Materialise NV (MTLS) 2026 Q1 法說會逐字稿

Hello, and welcome to the Q1 2026 Materialise NV financial results conference call. (Operator Instructions)

您好，歡迎參加 Materialise NV 2026 年第一季財務業績電話會議。(接線員指示)

Please be advised that today's conference is being recorded. It is now my pleasure to introduce Managing Director at Alliance Advisors, [Jodi Burfining].

請注意，今天的會議將被錄音。現在我很榮幸介紹 Alliance Advisors 的董事總經理[Jodi Burfining]。

Good morning, and thank you for joining us today for Materialise quarterly conference call. With us on the call are Brigitte de Vet, Chief Executive Officer, and Koen Berges, Chief Financial Officer.

各位早安，感謝您今天參加 Materialise 季度電話會議。與我們一同出席的有執行長 Brigitte de Vet 以及財務長 Koen Berges。

Today's call and webcast are being accompanied by a slide presentation that reviews Materialise strategic, financial, and operational performance for the first quarter of 2026. 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 that was issued earlier today can also be found on that page.

今天的電話會議與網路直播將搭配一份投影片簡報，回顧 Materialise 於 2026 年第一季的策略、財務與營運表現。如您尚未取得投影片，請前往公司網站 www.materialise.com 的投資人關係（Investor Relations）專區。今日稍早發布的財報新聞稿亦可在該頁面找到。

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 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計畫、預期與成長前景等發表前瞻性陳述。這些前瞻性陳述受到已知與未知的不確定性與風險影響，可能導致實際結果與所表達的預期存在重大差異，包括競爭態勢與產業變化。

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 on as representing their estimates as of any subsequent day. 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與活動相關者）均代表管理層截至今日的估計，不應被依賴為其於任何後續日期的估計。管理層不承擔更新或修訂任何前瞻性陳述以反映未來事件或預期變化的義務。

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.

關於可能影響公司未來業務或財務結果之風險與不確定性及其他因素的更詳細說明，請參閱公司最近向美國證券交易委員會（SEC）提交的 Form 20-F 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 press release and at the end of the slide presentation.

最後，管理層將在今天的電話會議中討論若干非 IFRS 指標。對帳表載於財報新聞稿中，並位於投影片簡報的末尾。

And now, I would like to turn the call over to Brigitte de Vet. Brigitte?

現在，我想把電話交給 Brigitte de Vet。Brigitte？

Good morning and good afternoon. Thank you, everyone, for joining us today. You can find the agenda for our call on Slide 3. First, I will summarize the business highlights for the first quarter of 2026. Then, I will pass the floor to Koen, who will take you through the first quarter financials. And finally, I will come back and explain what we expect the remaining month of 2026 to bring.

各位早安、午安。感謝各位今天加入我們。您可以在第 3 張投影片看到本次電話會議的議程。首先，我將總結 2026 年第一季的業務重點。接著我會把時間交給 Koen，由他帶各位回顧第一季財務表現。最後，我會再回來說明我們對 2026 年剩餘月份的展望。

When we've completed our prepared remarks, we'll be happy to respond to questions. Moving to Slide 4 for the highlights of the first quarter 2026. As part of our growth strategy, we made decisive portfolio choices in the last quarter that strengthened both Materialise and the businesses involved.

在我們完成事先準備的發言後，我們很樂意回答問題。接著請看第 4 張投影片，為 2026 年第一季重點摘要。作為我們成長策略的一部分，我們在上一季做出了果斷的產品組合取捨，強化了 Materialise 以及相關業務本身。

On March 31st, we announced an agreement to transfer our Rapidfit business to its management team. Rapidfit is a specialized business that delivers custom 3D-printed jigs, fixtures, and quality control solutions, primarily for the automotive industry.

3 月 31 日，我們宣布已達成協議，將 Rapidfit 業務移轉給其管理團隊。Rapidfit 是一項專業化業務，提供客製化 3D 列印治具、夾具與品質控制解決方案，主要服務汽車產業。

Rapidfit will continue as an independent company under the same leadership and under the Rapidfit name, allowing the business to operate with greater focus and flexibility. As it enters its next phase of growth. This setup enables Rapidfit to make decisions closer to its customers and markets, while allowing Materialise to concentrate investment and leadership attention on our focus segments.

Rapidfit 將在相同領導團隊與 Rapidfit 名稱下，作為獨立公司持續營運，使該業務能以更高的專注度與彈性運作。並邁入下一階段的成長。此安排使 Rapidfit 能更貼近其客戶與市場做出決策，同時也讓 Materialise 能將投資與領導層的關注集中於我們的核心聚焦領域。

Today, we are announcing a similar step for our eyewear activities. We have reached an agreement to transfer our eyewear business to its management team, allowing it to continue as an independent company. Eyewear is a highly specialized, product-driven business, serving as a distinct consumer market. The transfer will allow the new company to operate with greater focus and agility.

