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    Alexander Craeymeersch • Kepler Cheuvreux

    Alexander Craeymeersch is an Equity Research Analyst at Kepler Cheuvreux in Brussels, specializing in coverage of leading European listed companies such as Kingspan Group and D'Ieteren Group, where his research has included actionable recommendations with tracked target prices. Since joining Kepler Cheuvreux in November 2020, he has developed a strong reputation for thorough equity analysis and buy-side engagement, building on previous experience as a financial consultant, fintech COO and CFO, and auditor at Deloitte Belgium. Craeymeersch is a CFA charterholder with a Master's in Accountancy, directing Craeymeersch Consult alongside his analyst role, and is recognized for rigorous financial consulting and leadership in innovative financial services. His professional credentials are further supported by a background in financial leadership positions and by having successfully completed all three CFA program levels.

    Alexander Craeymeersch's questions to Materialise NV (MTLS) leadership

    Alexander Craeymeersch's questions to Materialise NV (MTLS) leadership • Q2 2025

    Question

    Alexander Craeymeersch from Kepler Cheuvreux asked about the sustainability of double-digit growth in the Medical segment, the specific factors leading to the revised top-line guidance, and the volume versus price dynamics in the Manufacturing segment.

    Answer

    CEO Brigitte de Vet-Veithen expressed confidence in the continued growth of the Medical segment for the next couple of years, noting the mix between existing and new markets may shift but the overall growth trajectory is positive. She explained the guidance revision was a detailed, bottom-up forecast based on trends in specific business lines, not a single parameter. CFO Koen Berges addressed the Manufacturing segment, stating the revenue decline was a volume effect and that protecting margins is challenging due to semi-fixed costs, which the company is actively working to reduce.

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    Alexander Craeymeersch's questions to Materialise NV (MTLS) leadership • Q4 2024

    Question

    Alexander Craeymeersch of Kepler Cheuvreux asked five questions regarding the Software segment's margins, subscription terms, revenue mix, the impact of Q4 one-off costs, and the reasons for the guidance miss despite prior cautiousness.

    Answer

    CEO Brigitte de Vet-Veithen stated there is no large margin difference between recurring and non-recurring software revenue and that the average subscription lifetime is one year. She explained that while the company was cautious after Q3, the industrial climate in Europe deteriorated more rapidly than anticipated in Q4. CFO Koen Berges added that recurring revenue now constitutes about 76% of the Software segment's total. He quantified that about half of the quarter's cost increase, or €1.5 million to €2 million, stemmed from one-off costs related to the FEops integration, restructuring, and the ACTech plant startup.

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    Alexander Craeymeersch's questions to Materialise NV (MTLS) leadership • Q3 2024

    Question

    Alexander Craeymeersch from Kepler Cheuvreux inquired about the new ACTech plant, asking for specifics on its OpEx impact, remaining CapEx budget and timing, and future revenue potential. He also sought more detail on the Medical segment's gross margins and the expected top-line contribution from new software partnerships.

    Answer

    Executive Brigitte de Vet-Veithen clarified that the ACTech plant's Q4 impact is primarily on revenue due to a temporary capacity reduction during its operational startup. She also noted Medical gross margins are typical for the device industry and will remain stable short-term. Regarding software, she emphasized that partnerships like nTop and DigiFabster are delivering results and are key to providing end-to-end solutions that drive future growth. Executive Koen Berges added that about 65-70% of the EUR 30-40 million ACTech CapEx budget has been spent, with the remainder to be invested in machinery over the next 1.5 to 2 years.

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    Alexander Craeymeersch's questions to Rockwool A/S (RCWBY) leadership

    Alexander Craeymeersch's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Alexander Craeymeersch from Kepler Cheuvreux asked about the company's plans for continued support of the Ukrainian Reconstruction initiative and requested details on current and planned production capacity, including maintenance downtime and future additions.

    Answer

    CEO Jes Hansen confirmed that shareholders approved another DKK 100 million donation to the Ukrainian Foundation, with future decisions to be made at subsequent AGMs. CFO Kim Andersen detailed upcoming capacity additions in India (mid-next year), Romania (early '27), and the U.S. (late '27/early '28), while Hansen noted it's difficult to quantify competitor capacity changes.

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    Alexander Craeymeersch's questions to Rockwool A/S (RCWBY) leadership • Q1 2025

    Question

    Inquired about the continuation of support for Ukraine and requested details on current and future production capacity changes due to maintenance and new projects.

    Answer

    Future support for Ukraine is a shareholder decision. The company could not provide competitor capacity data but detailed its own capacity additions in India (mid-next year), Romania (early '27), and the U.S. (late '27/early '28).

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    Alexander Craeymeersch's questions to RCWLY leadership

    Alexander Craeymeersch's questions to RCWLY leadership • Q3 2024

    Question

    Asked about the reasons for slowing sales volume growth, the contribution of fire safety to sales and pricing power, the size of the fire safety market, and the new CEO's top priorities.

    Answer

    The slowing volume growth is due to tougher year-over-year comparisons, not capacity constraints. Fire safety is a major differentiator and driver, particularly in markets like Germany (with PV panels), Spain, and Romania, but the company cannot quantify its specific impact on the top line or market size. The new CEO's priorities are to defend margins, capitalize on the European renovation wave, and focus on growth in North America and India.

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