Nabaltec AG — Annual Report 2025

Apr 30, 2026

OUR KNOW-HOW FOR YOUR SAFETY

Nabaltec – a leading supplier of environmentally friendly flame retardant fillers and specialty aluminas

Q4 2025 Highlights

30 April 2026

The company in brief

Product Segments

Productsegments	FunctionalFillers2025	Specialty Aluminas2025
Revenue	EUR 144.1 million	EUR 53.0 million
EBIT margin	10.4%	0.3%
Percentageoftotal revenue	72%	28%
Productranges	Ground hydroxidesViscosityoptimizedhydroxidesFine precipitatedhydroxidesBoehmites	OxidesReactivealuminasCeramicbodies
Properties	eco-friendly, smoke-reducing,flame retardant, non-abrasive	resistant to wear and tear, electricallyinsulating, resistant to corrosion,resistant to temperature changes
Raw materials	Aluminumhydroxide	Aluminumoxide

Market segments "Functional Fillers" 2025

Application examples:

• HV-/MV-/LV-cables
• Data cables
• Automotive cables
• Wind turbine and PV cables
• E-vehicle charging cables
• Separator films
• Electronic housings and switches
• Printed circuit boards
• Adhesives
• Tires
• Vehicle interior trim
• Thermal insulations
• Facade panels

Market segments "Specialty Aluminas" 2025

▪ Furnace linings

▪ Wear and tear protection

Application examples:

• Ballistic ceramics
• Seals
• High-voltage insulators
• Catalysts
• Ceramic filters
• Polishing materials
• Ignition plugs
• Grinding media

Nabaltec Q4 2025 Highlights

Revenue	EUR41.9million (-7.7% yoy)
EBIT	EUR1.2million(-78.3% yoy)
EBIT Margin	2.8%(Q4/24: 12.2%)
EPS	0.05 EUR(-86.1% yoy)
Net Debt	EUR 18.5 million (31.12.24: 4.3 m)

• Revenue decreased by 7.7% in the fourth quarter 2025 compared to the same quarter of the previous year.
• EBIT margin of 2.8% significantly below the previous year's figure. A sharper than expected decline in revenues and high maintenance costs had a negative impact on the EBIT margin in Q4/25.
• EPS decreased from EUR 0.36 in the fourth quarter of the previous year to EUR 0.05 in the fourth quarter of 2025.
• Net debt as of 31 December 2025 amounts to EUR 18.5 million.

7

Nabaltec Q4 2025 Functional Fillers

Revenue in the "Functional Fillers" product segment decreased by 10.5% yoy. An unexpected decline of 9.1% in our most important product area, fine hydroxides, was the main reason for this revenue development in the fourth quarter 2025.

The operating result (EBIT) was with EUR 1.5 million significantly below the level of last year. Resulting in an EBIT margin of 4.8% in this segment (Q4/24: 17.8%). In addition to the decline in revenues, increased maintenance costs in the fourth quarter also weighed on EBIT.

CAPEX in the "Functional Fillers" product segment amounted to EUR 5.2 million in the fourth quarter 2025. The main expenditures were attributable to investment projects to expand capacity for boehmite and viscosity-optimized hydroxides.

Nabaltec Q4 2025 Specialty Aluminas

Revenue in the "Specialty Aluminas" product segment slightly increased by 0.6% compared to the previous year. We assume that the bottom has been reached in this segment.

The operating result (EBIT) was negative in the fourth quarter 2025 but slightly improved in comparison to the previous year's quarter. An optimized product mix compared to the same quarter last year helped to stem the losses somewhat.

CAPEX amounted to EUR 1.8 million in the "Specialty Aluminas" product segment. The amount includes expenditure for the general overhaul of the rotary kiln.

Profit & Loss Statement Nabaltec Group

in EUR million	2025	2024	Change
Revenues	197.0	203.6	-3.2%	▪	Revenues below the previous year, due
Total Performance	197.4	206.8	-4.6%		to persistently weak demand. Averagesalesprice in 2025 nearly on the level oflast year.Export ratio at 76.7%.
Gross Profit	103.6	107.1	-3.3%	▪	Gross Profit margin (as a percentageof total performance) increased to 52.5%in the fiscal year 2025.
Gross Profit margin(from the total performance)	52.5%	51.8%
EBITDA	26.8	34.2	-21.7%	▪	EBITDA margin amounted to 13.6% in2025 after 16.5% in the year 2024.
EBITDA margin(from the total performance)	13.6%	16.5%		▪	EBIT margin decreased from 10.8%
EBIT	15.2	22.3	-31.8%		to 7.7%yoy.
EBIT margin(from the total performance)	7.7%	10.8%		▪	Earnings per share amounted toEUR 1.10in fiscal year 2025.
Net income	9.7	14.3	-32.2%
EPS (EUR)	1.10	1.62	-32.1%