今天，我們也宣布針對眼鏡業務採取類似的措施。我們已達成協議，將眼鏡業務移轉給其管理團隊，使其得以作為獨立公司持續營運。眼鏡是一項高度專業、以產品為導向的業務，服務於一個獨特的消費者市場。此次移轉將使新公司能以更高的專注度與敏捷性運作。

Materialise will retain a minority stake in a newly formed eyewear company. For Materialise, this decision reflects the same strategic rationale, ensuring that the eyewear business operates in the environment where it can succeed best while we concentrate our capital and resources on our focus areas.

Materialise 將在新成立的眼鏡公司中保留少數股權。對 Materialise 而言，此決策反映相同的策略考量：確保眼鏡業務在最能成功的環境中運作，同時我們將資本與資源集中於核心重點領域。

All employees currently supporting the Rapidfit and eyewear business will transition to the new companies. Both businesses were part of our manufacturing segment. Financial terms will not be publicly disclosed. Turning now to the highlights in the medical segment. Starting with our CMS market, in February, we expanded our craniomaxillofacial portfolio with the addition of custom-made Peak implants. Peak is often favored by surgeons because its radiolucent nature means it does not appear on imaging the way metal implants do, enabling clearer post-operative scans.

目前支援 Rapidfit 與眼鏡業務的所有員工都將轉任至新公司。這兩項業務原本皆隸屬於我們的製造部門。財務條款將不對外公開。接下來轉到醫療部門的重點。先從我們的 CMS 市場談起：2 月，我們透過新增客製化 PEAK 植入物，擴充了顱顎顏面（craniomaxillofacial）產品組合。外科醫師常偏好 PEAK，因其具放射透光性，不會像金屬植入物那樣在影像上顯現，能讓術後影像掃描更清晰。

Until now, surgeons working with Materialise had titanium as their patient-specific option. With this launch, they have an additional choice. The new offering integrates seamlessly into our existing digital workflow and completes our offering.

截至目前，與 Materialise 合作的外科醫師在病患專屬選項上主要是鈦金屬。透過此次上市，他們多了一個選擇。新產品可無縫整合至我們既有的數位工作流程，並完善我們的產品供應。

Surgeons don't adopt a new process, a new platform, or a new partner to access PEAK. And this demonstrates the power of Materialise's integrated digital ecosystem. It absorbs new clinical capabilities without adding complexity for the surgeon or the hospital. The custom-made PEAK implants are now available to surgeons across most European countries.

外科醫師無需採用新的流程、新的平台或新的合作夥伴，即可使用 PEAK。這也展現了 Materialise 整合式數位生態系的力量。它能吸收新的臨床能力，而不會為外科醫師或醫院增加複雜度。客製化 PEAK 植入物目前已在多數歐洲國家提供給外科醫師使用。

Also in our orthopedics market, we launched OxoView 3D HIP, completing our templating and planning portfolio to serve patients along the full patient continuum of hip surgery, from standard primary hip interventions to more complex surgeries. OctoVue has long been helping surgeons plan procedures with precision-based X-ray imaging.

此外，在骨科市場方面，我們推出了 OxoView 3D HIP，完成了我們的模板製作與術前規劃產品組合，可在髖關節手術的完整病患旅程中服務病患，從標準的初次髖關節介入到更複雜的手術皆涵蓋在內。OctoVue 長期以來透過精準的 X 光影像協助外科醫師進行手術規劃。

With OctoVue 3D Hip, we're taking that platform beyond X-rays, moving from 2D. To CT scan-based planning, enabling a far richer picture of the patient's anatomy before they even enter the operating room. Also, in this case, surgeons do not need to adopt a different process, tool, or a different partner, and can serve all patients from the same Materialise ecosystem.

透過 OctoVue 3D Hip，我們將該平台從 X 光延伸到更進一步，從 2D走向以 CT 掃描為基礎的規劃，使外科醫師在病患進入手術室之前，就能更豐富地掌握其解剖結構。同樣地，外科醫師不需要採用不同的流程、工具或不同的合作夥伴，即可在同一個 Materialise 生態系中服務所有病患。

What makes this launch particularly insignificant is that it reflects Materialise's unique ability to bring together capabilities from across our portfolio. OstoVue 3D HIP combines the deep orthopedic domain knowledge of OstoVue with the proven segmentation and anatomical modeling power of our Mimics technology. The result is a guided workflow that gives surgeons the confidence to plan every case with its accuracy. And precision. Both product launches showcase our innovative strength in mature market segments and underscore the position of our ecosystem in the med tech market. Turning to software now. Back in November, Materialise introduced three tailored CO-AM solutions to address the industry's growing need for workflow automation and interoperability.

