Materialise Q2 2026: Aerospace and Defense Drive Manufacturing Rebound

Materialise Returns to Growth

Materialise (Nasdaq: MTLS) grew revenue and profit in the second quarter of 2026, as its Medical business continued to expand and stronger aerospace and defense demand helped its Manufacturing segment return to growth.

The Belgian 3D printing company reported second-quarter revenue of €70.1 million ($81.7 million), up 8.1% from €64.8 million ($75.5 million) a year earlier. Adjusted EBITDA rose 15.7% to €9.6 million ($11.2 million) and net profit reached €3.3 million ($3.8 million), compared with just €199,000 in the same quarter last year.

Aerospace Powers Manufacturing Segment

For Materialise, the quarter showed that profit is starting to grow faster than revenue. Executives pointed to higher sales, cost controls and a more focused business portfolio.

Revenue in the Manufacturing segment rose 6.7% year over year to €23.6 million. That marked a return to growth after Manufacturing revenue fell in the first quarter.

Management said the improvement came from its focus markets, particularly aerospace and defense. Aerospace was especially strong, with revenue from that market rising 40% during the quarter.

During the earnings call, CEO Brigitte de Vet-Veithen said aerospace and defense customers are moving beyond early adoption and looking at how to use AM at a larger scale.

In the aerospace or defense segment, where the value of additive is well established, users already have a base of additive manufacturing. They now want to get to the next level, scale, do more and more parts with it. That is where the NPI and the Enterprise capability come in.

That growth helped offset continued weakness in prototyping demand. Materialise also highlighted a recent aerospace project with Lufthansa Technik. The company redesigned a small aircraft cabin part that had repeatedly failed and could not be bought on its own. Lufthansa Technik can now use the 3D printed part instead of replacing the larger assembly. Following the project, Materialise was named an official workbench for Lufthansa Technik metal parts.

Medical Remains the Main Engine

Medical remained Materialise's largest and fastest-growing business, with second-quarter revenue rising 12.2% to €36.9 million ($43 million).

During the call, de Vet-Veithen said she believes that level of growth is sustainable over the longer term. She told investors the structural growth rate for Medical is double-digit, but low double digits, and around 10% is absolutely sustainable.

The mix inside Medical was not even. Management said medical devices and services grew strongly while medical software was softer. One factor was weaker demand from U.S. academic customers following reductions in research grants. Management also pointed to reimbursement changes affecting some orthopedic customers.

Materialise continues to invest in personalized medical applications. During the quarter, the company invested in Belgian medtech startup Replasia, which is developing personalized 3D printed solutions and anatomical analysis software for hip preservation. The investment expands Materialise's hip business beyond replacement procedures and into treatments designed to preserve a patient's natural anatomy.

Software Slips, But New Products Launch

Materialise Software was the only one of the company's three main segments to report lower revenue in Q2, falling 2.7% to €9.6 million. About 86% of Software revenue was recurring during the quarter. The company also launched CO-AM Pro in May, one month ahead of schedule. The cloud-based product connects Materialise's Magics software with data management and build preparation tools.

Speaking about the company's upcoming CO-AM NPI and CO-AM Enterprise software, de Vet-Veithen told investors these will be growth drivers because they position Materialise in segments where companies have understood the value of additive manufacturing and now need capabilities to help them scale.

A More Focused Materialise

Materialise has also been selling off smaller parts of its business to focus on its core operations. In April, it sold its RapidFit business to the unit's management team, which now operates RapidFit as an independent company. In July, Materialise transferred its eyewear business to its management team, while keeping a 20% stake in the new company.

Despite losing revenue from those businesses, Materialise kept its 2026 revenue forecast at €273 million to €283 million. For the first half, revenue increased by 3.9% to €136.3 million, and the company reported net profit of €5.2 million, compared with a loss a year earlier.

Materialise also raised its profitability outlook. It now expects adjusted EBIT of €12 million to €14 million for 2026, up from its previous forecast of €10 million to €12 million. Management said recent cost reductions contributed to the improvement and expects some of those savings to continue.