Thank you, moderator. Thank you, Lynn.

Thank you all for being here. I'm here together, my name is Floris Jan Cuypers, I'm the CEO of NX Filtration, and I'm here together with my two fellow board members, Michiel Staatsen and Jan Feie Zwiers will take you through the first half-year results of 2026 and will go through it slide by slide, and at the end we'll do some Q&A.

Before I go into the slide that you see on the screen, I want to emphasize that we have a pretty good first half-year of 2026 for NX Filtration. As we have a clear execution path to growth and break-even, and we try to optimize our speed.

We do that through creating maximum focus on our key customers and OEMs and with clear propositions and with disciplined management in sales and across the company. We see our revenue has grown in the first half-year by 19%.

If you look at it on a last-12-month basis, it's +31%. Notably, we have a record order intake of 61% higher than the same period last year, and a record order book, which is 5 times larger than at this moment last year.

We see also that our margin remains very strong at 59%, reflecting our disciplined commercial focus and leading technology position. If you look at our commercial approach, as I said, it's about focus and discipline.

We see tipping points in each region, across each region, which is different in each region, but it's happening in each region at the right time. For the right value proposition OEM combination, we see that reuse is very strong, but also drinking water.

One notable milestone is in Europe, in Östersund, where we won a large and highly competitive tender, where we are chosen as the partner of choice for drinking water in Sweden at large scale, and we're very proud of that. It's the largest order in our history.

Notably also, and later on Michiel will talk about it, we saw Heineken ordering for their breweries, Heineken. We saw in Middle East good orders from Esli, for instance in Turkey, growing fast.

Gradiant, a well-known water company, is also ordering from our dNF membranes. The OEM funnel, we see strong progress both from the number of OEMs that we are in contact with, is 193, but also the healthy development in that funnel, from early technology vetting into first orders and repeat orders.

We progress on our path towards EBITDA break-even. We are very disciplined in how we manage our assets and cost base, and bring that also in line with our revenue curve.

Our cash position at the end 30 June this year is €18.4 million. The large CapEx is behind us as we have now fully invested in our new factory, and we are well-positioned to further execute on our strategy with maximum speed.

If you then go to the next slide, you see the revenue step-up, which is on the left side showing 19% year-on-year growth in the first half-year. If you compare it last 12 months ending 30 June and comparing that with the last 12 months ending 30 June 2025, you see 31% growth.

On the right side, you see the records, record order intake, record order book. That's very positive.

Underlying, although the 19% growth in the first half-year is something that we need to try to compensate with even more growth in H2, underlying we see very, very positive metrics. As we have a competitive offering not only in our flagship nanofiltration product, which is over 90 times installations sold and over 40 or 50 in commissioning, very positive.

We win against competitors, and the market, our OEMs, our engineering consultants, and utilities and industries know that it works. It's effective, it's simple, and it's proven.

Also, we are competitive in ultrafiltration, where we have one-on-one replacements with our key competitors, the names that Pentair, DuPont, Pall, etc., Toray. We have a broad portfolio.

We launched 65 m², 80 m², and we see fast adoption in our distributor and OEM base. In microfiltration, our food and beverage sector, we saw also diversification with new orders from Heineken and of course customers, the other major brewers that are also ordering with us.

If you zoom out, you see diversification in geography, in all geographies we see very positive momentum, also with multiple OEMs and with all these PMCs, drinking water, but also reuse for data centers, for food, for irrigation, and also contaminants removal. I just want to give a bit more color.

For instance, last week I was in Middle East with our team. All of our teams have regional offsites with customers involved.

I visited one or two of those. I was in Istanbul, in Turkey.

They have huge momentum. I see that the clarity in which our customers understand our value proposition in nanofiltration, but also see our broad ultrafiltration and microfiltration offering, see us as a really membrane technology platform.

We are a very viable, mature, broad membrane technology platform, which is future-proof. No PFAS in there.

Also they see our service offering. We have customer intimacy, we are close to customers, and that gives a lot of comfort.

One thing to light out, for instance, in Pakistan, in 70 villages, we make drinking water with NX Filtration ultrafiltration. That is also, from a purpose and ESG point of view, amazingly positive and motivational.

