Materialise NV (MTLS) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the second-quarter 2025 Materialise NV financial results conference call. (Operator Instructions)

您好，感謝您的關注。歡迎參加 Materialise NV 2025 年第二季財務業績電話會議。 （操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Harriet Fried of Alliance Advisors. Please go ahead.

請注意，今天的會議正在錄製中。現在，我想將會議交給今天的演講嘉賓，來自 Alliance Advisors 的 Harriet Fried。請開始。

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。執行長 Brigitte de Vet 和財務長 Koen Berges 出席了此次電話會議。

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

今天的電話會議和網路直播將附上一份幻燈片演示，回顧Materialise 2025年第二季度的策略、財務和營運業績。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 uncertainties and risks, that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change.

在開始之前，我想提醒您，管理層可能會就公司計劃、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不確定性和風險的影響，這些不確定性和風險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.

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日的估計，不應被視為代表其在任何後續日期的估計。管理階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更的義務。

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.

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 conference 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一些非國際財務報告準則 (IFRS) 指標。收益報告中和投影片簡報的結尾均包含對帳表。

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

接下來，我想把電話轉給布里吉特‧德維特 (Brigitte de Vet)。請布里吉特發言。

Good morning, and good afternoon to all of you. Thank you for joining us today. You can find the agenda for our call on slide 3. First, I will summarize the business highlights for the second quarter of 2025. Then I will pass the floor to Koen, who will take you through the second quarter financials.

大家早安，下午好。感謝大家今天加入我們。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年第二季的業務亮點。然後，我將把發言權交給Koen，他將為大家介紹第二季的財務狀況。

Finally, I will come back and explain what we expect the remaining months of 2025 to bring. When we've completed our prepared remarks, we will be happy to respond to questions.

最後，我將再次解釋我們對2025年剩餘幾個月的預期。當我們完成準備好的發言後，我們將很樂意回答大家的提問。

Moving to slide 4 for the highlights of the second-quarter 2025. We celebrated our 35th anniversary in the second quarter of this year. 35 years ago, our founders, Wilfried Vancraen and Hilde Ingelaere, started their journey to build a better and healthier world, thanks to the power of additive manufacturing.

前往投影片 4，了解 2025 年第二季的亮點。今年第二季度，我們慶祝了成立 35 週年。 35 年前，我們的創辦人 Wilfried Vancraen 和 Hilde Ingelaere 借助積層製造的力量，開始了建立更美好、更健康世界的旅程。

I'd like to take this opportunity to thank all of our employees for the incredible energy and hard work they put into growing the adoption of additive manufacturing every single day. In the 35 years, we have grown into a leading profitable cash-flow-positive company in this sector, and we keep pushing the boundaries. Our strategic position remains excellent as we benefit from the ongoing R&D investments in strategic areas, driving long-term value creation in our growth segments.

我想藉此機會感謝我們所有的員工，感謝他們每天為推動增材製造技術的應用而付出的巨大精力和辛勤工作。在過去的35年裡，我們已發展成為該領域一家盈利能力領先、現金流為正的公司，並且我們不斷突破極限。我們的策略地位依然卓越，得益於我們在策略領域持續的研發投入，這推動了我們成長領域的長期價值創造。

I am very proud that this quarter again, we made significant progress in our medical business. As you know, in our medical business, our strategy is to grow in existing markets and in new markets in order to reach more patients with our personalized solutions.

我非常自豪本季我們的醫療業務再次取得了重大進展。正如各位所知，我們的醫療業務策略是在現有市場和新市場中持續成長，以便透過個人化解決方案惠及更多患者。

This is what we call our mass personalization strategy. Now, one of the new markets that we are developing is the respiratory market. Two years ago, we launched a dedicated 3D surgical planning solution with a focus on addressing the challenges in thoracic surgery to treat lung cancer patients. The Mimics thoracic planner now advances in screening and surgical techniques in that area have created an opportunity for earlier diagnosis and less invasive lung-sparing procedures. But these approaches in the respiratory field are technically demanding.

這就是我們所說的大規模個人化策略。目前，我們正在開發的新市場之一是呼吸系統市場。兩年前，我們推出了一款專用的3D手術規劃解決方案，專注於解決肺癌患者胸腔外科手術中的挑戰。 Mimics胸腔外科規劃器如今在該領域的篩檢和手術技術方面取得了進展，為早期診斷和微創保肺手術創造了機會。但這些方法在呼吸系統領域應用在技術上要求很高。

To remove a tumor from the patient's lungs, surgeons want to remove as much as needed for the tumor to be gone, but as little as possible in order to leave as much lung capacity for the patient after surgery --all of this while minimizing the incision to enable speedy recovery of the patient.

為了從患者的肺部切除腫瘤，外科醫生希望切除盡可能多的腫瘤，但又要盡可能少地切除，以便在手術後為患者留下盡可能多的肺活量——同時盡量減少切口，使患者能夠快速康復。

To plan these complex interventions properly, the surgeon uses our three-dimensional view on the lung lobes and segments and the airways and blood vessels that he or she cannot only view but also engineer on. That means that he or she can simulate what happens when she takes a 3-centimeter margin around the tumor rather than a 4-centimeter margin and what lobes or segments are impacted.

為了妥善規劃這些複雜的介入手術，外科醫生會利用我們的三維視圖來觀察肺葉、肺段以及氣道和血管，這些視圖不僅可以查看，還可以進行手術設計。這意味著，外科醫生可以模擬在腫瘤周圍切除 3 公分邊緣（而不是 4 公分邊緣）時的情況，以及哪些肺葉或肺段會受到影響。

Now surgeons using our Mimic thoracic planner have reported that the Software has actively helped them better understand each patient's unique anatomy and plan surgeries with precision, supporting the shift towards minimally invasive care and lung-sparing procedures.

現在，使用我們的 Mimic 胸椎規劃器的外科醫生報告說，該軟體積極幫助他們更好地了解每個患者獨特的解剖結構並精確地規劃手術，支持向微創治療和保肺手術的轉變。

Now building on these encouraging results, we are proud to announce a pilot collaboration with Johnson & Johnson's Surgical business in EMEA to advance the adoption of this solution in the region. As a leader in surgical technologies that help clinicians and patients in the lung cancer community, J&J will offer surgeons our planning solution alongside their full portfolio of surgical technologies.

