Belgian technology company Materialise has raised its full-year profit outlook after posting second-quarter 2026 revenue above EUR 70 million, with growth in medical devices and a rebound in aerospace and defense manufacturing more than offsetting a softer software business.
The company, listed on Euronext and NASDAQ under MTLS, now expects Adjusted EBIT of 12,000 to 14,000 kEUR for 2026, up from the previously communicated range of 10,000 to 12,000 kEUR. Revenue guidance of 273,000 to 283,000 kEUR was left unchanged, even though Materialise has since completed the sale of two business lines that contributed to its top line. CEO Brigitte de Vet-Veithen said the company is “fully absorbing the unfavorable revenue impact of the RapidFit and Eyewear divestments.”
For the quarter ending June 30, total revenue increased by 8.1% to 70,073 kEUR from 64,831 kEUR for the second quarter of 2025. Adjusted EBIT increased by 26.9% to 3,880 kEUR from 3,058 kEUR, lifting the Adjusted EBIT margin to 5.5% from 4.7%, while Adjusted EBITDA increased by 15.7% to 9,593 kEUR from 8,288 kEUR. Net profit rose to 3,331 kEUR, or 0.06 EUR per diluted share, compared to 199 kEUR per diluted share, a year earlier.
Medical does the heavy lifting
The quarter’s story is once again Materialise Medical. The segment grew revenue 12.2% to 36,873 kEUR from 32,850 kEUR and now accounts for more than half of group sales. Segment Adjusted EBITDA increased 7.7% to 11,553 kEUR from 10,728 kEUR, a figure larger than the group’s total Adjusted EBITDA of 9,593 kEUR. For the first half, Medical revenue increased by 9.6% to 70,039 kEUR from 63,928 kEUR, and segment Adjusted EBITDA increased by 5.1% to 20,787 kEUR from 19,775 kEUR.
Materialise Manufacturing returned to growth with revenue up 6.7% to 23,597 kEUR from 22,109 kEUR. De Vet-Veithen tied the recovery to specific end markets: “Double-digit revenue growth in our Materialise Medical segment was complemented by renewed growth in our Manufacturing segment driven by strong performance in our aerospace & defense focus markets.” Segment Adjusted EBITDA improved to -285 kEUR from -807 kEUR, with the segment Adjusted EBITDA margin at -1.2% compared to -3.6% a year earlier. For the first half, segment Adjusted EBITDA improved to -4 kEUR from -1,185 kEUR, and the margin was 0.0% compared to -2.5%, putting the segment essentially at breakeven.
Software moved the other way. Segment revenue decreased 2.7% to 9,601 kEUR from 9,872 kEUR, and segment Adjusted EBITDA decreased to 981 kEUR from 1,373 kEUR, with the margin at 10.2% compared to 13.9%. The decline came in the same quarter the unit launched its new CO-AM offerings, so the payoff from that launch has yet to appear in the numbers. Over the first half, Software revenue decreased 2.1% to 19,242 kEUR from 19,647 kEUR, but segment Adjusted EBITDA increased by 6.7% to 2,103 kEUR from 1,971 kEUR, with the margin improving to 10.9% from 10.0%.
A narrower, more focused portfolio
Beyond the results, the quarter marked a reshaping of what Materialise sells. The company completed the transfer of its RapidFit business on April 30 and of its Eyewear business on July 1, retaining a 20% minority stake in Eyewear. Net operating income in the second quarter included non-recurring charges of 689 kEUR from the impairment of tangible and intangible assets related to the transfer of the Eyewear assets. At the same time, Materialise invested in Replasia to further expand its personalized hip care portfolio, reinforcing the direction set by the medical segment’s growth.
The pattern is clear: Materialise is stepping back from niche lines while doubling down on high-value applications. R&D expenses increased by 7.4% to 24,203 kEUR in the first half, reflecting higher investments in the Medical and Software segments, while other operational expenses, including S&M and G&A, remained stable in aggregate at 50,268 kEUR compared to 50,311 kEUR.
Where the risks sit
The headline profit figures deserve some unpacking. Operating result was fairly stable at 2,785 kEUR compared to 2,730 kEUR a year earlier, and the jump in net profit came from the financial line: net financial result was 242 kEUR, compared to -3,052 kEUR in the second quarter of 2025, when unfavorable foreign exchange results weighed on the figure. That tailwind is not an operating improvement and may not repeat. The quarter also contained net tax benefits of 304 kEUR, compared to 521 kEUR a year earlier.
Margins are also under pressure in places. Gross profit increased 5.3% to 39,776 kEUR from 37,778 kEUR, but gross profit as a percentage of revenue fell to 56.8% from 58.3%. The Medical segment’s Adjusted EBITDA margin slipped to 31.3% from 32.7%. Over the first half, Manufacturing revenue decreased 1.2% to 47,067 kEUR from 47,635 kEUR, which implies first-quarter segment revenue of 23,470 kEUR against 25,526 kEUR a year earlier, a drop of roughly 8%. That shows how much the recovery depends on aerospace and defense demand holding up. Holding the revenue guidance also means the remaining business must grow fast enough in the second half to replace the sales lost with RapidFit and Eyewear, after first-half revenue that increased by 3.9% to 136,349 kEUR from 131,210 kEUR.
The Medical segment, the company’s main growth engine, is also going through a leadership change. De Vet-Veithen told analysts on the earnings call that “we have decided to look for a new leader for the Medical segment, and Koen Peters will leave the company in September,” with no successor yet named. The segment’s growth was also uneven: medical devices grew 19% in the quarter, while Medical software declined 4%. De Vet-Veithen attributed the software weakness to two U.S. factors. Reduced research grants have hit academic centers that use Materialise software for training and research, and reimbursement changes in orthopedics, where its software is strongly positioned, have made customers more cautious.
Cash, buybacks and the second half
The balance sheet gives Materialise room to manoeuvre. Cash flow from operating activities amounted to 8,146 kEUR in the quarter compared to -27 kEUR a year earlier, with capital expenditures of 1,975 kEUR and free cash flow after operating and investing activities of 5,625 kEUR. For the first half, operating cash flow increased to 15,060 kEUR from 9,686 kEUR and free cash flow amounted to 11,368 kEUR.
At June 30, 2026, the company held cash and cash equivalents of 133,735 kEUR compared to 133,918 kEUR at December 31, 2025, while gross debt decreased to 59,521 kEUR from 63,113 kEUR. The net cash position increased by 3,409 kEUR to 74,214 kEUR from 70,805 kEUR, 1,388 kEUR higher than at March 31, 2026, despite 5,212 kEUR (6,091 kUSD) spent buying back 1,070,797 own shares, 2,903 kEUR of it in the second quarter. Net shareholders’ equity increased to 256,268 kEUR from 255,482 kEUR.
Part of that cash generation came from lower capital expenditures, which amounted to 3,445 kEUR in the first half compared to 6,561 kEUR a year earlier, a level that supports returns to shareholders now but will need watching if manufacturing demand keeps building. With Adjusted EBIT of 6,351 kEUR already booked in the first half, up 71.4% from 3,703 kEUR, and Adjusted EBITDA of 17,642 kEUR, up 22.2% from 14,434 kEUR, the raised full-year range implies second-half Adjusted EBIT of 5,649 to 7,649 kEUR, broadly similar to the first half. That target looks achievable if medical growth holds and aerospace and defense work continues to fill the factory.
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Featured image shows Materialise’s U.S. Headquarters in Plymouth, Michigan. Photo by 3D Printing Industry