If you go to the next slide, slide four, shortly you see the breakdown in terms of our revenue base. Again, Asia is growing very strong, not only in India, but also in Southeast Asia, in Japan, and elsewhere.

That's more than half of our revenue. We see Europe with a decent chunk, 27%, not only in Sweden, but also in Belgium, in France, in Spain, Italy, and the UK, and across the continent.

In North America, that includes Mexico, is 5%, but we see very positive early signs also in the US of for us a good recovery. Then rest of world is also.

I think we continue to look at sales performance from our sales people to give them the right focus, but also in terms of sales performance, getting new people on board if that is needed, and sometimes also that means changing people that are currently in the company. I will hand it over to Michiel.

Thank you, Floris Jan. Not only did we build a strong commercial team, we also sharpened our in and external communication along four clear PMCs, PMCs with the highest impact where we show clear advantages and differentiate in terms of better economics, lower chemical consumption, and lower energy consumption.

This results in clear messaging to our customers and focuses our team on those opportunities with the highest chances of success. Now I will quickly run you through these PMCs.

Number one, drinking water from surface water. We see clear growth potential since most surface waters are becoming more challenging to treat, and drinking water standards are getting higher at the same time.

The second, wastewater reuse for high quality water. With growing demand for high quality water globally, being it cooling water for energy production or data centers, food and beverage production, or drinking water, we believe that wastewater reuse is one of the most important trends in the water market and will be an important growth driver for NX Filtration.

Number three is about removing pollutants from industrial wastewaters. While these industrial wastewaters are becoming more and more complex, discharge limits are becoming stricter.

This requires robust, effective, and efficient technologies and solutions. We see our membranes increasingly becoming part of those solutions.

Number four is all about clarifying beverages. While being a smaller market compared to the water treatment markets, we see that our PFAS-free membrane chemistry offers a very interesting and often better alternative for existing products in the market.

After our commercial successes in beer and wine filtration, we are now exploring other applications such as pharma and protein recovery. I'm very proud to announce that we have reached over 90 hollow fiber nanofiltration membrane projects worldwide, 9-0, 90.

Please allow me to give some examples of where we are successfully implementing our unique technology. The world is facing different water challenges driven by climate change, demographics, and economic developments, resulting in different needs when it comes to water treatment.

Let me start with the Americas. There, our success started with treating highly colored surface water in Canada, and then we progressed to industrial waters in the US.

Now in Mexico, we are commissioning the SAPAL project, the largest hollow fiber nanofiltration based indirect potable water reuse plant in the world. Looking forward, we expect increasing investments in the US driven by PFAS regulations, and in Latin America we want to capitalize on our successes in wastewater reuse.

Moving to India and the Middle East, we see increasing traction driven by investments in high quality water recycling for cooling water, for data centers and energy production, but also in other industrial applications. Here we see water as a service upcoming as an important trend, and that will accelerate investments in water treatment facilities.

As you already know, in Asia Pacific, we are already applying our nanofiltration membranes for many, many years treating high colored water. In China and Asia, we see also many growth opportunities for wastewater reuse driven by investments for industrial use, such as data centers and microelectronic production.

When we look at Europe, our recent win in Sweden is a clear example of how our commercial approach leads to concrete results. The city of Östersund has awarded the largest nanofiltration based drinking water plant in the world, and this is a very important milestone.

It demonstrates the shift towards next generation drinking water treatment in Sweden with resilient solutions, lowering the need for water treatment chemicals, with less energy, while meeting stricter drinking water regulations. It provides additional proof that our technology is getting widely accepted for drinking water applications.

Also it proves our growth strategy with our OEM partners, where we work together with strong regional system integrators who can deliver large projects. Together with our strong and entrepreneurial partners, we're proud to be part of this state-of-the-art solution in Sweden that will provide safe and affordable drinking water to the people of Östersund.

Now I will zoom in on our OEM partners, with whom we are progressing towards sustainable and recurring business. You might remember this visualization from our CMD, in which we project a typical trajectory we follow together with our partners.

Where we start on the left side in the technology selection phase to get our technology qualified for real-world application, in the second phase, the first project realization, up to the installed base phase, where we're striving together for repeat orders and recurring replacement business. As you can see in the graph, we've increased the total number of OEM partners that we work with to 193.

