NX Filtration reports revenue growth of 28% in 2025
NX Filtration reports revenue growth of 28% in 2025, on track to achieve medium term growth objectives
Hengelo, the Netherlands, 9 February 2026, 07:00 CET
HENGELO, THE NETHERLANDS – NX Filtration N.V. (Euronext Amsterdam: NXFIL), the global provider of breakthrough hollow fiber filtration technology for pure and affordable water with strong sustainability benefits, today reports its consolidated financial statements for 2025.
Highlights 2025
- Total revenues (1) of €14.1 million, a growth of 28% from 2024, in line with our expectations at the end of 2025. Revenues in the second half of 2025 grew by 45%, on track to achieve our medium term growth objectives
- Significantly improved our funnel of OEM partners for our flagship hollow fiber nanofiltration (HFNF) product, growing with 20 OEMs during 2025 to 180 OEMs, with OEMs progressing into more advanced stages, providing a strong basis for growth
- Gross margin of 59.1%, consistently reflecting our strong technology position
- Lower operating expenses while simultaneously growing the business, leading to a lower normalized EBITDA loss (2) from €17.4 million in 2024 to €13.8 million in 2025
- Cash position of €28.5 million at the end of 2025 – being fully invested in our new factory, we continue to expect our cash position to be sufficient to fund our growth ambitions well into the future
- Reiteration of our medium term objectives, with revenue growth of on average 50% per year, sustained strong gross margins and realizing EBITDA break-even operations
Floris Jan Cuypers, CEO of NX Filtration, states:
“NX Filtration is on the right path towards realizing its medium term objectives around growth and profitability. We benefit from a proven track-record of more than 50 operational HFNF projects, and a further 30 projects in commissioning phase. Our enduring high gross margins reflect our strong technology position we have achieved. In 2025, we completed the transfer of all our operations into our new factory, therewith enabling a reduction of our operational expenses while simultaneously growing our business.“
Looking back at 2025, I am pleased to say that the transition to our new factory was successful, with operations running smoothly. 2025 was also the year of fierce commercial focus and execution. We optimized our approach towards sweet-spot product-market combinations across our Hollow fiber Nanofiltration (HFNF), Ultrafiltration (UF) and Microfiltration (MF) products. This led to strong progress in our funnels with OEM partners, providing a solid basis for growth in the years to come. We have a high-quality pipeline in place, with clear sight on projects in 2026. We also took highly qualified people on board to bolster our commercial power. When I combine these improvements with our robust and innovative technology, I am confident of our revenue growth objective of on average 50% per year.
I am proud of the enormous progress our teams are making, setting us up for further growth and making an ever-larger impact on the global water transition.”
Progress against our objectives
As communicated at our Capital Markets Day in April 2025, we focus our efforts around (1) growing revenues with on average 50% per year, (2) sustaining strong gross margin levels, and (3) realizing EBITDA break-even operations.
1. Growing revenues with on average 50% per year
In 2025 total revenues were €14.1 million, an increase of 28% from 2024, in line with our expectations at the end of 2025. NX Filtration experienced a relatively slow start of the year, with year-on-year revenue growth of 12% in the first half year of 2025. We were impacted by evolving lead times in the project schedules of our OEMs and end-customers. Although this situation continued during the year, we did significantly increase our year-on-year revenue growth to 45% in the second half year of 2025.
We measure our potential for the years to come based on the traction with our OEMs in our funnel. Over the past years, we have geared our commercial efforts to developing our pipeline of strong OEM partners, based on an increasingly stringent and targeted process, resulting in a high-quality pipeline today.
At the end of 2025, our funnel for hollow fiber nanofiltration (HFNF) related OEM partners comprised of 180 OEMs, compared to 160 OEMs at the end of 2024. During 2025, we successfully added a total of 20 OEMs to our funnel and, most importantly, further progressed OEMs through the different stages of our funnel. Examples include Veolia (France) and Ceramed Engineers (India), with whom we secured our first Hollow Fiber Nanofiltration (HFNF) orders.
Our objective is to further commercialize our funnel of OEM partners, with HFNF revenues in the years to come primarily from:
1. New projects, repeat projects and module replacements from OEMs that today are already actively using our HFNF modules in their full-scale projects (38 OEMs with an installed base of HFNF projects versus 30 OEMs end of 2024) or are in the phase of first project realization (27 OEMs versus 25 OEMs end of 2024).
2. Channeling the OEMs that are actively testing our modules for potential future use (115 OEMs in the technology selection phase versus 105 OEMs end of 2024) further through the funnel.
In parallel to our progress on our HFNF OEM funnel, we continue to build out our business for Ultrafiltration (UF), with newly contracted OEMs including H2O Innovation (Canada), Wabag (India) and Lenntech (the Netherlands), and Microfiltration (MF), for which we now have references across most major soft drink producers and global brewery groups. These products benefit from shorter sales and development cycles than HFNF, as we offer unique technology and solutions that primarily tap into existing replacement markets. With these products we can also create a cross-sell platform with OEMs for our HFNF products.
We are set-up to address all sweet spots across our customers’ filtration needs, acting as full spectrum water filtration technology partner and enabling our OEMs to embed our technology in their offerings.
2. Sustaining strong gross margin levels
Gross margin remained strong at 59.1% (compared to 61.0% in 2024, driven by changes in our product mix) and is underpinning our strong technology position in the market. We continue to invest in focused research and design activities, to further cement our broad and competitive portfolio across all three product ranges. In 2025, NX Filtration capitalized €1.7 million of development costs which demonstrates the company’s continued efforts to invest in innovations for the future.
