Nabaltec AG — Interim / Quarterly Report 2025

May 23, 2025

OUR KNOW-HOW FOR YOUR SAFETY

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

Q1 2025 Highlights

22 May 2025

The company in brief

Product Segments

Product segments	Functional Fillers 2024 revenues: EUR 148.0 million	Specialty Aluminas 2024 revenues: EUR 55.6 million
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
Capacities*	Europe: 123,000 t Aluminum hydroxides 10,000 t Boehmites USA: 60,000 t Aluminum hydroxides	Europe: 72,000 t Specialty aluminas
Raw materials	Aluminum hydroxide	Aluminum oxide

Market segments "Functional Fillers" 2024

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" 2024

Application examples:

• Furnace linings
• Wear and tear protection
• Ballistic ceramics
• Seals
• High-voltage insulators
• Catalysts
• Ceramic filters
• Polishing materials
• Ignition plugs
• Grinding media

Nabaltec Q1 2025 Highlights

EUR 54.7 Revenue	million (+1.2% yoy)
---------------------	---------------------	--

EBIT	EUR 4.1 million	(-18.0% yoy)
------	--------------------	--------------

EBIT Margin	7.5%	(Q1/24: 9.3%)
-------------	------	---------------

EPS	EUR 0.31	(-20.5% yoy)

Net Debt EUR -2.2 million (31.12.24: 4.3 m)

• Revenue increased only slightly by 1.2% in the first quarter 2025 compared to the same quarter of the previous year.
• EBIT margin of 7.5% below the previous year's figure. Weak demand for specialty aluminas and boehmites as well as higher energy costs had a negative impact on the EBIT margin (as a percentage of total performance).
• EPS decreased from EUR 0.39 in the first quarter of the previous year to EUR 0.31 in the first quarter of 2025.
• Net debt as of 31 March 2025 amounts to EUR -2.2 million.

7

Nabaltec Q1 2025 Functional Fillers

Revenue in the "Functional Fillers" product segment increased by 4.1% yoy. Good demand for fine precipitated hydroxides and a significant higher revenue of viscosity optimized hydroxides were the basis for growth in the first quarter 2025. Boehmites, on the other hand, suffered a 42% decline in revenues compared to the previous year.

The operating result (EBIT) was with EUR 4.5 million on the same level as last year. Resulting in an EBIT margin of 11.3% in this segment (Q1/24: 11.6%). The fine precipitated hydroxides product range, together with the viscosity optimized hydroxides, contributed significantly to this result.

CAPEX in the "Functional Fillers" product segment amounted to EUR 4.6 million in the first quarter 2025. Investments in the capacity expansion of boehmites and viscosity optimized hydroxides continue to be the main capex projects.

8

Nabaltec Q1 2025 Specialty Aluminas

Revenue in the "Specialty Aluminas" product segment decreased by 6.1% compared to the previous year's level in the first quarter. Overcapacity and weak demand on the market had a negative impact on both sales volumes and sales prices.

The operating result (EBIT) was negative in the first quarter 2025. After a positive EBIT margin of 3.5% in the first quarter of 2024, the segment recorded a negative EBIT margin of -2.9% in the first quarter of 2025. Declining sales prices and higher energy costs were the main reasons for the negative development.

CAPEX amounted to EUR 0.8 million in the "Specialty Aluminas" product segment. The amount includes expenditure for the general overhaul of two rotary kilns.

