Thank you for standing by and welcome to the third quarter 2026 materialized NV 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 a question, you will need to press star 1 1 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. Now it's my pleasure to turn the call to Jodi Borfering, Managing Director at Alliance Investor Relations. Please proceed.

Thank you, Carmen, and thank you for joining us today for MaterialEye's quarterly conference call. With us on the call are Brigitte de Vet, Chief Executive Officer, and Koen Berges, Chief Financial Officer. Today's call and webcast are being accompanied by a slide presentation that reviews Materialise's strategic financial and operational performance for the third quarter of 2026. To access the slides, if you have not already done so, please go to the investor relations section of the company's website at www.materialise.com. The earnings press release that was issued earlier today can be found on that page. Before we get started, I would 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 uncertainties 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 changes or events and 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 20F filed with the FCC. Finally, management will discuss certain non-IFRS measures on today's conference call. A grant conciliation table is contained in the earnings release and at the end of the slide presentation. With that, I would now like to turn the call over to Brigitte de Vet. 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 2026. Then I will pass the floor to Koen, who will take you through the third quarter of financials. And finally, I will come back and explain what we expect the remaining months of 2026 to bring. 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 2026. In the third quarter, we continue to execute on our strategic priorities across all business segments. In medical, we see real momentum in the demand for personalized solutions in various clinical fields, and we have accelerated our investments to scale the adoption of personalization. In the third quarter in particular, we have made progress in our current focus segments. First, in our medical CMF business, we signed an agreement with the Superhuman Center in Ukraine to support the growing need for cranio-maxillofacial reconstructive surgery resulting from the ongoing war. The agreement will enable us to support the treatment of hundreds of patients and war victims with patient-specific solutions and standard plates. Beyond providing surgical solutions, we will support the development of local medical expertise by providing access to our software ecosystem and by providing specialist training at medical universities in Kiev and Lviv, focusing on 3D visualization and patient-specific surgical planning. For Materialise, this partnership demonstrates how we can combine our technology and clinical expertise to address complex reconstructive needs while helping build local capabilities for more personalized care. In the third quarter, we also launched several new products in our CMS segment, demonstrating Our continued focus on making personalized surgical solutions more accessible and easier to integrate into routine clinical practice. As an example, we introduced ready-to-use sterile packaging. These solutions help hospitals reducing operating room preparation steps and enhance compliance with regulatory requirements. We also introduced the next version of mimics and light CMF. which gives clinical teams greater autonomy in 3D surgical planning. Surgeons can now prepare and review their own 3D plans or rely on our clinical engineers to plan their cases when needed. All of this in an integrated workflow. These innovations reflect our strategy to improve efficiency for healthcare providers and support the broader scaling of our CMS solutions. Second, In our medical cardiac business, we expanded our AI-powered mimics planning solutions for cardiac interventions with a new workflow for transcatheter aortic valve replacement procedures. These procedures involve replacing a previously implanted aortic valve that is no longer functioning properly. This is a more complex intervention than an initial valve replacement, and the procedure requires careful navigation and planning. The new AI-powered workflow automates several critical planning steps, helping clinicians assess potential risks and reduce manual effort, while maintaining full control over clinical decisions. The introduction of this functionality reflects our continued focus on making complex interventions more predictable and efficient, to advance 3D planning and AI-powered automation. Third, in our medical soft tissue business, we expanded materialized mimics for thoracic surgery and now offer a dedicated workflow for liver resection planning and interoperative support. Liver resections, primarily performed to remove tumors, present significant clinical challenges. Surgeons must meticulously balance adequate tumor margins while preserving enough healthy tissue to prevent postoperative liver failure. Our new workflow assists surgeons in critical clinical decision-making, allowing them to identify anatomical risks and confidently plan the procedure. This strategic expansion directly addresses the growing demand for advanced 3D planning and intraoperative support in minimally invasive surgeries. and it is the next step to build out our comprehensive portfolio of 3D planning solutions for soft tissue cancer resections. Turning to our software segment now. In the third quarter, we continue to see encouraging commercial momentum for our CoEM platform. First, we closed strategic deals for CoEM NPI with leading customers in our focus segments and in particularly aerospace industry. CoEM NPI is one of our three CoEM offerings designed to accelerate new product introductions and qualification processes for series additive manufacturing. By streamlining critical steps, we help customers move more efficiently from product development to qualified series production. Second, we further strengthened our CoEM platform by integrating CoEM bricks with identified 3D, our technology for securing and tracing digital part files, throughout the manufacturing process. While security controls previously applied to an entire 3D printing build, we can now manage protection, traceability, and users rights at the level of each individual part, even when multiple parts from different owners are produced in the same build. For customers in industries with complex supply chains and strict compliance requirements, including defense, This enables secure on-demand production across multiple locations with full control over intellectual property and production rights. Third, we are gearing up for Formnext, the world's leading additive manufacturing trade show, where we'll showcase the power of an open ecosystem approach and we'll demonstrate how the materialized CoEM ecosystem helps manufacturers build connected, scalable EM operations. The day before Formnext, We will also play a leading role at the AM Innovation and Standards Summit, advocating for common frameworks to scale additive manufacturing as a strategic capability. And in addition, at the Formnext European Defence event, we will demonstrate how we can play a distinctive role providing manufacturing capacity and the digital infrastructure needed to connect and manage production across secure, distributed production environments. Moving on to manufacturing. In the third quarter, we continue to see strong momentum in core manufacturing with revenues for series production growing by more than 30% year over year in the quarter, driven by demand from the aerospace, semiconductor, and defense industries. In the third quarter, we also invested in additional metal additive manufacturing capabilities in order to enable faster production of larger metal components, particularly for demanding defense applications. The investment will also support our research into software-based quality assurance by providing valuable production data to develop and validate more reliable methods for assessing the quality of aerospace parts. This will be a critical contribution to the European Sunvisa project. As you might recall, we are a leading partner in this European research initiative focusing on improving and standardizing quality assurance for metal 3D printed aerospace components. Our materialized motion business also showed strong momentum for our new insults called FITS Dynaprint, our affordable orthotics solution that we recently launched in the US to a limited set of centers. FITS Dynaprint gives clinicians greater choice and flexibility with faster delivery times of the insults and without the need to invest in their own 3D printer. Since its introduction, we have seen a significant increase in adoption supported by very positive feedback from customers, including podiatrists. In the UK and Ireland, where FitzDynaprint was first launched, we have seen volumes double. With the expansion into North America in the third quarter, total volumes have now tripled versus the second quarter, reflecting strong market adoption and growing demand for the solution. Turning over to Koen now, who will present the financial results.

