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Materialise Reports Fourth Quarter and Full Year 2023 Results

LEUVEN, Belgium — (BUSINESS WIRE) — February 21, 2024 — Materialise NV (NASDAQ: MTLS), a leading provider of additive manufacturing and medical software solutions and of sophisticated 3D printing services, today announced its financial results for the fourth quarter and full year ended December 31, 2023.

Highlights – Fourth Quarter 2023

Highlights – Full Year 2023

CEO Brigitte de Vet-Veithen commented, “As turbulent macro-economic and geo-political conditions continued throughout the last quarter of 2023, Materialise’s business model once more proved its resilience and complementarity. Despite the challenging business climate we grew our total revenue by 4% and doubled our Adjusted EBITDA compared to last year’s same period. Materialise Medical again realized double-digit revenue growth and became the largest revenue contributor. With 128 million EUR of cash and cash equivalents on our balance sheet, additional financing secured and positive operating cash flow, we are well positioned to continue our investments in innovative 3D product and software solutions while we further integrate our diverse product portfolio creating additional synergies in the process.”

Fourth Quarter 2023 Results

Total revenue for the fourth quarter of 2023 increased 4.1% to 65,295 kEUR from 62,703 kEUR for the fourth quarter of 2022. Adjusted EBITDA amounted to 8,474 kEUR, compared to 4,258 kEUR for the same period in 2022. The Adjusted EBITDA margin (Adjusted EBITDA divided by total revenue) for the fourth quarter of 2023 was 13.0%, compared to 6.8% for the fourth quarter of 2022.

Revenue from our Materialise Software segment decreased 3.8% to 11,250 kEUR from 11,699 kEUR for the same quarter last year. Adjusted EBITDA for the segment amounted to 1,259 kEUR compared to (1,441) kEUR while the Adjusted EBITDA margin for the segment was 11.2%, compared to (12.3)% for the prior-year period.

Revenue from our Materialise Medical segment increased 14.8% to 27,848 kEUR for the fourth quarter of 2023, compared to 24,254 kEUR for the same period in 2022. Adjusted EBITDA for the segment was 9,365 kEUR compared to 6,355 kEUR, while the Adjusted EBITDA margin for the segment was 33.6% compared to 26.2%.

Revenue from our Materialise Manufacturing segment decreased 2.1% to 26,198 kEUR from 26,750 kEUR for the fourth quarter of 2022. Adjusted EBITDA for the segment decreased to 557 kEUR compared to 1,506 kEUR, while the Adjusted EBITDA margin for the segment was 2.1%, compared to 5.6% for the prior-year period.

Gross profit increased 5.2% to 37,548 kEUR for the fourth quarter of 2023 from 35,681 kEUR for the same period last year. Gross profit as a percentage of revenue was 57.5%, compared to 56.9%.

Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses decreased, in the aggregate, 6.5% to 35,375 kEUR for the fourth quarter of 2023 from 37,829 kEUR for the fourth quarter of 2022.

Net other operating income was (3,287) kEUR compared to 593 kEUR for the fourth quarter of 2022. Excluding non-recurring charges from the impairment of goodwill, tangible and intangible assets of Engimplan and Materialise Motion, net other operating income was 941 kEUR.

Operating result was (1,113) kEUR, compared to (1,554) kEUR for the fourth quarter of 2022. Excluding the effect of the impairments of goodwill, tangible and intangible assets, the operating result was 3,115 kEUR.

Net financial result for the fourth quarter of 2023 was (234) kEUR, compared to (3,436) kEUR for the fourth quarter of 2022.

The fourth quarter of 2023 contained net tax income of 809 kEUR, compared to net tax income of 402 kEUR for the fourth quarter of 2022.

As a result of the above, net profit for the fourth quarter of 2023 was (539) kEUR, compared to a net loss of (4,588) kEUR for the same period in 2022. Total comprehensive income for the fourth quarter of 2023 was (112) kEUR, compared to (7,623) kEUR for the 2022 period.

Full Year 2023 Results

Total revenues for the year ended December 31, 2023 increased 10.4% to 256,127 kEUR from 232,023 kEUR for the year ended December 31, 2022. Adjusted EBITDA for 2023 amounted to 31,397 kEUR compared to 19,014 kEUR for 2022. The Adjusted EBITDA margin was 12.3%, compared to 8.2% in 2022.

