Materialise NV (MTLS) 2025 Q4 法說會逐字稿

Hello and thank you for standing by. Welcome to Materialise fourth-quarter 2025 financial results conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Materialise 2025 年第四季財務業績電話會議。（操作說明）

I would now like to hand the conference over to Harriet Fried of Alliance Advisors. You may begin.

現在我將把會議交給 Alliance Advisors 的 Harriet Fried 主持。你可以開始了。

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有執行長 Brigitte de Vet 和財務長 Koen Berges。

Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic, financial, and operational performance for the fourth quarter of 2025, as well as the year 2025 as a whole. 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 press release issued earlier today can also be found on that page.

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 在 2025 年第四季度以及 2025 年全年的策略、財務和營運業績。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新聞稿也可在該頁面找到。

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. 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 of any subsequent day.

在正式開始之前，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因素及風險的影響，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。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，不應被視為代表其對未來任何一天的估計。

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.

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。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 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。收益報告中包含一份對帳表，幻燈片簡報的結尾也附有該對帳表。

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

接下來，我想把電話交給布里吉特·德·維特。布里吉特，請你先行吧？

Good morning and good afternoon. Thank you for joining us today. We're very pleased to present our fourth-quarter and full-year 2025 results to you today. You can find the agenda for our call on slide three. First, I will summarize the business highlights for the fourth quarter of 2025. Then, I will pass the floor to Koen, who will take you through the fourth-quarter financials. And finally, I will come back and explain what we expect 2026 to bring. When we've completed our prepared remarks, we'll be happy to respond to questions.

早安，下午好。感謝您今天蒞臨。我們很高興今天向大家呈獻我們2025年第四季和全年業績。您可以在第三張投影片上找到我們這次電話會議的議程。首先，我將總結2025年第四季的業務亮點。接下來，我將把發言權交給 Koen，他將為大家介紹第四季的財務狀況。最後，我會回來解釋我們對 2026 年的期望。我們發言結束後，將樂意回答各位的問題。

On November 20, 2025, we rang the opening bell at Euronext Brussels. With this step, we complement our existing listing on Nasdaq with an additional European listing. The dual listing provides us with access to broader investor audience in Europe and increases the company's operational flexibility, including the option to initiate ADS and/or share buyback programs.

2025年11月20日，我們在布魯塞爾泛歐交易所敲響了開市鐘。透過這項舉措，我們在納斯達克現有上市的基礎上，又增加了一個歐洲上市點。雙重上市使我們能夠接觸到歐洲更廣泛的投資者群體，並提高公司的營運彈性，包括啟動美國存託憑證和/或股票回購計畫的選擇權。

Our Nasdaq listing remains integral to our global strategy. As a reminder, no shares were offered and no capital was raised in connection with the listing of shares on Euronext Brussels. We will trade under the same ticker symbol, MTLS, as on Nasdaq.

我們在納斯達克的上市仍然是我們全球策略的重要組成部分。再次提醒，在布魯塞爾泛歐交易所上市時，沒有發行任何股份，也沒有籌集任何資金。我們將使用與納斯達克相同的股票代碼 MTLS 進行交易。

We have also announced the share buyback program of up to EUR30 million. This program has started from January 26, 2026, and to date, we have acquired a total of 187,500 shares for a total amount just below $1 million.

我們也宣布了一項高達 3000 萬歐元的股票回購計畫。該計劃於 2026 年 1 月 26 日啟動，迄今為止，我們已累計收購 187,500 股，總金額略低於 100 萬美元。

Looking at other business highlights of the fourth quarter, in Medical, as you know, our aim is to bring personalized solutions to as many patients as possible. In the fourth quarter, we surpassed the historical milestone of 700,000 patients treated with Materialise Personalized Solutions. More than 70,000 patients have been treated in 2025 alone. This represents a significant milestone in our journey towards mass personalization.

縱觀第四季度的其他業務亮點，在醫療領域，正如您所知，我們的目標是為盡可能多的患者提供個人化的解決方案。第四季度，我們使用 Materialise 個人化解決方案治療的患者人數突破了 70 萬的歷史性里程碑。光是2025年，就有超過7萬名患者接受了治療。這標誌著我們在邁向大規模個人化的道路上邁出了重要一步。

Also, we released a new version of Mimics Flow, our Mimics platform that is a workflow software solution for companies that want to develop their own personalized solution. With this new release, users benefit from enhanced functionality, a new licensing system, and a new pricing structure.

此外，我們也發布了新版本的 Mimics Flow，這是我們的 Mimics 平台，它是一款針對希望開發自己個人化解決方案的公司的工作流程軟體解決方案。透過此次新版本發布，用戶可以享受增強的功能、新的授權系統和新的定價結構。

Let me briefly elaborate on all three. First, as far as functionality is concerned, the users will now be able to fast-track their work for high-volume application, thanks to additional AI algorithms on the platform. They will also benefit from improvements that will make 3D planning easier and that will make case discussions with colleagues efficient in one unified platform.

