Materialise NV (MTLS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Q3 2025 Materialise financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Harriet Fried with Alliance Advisors.

大家好，歡迎參加 Materialise 2025 年第三季財務業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給我們的發言人，來自 Alliance Advisors 的 Harriet Fried 女士。

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

感謝各位今天參加 Materialise 的季度電話會議。與我們一起參加電話會議的有執行長 Brigitte de Vet 和財務長 Koen Berges。今天的電話會議和網路直播將附帶一份幻燈片演示，回顧 Materialise 公司 2025 年第三季的策略、財務和營運績效。如果您尚未查看投影片，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盈利報告也可在該頁面找到。

Before we begin, 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，我想提醒各位，管理層可能會就公司的計劃、預期和成長前景等發表前瞻性聲明。這些前瞻性陳述受到已知和未知的不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.

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。管理層聲明，沒有義務更新或修改任何前瞻性聲明以反映未來事件或預期變化。

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.

有關風險、不確定性以及其他可能影響公司未來業務或財務表現的因素的更詳細描述，請參閱本公司向美國證券交易委員會提交的最新年度報告（表格 20-F）。

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

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。收益報告中包含一份對帳表，幻燈片簡報的結尾也附有該對帳表。介紹完畢，現在我把電話交給布里吉特‧德‧維特。請繼續，布里吉特。

Good morning and good afternoon and thank you all for joining us today. You can find the agenda for our call on slide 3. First, I will summarize the business highlights for the third quarter of 2025. Then I will pass the floor to Koen, who will take you through the third quarter financials. Finally, I will come back and explain what we expect for the remaining months of 2025.

早安，下午好，感謝各位今天蒞臨。您可以在第 3 頁找到我們電話會議的議程。首先，我將總結2025年第三季的業務亮點。接下來我將把發言權交給 Koen，他將為大家介紹第三季的財務狀況。最後，我將回來解釋我們對 2025 年剩餘月份的預期。

When we've completed our prepared remarks, we'll be happy to respond to questions. Moving to slide 4 for the highlights of the third quarter 2025. While our overall revenue remained under pressure, I am very pleased with the continued strong growth of our medical unit, where we achieved double-digit growth again on the back of an exceptionally strong third quarter last year. Today, I would like to highlight the progress that we are making in the cardiac segment, one of our newer markets. In 2025, we acquired FEops, a company specializing in AI-driven simulation technology for structural heart interventions.

我們發言結束後，將樂意回答各位的問題。接下來請看第 4 張投影片，了解 2025 年第三季的亮點。儘管我們的整體營收仍面臨壓力，但我對醫療部門的持續強勁成長感到非常滿意，在去年第三季業績異常強勁的基礎上，我們再次實現了兩位數的成長。今天，我想重點介紹我們在心臟病領域的進展，這是我們較新的市場之一。2025年，我們收購了FEops，這是一家專門從事人工智慧驅動的結構性心臟介入模擬技術的公司。

FEops' predictive simulation technology complemented our Mimics Planner, adding advanced simulations to its anatomical measurements. We have now taken two important steps in this market. First, we recently released the next version of FEops' heart guide for transcatheter aortic valve replacement, adding important features to the planner. In addition to giving physicians insights into the right size and position of the device in the aortic route, this release helps them to manage the lifetime of the patient. Specifically, this new release includes a predictive simulation of the potential ways to treat the patient should he or she come back for reintervention a couple of years down the line.

FEops 的預測模擬技術與我們的 Mimics Planner 相輔相成，在其解剖測量中增加了高級模擬功能。我們現在已經在這個市場中邁出了兩個重要步伐。首先，我們最近發布了 FEops 的經導管主動脈瓣置換術心臟指南的下一個版本，為規劃器添加了重要功能。除了讓醫生了解主動脈路徑中裝置的正確尺寸和位置外，該版本還有助於他們管理患者的整個生命週期。具體來說，這個新版本包含了一項預測模擬功能，用於預測如果患者在幾年後需要再次幹預治療，可能採用的治療方法。

Secondly, we generated additional clinical evidence to underline the benefits of our cardiac planners. As an example, in a prospective study with 126 patients, a leading cardiac center demonstrated time savings of up to 91% for patients undergoing transcatheter aortic valve replacement. This important time saving came with high accuracy combined -- compared to standard planning tools. Also, the fact that the cardiac planner is a cloud-based system that can be accessed from anywhere by the HEART team, which typically consists of several specialties, facilitated the discussions in the preparation of the intervention. This evidence shows that our AI-enabled automatic case planning could play a role in generating efficiencies in this type of procedures, thus potentially enabling the treatment of more patients with a personalized approach in the future.