We were able to convert six additional OEMs to the installed base phase, for instance, respected OEMs as Applied Membranes in North America and Gradiant in Malaysia, while also increasing the number of OEMs in the first project realization phase. This means that we were able to broaden our base to drive the all-important future repeat business from.

Despite the fact that this funnel reflects on our nanofiltration offerings only, I also want to mention that we're gaining traction with our competitive ultrafiltration and microfiltration membranes, with an important first sale of our brand new 80 m² ultrafiltration membrane product for two greenfield projects to the Turkish OEM, Esli, and our first full-scale beer filtration project with Heineken. As you will remember, in these ultrafiltration and microfiltration markets, we benefit from shorter sales cycles with replacements in existing membrane systems.

We will remain our focus on broadening this customer base, further strengthening our business with repeat customers, while driving for more and larger projects. As we all know, we need to do more to secure our water supplies and treat our polluted waters globally.

With our technology, we enable robust and chemical-free solutions and a lower CO2 footprint compared with conventional solutions. With our UF and nanofiltration water treatment membrane modules sold in the first half of 2026, we enabled the production of 371 billion liters of clean water, while filtering out viruses, bacteria, plastics, pesticides, hormones, medicine residues, and even PFAS from polluted root sources, as in rivers, lakes, and wastewater streams.

With the application of our membranes, compared with traditional technologies, we are helping our customers save over 4,000 tons of CO2 by avoiding the use of 7.8 million kg of water treatment chemicals. These are impact numbers that we are very proud of, and the numbers are very motivating for the whole team who are working on driving these numbers up with great dedication.

Thank you, Michiel. In the next two slides, I will take you through the financials of H1 2026.

I will start with the summary of the profit and loss. In H1 2026, total revenue reached €7.8 million, representing 19% growth compared with H1 2025.

We achieved a record order intake, up by 61% year-on-year, and an order book 5 times larger than 1 year ago. Gross margin of 59%, remaining strong and reflecting our leading technology position and disciplined commercial focus.

We 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. Total FTEs slightly increased to 156 at the end of June 2026 versus 154 at the end of June 2025.

We benefit from efficiencies resulting from our larger-scale operations and continue to proactively align our cost levels to the timing of realization of our growth, therewith controlling our path towards break-even. Now to the balance sheet.

We are fully invested in our new factory, with H1 2026 CapEx totaling €1.2 million, which is 71% lower than H1 2025. Working capital amounted to €18.2 million versus €17.1 million at the end of June 2025.

The increase is mainly due to higher receivables, partly offset by lower inventory levels and increased payables. 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.

Being fully invested in our new factory, we are well-positioned to execute our strategy and fund our growth ambitions. The last slide will be presented by Floris Jan.

Thank you, Jan-Feije. To reiterate and summarize our key priorities and outlook, we have four things that we mention here.

We are continuing to build on the underlying commercial momentum, which is clearly visible. The building blocks for our company are in place.

We have the strong foundation to support the growth in a broad and competitive portfolio of products, both in nano, ultra, and microfiltration. Our production capacity is there, ready to scale, CapEx behind us, and we have a strong local global commercial organization with the eagerness and hunting spirit to drive further order book growth and revenue growth.

In that commercial focus, we have, as you know since last year, our Capital Markets Day, a clear OEM funnel that we disciplined manage. We enhance the funnel, and we make it faster to go through the stages.

We have clearly defined strategic objectives and commercial milestones, and act accordingly. Also on the flip side is that we have a disciplined path towards EBITDA break-even, which we can build on in the coming time, and also we have a disciplined management of our asset and cost base.

We are well-positioned to execute our strategy and fund our planned growth, and we also have a clear multi-year, on average, 50% guidance on our revenue, and we are aligning our cost levels and our commercial rollout according to that. Now back to the moderator, Lynn, for Q&A.

Yes, I hope I'm audible. Thank you for the opportunity, team, and congratulations on the good set of results.

I have a few set of questions, if I may. Firstly, on the sales efforts for this year, I do see that you have put considerable efforts on the sales side.

Would you update us on that front on different geographies? My second question would be on replacement cycle, while I do understand that maybe it would be early, but do you see some extent a replacement cycle kicking in from, let's say, the older installed base that you still have?