讓我簡要地詳細說明這三點。首先，就功能性而言，由於平台上新增了人工智慧演算法，用戶現在可以加快大批量應用程式的工作流程。他們還將受益於一些改進，這些改進將使 3D 規劃更容易，並使與同事的案例討論在一個統一的平台上更加高效。

Second, the new licensing system gives the users more control and will reduce licensing overhead, thanks to the new end-user portal, where users can easily rehost, activate, and deactivate licenses as needed and get uninterrupted access with little administrative burden. Third, this Mimics release enables true subscription pricing models, more closely aligning our success with that of our customers.

其次，新的授權系統賦予使用者更大的控制權，並減少了許可開銷。這要歸功於新的終端用戶門戶，用戶可以根據需要輕鬆地重新託管、啟用和停用許可證，並在幾乎沒有管理負擔的情況下獲得不間斷的存取。第三，Mimics 的此次發布實現了真正的訂閱定價模式，使我們的成功與客戶的成功更加緊密地聯繫在一起。

We will gradually introduce the new models in specific markets and applications. We're convinced that the new functionality, the future-proof licensing model, and the new pricing models will enable our customers to achieve our common goal, giving more patients access to personalized approaches.

我們將逐步在特定市場和應用領域推出新型號。我們堅信，新的功能、面向未來的授權模式和新的定價模式將使我們的客戶能夠實現我們的共同目標，讓更多患者獲得個人化的治療方案。

In Software, we have taken the next step in our open and secure software strategy, introducing three tailored CO-AM solutions and new enabling technologies to address the industry's growing need for workflow automation and interoperability. As you know, we have been investing in additional software capabilities beyond Pre-Print to cover the end-to-end additive manufacturing workflows of our customers.

在軟體方面，我們已在開放和安全的軟體策略方面邁出了下一步，推出了三個量身定制的 CO-AM 解決方案和新的使能技術，以滿足行業對工作流程自動化和互通性日益增長的需求。如您所知，我們一直在投資開發除預印功能之外的其他軟體功能，以涵蓋我們客戶的端到端積層製造工作流程。

The three new CO-AM offerings will address specific market segments. CO-AM Professional will deliver workflow automation and built-in traceability for high mix, low-volume additive manufacturing. CO-AM NPI accelerates new product introductions and qualification for series additive manufacturing parts. CO-AM Enterprise combines CO-AM Professional's expert AM preparation with full production execution and order management, also called Manufacturing Execution Systems, delivering end-to-end workflow management for advanced users.

CO-AM推出的三款全新產品將針對特定的細分市場。CO-AM Professional 將為高混合、小批量增材製造提供工作流程自動化和內建可追溯性。CO-AM NPI 可加速新產品的引進和批量積層製造零件的認證。CO-AM Enterprise 將 CO-AM Professional 的專業 AM 準備與完整的生產執行和訂單管理（也稱為製造執行系統）相結合，為高級用戶提供端到端的工作流程管理。

As discussed in our Q3 earnings call, we also introduced CO-AM Brix at Formnext. CO-AM Brix is a new low-code, node-based automation technology, integrating over a thousand proven algorithms from Materialise SDK suites and providing the possibility to incorporate external tools and libraries. Brix is part of the CO-AM platform and puts our extensive software expertise in the hands of every user. It makes it easy to automate complex, recurring processes and eliminate repetitive manual work without requiring advanced programming skills.

正如我們在第三季財報電話會議上所討論的那樣，我們還在 Formnext 上推出了 CO-AM Brix。CO-AM Brix 是一種新的低程式碼、基於節點的自動化技術，它整合了 Materialise SDK 套件中的一千多種經過驗證的演算法，並提供了整合外部工具和函式庫的可能性。Brix 是 CO-AM 平台的一部分，它將我們豐富的軟體專業知識帶給每位使用者。它可以輕鬆實現複雜、重複性流程的自動化，並消除重複性的人工工作，而無需高級程式設計技能。

By combining real-time visualization with powerful automation, even non-programmers can easily build custom workflows, instantly see the impact of the design and production decisions, and act on them immediately. The result is higher productivity, faster response times, and ultimately, broader adoption of AM technologies.

透過將即時視覺化與強大的自動化功能結合，即使是非程式設計師也能輕鬆建立自訂工作流程，立即看到設計和生產決策的影響，並立即採取行動。其結果是生產效率更高、反應速度更快，並最終實現積層製造技術的更廣泛應用。

We've seen the impact of CO-AM Brix firsthand in our own production of phits insoles, our custom 3D printed orthotics. In producing these insoles, CO-AM Brix enabled us to automate almost the entire process from order to print. Nesting time dropped from 45 minutes to just 1 minute. Build processing became 20 times faster, total build time fell by 15%, and error rates fell from 10% to under 0.1%. CO-AM Brix was referred to by Joris Peels, the 3DPrint.com editor, as his favorite thing at Formnext 2025.

我們已經親眼見證了 CO-AM Brix 對我們自己生產 phits 鞋墊（我們定制的 3D 列印矯正器）的影響。在生產這些鞋墊的過程中，CO-AM Brix 使我們能夠實現從下單到印刷的幾乎整個過程的自動化。築巢時間從 45 分鐘縮短到僅 1 分鐘。建置處理速度提高了 20 倍，總建置時間減少了 15%，錯誤率從 10% 降至 0.1% 以下。CO-AM Brix 被 3DPrint.com 編輯 Joris Peels 稱為他在 Formnext 2025 上最喜歡的東西。

Turning to manufacturing, we continued to face headwinds in Q4. At the same time, we made progress in expanding our position in high-growth, certified industries. We merged our two online platforms, i.materialise and Materialise OnSite, and consolidated both into a single, streamlined platform. This step reflects our strategic focus on the professional 3D printing market.