使這次上市特別不重要之處在於，它反映了 Materialise 將我們產品組合中各項能力整合在一起的獨特能力。OstoVue 3D HIP 結合了 OstoVue 深厚的骨科領域知識，以及我們 Mimics 技術經驗證的分割與解剖建模能力。其成果是一套引導式工作流程，讓外科醫師有信心以其準確性來規劃每一個病例。以及精準度。這兩項產品上市展現了我們在成熟市場領域的創新實力，並凸顯我們生態系在醫療科技市場中的地位。接著談軟體。早在 11 月，Materialise 推出了三套量身打造的 CO-AM 解決方案，以因應產業對工作流程自動化與互通性日益成長的需求。

Co-AM Professional, CO-AM NPI, and CO-AM Enterprise. Alongside these offerings, we also announced CO-AM Bricks. CO-AM Bricks puts our extensive software expertise in the hands of every user by making it easy to automate complex, recurring processes and eliminate repetitive manual work without requiring advanced programming skills. In the first quarter, we ran an early access program with selected Metrix customers, giving them hands-on experience with the CO-AM Professional offering of the CO-AM platform. At the start of the second quarter, we started a pre-sales program for Metrix customers approaching their renewal cycles. We now have seven customers actively onboarding CO-AM Pro in May, with full global availability expected from mid-June this year.

CO-AM Professional、CO-AM NPI 與 CO-AM Enterprise。除上述產品外，我們也宣布推出 CO-AM Bricks。CO-AM Bricks 透過讓使用者能輕鬆自動化複雜且重複發生的流程、並消除重複的手動作業，將我們深厚的軟體專業帶到每一位使用者手中，而無需具備進階程式設計技能。第一季，我們與部分 Metrix 客戶進行早期體驗計畫，讓他們親身體驗 CO-AM 平台的 CO-AM Professional 方案。第二季初，我們針對接近續約週期的 Metrix 客戶啟動預售計畫。目前在 5 月已有七位客戶正積極導入 CO-AM Pro，預計今年 6 月中旬起可全面全球供應。

CO-AM Professional is our cloud-based software for managing day-to-day 3D printing operations more efficiently. The Pro version is built for teams with multiple users running several machines across different production sites. It gives teams access to centralized AM data, hence sharing one source of truth across teams. It also enables easier collaboration across departments and allows users to run repeatable machine-agnostic operations, thereby helping customers grow their AM operations from ad hoc use to repeatable production with less manual work. Also, in the first quarter, we continued to expand our partnerships. As a particular highlight, I would like to mention the collaboration with HP. At the recent Rapid in CCT form, HP unveiled their MGF1200 3D printer. As part of this offering, Material Nice Magic Sprint for HP will be included with every machine, ensuring users have access to professional build preparation and workflow capabilities from the start.

CO-AM Professional 是我們的雲端軟體，可更有效率地管理日常 3D 列印作業。Pro 版本專為多使用者團隊設計，可在不同生產據點操作多台設備。它讓團隊可存取集中化的增材製造（AM）資料，因此能在各團隊間共享單一事實來源（single source of truth）。它也能促進跨部門協作，並讓使用者執行可重複、與機台無關（machine-agnostic）的作業，進而協助客戶將 AM 作業從臨時性使用，提升為可重複的量產流程並減少手動工作。此外，在第一季我們也持續擴展合作夥伴關係。其中一項亮點是與 HP 的合作。在近期的 Rapid（CCT 形式）活動中，HP 發表了其 MGF1200 3D 印表機。作為該方案的一部分，每台設備都將隨附 Materialise Magic Sprint for HP，確保使用者從一開始就能使用專業的建置準備與工作流程能力。

The Magic Sprint for HPE is a dedicated build preparation software that provides professional-grade tools for nesting, part orientation, and build layout, enabling customers to prepare builds quickly and efficiently from day one and simplify the path from design to printed parts. Build on Materialise's proven software foundation, the solution is designed to grow with customers as their production needs evolve.

Magic Sprint for HPE 是一套專用的建置準備軟體，提供專業級的排版（nesting）、零件方向設定與建置佈局工具，使客戶自第一天起即可快速且高效率地準備建置，並簡化從設計到列印零件的流程。該解決方案建立在 Materialise 經驗證的軟體基礎之上，並設計為可隨客戶生產需求演進而擴展。

The collaboration on the MGF1200 continues the longstanding collaboration between HPE and Materialise. At the same time, it gives Materialise broader access to the lower to mid-range market segments, at which the MGF1200 is targeted with its system price below $60,000. This aligns with the broader market shift, where additive manufacturing is moving from specialized applications into more mainstream manufacturing workflows. The full solution will be available starting in early 2027. Before we move to the first-quarter financials, I want to mention two other recent highlights. First, we published our first annual report following our listing on Euronext back in November. The annual report is a European reporting requirement and is now available on our investor website.

在 MGF1200 上的合作延續了 HPE 與 Materialise 長期以來的合作關係。同時，這也讓 Materialise 能更廣泛觸及中低階市場區隔；MGF1200 的目標市場即為此區間，其系統售價低於 60,000 美元。這與更廣泛的市場趨勢一致：增材製造正從專門應用走向更主流的製造工作流程。完整解決方案預計自 2027 年初起提供。在我們進入第一季財務數據之前，我想再提兩項近期亮點。第一，我們在去年 11 月於泛歐交易所（Euronext）上市後，發布了第一份年度報告。年度報告是歐洲的申報要求，目前已可在我們的投資人網站上取得。

Secondly, we completed our CSRD sustainability reporting, demonstrating strong progress on our sustainability commitments. I am proud to say that we exceeded our reduction target for greenhouse gas emissions, achieving a total reduction of over 1,500 tons of CO2 across our operations over a rolling two-year cycle. A couple of drivers contributed to this.

