Materialise NV (MTLS): Business Model Canvas [Dec-2025 Updated]

You're looking for the real engine behind the 3D printing firm, and honestly, the Business Model Canvas for Materialise NV in late 2025 clearly shows the Medical segment is the star, driving €33.3 million in Q3 revenue. As an analyst who's tracked this space for years, I see their strength in the sticky software ecosystem-where 83% of software sales are recurring-which helps offset those heavy R&D costs exceeding €11 million that quarter. Dive below to see how their 56.8% gross margin and €22.7 million manufacturing service stream fit into their overall strategy to hit that projected €265 million to €280 million full-year guidance.

Materialise NV (MTLS) - Canvas Business Model: Key Partnerships

You're looking at how Materialise NV builds value through its network, which is critical given the industry's move toward integrated, high-volume production. The partnerships aren't just handshake deals; they are deeply embedded in the software and service delivery, especially with the latest CO-AM platform push.

The company's Medical segment remains a powerhouse, showing resilience even when other parts of the business face headwinds. For instance, in the second quarter of 2025, the Materialise Medical segment revenue grew by 16.7% year-over-year, reaching 32,850 kEUR. This segment relies heavily on its established relationships with major players in the orthopedic space.

Here's a look at the key collaboration types and some concrete figures we have on hand:

Partnership Category	Example/Metric	Data Point (Late 2025)
Medical Device Companies	Historical Partner Sales Contribution (FY 2019)	51.2% of total Materialise Medical segment revenue
3D Printer OEM Collaborations	New Build Processor Approval (Nikon SLM Solutions)	NextGen SLM Build Processor approved at Formnext 2025
CO-AM Technology Partners	New Partners Added (as of Nov 2025)	Seven new technology partners announced
CO-AM Ecosystem Size (Cumulative)	Partners since platform launch (May 2022)	More than ten companies
Financial Context (Q2 2025)	Consolidated Revenue	64,831 kEUR

Strategic collaborations with 3D printer OEMs are central to the Build Processors strategy. Materialise NV is moving its Build Processors to a fully open, modular framework with its Next-Generation architecture. This allows for direct integration of validated OEM processors. A prime example from late 2025 is the partnership with Nikon SLM Solutions, where Materialise announced a focus on moving metal AM from development to repeatable production, including the approval of Materialise's NextGen SLM Build Processor for fast, multi-laser metal printers.

The CO-AM platform itself is designed to be an open ecosystem, which requires deep technology integration partners. While I don't have specific 2025 data for Synera, the platform's growth shows the strategy is active. The CO-AM community has grown to include more than ten companies since its launch in May 2022, with seven new technology partners joining recently to cover design automation, traceability, and post-processing. The platform now features three tailored solutions: CO-AM Professional, CO-AM NPI, and CO-AM Enterprise, all powered by new tools like CO-AM Brix.

For medical device companies, the relationships are long-standing and significant. Materialise NV historically distributes 3D printed medical devices through agreements with partners like Zimmer Biomet and Depuy Synthes. To give you a sense of the scale, partner sales to medical companies represented 51.2% of the Materialise Medical segment revenue for the year ended December 31, 2019. More recently, in July 2025, Zimmer Biomet acquired Monogram, a developer of 3D printing orthopedic implants, for $177M. This shows the ecosystem partners are actively investing in 3D printing capabilities themselves.

The company's global reach is supported by its network, though specific reseller revenue figures aren't public. However, the overall scale is reflected in the company's guidance and operational footprint:

• Full-year 2025 consolidated revenue guidance was slightly reduced to a range of 265,000 to 280,000 kEUR.
• The trailing twelve-month revenue as of September 30, 2025, stood at $290M.
• Materialise NV holds over 385 patents protecting its technology.

The focus on industrial partners for the CO-AM platform is about creating a common language for AM operations. Materialise NV's work with the Leading Minds consortium is instrumental in developing this framework, which defines key AM entities like Part, Build, and Material Lot.

Finance: draft 13-week cash view by Friday.

Materialise NV (MTLS) - Canvas Business Model: Key Activities

You're looking at the core actions Materialise NV takes to drive value, and honestly, the numbers from the first nine months of 2025 paint a clear picture of segment divergence. The Medical side is clearly the engine, while the Manufacturing side faces headwinds.

Extensive Research and Development (R&D) in software and medical applications

Materialise NV continues to invest heavily in R&D, a key activity underpinning both its software and medical device segments. While specific 2025 R&D expenditure figures aren't immediately available in the latest filings, the commitment is noted by management as a priority even while cost controls are in place.

