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Nabaltec AG Interim / Quarterly Report 2026
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Interim / Quarterly Report
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Nabaltec
OUR KNOW-HOW for your safety
Interim Report 1/2026
NABALTEC GROUP
Key figures
FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2026
| in TEUR | 03/31/2026 (IFRS) | 03/31/2025 (IFRS) | Change |
|---|---|---|---|
| Revenues | |||
| Total revenues | 53,209 | 54,707 | -2.7% |
| thereof | |||
| Functional Fillers | 39,429 | 40,269 | -2.1% |
| Specialty Aluminas | 13,780 | 14,438 | -4.6% |
| Foreign share (%) | 71.9 | 78.3 | |
| Earnings | |||
| EBITDA | 6,365 | 6,980 | -8.8% |
| EBIT | 2,732 | 4,129 | -33.8% |
| Consolidated result after taxes | 1,803 | 2,763 | -34.7% |
| Earnings per share (EUR) | 0.20 | 0.31 | -35.5% |
| Financial position | |||
| Cash flow from operating activities | 13,191 | 12,889 | 2.3% |
| Cash flow from investing activities | 6,099 | -5,471 | -211.5% |
| Assets, equity and liabilities | 03/31/2026 | 12/31/2025 | |
| Total assets | 311,719 | 300,709 | 3.7% |
| Equity | 160,754 | 158,284 | 1.6% |
| Non-current assets | 162,998 | 152,393 | 7.0% |
| Current assets | 148,721 | 148,316 | 0.3% |
| Employees^{1} (number of persons) | 510 | 501 | 1.8% |
1 on the reporting date 31 March, including trainees
REVENUES AS OF 03/31
in TEUR
EBIT AS OF 03/31
in TEUR
OPERATING CASH FLOW AS OF 03/31
in TEUR
Nabaltec AG, with registered office in Schwandorf, a chemicals business which has received multiple awards for innovativeness, manufactures, develops and distributes highly specialized products based on aluminum hydroxide and aluminum oxide on an industrial scale through its product segments, "Functional Fillers" and "Specialty Aluminas." The markets for Nabaltec products remain intact in the long-term, although the economic situation, particularly in the chemical industry, remains challenging.
INTERIM REPORT 1/2026
NABALTEC AG
NABALTEC AG
INTERIM REPORT 1/2026
03
SUSTAINABLE practices
Nabaltec products have an extremely diverse range of applications and are the preferred choice whenever utmost quality, safety, eco-friendliness and durability are required. The combination of these characteristics offers outstanding long-term prospects for growth for Nabaltec's various specialty chemical products and is the basis for the company's many years of continuous growing economic success.
Beyond economic aspects, however, Nabaltec AG also attaches particular importance to ecological and social responsibility. Over the years, a certified environmental management system, an occupational health and safety management system and an energy management system have been introduced.
NABALTEC IN DIALOGUE
www.nabaltec.de/en
TABLE OF CONTENTS
NABALTEC AT A GLANCE
04 Nabaltec worldwide
05 Product segments
TO OUR SHAREHOLDERS
06 Foreword of the CEO
09 Nabaltec share
CONSOLIDATED INTERIM MANAGEMENT REPORT
11 Course of business
14 Employees
14 Outlook
15 Report on opportunities and risks
CONSOLIDATED INTERIM FINANCIAL STATEMENTS (IFRS)
16 Statement of comprehensive income
18 Balance sheet
20 Cash flow statement
22 Statement of changes in shareholders' equity
24 Segment reporting
25 Notes
FURTHER INFORMATION
28 Financial calendar and contact
29 Imprint
NABALTEC AT A GLANCE
Nabaltec worldwide
EMPLOYEES
Sustainable employee development is important to Nabaltec AG in order to be prepared for future personnel challenges and in order to position itself as an attractive employer. As a family-friendly company which has been recognized multiple times, Nabaltec is committed to promoting young talent and values work/life balance.
INNOVATIONS
Nabaltec's success is based largely on the company's high level of innovation. For this, Nabaltec is regularly honored with national and international prizes and awards. In 2025, for example, the company once again and already several times in a row, received the "Best Managed Companies Award" for excellently managed medium-sized companies and thereby achieved platinum status.
NABALTEC
worldwide
Revenue shares 3 months 2026
14.5%
USA
10.4%
Rest of the world
47.0%
Europe
(without Germany)
28.1%
Germany
As an internationally active specialty chemicals company, Nabaltec AG is represented in key sales markets worldwide. The company's global orientation enables it to address regional market requirements in a targeted manner and to supply customers with both standardized and application-specific solutions.
Through its international presence, high product quality, and technical expertise, Nabaltec is able to secure and further develop its market position in selected segments. Its global footprint continues to form a central strategic foundation for the company's sustainable development.
INTERIM REPORT 1/2026
NABALTEC AG
NABALTEC AT A GLANCE
Product segments
PRODUCT SEGMENTS
3 months 2026
Functional Fillers
EUR 39.4 million revenues
EUR 5.7 million EBITDA
EUR 3.0 million EBIT
In the product segment "Functional Fillers," Nabaltec AG produces highly specialized aluminum hydroxide-based products for a wide variety of applications, and is among the leading manufacturers in the world in this area.
