Materialise NV

Good day and thank you for standing by. Welcome to the Q1 2023 Materialize NV Financial Results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. And please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Harriet Freed of LHA. Please go ahead.

Thank you everyone for joining us today for Materialize's quarterly conference call. With us on the call are Freed Van Kraan, Founder and Chief Executive Officer of Materialize, Peter Leys, Executive Chairman, and Johan Albrecht, Chief Financial Officer. Today's call and webcast are being accompanied by a slide presentation that reviews Materialize's strategic, financial, and operational performance for the first quarter of 2023. To access the slides, if you haven't already done so, please go to the investor relations section of the company's website at www.materialize.com. The earnings release that was issued earlier today can also be found on that page. Before we get started, I'd like to remind you that management may make forward-looking statements regarding the company's plans, expectations and growth prospects, among other things. These forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ materially from the expectations expressed, including competitive dynamics and industry change. Any forward-looking statements, including those related to the company's future results and activities, represent management's estimates as of today and should not be relied upon as representing their estimates as of any subsequent date. Management disclaims any duty to update or revise any forward-looking statements to reflect future events or changes in expectations. A more detailed description of the risks and uncertainties and other factors that could impact the company's future business or financial results can be found in the company's most recent annual report on Form 20F filed with the SEC. Finally, management will discuss certain non-IFRS measures on today's call. A reconciliation table is contained in the earnings release and also at the end of the slide presentation. With that introduction, I'd like to turn the call over to Peter Leys. Go ahead, please, Peter.

Thank you, Harriet. And thank you everyone for joining us today. You can find, as always, the agenda for our call on slide three. As a first item on our agenda, I will summarize the highlights of our financial results for the first quarter of this year. And then I will pass the floor to Frit, who will give you some more context about how continuous innovation in value-adding applications is creating robust growth. After that, Johan will walk you through our first quarter numbers in more detail. Subsequently, I will come back to give you some brief observations about our current view on what the near-term future will bring. When we've completed our prepared remarks, we'll be happy as always to respond to questions. And finally, after the Q&A session, Johan and Sleet will briefly discuss the CFO change that we have announced earlier today. So, let's turn to slide number four, which summarizes the highlights of our financial results. Materialise performed extremely well in the first quarter of this year. Total revenues increased more than 24% to almost €66 million, boosted by a 33% revenue growth at Materialise Medical, and a 25% revenue increase at materialized manufacturing. Materialized software also contributed to our consolidated top-line growth with a solid revenue uptake of more than 8%. Mainly because of scaling effects, but also because of the disciplined management of the impact of inflation, and because of certain cost containment measures, our adjusted EBITDA increased by almost 90% to €10.3 million. While our R&D efforts during the quarter grew by 15% compared to last year's first quarter, the temporary slowdown of certain projects during the period also contributed to the exceptional adjusted EBITDA growth. And with this introduction, I would now like to pass the floor to Frits. Thank you, Peter.