Those would be my first two questions. Thank you.

Thank you, Usama. Floris Jan here.

The positive thing is what we see in our commercial execution is that we see growth across the various regions, across the various PMCs and product groups, and also across multiple OEMs and distributors. I always summarize that we have more eggs in more baskets.

In more OEMs and distributors, we are talking to more, we're selling to more, and per distributor and OEM, we see more projects. That is very positive.

It doesn't hinge on one or two or 10 big orders. No, we have a broad scope.

Of course, having said that, we know that the macroeconomic environment around us is volatile. It's not a walk in the park everywhere in terms of timing of investments and those type of things.

For instance, in the Middle East, there's a war there. You can argue that has a bit of a slowdown.

In the past, we see it picking up again. There, of course, you face that problem.

Also across other geographies, some people are hesitant to do large investments. I think we are countering that and showing our underlying order book growth and also our revenue growth because of the very big trends in water reuse and having real efficient treatment for clean drinking water.

I think that's why we see a large drinking water order, but also multiple reuse activities in Europe. The data center boom is obvious.

You read about it every day in the newspaper. We see people protesting against the water usage in data center areas.

That plays to our technology clearly. Our nanofiltration is perfectly suited to help there with efficient reuse.

Same for US, and we have multiple conversations with triple-A OEMs for data center and AI related wastewater reuse, but also for agriculture and droughts. To answer your question about regions, we see in all regions growth, but particularly in Asia around AI and data centers.

There is very positive tailwinds, and also in Europe in terms of not only in Sweden, but also in France, Belgium, Spain. They understand that our product works very well, there's also good tailwinds.

That is question one. Then question two is about replacement cycles.

Now, I do think that of course for all of our products there is replacement cycles. UF, we're doing that, and we're replacing competitor products.

Also for MF, we're replacing competitor products because they see our triple-A quality and competitive pricing better than competitors, so that's very positive. I guess you mean about nanofiltration, and that main point is, roughly, let's say, a replacement cycle for nanofiltration depending on the water input is around 5 year 5 years.

Yes, the first replacements are kicking in indeed, because already 6 years ago or 7 years ago we were making water in some countries. Yes, the replacement cycle is also for nanofiltration step-by-step kicking in.

Very grateful. If I can just squeeze in one extra question, and then I'll go back into the queue, would be the outlook for H2 and next year.

The order book is 5 times higher than H1 2025. Would you maybe provide some color how much is it for 2026 or 2027?

That would be really great.

Good question. Thank you so much.

We have a multi-year guidance of an on average of 50% growth. That can mean a year 60%, it can mean a year 30%.

We all know the math and what that means. We are eager to drive growth every year.

We are also cognizant of the fact that H2 for this year needs to be a higher growth than the 19% that we saw in H1. The positive underlying signs are there, the order book, the order intake 61% higher than last year.

We fight every day to make this a reality. Every day, all of our sales people from around the world are fighting in July, August, September, October, November, December to bring our growth in that healthy space of that multi-year guidance, which I reiterated.

I do think that, as you can see, that the order book is there, the size of the order book. Now it's about pulling things as much as we can into '27 and even into Q4 '26.

I think the better position that we are in now, we have a larger order book, we have a higher order intake, makes that a little bit easier than, for instance, last year this time, where we have the same dynamic of trying to pull orders of Q1 into Q4. Whereas it's not easy, we fight for it every day and we're confident that we can make it happen.

It requires of course also some of the discussions with our OEMs and customers to materialize fast, also in terms of revenue delivery, shipping out of our warehouse. I hope that answers your question.

Yes, it does. Thank you.

I will go back into the queue. Thank you.

Hi, hope you can hear me all. Good morning.

A few questions from my side, and I'll take them one by one, if that's all right. Starting with the North American segment, there was, I think, a bit of a slowdown in terms of sales there.

I'm curious, is that sort of tariff-related? Is that based on just lumpy projects?

Or is there something else that I'm missing?

Thank you, Chase. It's more about the lumpiness of the projects.

The big project in Mexico we've talked about, that was last year. That's the lumpiness.

