Q2 2026 Materialise NV Earnings Call Transcript
Key Points
- Consolidated revenue grew 8% year-over-year to EUR70.1 million, with Medical leading at 12% growth.
- Adjusted EBIT margin expanded to 5.5%, up from 4.8% in the prior year, reflecting strong operating leverage.
- Net cash position increased to EUR74.2 million, up EUR3.4 million since the start of the year, supported by strong operating cash flow.
- Aerospace revenue surged 40% in Q2, with a key partnership with Lufthansa Technik and a new defense project (STRIKE IT).
- CO-AM Pro was launched ahead of schedule, with early customer validation and a structured expansion into NPI and Enterprise offerings.
- Full-year adjusted EBIT guidance was raised to EUR12-14 million from EUR10-12 million, reflecting improved execution.
- Manufacturing segment improved adjusted EBITDA to -EUR0.3 million from -EUR0.8 million, despite divestments.
- Medical Devices grew 19%, driven by strong partner and direct sales channels.
- Free cash flow nearly doubled to EUR11.4 million in the first half of 2026.
- Completed divestments of RapidFit and Eyewear, sharpening portfolio focus on core growth areas.
- Software revenue declined 3% year-over-year due to cautious customer spending and extended sales cycles.
- Medical Software revenue fell 4%, impacted by reduced US research grants and reimbursement changes in orthopedics.
- Manufacturing segment still reported an adjusted EBITDA loss of EUR0.3 million in Q2.
- Prototyping demand remained weak, offsetting growth in series manufacturing.
- Operating expenses increased 3.9% in Q2, driven by higher R&D investments.
- Other operating income decreased to EUR0.8 million from EUR1.3 million, including a EUR0.7 million asset impairment.
- Deferred revenue for software maintenance and licenses decreased to EUR46.5 million in Q2.
- The company faces leadership changes in the medical segment, which could create short-term uncertainty.
- Macroeconomic environment remains challenging, with cautious customer spending persisting.
- Full-year revenue guidance was reaffirmed, but the divestments are expected to have an unfavorable revenue impact.
Good day and welcome to the second-quarter and half-year 2026 Materialise NV financial results conference call. (Operator Instructions) Please note this call may be recorded.
I'll now turn the call over to Jody Burfening, Alliance Advisors Investor Relations. Please go ahead.
Thank you, Michelle, and thank you, everyone, for joining us today for Materialise's quarterly conference call. With us on the call are Brigitte Vet-Veithen, 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 second quarter and first half of 2026.
To access the slides if you have not already done so, please go to the Investor Relations section of the company's website at www.materialise.com. The earnings press release that was issued earlier today can also be found on that page.
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