Loans & borrowings                             23,880         33,582 
      Lease liabilities                               5,403          5,333 
      Deferred tax liabilities                        3,324          3,725 
      Deferred income                                 6,528         10,701 
      Other non-current liabilities                     697          1,745 
      Total non-current liabilities                  39,832         55,086 
Current liabilities 
      Loans & borrowings                             21,294         22,873 
      Lease liabilities                               2,460          2,610 
      Trade payables                                 21,225         21,196 
      Tax payables                                    2,924          1,777 
      Deferred income                                40,878         40,791 
      Other current liabilities                      19,056         15,703 
      Total current liabilities                     107,837        104,950 
Total equity and liabilities                        394,658        396,630 
 
 
 
Consolidated statement of cash flows 
 (Unaudited) 
                                                for the nine months ended 
                                                      September 30, 
                                               --------------------------- 
In 000EUR                                          2024           2023 
                                               -------------  ------------ 
Operating activities 
Net (loss) profit for the period                      10,500         7,234 
Non-cash and operational adjustments                  16,964        15,136 
      Depreciation of property plant & 
       equipment                                      11,370        11,162 
      Amortization of intangible assets                4,838         5,046 
      Share-based payment expense                        213             - 
      Loss (gain) on disposal of intangible 
       assets and property, plant & 
       equipment                                       (114)         (401) 
      Movement in provisions                             311         (434) 
      Movement reserve for bad debt and slow 
       moving inventory                                  202           445 
      Financial income                               (5,492)       (4,811) 
      Financial expense                                4,066         3,389 
      Impact of foreign currencies                      (15)         (152) 
      (Deferred) income taxes                          1,584           892 
Working capital adjustments                          (3,860)       (3,601) 
      Decrease (increase) in trade 
       receivables and other receivables               1,666         8,965 
      Decrease (increase) in inventories and 
       contracts in progress                           (672)         (751) 
      Increase (decrease) in deferred revenue        (4,284)       (4,532) 
      Increase (decrease) in trade payables 
       and other payables                              $(569.SI)$       (7,283) 
Income tax paid & Interest received                    1,635         1,194 
Net cash flow from operating activities               25,239        19,963 
 
 
 
                                                for the nine months ended 
                                                      September 30, 
                                               --------------------------- 
In 000EUR                                          2024           2023 
                                               -------------  ------------ 
Investing activities 
   Purchase of property, plant & equipment          (17,305)       (6,862) 
   Purchase of intangible assets                     (1,312)       (2,448) 
   Proceeds from the sale of property, plant 
    & equipment & intangible assets (net)                232           645 
   Acquisition of subsidiary (net of cash)           (2,670)             - 
Net cash flow used in investing activities          (21,055)       (8,665) 
Financing activities 
   Repayment of loans & borrowings                  (11,470)      (14,334) 
   Repayment of leases                               (2,314)       (2,640) 
   Capital increase                                        -             - 
   Interest paid                                     (1,052)       (1,334) 
   Other financial income (expense)                    (240)          (25) 
Net cash flow from (used in) financing 
 activities                                         (15,077)      (18,334) 
Net increase/(decrease) of cash & cash 
 equivalents                                        (10,892)       (7,037) 
   Cash & Cash equivalents at the beginning 
    of the year                                      127,573       140,867 
   Exchange rate differences on cash & cash 
    equivalents                                        (517)           123 
Cash & cash equivalents at end of the period         116,163       133,953 
 
 
 