Thank you, Brigitte. Good morning or good afternoon to everyone joining us today. I'll begin with the key financial highlights for the third quarter of this year on slide 6. In this quarter, consolidated revenue grew by more than 2% year-on-year to €67.7 million. Excluding the impact of recent divestitures, however, revenue increased by almost 5%. increased to 39 million euro resulting in a gross margin of 57.7%. Adjusted EBIT amounted to 2.5 million euro representing an adjusted EBIT margin of 3.7%. And net profit for the quarter was 1.4 million euro or 2 euro cents per share. Our balance sheet and cash generation remain key strategic strengths. giving us the flexibility to invest for future growth. Supported by strong operating cash flow, our net cash position increased to 82.5 million euro, up by almost 12 million from the start of the year. We also continued our share buyback program, investing 7.5 million euro during the first three quarters of 2026. I will now walk you through these results in more detail. As a reminder, and unless stated otherwise, all comparisons are versus the third quarter of 2025. Turning now to slide seven, which provides an overview of our consolidated revenue. As said, in this quarter consolidated revenue reached 67.7 million, up by more than 2% year on year, and when excluding the impact of the recent divestitures, almost 5% year over year. Our medical segment continue to lead consolidated revenue growth, with revenue again increasing by nearly 10%, maintaining its growth trajectory. Revenue in our manufacturing segment declined by 6% year on year, but when excluding the impact of the divestitures, however, revenue grew 1.5%, as our repositioning towards high-value, serious production continued to gain traction. Software revenues on the other hand declined by just over 4%, mainly reflecting continued cautious customer spending and extended sales cycles. At the same time, our large base of recurring revenue provides stability, although it did not fully offset the pressure on sales. As shown on the right-hand side of the slide, medical represented 54% of total revenues in the quarter, with manufacturing at 31% and software at 15%. Our deferred revenue balance for software maintenance and license fees across both medical and software segments decreased to 45 million EQ3 in line with normal seasonal renewal patterns. Total deferred revenue carried on our balance sheet was at 59 million at quarter end. Slide 8 shows our consolidated adjusted EBIT and EBITDA. In the third quarter, adjusted EBITDA was €8 million, representing an adjusted EBITDA margin of 11.9%. Adjusted EBIT was €2.5 million, resulting in a 3.7% adjusted EBIT margin. Higher gross profit was more than offset by intensified R&D investments and by some one-time costs in the quarter that we considered operational and therefore did not adjust for. At the same time, we continued to maintain discipline over our recurring spending. While operational performance ended lower in Q3, year-to-date adjusted EBITDA stands now at 25.7 million euro which is 12% higher compared to prior year. And adjusted EBIT this year is year to date at 8.8 million euro, up by 33% compared to prior year. Turning now to our segments. Slide 9 shows materialized medical. Assets with medical revenue increased nearly 10% year on year. that growth was broad-based with medical devices and medical software, sales each increasing around 10%. In the third quarter, we further identified targeted R&D investments in order to capture future growth opportunities. Despite this increased spend, we landed our adjusted EBITDA at 10 million euro, in line with prior year and representing a 27.4% margin. For the first nine months, Medical revenue was at 106.6 million euro, up nearly 10% year-on-year, with adjusted EBITDA at 30.8 million, representing a margin of 29%. Slide 10 summarizes the results of our materialized software segments. Software continued to face a challenging industrial spending environment. In Q3 of this year, software revenue decreased by 4% to 9.9 million euro, reflecting, as I said, continuous cautious customer spending and extended sales cycles. Recurring revenue represented 84% of software revenue in the quarter. The share has now stabilized compared with recent quarters, indicating that we have reached the end of the transitioning from perpetual licenses to recurring license model. Adjusted EBITDA declined to €1.5 million, representing a 15% adjusted