Generally speaking, the traction and the dynamics in North America market we see is very positive. There's multiple pilot trajectories for drinking water projects going on for working towards bigger projects.

Generally speaking, we're very positive on the North American market. The lumpiness will indeed stay.

Maybe to add on Michiel's words, very good. We see our team that has been re-invigorated with two new sales people, also recruiting again for technical salesperson, is that we see also there multiple discussions for really good medium-sized demo projects that are tied to full scales.

If we look at compared to a year or two years ago, we see more healthy interactions with the OEMs, the first orders coming in. Some of them have been reported, and hopefully in the coming months we can hopefully report new orders there.

It's looking underlying decently positive.

Perfect. That's exactly what I was trying to get a grasp around.

Then I'm just wondering also on the order book and the order intake, I recognize that at least I can't find it sort of providing a hard or absolute number for order book or intake. Is that something that you'd be willing to share or willing to potentially report at some point, just to get a better grasp on sort of how, yeah, many years potentially that covers or sort of the visibility you have within that large order book?

We make very, as you can understand, very cognizant choices on what we report on every half-year. I think this type of qualitative or semi-quantitative statements on the order book and order intake is something that we could consider to bring out during those moments.

No guarantee, by the way, but I do think it's interesting that we already say something qualitatively or slightly quantitatively about the order intake and the order book, as any industrial technology company normally does next to revenue numbers. We're cognizant also of the fact that we try to do that every half-year, but no guarantees.

Okay. No, indeed.

It's very helpful having it. Great.

Final question from me, and then I'll jump back in the queue. Could you talk a little bit about the growth between the different technologies?

The nanofiltration, microfiltration, and ultrafiltration, did they all contribute to the growth in the first half? I presume that perhaps the gross margin came down a little bit year-over-year on mix effects, but could you provide a bit of commentary around, I guess, the growth rates within those three different technologies?

In terms of the importance of the product portfolio, at this stage, let's say, all our three product lines are important, let's say, for the growth in the upcoming years, in the medium term, what we explained as well in previous calls. Of course, ultimately

mainly

the growth engine—

Sorry, I think I cut out. Please go ahead.

As said, all three product lines are currently important for us. You see across all those three product lines that we are growing and that we have healthy margins.

Of course, for the longer term, let's say, the growth engine for NX is the nanofiltration. Currently, let's say, if you look at the portfolio, then they are equally important for us at this stage.

We see healthy growth across all three product groups in this

period. Perfect.

Thank you, gentlemen. I'll jump back in queue.

Good morning. Thank you for taking my questions.

I have two. I see that you capitalized some development costs in the first half.

Could you explain what these developments relate to, to what type of products they relate? Then secondly, on the order book again, my colleagues have been asking about it as well, but maybe I will try from a different angle.

I understand that the large Swedish order will only be for delivery in 2027, yeah? Could you maybe disclose how your order book would look like relative to last year's one, excluding the large Swedish order?

Thank you.

Maybe the first question with regards to the development costs. We are continuously working, let's say, improving, let's say, our product portfolio.

Even in the second half of this year, we will have some new product introduction as well. As part of, let's say, that those products will bring certainly future economic benefits, accounting-wise we are allowed to capitalize those costs related to those developments.

That is what you have seen in the figures of H1, those costs are being capitalized. It's related to improving our products and introducing new products, those costs are related to that.

That is question one. Then question two about the order book, good question.

Let me give the answer. For instance, for Östersund, I travel there in a couple of weeks' time to talk to the CEO of Purac and see Östersund and the civil works progression.

That indeed also influences also the time at which we can take revenue in 2027 or even 2028. It is not, in that sense, that straightforward, okay, we sell it, and here you get it, and delivery is then, because that has to do with permits, with the working capital in the project, with also the civil work speed.

So Östersund is 2027 and maybe partly 2028. That is one thing.

Then the other side is, yeah, it's not that we come from a super, super small order book. What I do know from my experience running industrial technology companies is that we are very happy that we're in this scale-up phase as a manufacturing company, coming from €14.1 million revenue last year, growing fast towards our EBITDA break-even, that I'm very positive to see these healthy metrics in order intake and in order book.

That makes it more predictable, more plannable, also in our operations and for our working capital and the delivery reliability. I'm very positively positive about what we see.