再來看製造業，我們在第四季持續面臨不利因素。同時，我們在高成長、認證行業中擴大了市場份額，並取得了進展。我們將兩個線上平台 i.materialise 和 Materialise OnSite 合併，並將兩者整合為簡化的單一平台。這項舉措體現了我們對專業3D列印市場的策略關注。

i.materialise has been an important part of our history, helping to democratize 3D printing and empower designers, makers, and small businesses. But as the market evolves, consolidating our -- under Materialise OnSite is a natural next step to focus on our core segments and to align with the needs of professionals in the industries driving additive manufacturing forward.

i.materialise 一直是我們發展歷程中的重要組成部分，它幫助普及了 3D 列印技術，並為設計師、創客和小型企業賦能。但隨著市場的發展，將我們的業務整合到 Materialise OnSite 旗下，是專注於我們核心業務領域並與推動增材製造發展的行業專業人士的需求保持一致的自然下一步。

We have also made progress in key strategic verticals, such as aerospace and defense. Today, I want to highlight two key projects we have been awarded in the fourth quarter. First, Materialise has been invited to join the SONRISA project as a key enabler of this funded aviation initiative led by Diehl Aerospace. The project aims to make quality assurance of metal 3D-printed aircraft parts more reliable, repeatable, and easier to certify.

我們在航空航太和國防等關鍵戰略垂直領域也取得了進展。今天，我想重點介紹我們在第四季度獲得的兩個重要項目。首先，Materialise 受邀加入 SONRISA 項目，成為 Diehl Aerospace 領導的這項航空資助計畫的關鍵推動者。該專案旨在使金屬 3D 列印飛機零件的品質保證更加可靠、可重複且更容易獲得認證。

The consortium brings together leading aerospace and technology players, including Boeing, alongside industrial and research partners. Materialise's role is to develop data-driven quality assessment concepts that merge production and inspection data, such as images, temperature data, and CT scans, to support automated acceptance decisions, as well as virtual testing tools that help assess manufacturability early in the design phase.

該聯盟匯集了包括波音在內的領先航空航太和技術企業，以及工業和研究合作夥伴。Materialise 的角色是開發資料驅動的品質評估概念，將生產和檢驗資料（例如影像、溫度資料和 CT 掃描）融合在一起，以支援自動化驗收決策，以及虛擬測試工具，以幫助在設計階段早期評估可製造性。

Second, the Defense and Space division of Airbus awarded us the production of the environmental control systems for the Eurodrone project. The Eurodrone is the first remotely piloted aircraft system natively designed for safe and reliable flight in non-segregated airspace, giving Europe its own sovereign capability in this field. Production of the first aircrafts will be in 2027, with a go live of the parts requested from Materialise end of 2026. This order represents a significant step forward for us in this key vertical.

其次，空中巴士公司的國防與航太部門將歐洲無人機專案的環境控制系統生產合約授予了我們。歐洲無人機是第一個專為在非隔離空域安全可靠飛行而設計的遙控飛行器系統，使歐洲在該領域擁有自主能力。首架飛機將於 2027 年生產，從 Materialise 訂購的零件將於 2026 年底投入使用。這項訂單標誌著我們在這一關鍵垂直領域向前邁出了重要一步。

I will now hand over to Koen for an overview of the financial results.

現在我將把發言權交給 Koen，讓他概述一下財務表現。

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 6. I'm pleased to share that in the fourth quarter, our consolidated revenue grew by 6.8% year on year, reaching EUR70.2 million. Our gross profit margin increased further to EUR40.8 million, representing 58.1% of our revenue.

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 6 所示。我很高興地宣布，第四季我們的合併收入年增 6.8%，達到 7,020 萬歐元。我們的毛利率進一步提高至 4,080 萬歐元，占我們收入的 58.1%。

At the same time, we delivered an adjusted EBIT of EUR4 million, representing a high margin of 5.7% of revenue, demonstrating our ability to convert top line into strong operational results. Net profit came in at EUR6.2 million for the quarter. Thanks to a positive free cash flow, we also strengthened our balance sheets, improving our net cash position to EUR70.8 million, an increase of more than EUR3 million compared to the prior quarter and EUR10 million above the level at the end of 2024.

同時，我們實現了調整後的息稅前利潤 400 萬歐元，佔收入的 5.7% 的高利潤率，證​​明了我們有能力將收入轉化為強勁的營運績效。本季淨利為620萬歐元。由於自由現金流為正，我們的資產負債表也得到加強，淨現金狀況改善至 7,080 萬歐元，比上一季增加了 300 多萬歐元，比 2024 年底的水平高出 1,000 萬歐元。

In the following slides, I will elaborate further on these results. As a reminder, please note that unless stated otherwise, all comparisons in this call are against our results for the fourth quarter and full year of 2024.