EBITDA margin, reflecting low revenue and ongoing investments in the new Koen platform. For the first nine months, software revenue was at €29 million, down 3% year-on-year, with an adjusted EBITDA of €3.6 million, representing a margin of more than 12%. Slide 11 shows an overview of the performance of our manufacturing segments. As indicated, the revenue decreased 6% to 21.3 million, but excluding the impact of recent divestitures, revenue grew 1.5%, supported by continued traction in our strategic focus areas, particularly aerospace and defense. The growth in series manufacturing continued to be largely offset by softer prototyping demands compared on a year-on-year basis. Adjusted EBITDA improved to a loss of €0.3 million from a loss of €0.8 million in the prior year, supported by continued cost discipline and portfolio optimization. For the first nine months, manufacturing revenue is now at €68.3 million, down nearly 3% year-on-year. but also here excluding the impact of recent divestitures, revenue grew year-to-date by 4%. Adjusted EBITDA was close to break-even at a small loss of €0.3 million. Turning to slide 12, our consolidated income statement shows that higher gross profit and increased operating expenses shaped the quarterly results. The gross profit increased to €39 million with the gross margin increasing 90 base points year-on-year. On the other hand, operating expenses increased as well by 7.8%, but reflecting targeted growth investments and one-time costs in this quarter. We continue to step up investments in innovation, particularly in our medical segments. We total R&D spending at 12.8 million euro for the quarter, representing an increase of 12% year-on-year. Total S&M and G&A costs, excluding one-time impacts, increased by less than 2% year-on-year and remain as such well under control. Other operating income increased to €1.1 million compared to €0.9 million last year. The Q3 2026 figure includes non-recurring charges of €0.2 million from an inventory impairment related to the earlier transfer of the iWare assets. The resulting operating profit landed at 1.3 million for the quarter. Net financial income was positive at 0.2 million, reflecting interest income on cash balances partly offset by interest expenses on debts. Currency fluctuations had a limited negative impact in the quarter. Income tax expense amounted to positive 0.1 million. Overall this resulted in a net profit of 1.4 million euro or 2 euro cents per share. Finally, slide 13 highlights our balance sheet strength in cash generation. We ended the quarter with cash of 153.5 million, while our gross debt increased to 71 million, both reflecting the final 15 million euro drawdown under an existing committed credit facility. Net cash was 82.5 million euro, an increase of almost 12 million from the beginning of the year, driven by continued strong operating cash flow generation. During the first nine months, we invested 7.5 million euro in our share buyback program, acquiring close to 1.5 million ADSs on Nasdaq. This represented 2.4% of our total share base as of September 30, 2026. Compared with year-end 2025, key networking capital components decreased by €4.4 million, driven by lower receivables and partly offset by higher finished goods and work-in-progress inventories, while payables remained stable. Deferred income carried on the balance sheet was at €59 million, including €45 million related to software licenses and maintenance. Operating cash flow in the third quarter was nearly 10 million euro. Cash capital expenditures totaled 2.1 million euro, almost all of which were recurring, while we also received 4 million euro in government grants related to prior capital investments. The resulting cash flow after investing activities was 11.4 million euro, including the benefits of these received grants. For the first nine months, The operating cash flow was 24.7 million euro, with a year-to-date free cash flow of 22.8 million, more than double the prior year level. And year-to-date cash expenditures on CAPEX totaled 5.6 million, of which 1.2 million, or around 20%, was non-recurring. So in summary, medical continued to drive growth. Manufacturing trends further improved while software remained under pressure from cautious customer spending. We once more delivered a positive quarterly net result and robust cash generation while significantly strengthening our net cash position. And with that, I'd like to hand the call back to Brigitte.