基於這些令人鼓舞的成果，我們很榮幸地宣布與強生公司歐洲、中東和非洲地區的外科業務開展試點合作，以推動該解決方案在該地區的應用。作為外科技術領域的領導者，強生公司致力於幫助肺癌領域的臨床醫生和患者，除了其全套外科技術產品組合外，強生還將為外科醫生提供我們的計劃解決方案。

And we also keep making progress in our existing markets. One of our oldest and most mature markets is the orthopedic market and, in particular, our knee guides. Knee guides are amongst the most well-known and mature applications of 3D printing in the medical market.

我們在現有市場上也不斷取得進展。我們歷史最悠久、最成熟的市場之一是骨科市場，尤其是我們的膝關節導板。膝關節導板是醫療市場上3D列印最知名、最成熟的應用之一。

Knee guides are used to provide surgeons with surgical instrumentation that is customized to the patient's anatomy using pre-op CTs or MIs and help surgeons to make accurate bone resections and ensure a better knee implant position. Traditionally, knee implants were positioned using standardized angles, aligning them to the straight mechanical axis of the leg.

膝關節導板用於為外科醫生提供根據患者術前CT或MI影像定制的手術器械，幫助外科醫生進行精準的骨切除，並確保膝關節植入物更佳的定位。傳統上，膝關節植入物採用標準化角度定位，使其與腿部的直線機械軸對齊。

Now today, there is a growing trend in the market to restore the natural alignment of a patient's knee by positioning the implants based on the unique anatomy and cartilage wear, mimicking how the knee was before it was damaged.

如今，市場上越來越流行透過根據獨特的解剖結構和軟骨磨損定位植入物來恢復患者膝蓋的自然排列，模仿膝蓋受損之前的狀態。

In the second quarter, we received 510(k) US market clearance for this personalized alignment feature in our knee planner that is used by surgeons that choose to perform surgery with our personalized knee guides in the US.

在第二季度，我們的膝關節規劃器中的這種個人化校準功能獲得了美國 510(k) 市場許可，該功能可供在美國選擇使用我們的個人化膝關節導板進行手術的外科醫生使用。

This feature allows surgeons to tailor the knee implant positioning to each patient's unique anatomy rather than getting the leg straight, so to speak. And with this clearance, surgeons can now choose between traditional mechanical straight alignment and the new personal alignment mode. We believe that this innovation will not only provide surgeons with greater flexibility, but also advance the field of knee surgery, creating a positive impact for more patients. We will bring this feature to the US market in the third quarter.

此功能允許外科醫生根據每位患者獨特的解剖結構定制膝關節植入物的位置，而不是簡單地將腿部拉直。有了這項許可，外科醫生現在可以在傳統的機械直線校準模式和全新的個人化校準模式之間進行選擇。我們相信，這項創新不僅能為外科醫師提供更大的彈性，還能推動膝關節外科領域的進步，為更多病患帶來正面的影響。我們將於第三季將此功能引入美國市場。

In Software and Manufacturing, we continue to face headwinds due to geopolitical volatility and the macroeconomic uncertainty impacting many of the market segments we are operating in. Customers worldwide are delaying investment decisions in order to get greater clarity around tariffs and interest rates. Now that being said, we continue to see confirmation of our strategy to focus on specific customer and market segments, both in Software and Manufacturing.

在軟體和製造領域，我們持續面臨挑戰，因為地緣政治動盪和宏觀經濟不確定性影響著我們營運的眾多細分市場。全球客戶正在推遲投資決策，以便更清楚地了解關稅和利率。話雖如此，我們仍然看到，專注於軟體和製造領域特定客戶和細分市場的策略得到了進一步確認。

And this is particularly true in the current market reality, where the growth in additives as far as industrial markets are concerned, comes primarily from specific sectors and from users that are already familiar with additive rather than from new adopters. As a result of the specific focus on our strategic market segments within Software and Manufacturing, we delivered growth again on the basis of an already strong Q2 last year in those market segments.

在當前的市場現實中尤其如此，就工業市場而言，添加劑的成長主要來自特定產業和已經熟悉添加劑的用戶，而非新用戶。由於我們特別關注軟體和製造業這兩個策略性細分市場，我們在去年第二季度這些細分市場表現強勁的基礎上再次實現了成長。

As another strategic milestone in the second quarter, we have formally announced our decision to broadly engage in and support the defense sector in light of the current geopolitical landscape and the breakdown of traditional global alliances.

作為第二季的另一個戰略里程碑，我們正式宣布了根據當前地緣政治格局和傳統全球聯盟破裂的情況，廣泛參與和支持國防部門的決定。

Given the close connection between the defense and aerospace sectors, we believe our expertise will be particularly relevant in enhancing the regional defense capabilities across land, sea and space. Additionally, we anticipate that this broader engagement will strengthen our position in the aerospace segment and open up new opportunities in the future for both our Manufacturing as well as our Software segment.

鑑於國防與航空航太領域之間的密切聯繫，我們相信我們的專業知識對於提升陸、海、空區域防禦能力尤其重要。此外，我們預計，此次更廣泛的合作將鞏固我們在航空航太領域的地位，並為我們的製造和軟體業務部門在未來開闢新的機會。

Last but not least, we continue to make progress on our strategic road map in our Software segment to build partnerships to complement our end-to-end workflows and enable customers to scale their additive operations more efficiently. In this context, we announced the collaboration with Synera to establish direct connectivity between Magics SDKs and Synera's Agenetic AI platform for engineers.

最後，同樣重要的是，我們繼續推進軟體部門的策略路線圖，建立合作夥伴關係，以補充我們的端到端工作流程，並幫助客戶更有效率地擴展其積層製造業務。在此背景下，我們宣布與 Synera 合作，在 Magics SDK 和 Synera 面向工程師的 Agenetic AI 平台之間建立直接連接。

Additive manufacturing organizations often lose significant production time to manual build preparation workflows with human intervention driving up operational costs. The collaboration between Synera and us allows users to deploy additive manufacturing agents that handle design to print autonomously, helping scale throughput while reducing manual effort and cost.

積層製造企業經常因手動建立準備工作流程而浪費大量生產時間，人工幹預還會增加營運成本。 Synera 與我們之間的合作，使用戶能夠部署能夠自主處理從設計到列印的積層製造代理，從而幫助擴大產量，同時減少人工工作量和成本。

The new Magics SDK launched in 2024 allows for platform integration with Magics’ powerful build preparation algorithms to prepare even the most complex models for successful printing, reducing field builds and improving part quality.

2024 年推出的全新 Magics SDK 允許平台與 Magics 強大的構建準備演算法集成，以便為最複雜的模型做好成功打印的準備，從而減少現場構建並提高零件質量。

The collaboration with Synera will enable users to create end-to-end automation workflows for additive manufacturing, significantly reducing build failures, ensuring models are properly prepared for printing and reducing manual efforts throughout the process.