第二，我們完成了 CSRD 永續報告，展現我們在永續承諾上的強勁進展。我很自豪地表示，我們超越了溫室氣體排放減量目標，在滾動兩年週期內，於整體營運中累計減少超過 1,500 噸 CO2。有幾項因素促成了這項成果。

We switched our standard PA12 materials used in selective laser sintering to a carbon-reduced version. This change became operational in the first quarter of 2025 and translated into an annual saving of over 450 tons of CO2. At our headquarters, the solar park built in 2025 now generates over 40% of the site's electricity needs, significantly reducing reliance on external energy sources and lowering Scope 3 emissions.

我們將選擇性雷射燒結（SLS）所使用的標準 PA12 材料，改為低碳版本。此變更於 2025 年第一季開始投入營運，換算為每年可節省超過 450 噸 CO2。在我們總部，2025 年建置的太陽能園區目前可供應該據點超過 40% 的用電需求，大幅降低對外部能源的依賴，並降低範疇三（Scope 3）排放。

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

接下來交給 Koen，由他說明財務結果。

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 shown on Slide 6. In the first quarter, revenue was EUR66.3 million, stable year-on-year despite significant foreign exchange headwinds.

謝謝你，Brigitte。各位與會者，早安或午安。我將先簡要概述投影片 6 所示的主要財務結果。第一季營收為 6,630 萬歐元，儘管面臨顯著的外匯逆風，仍與去年同期持平。

Gross profit increased to EUR37.9 million, resulting in a gross margin of more than 57%, meaningfully up versus last year. We delivered strong improvement in profitability, with an adjusted EBIT reaching EUR2.5 million and corresponding to a 3.7% margin, demonstrating our ability to convert the stable revenue into a higher operating average.

毛利提升至 3,790 萬歐元，使毛利率超過 57%，較去年明顯上升。我們的獲利能力顯著改善，調整後 EBIT 達 250 萬歐元，對應 3.7% 的利潤率，展現我們能將穩定的營收轉化為更高的營運表現。

Net profit for the quarter was at eur1.8 milliono, or €3 cents per share. We also further strengthened our balance sheet. Free cash flow was positive, increasing our net cash position to eur72.8 milliono, up by eur2 million compared to the start of this quarter.

本季淨利為 180 萬歐元，或每股 0.03 歐元。我們也進一步強化資產負債表。自由現金流為正，使淨現金部位提升至 7,280 萬歐元，較本季初增加 200 萬歐元。

I will now walk you through the results in more detail. As a reminder, unless stated otherwise, all comparisons are versus the first quarter of 2025. Slide 7 provides an overview of our consolidated revenue. In Q1 of 2026, asset revenue remained stable at eur66.3 million, despite the elevated geopolitical uncertainty and unfavorable foreign exchange movements, primarily driven by a weaker US dollar versus last year.

接下來我將更詳細說明各項結果。提醒各位，除非另有說明，所有比較皆以 2025 年第一季為基準。投影片 7 提供我們合併營收的概覽。2026 年第一季，營收維持在 6,630 萬歐元的穩定水準，儘管地緣政治不確定性升高且外匯走勢不利，主要原因是美元相較去年走弱。

These ForEx impacts mainly affected our medical and software segments. Despite this, Materialise’s medical revenue grew by 7% to eur33.2 million, while software revenues declined slightly by 1%. On a constant currency basis, medical would have delivered double-digit growth again, and software would also have grown year on year. Manufacturing revenue declined by 8%, reflecting continued macroeconomic headwinds. As shown on the right-hand side, medical represented 15% of our total revenue, with manufacturing at 35% and software at 15%.

這些外匯（ForEx）影響主要衝擊我們的醫療與軟體部門。儘管如此，Materialise 的醫療營收仍成長 7% 至 3,320 萬歐元，而軟體營收則小幅下滑 1%。以固定匯率計算，醫療業務將再次實現雙位數成長，軟體也會較去年同期成長。製造業務營收下滑 8%，反映總體經濟逆風仍在。如右側所示，醫療占我們總營收的 15%，製造占 35%，軟體占 15%。

Our deferred revenue balance for software maintenance and license fees, coming from both medical and software, further increased in Q1 to eur49 million. The total deferred revenue reported on the balance sheet stood at eur61 million at the end of the quarter. Turning to slide 8, I'd like to highlight the progress we've made in profitability. In the first quarter of this year, adjusted EBITDA reached eur8 million, an increase of more than 30% year-on-year, resulting in an adjusted EBITDA margin of 12.1%. Adjusted EBIT improved sharply to eur2.5 million, compared to eur0.6 million in the prior year quarter, resulting in a 3.7% adjusted EBITDA margin. With revenue stable, this margin expansion reflects disciplined cost management,operational efficienciesand a sharper focus on our core growth segments. Let me now turn to our business segments, starting with Materialise Medical, shown on slide 9. Medical revenue increased 7% year-on-year. Growth was driven primarily by medical devices. Prices, which grew 11%, were supported by both direct and partner sales. Medical software declined 3%, but this was mainly due to unfavorable ForEx, as a significant part of this revenue is invoiced in US dollars. On a constant currency basis, medical revenue as a whole grew 10%. Adjusted EBITDA increased to EUR9.2 million, representing a 20% margin, while we continue to scale our R&D investments in our medical segment, reflecting our commitment to driving future growth.