I'll conclude my remarks with a discussion of our full year 2026 guidance. With nine months behind us, we remain confident in delivering on our financial targets for the year. In the final quarter of 2026, we will stay focused on executing our strategy, maintaining tight cost control and strong cash generation, while also continuing to increase investments in our focus areas, positioning materialized for further profitable growth. Accordingly, We are reconfirming our full-year 2026 revenue guidance of €273 million to €283 million, fully absorbing the unfavorable revenue impact of the recent rapid fit and eyewear divestitures. We are also reaffirming our full-year adjusted EBIT guidance of €12 to €14 million, the range we raised in August. This reflects the strength of our execution and our continued discipline in managing costs and capital Even as we step up our R&D investments to capture accelerating market opportunities. This concludes our prepared remarks. Operator, we're now ready to open the call to questions.

Thank you. And as a reminder, to ask a question, press star 11 on your telephone and wait for your name to be announced. To remove yourself, press star 11 again. One moment for our first question. It comes from Troy Jensen with Cantor Fitzgerald. Please proceed.

Hey, good morning. Congrats on the great results here. I guess for either one of you guys, I guess to me the comment about the serial production of 30% was great. Is there any way you guys can quantify how much the manufacturing business is serial production now?

Good morning, Troy. I'm glad to have you on the call. So we're not disclosing the exact split of our series manufacturing and prototyping activities, but we're getting into a relatively balanced situation between both segments. That gives you an indication of, you know, where more or less it lies.

That is a great data point. Thank you. Is it mainly aerospace and defense kind of driving the strength? I guess given the size, it seems like there's got to be more than just that, but...

In core manufacturing, which is our 3D printing part, we see aerospace and defense in addition to semiconductors and general industries driving this growth. But aerospace and defense is certainly a highlight in that segment. When it comes to our architect business, aerospace and defense is certainly a segment, but there's many more other segments also driving this growth. Building on the foundations that we had built traditionally in the automotive sector, we're still seeing a large part of our revenue coming from what we call the broader transportation sector. As you might recall, the investments we have done in the additional capacity were to bring the traditional capabilities into larger machineries, and equipment. So think boats, think any large equipment to transport. So that's the transportation sector and there's still a lot of growth coming from that side as well. We now have huge and heavy parts that we produce.

Just one other, maybe follow up here on the software side. I always thought that your software would benefit as production applications start to increase. You need fewer software packages, right, with prototyping, and it seems like production is increasing, but you're still kind of talking about some tough spending environments here. So thoughts on, is it competitive, more competition in this space, or other thoughts on the stagnant software business?

Thank you. Questions? Koen mentioned earlier its market pressures, but also extended sales cycles that weigh on our results. And to give a bit more context on that, supporting our customers on the prototyping side with our traditional preprint solutions, sales cycles are relatively well known and short. Whereas when it comes to supporting series manufacturing in the market with our CoEM product, it's a sales process where there's a lot more involvement of teams from both sides, the customer and our sides. So the extended sales cycles that we are now feeling as we focus more and more on series production, that's one of the elements that weighs on the software revenues as well. I hope this gives a bit more color.

That was perfect. Thank you. Congrats again and good luck for the remainder of the year.

Thank you, Troy. See you soon. Thank you again. As a reminder, if you do have a question, press star 11 to get in the queue. As I see no further questions in the queue, I will turn the call back to Brigitte de Vet for final comments. Thanks again for joining us today.

We look forward to continuing our dialogue with you through investor conferences or in one-on-one virtual meetings or calls. We're also looking forward to meeting some of you in person at the upcoming Formnext event in November and the Euronext Tech Leaders Forum in Paris in December. In the meantime, please reach out if you have any questions. Thank you and goodbye for now.

Thank you so much for participating in today's conference. This concludes the conference and you may now disconnect.