其次，我們提供了額外的臨床證據，以強調我們心臟規劃器的優勢。例如，在一項對 126 名患者進行的前瞻性研究中，一家領先的心臟中心證明，對於接受經導管主動脈瓣置換術的患者，可節省高達 91% 的時間。與標準規劃工具相比，這種方法在節省時間的同時，精確度也很高。此外，心臟規劃器是一個基於雲端的系統，心臟團隊（通常由多個專業組成）可以從任何地方存取系統，這促進了介入治療準備過程中的討論。該證據表明，我們人工智慧賦能的自動病例規劃可以在提高此類手術效率方面發揮作用，從而有可能在未來以個人化的方式治療更多患者。

The improved features of our planners and the additional evidence will strengthen our position in this market and provide a great foundation to treat more patients in the cardiac space. I would also like to highlight the progress we made in our existing markets. As an example, we released a new version of our Mimics Enlight CMF planner. You might remember that this software was one of the finalists for the TCT award in the healthcare category earlier this year. In this new version, customers can now benefit from a range of AI algorithms that enable them to plan cases faster and more efficiently.

我們規劃工具的改進功能和新增證據將鞏固我們在該市場中的地位，並為治療更多心臟病患者奠定良好的基礎。我還想重點介紹一下我們在現有市場的進展。例如，我們發布了新版本的 Mimics Enlight CMF 計劃表。您可能還記得，這款軟體曾是今年早些時候 TCT 醫療保健類別獎項的決賽入圍者之一。在這個新版本中，客戶現在可以受益於一系列人工智慧演算法，這些演算法使他們能夠更快、更有效率地規劃案例。

And this is particularly important, for example, for trauma cases. Trauma patients come to the hospital after accidents, sometimes with complicated fractures and multiple fragments of the jaw that the surgeon needs to puzzle together. The trauma planner of Mimics Enlight CMF now gives the surgeons the ability to efficiently plan the procedures and piece those fragments together. This planning also helps to gain time during the procedures because the surgeon knows how to treat the patient. In addition, the surgeon knows what type of device to use in the procedure.

例如，對於創傷病例來說，這一點尤其重要。創傷患者在事故後被送往醫院，有時他們有複雜的骨折，下顎骨有多塊碎片，外科醫生需要將這些碎片拼湊起來。Mimics Enlight CMF 的創傷規劃器現在使外科醫生能夠有效地規劃手術並將這些碎片拼湊起來。這種計劃也有助於在手術過程中爭取時間，因為外科醫生知道如何治療病人。此外，外科醫師也知道手術中應該使用哪種類型的器械。

And in a world where more and more devices come in a sterile package, it saves a lot of cost if you only open what you need rather than trying multiple products and then having to resterilize and repackage or in some cases throw away what you don't need. So in summary, this new release of Mimics Enlight CMF enables us to target the trauma segment, which is a significant part of the market and first feedback from customers is encouraging. Turning now to our Materialise Software segment. We continue to make progress to establish CO-AM as the ecosystem for all AM operations. In the last 12 months, we launched our Magics SDKs and the next generation of our build processors.

在如今越來越多的醫療器材採用無菌包裝的世界裡，如果您只打開您需要的部分，而不是嘗試多種產品，然後不得不重新消毒、重新包裝，或者在某些情況下扔掉您不需要的部分，那麼就可以節省很多成本。總而言之，Mimics Enlight CMF 的這個新版本使我們能夠瞄準創傷領域，該領域在市場上佔有相當大的份額，並且來自客戶的初步反饋令人鼓舞。現在我們來看看 Materialise 軟體部分。我們正不斷努力，將 CO-AM 打造成所有積層製造業務的生態系統。在過去的 12 個月裡，我們推出了 Magics SDK 和下一代建置處理器。

As a reminder, our Magics SDKs allow users to create custom preprint workflows by tapping into more than 800 algorithms built over 35 years. These SDKs enable customers to scale AM operations efficiently and print complex, high-performance geometries while avoiding field builds and improving part quality, all of this while protecting the intellectual property behind component designs.

提醒一下，我們的 Magics SDK 允許使用者透過利用 35 年來建立的 800 多個演算法來建立自訂預印本工作流程。這些 SDK 使客戶能夠高效地擴展 AM 操作並列印複雜的、高性能的幾何形狀，同時避免現場建造並提高零件質量，所有這些都是在保護組件設計背後的智慧財產權的同時實現的。

Similarly, the advanced algorithms of the next-generation build processors significantly improve build time and quality, thanks to, for example, its advanced strategies for multi-lasers. And they enable a variety of collaboration models, including the possibility for customers to build their own build processors, thanks to the availability of our SDKs. We are now going a step further by launching a low-code enabling technology on CO-AM, making these SDKs more accessible for customers without a deep engineering background.