Revenues from our Materialise Software segment increased 1.7% to 44,442 kEUR for the year ended December 31, 2023 compared to 43,688 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA increased to 7,450 kEUR from 1,514 kEUR. The segment’s Adjusted EBITDA margin was 16.8% in 2023, compared to 3.5% in 2022.

Revenues from our Materialise Medical segment grew by 19.5% for the year ended December 31, 2023 to 101,376 kEUR from 84,846 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA increased 41.0% to 26,544 kEUR from 18,822 kEUR. The segment’s Adjusted EBITDA margin was 26.2% in 2023, compared to 22.2% in 2022.

Revenues from our Materialise Manufacturing segment increased 6.6% to 110,310 kEUR for the year ended December 31, 2023 from 103,489 kEUR for the year ended December 31, 2022. The segment’s Adjusted EBITDA amounted to 7,537 kEUR compared to 8,229 kEUR. The segment’s Adjusted EBITDA margin decreased to 6.8% in 2023 from 8.0% for 2022.

Gross profit increased 12.7% to 145,131 kEUR from 128,768 kEUR last year. Gross profit as a percentage of revenue was 56.7%, compared to 55.5%.

Operating result amounted to 5,619 kEUR for the year ended December 31, 2023 compared to (2,872) kEUR in the prior year. Excluding the effect of impairments of goodwill, tangible and intangible assets, the operating result was 9,847 kEUR.

Net financial result amounted to 1,154 kEUR, compared to net financial result of 1,694 kEUR for the year ended December 31, 2022. Income taxes amounted to (78) kEUR compared to (975) kEUR for the year ended December 31, 2022. Net profit was 6,695 kEUR for 2023 compared to a net loss of (2,153) kEUR in 2022.

At December 31, 2023, we had cash and equivalents of 127,573 kEUR compared to 140,867 kEUR at December 31, 2022. Gross debt amounted to 64,398 kEUR (of which 25,483 kEUR was short term), compared to 80,980 kEUR at December 31, 2022.

Cash flow from operating activities for the year ended December 31, 2023 was 20,157 kEUR compared to 22,288 kEUR in the year ended December 31, 2022. Total capital expenditures for the year ended December 31, 2023 amounted to 11,760 kEUR.

Net shareholders’ equity at December 31, 2023 was 236,594 kEUR compared to 228,928 kEUR at December 31, 2022.

2024 Guidance

For fiscal 2024, we will be providing guidance for both our consolidated revenue as well our consolidated Adjusted EBIT, and will no longer be providing guidance for our consolidated Adjusted EBITDA. We believe our consolidated Adjusted EBIT will be a more useful guidance measure for investors and analysts going forward as Adjusted EBIT includes the periodic cost of capitalized tangible and intangible assets used in generating revenue in our business and, as such, will allow for a better assessment of our expected performance. However, we will continue to report the segment Adjusted EBITDA of our three business segments.

Mrs. de Vet-Veithen concluded, “Whereas our guidance reflects the uncertain macro-economic and geo-political environment, we believe Materialise is ideally positioned, thanks to our strong product portfolio, continued investments in innovations and strong financial foundation. We expect sales in all three of our segments to increase. The growth of our Materialise Software revenue will be further temporarily impacted by the transition towards a cloud-based subscription business model that we are continuing to implement. Based on current market conditions, we expect our full year consolidated revenues to grow to a range of 265,000 to 275,000 kEUR in 2024. The revenue growth will result in an Adjusted EBIT which we currently anticipate to total between 11,000 and 14,000 kEUR. We expect our three segments to contribute to our Adjusted EBIT in line with their contributions to our revenue growth.”

Non-IFRS Measures

Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA as supplemental financial measures of its financial performance. EBIT is calculated as net profit plus income taxes, financial expenses (less financial income) and shares of profit or loss in a joint venture. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of profit or loss in a joint venture and depreciation and amortization. Adjusted EBIT and Adjusted EBITDA are determined by adding share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to business combinations to EBIT and EBITDA, respectively. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of financing decisions and, in the case of EBITDA and Adjusted EBITDA, long term investment, rather than the performance of the company’s day-to-day operations. The company also uses segment Adjusted EBITDA to evaluate the performance of its three business segments. As compared to net profit, these measures are limited in that they do not reflect the cash requirements necessary to service interest or principal payments on the company’s indebtedness and, in the case of EBITDA and Adjusted EBITDA, these measures are further limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the changes associated with impairments. Management evaluates such items through other financial measures such as financial expenses, capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.