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，本次電話會議中的所有比較均與我們 2024 年第四季和全年的業績進行比較。

Now, moving on to the consolidated revenue, beginning on slide 7. In the final quarter of the year, our revenue reached EUR70.2 million, up nearly 7% compared to the same period in 2024. Materialise Medical continued its strong double-digit growth trajectory, increasing revenue by more than 16% and setting once again a new quarterly revenue records.

接下來，我們來看合併收入，從第 7 張投影片開始。今年最後一個季度，我們的營收達到 7,020 萬歐元，比 2024 年同期成長近 7%。Materialise Medical 繼續保持強勁的兩位數成長勢頭，營收成長超過 16%，再次創下新的季度營收紀錄。

Revenues in Software and Manufacturing stabilized with a slight decline of respectively 1% and 2% compared to prior year. At the same time, unfavorable foreign exchange effects, primarily from a weaker US dollar, continued to weigh on our top line.

軟體和製造​​業的收入趨於穩定，與前一年相比分別略微下降了 1% 和 2%。同時，不利的匯率影響，主要是美元走軟，繼續對我們的營收造成壓力。

As shown in the graph on the right, Materialise Medical accounted for 53% of our consolidated revenue in Q4, with manufacturing contributing 31% and software 16%. This further shift towards medical reflects the differing growth rates across our segments.

如右圖所示，Materialise Medical 在第四季度占我們合併收入的 53%，製造業貢獻了 31%，軟體貢獻了 16%。這種向醫療領域的進一步轉型反映了我們各個業務板塊不同的成長速度。

For the full-year 2025, revenue totaled EUR268 million, essentially flat compared to 2024. Medical represented 50% of total annual revenue; manufacturing, 35%; and software, 15%. Our deferred revenue balance for software maintenance and license fees, coming both from Medical and Software, increased by EUR3.5 million in Q4, consistent with the seasonal pattern, ending the quarter at EUR48.8 million. Over the full year, deferred revenue related to software license and maintenance rose by EUR1.9 million, with a total deferred revenue reported on our balance sheet at EUR60.9 million at year-end.

2025 年全年營收總計 2.68 億歐元，與 2024 年基本持平。醫療產業佔年度總收入的 50%；製造業佔 35%；軟體業佔 15%。第四季度，來自醫療和軟體領域的軟體維護和許可費的遞延收入餘額增加了 350 萬歐元，符合季節性規律，季度末達到 4,880 萬歐元。全年來看，與軟體授權和維護相關的遞延收入增加了 190 萬歐元，截至年末，資產負債表上報告的遞延收入總額為 6,090 萬歐元。

Let me now move on to profitability, where our disciplined cost measures and operational efficiencies have delivered notable improvements. On slide 8, you can see that our consolidated adjusted EBITDA and adjusted EBIT results from both the fourth quarter and the full-year 2025. In Q4, consolidated adjusted EBITDA reached EUR9.5 million, more than double the EUR4.3 million recorded in the same period of last year, with an adjusted EBITDA margin now of 13.6%. Adjusted EBIT improved sharply to EUR4 million, compared to a loss of minus EUR1.2 million in Q4 of 2024, delivering now a strong adjusted EBIT margin of 5.6% -- sorry, 5.7%.

現在讓我來談談獲利能力，我們嚴格的成本控制措施和營運效率的提高已經帶來了顯著的改善。在第 8 張投影片中，您可以看到我們 2025 年第四季和全年的合併調整 EBITDA 和調整 EBIT 結果。第四季度，合併調整後的 EBITDA 達到 950 萬歐元，是去年同期 430 萬歐元的兩倍多，調整後的 EBITDA 利潤率達到 13.6%。經調整後的息稅前利潤大幅改善至 400 萬歐元，而 2024 年第四季虧損 120 萬歐元，目前經調整後的息稅前利潤率強勁，達到 5.6%——抱歉，是 5.7%。

These improvements were driven by higher revenue, an increased gross margin percentage, and lower operating expenses when adjusted for non-recurring costs. For the full year, adjusted EBITDA rose to EUR32.4 million, representing a margin of 12.1%, while adjusted EBIT increased to EUR10.6 million, with a margin of 4%.

這些改善主要得益於更高的收入、更高的毛利率以及扣除非經常性成本後更低的營運費用。全年調整後 EBITDA 增至 3,240 萬歐元，利潤率為 12.1%；調整後 EBIT 增至 1,060 萬歐元，利潤率為 4%。

With revenue stable year on year, this enhanced operational profitability reflects the shift in focus towards key markets, disciplined cost control, and the impact of targeted cost reduction measures implemented throughout the year. These results demonstrate our ability to strengthen profitability, even in challenging macroeconomic environments.

在收入逐年保持穩定的情況下，這種增強的營運獲利能力反映了公司將重心轉向重點市場、嚴格的成本控制以及全年實施的有針對性的成本削減措施的影響。這些結果表明，即使在充滿挑戰的宏觀經濟環境下，我們也有能力提高獲利能力。

Let's now review the performance of our individual business segments, starting with Materialise Medical. As shown on slide 9, you will notice that revenue grew by 16% in the fourth quarter to EUR37 million, another quarterly revenue record. The strong performance was driven by a 23% increase in medical devices and services revenue, supported by growth in both our direct and partner channels. Medical Software revenue remained stable compared to a strong Q4 in 2024 and is further up from prior quarters of 2025.