Here's a look at the trend leading into 2025:

Metric	Period	Value
R&D Spend Increase (YoY)	Q4 2024 vs Q4 2023	19.6%
Materialise Medical Segment Revenue Growth (YoY)	Q3 2025	10.3%

The Medical segment posted a quarterly revenue record in Q3 2025, which is a direct result of this sustained focus on medical applications.

Developing and maintaining the CO-AM open software platform ecosystem

A major activity is the continued development of the CO-AM open software ecosystem, which saw significant expansion in late 2025 with new tailored solutions. This effort is about creating interoperability and scaling industrial 3D printing workflows.

The architecture relies on concrete, established components:

• CO-AM Brix integrates over 800 algorithms from the firm's SDK suites.
• The open domain model aligns with standards including ISO/ASTM 529xx, 3MF, OPC UA, and QIF.
• New offerings introduced in late 2025 include CO-AM Professional, CO-AM NPI, and CO-AM Enterprise.

Manufacturing patient-specific implants and surgical guides

This activity falls squarely within the Materialise Medical segment, which is performing strongly. This division focuses on highly regulated production environments for implants and guides.

The segment's financial performance in 2025 shows clear growth:

The revenue figures in kEUR for the Medical segment illustrate this strength:

Period End Date	Materialise Medical Revenue (kEUR)
March 31, 2025 (Q1)	31,078
June 30, 2025 (Q2)	32,850
September 30, 2025 (Q3)	(Approx. based on €33.3M)

For Q3 2025, the Medical segment grew revenue by 10.3% compared to the third quarter of 2024, setting a new quarterly revenue record.

Operating one of the world's largest on-demand 3D printing service facilities

This is the Materialise Manufacturing segment, which uses its extensive facilities-one of the largest and most complete in the world-to serve industrial applications. The operational reality for this segment in 2025 has been challenging due to macro-economic headwinds.

Here are the segment's revenue results for 2025:

Period	Materialise Manufacturing Revenue (kEUR)	Year-over-Year Change
Q1 2025	25,526	-5.5%
Q2 2025	22,109	-24.9%
Q3 2025	22,677	-17.1%

The segment reported a negative Adjusted EBITDA of (845) kEUR for the third quarter of 2025.

Implementing structural cost control measures to protect operational profitability

Management has actively implemented cost controls, particularly impacting the Software and Manufacturing segments, to maintain profitability despite revenue pressures in those areas. You can see the effect in the Software segment's margin improvement.

The Software segment's margin performance shows the impact of these measures:

• Software Segment Adjusted EBITDA Margin for Q2 2025: 13.9%.
• Software Segment Adjusted EBITDA Margin for Q2 2024: 12.2%.

The company reported a positive net profit of 1,848 kEUR for the third quarter of 2025, and cash flow from operating activities for Q3 2025 was 10,359 kEUR. Finance: review Q4 2025 cost-saving targets by end of January.

Materialise NV (MTLS) - Canvas Business Model: Key Resources

When you look at the core assets powering Materialise NV, you see a blend of deep institutional knowledge and modern digital infrastructure. This isn't just about having machines; it's about the proprietary knowledge embedded in their systems and the financial runway to keep innovating.

The software suite is definitely a cornerstone. Materialise NV has been aggressively expanding its open and secure software ecosystem, centered around the CO-AM platform. This platform now includes specific offerings like CO-AM Professional, CO-AM NPI, and CO-AM Enterprise, all powered by new enabling technologies such as CO-AM Brix and CO-AM Build Platform.

To give you a sense of the depth here, CO-AM Brix builds on the 2024 Magics SDK strategy, incorporating more than 800 algorithms from the firm's Magics, Build Processor, and 3-matic SDK suites. This is the digital backbone that helps industrialize additive manufacturing workflows.

Here's a quick look at some of the hard numbers and recent operational facts that define these resources as of late 2025:

Resource Metric	Value / Detail	Date / Context
Net Cash Position	€67.7 million	As of September 30, 2025
Recurring Software Revenue Percentage	83%	As of Q3 2025
Software Ecosystem Algorithms	Over 800	Integrated into CO-AM Brix
Industry Experience	More than three decades	In 3D printing

The intellectual property is backed by significant operational scale. Materialise NV combines one of the largest groups of software developers in the industry with one of the world's largest and most complete 3D printing facilities. That physical capacity is a massive barrier to entry for competitors trying to match their service offering.

