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Segment information

12 Months Ended

Dec. 31, 2025

21Segment information

For management purposes, the Group is organized into segments based on their products, services and industry and has the following three reportable segments:

●

The Materialise Medical segment, which develops and delivers medical software solutions, medical devices and other related products and services;

●

The Materialise Software segment, which develops and delivers additive manufacturing software solutions and related services;

●

The Materialise Manufacturing segment, which delivers 3D printed products and related services.

The measurement principles used by the Group in preparing this segment reporting are also the basis for segment performance assessment and are in conformity with IFRS. The Chief Executive Officer of the Group acts as the chief operating decision maker. As a performance indicator, the chief operating decision maker controls the performance by the Group’s revenue, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin, Segment Adjusted EBIT and Segment Adjusted EBIT margin.

The following table summarizes the segment reporting for each of the reportable periods ending December 31. Corporate research and development, headquarters’ functions, financing and income taxes are managed on a Group basis and are not allocated to operating segments. As management’s controlling instrument is mainly revenue-based, the reporting information does not include assets and liabilities by segment and is as such not available per segment.


		Materialise		Materialise		Materialise		Total
in 000€		Medical		Software		Manufacturing		segments
For the year ended December 31, 2025
Revenues		134,239		40,907		92,486		267,633
Segment Adjusted EBITDA		42,983		5,469		(4,236)		44,217
Segment Adjusted EBITDA %		32.0	%	13.4	%	-4.6	%	16.5	%
Segment Adjusted EBIT		36,635		2,487		(15,980)		23,143
Segment Adjusted EBIT %		27.3	%	6.1	%	-17.3	%	8.6	%
For the year ended December 31, 2024
Revenues		116,358		43,899		106,508		266,765
Segment Adjusted EBITDA		35,562		5,562		1,660		42,784
Segment Adjusted EBITDA %		30.6	%	12.7	%	1.6	%	16.0	%
Segment Adjusted EBIT		29,202		2,141		(9,565)		21,778
Segment Adjusted EBIT %		25.1	%	4.9	%	-9.0	%	8.2	%
For the year ended December 31, 2023
Revenues		101,376		44,442		110,310		256,127
Segment Adjusted EBITDA		26,544		7,450		7,537		41,530
Segment Adjusted EBITDA %		26.2	%	16.8	%	6.8	%	16.2	%
Segment Adjusted EBIT		20,807		3,992		(3,986)		20,813
Segment Adjusted EBIT %		20.5	%	9.0	%	-3.6	%	8.1	%

The segment Adjusted EBITDA and segment Adjusted EBIT are reconciled with the consolidated net profit (loss) for the year as follows:


		For the year ended December 31,
in 000€		2025		2024		2023
Net profit (loss) for the year		7,716		13,406		6,695
Income taxes		(429)		733		78
Financial income		(3,968)		(7,677)		(5,019)
Financial expenses		5,616		2,969		3,865
Operating (loss)/ profit		8,936		9,432		5,619
Impairments		—		—		4,228
Other operating income (expense)		(2,901)		(2,350)		(3,077)
Corporate headquarter costs		12,048		10,254		10,464
Corporate research and development		3,949		3,681		2,785
Depreciation and amortization		21,785		21,742		21,511
Segment acquisition-related expenses⁽¹⁾		—		24		—
Segment restructuring and reorganizations⁽²⁾		400		—		—
Segment Adjusted EBITDA		44,217		42,784		41,530
Segment depreciation and amortization⁽³⁾		(21,074)		(21,006)		(20,717)
Segment Adjusted EBIT		23,143		21,778		20,813

(1)	Segment acquisition-related expenses incurred in connection with the acquisition of FEops. See “Reconciliation of NET Profit to Adjusted EBITDA (unaudited) on a Consolidated Basis” above.

(2)

Costs related to restructuring activities and organizational changes within the reported business segments, including personnel‑related and other associated expenses. For 2025 these costs relate to personnel-related restructuring costs within our Materialse Manufacturing and Materialise Software segments.

(3)	Segment depreciation and amortization excludes depreciation and amortization that is not allocated to operating segments.

The Group has 1 individual customer that represents sales larger than 10% of the total revenue in 2025 (2024: 1; 2023: 1). The total amount of revenues from this customer for the year 2025 was K€ 60,735 (2024: K€ 50,500; 2023: K€ 39,868), and these revenues are reported within the Medical segment.

21.1 Entity-wide disclosures.

The revenue by geographical area is as follows:


	As of December 31,
in 000€	2025	2024	2023
United States of America	110,886	108,584	90,350
Americas other than USA	6,245	6,516	7,049
Belgium	6,157	6,564	8,265
Germany	30,885	34,963	33,172
France	17,195	17,355	19,053
Switzerland	20,454	19,710	20,780
United Kingdom	14,981	15,634	15,153
Italy	8,153	8,387	11,412
Netherlands	7,459	7,924	7,977
Other Europe	25,886	23,051	22,928
Asia Pacific	19,332	18,077	19,988
Total	267,633	266,765	256,127

The total revenue realized in the country of domicile (Belgium) in 2025 amounts to K€6,157 (2024: K€6,564; 2023: K€8,265).

The total non-current assets, other than financial instruments, post-employment benefits, and deferred tax assets, by geographical area are as follows:


	As of December 31,
in 000€	2025	2024	2023
United States of America (USA)	11,821	13,416	12,329
Americas other than USA	2,774	2,687	3,023
Belgium	76,171	82,414	85,150
Germany	81,181	78,228	61,520
Poland	12,368	12,064	12,000
Rest of Europe	7,166	7,829	8,024
Asia-Pacific	1,389	1,668	1,578
Total	192,870	198,306	183,625

The totals of the above table include goodwill, intangible assets, property, plant & equipment, right-of-use assets and other non current assets as disclosed in the consolidated statements of financial position.