與 Synera 的合作將使用戶能夠為增材製造創建端到端自動化工作流程，顯著減少建置失敗，確保模型為列印做好適當的準備，並減少整個過程中的手動工作。

Combined with other additive manufacturing solutions in the Synera marketplace, users can manage the complete AM workflow from design to production with an integration between design and build preparation workflows, providing the designers with immediate feedback on manufacturability and build optimization directly within one environment.

結合 Synera 市場上的其他增材製造解決方案，使用者可以透過設計和建置準備工作流程之間的整合來管理從設計到生產的完整 AM 工作流程，從而為設計師在一個環境中直接提供有關可製造性和構建優化的即時反饋。

Now, while our top line remains under pressure in the current market environment for the Industrial division, we continue to control our costs. In the second quarter, we have announced and successfully implemented a restructuring in our Manufacturing division. As part of this process, we reassessed what activities are core to our future portfolio and re-classed some of our assets as assets held for sale on our balance sheet as a result of this evaluation.

目前，儘管工業部門的營收在當前市場環境下仍面臨壓力，但我們仍在持續控製成本。第二季度，我們宣布並成功實施了製造部門的重組。作為重組的一部分，我們重新評估了未來業務組合的核心業務，並根據評估結果，將部分資產在資產負債表中重新歸類為持有待售資產。

These assets and activities are nonmaterial to our activities. As the pressure on our top line persists, we will continue to manage our costs. By taking steps to reduce costs while continuing focused investments in our strategic areas, we are well positioned to capitalize on opportunities as market conditions improve.

這些資產和活動對我們的業務而言並非實質的。鑑於我們的營收壓力持續存在，我們將繼續控製成本。透過採取措施降低成本，同時繼續專注於投資我們的策略領域，我們已做好準備，在市場環境改善時抓住機會。

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. While our Medical segment once again achieved high double-digit growth this quarter, total consolidated revenue decreased year-over-year by 5.8% to EUR64.8 million.

謝謝布里吉特。各位早安、下午好。首先，我將簡要概述我們的主要財務業績，如投影片5所示。雖然我們的醫療部門本季再次實現了兩位數的高成長，但合併總收入年減5.8%，至6,480萬歐元。

Our gross profit margin remained strong and increased to 58.3% in the second quarter of this year, reflecting changes in our revenue mix, but also as a result of our ability to optimize direct production costs despite inflationary pressure.

我們的毛利率保持強勁，今年第二季增至58.3%，這反映了我們收入結構的變化，也是我們在通膨壓力下優化直接生產成本的能力的結果。

Adjusted EBIT for the second quarter of 2025 amounted to EUR3.1 million, showing a strong increase compared to prior quarters despite the lower revenue that was generated, reflecting once more the positive impact of targeted cost control. The net result for the quarter amounted to a profit of EUR0.2 million despite being impacted by large unfavorable effects from exchange rate fluctuations.

2025年第二季調整後息稅前利潤（EBIT）達310萬歐元，儘管收入有所下降，但較前幾季仍實現強勁增長，再次體現了有針對性的成本控制帶來的正面影響。儘管受到匯率波動帶來的巨大不利影響，本季淨利仍達20萬歐元。

During the first half of 2025, we generated a positive free cash flow, which led to a net cash position of EUR63 million at the end of Q2, an increase of EUR2 million versus the beginning of the year. In the following slides, I will elaborate further on these results. As a reminder, please note that unless stated otherwise, all comparisons are against our results for the second quarter of 2024.

2025年上半年，我們實現了正自由現金流，使得第二季末的淨現金狀況達到6,300萬歐元，較年初增加200萬歐元。在接下來的投影片中，我將進一步闡述這些業績。需要提醒的是，除非另有說明，所有比較數據均以我們2024年第二季的業績為準。

I would also like to draw your attention to a modification we have made in the adjustments definition that we apply to our adjusted EBIT and adjusted EBITDA. As of this quarter, we will also be adjusting these non-IFRS metrics for costs related to nonrecurring corporate initiatives, restructurings and reorganizations.

我還想提請您注意，我們對調整後息稅前利潤 (EBIT) 和調整後息稅折舊攤銷前利潤 (EBITDA) 的調整定義進行了修改。從本季度起，我們還將根據與非經常性公司規劃、重組和改組相關的成本調整這些非國際財務報告準則 (IFRS) 指標。

We believe this modification will allow for a more correct comparison across periods, while it brings us in line with general market practices. We do not anticipate that this modification will require restatements of prior period results. Also in the current period, the adjustment made is immaterial to our overall results.

我們相信，此項修改將使我們在跨期比較時更加準確，同時符合一般市場慣例。我們預期此項修改不會導致重述前期業績。此外，就本期而言，此項調整對我們的整體業績影響不大。

Now turning to slide 6. You will see an overview of our consolidated revenue. As already mentioned, Materialise Medical continued its strong performance, delivering consistent high double-digit growth with revenue increasing by almost 17% this quarter and once again posting a quarterly revenue record.

現在翻到第6張投影片。您將看到我們合併收入的概覽。如同前面所提到的，Materialise Medical 繼續保持強勁表現，持續保持兩位數的高成長，本季營收成長近17%，再次創下季度營收新高。

On the other hand, revenues from Software and Manufacturing segments were further impacted by intensified geopolitical and macroeconomic turbulence. As a result, revenue in both segments declined by 12% and 25%, respectively, leading also to a decrease of 5.8% of our consolidated revenue compared to the same period of last year.

另一方面，軟體和製造部門的收入受到地緣政治和宏觀經濟動盪加劇的進一步影響。這兩個部門的收入分別下降了12%和25%，導致我們的合併收入與去年同期相比下降了5.8%。

Now this revenue decrease also reflects the unfavorable effect from a weaker US dollar in the second quarter of 2025. As you can see in the graph on the right side of the page, Materialise Medical accounted for 51%, Materialise Software for 15% and Materialise Manufacturing for 34% of our total revenue for the second quarter of 2025.

現在，這一收入下降也反映了 2025 年第二季美元走弱的不利影響。正如您在頁面右側的圖表中所看到的，Materialise Medical 占我們 2025 年第二季度總收入的 51%，Materialise Software 佔 15%，Materialise Manufacturing 佔 34%。

In the first half of this year, we generated over EUR131 million of revenue, which is stable versus last year's same period. At the same time, our deferred revenue balance related to Software maintenance and license fees coming both from our Medical and Software segments decreased in the second quarter of this year, in line with the annual seasonality pattern.