我們來自醫療與軟體兩個部門的軟體維護與授權費用之遞延收入餘額，在第一季進一步增加至 4,900 萬歐元。本季末資產負債表上列示的遞延收入總額為 6,100 萬歐元。接著看投影片 8，我想強調我們在獲利能力方面取得的進展。今年第一季，調整後 EBITDA 達 800 萬歐元，年增超過 30%，調整後 EBITDA 利潤率為 12.1%。調整後 EBIT 大幅改善至 250 萬歐元，較去年同期的 60 萬歐元顯著提升，對應 3.7% 的調整後 EBITDA 利潤率。在營收持平的情況下，利潤率擴張反映了嚴謹的成本管理、營運效率提升，以及更聚焦於核心成長部門。接下來我將說明各業務部門，先從投影片 9 的 Materialise Medical 開始。醫療營收年增 7%。成長主要由醫療器材帶動。價格成長 11%，同時受惠於直銷與合作夥伴銷售。醫療軟體下滑 3%，但主要是因外匯不利所致，因為此營收有相當部分以美元開立發票。以固定匯率計算，整體醫療營收成長 10%。調整後 EBITDA 提升至 920 萬歐元，利潤率為 20%；同時我們持續擴大在醫療部門的研發投資規模，反映我們對推動未來成長的承諾。

Slide 10 summarizes the results of our Materialise Software segment. Software revenue decreased slightly by 1% to eur9.6 million, largely due to foreign exchange. On a constant currency basis, revenue increased by 5%.

第 10 張投影片總結了我們 Materialise Software（軟體）部門的業績結果。軟體營收小幅下降 1% 至 960 萬歐元，主要受外匯影響。以固定匯率計算，營收成長 5%。

We continued our transition towards a cloud-based subscription model. During the quarter, 83% of our software revenue was recurring, compared to 81% a year ago. Despite the modest revenue decline, adjusted EBITDA increased significantly by 88% year-on-year to eur1.1 million, reflecting also here effective cost management and improved operating leverage.

我們持續推進向雲端訂閱模式的轉型。本季我們軟體營收中有 83% 為經常性收入，較一年前的 81% 提升。儘管營收小幅下滑，調整後 EBITDA 年增 88% 至 110 萬歐元，亦反映出有效的成本管理與營運槓桿的改善。

Now turning to slide 11, you can see the manufacturing segments. Manufacturing revenue declined 8% to eur23.5 million. However, revenue increased sequentially versus the prior three quarters, reflecting growth in our strategic focus areas, aerospace, defense, and semi-con. This further growth in series manufacturing was offset by continued weakness in prototyping demand.

接著看第 11 張投影片，您可以看到製造部門。製造營收下降 8% 至 2,350 萬歐元。不過，相較於前面連續三個季度，營收呈現季增，反映我們策略聚焦領域（航太、國防與半導體）的成長。量產製造的進一步成長，被原型製作需求持續疲弱所抵銷。

Through disciplined cost control, adjusted EBITDA turned positive again, reaching now EUR0.3 million, despite the lower year-on-year revenue. With the segment results covered, Slide 12 outlines our consolidated income statements, showing the drivers behind our improved profitability.

透過嚴謹的成本控管，調整後 EBITDA 再度轉正，達到 30 萬歐元，儘管年對年營收較低。在說明完各部門結果後，第 12 張投影片概述我們的合併損益表，並呈現獲利能力改善背後的驅動因素。

Gross profit increased to EUR37.9 million with gross margin expanding to 57.2%, up from 55.3% of last year. Operating expenses increased by just EUR0.2 million or less than 1% year-on-year. R&D and sales and marketing expenses increased 4% and 2%, respectively, reflecting targeted investments while at the same time, G&A declined by more than 6% due to ongoing cost discipline. Total R&D spending exceeded more than EUR11 million for the quarter, with the majority being allocated to medical. Other operating income increased to EUR0.9 million compared to EUR0.4 million of last year. As a result, operating profit reached eur2 million for the quarter. Net financial income was also positive by EUR.4 million, driven by currency effects, interest income on cash balances, and interest expense on debts. Income tax expense was EUR.7 million. Altogether, we generated positive net results in the first quarter of this year, amounting to EUR1.8 million, representing EUR.03 per share. Finally, let's review our balance sheet. The cash flow position, which remains a key strength for Materialise, is shown on slide 13. Our cash reserve at the end of the quarter amounted to EUR133 million, while our gross debt was further reduced to eEUR60.1 million.