同樣，下一代建構處理器的先進演算法顯著提高了建置時間和質量，例如，得益於其先進的多雷射策略。而且，由於我們提供的 SDK，它們還支援多種協作模式，包括讓客戶建立自己的建置處理器。我們現在更進一步，在 CO-AM 上推出低程式碼賦能技術，讓這些 SDK 對沒有深厚工程背景的客戶來說更容易上手。

This facilitates new product introductions of our customers and enable easy workflow automation for large-scale applications. The new capabilities, therefore, have the potential to drive efficiencies and optimize the cost of additive parts. We are currently preparing for next month's Formnext, where you will hear more about this and our other capabilities on the CO-AM ecosystem. Finally, in our Materialise Manufacturing segment, we continue to execute on our strategy while facing continued headwinds in some market segments, including the automotive sector. Specifically, at ACTech, we continue to invest in the huge and heavy segment by adding machines able to produce giga castings and other large and complex parts, often at a significant weight.

這有助於我們的客戶推出新產品，並實現大規模應用的輕鬆工作流程自動化。因此，這些新功能有可能提高效率並優化積層製造零件的成本。我們目前正在為下個月的 Formnext 大會做準備，屆時您將聽到更多關於這項技術以及我們在 CO-AM 生態系統中的其他能力的信息。最後，在我們的材料製造部門，我們繼續執行我們的策略，儘管在一些市場領域（包括汽車行業）面臨持續的不利因素。具體來說，ACTech 繼續投資於大型重型零件領域，增添能夠生產巨型鑄件和其他大型複雜零件（通常重量相當大）的工具。

As a reminder, in the third quarter 2024, we celebrated the opening of our second ACTech plant and shipped first parts in the fourth quarter 2024. In segments beyond automotive, such as aquaculture, mining, maritime or energy, parts are typically not only larger and heavier, but also more complex, for example, to achieve better thermodynamic cycles in the large engines with maximum fuel efficiency.

提醒一下，2024 年第三季度，我們慶祝了第二家 ACTech 工廠的開業，並在 2024 年第四季度交付了第一批零件。在汽車以外的領域，例如水產養殖、採礦、海事或能源，零件通常不僅更大更重，而且更複雜，例如，為了在大型引擎中實現更好的熱力學循環，從而最大限度地提高燃油效率。

The combination of high-precision sand printing, casting and complex post-treatment that we can now offer at ACTech is ideal for these parts. Also, the machines installed in 2025 enable the automation required to produce these complex parts not only for prototypes, but also in small series. I would also like to highlight the progress we are making in the defense sector, where in light of the current geopolitical landscape and the breakdown of traditional global alliances, spending is increasing, in particular, in Europe in order to strengthen resilience and autonomy of the various regions.

ACTech 現在可以提供的高精度砂型列印、鑄造和複雜的後處理流程相結合，是這些零件的理想選擇。此外，2025 年安裝的機器能夠實現生產這些複雜零件所需的自動化，不僅可以用於原型製作，還可以用於小批量生產。我還想重點介紹我們在國防領域的進展。鑑於當前的地緣政治格局和傳統全球聯盟的瓦解，國防開支正在增加，尤其是在歐洲，以加強各個地區的韌性和自主性。

After the announcement of our broad engagement in this sector, we attended DSEI, one of the world's largest defense and security trade exhibitions and attended a series of other events, engaging with major primes and showcasing our capabilities. Additive manufacturing addresses the defense industry's challenges as additive manufacturing enables rapid, flexible and sustainable production of mission-critical components, reduces logistical constraints, fosters innovation and strengthens strategic autonomy in a complex and evolving security environment.

在宣布我們廣泛參與該領域之後，我們參加了全球最大的國防和安全貿易展覽會之一——DSEI，並參加了一系列其他活動，與主要承包商進行交流，並展示了我們的能力。積層製造能夠快速、靈活、永續地生產關鍵任務零件，從而應對國防工業面臨的挑戰，減少後勤限制，促進創新，並在複雜多變的安全環境中增強戰略自主性。

The positive interactions with stakeholders in the industry confirmed that our additive production capabilities in Europe and our software capabilities globally are valuable assets to address the current challenges of the defense industry. I will now turn over to Koen, who will present the financial results.

與業內利益相關者的積極互動證實，我們在歐洲的增材製造能力和我們在全球範圍內的軟體能力是應對當前國防工業挑戰的寶貴資產。現在我將把發言權交給科恩，他將介紹財務表現。

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. Our consolidated revenue grew by 2% compared to Q2 of this year, but ended with EUR66.3 million, 3.5% lower than last year's strong third quarter. Our gross profit margin remained strong at 56.8% in the third quarter of this year, fully in line with the margin realized over the first nine months of 2025.

謝謝你，布里吉特。各位早安/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。與今年第二季相比，我們的綜合收入成長了 2%，但最終為 6,630 萬歐元，比去年強勁的第三季下降了 3.5%。今年第三季度，我們的毛利率保持強勁，達到 56.8%，與 2025 年前九個月的毛利率完全一致。

Adjusted EBIT for the third quarter of '25 amounted to EUR2.9 million, representing an adjusted EBIT margin of 4.4% of revenue. Over the third quarter of this year, we generated a net profit of EUR1.8 million. Driven by strong free cash flow in the third quarter of this year, we further increased our net cash position to EUR67.7 million. 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 third quarter of 2024.