今年上半年，我們的營收超過1.31億歐元，與去年同期持平。同時，來自醫療和軟體部門的軟體維護和授權費用相關的遞延收入餘額在今年第二季度有所下降，這與年度季節性規律一致。

Over the last 12 months, however, the balance increased by EUR3 million, bringing the total amount carried on our balance sheet at the end of the second quarter of 2025 to EUR46.7 million.

然而，在過去 12 個月中，餘額增加了 300 萬歐元，使我們 2025 年第二季末資產負債表上的總金額達到 4,670 萬歐元。

On slide 7, you will see our consolidated adjusted EBIT and EBITDA numbers for the second quarter of 2025. Consolidated adjusted EBIT totaled EUR3.1 million compared to EUR3.9 million for the same period of '24, representing an adjusted EBIT margin of 4.7%.

在第 7 張投影片上，您將看到我們 2025 年第二季的合併調整後 EBIT 和 EBITDA 數字。合併調整後 EBIT 總計 310 萬歐元，而 24 年同期為 390 萬歐元，調整後 EBIT 利潤率為 4.7%。

Consolidated adjusted EBITDA for the second quarter amounted to EUR8.3 million, decreasing from EUR9.2 million last year, representing an adjusted EBITDA margin of 12.8%. Given current market volatility, we believe it's also important to compare our operational performance on a quarter-over-quarter basis. In this context, we saw significant improvement in both adjusted EBIT and EBITDA compared to the first quarter of this year.

第二季合併調整後EBITDA為830萬歐元，低於去年同期的920萬歐元，調整後EBITDA利潤率為12.8%。鑑於當前市場波動，我們認為按季度比較營運表現也至關重要。在此背景下，與今年第一季相比，我們的調整後EBIT和EBITDA均有顯著改善。

Our adjusted EBIT increased from EUR0.6 million to EUR3.1 million, while adjusted EBITDA also increased by EUR2.1 million. These improvements reflect the positive impact of disciplined cost control and targeted cost reduction measures that we have taken to safeguard operational profitability. Over the first half of 2025, we generated EUR3.7 million of adjusted EBIT and EUR14.4 million of adjusted EBITDA.

我們的調整後息稅前利潤 (EBIT) 從 60 萬歐元增加到 310 萬歐元，調整後息稅折舊攤提前利潤 (EBITDA) 也增加了 210 萬歐元。這些改進反映了我們為保障營運獲利能力而採取的嚴格成本控制和有針對性的成本削減措施的正面影響。 2025 年上半年，我們的調整後息稅前利潤 (EBIT) 為 370 萬歐元，調整後息稅折舊攤提前利潤 (EBITDA) 為 1,440 萬歐元。

Moving now to slide 8,you will notice that the revenue in our Materialise Medical segment increased by almost 17% compared to the second quarter of '24. This solid growth was generated by both Medical Software and by revenue for Medical Devices sales, which grew respectively by 14% and 18%.

現在翻到第8張投影片，您會發現Materialise醫療部門的營收與2024年第二季相比成長了近17%。這一強勁成長主要源自於醫療軟體和醫療設備銷售收入，這兩個部門分別成長了14%和18%。

Within our Medical Devices and Services activity, we saw continued growth, both in our direct and our partner sales. In line with top-line growth, adjusted EBITDA grew further to over EUR10.7 million, resulting in an increased adjusted EBITDA margin of 32.7%. We continued our planned R&D investments in Medical to drive future growth, while we achieved strategically important milestones during the second quarter of this year, as mentioned earlier by Brigitte.

在醫療器材和服務業務領域，我們的直接銷售額和合作夥伴銷售額均持續成長。與營收成長同步，調整後息稅折舊攤銷前利潤 (EBITDA) 進一步成長至超過 1,070 萬歐元，調整後息稅折舊攤銷前利潤率提升至 32.7%。我們繼續按計劃在醫療領域進行研發投資，以推動未來成長。正如 Brigitte 之前提到的，我們在今年第二季度取得了具有戰略意義的里程碑。

Over the first half of this year, our Materialise Medical segment realized EUR64 million of revenue, up by 18% from last year, with an adjusted EBITDA of EUR19.8 million, representing a 31% adjusted EBITDA margin.

今年上半年，我們的 Materialise Medical 部門實現了 6,400 萬歐元的收入，比去年增長 18%，調整後 EBITDA 為 1,980 萬歐元，調整後 EBITDA 利潤率為 31%。

Slide 9 summarizes the results of our Materialise Software segment. In the second quarter, Software revenue decreased by 12% to EUR9.9 million. This was partly due to the further conversion to our recurring revenue model, but macroeconomic uncertainty, and FX evolutions put also pressure on our sales volumes, especially in the US market.

投影片9總結了Materialise軟體部門的業績。第二季度，軟體營收下降12%，至990萬歐元。部分原因是我們進一步轉向了經常性收入模式，但宏觀經濟的不確定性和外匯波動也給我們的銷售帶來了壓力，尤其是在美國市場。

During the second quarter, we continued our transition to a cloud subscription-based business model. Over the quarter, around 84% of our Software revenue was of a recurring nature versus 80% in the previous quarter, demonstrating the progress we keep making.

第二季度，我們持續向基於雲端訂閱的業務模式轉型。本季度，我們軟體收入中約84%為經常性收入，而上一季這一比例為80%，這反映了我們持續取得的進展。

Despite the lower top line compared to the same period of last year, effective cost management allowed us to maintain a stable adjusted EBITDA of EUR1.4 million, representing an adjusted EBITDA margin of 14%. Over the first half of this year, our Software segment realized EUR19.6 million of revenue and adjusted EBITDA of EUR2 million, representing a 10% adjusted EBITDA margin.

儘管營收低於去年同期，但有效的成本管理使我們的調整後EBITDA保持穩定，為140萬歐元，調整後EBITDA利潤率為14%。今年上半年，我們的軟體部門實現了1,960萬歐元的收入，調整後EBITDA為200萬歐元，調整後EBITDA利潤率為10%。

Now let's turn to slide 10 for an overview of the performance of our Materialise Manufacturing segment. In the second quarter of 2025, geopolitical uncertainty added to the macroeconomic headwinds that we have been facing for some time and drove our Manufacturing revenue down by almost 25% compared to last year's same period, realizing quarterly revenue of EUR22.1 million.

