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Nabaltec AG Annual Report 2026
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Annual Report
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OUR
KNOW-HOW
FOR YOUR
SAFETY
Nabaltec
Nabaltec – a leading supplier of environmentally friendly flame retardant fillers and specialty aluminas
Nabaltec
The company in brief
REVENUES 2025
EUR 197.0 MILLION
EBIT 2025
EUR 15.2 MILLION
EBIT margin 2025
(from the total performance)
7,7 %
SECTOR
CHEMICAL INDUSTRY
EMPLOYEES 2025
509
PRODUCTION SITES
3
EXPORT-RATIO 2025
76.7%
ABOUT 800 CUSTOMERS
ABOUT 50 DISTRIBUTION PARTNERS
IN BUSINESS SINCE
1937
Nabaltec
Nabaltec operates worldwide
Sites
Nabaltec
Nabaltec AG
Schwandorf, GERMANY
Head Office
naprotec
Naprotec LLC
Chattanooga, USA
Manufacturing
Nabaltec USA
Nabaltec USA Corp.
Corpus Christi, USA
Administration & Sales
nashtec
Nashtec LLC
Corpus Christi, USA
Manufacturing
Nabaltec Shanghai
Nabaltec (Shanghai) Trading Co., Ltd.
Shanghai, CHINA
Sales & Marketing
Revenue Breakdown by Region in 2025
- EUROPE (WITHOUT GERMANY)
- GERMANY
- USA
- REST OF THE WORLD
Nabaltec
Product Segments
| Product segments | Functional Fillers
2025 | Specialty Aluminas
2025 |
| --- | --- | --- |
| Revenue | EUR 144.1 million | EUR 53.0 million |
| EBIT margin | 10.4% | 0.3% |
| Percentage of total revenue | 72% | 28% |
| Product ranges | Ground hydroxides
Viscosity optimized hydroxides
Fine precipitated hydroxides
Boehmites | Oxides
Reactive aluminas
Ceramic bodies |
| Properties | eco-friendly, smoke-reducing,
flame retardant, non-abrasive | resistant to wear and tear, electrically
insulating, resistant to corrosion,
resistant to temperature changes |
| Raw materials | Aluminum hydroxide | Aluminum oxide |
Nabaltec
Process Flow from Bauxite to Specialty Products
Bauxite Mining* 350 million t
Conversion rate:
2.5 → 1
Alumina Refining* 140 million t
Row material suppliers
Conversion rate:
1 → 1
Aluminum Smelting** 65 million t
Speciality Alumina + ATH *** 9 million t (as Al₂O₃ content)
- CRU Bauxite and Alumina Monitor Data, ** International Aluminium Institute, *** Roskill
Nabaltec
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
Nabaltec
Functional Fillers – the growing market for halogen-free flame retardants for cables and plastics
Aluminum hydroxides (ATH)
Market drivers: Electrification, AI, data centers, infrastructure, renewable energy
- Stricter fire and environmental regulations (LSZH, halogen-free) are driving the structural replacement of organic flame retardants with fine hydroxides
- Electrification (grid expansion, EVs, renewable energy) is driving high-volume use of fine hydroxides in cables, batteries, and electrical systems with high loading levels
- Shift toward high-performance and customized grades enables stable growth and premium pricing rather than commodity-based pricing
Global Market Volume of ATH in Cable Applications
in thousand tons
CAGR 6.8% through 2031 based on FH (IndustryARC, 2026)
Oligopolistic competitive environment*
Nabaltec
Functional fillers – Innovative products for e-mobility
Viscosity optimized hydroxides
Market drivers: Thermal management, Adhesives, Gap fillers in lithium-ion batteries
Market Size of Thermal Interface Material (TIM) in Lithium-ion batteries*
Sales in in thousand tons
Viscosity optimized hydroxides are becoming the standard fillers in TIM
- Reduce the risk of overheating
- Enable fast charging
- Extend battery life
- Cell-to-Pack / Cell-to-Body designs increase the TIM density
- ATH “good enough”
= the most cost-effective filler for EV-TIMs - Global demand for TIM in battery assembly by OEMs
B
Nabaltec
Functional fillers – Innovative products for e-mobility
Boehmites
Market drivers: Coating Separator film and Edge Coating in lithium-ion batteries
Worldwide battery demand electro mobility
Battery demand e-mobility in GWh*
Boehmite as a functional material for modern battery technology
- Improve thermal stability
- Reduce the risk of short circuits
- High energy density through thin coatings
- Prevent punctures caused by electrode collectors
Market environment
- China dominates the battery cell market
- Excess capacity in China and increasing competition are putting downward pressure on prices
Nabaltec