2025 年第三季調整後 EBIT 為 290 萬歐元，調整後 EBIT 利潤率為營收的 4.4%。今年第三季度，我們實現了淨利180萬歐元。受今年第三季強勁的自由現金流推動，我們的淨現金部位進一步增加至 6,770 萬歐元。接下來的幾張投影片中，我將進一步闡述這些結果。再次提醒，除非另有說明，所有比較均以 2024 年第三季的業績為基準。

Turning now to slide 6. You will see an overview of our consolidated revenue. In the third quarter of this year, Materialise Medical posted an all-time revenue record of EUR33.3 million, growing by more than 10% compared to a particularly strong third quarter of last year. On the other hand, revenues from our Software and Manufacturing segments continue to be impacted by macroeconomic headwinds.

現在請看第6張投影片。您將看到我們合併收入的概覽。今年第三季度，Materialise Medical 創下歷史新高，營收達 3,330 萬歐元，比去年同期強勁成長 10% 以上。另一方面，我們的軟體和製造​​部門的收入持續受到宏觀經濟不利因素的影響。

As a result, revenue in both segments declined by 7% and 17%, respectively, leading to an overall decrease of 3.5% of our consolidated revenue compared to last year's period, while unfavorable ForEx effects, mainly due to a weaker US dollar also impacted our top line this quarter.

因此，這兩個部門的收入分別下降了 7% 和 17%，導致我們的合併收入與去年同期相比整體下降了 3.5%。此外，由於美元走軟，不利的外匯影響也影響了我們本季的營收。

As you can see in the graph on the right side of the slide, Materialise Medical accounted for 50%, Materialise Software for 16% and Materialise Manufacturing for 34% of our total revenue over the third quarter of 2025. Our deferred revenue balance related to software maintenance and license fees coming from both our Medical and Software segments decreased in the third quarter of this year, which is fully in line with our seasonal pattern.

從投影片右側的圖表中可以看出，2025 年第三季度，Materialise Medical 占我們總收入的 50%，Materialise Software 佔 16%，Materialise Manufacturing 佔 34%。今年第三季度，我們醫療和軟體部門的軟體維護和許可費相關的遞延收入餘額有所下降，這完全符合我們的季節性規律。

Over the last 12 months, however, the balance increased by EUR4.2 million, bringing the total amount carried on our balance sheet at the end of the third quarter of 2025 to EUR45.3 million. On slide 7, you will see our consolidated adjusted EBIT and EBITDA numbers for the third quarter of 2025.

然而，在過去的 12 個月裡，餘額增加了 420 萬歐元，使得截至 2025 年第三季末，我們資產負債表上的總金額達到 4,530 萬歐元。在第 7 張投影片中，您將看到我們 2025 年第三季的合併調整後 EBIT 和 EBITDA 資料。

Consolidated adjusted EBIT totaled EUR2.9 million compared to EUR4.4 million for the same period of '24, representing an adjusted EBIT margin of 4.4%. Consolidated adjusted EBITDA for the third quarter amounted to EUR8.4 million, decreasing from EUR9.9 million in 2024, representing an adjusted EBITDA margin of 12.7%. Given current market volatility, we believe that it's important to also compare our operational performance on a quarter over quarter basis. In this context, both adjusted EBIT and EBITDA remained roughly stable compared to the second quarter of this year and are significantly up from the beginning of 2025 as a result of disciplined cost control and of targeted cost reduction measures, we have taken to safeguard operational profitability. Year-to-date, we generated now EUR6.6 million of adjusted EBIT and EUR22.9 million of adjusted EBITDA.

經調整後的合併息稅前利潤總額為 290 萬歐元，而 2024 年同期為 440 萬歐元，經調整後的息稅前利潤率為 4.4%。第三季綜合調整後 EBITDA 為 840 萬歐元，低於 2024 年的 990 萬歐元，調整後 EBITDA 利潤率為 12.7%。鑑於當前市場波動性，我們認為按季度比較我們的營運表現也很重要。在此背景下，由於我們採取了嚴格的成本控制和有針對性的成本削減措施來保障運營盈利能力，調整後的 EBIT 和 EBITDA 與今年第二季度相比基本保持穩定，並且與 2025 年初相比大幅增長。今年迄今為止，我們已實現調整後 EBIT 660 萬歐元和調整後 EBITDA 2290 萬歐元。

Moving now to slide 8. You will notice that the revenue in our Materialise Medical segment, as already mentioned, increased by 10% compared to the particularly strong third quarter of 2024. The growth was again generated by both medical software and by revenue from medical devices sales, which grew respectively, by 6% and 12%. Within our Medical Devices and Services activity, we saw continued growth in both our direct and our partner sales. In line with the top line growth, adjusted EBITDA grew further to EUR10.2 million, resulting in an adjusted EBITDA margin of more than 30%.