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA 
(Unaudited) 
 
                       for the three months     for the nine months 
                        ended September 30,     ended September 30, 
                       ---------------------  ------------------------ 
In 000EUR                 2024       2023        2024         2023 
                       ----------  ---------  ----------  ------------ 
Net profit (loss) for 
 the period                 3,038      4,013      10,500         7,234 
      Income taxes            138      (363)       1,607           886 
      Financial 
       expenses             1,843      1,554       4,082         3,599 
      Financial 
       income               (706)    (2,873)     (5,489)       (4,987) 
      Depreciation 
       and 
       amortization         5,487      5,527      16,241        16,191 
EBITDA                      9,800      7,857      26,941        22,923 
Share-based 
 compensation expense 
 (1)                           71          -         213             - 
Acquisition-related 
 expenses of business 
 combinations (2)              24          -          24             - 
Adjusted EBITDA             9,895      7,857      27,178        22,923 
 
(1) Share-based compensation expense represents the cost of 
equity-settled and share-based payments to employees. 
(2) Acquisition-related expenses of business combinations represent 
expenses incurred in connection with the acquisition of Feops. 
 
 
Reconciliation of Net Profit (Loss) to EBIT and Adjusted EBIT 
(Unaudited) 
 
                       for the three months     for the nine months 
                        ended September 30,     ended September 30, 
                       ---------------------  ------------------------ 
In 000EUR                 2024       2023        2024         2023 
                       ----------  ---------  ----------  ------------ 
Net profit (loss) for 
 the period                 3,038      4,013      10,500         7,234 
      Income taxes            138      (363)       1,607           886 
      Financial 
       expenses             1,843      1,554       4,082         3,599 
      Financial 
       income               (706)    (2,873)     (5,489)       (4,987) 
EBIT                        4,313      2,330      10,700         6,732 
Share-based 
 compensation expense 
 (1)                           71          -         213             - 
Acquisition-related 
 expenses of business 
 combinations (2)              24          -          24             - 
Adjusted EBIT               4,408      2,330      10,937         6,732 
 
(1) Share-based compensation expense represents the cost of 
equity-settled and share-based payments to employees. 
(2) Acquisition-related expenses of business combinations represent 
expenses incurred in connection with the acquisition of Feops. 
 
 
 
Segment P&L 
 (Unaudited) 
 
               Materialise  Materialise   Materialise    Total    Unallocated 
In 000EUR        Medical      Software   Manufacturing  segments      (1)      Consolidated 
               -----------  -----------  -------------  --------  -----------  ------------ 
For the three 
 months ended 
 September 
 30, 2024 
Revenues            30,197       11,111         27,344    68,652          (0)        68,652 
Segment (adj) 
 EBITDA              9,895        1,975            701    12,572      (2,677)         9,895 
Segment (adj) 
 EBITDA %            32.8%        17.8%           2.6%     18.3%                      14.4% 
For the three 
 months ended 
 September 
 30, 2023 
Revenues            24,263       10,811         25,056    60,130            0        60,130 
Segment (adj) 
 EBITDA              7,143        1,781          1,074     9,998      (2,141)         7,857 
Segment (adj) 
 EBITDA %            29.4%        16.5%           4.3%     16.6%                      13.1% 
 
 
               Materialise  Materialise   Materialise    Total    Unallocated 
In 000EUR        Medical      Software   Manufacturing  segments      (1)      Consolidated 
               -----------  -----------  -------------  --------  -----------  ------------ 
For the nine 
 months ended 
 September 
 30, 2024 
Revenues            84,522       32,775         83,789   201,085            0       201,085 
Segment (adj) 
 EBITDA             26,015        4,439          4,648    35,103      (7,925)        27,178 
Segment (adj) 
 EBITDA %            30.8%        13.5%           5.5%     17.5%                      13.5% 
For the nine 
 months ended 
 September 
 30, 2023 
Revenues            73,528       33,192         84,112   190,832            0       190,833 
Segment (adj) 
 EBITDA             17,179        6,190          6,980    30,349      (7,426)        22,923 
Segment (adj) 
 EBITDA %            23.4%        18.7%           8.3%     15.9%                      12.0% 
 
(1) Unallocated segment adjusted EBITDA consists of corporate research and development and 
corporate other operating income (expense), and the added share-based compensation 

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October 24, 2024 06:30 ET (10:30 GMT)