Our hollow fiber nanofiltration (HFNF) products are based on a unique breakthrough technology as ultimate solution for producing drinking water quality from polluted surface waters, and enabling reuse of wastewater, whilst offering strong sustainability benefits. Our HFNF products effectively remove micropollutants (pharmaceuticals, medicines and more), and they enable >70% energy savings and >90% chemicals savings compared to traditional membrane technologies. NX Filtration benefits from a proven track-record of more than 50 operational HFNF projects, and a further 30 projects in commissioning phase.
Our ultrafiltration (UF) products provide excellent virus and bacteria retention. UF technology is part of many water treatment systems, providing a strong established OEM base with replacement requirements for their installed base of membrane modules. The industry is experiencing increased regulatory scrutiny on the use of PFAS in membrane manufacturing. This scrutiny particularly affects membrane producers that rely on PVDF (polyvinylidene fluoride)-based UF membranes. By contrast, NX Filtration’s PES (polyethersulfone)-based membranes are PFAS-free and therefore well-positioned to benefit from this regulatory shift.
Our microfiltration (MF) products are ideally suited for the clarification of beverages, such as beer and wine, as well as for dairy, biotechnology and pharmaceutical applications, in which NX Filtration is amongst the few players globally. Our MF products have a 10-20% higher capacity compared to traditional products, and NX Filtration is the only stand-alone player for beer filtration, offering end-customers a unique alternative source of supply, and OEMs the chance to develop new membrane-based filtration solutions.
The technology of NX Filtration is also strongly protected based on in-house developed production equipment, and a leading patent portfolio that grew from 25 patents at the start of 2021 to 52 patents (10 patent families) today.
3. Realizing EBITDA break-even operations
2025 was a transition year in terms of cost and Capex reduction. We completed the transfer of all our activities to our new factory and launched various efficiency programs. We also narrowly focused our research and design activities, to further cement our broad and competitive portfolio across all three product ranges. These efforts have already resulted in lower operating costs (3) in 2025 (€22.7 million compared to €24.5 million in 2024), while simultaneously growing the business with 28%. As a result, normalized EBITDA loss (4) decreased from €17.4 million in 2024 to €13.8 million in 2025.
Our cash position at the end of 2025 amounted to €28.5 million, compared to a cash position of €53.4 million at the end of 2024. With regards to capital expenditures, we are fully invested in our new factory, with 2025 Capex (mostly related to finalizing and consolidating our operations in our new factory) totaling €6.4 million, which is 75% lower than in 2024, and further reductions expected for 2026. We continue to expect our cash position to be sufficient to fund our growth ambitions well into the future.
Total FTE slightly decreased to 158 at 31 December 2025 (versus 169 at 31 December 2024). 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.
Outlook
In recent years we have put strong building blocks in place for the growth journey ahead of us, amongst others related to our solid technology, expanded production capacity, strong ESG framework, our global sales organization, and our growing pipeline of commercial opportunities. Based on these building blocks, we have set clear priorities that we will drive with full dedication.
First and foremost, we will continue our existing approach in developing OEM relationships and converting project opportunities into orders, and build on existing OEM relationships for repeat orders. Based on the learnings from prior years we are further pursuing our commercial focus towards high-yielding product-market combinations across our HFNF, UF and MF product lines. We also proactively align our product portfolio, and the efforts of our research and development team, to products that directly serve commercial market opportunities.
For the years to come, NX Filtration continues to focus on realizing its medium term objectives, targeting revenue growth with on average of 50% per year at sustained strong gross margin levels, and realizing break-even operations. We continue to proactively align our cost levels to the timing of realizing our growth, therewith controlling our path towards break-even operations. After the completion of our new factory in 2024, and the consolidation of all our operations in this new factory in 2025, our investments are expected to be further reduced in 2026.
Our longer-term growth ambitions are unchanged, given the enormous challenges the global water sector faces and our unique portfolio of products that address these challenges. We continue to work on our mission ‘clean and affordable water for all’, whilst offering strong sustainability benefits to our customers and providing an inspiring working environment.
1) Total revenues (defined as Gross income in the Annual Report) includes revenues from sale of goods in the Clean Municipal Water and Sustainable Industrial water business lines and other income
2) Corrected for changes in inventories of finished goods and work in progress
3) Operating expenses, excluding the cost of raw materials and consumables, changes in inventories of finished goods and work in progress, and amortization and depreciation.
4) Corrected for changes in inventories of finished goods and work in progress
NX Filtration’s 2025 annual report is available on the Investor Relations section of the website www.nxfiltration.com.
Analyst call / webcast
NX Filtration will host an analyst call and webcast at 9:30 CEST on 9 February 2026 to comment on its 2025 results. Please see www.nxfiltration.com/investors for details to participate.
Financial calendar
AGM: 16 April 2026
H1 2026 results: 26 August 2026
About NX Filtration
NX Filtration is a provider of membrane technology for producing pure and affordable water to improve quality of life. Its hollow fiber nanofiltration (HFNF) technology removes micropollutants (including pharmaceuticals, medicines, PFAS and insecticides), color and selective salts, but also bacteria, viruses and nanoplastics, from water whilst offering strong sustainability benefits. For further information on NX Filtration please visit www.nxfiltration.com
For enquiries, please contact:
NX Filtration Investor Relations
IR@NXFiltration.com
+31 85 047 9900
Notes to the press release
This is a public announcement by NX Filtration N.V. pursuant to section 17 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in NX Filtration N.V. The reported data in this press release have not been audited.
Use of non-IFRS information
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 standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies.
Forward looking statements
This press release may include 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, optimizing, 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 revenue outlook estimates are management estimates resulting from NX Filtration’s pursuit of its strategy. NX Filtration can provide no assurances that the estimated future revenues will be realized and the actual total revenues for 2026 could differ materially. The expected total revenues 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 clients, such as cancellations or delays, as well as the occurrence of certain other events.