Another strong update from NIOX, confirming the picture outlined at the H1 trading update, with revenues +20% and Adj EBITDA +30%. Strong trading has continued through July & August and the outlook for the full year is described as being “comfortably in line”. We make no change to headline forecasts, but see further growth drivers in FY26 and beyond after management actions this year. We roll forwards our valuation and increase our TP to 88p.
