Slides
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2026 H1 results webcast 26 August 2026 Enabling clean water, driving global impact
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NX Filtration reports strong growth in H1 2026, record order intake and order book, and major commercial milestones Total revenues1) of €7.8 million, representing 19% growth compared to the first half year of 2025. Record order intake (+61% year-on-year), and 5 times larger order book than a year ago Gross margin of 59%, remaining strong and reflecting our leading technology position and disciplined commercial focus Streamlined commercial approach with strong focus on high-value product-market-combinations, and clearly defined path to breakthrough milestones in each of our regions. Major milestone in Europe with the largest order in NX Filtration's history for a municipal drinking water treatment plant in Sweden Continued strong progress in our OEM funnel (totalling 193 OEMs) through new additions, conversion of commercial opportunities into projects and repeat orders Further progress on our path towards EBITDA break-even: maintained operating expenses at last year’s level, while simultaneously growing the business. Cash position of € 18.4 million at the end of H1 2026. Being fully invested in our new factory, we are well positioned to execute our strategy and fund our growth ambitions 2 1) Total revenues includes revenues from sale of goods in the Clean Municipal Water and Sustainable Industrial Water business lines and other income
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Building momentum in H1 2026 record order book providing a solid foundation for future growth revenues, order intake and order book 0.6 2.8 3.1 H1 2025 0.9 3.1 3.8 H1 2026 6.61) 7.8 +19% 1.2 3.8 6.7 Preceding LTM (H2 2024 - H1 2025) 1.7 5.1 8.6 LTM (H2 2025 - H1 2026) 11.8 15.4 +31% Other income Clean Municipal Water Sustainable Industrial Water Order intake in H1 2026 +61% y-o-y Order book end of H1 2026 x5 vs. end of H1 2025 Total revenues (€ mln) 3 1) Total revenues do not match subtotals due to rounding
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We have built a strong global commercial team 55% 27% 5% 12% Asia Europe North America RoW H1 2026 revenue of sale of goods by region Countries with NX Filtration local sales force presence Other countries with NX Filtration products sold 4 0
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We focus our commercial approach on a select set of PMCs where we make highest impact Delivering safe, high quality drinking water from challenging sources Enabling reliable water for municipal and industrial applications Targeted removal of dissolved pollutants and emerging contaminants Efficient clarification and separation for industry and process applications o Works with coloured surface water (e.g. rivers with peat, natural organic matter, or seasonal turbidity) o Effective in low-mineral water (e.g. water with very low dissolved salt content) o Chemical-free and sustainable (reduces chemical dosing, related transport costs, and CO₂ emissions) o Turns wastewater effluent into high quality water (e.g., high turbidity and organics or RO pretreatment) o Consistent performance with variable feed water (maintains stable output despite changing water quality) o Chemical-free and sustainable (no extensive pretreatment needed, enables simple treatment process) o Helps meet stricter discharge standards (supports compliance with increasing wastewater regulations) o Treats complex wastewater (handles highly concentrated water that challenges conventional treatment) o Maximizes water recovery (helps reuse more water where scarcity, cost, or regulations matter) o PFAS free chemistry, with 10-20% capacity increase compared to traditional products o Only independent player for beer filtration, offering brewers a unique alternative source of supply, and OEMs the chance to develop new membrane- based filtration solutions o Membrane types also applied in tea, wine, protein recovery and pharma Drinking water from surface water Wastewater reuse for high quality water Removing pollutants in industrial wastewater Clarifying beverages 5
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We concentrate our efforts on region-specific high-potential applications to accelerate market adoption (selected examples per region) 1) Operational projects or projects in commissioning phase Proven track-record of more than 90 HFNF projects globally1) Americas o Expand indirect potable water reuse (IPR) in Latin America, where water scarcity is driving demand for water reuse solutions, leveraging our SAPAL reference (largest potable water reuse project based on HFNF) o Capitalize on tightening PFAS regulations in the US, where stricter compliance requirements are accelerating demand. Strengthen partnerships with engineering consultants and expand with trusted OEMs based on first full- scale projects in US and Canada o Build on proven drinking water references in Southeast Asia, where peat-rich rivers are being converted into safe drinking water for remote and fast-growing communities o Accelerate adoption in high-purity industries, such as semiconductors, where demand for high-quality water is growing Rest of Asia o Establish a flagship drinking water reference in the Nordics and Northwest Europe, where surface water conditions are ideal for HFNF (high organic content, low salt levels) – see next slide for case example o Scale partnerships with leading water OEMs by converting pilots and first commercial projects into repeat business and expand business with trusted Food & Beverage OEMs in beverage filtration Europe o Capture fast-growing demand from data centers, where Water-as-a-Service enables rapid deployment of cooling and process water solutions o Deploy HFNF as the preferred pre- treatment for Reverse Osmosis in water- scarce regions such as the Middle East, improving performance and membrane lifetime India and Middle East 6 Jingtang Gang – China. Waste-water reuse Östersund – Sweden. Municipal drinking water Sapal Mexico – Indirect potable reuse Ahmedabad India – Industrial Wastewater
