Materialise NV

Good day and thank you for standing by. Welcome to the first quarter 2025 materialized 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 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, Please press star 11 again. 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 Alliance Advisors. Please go ahead.

Thank you for joining us today for Materialize's quarterly conference call. With us on the call are Brigitte DeVette, Chief Executive Officer, and Kuhn Berges, 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 2025. 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 press release 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 certainties 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 day. 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 may impact the company's future business or financial results can be found in the company's most recent annual report on Form 20-F, 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 at the end of the slide presentation. And with that, I'd like to turn the call over to Brigitte Devette. Brigitte, please go ahead.

Good morning and good afternoon, and thank you, everyone, for joining us today. You can find the agenda for our call on slide three. First, I will summarize the business highlights for the first quarter of 2025. I will then pass the floor to Kuhn, who will take you through the first quarter of financials in more detail. And finally, I will come back and explain what we expect for the remaining months of 2025. When we've completed our prepared remarks, we'll be happy to respond to questions. I'm moving to slide four for the highlights of the first quarter of 2025. To start with, we recently published our 2024 Sustainability Report, sharing our goals, actions, and progress on our sustainability strategy. Since the start of Materialise, our key focus has been to make a real difference through additive technology, and sustainability has always been part of this mission. As we shared in the report, we set ourselves the target to cut absolute emissions by 55% by 2029 compared to the 2019 baseline. And in 2024, we reduced our emissions already by 32%, which represents a 3% reduction on the 2023 emissions. The most significant change from the previous year was a reduction of almost 700 tons of CO2 in raw materials, reflecting improved efficiency and our constant improvements in our operational processes. And this is a perfect example to show that profit and planet go hand in hand. Now, our key focus in the recent years has been to scale additive manufacturing, making additive easier, faster, and more reliable, while enabling more applications of additive. In the first quarter, we've made meaningful progress on this journey, and I'm very proud that in the current challenging market environment, we managed to grow our revenue in this period by more than 4%. In our medical business, we continue to see strong uptake of our personalized solutions, driven by adoption in various anatomical areas across orthopedics, CMF, cardiac, and respiratory. The strong growth in the first quarter, which comes on top of an already strong quarter last year, is evidence of this. To boost the adoption of personalized devices even further, we are continuously improving our segmentation, planning, and design software to make it faster and more user-friendly. In our last earnings call, we discussed the launch of our cloud-based Mimix platform called Mimix Flow, which makes it easier and faster to segment and plan cases thanks to the access to AI-based algorithms and which enables effortless collaboration among clinicians and engineers through real-time file sharing. eliminating the need to upload or download files. In the first quarter, our customers reported significant efficiency gains with this product and confirmed that they value the access to a single integrated platform. Now, in addition to Mimix Flow, we've previously introduced specialized solutions for segmentation and planning workflows in specific applications, such as CMF or Structural Heart, all under the Mimix and Light brand, This tool helps surgeons reduce planning time. Autognathic cases, for example, can be completed in under 25 minutes thanks to its intuitive workflows. In the first quarter of this year, Mimix and Light CMF was shortlisted as a finalist for the TCT awards in the healthcare application category. And that is a testament to the value of this product line. Now, while we continuously make progress on our software offerings, We also continue to expand our portfolio of personalized instrumentation and implants. In the first quarter, we announced the launch of a clinical trial led by the University of Michigan focused on a 3D printed tracheal splint for infants with tracheobranchomalacia called TBM. TBM is a rare and potentially fatal condition where the airway collapses. And while most children outgrow the condition by age three, they often depend on ventilators in the meantime. This bioresorbable splint allows babies to grow up at home until the disease is resolved and the implant dissolves. The trial will enroll 35 infants across multiple children's hospitals with the goal of making this life-changing personalized device widely accessible and opening the door to a new market for materialized. Now in our software division, Our goal is to help customers scale additive manufacturing with advanced software solutions. Broader adoption of additive manufacturing depends on overcoming current barriers and reducing the cost of parts. At the recent Rapid TCT conference in Detroit, we announced two new products that addressed these challenges. The first was the 2025 release of Magix, our flagship software for data and build preparation. The user will now benefit from performance and functionality enhancements as well as simplified licensing and automatic updates. As an example, the new release introduces seamless processing of NTOP implicit geometries, a file format that can characterize very complex high-performance geometries at a fraction of traditional file formats. By pairing this capability with Materialise's next-generation build processors, users can design and print parts that were previously too complex for 3D printing. For example, DMG Mori, a leader in precision machining, used the new integration of Magix and NTOP to process a high-performance geometry file in seconds compared to days previously. In a second announcement, we introduced two next-generation build processors, developed through partnerships with Aplas and OneClick Metal. Materialize's next-gen build processor is a configurable software that translates 3D design files into 3D printable instructions, optimizing and managing the 3D printing process from start to finish. The combination of Wraplas' SLA 3D printing technology with Materialize's build processor has already demonstrated remarkable results, including a 30 to 40% increase in printing speed. At the same time, the build processor integration with one-click metal supports the rapid growth of the mid-market 3D printing sector. These new capabilities complement our Magix SDK offerings, which we launched at the end of 2024. By giving users access to our algorithm base, which we've built over 35 years, we allow them to create custom workflows for their unique manufacturing requirements. With these solutions in the market, we help customers overcome the barriers to adoption of AM, and we are confident in the growth that this will bring for materialized. In our manufacturing division, macroeconomic circumstances remained difficult in the first quarter. Nevertheless, I'm proud to say that we again made progress in our key segments, and in particular in our aerospace segment, where sales grew by 23% versus the first quarter of 2024, and we were able to renew longer-term contracts with key customers. In light of the current geopolitical landscape and the breakdown of traditional global alliances, we are also reassessing Materialise's involvement in the defence sector to extend our offering into this segment. We anticipate that a broader engagement in the defence sector will strengthen our position in the aerospace segment and create new opportunities in the future. I will now turn over to Koen, who will present the financial results.