毛利提升至 3,790 萬歐元，毛利率擴大至 57.2%，高於去年的 55.3%。營業費用年增僅 20 萬歐元，或不到 1%。研發以及銷售與行銷費用分別增加 4% 與 2%，反映精準投資；同時，因持續的成本紀律，一般及行政費用（G&A）下降逾 6%。本季研發總支出超過 1,100 萬歐元，其中大部分投入醫療領域。其他營業收入增至 90 萬歐元，去年同期為 40 萬歐元。因此，本季營業利益達 200 萬歐元。淨財務收益亦為正，為 40 萬歐元，主要受匯率影響、現金餘額利息收入，以及債務利息費用所致。所得稅費用為 70 萬歐元。綜合而言，我們在今年第一季實現淨利 180 萬歐元，相當於每股 0.03 歐元。最後，我們來檢視資產負債表。Materialise 的一大優勢仍是現金流部位，第 13 張投影片顯示相關情況。本季末現金準備為 1.33 億歐元，而總負債進一步降至 6,010 萬歐元。

The net resulting cash position increased to EUR72.8 million, up by almost EUR2 million compared to the beginning of this year, mainly driven by strong free cash flow.

因此，淨現金部位增加至 7,280 萬歐元，較今年年初增加近 200 萬歐元，主要由強勁的自由現金流所帶動。

Compared to the balance sheet, at year-end 2025, networking capital components increased by EUR2.7 million, mainly driven by higher inventory levels of finished products and work in progress. Deferred income increased to EUR61 million, including the EUR49 million coming from software licenses and maintenance.

與 2025 年底的資產負債表相比，營運資金各項組成增加 270 萬歐元，主要由成品及在製品庫存水位較高所致。遞延收入增加至 6,100 萬歐元，其中包含來自軟體授權與維護的 4,900 萬歐元。

As you can see from the graphs on the right side of the page, the operating cash flow in the first quarter amounted to almost EUR7 million, and capital expenditures totaled EUR1.5 million, reflecting limited non-recurring investments in this quarter. As a result, free cash flow after investing activities was EUR5.7 million.

如您從頁面右側圖表所見，第一季營運現金流接近 700 萬歐元，資本支出合計 150 萬歐元，反映本季非經常性投資有限。因此，投資活動後的自由現金流為 570 萬歐元。

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

以上說明完畢，我想把電話交回給 Brigitte。

Thank you, Koen.

謝謝你，Koen。

Let's now turn to page 14. I'll conclude my remarks with a discussion of our full-year 2026 guidance.

現在我們翻到第 14 頁。我將以討論我們 2026 全年財測作為結語。

Notwithstanding the anticipated impact of the divestments of Rapidfit and eyewear, we reaffirm our full-year revenue guidance for fiscal year 2026 in the range of EUR273 million to EUR283 million.

儘管預期 Rapidfit 與眼鏡業務剝離將帶來影響，我們仍重申 2026 會計年度全年營收指引區間為 2.73 億至 2.83 億歐元。

In addition, we are also maintaining our adjusted EBIT guidance for fiscal year 2026 of 10 to EUR12 million, reflecting our continued focus on execution discipline, cost management, and capital allocation.

此外，我們也維持 2026 會計年度調整後 EBIT 指引為 1,000 萬至 1,200 萬歐元，反映我們持續聚焦於執行紀律、成本管理與資本配置。

As already mentioned during our previous earnings call in February, we expect macroeconomic and geopolitical uncertainty to persist throughout 2026. Nevertheless, we continue to have confidence in the strength and resilience of our underlying business fundamentals. As the results of the first quarter of this year have demonstrated.

如同我們在 2 月上次法說會中提到的，我們預期總體經濟與地緣政治不確定性將在 2026 年持續。儘管如此，我們仍對核心業務基本面的強勁與韌性保持信心。正如今年第一季的結果所展現。

The strategic repositioning initiatives, targeted investments and cost optimizations across our three business segments, and our supporting staff departments are expected to progressively support improved operational performance and profitable growth.

我們在三大業務部門及支援性職能部門推動的策略性再定位措施、精準投資與成本優化，預期將逐步支持營運表現改善與獲利性成長。

This concludes our prepared remarks.

以上為我們預先準備的發言。

Operator, we're now ready to open the call to questions.

接線員，我們現在準備開放提問。

(Operator Instructions)

（接線員指示）

AlexanderCraeymeersch, Kepler.

Alexander Craeymeersch，Kepler。

Good. Morning, can you hear me well?

好的。早安，你們聽得到我嗎？

Yes, we can hear you. Good afternoon, Alexander.

是的，我們聽得到。午安，Alexander。

Good afternoon, Alexander from [Capershire] here.

午安，我是來自 [Capershire] 的 Alexander。

Thank you for taking my questions. I have three. I think the first one is rather getting a sort of big glimpse of how the end markets are moving with the current market turmoil, so we get a bit of a feeling of what to expect toward H2, And then the second question would be on the medical segment. Last time we discussed, I think you were quite confident that the margins in medical would continue to grow or at least stay stable.