現在來看第8張投影片。如前所述，您會注意到，我們 Materialise Medical 部門的收入與 2024 年第三季（該季度表現尤為強勁）相比增長了 10%。成長再次由醫療軟體和醫療器材銷售收入共同推動，這兩項收入分別成長了 6% 和 12%。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。與營收成長一致，調整後的 EBITDA 進一步成長至 1,020 萬歐元，調整後的 EBITDA 利潤率超過 30%。

We further increased our R&D investments in Medical and will continue to do so in coming months in order to drive future growth. Year-to-date, our Medical segment realized revenue of EUR97.2 million, up by 15% from last year, with an adjusted EBITDA of EUR30 million, which represents a 31% adjusted EBITDA margin. Slide 9 summarizes the results of our Materialise Software segment. In the third quarter, software revenue decreased by 7% to EUR10.3 million. This was partly due to unfavorable ForEx impacts, while macroeconomic and geopolitical uncertainty also continued to put pressure on our sales volumes, especially in the US markets.

我們進一步增加了在醫療領域的研發投入，並將在未來幾個月繼續這樣做，以推動未來的成長。今年迄今，我們的醫療業務部門實現了 9,720 萬歐元的收入，比去年增長了 15%，調整後的 EBITDA 為 3,000 萬歐元，調整後的 EBITDA 利潤率為 31%。第 9 張投影片總結了我們 Materialise 軟體部門的表現。第三季度，軟體收入下降7%至1,030萬歐元。這部分是由於外匯市場不利影響造成的，同時宏觀經濟和地緣政治的不確定性也持續對我們的銷售量造成壓力，尤其是在美國市場。

During the third quarter, we continued our transition to cloud subscription-based business model. Over the quarter, around 83% of the software revenue was of a recurring nature versus 74% in the same quarter of last year, demonstrating the progress we keep making here. Despite the lower top line, effective cost management allowed us to keep the adjusted EBITDA margin stable at around 18% compared to the same period of last year, leading to an adjusted EBITDA of EUR1.8 million. Year-to-date, our Software segment realized EUR30 million of revenue and an adjusted EBITDA of EUR3.8 million.

第三季度，我們繼續推動向基於雲端訂閱的商業模式的轉型。本季軟體收入中約 83% 為經常性收入，而去年同期為 74%，這表明我們在這一領域不斷取得進步。儘管營收有所下降，但有效的成本控制使我們能夠將調整後的 EBITDA 利潤率保持在 18% 左右，與去年同期相比基本持平，最終實現調整後 EBITDA 為 180 萬歐元。年初至今，我們的軟體業務部門實現了 3,000 萬歐元的收入，調整後的 EBITDA 為 380 萬歐元。

Now let's turn to slide 10 for an overview of the performance of our Materialise Manufacturing segment. In the third quarter of this year, the performance of manufacturing remained weak, with revenue declining by 17% compared to last year's third quarter and ended at EUR22.7 million. Compared to Q2 of this year, however, revenue increased slightly.

現在讓我們翻到第 10 張投影片，了解一下 Materialise Manufacturing 部門的業績概況。今年第三季度，製造業表現依然疲軟，營收比去年第三季下降了 17%，最終為 2,270 萬歐元。但與今年第二季相比，營收略有成長。

The macroeconomic headwinds we have been facing for some time continue to impact our operational results. Mainly as a result of the lower top line, the adjusted EBITDA of the Manufacturing segment ended negative this quarter at minus EUR0.8 million, stable compared to this year's second quarter though.

我們面臨的宏觀經濟逆風已經持續一段時間，並持續影響我們的經營績效。主要由於營收下降，製造業部門的調整後 EBITDA 本季收於負 0.8 億歐元，但與今年第二季相比保持穩定。

Year-to-date, our Manufacturing segment realized revenue of EUR70.3 million with an adjusted EBITDA of minus EUR2 million. Slide 11 provides the highlights of our consolidated income statement for the third quarter of this year. And over the period, our gross profit amounted to EUR37.7 million, representing a stable gross profit margin of 56.8% compared to the previous quarters of this year, but slightly below the 57.2% realized in a strong Q3 of 2024.

今年迄今，我們的製造部門實現了 7,030 萬歐元的收入，調整後的 EBITDA 為負 200 萬歐元。第 11 頁概述了我們今年第三季的合併損益表。在此期間，我們的毛利達到 3,770 萬歐元，毛利率穩定在 56.8%，與今年前幾季相比有所下降，但略低於 2024 年強勁的第三季實現的 57.2%。

Our operating expenses in the quarter increased only by EUR0.2 million or less than 1% in aggregate compared to the same period of last year, with R&D expenses increasing 4% year-over-year. During the quarter, we invested again over EUR11 million in R&D, the majority of which was in our Medical segment.