現在，我們翻到第10張投影片，概覽一下Materialise製造部門的表現。 2025年第二季度，地緣政治的不確定性加劇了我們一段時間以來面臨的宏觀經濟逆風，導致我們的製造部門收入與去年同期相比下降了近25%，季度收入僅為2210萬歐元。

Also in the second quarter of this year, we realized further growth in our strategic focus areas, while the Automotive segment specifically continued to be under severe pressure. As a response to revenue pressure, we took further steps to bring the cost of our Manufacturing segment structurally down.

今年第二季度，我們在策略重點領域實現了進一步成長，而汽車業務板塊則持續承受巨大壓力。為了應對收入壓力，我們採取了進一步措施，從結構上降低製造業務板塊的成本。

In addition to strict cost control, we reviewed in depth the performance and potential of our Manufacturing portfolio. And as an outcome of this review, we decided to stop our metal prototyping operations and to focus exclusively on metal series production, which resulted in a nonrecurring severance cost that we adjusted in our quarterly numbers.

除了嚴格的成本控制外，我們還深入審查了製造業務組合的績效和潛力。審查結束後，我們決定停止金屬原型製造業務，專注於金屬批量生產，這導致了一筆非經常性遣散費，我們在季度數據中對此進行了調整。

Furthermore, we reclassified some of our Manufacturing business assets on our balance sheet as assets held for sale. The operating results and net assets of this reclassification are immaterial to our consolidated results of operation and our financial position.

此外，我們在資產負債表中將部分製造業務資產重新分類為持有待售資產。此項重新分類的經營業績及淨資產對我們的合併經營績效及財務狀況而言並不重要。

Mainly as a result of the lower top line, the adjusted EBITDA of our Manufacturing segment still ended negatively at minus EUR0.8 million in the second quarter, slightly below the result of the first quarter of this year, which was at minus EUR0.4 million, but significantly up from the minus EUR3 million adjusted EBITDA realized in the last quarter of 2024.

主要由於營業收入較低，我們製造部門的調整後 EBITDA 在第二季度仍為負 80 萬歐元，略低於今年第一季的負 40 萬歐元，但遠高於 2024 年最後一個季度實現的負 300 萬歐元調整後 EBITDA。

Over the first half of this year, our Manufacturing segment realized revenue of EUR47.6 million with an adjusted EBITDA of minus EUR1.2 million.

今年上半年，我們的製造部門營收 4,760 萬歐元，調整後 EBITDA 為負 120 萬歐元。

Slide 11 provides the highlights of our consolidated income statement for the second quarter of 2025. Over the period, our gross profit amounted to EUR37.8 million, representing a gross profit margin of 58.3%, significantly up from the 57% realized in the second quarter of 2024. As mentioned earlier, this increase can be linked to mix effects, but it's also the outcome of the efforts we made to generate further production efficiencies.

投影片 11 列出了我們 2025 年第二季合併損益表的要點。在此期間，我們的毛利達到 3,780 萬歐元，毛利率為 58.3%，大幅高於 2024 年第二季的 57%。如前所述，這種成長可能與混合效應有關，但也是我們為進一步提高生產效率所做努力的結果。

Our operating expenses in the quarter decreased by [EUR03 million] (corrected by company after the call), or close to 1% in aggregate compared to the same period of last year, with R&D expenses remaining flat year-over-year. During the quarter, we invested again over EUR11 million in R&D, the majority of which was in our Medical segment. Sales and marketing and G&A expenses decreased by 1.1% and 1.6%, respectively, reflecting the impact from further indirect cost optimizations, compensating for inflationary pressure.

本季度，我們的營運費用減少了0.3億歐元（公司在電話會議後進行了更正），與去年同期相比下降了近1%，研發費用與去年同期持平。本季度，我們再次在研發方面投入了超過1,100萬歐元，其中大部分用於醫療部門。銷售與行銷費用以及一般行政費用分別下降了1.1%和1.6%，這反映了進一步優化間接成本的影響，並抵銷了通膨壓力。

Net operating income in the quarter was EUR1.3 million compared to EUR1.2 million last year. As a result of these elements, the group's operating result in the quarter was positive at EUR2.7 million. In Q2 2025, the net financial result amounted to a loss of EUR3.1 million, which includes interest income of EUR0.7 million from our cash reserves and interest expense on our financial debt of EUR0.4 million and a significant negative impact from foreign exchange fluctuations of minus EUR3.3 million.

本季淨營業收入為130萬歐元，去年同期為120萬歐元。受這些因素影響，集團本季營業利潤為270萬歐元。 2025年第二季度，集團淨財務業績虧損310萬歐元，其中包括來自現金儲備的利息收入70萬歐元、金融債務利息支出40萬歐元，以及外匯波動帶來的重大負面影響（負330萬歐元）。

In last year's corresponding period, the net financial result was positive by EUR1 million as we benefited from higher interest rates on our cash deposits and from favorable exchange rates effects at that time. Income tax in the quarter amounted to a positive EUR0.5 million, resulting from the recognition of deferred tax assets compared to a tax expense of EUR1 million in the corresponding period of last year.

去年同期，淨財務表現為正100萬歐元，這得益於現金存款利率上升以及當時有利的匯率效應。本季所得稅為正50萬歐元，得益於遞延所得稅資產的確認，而去年同期的所得稅支出為100萬歐元。

Despite the large negative effect from exchange rate fluctuations, we were still able to report a net profit for the second quarter of EUR0.2 million.

儘管匯率波動帶來巨大的負面影響，我們仍能夠報告第二季的淨利潤為20萬歐元。

Now please turn to slide 12 for a recap of balance sheet and cash flow highlights. Also for the second quarter of 2025, we can report a strong balance sheet. As already mentioned during the review of our Manufacturing segment, we reclassified a limited amount of business assets as held for sale, representing a net asset value of EUR3.6 million, which can be considered immaterial compared to the total consolidated balance sheet.

現在請翻到第12張投影片，回顧資產負債表和現金流的重點。 2025年第二季度，我們的資產負債表表現強勁。正如我們在製造部門審核中所提到的，我們將少量業務資產重新分類為持有待售，其淨資產價值為360萬歐元，與合併資產負債表總額相比，這部分資產的佔比微不足道。

Our cash reserve increased to EUR117 million by the end of the quarter. At the same time, also our gross debt increased to EUR54 million. Both changes were largely impacted by EUR20 million drawing we made on an existing bank credit facility in line with earlier contractually agreed drawing periods. In the next 12 months, we will be drawing the remaining EUR30 million of this facility.

