Materialise NV

Good day and welcome to the Q3 2025 Materialized Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker 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 your hand is raised. To withdraw your question, press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Harriet Freed, with Alliance Advisors. Please go ahead.

Thank you, everyone, for joining us today for Materialize's quarterly conference call. With us on the call are Brigitte DeVette, Chief Executive Officer, and Kun 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 third quarter of 2025. To access the slides, if you have not done so already, 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 begin, 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 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 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 concerned in the earnings release and at the end of the slide presentation. With that introduction, I'd like to turn the call over to Brigitte Devet. Go ahead, please, Brigitte.

Good morning and good afternoon, and thank you all for joining us today. You can find the agenda for our call on slide three. First, I will summarize the business highlights for the third quarter of 2025. Then I will pass the floor to Koen, who will take you through the third quarter financials. 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. Moving to slide four for the highlights of the third quarter 2025. While our overall revenue remained under pressure, I am very pleased with the continued strong growth of our medical unit, where we achieved double-digit growth again on the back of an exceptionally strong third quarter last year. Today, I would like to highlight the progress that we're making in the cardiac segment, one of our newer markets. In 2025, we acquired Pheops, a company specializing in AI-driven simulation technology for structural heart intervention. Pheops' predictive simulation technology complemented our MIMICS planner, adding advanced simulations to its anatomical measurements. We have now taken two important steps in this market. First, we recently released the next version of EOPS's Heart Guide for transcatheter aortic valve replacements, adding important features to the planner. In addition to giving physicians insights into the right size and position of the device in the aortic root, this release helps them to manage the lifetime of the patient. Specifically, this new release includes a predictive simulation of the potential ways to treat the patient should he or she come back for re-intervention a couple of years down the line. Secondly, we generated additional clinical evidence to underline the benefits of our cardiac planners. As an example, in a prospective study with 126 patients, a leading cardiac center demonstrated time savings of up to 91% for patients undergoing transcatheter aortic valve replacement. This important time saving came with high accuracy compared to standard planning tools. Also, the fact that the cardiac planner is a cloud-based system that can be accessed from anywhere by the heart team, which typically consists of several specialties, facilitated the discussions in the preparation of the intervention. This evidence shows that our AI-enabled automatic case planning could play a role in generating efficiencies in this type of procedures, thus potentially enabling the treatment of more patients with a personalized approach in the future. The improved features of our planners and the additional evidence will strengthen our position in this market and provide a great foundation to treat more patients in the cardiac space. I would also like to highlight the progress we made in our existing markets. As an example, we released a new version of our Mimics & Light CMF Planner. You might remember that this software was one of the finalists for the TCT award in the healthcare category earlier this year. In this new version, customers can now benefit from a range of AI algorithms that enable them to plan cases faster and more efficiently. And this is particularly important, for example, for trauma cases. Trauma patients come to the hospital after accidents, sometimes with complicated fractures and multiple fragments of the jaw that the surgeon needs to puzzle together. The trauma planner of Mimics and Lights CMS now gives the surgeons the ability to efficiently plan the procedures and piece those fragments together. This planning also helps to gain time during the procedures, because the surgeon knows how to treat the patient. In addition, the surgeon knows what type of device to use in the procedure. And in a world where more and more devices come in a sterile package, it saves a lot of cost if you only open what you need, rather than trying multiple products and then having to re-sterilize and repackage, or in some cases throw away what you don't need. So in summary, this new release of Mimix and LightCMF enables us to target the trauma segment, which is a significant part of the market, and first feedback from customers is encouraging. Turning now to our materialized software segment. We continue to make progress to establish CoEM as the ecosystem for all AM operations. In the last 12 months, we launched our Magix SDKs and the next generation of our build processors. As a reminder, Our Magix SDKs allow users to create custom pre-print workflows by tapping into more than 800 algorithms built over 35 years. These SDKs enable customers to scale AM operations efficiently and print complex, high-performance geometries while avoiding failed builds and improving part quality. All of this while protecting the intellectual property behind component designs. Similarly, the advanced algorithms of the next-generation-based build processors significantly improve build time and quality thanks to, for example, its advanced strategies for multilasers, and they enable a variety of coloration models, including the possibility for customers to build their own build processors thanks to the availability of our SDKs. We are now going a step further by launching a low-code enabling technology on CoEM making these SDKs more accessible for customers without a deep engineering background. This facilitates new product introduction of our customers and enable easy workflow automation for large-scale applications. The new capabilities therefore have the potential to drive efficiencies and optimize the cost of additive parts. We are currently preparing for next month's form next, where you will hear more about this and our other capabilities on the CoEM ecosystem. Finally, in our materialized manufacturing segment, we continue to execute on our strategy while facing continued headwinds in some market segments, including the automotive sector. Specifically, at ACTEC, we continue to invest in the huge and heavy segment, by adding machines able to produce gigacastings and other large and complex parts, often at a significant weight. As a reminder, in the third quarter of 2024, we celebrated the opening of our second ACTEC plant and shipped first parts in the fourth quarter of 2024. In segments beyond automotive, such as aquaculture, mining, maritime or energy, Parts are typically not only larger and heavier, but also more complex. For example, to achieve better thermodynamic cycles in the large engines with maximum fuel efficiency. The combination of high precision sand printing, casting, and complex post-treatment that we can now offer at ACTEC is ideal for these parts. Also, the machines installed in 2025 enable the automation required to produce these complex parts, not only for prototypes, but also in small series. I would also like to highlight the progress we are making in the defense sector, where in light of the current geopolitical landscape and the breakdown of traditional global alliances, spending is increasing, in particular in Europe, in order to strengthen resilience and autonomy of the various regions. After the announcement of our broad engagement in the sector, we attended DSEI, one of the world's largest defense and security trade exhibitions, and attended a series of other events, engaging with major primes and showcasing our capabilities. Additive manufacturing addresses the defense industry's challenges as additive manufacturing enables rapid, flexible, and sustainable production of mission-critical components reduces logistical constraints, fosters innovation, and strengthens strategic autonomy in a complex and evolving security environment. The positive interactions with stakeholders in the industry confirmed that our additive production capabilities in Europe and our software capabilities globally are valuable assets to address the current challenges of the defense industry. I will now turn over to Koen, who will present the financial results.