You should also note the human capital, which is critical for maintaining and advancing that proprietary software. The company relies on a large group of specialized software developers and biomedical engineers to drive innovation, especially in the high-growth medical segment.

The software offerings that represent this resource base include:

• Magics proprietary software.
• Mimics software suite.
• The CO-AM platform ecosystem.
• CO-AM Professional for workflow automation.
• CO-AM NPI for new product introduction.
• CO-AM Enterprise for full production execution.

That strong net cash position of €67.7 million as of September 30, 2025, gives them the flexibility to invest in these R&D-heavy resources without immediate external pressure. Finance: draft 13-week cash view by Friday.

Materialise NV (MTLS) - Canvas Business Model: Value Propositions

You're looking at the core promises Materialise NV is making to its customers as of late 2025. These aren't just vague goals; they are backed by segment performance and financial realities.

Enabling personalized healthcare via patient-specific 3D printed devices is a major pillar. The Materialise Medical segment is showing this in action, posting revenue of 33,296 kEUR for the third quarter of 2025, which was a 10.3% increase compared to the same period in 2024. This focus directly supports the mission of creating a 'healthier world' through solutions like patient-specific implants.

For industrial users, the value is in the integrated, open software ecosystem to streamline industrial AM workflows. This is evident in the software offerings, such as the 2025 Magics release, which helps optimize part costs and accelerate processes. The company is successfully transitioning to recurring revenue, with 83% of software revenue now being recurring, up from 74% the year before.

Materialise NV is also focused on de-risking and accelerating additive manufacturing adoption for enterprises. The strategic shift is moving from pure innovation to delivering tangible business value to help manufacturers scale up to volume production.

The company continues to provide on-demand, flexible manufacturing for prototypes and end-use parts, leveraging its position as one of the world's largest and most complete 3D printing facilities.

Financially, the value proposition is supported by strong profitability metrics, as shown in the table below:

Financial Metric	Value (Q3 2025)	Context/Comparison
Gross Profit Margin (as % of revenue)	56.8%	In line with the margin realized over the first nine months of 2025.
Materialise Medical Segment Revenue	33,296 kEUR	Increased 10.3% compared to Q3 2024.
Total Consolidated Revenue	66,259 kEUR	Decreased 3.5% compared to Q3 2024.
Software Revenue Recurring Rate	83%	Up from 74% the previous year.

The software enhancements, like the 2025 Magics release, are key to this, enabling features that reduce build preparation time from days to mere seconds. This focus on user empowerment and efficiency is central to accelerating the transition to a new industrial reality.

You should track the Medical segment's continued growth against the headwinds in the Manufacturing segment, which saw revenue decrease by 17.1% to 22,677 kEUR in Q3 2025 year-over-year.

Finance: draft 13-week cash view by Friday.

Materialise NV (MTLS) - Canvas Business Model: Customer Relationships

You're looking at how Materialise NV manages its connections with customers as of late 2025, which is heavily weighted toward deep, long-term B2B partnerships, especially in the high-value Medical sector.

The relationship structure is clearly tiered, with a strong emphasis on dedicated support for the most significant accounts. For instance, the Medical division, which is the company's anchor, saw revenue grow 16.7% year-on-year in Q2 2025, reaching 32,850 kEUR, demonstrating the success of high-touch engagement in that area. This segment's growth is tied to complex integrations, such as the new FDA-cleared personal alignment feature for knee surgeries and the thoracic planning tool developed in collaboration with Johnson & Johnson.

The Software side of the business relies on embedding its technology deeply, which naturally fosters long-term, consultative relationships. The shift to subscription models is a key relationship driver here, aiming for predictable engagement. As of Q2 2025, recurring revenue now accounts for 84% of Software sales, up from 80% in Q1 2025. This recurring nature is supported by the balance sheet, where total deferred revenues from software maintenance and license fees stood at 48,870 kEUR at the end of Q1 2025, an increase of 1,921 kEUR for that quarter alone. This financial metric is the direct result of successful subscription adoption.

Materialise NV maintains relationships through several distinct channels and approaches:

• Dedicated direct sales teams for software and high-value manufacturing services.
• Consultative selling focused on clinical efficacy and economic performance.
• Partnerships with strategic entities like Synera to embed the Magics SDK.
• Engagement with the B2C community via the i.materialise platform, though financial specifics for this channel aren't broken out separately in recent reports.