現在讓我們回顧一下各個業務部門的業績，首先從 Materialise Medical 開始。如投影片 9 所示，您會注意到第四季營收成長了 16%，達到 3,700 萬歐元，再次創下季度營收紀錄。強勁的業績主要得益於醫療器材和服務收入成長 23%，這得益於我們直接通路和合作夥伴通路的成長。與 2024 年第四季強勁的成長相比，醫療軟體收入保持穩定，並且比 2025 年之前的幾個季度進一步成長。

In line with the top-line growth, adjusted EBITDA rose to EUR13 million from EUR9.5 million of last year, delivering a robust margin of 35%, fueled primarily by scaling effects. For the full year, Medical segment revenue increased by 15% to EUR134 million, with adjusted EBITDA reaching EUR43 million and an annual margin of 32%.

與營收成長一致，調整後的 EBITDA 從去年的 950 萬歐元增至 1,300 萬歐元，實現了 35% 的強勁利潤率，這主要得益於規模效應。全年來看，醫療業務收入成長了 15%，達到 1.34 億歐元，調整後的 EBITDA 達到 4,300 萬歐元，年利潤率為 32%。

Throughout 2025, we further intensified our R&D investments to support future growth of this business unit. Slide 10 summarizes the results of our Materialise software segment. In the fourth quarter, software revenue held steady at around EUR11 million, despite the impact of unfavorable [ForEx] effects and our ongoing transition to a cloud and subscription-based business model.

2025年全年，我們進一步加大研發投入，以支持該業務部門的未來發展。第 10 張投影片總結了我們 Materialise 軟體部門的表現。第四季度，儘管受到不利的外匯影響以及我們持續向雲端和訂閱業務模式轉型的影響，軟體收入仍穩定在 1,100 萬歐元左右。

Compared to earlier quarters, the segment continued its steady upward momentum, delivering successive quarterly revenue increases. Recurring revenue from software maintenance and license sales, including CO-AM, grew by 4% year on year in Q4, while non-recurring revenue declined by 19%.

與前幾季相比，該業務板塊繼續保持穩步上升勢頭，實現了連續幾季的營收成長。第四季度，軟體維護和授權銷售（包括 CO-AM）的經常性收入年增 4%，而非經常性收入下降了 19%。

Even with a stable top line, disciplined cost management enabled us to significantly improve adjusted EBITDA to EUR1.7 million, resulting in an adjusted EBITDA margin of 15.5%. For the full year, the software segment revenue totaled EUR41 million, down 7% from 2024, with adjusted EBITDA at EUR5.5 million and a margin of 13.4%. Recurring revenue accounted for approximately 82% of total software revenue in 2025, up from 74% the year before, demonstrating the progress in our business model transformation, which we anticipate to complete in 2026.

即使營收保持穩定，嚴格的成本管理也使我們能夠大幅提高調整後的 EBITDA 至 170 萬歐元，從而實現了 15.5% 的調整後 EBITDA 利潤率。全年來看，軟體業務收入總計 4,100 萬歐元，比 2024 年下降 7%，調整後 EBITDA 為 550 萬歐元，利潤率為 13.4%。2025 年，經常性收入約佔軟體總收入的 82%，高於前一年的 74%，這表明我們在業務模式轉型方面取得了進展，我們預計將在 2026 年完成轉型。

Lastly, for our segments, let's look at Manufacturing on slide 11, where macroeconomic headwinds continue to pose challenges, but strategic wins are paving the way for future growth. In the fourth quarter of 2025, the performance of our Manufacturing segment remained soft, with revenue declining 2% year on year to EUR22.2 million. Persistent macroeconomic headwinds continue to weigh on demand, particularly in prototyping.

最後，就我們的細分市場而言，讓我們看看第 11 頁的製造業，宏觀經濟逆風持續帶來挑戰，但策略上的勝利正在為未來的成長鋪平道路。2025 年第四季度，我們的製造業部門業績仍疲軟，營收年減 2% 至 2,220 萬歐元。持續的宏觀經濟逆風繼續抑制需求，尤其是在原型製作方面。

We also experienced further growth in our strategic markets and in series manufacturing, notably the successful closure of several major commercial contracts in aerospace and defense at year-end, as also mentioned already by Brigitte, will support our ongoing transition and will contribute to the results in coming periods.Given the lower top line, adjusted EBITDA for the quarter ended negatively at minus EUR2.2 million. For the full year, manufacturing revenue declined by 13% to EUR92.5 million, with adjusted EBITDA of minus EUR4.2 million, representing a negative margin of 4.6%.

我們在戰略市場和批量生產方面也實現了進一步增長，尤其是在年底成功簽署了幾項航空航天和國防領域的大型商業合同，正如Brigitte之前提到的，這將支持我們正在進行的轉型，並有助於未來幾個季度的業績。鑑於營收下降，本季調整後的EBITDA為負220萬歐元。全年來看，製造業收入下降了 13%，至 9,250 萬歐元，調整後的 EBITDA 為負 420 萬歐元，利潤率為負 4.6%。

With the segment results covered, slide 12 outlines our consolidated income statement, showing the drivers behind our improved quarterly profitability. In Q4, gross profit reached EUR40.8 million, representing a strong gross profit margin of 58.1%. For the full year, the gross margin was 57.1%, up from 56.5% in 2024. Operating expenses in the quarter were stable at around EUR39 million, while 2025 included significant non-recurring items, which were primarily related to our Euronext listing. These one-off costs amounted to around EUR750,000 in Q4.

