A webcast of the conference call will be archived on the company's website for one year.

About Materialise

Materialise incorporates more than 25 years of 3D printing experience into a range of software solutions and 3D printing services, which Materialise seeks to form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in Belgium, with branches worldwide, Materialise combines one of the largest groups of software developers in the industry with one of the largest 3D printing facilities in the world. For additional information, please visit: www.materialise.com.

Cautionary Statement on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, current estimates of fiscal 2018 revenues, deferred revenue from annual licenses and maintenance and Adjusted EBITDA, the benefits of the ACTech acquisition, results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including our strategic priorities for 2018), and the trends and competition that may affect the markets, industry or us. Such statements are subject to known and unknown uncertainties and risks. When used in this press release, the words “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “will,” “may,” “could,” “might,” “aim,” “should,” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon the expectations of management under current assumptions at the time of this press release. These expectations, beliefs and projections are expressed in good faith and the company believes there is a reasonable basis for them. However, the company cannot offer any assurance that our expectations, beliefs and projections will actually be achieved. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics and industry change, and depend on economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. We caution you that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control. All of the forward-looking statements are subject to risks and uncertainties that may cause the company's actual results to differ materially from our expectations, including risk factors described in the company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2018. There are a number of risks and uncertainties that could cause the company's actual results to differ materially from the forward-looking statements contained in this press release.

The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Consolidated income statement (Unaudited)
												For the three months ended March 31,												For the three months ended March 31,
In 000												2018				2018				2017				2018				2017
												U.S.$				€				€				€				€
Revenue												54,088				43,899				31,921				43,899				31,921
Cost of sales												(24,573)				(19,944)				(13,444)				(19,944)				(13,444)
Gross profit												29,515				23,955				18,477				23,955				18,477
Gross profit as % of revenue												54.6%				54.6%				57.9%				54.6%				57.9%
Research and development expenses												(6,918)				(5,615)				(4,592)				(5,615)				(4,592)
Sales and marketing expenses												(13,059)				(10,599)				(9,608)				(10,599)				(9,608)
General and administrative expenses												(8,822)				(7,160)				(5,379)				(7,160)				(5,379)
Net other operating income (expenses)												676				549				1,018				549				1,018
Operating (loss) profit												1,392				1,130				(84)				1,130				(84)
Financial expenses												(1,910)				(1,550)				(919)				(1,550)				(919)
Financial income												1,036				840				777				840				777
Share in loss of joint venture												(127)				(103)				(389)				(103)				(389)
(Loss) profit before taxes												391				317				(615)				317				(615)
Income taxes												(616)				(500)				(201)				(500)				(201)
Net (loss) profit for the period												(225)				(183)				(816)				(183)				(816)
Net (loss) profit attributable to:
The owners of the parent												(225)				(183)				(816)				(183)				(816)
Non-controlling interest												−				−				−				−				−
Earnings per share attributable to owners of the parent
Basic												0.00				0.00				(0.02)				0.00				(0.02)
Diluted												0.00				0.00				(0.02)				0.00				(0.02)
Weighted average basic shares outstanding												47,428				47,428				47,325				47,428				47,325
Weighted average diluted shares outstanding												47,428				47,428				47,325				47,428				47,325

Consolidated statements of comprehensive income (Unaudited)
				For the three months ended March 31,												For the three months ended March 31,
In 000				2018				2018				2017				2018				2017
				U.S.$				€				€				€				€
Net profit (loss) for the period				(225)				(183)				(816)				(183)				(816)
Other comprehensive income
Exchange difference on translation of foreign operations				(117)				(95)				122				(95)				122
Other comprehensive income (loss), net of taxes				(117)				(95)				122				(95)				122
Total comprehensive income (loss) for the year, net of taxes				(342)				(278)				(694)				(278)				(694)
Total comprehensive income (loss) attributable to:
The owners of the parent				(342)				(278)				(694)				(278)				(694)
Non-controlling interest				−				−				−				−				−

Consolidated statement of financial position (Unaudited)
		As of March 31,				As of December 31,
In 000		2018				2017
		€				€
Assets
Non-current assets
Goodwill		18,504				18,447
Intangible assets		27,770				28,646
Property, plant & equipment		88,339				86,881
Investments in joint ventures						31
Deferred tax assets		332				304
Other non-current assets		3,022				3,667
Total non-current assets		138,967				137,976
Current assets
Inventories		10,426				11,594
Trade receivables		39,635				35,582
Other current assets		9,927				9,212
Cash and cash equivalents		44,697				43,175
Total current assets		104,685				99,563
Total assets		243,652				237,539

		As of March 31,		As of December 31,
In 000		2018		2017
		€		€
Equity and liabilities
Equity
Share capital		2,735		2,729
Share premium		80,209		79,839
Consolidated reserves		(4,603)		(3,250)
Other comprehensive income		(1,898)		(1,803)
Equity attributable to the owners of the parent		76,443		77,515
Non-controlling interest		−		−
Total equity		76,443		77,515
Non-current liabilities
Loans & borrowings		82,598		81,788
Deferred tax liabilities		6,711		7,006
Deferred income		7,051		5,040
Other non-current liabilities		1,833		1,904
Total non-current liabilities		98,193		95,738
Current liabilities
Loans & borrowings		12,197		12,769
Trade payables		17,631		15,670
Tax payables		3,574		3,560
Deferred income		22,060		18,791
Other current liabilities		12,554		13,496
Total current liabilities		68,016		64,286
Total equity and liabilities		242,652		237,539

