NIOX Group (NIOX) H2 2025 TU earnings summary

Executive summary

• Achieved strong financial performance ahead of market expectations for the year ended 31 December 2025.

• Successfully launched the next-generation NIOX PRO® device, with the first sale in December 2025.

• Maintained robust commercial momentum and a strong balance sheet entering 2026.

Financial highlights

• Revenue grew 17% year-over-year to approximately £48.7m (2024: £41.8m).

• Adjusted EBITDA rose 21% to approximately £16.7m, exceeding consensus expectations.

• Gross margin was 69%, down 3% from 2024 due to a higher mix of device-heavy research sales.

• Year-end cash balance was £19.9m, up from £10.9m, after a £5.0m dividend payment.

Outlook and guidance

• Anticipates continued profitable growth, strong cash generation, and further shareholder value.

• Research revenue expected to normalize to historical levels after an exceptional 2025.

• Preliminary results for FY2025 to be released in late March 2026.