariff impacts for Materialise?

嘿。早安.午安.恭喜第一季業績優於預期。布里吉特，首先，對你來說，僅就關稅影響而言，對我來說，可能影響不大。當我想到您的歐洲業務時，您會在那裡列印零件並將其運送到歐洲，而對於美國醫療保健業務，您可能在當地列印並從美國發貨。但是您能談談關稅對 Materialise 的影響嗎？

Yeah, absolutely. So with what you just said, you're absolutely right. So there's three things that I would say on the positive side. So we have our Healthcare business with the US manufacturing plant, which helps obviously in this situation. Our Manufacturing business focused on Europe, as you said. And then the third one is that Software, as such at this point in time, is not impacted.

是的，絕對是如此。所以，您剛才說的完全正確。因此，從積極的一面來說，我想說三件事。因此，我們與美國製造工廠建立了醫療保健業務，這顯然有助於解決這個問題。正如您所說，我們的製造業務重點在歐洲。第三個是，目前軟體本身並未受到影響。

Now, where we do see the impact potentially is on our raw materials, because even in our US facility, we will have raw materials that potentially are impacted. That's one. But the biggest impact is probably the impact of tariffs on our customers. And that is, at this point in time, very hard to say what the impact will be and how customers will react to the climate and to their increased costs.

現在，我們確實看到潛在影響在於我們的原材料，因為即使在我們的美國工廠，我們的原材料也可能受到影響。那是一個。但最大的影響可能是關稅對我們客戶的影響。也就是說，目前很難說會產生什麼影響，以及客戶將如何應對氣候和成本增加。

But from our side, you're absolutely right. With the focused operations of Manufacturing in Europe and our Healthcare business in the US, and I would add Software as the one that is excluded from tariffs at this point in time.

但從我們的角度來看，您完全正確。由於我們專注於歐洲的製造業和美國的醫療保健業務，因此我認為軟體是目前不受關稅影響的產品。

All right. Makes sense. You talked about Q2 being disruptive here and then kind of stabilizing or back to normal in the second half, so to speak. Can you just touch base on month to date? I mean, how does Q2 look? Are we going to be down sequentially, flattish? I mean, any insight on what you think Q2 could look like?

好的。有道理。您談到第二季度會出現混亂，然後在下半年逐漸穩定或恢復正常。您能簡單介紹一下本月迄今的情況嗎？我的意思是，Q2 看起來怎麼樣？我們是否會連續下滑，持平？我的意思是，您對第二季的情況有何看法？

Yeah. So I mean, I obviously can only take the information that we have at this point in time. So the way we look at Q2 at this point in time is that it's going to be a bit more of a difficult quarter. The start of the month was okay-ish. So overall, I would expect us to be somewhere more or less flattish on the top line.

是的。所以我的意思是，我顯然只能獲得我們目前掌握的資訊。因此，從目前的情況來看，第二季將會更加困難。這個月初還算不錯。所以總體而言，我預計我們的營收將基本持平。

But there's a lot of uncertainty in the market, which makes it very hard to predict what the rest will be. There will be pressure on our bottom line in the second quarter. Now, again, as I said earlier, we'll expect that to stabilize in the second half of the year and us getting out of this. But again, at this point in time, hard to predict.

但市場上存在著許多不確定性，這使得很難預測接下來會發生什麼。第二季我們的獲利將面臨壓力。現在，正如我之前所說，我們預計這種情況將在今年下半年穩定下來，我們將擺脫困境。但同樣，目前還很難預測。

Understood. And then maybe for Koen, I mean, I know I hit this a lot frequently on these quarterly calls, but Software was below EUR10 million. It's the first time we've seen it at that level since kind of the beginning of COVID. Just thoughts on kind of growing that business. I do get deferred revs are growing. And then could you also confirm, did you say 80% of revenues in Software are from recurring sales? Sorry if I put all the questions together there.

明白了。然後也許對於 Koen 來說，我的意思是，我知道我在這些季度電話會議上經常提到這一點，但軟體價格低於 1000 萬歐元。這是我們自新冠疫情爆發以來第一次看到這種程度的疫情。只是關於發展業務的想法。我確實發現延期轉速正在增長。然後能否確認一下，您是否說過軟體 80% 的收入來自經常性銷售？抱歉，我把所有問題都放在了一起。

No. Thank you, Troy. Indeed, for the first time, we passed the 80% threshold or milestone of our total Software revenues within the Software segment that were of a recurring nature. Last quarter, I indicated we were just north of 75%. So we made quite a big step-up in the first quarter of the conversion to recurring revenue, and that is also translating into our reported revenue number.

不，謝謝你，特洛伊。事實上，我們首次突破了軟體部門中經常性收入佔總軟體收入的 80% 的門檻或里程碑。上個季度，我表示我們的成長率剛好超過 75%。因此，我們在第一季向經常性收入的轉換中取得了相當大的進步，這也轉化為了我們報告的收入數字。

So compared to other quarters, we have deferred more of the sales of the revenue coming in on the balance sheet, and that impacts also the top line, and that's also one of the reasons why we see a lower reported revenue in the first quarter. And indeed, as you said, just below the EUR10 million point.

因此，與其他季度相比，我們推遲了更多資產負債表收入的銷售，這也影響了營業收入，這也是我們第一季報告收入較低的原因之一。確實，正如您所說，略低於 1000 萬歐元。

Now, maybe just to add one more point on here, Troy, I mean, the fact that we are above the 80% now with our recurring also gives us an indication that we're getting closer to the endpoint of this transition. Now, I am by no way saying that the endpoint of this transition is in this year, we know that it takes a couple of years to go through this. But with the recurring revenue above 80%, at least the end of this is in sight, somewhat.

現在，特洛伊，也許我只是想在這裡補充一點，我的意思是，事實上，我們現在的重複率已經超過了 80%，這也表明我們正越來越接近這一轉變的終點。現在，我絕不是說這一轉變的終點就在今年，我們知道這需要幾年的時間。但隨著經常性收入超過 80%，至少可以預見這種情況的結束。

Understood. All right. Well, keep up the good work. Good luck this year.

明白了。好的。嗯，繼續努力。祝今年好運。

Thank you, Troy.

謝謝你，特洛伊。

(Operator Instructions) I'm showing no further questions at this time. I'd like to turn it back to Brigitte de Vet for closing remarks.

（操作員指示）我現在沒有其他問題了。我想請 Brigitte de Vet 做最後發言。

Well, thanks again for joining us today. We look forward to continuing our dialogue, as always, through investor conferences or in one-on-ones, virtual meetings, or calls. And please do reach out if you have any questions.

好吧，再次感謝您今天加入我們。我們期待一如既往地透過投資者會議、一對一會議、虛擬會議或電話會議繼續我們的對話。如果您有任何疑問，請與我們聯絡。

With that, I want to thank you and say goodbye for now.

就此，我想向你們表示感謝，並暫時告別。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。