Materialise NV

Hello, and thank you for standing by. Welcome to Materialize Fourth Quarter 2025 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 the question during the session, you will need to press Start11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press Start11 again. I would now like to hand the conference over to Harriet Free of Alliance Advisors. You may begin.

Thank you for joining us today for Materialize's quarterly conference call. With us on the call are Brigitte DeVette, Chief Executive Officer, and Kun Belgias, 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 fourth quarter of 2025 as well as the year 2025 as a whole. 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 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 conference 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 Devent. Brigitte, can you go ahead, please?

Good morning and good afternoon. Thank you for joining us today. We're very pleased to present our fourth quarter and full year 2025 results to you today. You can find the agenda for our call on slide three. First, I will summarize the business highlights for the fourth quarter of 2025. Then I will pass the floor to Kun, who will take you through the fourth quarter financials. And finally, I will come back and explain what we expect 2026 to bring. When we've completed our prepared remarks, we'll be happy to respond to questions. On November 20th, 2025, we rang the opening bell at Euronext Brussels. With this step, we complement our existing listing on NASDAQ with an additional European listing. The dual listing provides us with access to broader investor audience in Europe and increases the company's operational flexibility, including the option to initiate ADS and or share buyback programs. Our NASDAQ listing remains integral to our global strategy. As a reminder, no shares were offered and no capital was raised in connection with the listing of shares on Euronext Brussels. We will trade under the same ticker symbol, MTLS, as on Nasdaq. We have also announced the share buyback program of up to €30 million. This program has started from January 26, 2026. And to date, we have acquired a total of 187,500 shares for a total amount just below $1 million. Looking at other business highlights of the fourth quarter. In medical, as you know, our aim is to bring personalized solutions to as many patients as possible. In the fourth quarter, we surpassed the historical milestone of 700,000 patients treated with materialized personalized solutions. More than 70,000 patients have been treated in 2025 alone. This represents a significant milestone in our journey towards mass personalization. we released a new version of Mimix Flow, our Mimix platform that is a workhorse software solution for companies that want to develop their own personalized solutions. With this new release, users benefit from enhanced functionality, a new licensing system, and a new pricing structure. Let me briefly elaborate on all three. First, As far as functionality is concerned, the users will now be able to fast-track their work for high-volume applications thanks to additional AI algorithms on the platform. They will also benefit from improvements that will make 3D planning easier and that will make case discussions with colleagues efficient in one unified platform. The new licensing system gives the users more control and will reduce licensing overhead thanks to the new end-user portal, where users can easily re-host, activate, and deactivate licenses as needed and get uninterrupted access with little administrative burden. Third, this mimics release enables true subscription pricing models, more closely aligning our success with that of our customers. we will gradually introduce the new models in specific markets and applications. We're convinced that the new functionality, the future-proof licensing model, and the new pricing models will enable our customers to achieve our common goal, giving more patients access to personalized approaches. In software, we have taken the next step in our open and secure software strategy, introducing three tailored CoEM solutions and new enabling technologies to address the industry's growing need for workflow automation and interoperability. As you know, we have been investing in additional software capabilities beyond preprint to cover the end-to-end additive manufacturing workflows of our customers. The three new CoEM offerings will address specific market segments, CoEM Professional will deliver workflow automation and built-in traceability for high-mix, low-volume additive manufacturing. CoEM NPI accelerates new product introductions and qualifications for series additive manufacturing parts. CoEM Enterprise combines CoEM Professional's expert AM preparation with full production execution and order management, also called manufacturing execution systems. delivering end-to-end workflow management for advanced users. As discussed in our Q3 earnings call, we also introduced CoEM Bricks at Formnext. CoEM Bricks is a new low-code node-based automation technology integrating over a thousand proven algorithms from materialized SDK suites and providing the possibility to incorporate external tools and libraries. Brics is part of the CoEM platform and puts our extensive software expertise in the hands of every user. It makes it easy to automate complex recurring processes and eliminate repetitive manual work without requiring advanced programming skills. By combining real-time visualization with powerful automation, even non-programmers can easily build custom workflows, instantly see the impact of the design and production decisions, and act on them immediately. The result is higher productivity, faster response times, and ultimately broader adoption of AM technologies. We've seen the impact of GoAM Bricks firsthand in our own production of fixed insoles, our custom 3D printed orthotics. In producing these insoles, CoEM Bricks enabled us to automate almost the entire process from order to print. Nesting time dropped from 45 minutes to just one minute. Build processing became 20 times faster. Total build time fell by 15% and error rates fell from 10% to under 0.1%. CoEM Bricks was referred to by Joris Pils, the 3dprint.com editor, as his favorite thing at Formnext 2025. Turning to manufacturing, we continue to face headwinds in Q4. At the same time, we made progress in expanding our position in high-growth certified industries. We merged our two online platforms, iMaterialize and Materialize Onsite, and consolidated both into a single streamlined platform. This step reflects our strategic focus on the professional 3D printing market. iMaterialize has been an important part of our history, helping to democratize 3D printing and empower designers, makers, and small businesses. But as the market evolves, consolidating under materialized onsite is a natural next step to focus on our core segments and to align with the needs of professionals and industries driving additive manufacturing forward. We have also made progress in key strategic verticals, such as aerospace and defense. Today, I want to highlight two key projects we have been awarded in the fourth quarter. First, Materialife has been invited to join the SONRISA project as a key enabler of this funded aviation initiative led by Liebherr Aerospace. The project aims to make quality assurance with metal 3D printed aircraft parts more reliable, repeatable, and easier to certify. The consortium brings together leading aerospace and technology players, including Boeing, alongside industrial and research partners. Materialise's role is to develop data-driven quality assessment concepts that merge production and inspection data, such as images, temperature data, and CT scans, to support automated acceptance decisions, as well as virtual testing tools that help assess manufacturability early in the design phase. The Defense and Space Division of Airbus awarded us the production of the environmental control systems for the Eurodrone project. The Eurodrone is the first remotely piloted aircraft system natively designed for safe and reliable flight in non-segregated airspace, giving Europe its own sovereign capability in this field. Production of the first aircrafts will be in 2027, with a go-live of the parts requested from materialized end of 2026. This order represents a significant step forward for us in this key vertical. I will now hand over to Koen for an overview of the financial results.