本季我們的營運支出與去年同期相比僅增加了 20 萬歐元，增幅不到 1%，而研發支出則年增了 4%。本季度，我們再次在研發方面投資超過 1,100 萬歐元，其中大部分投資於我們的醫療領域。

Sales and marketing remained flat year over year, while G&A expenses decreased by almost 3%, reflecting the impact of continued cost control. Net operating income in the quarter was EUR0.9 million, remaining stable compared to prior year. As a result of all of these elements, the Group's operating result in the quarter was EUR2.5 million. In Q3 2025, the net financial results amounted to a limited loss of EUR0.1 million. Interest income on our cash reserves offset the interest expense on our financial debt and the negative impact from foreign exchange fluctuations.

銷售和行銷費用與去年持平，而一般及行政費用下降了近 3%，反映了持續成本控制的影響。本季淨營業收入為 0.9 億歐元，與去年同期相比維持穩定。受上述所有因素影響，該集團本季的營業利潤為 250 萬歐元。2025 年第三季度，淨財務業績為虧損 0.1 百萬歐元。我們現金儲備的利息收入可以抵銷我們金融債務的利息支出以及外匯波動帶來的負面影響。

Last year's corresponding period, the net financial loss was minus EUR1.1 million, mainly due to large unfavorable exchange rate effects at that time. Income tax expense in the quarter amounted to EUR0.6 million compared to a tax expense of EUR0.1 million in the corresponding period of last year. And as a result, we once again generated a positive net result in the third quarter of this year, amounting to EUR1.8 million, representing EUR0.03 per share. Now please turn to slide 12 for a recap of balance sheet and cash flow highlights. And also for the third quarter of 2025, we can report a strong balance sheet.

去年同期，淨財務虧損為負110萬歐元，主要是因為當時匯率受到較大不利影響。本季所得稅支出為 60 萬歐元，而去年同期所得稅支出為 10 萬歐元。因此，我們今年第三季再次實現了淨利潤為正，達到 180 萬歐元，相當於每股 0.03 歐元。現在請翻到第 12 頁，回顧資產負債表和現金流量表的要點。此外，我們也可以報告，2025 年第三季資產負債表表現強勁。

Our cash reserve further increased to EUR132 million at the end of the quarter. At the same time, our gross debt also increased to EUR64 million. Both changes were impacted by an additional EUR50 million drawing we made during Q3 on an existing bank credit facility in line with contractually agreed drawing periods. In the next 12 months, we will be drawing the remaining EUR50 million of this facility. The net cash position at the end of the quarter, which is not impacted by these additional drawings, amounted to EUR67.7 million, up by almost EUR7 million compared to the beginning of this year, mainly driven by strong free cash flow.

截至季末，我們的現金儲備進一步增加至1.32億歐元。同時，我們的總債務也增加到 6,400 萬歐元。這兩項變更都受到了我們在第三季根據合約約定的提款期限，從現有銀行信貸額度中額外提取 5,000 萬歐元的影響。在接下來的 12 個月裡，我們將提取這筆貸款剩餘的 5,000 萬歐元。截至本季末，淨現金部位（未受這些額外提款的影響）為 6,770 萬歐元，比今年年初增加了近 700 萬歐元，主要得益於強勁的自由現金流。

Trade receivables, inventory and trade payable positions on our balance sheet all decreased compared to the position at the end of last year. The total deferred income position decreased to EUR58 million, out of which EUR45 million was related to deferred revenue from software license and maintenance contracts, as mentioned earlier, reflecting the seasonal pattern of deferred revenue evolutions.

與去年年底相比，我們資產負債表上的應收帳款、存貨和應付帳款均有所減少。遞延收入總額減少至 5,800 萬歐元，其中 4,500 萬歐元與軟體授權和維護合約的遞延收入有關，如前所述，這反映了遞延收入變化的季節性模式。

As you can see from the graphs on the right side of the page, the operating cash flow in the third quarter amounted to EUR10.4 million, significantly up from the EUR6.9 million generated in the third quarter of 2024. Capital expenditures for the third quarter amounted to EUR5.3 million, including EUR3.1 million of non-recurring CapEx, mainly spent on remaining machinery for the new ACTech plant and on the installation of a solar panel park at HQ.

從頁面右側的圖表可以看出，第三季的經營現金流為 1,040 萬歐元，比 2024 年第三季產生的 690 萬歐元大幅成長。第三季資本支出為 530 萬歐元，其中包括 310 萬歐元的非經常性資本支出，主要用於新 ACTech 工廠的剩餘機器設備以及在總部安裝太陽能板園區。

Year-to-date, total CapEx amounts to EUR11.8 million, out of which 60% or close to EUR7 million can be considered to be of a non-recurring nature. Over the first nine months of this year, the operating cash flow amounted to EUR20 million, while the year-to-date free cash flow is positive at around EUR11 million. And with that, I'd like to hand the call back to Brigitte.