Of course, we try to further grow the order book into 2027, 2028 orders, even 2029 orders. Some of the discussions that we have, particularly with Asian OEMs, in specifying nanofiltration in their end products, I cannot name a little bit more about that, is something for sales in 2029 that we're working on now.

Yes, the order book is growing, and yes, that is positive. Our business is a combination of fast replacement cycles of sell now, deliver in next month, and sell now and deliver in 3 years.

I hope that answers your question a little bit.

Okay. Thank you.

No further questions from my end.

It should be unmuted now. Sorry.

Fernand de Boer, Degroof Petercam. A couple of questions on my side.

It's one, coming back on, let's say, your remark that in the second half you need to do better in terms than the 19% growth you had in the first half, but without providing any, let's say, color on how much that is. I see consensus figures around €19 million of sales.

To ask the question a little bit differently, do you feel comfortable with that level of €19 million in sales? That's the first question.

Also, could you give a little bit more indication if that sales come in, what that means for your cash burn in the second half?

Thank you, Fernand. I will do the first part, Floris Jan, and then Jan-Feije will do the second part.

I think I want to reiterate that we have a multi-year, on average, 50% growth guidance, that can mean 60% in a year or 30 or 40%, also for this year that can happen. Both scenarios can happen.

We're fighting obviously for a positive side of that bandwidth. That we do that every day.

I do mind to say that we see strong order intake, and we see the activity level high, number of customer meetings, number of quotes, closing skills of our salespeople. We monitor this every day and every week, also personally as board.

That looks positive. The other side of the equation is revenue happens when you deliver, when it leaves our factory.

If you, for instance, have orders only on one SKU, then it's very difficult because then you need to make that one SKU and get it out before 31st of December. You want to also have a healthy spread of deliveries across MF, UF, and all those SKUs, and also nanofiltration.

Yes, we are confident and fighting very hard to deliver on a good H2 with a very good growth rate in here. It's also hinging, of course, on our full capability to delivery everything before 31st of December, and also convince some of our customer deliveries moving from Q1 next year into Q4 this year.

I don't know if that's fully satisfying, but that is what we can say. Then the second part of your question was around—

The second part of the question is what will happen then with the cash burn. When we deliver more in the second half, then as a result, let's say, for the second half our EBITDA will improve.

We have still, let's say, if you take our working capital levels, still as room for optimization, if you take where we currently are with the €18 million. The cash burn in the second half will then be, as a result, lower.

I think the great thing about that, at least we feel nice and good about it, is that we also have a very disciplined way of managing our asset base, CapEx, and OpEx cost base. Every week, we go through all cost line items and all CapEx items to really scrutinize.

We don't cut in healthy meat, as you can understand, but we're also cognizant of the cash position, and that's why we're proud that with the same OpEx base, we have a higher revenue and we continue to invest in efficiency and productivity, both on the CapEx side as well as on the OpEx side.

Thanks. Maybe one last question.

You mentioned Heineken a couple of times. Could you say which brewery that was, and also that you then did the new breweries for them in Mexico and Brazil?

Sorry, we didn't fully

hear.

What was the second question?

Michiel will answer the question.

No, actually, because Heineken built two new breweries in Mexico and one in Brazil. The question is was this an existing brewery somewhere maybe in the Netherlands, or was this for the breweries for them in Mexico and in Brazil?

Thank you, Fernand. Michiel here.

We cannot specify which breweries exactly, but it could very well be a combination of what you are mentioning.

Greenfields and a replacement, yeah.

Yes. The positive news is for us, we've been working with Heineken towards this for quite a while.

You can imagine that these big breweries are very aware of quality and reliability. We're very proud that we now actually have systems running with our membranes.

It might very well be that we're also expecting new developments.

Not specifically those countries, but we do greenfields as well as replacements.

Thanks.

Thank you, Lynn. Thank you for the great interaction.

Again, we are proud of the progress that we are making. We see very positive underlying metrics.

We keep very much the sharp focus on customer outreach and disciplined conversion of orders, and on the flip side, disciplined cost and asset-based management. Thank you for the good interaction, and we're proud to continue on this path, and we work hard every day on it.

We'll talk to you hopefully in half a year.