在涵蓋了各業務板塊的業績後，第 12 張幻燈片概述了我們的合併損益表，展示了季度盈利能力提高背後的驅動因素。第四季度，毛利達到 4,080 萬歐元，毛利率高達 58.1%。全年毛利率為 57.1%，高於 2024 年的 56.5%。本季營運支出維持穩定，約 3,900 萬歐元，而 2025 年的支出包括重大非經常性項目，這些項目主要與我們在泛歐交易所的上市有關。第四季這些一次性費用總計約 75 萬歐元。

For the full year, operating expenses increased by just 1.5% compared to 2024, with the main increase driven by higher R&D investments. Net operating income was with EUR1.3 million in the quarter, consistent with EUR1.4 million of last year. For the full year, this figure was EUR3.8 million versus EUR4.2 million in 2024.

全年營運支出與 2024 年相比僅成長 1.5%，主要成長原因是研發投入增加。本季淨營業收入為 130 萬歐元，與去年同期的 140 萬歐元基本持平。全年這一數字為 380 萬歐元，而 2024 年為 420 萬歐元。

As a result of these factors, our operating result in Q4 was also positive at EUR3.1 million, compared to a loss of minus EUR1.3 million in the same period of last year. Full-year operating results came in at EUR8.9 million versus EUR9.4 million in 2024.

由於這些因素，我們第四季的營業利潤也為正，達到 310 萬歐元，而去年同期則虧損 130 萬歐元。全年營業利潤為 890 萬歐元，而 2024 年的預期利潤為 940 萬歐元。

In Q4, our net financial income was EUR2.4 million, reflecting currency exchange results, interest income from our cash reserves, offset by interest expenses on our debts. Income tax was also positive at EUR4.7 million, in line with last year. Altogether, the net profit for the quarter was EUR6.2 million or EUR0.11 per share, more than double last year's EUR2.9 million, or EUR0.05 per share. For the full year, net profit totaled EUR7.7 million or EUR0.13 per share.

第四季度，我們的淨財務收入為 240 萬歐元，反映了匯兌收益和現金儲備的利息收入，但被債務利息支出所抵銷。所得稅收入也為正值，達到 470 萬歐元，與去年持平。本季淨利潤總計為 620 萬歐元，即每股 0.11 歐元，是去年同期 290 萬歐元（即每股 0.05 歐元）的兩倍多。全年淨利總計770萬歐元，即每股0.13歐元。

Finally, let's review our balance sheet and cash flow position, which remains a key strength for Materialise. In Q4 of 2025, our balance sheet remained solid. Cash reserves at year-end increased to EUR134 million, while gross debt amounted to EUR63.1 million. This resulted in a net cash position of EUR17.8 million, an improvement of nearly EUR10 million since the start of the year, driven primarily by strong free cash flow.

最後，讓我們回顧一下我們的資產負債表和現金流量狀況，這仍然是 Materialise 的關鍵優勢。2025年第四季，我們的資產負債表依然穩健。年末現金儲備增至 1.34 億歐元，而總債務為 6,310 萬歐元。這使得公司淨現金部位達到 1,780 萬歐元，較年初改善了近 1,000 萬歐元，主要得益於強勁的自由現金流。

Compared to the balance sheet at year-end 2024, net working capital components increased by EUR3 million. Total deferred revenue income stood at EUR60.9 million, of which EUR48.8 million was related to deferred revenue from software license and maintenance contracts, as mentioned earlier.

與 2024 年末的資產負債表相比，淨營運資本部分增加了 300 萬歐元。遞延收入總額為 6,090 萬歐元，其中 4,880 萬歐元與軟體授權和維護合約的遞延收入有關，如前所述。

In Q4, cash flow from operating activities was positive at EUR5.3 million, slightly below prior year's quarter, as higher P&L contributions were offset by negative working capital movements. Capital expenditures totaled EUR4.4 million, including EUR2.1 million in non-recurring investments. Repayment of a convertible loan by Fluidda, together with received government grants for investments, contributed further to a positive free cash flow of EUR4.5 million in the quarter.

第四季度，經營活動產生的現金流為 530 萬歐元，略低於去年同期，因為更高的損益貢獻被負面的營運資本變動所抵銷。資本支出總額為 440 萬歐元，其中包括 210 萬歐元的非經常性投資。Fluidda 償還可轉換貸款，加上政府提供的投資補助，進一步促成了該季度 450 萬歐元的正自由現金流。

For the full year, our operational cash flow was more than EUR25 million, with the variance versus last year mainly driven by working capital movements. Lower investment levels improved free cash flow significantly to over EUR15 million in 2025. Over that same year, CapEx totaled EUR16 million, around 6% of our revenue, split between recurring and non-recurring investments. Non-recurring CapEx fell to EUR9 million in 2025 and included investments in ACTech's new facility and in additional solar panel installations at various production sites. The recurring CapEx of EUR7 million was primarily focused on machinery, printers, and upgrades of our IT landscape.