謝謝讓我提問。我有三個問題。第一個問題是想更宏觀地了解，在目前市場動盪下終端市場的走勢，讓我們對下半年（H2）的展望有些感覺；第二個問題是關於醫療部門。上次我們討論時，我記得你們相當有信心醫療部門的利潤率會持續提升，或至少維持穩定。

So I'm a little bit surprised that the margins in medical decreased 200 bps now. So could you maybe give a rational explanation for this? And then maybe a question that is somewhat related to this, considering the high margins in medical, do you see already some increased competition?

所以我有點驚訝醫療部門的利潤率這次下降了 200 個基點。你們能否給出一個合理的解釋？另外一個與此有些相關的問題是，考量醫療部門的高利潤率，你們是否已經看到競爭加劇？

And then the last question I had for the current guidance, of course, you now divested two minor assets, but I'm just wondering whether the EUR10 million to EUR12 million in EBIT guidance, if that is based on the assumption that manufacturing is running at a negative EBITDA or is that at a positive EBITDA for the full year 2026?

最後一個問題是關於目前的財測指引：當然你們現在剝離了兩項較小的資產，但我想確認 1,000 萬至 1,200 萬歐元的 EBIT 指引，是否是基於製造部門在 2026 全年 EBITDA 為負的假設，還是基於全年 EBITDA 為正的假設？

Thanks, Alexander. I’ll make an attempt at answering your first question and the second, and I'll point to Koen for your third question.

謝謝，Alexander。我先嘗試回答你的第一個與第二個問題，第三個問題我會請 Koen 來回答。

So your question is on the end markets. So the picture on the end markets really varies. So there's a difference in the regional dynamics that we see. While we see some recovery in the US markets at large, Europe is in a different place. So in Europe, the environment remains rather soft when it comes to our end markets.

你問的是終端市場。終端市場的情況其實差異很大。我們看到各地區的動態不同。雖然我們看到美國市場整體有些復甦，但歐洲則處於不同的狀態。因此在歐洲，就我們的終端市場而言，環境仍相對疲弱。

Now, that is also particularly for the automotive industry that we still are highly active in. So the automotive industry, in terms of end market, remains soft, in particular in Europe. Whereas we see other end markets that we are very exposed to, improving sharply and continuing, actually, the positive dynamics that we've seen over the last couple of quarters. Think about aerospace.

目前，這也特別適用於我們仍然高度活躍的汽車產業。因此，就終端市場而言，汽車產業仍然疲弱，尤其是在歐洲。然而，我們高度曝險的其他終端市場則大幅改善，並且實際上延續了我們在過去幾個季度所看到的正向動能。例如航太。

So in our aerospace market, we see further investments in our end markets that also benefit the additive industry, including us.

因此，在我們的航太市場，我們看到終端市場持續投資，這也讓增材製造產業（包括我們）受惠。

Obviously, defense is another industry where budgets are being freed up now and where we see positive dynamics. So, it's a very diverse picture where the US markets are showing a more positive trend than the European markets and where in end markets, we see a big difference on the one hand of the spectrum, you see the positive side, the aerospace on the lower and software dynamics on the other hand of the spectrum. From UCD automotive industries.

顯然，國防也是另一個產業，目前預算正在釋出，我們也看到正向動能。因此，整體呈現非常多元的圖像：美國市場的趨勢比歐洲市場更為正向；而在終端市場方面，我們看到很大的差異——在光譜的一端是正向的一面，例如航太；在另一端則是較低迷的面向以及軟體動能。來自 UCD 汽車產業。

The healthcare market at large globally remains a healthy environment. The exception would be academic markets, where we see, primarily in the US, the impact of funding cuts that have been issued already last year and they're continuing this year.

整體而言，全球醫療保健市場仍維持健康的環境。例外是學術市場，我們主要在美國看到資金削減的影響；這些削減已在去年發布，並在今年持續。

Does that answer your first question?

這有回答您的第一個問題嗎？

Yes, that does answer the first question. Maybe a small follow-up on the first question. Just could you give us a reminder on how big aerospace and defense is in the total portfolio?

是的，這回答了第一個問題。也許針對第一個問題再追問一點。能否請您提醒一下，航太與國防在整體產品組合中占比有多大？

I don't think we've disclosed the number in terms of the percentage of the total revenue. What I can say is that in the aerospace dynamics, we've previously communicated in the last couple of quarters that our growth was higher than 20%, and we see that confirmed this quarter as well.

我不認為我們曾披露其占總營收百分比的數字。我能說的是，就航太的動能而言，我們在過去幾個季度已經溝通過，我們的成長率高於 20%，而本季也再次得到確認。

Maybe then a shift to the medical segment and your question on the margins. Maybe on the medical segment at large, what we have previously communicated throughout 2025 for medical was that what we see structurally as a healthy and sustainable growth rate and margin rate would be, so from a top-line perspective, low double-digit, high single-digit growth as a sustainable growth rate when we look over a couple of quarters, whereas we see the margins kind of hovering, just under 30%.