截至本季末，我們的現金儲備增加至1.17億歐元。同時，我們的總債務也增加至5,400萬歐元。這兩項變更主要源自於我們根據先前合約約定的提款期限，從現有銀行信貸額度中提取了2,000萬歐元。未來12個月，我們將提取該額度剩餘的3,000萬歐元。

The net cash position at the end of the quarter amounted to EUR63 million, up by EUR2 million compared to the beginning of this year, and was as such not impacted by the previously mentioned drawing. Trade receivables, inventory and payables positions on our balance sheet all decreased.

本季末的淨現金狀況為6,300萬歐元，較年初增加200萬歐元，因此未受到前述提款的影響。我們資產負債表上的貿易應收款、庫存和應付款項均減少。

But when corrected for the asset held for sale reclassification, the net working capital slightly increased by EUR0.7 million compared to the beginning of this year. Total deferred income position increased to EUR60 million, out of which EUR47 million was related to deferred revenues from software license and maintenance contracts, as mentioned before.

但經調整持有待售資產重新分類後，淨營運資本較年初略有增加70萬歐元。遞延收入總額增至6000萬歐元，其中4700萬歐元與軟體許可和維護合約的遞延收入相關，如前所述。

As you can see on the graph on the right side of the page, the operating cash flow in the second quarter of this year was just negative as the cash flow generated from P&L was entirely offset by a negative evolution of working capital components.

正如您在頁面右側的圖表中看到的，今年第二季度的營運現金流為負，因為損益表產生的現金流完全被營運資本成分的負向變化所抵消。

Over the first six months of this year, however, the operating cash flow is positive at EUR9.7 million. Capital expenditures for the second quarter amounted to EUR4.7 million, including EUR3.1 million of nonrecurring CapEx, mainly spent on remaining machinery for the new ACTech plants. Over the first half of this year, total CapEx amounted to EUR6.6 million, out of which 60% can be considered to be of a nonrecurring nature.

然而，今年上半年，公司經營現金流為正，為970萬歐元。第二季資本支出為470萬歐元，其中包括310萬歐元的非經常性資本支出，主要用於購買新ACTech工廠的剩餘設備。今年上半年，公司資本支出總額為660萬歐元，其中60%可視為非經常性支出。

Taking into account also cash inflows from limited asset sales and from government grants received for the ACTech investments, the free cash flow over the first half of this year is positive and amounts to EUR6 million.

考慮到有限資產出售和 ACTech 投資收到的政府補助所產生的現金流入，今年上半年的自由現金流為正，達到 600 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. As we move through 2025, we see a risk that geopolitical volatility and macroeconomic uncertainty intensified and also further impact the business climate for the remainder of this year. Unfavorable foreign exchange fluctuations might also add to the pressure on our revenue line and reported net results.

謝謝，Koen。我們翻到第13頁。最後，我將討論我們2025年全年的業績指引。隨著2025年的到來，我們預見地緣政治動盪和宏觀經濟不確定性加劇的風險，並將進一步影響今年剩餘時間的商業環境。不利的外匯波動也可能對我們的收入和報告的淨業績造成壓力。

We therefore believe it is prudent to slightly reduce our revenue guidance for the full year from the earlier communicated range of EUR270 million to EUR285 million to a range of EUR265 million to EUR280 million. We remain convinced, though, that the fundamentals of our business are solid and resilient and believe that further structural cost efficiencies will allow us to safeguard operational profitability.

因此，我們認為，將全年收入預期從先前公佈的2.7億至2.85億歐元略微下調至2.65億至2.8億歐元是明智之舉。但我們仍然堅信，公司業務的基本面穩固且富有韌性，並相信進一步的結構性成本效率將使我們能夠保持營運獲利能力。

So despite the slightly lower revenue outlook, we, therefore, are confirming, reconfirming our adjusted EBIT guidance range of EUR6 million to EUR10 million for fiscal-year 2025, in line with our earlier communications in February and April of this year.

因此，儘管收入前景略有下降，但我們仍確認並再次確認 2025 財年的調整後息稅前利潤 (EBIT) 指導範圍為 600 萬歐元至 1000 萬歐元，與我們今年 2 月和 4 月早些時候的溝通一致。

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

我們的準備好的演講到此結束。接線員，我們現在可以開始提問了。

(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)。

So maybe just a quick question on -- well, congrats on the opportunity here with J&J on the respiratory side. I wondered maybe could you quantify that opportunity? Is that something that could be as big as this maxillo craniofacial opportunity you've had with them? Or just if you could help size it a little bit, that would be helpful.

所以我想問一個簡單的問題——嗯，恭喜您有機會與強生合作，在呼吸領域取得合作。請問您能否量化一下這個機會？這個機會是否能像您之前與強生公司合作的顎面外科機會一樣大？或者，如果您能幫忙稍微評估一下這個機會，那就太好了。

Yeah. So that's obviously a very good question. I think -- so I want to make a couple of comments on this. So first, I think we need to keep in mind that this is a very new market. So the craniomaxillofacial and the orthopedic markets are existing mature markets, where the respiratory market is a new market.

是的。這顯然是個非常好的問題。我想——我想就此發表幾點評論。首先，我認為我們需要記住，這是一個非常新的市場。顱顏面和骨科市場是現有的成熟市場，而呼吸市場是一個新興市場。

Now when we say new markets, it's really markets that we still are building. So, it's the very start of a long journey. So to reach the size of some of our existing markets, we're taking years. So that gives you a bit of a feeling for when to expect some of that impact. The second comment I want to make is, certainly, revenue impact is not to be expected this year. At the very earliest, it's going to be next year.

現在我們說的新市場，實際上是指我們仍在建設中的市場。所以，這只是一段漫長旅程的開始。要達到我們現有市場的規模，我們還需要數年時間。所以，這能讓你大致了解何時才能看到一些影響。我想說的第二點是，收入影響當然不會在今年顯現。最早也要到明年。

Third comment is that this is a pilot collaboration. So it's a very first step in the direction in this respiratory market. So while this is a really important milestone that will open up the respiratory market and in this collaboration, I'm really convinced that this is a game changer. It is a new market and opening up new markets and developing markets as a leader in those markets, it's a long journey.

第三點是，這是一項試點合作。因此，這是朝著呼吸市場邁出的第一步。雖然這是一個非常重要的里程碑，將開拓呼吸市場，但我相信，在這次合作中，這將改變產業格局。這是一個全新的市場，開拓新市場，並作為這些市場的領導者發展新市場，這將是一段漫長的旅程。

Yeah, thanks for the added color. Maybe a couple of questions for Koen. First of all, EUR20 million in debt you guys took out during the quarter. And did I hear you say there's -- you're taking out more? I'm sorry, I tuned out a little bit during the end of the call, but is that correct?

