NIOX Group (NIOX) H2 2025 earnings summary

Executive summary

• Achieved strong revenue growth and profitability in 2025, with significant expansion in both clinical and research segments.

• Continued strategic investments in product innovation, commercial capabilities, and geographic expansion.

• Maintained a robust balance sheet and returned capital to shareholders while funding future growth.

Financial highlights

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

• Adjusted EBITDA rose 21% to £16.7m, with EBITDA margin improving to 34%.

• Operating profit up 39% to £10.7m; profit before tax up 44% to £11.2m.

• Net cash position nearly doubled to £19.9m from £10.9m.

Outlook and guidance

• High untapped potential in asthma and emerging COPD FeNO market expected to drive future growth.

• Confident start to 2026 with continued focus on shareholder returns and strategic investments.

• Policy to return 80% of free cash to shareholders in the medium term.