Trading Update and Growth Plan

2 December 2025

Metir plc

("Metir", the "Group" or the "Company")

Trading Update and Growth Plan

Metir plc (AIM: MET), the leading global provider of fast response mobile and point-of-use water and environmental testing technology, today provides a trading update ahead of its financial year ended 31 December 2025.

Trading and order book

The Group has continued to build on the significant progress reported in its Interim Results on 30 September 2025. Demand is increasing, driven by growing international demand for Microtox® LX instruments, reagents and SRB sales.

Customer demand for LX instruments has been encouraging, and sales are in line with management expectations as reported in September 2025. Although production rates of instruments have increased during the second half of the year, the Group is nearing the limits of its current outsourced manufacturing capacity. 

Metir believes that it can secure materially higher sales volumes of instruments if it can increase the build and supply rate. The Group is in discussions with its manufacturing partner to increase production rates in 2026. This will both reduce delivery times for larger batches made to order for specific customers and simultaneously create a stock of instruments which can be used to meet short turnaround demand. The growing customer base of LX and FX instruments drives demand for high-margin Microtox® reagents, but unlocking and accelerating this high-margin growth depends on scaling LX and FX unit production reliably.

As part of the Group's growth strategy, Metir also intends to further upgrade the LX and FX units with upgraded and easily sourced supply chain components in 2026. This will significantly improve instrument margins by facilitating increased and reliable manufacturing output.

Sales of Sulphate Reducing Bacteria (SRB) kits, which started in June 2025, give the fastest results available on the market, remain robust and are in high demand. Orders of SRB kits have increased, with customer interest rising and quotations given to over 60 companies worldwide. Again, with manufacturing nearing capacity, a key component of the kits had to be paused in Q4 for necessary upgrades to improve the reliability and efficiency of the manufacturing process to increase volumes. This will enable the Group to maximise sales of this high-margin product in January 2026, providing considerable revenue contribution.

Qatar project and GCC regional development

On 26 September 2025, Metir reported it had completed the final commissioning of the 27 CTM units in Qatar. Since then, a small number of instruments have given technical challenges, which are being solved quickly by the Group working through its partner Avanceon. Consequently, Metir has agreed a deferred payment schedule with Avanceon for the remaining £198k with payment due by the end of Q1 2026. This will enable an additional contract performance payment of £50k to be due during the same period.

The majority of the installations are fully operational, and replacement reagents will be routinely supplied by Metir to allow for continuous monitoring. Due to this installation in Doha being the first major state-operated system and an important proof-of-principle site for future large-scale projects, an initial supply of reagents in Qatar is included in the contract specification with new reagent revenue expected to start during early 2027.

During mid November 2025, Metir took part in a UK-backed trade mission to the Kingdom of Saudi Arabia (KSA), engaging with government-linked organisations responsible for major national water programmes. KSA has the world's largest potable water desalination capacity and has committed US$105bn to 3,300 new water projects under its Vision 2030 programme, creating one of the world's largest markets for advanced water-safety technologies. Metir is establishing a marketing team, in conjunction with our regional installation partner Avanceon, based in Riyadh, to capitalise on KSA market opportunities for real-time screening for toxins in potable desalinated water.

Metir has also secured space on the UK Trade Pavilion at the forthcoming IFAT exhibition in Riyadh from 26-28 January 2026. IFAT is the leading regional water and waste management event and conference, with the Trade Pavilion supported by the UK Department of Business and Trade.

Growth and working capital

The Group's cash balance as of 1 December 2025 is £147k, which is slightly lower than forecast. The Group has been investing in increased manufacturing and additional payments made to our manufacturer for components required for the next batch build of LX instruments. Excluding invoices to be issued for additional LX instruments being shipped in December, current receivables are £317k. Given the invoiced sales and forecasts, the Group is comfortable that it has sufficient projected revenue and cash resources for the foreseeable future.

The Board considers investment in manufacturing and product development as essential. This is consistent with the Group's strategy to grow revenue streams from existing product lines while conducting near-term investment in product and supply chain enhancement to support long-term revenue and profit growth. With a new business development function recently hired, Metir is expanding its international distributor network and build on the success currently being experienced in Qatar for further CTM installations.

Bob Moore, Executive Chairman and Chief Executive Officer of Metir plc, commented:

"I am proud of our talented team and the progress Metir has achieved so far this year. The increased customer demand has exceeded management expectations. Looking ahead to 2026, Metir will enter the year with strong momentum in instrument sales, an expanding international footprint of installed instruments, and enhanced sales and customer support capability.

The Group is also seeing continued growth across Microtox® reagents and SRB product lines. Our validated technology platforms, scalable recurring-revenue model and expanding distributor network provide a solid platform for accelerated growth. Scaling manufacturing capacity is now mission-critical to meet customer demand and convert our strong commercial pipeline into revenue.

The Board considers 2026 as transformational and a pivotal year for growth. The Group retains the characteristics of an agile, entrepreneurial technology company, with world-class products and a pipeline of unique innovative technologies under development. The Group has invested in manufacturing growth and product development which includes use of proceeds of the successful June 2025 fund raise. Accordingly, EBITDA profitability is likely to be deferred until 2026 given our planned investment profile.

Against a backdrop of tightening global regulation, rising water scarcity and increasing need for real-time monitoring, Metir is a global leader in fast-response environmental testing technologies."

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About Metir

Metir plc is a leading global provider of fast response, mobile and point-of-use water and environmental testing technology. Through its two established trading divisions, Modern Water and Microsaic Systems a specialist in mobile PFAS monitoring, the Company develops and supplies innovative, easy-to-use solutions that deliver rapid, accurate water and liquids quality results, helping industries, utilities and regulators monitor safety and compliance in real time.

With a strong focus on data-driven insight and field-ready design, Metir's technology supports critical decision-making across sectors, including environmental monitoring, public health and industrial process management.

Headquartered in York, UK, Metir serves worldwide customers and is dedicated to advancing water testing standards through innovative, accessible solutions.

For more information, please visit: https://www.metirplc.com