是的，謝謝你的補充。我想問Koen幾個問題。首先，你們本季承擔了2000萬歐元的債務。我是不是聽到你說──你們還要承擔更多？抱歉，我在通話結束時有點走神了，是這樣嗎？

No, that is correct, Troy. It is part of an earlier agreement we made a couple of years ago, where we had -- where we signed into a new additional facility of EUR50 million, five-zero, and which was -- which foresaw a delayed drawing in three tranches, two tranches in the course of 2025, and the last tranche in the middle of 2026. So we are honoring those commitments on engagements, and we are now -- we have made the first drawing of EUR20 million in the second quarter.

不，沒錯，特洛伊。這是我們幾年前達成的一項協議的一部分，當時我們簽署了一項新的5000萬歐元的額外貸款，該貸款預計分三批延期提取，其中兩批在2025年提取，最後一批在2026年中期提取。因此，我們正在履行這些承諾，現在我們已經在第二季提取了第一筆2000萬歐元的貸款。

Interesting. So I guess my first thought was that maybe you guys had a change of thoughts on acquisitions, but this is -- I mean, what would you do with all of this additional cash on the balance sheet because, obviously cash-flow positive and EBITDA positive and you don't need it, but there are a lot of assets out there in the market right now. So I don't know.

有意思。我第一個念頭是，你們可能改變了對收購的想法，但這是——我的意思是，你們會如何處理資產負債表上這些額外的現金，因為顯然現金流和息稅折舊攤銷前利潤（EBITDA）都是正數，你們不需要這些現金，但現在市場上有很多資產。所以我不知道。

Yeah, that cash was indeed -- I think that was also the intention when the agreement with the bank was made and it's still the intention to put that cash to work, of course, not to put it on our bank account. So that -- it's a bullet loan. So it is targeted at being used for CapEx or M&A investments in the future.

是的，這筆現金確實是——我認為這也是我們與銀行達成協議時的意圖，當然，我們仍然希望這筆現金能夠發揮作用，而不是存入我們的銀行帳戶。所以，這是一筆一次性貸款。它的目標是用於未來的資本支出或併購投資。

Okay. All right. Good luck. And then how about -- just quickly on the gross margins. I mean, they were obviously great this quarter despite the lower revenues. I'm assuming it's mainly mix or just given less Manufacturing sales, but was there other stuff behind that driving it better?

好的。祝你好運。然後，簡單談談毛利率。我的意思是，儘管收入下降，但本季的毛利率顯然很高。我猜主要是產品組合的原因，或者只是因為製造業銷售額下降，但還有其他因素推動了毛利率的增加嗎？

No, it's a combination of mix effects, indeed, like you said, more Medical, less Manufacturing. But it's also coming from the fact that we are able to reduce the production costs or the direct costs, both in our Medical segment and in our Manufacturing segment where they play a role. That's correct.

不，這確實是多種因素共同作用的結果，正如您所說，醫療業務佔比更高，製造業佔比更低。但這也源自於我們能夠降低生產成本或直接成本，無論是在醫療部門還是在製造業，這都扮演著重要角色。沒錯。

Alexander Craeymeersch, Kepler Cheuvreux.

亞歷山大‧克雷梅爾施 (Alexander Craeymeersch)、開普勒‧舍夫魯 (Kepler Cheuvreux)。

Alexander Craeymeersch from Kepler Cheuvreux here. So maybe to pick up on that first question of Troy’s. So you have these new features and new pilots coming up. But the next it is, of course, you have still the markets that you're already active in and already very much growing in. I was just wondering if we could maybe get like a glimpse into the next years. Can we continue to expect, like, double-digit growth in this segment? That would be the first question.

我是來自 Kepler Cheuvreux 的 Alexander Craeymeersch。或許可以接著 Troy 的第一個問題。你們即將推出這些新功能和新試點計畫。但接下來，當然，你們仍然在那些已經活躍且發展迅速的市場。我只是想問，我們能否對未來幾年的情況做一些展望。我們能否繼續預期這個領域保持兩位數的成長？這是第一個問題。

Second question would be on the revised top-line guidance. It's down just 2%, but I'm just wondering what parameter you used? Is this just like the FX rate on the US dollar that is declining? Or what was exactly used to -- that it prompted just a 2% decline? And then maybe if you could just talk a bit about the volume price dynamics in the Manufacturing segment. Thank you very much.

第二個問題是關於修訂後的營收指引。它僅下降了2%，但我想知道您使用了什麼參數？這是否就像美元匯率下跌一樣？或是具體使用了什麼參數——它導致營收僅下降了2%？然後，您能否談談製造業部門的量價動態？非常感謝。

Yeah. So let me get started on your first question. So on the Medical segment, so the medical market as such, so structurally, again, I don't see a reason to see a change in the growth that we see in the -- currently in the medical market. So in the mix, obviously, we grow in the existing lines, we grow in the -- and then concurrently, we build the new market.

是的。那麼，讓我先回答你的第一個問題。就醫療領域而言，就醫療市場本身而言，從結構上來說，我認為目前醫療市場的成長趨勢並沒有改變。因此，顯然，我們在現有產品線的基礎上持續成長，同時，我們也在開拓新市場。

And so the mix between existing and new as we go over the next couple of years, the mix might change, but in total, there's a lot of promise in the medical market, a lot of growth today. And there's -- in the future, continued promise in the medical market. I see that growth continue on an ongoing basis over the next couple of years, again, with potentially a different mix in the different markets that we are serving. That is why we are investing in the new markets to keep the growth going over the next couple of years. But overall, the medical business will keep on growing.

因此，未來幾年，現有業務和新業務的組合可能會發生變化，但總的來說，醫療市場前景廣闊，目前成長勢頭強勁。未來，醫療市場也將持續維持成長動能。我認為未來幾年，這種成長勢頭將持續下去，而且，我們所服務的不同市場的組合可能會有所不同。這就是為什麼我們投資新市場，以保持未來幾年的成長動能。但總體而言，醫療業務將持續成長。

So that was your first question. I forgot the second and the third in the meantime; I should be writing them down.

這就是你的第一個問題。我之前忘了第二個和第三個問題；我應該把它們記下來。

So the question on the guidance is just 2%. What was, like, exactly the reason why you said, okay, 2% cut instead of, like, let's say, a 5% cut? Like what was the parameter you used?

