Report
NX Filtration FIRST LOOK: 1H25 below expectations but FY25 guidance reiterated
1H25 revenues landed at €6.5m growing 12% y/y (26% h/h) below our €8mE. Gross margins kept up well at a high 60%. Ongoing cost efficiencies show off with FTE's down to 154 vs. 169 at year end. EBITDA stood at €-8.2m (vs. €-6.4m in 1H24 and our €-6.9mE). Guidance remained unchanged calling for FY25 revenues to grow in the 50-70% range. We are currently at the mid point of this range. In order to reach this forecast, 2H25 revenues should grow >115% y/y and >70% sequentially (h/h). We remain cautious for now, as history has shown that reliably guiding revenues is challenging. Hold and €3.1 TP reiterated.
Underlying
NX FILTRATION HLDG BV
Provider
KBC Securities
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Kristof Samoy
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