Profit & Loss Statement Nabaltec Group

in EUR million	3M/2025	3M/2024	Change
Revenues	54.7	54.0	1.2%	▪	Revenues growth driven by higher sales volumes of 3.9%. Average sales
Total Performance	55.3	53.9	2.7%	price fell in the first quarter 2025 compared to the previous year. Export ratio is at 78.3%.
Gross Profit	27.4	27.3	0.3%	▪	Gross Profit margin (as a percentage
Gross Profit margin (from the total performance)	49.4%	50.7%			of total performance) decreased to 49.4% in the first quarter 2025.
EBITDA	7.0	8.0	-13.2%	▪	EBITDA margin amounted to 12.6% in the first quarter 2025 after 14.9% in the
EBITDA margin (from the total performance)	12.6%	14.9%			first quarter of the previous year.
EBIT	4.1	5.0	-18.0%	▪	EBIT margin decreased from 9.3% to 7.5% yoy.
EBIT margin (from the total performance)	7.5%	9.3%		▪	Earnings per share amounted to
Net income	2.8	3.4	-18.8%		EUR 0.31 in the first quarter 2025.
EPS (EUR)	0.31	0.39	-20.5%

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Balance Sheet Nabaltec Group

in EUR million	03/31/25	12/31/24	Change
Intangible assets	1.6	1.5	4.7%
Property, plant and equipment	141.7	140.0	1.2%
Other non-current assets	15.6	15.6	-0.1%
Inventories	44.6	47.9	-6.8%
Receivables and other assets	11.3	6.8	66.1%
Cash and cash equivalents	93.7	86.5	8.3%
Total assets	308.4	298.3	3.4%
Equity	154.9	153.2	1.1%
Non-current liabilities	125.3	125.9	-0.5%
Current liabilities	28.2	19.2	47.4%
Total liabilities	308.4	298.3	3.4%

▪	Intangible assets and property, plant and equipment slightly increased due to CAPEX in the first quarter 2025.
▪	Other non-current assets at the end of March 2025 include a fixed-term deposit in the amount of EUR 15 million with a term of 2 years.
▪	Inventories decreased by EUR 3.3 million mainly due to the decline in raw material stocks.
▪	The equity ratio amounted to 50.2% as of the reporting date at the end of March 2025. (12/31/24: 51.4%).
▪	Non-current liabilities at the end of March 2025 include provisions for pensions in the amount of EUR 31.5 million and financial liabilities of EUR 90.0 million.
▪	Current liabilities increased by EUR 9.1 million mainly due to higher trade payables of EUR 6.5 million and other accounts payable of EUR 1.9 million.

Cash Flow Statement Nabaltec Group

in EUR million	3M/2025	3M/2024	Change
Net operating income	7.0	8.0	-13.2%
+/- Working capital	6.9	25.8	-73.1%
- Taxes paid	-1.0	-2.1	-51.0%
Cash flow from operating activity	12.9	31.7	-59.4%
Cash flow from investment activity	-5.5	-5.1	7.4%
Free Cash flow	7.4	26.6	-72.1
Cash flow from financing activity	0.4	0.4	-5.4%
Cash at end of the period	93.7	113.4	-17.4%

• The decline in net operating income and especially the changes in working capital had a negative impact on cash flow from operating activities in the first quarter 2025 (Q1/24 fixed deposit of EUR 15 million switched from non-current assets to cash).
• 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 93.7 million on 31 March 2025.

• The demand in 2025 will continue to be characterized by short-termism and high volatility.
• Based on the economic and industry-specific environment, the company expects revenues growth in 2025 to be in the range of 3% to 5% compared to the previous year (2024: EUR 203.6 million).
• On the earnings side, Nabaltec expects an EBIT margin in the range of 7% to 9%.

* The forecast is based on the assumption that the economy and the industries relevant to Nabaltec will remain stable. 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 to Nabaltec. Inflation, trade barriers, high interest rates and an uncertain situation are slowing consumption and investment worldwide. In the event of continued negative economic distortions due to the geopolitical situation, negative effects on the net assets, financial position and results of operations cannot be ruled out. Furthermore, the other statements made in the outlook report remain valid.

Financial calendar

25. June 2025	Annual General Meeting
21. August 2025	Publication Half-yearly Financial Statements
21. August 2025	Earnings Call: Q2 2025 Highlights
Sept. 2025	Baader Investment Conference
20. November 2025	Publication Quarterly Financial Report (call-date Q3)
20. November 2025	Earnings Call: Q3 2025 Highlights
Nov. 2025	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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