The table below summarizes key financial indicators reflecting the performance of these customer-facing segments as of the first half of 2025:

Metric	Period/Date	Value (kEUR)	Change/Context
Software Recurring Revenue Percentage	Q2 2025	84%	Of total Software sales.
Software Segment Revenue	Q2 2025	9,872 kEUR	Decreased 12.1% year-on-year.
Medical Segment Revenue	Q2 2025	32,850 kEUR	Grew 16.7% year-on-year.
Total Deferred Software Revenue	Q1 2025	48,870 kEUR	Increased by 1,921 kEUR during the quarter.

Long-term relationships in the medical space are intrinsically linked to quality and regulatory adherence. The Medical segment customer base includes biomedical engineers and certified medical professionals in regulated environments, where decisions are driven by validation data and seamless integration into surgical workflows. This necessitates Materialise NV's continuous effort in maintaining compliance, such as preparing for the European Sustainability Reporting Standards (ESRS) reporting for 2025 data. The company's focus is on de-risking and streamlining additive manufacturing for these critical users.

For industrial customers, the relationship is primarily economic, focusing on software that minimizes waste and maximizes uptime, with a key motivator being a 15% reduction in total cost of operation. The overall strategy involves bringing teams closer to the customer base worldwide to better address market demands.

Finance: draft 13-week cash view by Friday.

Materialise NV (MTLS) - Canvas Business Model: Channels

You're looking at how Materialise NV gets its value propositions-from medical planning software to on-demand parts-into the hands of customers as of late 2025. The channel strategy clearly shows a split focus: high-touch, high-growth medical direct engagement versus a more challenged, but foundational, industrial/software distribution network.

The channel mix, based on Q2 2025 revenue contribution, shows the Medical segment is the anchor, while the Software and Manufacturing segments navigate macroeconomic headwinds. For instance, in Q2 2025, the Medical segment brought in 32,850 kEUR, while the Software segment only generated 9,872 kEUR. This divergence highlights where the direct sales force focus is likely concentrated.

Here's a breakdown of the key channels Materialise NV uses:

• Direct sales force for the high-growth Medical and Software segments.
• Global network of resellers for localized software and service distribution.
• Online platforms (i.materialise) for B2C and small-to-midsize business orders.
• Direct integration of software (Build Processors) with 3D printer OEMs.
• Global 3D printing centers for on-demand manufacturing fulfillment.

The Software segment's channel health is best seen through its recurring revenue base. The company has successfully shifted this channel toward subscriptions; total deferred revenues from software maintenance and license fees grew by 1,921 kEUR in Q1 2025, reaching nearly 49,000 kEUR on the balance sheet. Honestly, over 80% of Software sales are now recurring, which is a solid foundation even as the transactional/new license part of that channel struggles, with Q2 2025 revenue down 12.1% year-on-year.

The direct sales force is crucial for the Medical segment, which is the clear growth engine. This channel is responsible for deploying advanced solutions like the cloud-based Mimics Flow platform and specialized tools for complex procedures. The Medical segment's revenue growth in Q2 2025 was 16.7% year-on-year, reaching 32,850 kEUR, showing the direct engagement model is working well there.

For the broader software and services distribution, Materialise NV relies on a multi-pronged approach, as noted in prior disclosures: direct sales, its own website, and third-party distributors/resellers. Furthermore, machine manufacturers and their local dealers often bundle Materialise NV software with their 3D printers, effectively using the OEM channel to enhance the printer's value proposition.

The on-demand manufacturing fulfillment channel, represented by the Materialise Manufacturing segment, is currently under pressure from macroeconomic uncertainty. While the company printed over 2.10.1M+ parts in 2024, the Q2 2025 revenue for this segment fell sharply by 24.9% year-over-year to 22,109 kEUR. This suggests that while the infrastructure (the centers) exists to fulfill high-volume orders, the current demand through this channel is significantly softer.

Here's a quick look at the revenue contribution by segment, which reflects the current channel performance as of the first three quarters of 2025:

Channel/Segment Proxy	Q1 2025 Revenue (kEUR)	Q2 2025 Revenue (kEUR)	Q3 2025 Revenue (kEUR)
Direct/High-Touch Medical	31,078	32,850	33,296
Software (Direct/Reseller/OEM)	9,775	9,872	10,286
Manufacturing/Centers (On-Demand)	25,526	22,109	22,677

The direct integration with 3D printer OEMs is a key software channel strategy, exemplified by the July 2025 agreement with Synera to embed the Magics SDK into an AI-driven design platform. This is a clear move to entrench the software deeper into the digital manufacturing workflows, bypassing traditional reseller friction for high-value industrial partners.