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o Largest HFNF drinking water plant in the world, marking a major commercial milestone o Landmark breakthrough for advanced drinking water treatment in Europe, validating HFNF at full scale o Strong proof of NX Filtration's partner-led growth strategy, with established regional system integrators delivering large-scale projects o Demonstrates the broader shift toward next-generation drinking water treatment in Scandinavia, driven by stricter water quality requirements, PFAS and micropollutant preparedness, operational resilience, and climate adaptation Our recent Östersund win in Sweden is a clear example of how this approach leads to concrete results Highlights Key facts 7
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Our pipeline of OEM partners continues to develop based on an increasingly stringent and targeted process o During the first half year, we added 13 OEMs to the HFNF funnel, and progressed 6 OEMs to the Installed Base phase o Our commercial progress is increasingly reflected in the conversion of OEM relationships into commercial projects. Examples include a first project with Applied Membranes in North America and a repeat project with SV Eau in France o In parallel, our UF and MF business is also expanding, e.g.: - We sold our new 80m2 UF membrane modules to Turkish OEM Esli - We completed our first large-scale MF project with a Heineken brewery Installed base First project realization Technology selection Technology acceptance First operational reference Solution demonstration Project development Full-scale realization Repeat projects & replacements Technology selection First project realization Installed base Technology selected Order received CommissionedQualification Scale-up engagement Number of OEMs per stage in the HFNF funnel (per end of period) 46 82 105 115 121 15 25 27 28 16 24 30 38 44 2022 2023 2024 74 121 160 2025 2026 H1 180 193 12 +13 8
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Our ESG agenda with measurable impact remains at the heart of our business 9 versus NX Filtration’s GHG footprint in H1 2026 amounted to: 4,187 ton CO2e savings enabled during the deployment of NX Filtration’s membrane modules 94.9 GWh energy savings Avoidance of 7.8 million kg of chemicals 311 ton CO²e 371 Billion litres of clean water Based on NX Filtration’s sales of HFNF and UF membrane modules multiplied by the expected capacity and lifetime of such modules
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Profit & Loss o Total revenues of €7.8 million, representing 19% growth compared to H1 2025. Record order intake (+61% y-o-y), and 5 times larger order book than a year ago o Gross margin of 59%, remaining strong and reflecting our leading technology position and disciplined commercial focus o Maintained operating expenses at last year’s level, while simultaneously growing the business, leading to a lower normalized EBITDA loss from €7.2 million in H1 2025 to €6.7 million in H1 2026 o Total FTE slightly increased to 156 at 30 June 2026 v. 154 at 30 June 2025 (158 FTE at 31 December 2025). We benefit from efficiencies resulting from our larger scale operations, and continue to proactively align our cost levels to the timing of realizing our growth, therewith controlling our path towards break-even operations Total revenues1) Clean Municipal Water Sustainable Industrial Water Other income 6.6 2.8 3.1 0.6 7.8 3.1 3.8 0.9 Gross margin (excl. other income) 3.6 4.1 as % of revenue from sale of goods 60.1% 59.0% Normalized EBITDA3) -7.2 -6.7 Operating expenses2) 11.4 11.7 In € million H1 2025 H1 2026 1) Total revenues includes revenues from sale of goods in the Clean Municipal Water and Sustainable Industrial water business lines and other income; 2) Excluding costs of raw materials and consumables, changes in inventories of finished goods and work in progress, depreciation and amortization; 3) EBITDA normalized for changes in inventories of finished goods and work in progress 10
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Balance sheet In € million o We are fully invested in our new factory, with H1 2026 Capex totaling €1.2 million, which is 71% lower than in H1 2025 o Working capital1) amounted to €18.2m versus €17.1m at 30 June 2025. The increase is mainly due to higher receivables, partly offset by lower inventory levels and increased payables o Our cash position at the end of H1 2026 amounted to €18.4 million, compared to a cash position of €38.3 million at the end of H1 2025 (and €28.5 million at the end of 2025). Being fully invested in our new factory, we are well positioned to execute our strategy and fund our growth ambitions 30 June 2025 30 June 2026 Non-current assets 79.4 73.4 Current assets (excl. cash) 22.7 24.9 Cash and cash equivalents 38.3 18.4 Total assets 140.4 116.7 Non-current liabilities 25.4 23.9 Current liabilities (excl. overdrafts) 5.8 8.5 Equity 109.2 84.3 Total equity and liabilities 140.4 116.7 1) Working capital defined as Inventories plus trade and other receivables minus trade and other payables 11