Exchange Rate

This document contains translations of certain euro amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from euros to U.S. dollars in this document were made at a rate of EUR 1.00 to USD 1.105, the reference rate of the European Central Bank on December 31, 2023.

Conference Call and Webcast

Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the fourth quarter of 2023 and other matters on Wednesday, February 21, 2024, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Brigitte de Vet-Veithen, Chief Executive Officer; and Koen Berges, Chief Financial Officer. A question-and-answer session will follow management’s remarks. To access the call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or receive a call to connect to Materialise’s conference call.

The conference call will also be broadcast live over the internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com. A webcast of the conference call will be archived on the company's website for one year.

About Materialise

Materialise incorporates over 30 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest and most complete 3D printing facilities in the world. For additional information, please visit: www.materialise.com.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, our estimates for the current fiscal year’s revenue and Adjusted EBIT, our results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including how our business, results of operations and financial condition could be impacted by the current armed conflicts in the Middle East and Ukraine and governmental responses thereto, inflation, increased labor, energy and materials costs), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

 

Consolidated income statements (Unaudited)

 
for the three months ended
December 31,		 for the twelve months ended
December 31,
In '000

2023

2023

2022

2023

2022

U.S.$ € € € €
Revenue

72,151

65,295

62,703

256,127

232,023

Cost of Sales

(30,660)

(27,747)

(27,022)

(110,996)

(103,255)

Gross Profit

41,491

37,548

35,681

145,131

128,768

Gross profit as % of revenue

57.5%

57.5%

56.9%

56.7%

55.5%

 
Research and development expenses

(11,179)

(10,116)

(11,494)

(38,098)

(37,568)

Sales and marketing expenses

(17,021)

(15,403)

(17,284)

(57,822)

(62,125)

General and administrative expenses

(10,890)

(9,855)

(9,051)

(37,068)

(35,143)

Net other operating income (expenses)

(3,632)

(3,287)

593

(6,524)

3,196

Operating (loss) profit

(1,231)

(1,113)

(1,554)

5,619

(2,872)

 
Financial expenses

(294)

(266)

(4,216)

(3,865)

(4,420)

Financial income

35

32

780

5,019

6,114

Share in loss of joint venture

-

-

-

-

-

(Loss) profit before taxes

(1,490)

(1,348)

(4,990)

6,772

(1,178)

 
Income Taxes

893

809

402

(78)

(975)

Net (loss) profit for the period

(597)

(539)

(4,588)

6,695

(2,153)

Net (loss) profit attributable to:

-

The owners of the parent

(584)

(529)

(4,580)

6,722

(2,123)

Non-controlling interest

(11)

(10)

(8)

(27)

(29)

 
Earning per share attributable to owners of the parent
Basic

(0.01)

(0.01)

(0.08)

0.11

(0.04)

Diluted

(0.01)

(0.01)

(0.08)

0.11

(0.04)

 
Weighted average basic shares outstanding

59,067

59,067

59,064

59,067

59,064

Weighted average diluted shares outstanding

59,067

59,067

59,064

59,085

59,064

 

Consolidated statements of comprehensive income (Unaudited)

 
for the three months ended
December 31,		 for the twelve months ended
December 31,
In 000€

2023

2023

2022

2023

2022

U.S.$ € € € €
Net profit (loss) for the period

(597)

(539)

(4,588)

6,695

(2,153)

Other comprehensive income
Recycling
Exchange difference on translation of foreign operations

839

759

(2,943)

1,230

(1,427)

Non-recycling
Fair value adjustments through OCI - Equity instruments

(366)

(331)

(92)

(331)

(92)

Other comprehensive income (loss), net of taxes

473

428

(3,035)

899

(1,519)

Total comprehensive income (loss) for the year, net of taxes

(123)

(112)

(7,623)

7,594

(3,672)

Total comprehensive income (loss) attributable to:
The owners of the parent

(113)

(102)

(7,616)

7,619

(3,643)

Non-controlling interests

(11)

(10)

(7)

(25)

(29)

 

Consolidated statement of financial position (Unaudited)