今年迄今，資本支出總額為 1,180 萬歐元，其中 60%（接近 700 萬歐元）可視為非經常性支出。今年前九個月，經營現金流為 2,000 萬歐元，而年初至今的自由現金流為正，約 1,100 萬歐元。那麼，接下來我將把電話交還給布里吉特。

Thank you, Koen. Let's now turn to page 13. I'll conclude my remarks with a discussion of our full year 2025 guidance. As we approach the end -- continue to impact the business environment in which we operate in our Manufacturing and Software segments. For fiscal year 2025, we therefore maintained our guidance as previously communicated with revenues in the range of EUR265 million to EUR280 million and adjusted EBIT in the range of EUR6 million to EUR10 million.

謝謝你，科恩。現在我們翻到第13頁。最後，我將討論我們2025年全年的業績預期。隨著我們接近尾聲——我們將繼續對我們在製造和軟體領域的業務環境產生影響。因此，對於 2025 財年，我們維持了先前公佈的業績指引，預計營收在 2.65 億歐元至 2.8 億歐元之間，調整後息稅前利潤在 600 萬歐元至 1,000 萬歐元之間。

We remain confident that our business is solid and resilient and that Materialise is strongly positioned to capture growth opportunities once market conditions improve. This concludes our prepared remarks. Operator, we're now ready to open the call for questions.

我們仍然堅信公司業務穩健且具有韌性，一旦市場條件改善，Materialise 將擁有強大的實力來抓住成長機會。我們的發言稿到此結束。接線員，我們現在可以開始接受提問了。

(Operator Instructions) Troy Jensen, Cantor Fitzgerald.

（操作說明）Troy Jensen，Cantor Fitzgerald。

Hey, good morning, good afternoon, Brigitte and Koen. Thanks for taking my question here. Hi, Congrats on the nice results. So, I'd just like to just unpack a little bit in Medical. Could you kind of give us an update on -- I guess I'm trying to figure out like relative exposure. I think of you guys as probably CMF and HIPS as the two biggest sections. I just would be curious if you could kind of rank order. And then this cardiac and some of these other things, how big and important can they be for next year here?

嗨，布里吉特和科恩，早上好，下午好。感謝您接受我的問題。您好，恭喜您取得如此好成績。所以，我想簡單介紹一下醫學方面的內容。您能否提供我們最新情況——我想弄清楚的是相對暴露情況。我認為你們當中最大的兩個部分可能是 CMF 和 HIPS。我只是好奇你能不能為它們排個名。那麼，心臟病以及其他一些疾病，對明年來說會有多大、多重要呢？

Yes. So I think in general, Troy, I mean, obviously, a very good question. I think what we've repeatedly communicated is that we have our existing markets and some new markets. So CMF, orthopedics and our research and engineering segments are the existing markets where we've already been active for quite a long time and that those markets are a little more mature than the others. In our new markets, we address the cardiac and the respiratory space in particular is new markets.

是的。所以我覺得總的來說，特洛伊，我的意思是，很明顯，這是一個非常好的問題。我認為我們已經反覆傳達的訊息是，我們既有現有市場，也有一些新市場。因此，CMF、骨科以及我們的研發和工程部門是我們已經活躍了相當長一段時間的現有市場，這些市場比其他市場更成熟。在我們的新市場中，我們特別關注心臟和呼吸系統領域。

So of course, the majority of our revenue comes from our existing markets. The new markets are still small, but we expect them to grow faster than the existing markets in the future. That's kind of how you need to think about that. Now within the existing markets, all three markets remain very important for us.

所以，我們大部分的收入當然來自現有市場。新市場目前規模仍然較小，但我們預計未來其成長速度將超過現有市場。你應該這樣想。現在，在現有市場中，這三個市場對我們來說仍然非常重要。

Okay. All right. And how about just manufacturing here? I get a bunch of questions. I'll just rattle them off quick and see if you can hit them all. But you just hopes on a recovery, and I'm just kind of curious how big is aerospace and defense as a percentage of revenue?

好的。好的。那麼，就在這裡進行生產呢？我收到了很多問題。我快速地把它們一一列舉出來，看看你能不能全部答對。但你只是寄望於復甦，而我只是有點好奇航空航太和國防在收入中所佔的比例有多大？

So aerospace remain -- it has been a focus segment for us for quite a while. We see in the aerospace segment in general, we have seen continuous growth in that segment and we do believe that that's going to continue. Now the defense industry is a newer industry for us, at least with the broad engagement that we have communicated about earlier this year.

所以航空航太領域仍然是我們的重點領域——它一直是我們很長一段時間以來的焦點。我們看到整個航空航太領域一直持續成長，我們相信這種成長勢頭還會持續下去。國防工業對我們來說是一個比較新的產業，至少就我們今年稍早所溝通的廣泛參與而言是如此。

So, the defense area at this point in time is not a significant market for us yet. At the same time, with -- as I mentioned earlier in my remarks, I think with the interactions we had so far, I see potential in that defense segment as our capabilities that we have built for aerospace can particularly be leveraged in the defense industry going forward.