Market segments "Specialty Aluminas" 2025
Application examples:
- Furnace linings
- Wear and tear protection
- Ballistic ceramics
- Seals
- High-voltage insulators
- Catalysts
- Ceramic filters
- Polishing materials
- Ignition plugs
- Grinding media
Nabaltec
Specialty Aluminas - Technical Ceramics
Structural Growth with Potential for Value Appreciation
Aluminum oxides / reactive aluminum oxides / ceramic bodies – Specialty Materials for Technical Ceramics
Outlook: Nabaltec's Global Target Market for Specialty Aluminas in Technical Ceramics
in thousand tons
CAGR 4.0% through 2030 (Frost & Sullivan, 2024)
- Electrification
- a long-term, non-cyclical growth driver
→ essential for insulation and thermal safety - Low risk of substitution due to a good value for money in a slightly growing market
- Steady growth driven by product mix and pricing
Nabaltec
Specialty Aluminas - The refractory industry as a pillar of stability in the EU despite economic cycles
Aluminum oxides / reactive aluminum oxides - Specialty materials for the refractory industry
Outlook: Nabaltec's Target Market for Specialty Aluminas in the refractory industry in Europe
in thousand tons
CAGR 4.9% through 2031 (Fact.MR, 2023)
- The steel, cement, and glass industries provide a resilient volume base with little risk of substitution
- A structural shift toward higher-value-added products driven by increased performance and quality requirements
- Specialty Aluminas are benefiting from replacement- and maintenance-driven demand for refractories in advanced EU industries
Nabaltec
Market entry barriers & USPs
Capital-intensive
Many years of technical know-how
Global presence
High innovation level
Nabaltec
Focus on core competencies
Consistent quality & reliable delivery
Energy-intensive
Oligopolistic competitive environment
Nabaltec
Sustainability at Nabaltec
Paving the way for a good future today
„Through our voluntary VSME reporting, we are committed to greater transparency and sustainability.“
Economics
- Reliable business partners and a reliable employer
Ecology
- Constant optimization of products and processes with a resource-conserving focus
Staff
- A corporate culture which caters for all phases of professional and private life
ESG rating with Silver status
By 2045
net zero
emission – the ambitious
target at Nabaltec
Nabaltec
Development of revenues from 2015 to 2025
in EUR million
CAGR 2015 to 2025 = 2.7%
Nabaltec
Development of EBIT from 2015 to 2025
- 2020: thereof non-recurring effects in the amount of EUR -25.3 million, ** 2021: thereof non-recurring effects in the amount of EUR -1.3 million
Nabaltec
Development of Cashflow from 2015 to 2025
in EUR million
Invested around EUR 215 million between 2015 bis 2025
- incl. EUR 15 million in fixed-term deposits > 3 months
Nabaltec
Profit & Loss Statement Nabaltec Group
| in EUR million | 2025 | 2024 | Change |
|---|---|---|---|
| Revenues | 197.0 | 203.6 | -3.2% |
| Total Performance | 197.4 | 206.8 | -4.6% |
| Gross Profit | 103.6 | 107.1 | -3.3% |
| Gross Profit margin | |||
| (from the total performance) | 52.5% | 51.8% | |
| EBITDA | 26.8 | 34.2 | -21.7% |
| EBITDA margin | |||
| (from the total performance) | 13.6% | 16.5% | |
| EBIT | 15.2 | 22.3 | -31.8% |
| EBIT margin | |||
| (from the total performance) | 7.7% | 10.8% | |
| Net income | 9.7 | 14.3 | -32.2% |
| EPS (EUR) | 1.10 | 1.62 | -32.1% |
- Revenues below the previous year, due to persistently weak demand. Average sales price in 2025 nearly on the level of last year. Export ratio at 76.7%.
- Gross Profit margin (as a percentage of total performance) increased to 52.5% in the fiscal year 2025.
- EBITDA margin amounted to 13.6% in 2025 after 16.5% in the year 2024.
- EBIT margin decreased from 10.8% to 7.7% yoy.
- Earnings per share amounted to EUR 1.10 in fiscal year 2025.
Nabaltec
Nabaltec Q4 2025 Functional Fillers
Revenues (EURm)
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.
EBIT (EURm)
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 (EURm)
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
Nabaltec Q4 2025 Specialty Aluminas
Revenues (EURm)
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.
EBIT (EURm)
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 (EURm)
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.