 
As of
December 31,		 As of
December 31,
In 000€

2023

2022

Assets
Non-current assets
Goodwill

43,158

44,155

Intangible assets

31,464

37,875

Property, plant & equipment

95,400

94,276

Right-of-Use assets

8,102

8,420

Investments in joint ventures

-

-

Deferred tax assets

2,797

1,186

Investments in convertible loans

3,744

3,494

Investments in non-listed equity instruments

-

307

Other non-current assets

5,501

5,136

Total non-current assets

190,166

194,847

Current assets
Inventories

17,034

16,081

Trade receivables

52,698

51,043

Other current assets

9,161

8,424

Cash and cash equivalents

127,573

140,867

Total current assets

206,465

216,414

Total assets

396,630

411,262

 
As of
December 31,		 As of
December 31,
In 000€

2023

2022

Equity and liabilities
Equity
Share capital

4,487

4,487

Share premium

233,942

233,895

Retained earnings and other reserves

(1,782)

(9,427)

Equity attributable to the owners of the parent

236,647

228,955

Non-controlling interest

(53)

(28)

Total equity

236,594

228,928

Non-current liabilities
Loans & borrowings

33,582

55,873

Lease liabilities

5,333

5,147

Deferred tax liabilities

3,725

4,312

Deferred income

10,701

9,277

Other non-current liabilities

1,745

1,611

Total non-current liabilities

55,086

76,220

Current liabilities
Loans & borrowings

22,873

17,058

Lease liabilities

2,610

2,902

Trade payables

21,196

23,230

Tax payables

1,777

1,246

Deferred income

40,791

41,721

Other current liabilities

15,703

19,957

Total current liabilities

104,950

106,114

Total equity and liabilities

396,630

411,262

 

Consolidated statement of cash flows (Unaudited)

 

for the twelve months ended
December 31,

In 000€

2023

2022

Operating activities
Net (loss) profit for the period

6,695

(2,153)

Non-cash and operational adjustments
Depreciation of property plant & equipment

15,065

14,940

Amortization of intangible assets

6,504

7,628

Impairment of goodwill and intangible assets

4,228

-

Share-based payment expense

39

(140)

Loss (gain) on disposal of intangible assets and property, plant & equipment

(415)

347

Movement in provisions

(181)

1,781

Movement reserve for bad debt and slow moving inventory

499

(23)

Financial income

(5,033)

(6,114)

Financial expense

3,886

4,420

Impact of foreign currencies

(94)

(39)

(Deferred) income taxes

73

975

Working capital adjustments

(12,576)

1,023

Decrease (increase) in trade receivables and other receivables

(3,335)

(6,330)

Decrease (increase) in inventories and contracts in progress

(806)

(5,011)

Increase (decrease) in deferred revenue

525

10,252

Increase (decrease) in trade payables and other payables

(8,961)

2,112

Income tax paid & Interest received

1,469

(358)

Net cash flow from operating activities

20,157

22,288

 
for the twelve months ended
December 31,
In 000€

2023

2022

Investing activities
Purchase of property, plant & equipment

(9,235)

(21,608)

Purchase of intangible assets

(2,525)

(3,165)

Proceeds from the sale of property, plant & equipment & intangible assets (net)

723

205

Acquisition of subsidiary (net of cash)

-

(29,293)

Net cash flow used in investing activities

(11,037)

(53,861)

Financing activities
Repayment of loans & borrowings

(16,723)

(17,708)

Repayment of leases

(3,549)

(3,379)

Capital increase

-

23

Interest paid

(1,750)

(1,990)

Other financial income (expense)

(346)

544

Net cash flow from (used in) financing activities

(22,368)

(22,510)

Net increase/(decrease) of cash & cash equivalents

(13,248)

(54,082)

Cash & Cash equivalents at the beginning of the year

140,867

196,028

Exchange rate differences on cash & cash equivalents

(46)

(1,078)

Cash & cash equivalents at end of the period

127,573

140,867

 

Reconciliation of Net Profit (Loss) to EBIT and Adjusted EBIT (Unaudited)

 

for the three months ended
December 31,

for the twelve months ended
December 31,

In 000€

2023

2022

2023

2022

Net profit (loss) for the period

(539)

(4,588)

6,695

(2,153)

Income taxes

(809)

(402)

78

975

Financial expenses

266

4,216

3,865

4,420

Financial income

(32)

(780)

(5,019)

(6,114)

Share in loss of joint venture

-

-

-

-

EBIT

(1,113)

(1,554)

5,619

(2,872)

Share-based compensation expense (1)

39

(20)

39

(140)

Revaluation of fair value due to business combinations

-

-

-

-

Impairments (2)

4,228

-

4,228

-

Acquisition-related expenses of business combinations

-

-

-

-

Adjusted EBIT

3,154

(1,574)

9,886

(3,013)

(1)

Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.