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Key priorities and outlook: continue building on the commercial momentum achieved during the first half of 2026 Building blocks in place 12 Commercial focus Cost control measures Outlook Over recent years, we have established strong foundations to support our next phase of growth. These include our proven portfolio of NF , UF and MF products, expanded production capacity, strengthened ESG proposition, global commercial organization, and an increasingly robust pipeline of high-quality opportunities. Our primary focus remains on further developing strategic OEM partnerships, converting our commercial pipeline into orders, and expanding business with existing OEM customers through repeat sales. Our regional teams operate against clearly defined strategic objectives and commercial milestones, allowing us to allocate resources to the highest-value opportunities while maintaining disciplined execution. We continue to actively manage our cost base without compromising our long-term growth ambitions. Our organization and cost structure are being aligned with the expected pace of revenue growth, supporting a disciplined path towards EBITDA break-even. With a cash position of €18.4 million as of 30 June 2026, we are well positioned to execute our strategy and fund our planned growth. We reiterate our medium-term financial objectives: average annual revenue growth of approximately 50%, sustained strong gross margins, and the achievement of EBITDA break-even as the business continues to scale.
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IMPORTANT: The information set out herein (the Information) does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of NX Filtration. NX Filtration does not accept any responsibility whatsoever, or makes any representation or warranty, express or implied, for the contents of the Information, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with NX Filtration, and nothing in this document or at the presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future, except to the extent required by law or regulation. The Information contains forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms such as guidance, expected, step up, announced, continued, incremental, on track, accelerating, ongoing, innovation, drives, growth, optimising, new, to develop, further, strengthening, implementing, well positioned, roll-out, expanding, improvements, promising, to offer, more, to be or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NX Filtration’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NX Filtration’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward looking statements reflect the current views of NX Filtration and assumptions based on information currently available to NX Filtration. Forward-looking statements speak only as of the date they are made, and NX Filtration does not assume any obligation to update such statements, except as required by law. NX Filtration’s financial outlook estimates (including but not limited to total revenues outlook) are management estimates resulting from NX Filtration's pursuit of its strategy. NX Filtration can provide no assurances that the estimated future financial results, such as related to total revenues, will be realised. Expectations have also been determined based on assumptions and estimates that NX Filtration considered reasonable at the date these were made. These estimates and assumptions are inherently uncertain and reflect management's views which are also based on its historic success of being assigned projects, which may materially differ from the success rates for any future projects. These estimates and assumptions may change as a result of uncertainties related to the economic, financial or competitive environment and as a result of future business decisions of NX Filtration or its customers, such as cancellations or delays, as well as the occurrence of certain other events. Many of the risks and uncertainties that NX Filtration faces relate to factors that are beyond NX Filtration’s ability to control or estimate precisely, such as future market and economic conditions, customer acceptance of our technology and costs of raw materials. NX Filtration’s risks have been extensively addressed in the 2025 annual report, published on its corporate website. Some figures in this presentation are unaudited and are subject to change. Certain figures contained in this presentation, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this presentation may not conform exactly to the total figure given. In presenting and discussing the NX Filtration’s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measure and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. 13 Disclaimer
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