所以，目前國防領域對我們來說還不是一個重要的市場。同時，正如我之前在發言中提到的，我認為根據我們迄今為止的互動，我看到了國防領域的潛力，因為我們為航空航天領域建立的能力尤其可以在未來國防工業中得到利用。

On the defense side, Brigitte, is it more on the metals front or is it polymers also?

布里吉特，在防禦方面，主要是金屬材料還是也包括聚合物？

It's actually a combination of polymer and metal. I'll give you an example on the aerospace segment, where our polymer offering is really important. There's two different applications on the polymer side that you can think about. One is interiors for the aerospace segment at large, in particular, for commercial aircraft as an example. The second is tooling where our polymer capabilities are helpful for aerospace companies, and in particular, the larger OEMs driving this. As an example, we were the first qualified supplier for Airbus in the polymer segment and that's a couple of years back.

它實際上是聚合物和金屬的複合材料。我舉個航空航太領域的例子，在這個領域，我們的聚合物產品非常重要。在聚合物方面，您可以考慮兩種不同的應用。一是面向整個航空航太領域的內飾，特別是以商用飛機為例的內裝。第二點是模具製造，我們的聚合物技術能力對航空航太公司，特別是推動這一領域的大型原始設備製造商，非常有幫助。舉例來說，幾年前，我們是空中巴士在聚合物領域的第一家合格供應商。

Okay. If I could sneak one more in. Can you just talk about just the manufacturing profitability? I mean, obviously, it's been a drag on you guys, unfortunately, here at these revenue levels. Any thoughts on either a recovery in kind of European industrial markets to drive better profitability or are there other things you can do to kind of cut costs to try to prevent that from diluting kind of the profitability level?

好的。如果我能再偷偷加一個就好了。能只談談製造業的獲利能力嗎？我的意思是，很顯然，在目前的營收水準下，這對你們來說無疑是個沉重的負擔。對於歐洲工業市場的復甦能否推動獲利能力的提高，您有什麼看法？或者，您可以採取其他措施來削減成本，以防止成本上升影響獲利水準？

Yes. So I'll give you a double answer. So the first part of the answer is that, as Koen highlighted in his review of the financials, we have taken measures to significantly reduce our cost end of last year, earlier this year. And we do see the impact on our financials in manufacturing already. They might not be super visible on the EBIT and EBITDA lines given the weakness -- the continued weakness we see on the revenue line, but they have been making a difference, as Koen highlighted.

是的。那我給你雙重答案。因此，答案的第一部分是，正如 Koen 在他的財務審查中所強調的那樣，我們已經在去年年底和今年年初採取了措施，大幅降低了成本。我們已經看到這對我們製造業的財務狀況產生了影響。鑑於營收持續疲軟，這些績效在 EBIT 和 EBITDA 指標上可能並不十分明顯，但正如 Koen 所強調的那樣，它們確實發揮了作用。

So that's the first one. The second element to the answer I would give is there is two things really we need to see recovery on the revenue line. As you mentioned, the European environment is a really important one for us. So recovery in the European markets will certainly be a driver to bring our revenues to a more usual level. The second element that is important to keep an eye on is the automotive sector as such, because admittedly, in manufacturing at large, we are still exposed to the automotive industry and that is in Europe and in the US.

這是第一個。我給的第二個答案是，要真正看到收入復甦，我們需要做到兩件事。正如您所提到的，歐洲環境對我們來說非常重要。因此，歐洲市場的復甦無疑將成為推動我們收入恢復到正常水平的動力。第二個需要密切關注的重要因素是汽車產業本身，因為不可否認，在整個製造業中，我們仍然受到汽車產業的影響，而汽車產業主要集中在歐洲和美國。

And the recovery of the automotive industry will help us to recover to a more normal level on the revenue side as well. So it's really those two drivers that we need to keep an eye on.

汽車產業的復甦也將有助於我們的收入恢復到更正常的水平。所以，我們真正需要關注的就是這兩位車手。

All right, well, good luck going forward and I'll see you soon.

好的，祝你未來一切順利，我們很快再見。

Thank you, Troy. See you at Formnext.

謝謝你，特洛伊。Formnext見！

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Ms. Brigitte de Vet for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話轉回給布里吉特·德·維特女士，請她作總結發言。

Thanks again for joining us today. We obviously look forward to continuing our dialogue with you through investor conference or in one on one virtual meetings or calls. And we are also looking forward to meeting some of you in person at the upcoming Formnext event in November. In the meantime, please reach out if you have any questions. Thank you, and goodbye for now.

再次感謝您今天收看我們的節目。我們非常期待透過投資人會議、一對一的線上會議或電話會議等方式繼續與您對話。我們也期待在 11 月即將舉行的 Formnext 活動上與你們中的一些人見面。在此期間，如有任何疑問，請隨時與我們聯繫。謝謝，再見。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。