全年來看，我們的營運現金流超過 2,500 萬歐元，與去年相比的變化主要受營運資本變動的影響。較低的投資水準顯著改善了自由現金流，預計到 2025 年將超過 1,500 萬歐元。同年，資本支出總額為 1,600 萬歐元，約占我們收入的 6%，其中一部分為經常性投資，另一部分為非經常性投資。2025 年非經常性資本支出降至 900 萬歐元，其中包括對 ACTech 新工廠的投資以及在各個生產基地安裝更多太陽能板的投資。700萬歐元的經常性資本支出主要用於機械設備、印表機和IT環境的升級。

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

那麼，我想把電話交還給布里吉特。

Thank you, Koen. Let's turn to page 14 for a quick review of our financial guidance. Looking forward at 2026, we see our three segments evolving at a different pace. We remain confident that our Materialise Medical segment will continue growing at a double-digit pace. Our Materialise Software segment will complete the transition towards a cloud-based subscription business model in 2026, and will continue its investments in a broader AM software ecosystem.

謝謝你，科恩。讓我們翻到第 14 頁，快速回顧一下我們的財務指引。展望 2026 年，我們看到這三個業務板塊的發展速度各不相同。我們仍然相信，Materialise Medical業務板塊將繼續以兩位數的速度成長。我們的 Materialise 軟體部門將於 2026 年完成向基於雲端的訂閱業務模式的轉型，並將繼續投資於更廣泛的積層製造軟體生態系統。

Our Materialise Manufacturing segment will intensify its ongoing shift towards series manufacturing and dedicated focus sectors, but we expect macroeconomic headwinds in the industrial market segments to persist throughout 2026. As a result, we expect revenue for 2026 to land in the range of EUR273 million to EUR283 million.

我們的 Materialise Manufacturing 部門將加強向大量生產和專注特定領域轉型，但我們預計工業市場領域的宏觀經濟逆風將持續到 2026 年。因此，我們預計 2026 年的營收將在 2.73 億歐元至 2.83 億歐元之間。

We will continue investing in our Materialise Medical and Software segments while maintaining disciplined cost control and optimization, in particular in our Materialise Manufacturing segment and in our overhead. As a result, we expect our adjusted EBIT to reach EUR10 million to EUR12 million for fiscal year 2026.

我們將繼續投資於 Materialise Medical 和 Software 業務部門，同時保持嚴格的成本控制和最佳化，尤其是在 Materialise Manufacturing 業務部門和管理費用方面。因此，我們預計 2026 財年調整後的息稅前利潤將達到 1,000 萬歐元至 1,200 萬歐元。

At the same time, we will continue to actively pursue strategic M&A opportunities. With EUR134 million cash and cash equivalents on our balance sheet, an improved net cash position, and consistently positive operating and free cash flow, we are financially strong and well-positioned to further drive innovation and capture emerging market opportunities.

同時，我們將繼續積極尋求策略性併購機會。我們資產負債表上擁有 1.34 億歐元的現金及現金等價物，淨現金狀況有所改善，並且持續保持正的經營現金流和自由現金流，因此我們財務狀況穩健，能夠更好地推動創新並抓住新興市場機遇。

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

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. Thanks for taking my question here and congrats on the nice results. Brigitte, just to start with you, I guess -- you're very welcome. Just, I guess I want to focus on the Manufacturing business. I think the math implies this, but are you assuming that manufacturing is going to be down this year on a year-over-year basis?

嘿，早上好，下午好。感謝您解答我的問題，也恭喜您取得了不錯的成績。布里吉特，我想先跟你打個招呼——不用客氣。我想專注於製造業。我認為從數學角度來看確實如此，但您是否假設今年的製造業將比去年同期下降？

Can you repeat the question? Because the line was not very clear.

你能再說一次問題嗎？因為這條線不是很清楚。

Yeah, I guess the math kind of implies if Medical is growing double digits, that Manufacturing is going to be flat to down. So would you confirm that?

是的，我猜從數學角度來看，如果醫療保健產業實現兩位數成長，那麼製造業就會持平甚至下降。能確認一下嗎？

Yes, that's a correct assumption. So we assume that the current trends that we see, driven by the weaker industrial climate, in particular in Europe, will continue to weigh on the Manufacturing results, in particular on the Prototyping segment.

是的，這個假設是正確的。因此，我們認為，目前受疲軟的工業環境（尤其是在歐洲）影響而出現的趨勢，將繼續對製造業業績，特別是原型製作領域造成壓力。

Okay. Can you give us, like, an estimate?

好的。你能給我們一個大概的估價嗎？

At the same time, we do expect the opportunities in those focus segments that we have been developing, not only in the last quarter, 2025, but throughout the year, will continue to show growth. So aerospace and defense in particular are segments, as you know, that we're focusing on.

同時，我們預計，我們一直在開發的這些重點細分市場的機會，不僅在 2025 年最後一個季度，而且在全年都會繼續呈現成長態勢。如您所知，航空航太和國防是我們重點關注的領域。

Now ,2026, we will not see full results of those investments in those focus segments yet, because those sectors take a little bit of time to develop. So that's also why we remain a little cautious in our outlook for manufacturing in 2026.

