NIOX Group (NIOX) H1 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 performance with revenue of £24.0m and adjusted EBITDA of £8.3m, despite a strong prior-year comparator and lower Research revenue, supported by well-controlled costs and continued US investment.

• Maintained a strong balance sheet, remaining debt-free with cash of £16.8m as of June 30, 2026.

• Continued global rollout of NIOX PRO®, the first major product launch in 13 years, with CE Mark and UK MHRA approval, supporting leadership in the FeNO market.

• Strategic focus on innovation, supply resilience, and capital-light, cash-generative operations.

• Announced a tender offer to repurchase shares, potentially returning £12.5m to shareholders, with total cash returns over four years reaching £60m.

Financial highlights

• Revenue declined 5% year-over-year to £24.0m (H1 2025: £25.2m); Clinical revenue up 3% to £20.6m, Research revenue down 33–35% to £3.4m.

• Adjusted EBITDA margin was 34.6%–35% (H1 2025: 36%–36.5%), with gross margin improving to 71% from 70%.

• Cash increased to £16.8m from £11.8m in H1 2025, reflecting strong operating cash inflows.

• £6.5m dividend paid in June; tender offer announced to return a further £12.5m to shareholders.

• Profit for the period was £5.9m; basic EPS 1.41p, adjusted basic EPS 1.98p.

Outlook and guidance

• H2 2026 expected to be stronger than H1, driven by NIOX PRO® rollout, higher Japan reimbursement, and increased clinical trial activity.

• Full-year revenue and adjusted EBITDA anticipated to align with current market consensus.

• Pro forma cash after tender offer expected to be ~£5.0m at 30 September 2026; ~£9.0m cash expected at 31 December 2026.

• Long-term growth underpinned by FeNO adoption, US commercial expansion, and ongoing product innovation.