Balance Sheet Nabaltec Group

in EUR million	12/31/25	12/31/24	Change
Intangible assets	1.6	1.5	7.2%	▪	Intangible assets and property, plant and
Property, plant and equipment	150.5	140.0	7.5%		equipmentincreased due to CAPEX programin 2025.
Other non-current assets	0.3	15.6	-97.9%	▪	Other non-current assets decreased by EUR 15.3million due to the reclassification of fixed-term deposits
Inventories	50.9	47.9	6.3%		in the amount of EUR 15 million from long-term toshort-term assets.
Receivables and other assets	25.1	6.8	267.6%	▪	Inventories rose by EUR 3.0 million, with raw materialinventories increasing by EUR 4.3 million.
Cash and cash equivalents	72.3	86.5	-16.4%	▪	The equity ratio amounted to 52.6% as of the
Total assets	300.7	298.3	0.8%		reporting date at the end of December 2025.(12/31/24: 51.4%).
Equity	158.3	153.2	3.3%	▪	Non-current liabilities at the end of the year 2025include provisions for pensions in the amount of
Non-current liabilities	123.5	125.9	-1.9%		EUR 30.3 million and financial liabilities of EUR 90.0million.
Current liabilities	18.9	19.2	-1.3%	▪	Current liabilities decreased by EUR 0.3 million.
Total liabilities	300.7	298.3	0.8%		10

Cash Flow Statement Nabaltec Group

• The decline in net operating income and above all changes in working capital had a negative impact on cash flow from operating activities in the year 2025.
• The investment focus was on expanding the capacity of boehmites and viscosity optimized hydroxides, as well as expenditure for the general overhaul of two rotary kilns and the ongoing process optimization at the Schwandorf site.
• Cash and cash equivalents amounted to EUR 72.3 million on 31 December 2025.

Preliminary figures Q1 2026

12

Revenue EUR 53.2 million (-2.7% yoy)

EBIT EUR 2.7 million (-33.8% yoy)

EBIT Margin (from the total performance)

5.2% (Q1/25: 7.5%)

• Q1 revenue of EUR 53.2 million is slightly below the prior year, reflecting a continued challenging market environment across both segments.
• EBIT margin of 5.2% in Q1 2026, is impacted by higher energy costs - particularly gas - and increased depreciation and amortization following the capitalization of assets under construction.
• Release of detailed figures on the first-quarter results will be on May 21, 2026.

Outlook 2026*

• The demand in 2026 will continue to be characterized by short-termism and high volatility.
• Despite the economic and industry-specific environment, the company expects revenues growth in 2026 to be in the range of 4% to 6% compared to the previous year (2025: EUR 197.0 million).
• On the earnings side, Nabaltec expects an EBIT margin in the range of 5% to 7% (2025: 7.7%). The decline in the EBIT margin compared to Financial Year 2025 is primarily due to rising material costs, including energy, as well as a significant increase in depreciation and amortization.

* The forecast is based on the assumption that the economy and the industries relevant to Nabaltec will develop in a stable fashion. At the time the forecast was prepared, it remains unclear at what speed or with what dynamics the economic situation will recover globally and in the markets relevant for Nabaltec. Inflation, high interest rates and the uncertain situation are putting the brakes on consumption and investment worldwide. In the event of continuing negative economic upheavals due to the geopolitical situation, adverse effects on the liquidity, financial and earnings situation cannot be ruled out. The current escalation of the Middle East conflict is increasing geopolitical and eco nomic uncertainties. A further intensification of the conflicts could place a strain on the global economy, particularly through rising energy prices, disrupted supply chains, and a weakening of demand. These factors may negatively impact the company's business performance during the forecast period.

Financial calendar

12. May 2026	German Spring Conference 2026
21. May 2026	PublicationQuarterly Financial Report (call-date Q1)
21. May 2026	EarningsCall: Q1 2026 Highlights
24. June 2026	Annual General Meeting
20. August 2026	PublicationHalf-yearlyFinancial Statements
20. August 2026	Earnings Call: Q2 2026 Highlights
Sept. 2026	Baader Investment Conference
19. November 2026	PublicationQuarterly Financial Report (call-date Q3)
19. November 2026	Earnings Call: Q3 2026 Highlights
Nov. 2026	Deutsches Eigenkapitalforum

Kontakt Contact

Johannes Heckmann (CEO) Günther Spitzer (CFO)

Nabaltec AG Alustraße 50 - 52 92421 Schwandorf Deutschland – 52 Germany

Telefon: +49 9431 53 -202 Fax: +49 9431 53 -260 E -Mail: InvestorRelations@nabaltec.de Phone: + 49 9431 53 -202 + 49 9431 53 -260

Our know-how for your safety

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Rounding: Due to computational reasons, rounding differences may appear in the percentages and figures in the tables, graphics and text. Percentage changes are calculated on the basis of EUR thousand.

Statements relating to the future: This presentation contains forward-looking statements based on current estimates and forecasts made by the Management Board and currently available information. These forward-looking statements are not to be understood as guarantees of projected future developments and results. Rather, future developments and results are subject to a variety of risks and uncertainties and are based on assumptions that may not prove to be accurate. We assume no obligation to update these forward-looking statements.

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