(2)

Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).
 

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)

 
for the three months ended
December 31,		 for the twelve months ended
December 31,
In 000€

2023

2022

2023

2022

Net profit (loss) for the period

(539)

(4,588)

6,695

(2,153)

Income taxes

(809)

(402)

78

975

Financial expenses

266

4,216

3,865

4,420

Financial income

(32)

(780)

(5,019)

(6,114)

Depreciation and amortization

5,320

5,832

21,511

22,026

Share in loss of joint venture

-

-

-

-

EBITDA

4,207

4,278

27,130

19,154

Share-based compensation expense (1)

39

(20)

39

(140)

Revaluation of fair value due to business combinations

-

-

-

-

Impairments (2)

4,228

-

4,228

-

Acquisition-related expenses of business combinations

-

-

-

-

Adjusted EBITDA

8,474

4,258

31,397

19,014

(1)

Share-based compensation expense represents the cost of equity-settled and share-based payments to employees.

(2)

Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).
 

Segment P&L (Unaudited)

 

 

In 000€

Materialise
Software		 Materialise
Medical		 Materialise
Manufacturing		 Total
segments		 Unallocated (1) Consolidated
For the three months ended December 31, 2023
Revenues

11,250

27,848

26,198

65,295

0

65,295

Segment (adj) EBITDA

1,259

9,365

557

11,181

(2,708)

8,474

Segment (adj) EBITDA %

11.2%

33.6%

2.1%

17.1%

13.0%

For the three months ended December 31, 2022
Revenues

11,699

24,254

26,750

62,703

0

62,703

Segment (adj) EBITDA

(1,441)

6,355

1,506

6,421

(2,163)

4,258

Segment (adj) EBITDA %

-12.3%

26.2%

5.6%

10.2%

6.8%

 
In 000€ Materialise
Software		 Materialise
Medical		 Materialise
Manufacturing		 Total
segments		 Unallocated (1) Consolidated
For the twelve months ended December 31, 2023
Revenues

44,442

101,376

110,310

256,127

0

256,127

Segment (adj) EBITDA

7,450

26,544

7,537

41,530

(10,133)

31,397

Segment (adj) EBITDA %

16.8%

26.2%

6.8%

16.2%

12.3%

For the twelve months ended December 31, 2022
Revenues

43,688

84,846

103,489

232,023

0

232,023

Segment (adj) EBITDA

1,514

18,822

8,229

28,565

(9,551)

19,014

Segment (adj) EBITDA %

3.5%

22.2%

8.0%

12.3%

8.2%

(1)

Unallocated segment adjusted EBITDA consists of corporate research and development and corporate other operating income (expense), and the added share-based compensation expenses, acquisition related expenses of business combinations, impairments and fair value of business combinations that are included in Adjusted EBITDA.
 

Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)

 
for the three months ended
December 31,		 for the twelve months ended
December 31,
In 000€

2023

2022

2023

2022

Net profit (loss) for the period

(539)

(4,588)

6,695

(2,153)

Income taxes

(809)

(402)

78

975

Financial cost

266

4,216

3,865

4,420

Financial income

(32)

(780)

(5,019)

(6,114)

Operating (loss) profit

(1,113)

(1,554)

5,619

(2,872)

Depreciation and amortization

5,320

5,832

21,511

22,026

Corporate research and development

721

594

2,785

2,600

Corporate headquarter costs

2,869

2,349

10,464

9,504

Other operating income (expense)

(844)

(800)

(3,077)

(2,693)

Impairments (1)

4,228

-

4,228

-

Segment adjusted EBITDA

11,181

6,421

41,530

28,565

(1)

Impairments represent the impairment of goodwill and intangible assets of Materialise Motion (3,572 kEUR) and the impairment of tangible and intangible assets of Engimplan (656 kEUR).

 


Contact:

Investor Relations
Harriet Fried
LHA
212.838.3777
hfried@lhai.com