那麼接著轉到醫療事業群以及您關於毛利率的問題。就整體醫療事業群而言，我們先前在 2025 年期間所溝通的是：從結構面來看，我們認為健康且可持續的成長率與利潤率應該是——就營收（top line）而言，當我們以數個季度的角度來看，可持續的成長率約為低雙位數到高個位數；而利潤率則大致徘徊在 30% 以下。

So the 28% margin that we showed this quarter is more or less, according to that expectation of price impacts, you never know exactly where you end, but it is consistent with what we thought for a first quarter previously. Remember that there's some seasonality in our medical business where the first quarter has a very different profile from the fourth quarter typically.

因此，本季我們呈現的 28% 利潤率，大致符合我們對價格影響的預期；你永遠無法精準知道最後會落在哪裡，但它與我們先前對第一季的預期一致。請記得，我們的醫療業務存在一些季節性，通常第一季的型態與第四季非常不同。

So that's on your margin question. And then, I mean, in the medical market, you pointed towardscompetitive trends and whether we see increased competition. There's always competition. We've had competition in a number of our medical segments for a while. I don't see any dramatic changes in that competitive field.

以上是關於您毛利率的問題。接著，您提到醫療市場的競爭趨勢，以及我們是否看到競爭加劇。競爭一直都存在。我們在多個醫療細分市場已經面對競爭一段時間了。我沒有看到競爭格局出現任何劇烈變化。

Obviously, we had and we still have a head start in those markets as we built many of these markets, but it's a healthy and competitive environment, and I don't see in the first quarter specifically any changes on that.

顯然，我們在這些市場曾經、也仍然具有先行優勢，因為許多市場是由我們建立起來的；但這是一個健康且具競爭性的環境，而我在第一季特別沒有看到任何變化。

As I said, in terms of the market environment, I think the change that we observed last year and continue to observe this year in the first quarter in an increased way is the funding cuts in the US academic market. Now, that's a smaller part of our business, but that's potentially the shift in market dynamics that is observably high. Does that answer your question?

如我所說，就市場環境而言，我認為我們去年觀察到、且今年第一季以更明顯程度持續觀察到的變化，是美國學術市場的資金削減。這是我們業務中較小的一部分，但這可能是市場動態中可觀察到、幅度較高的變化。這有回答您的問題嗎？

Yes.

是的。

Thank you. And then maybe turning to the last one on the guidance.

謝謝。接著也許轉到最後一個關於財測指引的問題。

I will take that one, Alexander. You're correct in stating that both divestments that we did in our manufacturing segment are, on a consolidated level, from a number point of view, not material.

Alexander，這題我來回答。您說得沒錯，我們在製造事業群所做的兩項資產剝離，在合併層級、就數字而言並不重大。

Nevertheless, that means that the divestments will put some pressure on our top line because we're losing that revenue. Now, at this stage, we believe that we will be able to absorb that gap, and that's why we keep the guidance unchanged.

然而，這也意味著資產剝離會對我們的營收端造成一些壓力，因為我們會失去那部分收入。目前階段，我們相信能夠吸收這個缺口，因此我們維持指引不變。

On the other hand, there is, of course, also an impact on our bottom line, EBITDA, where we believe that impact will be positive, of course, over the longer-term. Now, where you asked on our projection for manufacturing over 2026 -- we do believe indeed that the contribution of our manufacturing EBITDA will become again positive in this year.

另一方面，當然也會對我們的獲利端產生影響，也就是 EBITDA；我們相信從長期來看，這個影響當然會是正面的。至於您問到我們對 2026 年製造事業群的預估——我們確實相信，今年製造事業群的 EBITDA 貢獻將會再次轉為正值。

Let's proceed now in the first quarter as well.

我們也會在第一季就朝這個方向推進。

Okay, very clear. Thank you very much.

好的，非常清楚。非常感謝。

(Operator Instructions)

(接線員指示)

And I'm showing no further questions. So with that, I'll hand the call back over to management for any closing remarks.

我這邊顯示沒有其他問題。那麼，我將把電話交回管理層，請他們做任何結語。

Thanks again for joining us today. We look forward to continuing our dialogue with you through investor conferences or in one-on-ones, virtual meetings or calls.

再次感謝各位今天加入。我們期待透過投資人會議或一對一、線上會議或電話，持續與各位交流。

Now, we would like to remind you that our second-quarter earnings call will be shifted to the end of August, as is also mentioned on our financial calendar published on our investor website. This is mainly due to our dual listing status, whereby we want to align our second quarter earnings update with the more extensive half-year reporting that is required from a European point of view.

另外提醒各位，我們的第二季法說會將延後至 8 月底，這也已在我們投資人網站所公布的財務行事曆中提及。這主要是因為我們採雙重上市（dual listing），因此我們希望將第二季財報更新與從歐洲角度所要求、較為完整的半年報告對齊。

Now, in the meantime, please reach out if you have any questions.

在此期間，如有任何問題，請隨時與我們聯繫。

Thank you, and goodbye for now.

謝謝，先告辭。

Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect.

各位女士、先生，感謝您的參與。今天的議程到此結束，您現在可以掛線。