Finance: draft the Q4 2025 channel revenue forecast by end of January 2026.

Materialise NV (MTLS) - Canvas Business Model: Customer Segments

You're looking at the core customer groups for Materialise NV as of late 2025. The company's revenue streams clearly show a strategic pivot, with the Medical segment becoming the dominant revenue driver, even as industrial demand softens.

The customer base is explicitly segmented into three primary areas based on their financial reporting, which map directly to your outline points. The Medical segment is showing strong resilience and growth, a key focus area for Materialise NV.

For the third quarter of 2025, the revenue breakdown clearly illustrates this focus. The Medical segment posted a quarterly revenue record, growing by 10.3% year-over-year, reaching 33,296 kEUR.

Conversely, the Industrial side, represented by the Manufacturing segment, faced headwinds, with revenue decreasing by 17.1% to 22,677 kEUR in Q3 2025. The Software segment also saw a decline of 7.4%, bringing in 10,286 kEUR for the quarter.

Here's a look at the Q3 2025 revenue contribution, which shows the Medical segment now accounts for over half of the total consolidated revenue of 66,259 kEUR.

Customer Segment Group (Per Outline)	Materialise NV Segment	Q3 2025 Revenue (kEUR)	Q3 2025 Revenue Share (%)	YoY Growth (Q3 2025 vs Q3 2024)
Medical Device Companies/Hospitals	Materialise Medical	33,296	50.25%	+10.3%
Industrial Enterprises (Aerospace/Automotive)	Materialise Manufacturing	22,677	34.23%	-17.1%
Designers/Architects/SMEs & OEMs (Software Licensing)	Materialise Software	10,286	15.52%	-7.4%

The historical context from 2024 helps frame the Industrial Enterprises group. In 2024, the Industrial segment contributed 38% of the total revenue, while the Healthcare segment (Medical) was the largest contributor at 42% of the 281 million euros reported for that year.

The Software segment serves multiple customer types, including 3D Printer OEMs and the Designers/Architects/SMEs. The company is actively working to secure recurring revenue here, as 84% of Software sales were subscription-based in Q2 2025, up from 80% in Q1 2025.

You should note the following characteristics for each group:

• Medical Device Companies/Hospitals: Require FDA/CE-compliant patient-specific solutions.
• Industrial Enterprises: Large B2B clients focused on part quality for serial production.
• 3D Printer OEMs: Customers for software licensing, with a pivotal 2025 initiative deepening partnerships to bundle software at the point of machine sale.
• Designers/Architects/SMEs: Motivated by speed-to-market and design innovation for prototyping.

The Medical segment's profitability is significantly higher, reporting an Adjusted EBITDA margin of 30.6% in Q3 2025, which helps offset the negative Adjusted EBITDA of (845) kEUR in the Manufacturing segment for the same period. This margin divergence is why the Medical segment is the strategic focus.

Materialise NV (MTLS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Materialise NV is managing as of late 2025, which is heavily weighted toward sustaining its technology lead. The cost structure is dominated by investments in future innovation, which is typical for a software and advanced manufacturing firm like Materialise NV.

The total operational expenses (R&D, S&M, and G&A) for the third quarter of 2025 were reported at 36,019 kEUR, a slight aggregate increase of only 0.5% compared to Q3 2024 [cite: 1, 2 from previous searches].

Here is a breakdown of the key cost drivers:

• High fixed cost base from R&D investment, exceeding €11 million in Q3 2025. Materialise NV continued to prioritize its long-term pipeline, investing over €11,000 kEUR in Research and Development during the quarter [cite: 3, 5 from previous searches]. This R&D spend itself increased by 4.2% year-over-year [cite: 1, 2 from previous searches].
• Significant personnel costs for software developers and specialized engineers. Personnel costs are the largest component within R&D, S&M, and G&A, reflecting the need to retain the 'largest group of software developers in the industry' [cite: 7 from previous search]. Specific figures for personnel costs are not explicitly broken out from the operational expense total.
• Cost of materials and depreciation for operating large 3D printing facilities. The Cost of Sales, which includes materials, amounted to 28,608 kEUR in Q3 2025 [cite: 2 from third search]. Furthermore, Depreciation and Amortization for the quarter was 5,509 kEUR [cite: 3 from second search], covering the capital base of their extensive 3D printing facilities.
• Sales and Marketing (S&M) expenses, which were flat year-over-year in Q3 2025. Management noted that S&M spending remained flat year-over-year in Q3 2025, indicating strict control despite the focus on the growing Medical segment [cite: 3, 7 from previous searches].
• General and Administrative (G&A) expenses, reduced by almost 3% in Q3 2025. G&A expenses reflected targeted cost control measures, showing a reduction of almost 3% compared to the prior year's third quarter [cite: 3, 7 from previous searches].