Consolidated statement of cash flows (Unaudited)
				For the three months ended March 31,
in 000				2018		2017
				€		€
Operating activities
Net (loss) profit for the period				(183)		(816)
Non-cash and operational adjustments
Depreciation of property, plant & equipment				2,700		1,945
Amortization of intangible assets				1,305		623
Share-based payment expense				89		329
Loss (gain) on disposal of property, plant & equipment				−		(2)
Movement in provisions				(16)		4
Movement reserve for bad debt				84		122
Financial income				(667)		(136)
Financial expense				1,067		359
Impact of foreign currencies				310		(81)
Share in loss of a joint venture (equity method)				103		389
(Deferred) Income taxes				501		204
Other				(88)		(72)
Working capital adjustment & income tax paid
Increase in trade receivables and other receivables				(4,372)		(3,452)
Decrease (increase) in inventories				1,147		(406)
Increase in trade payables and other payables				5,027		2,729
Income tax paid				(807)		(136)
Net cash flow from operating activities				6,200		1,603

						For the three months ended March 31,
in 000						2018		2017
						€		€
Investing activities
Purchase of property, plant & equipment						(4,275)		(7,507)
Purchase of intangible assets						(324)		(327)
Proceeds from the sale of property, plant & equipment & intangible assets (net)						20		70
Acquisition of subsidiary						−		−
Investments in joint-ventures						−		(500)
Interest received						14		108
Net cash flow used in investing activities						(4,565)		(8,156)
Financing activities
Proceeds from loans & borrowings						12,413		7,710
Repayment of loans & borrowings						(11,388)		(756)
Repayment of finance leases						(760)		(728)
Capital increase						207
Interest paid						(404)		(152)
Other financial income (expense)						5		(166)
Net cash flow from (used in) financing activities						73		5,908
Net increase of cash & cash equivalents						1,708		(645)
Cash & cash equivalents at beginning of the year						43,175		55,912
Exchange rate differences on cash & cash equivalents						(186)		(196)
Cash & cash equivalents at end of the year						44,697		55,071

Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)
		For the three months ended 31 March						For the three months ended 31 March
In 000		2018		2017				2018		2017
		€		€				€		€
Net profit (loss) for the period		(183)		(816)				(183)		(816)
Income taxes		500		201				500		201
Financial expenses		1,550		919				1,550		919
Financial income		(840)		(777)				(840)		(777)
Share in loss of joint venture		103		389				103		389
Depreciation and amortization		4,006		2,568				4,006		2,568
EBITDA		5,136		2,484				5,136		2,484
Non-cash stock-based compensation expense (1)		88		329				88		329
Acquisition-related expenses business combinations		−		−				−		−
ADJUSTED EBITDA		5,224		2,813				5,224		2,813

(1)

Non-cash stock-based compensation expenses represent the cost of equity-settled and cash-settled share-based payments to employees.

Segment P&L (Unaudited)
In 000			Materialise Software			Materialise Medical			Materialise Manufacturing			Total segments			Unallocated (1)			Consolidated
			€			€			€			€			€			€
For the three months ended March 31, 2018
Revenues			8,326			11,946			23,632			43,904			(5)			43,899
Segment EBITDA			2,324			2,060			3,133			7,517			(2,381)			5,136
Segment EBITDA %			27.9%			17.2%			13.3%			17.1%						11.7%
For the three months ended March 31, 2017
Revenues			8,575			9,932			13,407			31,914			8			31,922
Segment EBITDA			2,993			314			1,322			4,629			(2,145)			2,484
Segment EBITDA %			34.9%			3.2%			9.9%			14.5%						7.8%

(1)

Unallocated Revenues consist of occasional one-off sales by our core competencies not allocated to any of our segments. Unallocated Segment EBITDA consists of corporate research and development, corporate headquarter costs and other operating income (expense).

Reconciliation of Net Profit (Loss) to Segment EBITDA (Unaudited)
		For the three months ended March 31,						For the three months ended March 31,
In 000		2018		2017				2018		2017
		€		€				€		€
Net profit (loss) for the period		(183)		(816)				(183)		(816)
Income taxes		500		201				500		201
Financial cost		1,550		919				1,550		919
Financial income		(840)		(777)				(840)		(777)
Share in loss of joint venture		103		389				103		389
Operating profit		1,130		(84)				1,130		(84)
Depreciation and amortization		4,006		2,568				4,006		2,568
Corporate research and development		490		509				490		509
Corporate headquarter costs		2,263		2,073				2,263		2,073
Other operating income (expense)		(372)		(437)				(372)		(437)
Segment EBITDA		7,517		4,629				7,517		4,629

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