現在，到了 2026 年，我們還看不到這些重點領域投資的全部成果，因為這些領域需要一些時間才能發展起來。所以，這也是為什麼我們對2026年製造業前景仍持謹慎態度的原因。

Yeah, that's fair. Do any estimate on what percentage of manufacturing is for prototyping applications for you guys?

嗯，這很合理。你們估計一下，你們的生產製造中，用於原型製作的應用佔比是多少？

That's a percentage, Troy, that we haven't disclosed yet. We're looking into that, if we can do that at some point. Nevertheless, I think numbers and the decline we show in Prototyping indicate that it's still a material part or a significant part of our business. It is going down quarter after quarter. We're picking that up in our new segments and strategic segments. But that transition is taking time, and for now, it still represents a fair share of our manufacturing business.

特洛伊，那是一個我們尚未公開的百分比。我們正在研究，看看將來是否可行。不過，我認為數據以及我們在原型製作方面所表現出的下滑趨勢表明，它仍然是我們業務的重要組成部分或重要組成部分。它每個季度都在下降。我們正在新的細分市場和策略性細分市場中抓住這一機會。但這種轉變需要時間，目前它仍然占我們製造業業務的相當大一部分。

Okay, understood. I guess my question underneath all this is, I guess I know of a lot of other 3D printing and CNC machine shops that are nicely EBITDA-profitable at lower revenue levels. Is there more you guys can do to, like, take out costs? And at EUR90 million in annual sales, can you get to an EBITDA breakeven in the manufacturing business?

好的，明白了。我想問的根本問題是，我知道很多其他的 3D 列印和 CNC 加工車間，即使收入水平較低，也能實現不錯的 EBITDA 盈利。你們還能做些什麼來降低成本嗎？年銷售額達到 9,000 萬歐元，製造業能達到 EBITDA 損益兩平嗎？

So the strategy that we have is to focus on those segments where we see not only growth in the longer term and in terms of additives, but at the same time, those are sectors where we believe we can differentiate and we have unique capabilities to offer. Now, why do I mention this to your question? Well, that implies that we believe a stronger margin will be generated in those segments because we are just more uniquely positioned. So that's one. At the same time, undoubtedly, we will continue to work on the cost optimization, I would call it, in our manufacturing segment and overhead across the company.

因此，我們的策略是專注於那些我們認為不僅在長期和添加劑方面有成長潛力的領域，同時，我們也相信在這些領域我們可以脫穎而出，並擁有獨特的能力。那麼，我為什麼要提到這一點呢？這意味著我們相信在這些細分市場中能夠產生更高的利潤率，因為我們擁有更獨特的市場定位。這是其中之一。同時，毫無疑問，我們將繼續致力於降低製造環節的成本，並優化整個公司的營運成本。

Okay. And then my last question, just for Koen here, the OpEx, I want to ask about in Q4, if you add all the three line items for OpEx, it was what, EUR39 million? In Q3, it was EUR36 million. So we had, like, a EUR3 million sequential increase in OpEx. Was there anything one-time-ish in Q4, or is that the type of OpEx? Should we be modeling about EUR39 million in OpEx in Q1?

好的。最後一個問題，專門問 Koen，關於營運支出，我想問一下第四季的狀況，如果把營運支出的三個項目加起來，是 3900 萬歐元嗎？第三季為3600萬歐元。所以，我們的營運支出較上月增加了約 300 萬歐元。第四季是否有任何一次性支出，還是說這就是營運支出的常態？我們是否應該將第一季的營運支出預計設定在 3,900 萬歐元左右？

No, Q4 is distorted to a certain effect with the mainly the non-recurring costs related to the Euronext listing, and that is an amount of around EUR750,000. So that is certainly an amount that you should take out of the baseline. And I think, for the rest, in general, we see typically our general operating costs a bit higher in the fourth quarter. So, if you make a full-year projection, I should not base entirely only on the fourth quarter, but level it out a bit over across the multiple quarters of the year.

不，第四季的數據受到一定程度的扭曲，主要是由於與泛歐交易所上市相關的非經常性成本，金額約為 75 萬歐元。所以，這肯定是你應該從基線中扣除的金額。至於其他方面，我認為，一般來說，我們通常會發現第四季的一般營運成本略高一些。所以，如果你要進行全年預測，就不應該完全只以第四季度為依據，而應該將其均衡地分配到一年中的多個季度。

Understood. Very, very helpful. Good luck here in 2026, and I'll see some of you next week.

明白了。非常非常有用。祝大家2026年一切順利，下週見。

Absolutely. Thank you, Troy. See you next week.

絕對地。謝謝你，特洛伊。下週見。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue.

謝謝。女士們先生們，隊列中不再顯示任何問題。

I would now like to turn the call back over to Brigitte for closing remarks.

現在我想把電話交還給布里吉特，請她做總結發言。

Thank you. Thank you all for joining us today. We look forward to continuing our dialogue with you through investor conferences or in one-on-one meetings or calls. I'm also looking forward to meeting some of you in person at the upcoming AMS conference and the AAOS event in the US. In the meantime, please reach out if you have any questions. Thank you and good-bye for now.

謝謝。感謝各位今天蒞臨。我們期待透過投資者會議、一對一會談或電話會議等方式繼續與您對話。我也很期待在即將舉行的美國骨科學學會 (AMS) 會議和美國骨科醫師學會 (AAOS) 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。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。