The remaining operational spend, which covers the combined S&M and G&A, was therefore under 25,019 kEUR (calculated as 36,019 kEUR total operational expense minus the floor of 11,000 kEUR for R&D).

Here are the concrete financial figures we can map to the cost structure elements:

Cost Element Category	Q3 2025 Amount (kEUR)	Q3 2024 Comparison
Total Operational Expenses (R&D + S&M + G&A)	36,019	Increased by 0.5% YoY [cite: 1, 2 from previous searches]
Research & Development (R&D) Investment (Floor)	>11,000 (Over €11 million)	Increased by 4.2% YoY [cite: 1, 2 from previous searches]
Sales & Marketing (S&M) + General & Administrative (G&A) (Implied Total)	<25,019 (Remainder of OpEx)	S&M Flat; G&A Down ~3% [cite: 3, 7 from previous searches]
Cost of Sales (Includes Materials)	28,608	Gross Margin was 56.8% [cite: 2 from third search]
Depreciation and Amortization	5,509	Relatively stable YoY (Q3 2024 was 5,487 kEUR) [cite: 3 from second search]

The focus on cost control is evident in the flat S&M and reduced G&A, which helped offset the 4.2% rise in R&D spend, keeping the aggregate operational expense growth minimal at 0.5% [cite: 1, 2 from previous searches].

You should note that the Cost of Sales at 28,608 kEUR is a significant cost component, directly tied to the volume of parts produced by the 3D printing facilities, which saw Manufacturing segment revenue drop 17.1% in the quarter [cite: 1 from first search].

Finance: draft 13-week cash view by Friday.

Materialise NV (MTLS) - Canvas Business Model: Revenue Streams

You're looking at how Materialise NV actually brings in the money, and it's clear the Medical segment is the engine right now. The revenue streams are built around specialized software and on-demand, high-precision manufacturing services.

Medical Segment Revenue stands out as the largest and fastest-growing stream. For the third quarter of 2025, this segment pulled in €33,296 kEUR, which is the quarterly revenue record for that part of the business, growing more than 10% compared to the same period in 2024. This growth is a key focus area, supported by increased R&D investments.

The software side is heavily leaning into stability through subscriptions. Recurring Software Revenue is a major factor for predictability; as of Q3 2025, 83% of total software revenue is now recurring. This shift is strategic, moving away from one-time sales.

For the on-demand production side, Manufacturing Service Revenue, which covers the on-demand production of parts, totaled €22,677 kEUR in Q3 2025. This segment has faced macro-economic headwinds, showing a year-over-year decrease for the quarter.

The core of the software income comes from Software License and Maintenance Fees. This covers sales of flagship products like Magics, Mimics, and the CO-AM platform licenses. We see the impact of this recurring model in the deferred revenue balance; for instance, total deferred revenues from software maintenance and license fees stood at €48,870 kEUR at the end of Q1 2025.

Here's a quick look at the segment revenue performance for the third quarter of 2025 in thousands of Euros (kEUR):

Revenue Stream Segment	Q3 2025 Revenue (kEUR)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Materialise Medical Segment Revenue	33,296	Increased 10.3%
Materialise Manufacturing Segment Revenue	22,677	Decreased 17.1%
Materialise Software Segment Revenue	10,286	Decreased 7.4%
Total Consolidated Revenue (Q3 2025)	66,259	Decreased 3.5%

Looking ahead, the company's outlook suggests continued focus on these areas. The full-year 2025 revenue guidance remains projected between €265,000 kEUR and €280,000 kEUR.

You can see the revenue mix is heavily weighted toward the Medical segment, which is the clear growth driver:

• Medical Segment Revenue (Q3 2025): 50.25% of total revenue (33,296 / 66,259)
• Manufacturing Service Revenue (Q3 2025): 34.22% of total revenue (22,677 / 66,259)
• Software Revenue (Q3 2025): 15.53% of total revenue (10,286 / 66,259)

Finance: draft 13-week cash view by Friday.