Nabaltec
Balance Sheet Nabaltec Group
| in EUR million | 12/31/25 | 12/31/24 | Change |
|---|---|---|---|
| Intangible assets | 1.6 | 1.5 | 7.2% |
| Property, plant and equipment | 150.5 | 140.0 | 7.5% |
| Other non-current assets | 0.3 | 15.6 | -97.9% |
| Inventories | 50.9 | 47.9 | 6.3% |
| Receivables and other assets | 25.1 | 6.8 | 267.6% |
| Cash and cash equivalents | 72.3 | 86.5 | -16.4% |
| Total assets | 300.7 | 298.3 | 0.8% |
| Equity | 158.3 | 153.2 | 3.3% |
| Non-current liabilities | 123.5 | 125.9 | -1.9% |
| Current liabilities | 18.9 | 19.2 | -1.3% |
| Total liabilities | 300.7 | 298.3 | 0.8% |
- Intangible assets and property, plant and equipment increased due to CAPEX program in 2025.
- Other non-current assets decreased by EUR 15.3 million due to the reclassification of fixed-term deposits in the amount of EUR 15 million from long-term to short-term assets.
- Inventories rose by EUR 3.0 million, with raw material inventories increasing by EUR 4.3 million.
- The equity ratio amounted to 52.6% as of the reporting date at the end of December 2025. (12/31/24: 51.4%).
- Non-current liabilities at the end of the year 2025 include provisions for pensions in the amount of EUR 30.3 million and financial liabilities of EUR 90.0 million.
- Current liabilities decreased by EUR 0.3 million.
Nabaltec
Cash Flow Statement Nabaltec Group
| in EUR million | 2025 | 2024 | Change |
|---|---|---|---|
| Net operating income | |||
| (before changes in working capital) | 26.8 | 34.2 | -21.7% |
| +/- Working capital | -4.9 | 5.8 | |
| - Taxes paid | -6.1 | -4.8 | 26.2% |
| Cash flow from operating activity | 15.8 | 35.2 | -55.0% |
| Cash flow from investment activity | -24.8 | -32.1 | -22.7% |
| Free Cash flow | -9.0 | 3.1 | |
| Cash flow from financing activity | -3.5 | -3.5 | 0.3% |
| Cash at end of the period | 72.3 | 86.5 | -16.4% |
- 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.
Outlook 2026*
Nabaltec
- 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.
Nabaltec
6 reasons to invest in Nabaltec
- Active in global growth markets
- Planning security through strong customer relations
- Established player in niche markets with high entry barriers
- Profiteering from global growth trends
- Solid operating profitability
- Currently attractive valuation
Nabaltec
Share
- ISIN: DE000A0KPPR7
- 2025 trading volume: average of 5,296 shares per day (2024: 6,459 shares)*
Baader Bank:
- Add, price target EUR 15.50 (03/2026)
NuWays:
- Buy, price target EUR 16.00 (03/2026)
Edison:
- Price target EUR 26.30 (11/2025)
Shareholder structure:
- 28.35% Heckmann family
- 27.24% Witzany family
- 44.41% Free float
- all data XETRA; N = News, A = Ad-hoc
Financial calendar
Nabaltec
| 12. May 2026 | German Spring Conference 2026 |
|---|---|
| 21. May 2026 | Publication Quarterly Financial Report (call-date Q1) |
| 21. May 2026 | Earnings Call: Q1 2026 Highlights |
| 24. June 2026 | Annual General Meeting |
| 20. August 2026 | Publication Half-yearly Financial Statements |
| 20. August 2026 | Earnings Call: Q2 2026 Highlights |
| Sept. 2026 | Baader Investment Conference |
| 19. November 2026 | Publication Quarterly Financial Report (call-date Q3) |
| 19. November 2026 | Earnings Call: Q3 2026 Highlights |
| Nov. 2026 | Deutsches Eigenkapitalforum |
Nabaltec
Contact
Johannes Heckmann (CEO)
Günther Spitzer (CFO)
Nabaltec AG
Alustraße 50 – 52
92421 Schwandorf
Germany
Phone: + 49 9431 53-202
Fax: + 49 9431 53-260
E-Mail: [email protected]
Version 30 April 2026
Our know-how for your safety
The entire content of this presentation is copyrighted by Nabaltec AG. The content of this presentation may not be modified without the express written permission of Nabaltec AG. Business partners of Nabaltec AG may download, reproduce and distribute for their Nabaltec related business provided that the reprint contains the above mentioned copyright notices. All users acknowledge that any access and use of the presentation is at their own risk. Nabaltec AG assumes no liability for any errors or omissions in the content of the presentation and shall not be liable for any damages arising out of the access, use or inability to use this presentation. ©Nabaltec AG
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.
The information contained herein is not for publication or distribution in the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States. The securities of Nabaltec AG described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. No money, securities or other consideration is being solicited and, if sent in response to the Information contained herein, will not be accepted.
Fotos: Adobe Stock, C3 marketing agentur GmbH, freepik, Clemens Mayer, Strandperle