所以關於指引的問題只是2%。為什麼說降息2%，而不是比如說降息5%？您使用的參數是什麼？

Yeah. So the way we approach our guidance or the reforecast every quarter is obviously we -- so it's not a top down, where Koen and I look at each other, and we look out of the window and think what percentage can we apply. It's a detailed exercise that we have with the different units, and we go through different business lines to estimate in the different business lines, how we look at what happens throughout the rest of the quarter. And every business line has a different forecast.

是的。所以我們制定每季的業績指引或重新預測的方式顯然是——這不是自上而下的，不是我和Koen互相看著對方，然後我們一起展望未來，思考可以應用多少百分比。我們會與不同的部門進行詳細的溝通，我們會仔細研究不同的業務線，評估不同業務線對本季剩餘時間業績的預測。每個業務線都有不同的預測。

Obviously, we look at Medical in a different way than some of the Industrial segments. But within the Industrial segment, our focus segments are today growing very well. We think they will continue to grow, whereas others, I mean, automotive is one of them, we believe that they will continue to have a difficult time throughout the rest of the year.

顯然，我們對醫療產業的看法與某些工業領域不同。但在工業領域，我們重點關注的領域目前成長良好。我們認為它們將繼續成長，而其他領域，例如汽車產業，我們認為它們在今年剩餘時間內將繼續面臨困境。

The US market will continue to have a more difficult time than other geographies. So it's that whole mix that we go through, and it's that balance that has led us to this new estimation of our top line. So it's not one parameter, but it's a more detailed exercise that we have gone through.

美國市場將繼續比其他地區面臨更艱難的時期。所以我們要綜合考慮各種因素，而正是這種平衡讓我們對營收做出了新的估算。所以，這不是一個單一的參數，而是我們進行過更細緻的分析。

One of the factors that helps us, obviously, in those business lines where we have an order book to base our judgment on, that is obviously a parameter that is helpful. Now you know that for not all of our business -- for some of our business lines that are more transactional, we don't have an order book to base our estimations on. So the more we have an order book that we can base ourselves on, the more visibility we have on the next quarter, but that's not the case for all of our business lines. So all of that taken into account led us to this new guidance that we have now issued.

顯然，對我們有幫助的因素之一是，對於那些有訂單簿作為判斷依據的業務線來說，這顯然是一個有用的參數。現在你知道，並非所有業務——對於一些交易性更強的業務線——我們都沒有訂單簿作為預估的依據。因此，我們擁有的訂單簿越多，我們對下一季的預測就越清晰，但並非所有業務線都是如此。所以，所有這些因素都考慮到了，我們才制定了現在發布的新指引。

And maybe if I then just can ask a small follow-up. Like which segment was then, let's say, underperforming versus the initial guidance or expectation?

或許我可以再問一個簡單的後續問題。比如說，哪個部門的表現低於最初的指引或預期？

So I think what you see in our current results, those that we have discussed today, it's pretty much for the second half of the year, I think the trend is pretty much what we see continue. I don't think I see -- so in the forecast that we've done for the next six months, there's no dramatic change in the trends when we look at the different business lines.

所以我認為，您從我們目前的業績中看到的，也就是我們今天討論的那些，基本上是針對下半年的，我認為這種趨勢基本上會持續下去。我認為，在我們針對未來六個月所做的預測中，從不同的業務線來看，趨勢不會有顯著變化。

Thank you. Yeah. And then the last one was a bit on the volume price dynamics in Manufacturing.

謝謝。是的。最後一個問題是關於製造業的批量價格動態。

The foreign price dynamics. Can you --

國外價格動態。你能——

The volume price dynamics.

成交量價格動態。

To reply to your question, Alexander, from a more financial point of view, I think as in any manufacturing environment, the challenge we also have in our Manufacturing segment is that part of the costs are, I would say, semi-fixed. So if the top line becomes under pressure and the semi-fixed cost is then typically related to the labor costs that the direct labor costs in order to complete the manufacturing processes, and that's, of course, always the challenge, if the volume is under pressure to protect the margin, and that is difficult to a certain extent. And that is what we have been working hard on, I think, also in the second quarter, to make that balance or to reduce the cost base in line with the top line that continues to be under pressure.

亞歷山大，從更財務的角度來看，我認為與任何製造環境一樣，我們在製造部門面臨的挑戰是，部分成本是半固定的。因此，如果營收面臨壓力，半固定成本通常與人工成本有關，即完成製造流程所需的直接人工成本。當然，如果產量面臨壓力，為了保護利潤率，這始終是一個挑戰，而且這在一定程度上很困難。我認為，這也是我們一直在努力的方向，在第二季也是如此，力求平衡，或根據持續承壓的營收降低成本基數。

Yeah. That's clear. And maybe if I can also ask a small follow-up, which would be -- so of the decline that we saw in the second half, like how much -- is that then mostly related to volumes? Or have you also been seeing a decline in, basically, the cost base considering that effect?

是的，很清楚。我可以問一個小問題，例如，我們下半年看到的下降幅度，主要是因為銷售嗎？還是說，考慮到銷售量的影響，成本基數也下降了？

In Manufacturing, you mean?

您是指製造業嗎？

Yes.

是的。

You see a significant top line drop. And so that is a pure volume effect, certainly if you compare to last year. But I think if you also make the comparison to last quarter, you see that there is top line, which is volume pressure. We try to offset that, and you see that certainly if you compare the gross margin to the prior quarters that we try to compensate that to a certain extent in making our costs as variable as possible, the direct costs, but that is only possible to a certain extent. So top-line pressure adds to the gross margin result.

您會看到營收大幅下降。這純粹是銷量效應，如果與去年同期相比更是如此。但我認為，如果與上一季進行比較，您會發現營收也存在下降，也就是銷售壓力。我們試圖抵消這一影響。如果將毛利率與前幾季進行比較，您會發現我們試圖透過盡可能提高成本（直接成本）的變動性來在一定程度上彌補這一損失，但這只能在一定程度上實現。因此，營收壓力會增加毛利率。

Thank you. At this time, I would now like to turn the conference back over to Brigitte de Vet for closing remarks.

謝謝。現在，我想把會議交還給布里吉特·德·維特，請她致閉幕詞。

Thanks again for joining us today. We, of course, look forward to continuing our dialogue with you through investor conferences or one-on-ones or virtual meetings or calls. And please reach out if you have any questions. Thank you for now, and goodbye to you all.

再次感謝您今天的參與。我們當然期待透過投資人會議、一對一會議、線上會議或電話會議等形式繼續與您溝通。如有任何疑問，歡迎隨時與我們聯繫。謝謝大家，再見！

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

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。