In addition to current market trends, the development of eco-friendly flame retardant fillers and functional additives is driven above all by the specific requirements of its customers – an example is the relatively young market segment battery for applications in electromobility. Nabaltec assesses itself as one of the leading manufacturers of boehmites for coating materials for separator films and viscosity optimized hydrates for composite materials and gap fillers.
Specialty Aluminas
EUR 13.8 million revenues
EUR 0.7 million EBITDA
EUR -0.3 million EBIT
In the product segment "Specialty Aluminas," Nabaltec manufactures innovative materials for a wide variety of industries and applications based on aluminum oxide.
The company is constantly investing in optimizing its production facilities, in innovative technologies and in improving production processes in order to enable the company to consistently supply tailor-made qualities which meet customers' needs.
NABALTEC AG
INTERIM REPORT 1/2026
TO OUR SHAREHOLDERS
Foreword of the CEO
"Our stable operational performance shows that the consistent focus on high-margin specialty applications and technologically demanding niche markets is paying off even in a challenging environment."
"The improved incoming orders at the start of the year give us confidence that we will regain momentum over the course of the year and achieve our growth targets."
"The demand impulses from markets such as AI infrastructure, thermal management, and battery cell applications in electric mobility confirm Nabaltec's strategic focus on future-oriented applications with long-term growth potential."
FOREWORD
of the CEO
Ladies and Gentlemen,
Dear Shareholders and Business Partners,
In the first quarter of 2026, demand remained subdued due to the challenging market environment and weak economic conditions. However, positive signs are increasing that Nabaltec will return to a growth trajectory starting in the second quarter of 2026 and over the further course of the year.
At the beginning of the year, the chemical-pharmaceutical industry recorded a declining trend, particularly in international business, and was unable to participate in the growth seen in other regions of the world. Structural challenges to Germany's competitiveness as a business location had a negative impact, including high energy prices, increasing regulatory requirements, and lengthy approval procedures. In addition, geopolitical developments and trade policy uncertainties created further pressure on the markets. Despite the challenging market conditions, we succeeded in generating revenues of EUR 53.2 million in the first quarter of 2026 and limiting the decline compared to the same quarter of the previous year to 2.7%.
Stability in the core business despite a weak market environment
Overall, the two product segments "Functional Fillers" and "Specialty Aluminas" continue to prove resilient and support the company even in a challenging environment. Nabaltec's reliable foundation is built on a clear focus on select niche markets in the specialty chemicals sector, a balanced product mix, and a strong commitment to meeting our customers' needs. These factors enable the company to maintain stability and continue to perform solidly in the market even under difficult conditions, although certain areas are currently more affected by demand fluctuations than others.
INTERIM REPORT 1/2026
NABALTEC AG
TO OUR SHAREHOLDERS
Foreword of the CEO
Further information on Nabaltec AG's global growth markets can be found at www.nabaltec.de/en/company/we-at-nabaltec
1
With operating profit of EUR 2.7 million, we also achieved an EBIT margin (EBIT as a percentage of total performance) of 5.2% in the first quarter of 2026 and therefore remained within the target range of 5% to 7% for the full year. Operating cash flow of EUR 13.2 million also underscores Nabaltec's continued robust operating base and solid ability to finance operations internally.
Innovation-driven growth opportunities and technology fields
At the same time, innovations in new product ranges are opening up important opportunities for renewed growth. In 2026, our viscosity optimized hydrates are a particular focus, as they are developing dynamically, especially in Europe and the United States. With these additives, Nabaltec primarily supports applications in the thermal management of lithium-ion batteries.
In addition, our fine hydroxides and boehmites are highly advanced products that, due to their outstanding product characteristics, are indispensable for cable applications used in AI infrastructure data centers, in batteries for e-mobility and power electronics, as well as in the production of renewable energy. These materials make a decisive contribution to the safety and performance of modern technologies and enable innovative solutions for demanding applications.
Despite their outstanding product characteristics, development in the boehmites product range continues to remain subdued. Demand is closely linked to the expansion of European battery cell manufacturing capacity, which is currently progressing more slowly than expected. From a long-term perspective, we continue to see significant growth potential, as boehmite remains a key material for modern battery technologies.
Confident outlook for Financial Year 2026
Overall, demand trends are showing increasing signs of stabilization, which is also reflected in incoming orders. By the end of the first quarter of 2026, these had already exceeded the level from the previous year and recovered significantly, particularly compared to the weaker final quarter of the previous year. This represents a positive indication for further business development over the course of the year.
Despite an economic environment that continues to be characterized by uncertainty, we remain confident regarding Financial Year 2026 and expect a return to a growth trajectory, combined with revenue growth of 4% to 6%. This development is supported by structural growth drivers such as rising demand for fire protection solutions and the increasing need for secure cable systems in connection with the expansion of data centers. Additional momentum is expected from e-mobility and the energy storage solutions sector.
| Viscosity optimized hydrates are a particular focus in 2026 |
|---|
| Materials make a decisive contribution to the performance of modern technologies |
| Demand trends are stabilizing |
NABALTEC AG
INTERIM REPORT 1/2026
TO OUR SHAREHOLDERS
Foreword of the CEO
[Improved momentum
based on of the
second quarter of 2026]
At present, we already expect improved momentum starting in the second quarter of 2026, which should provide additional impetus over the further course of the year. Despite the continuing challenging environment, we therefore see Nabaltec on a stable path to consistently continue its strategic development and sustainably capitalize on emerging growth opportunities.
Schwandorf, May 2026
Yours,
JOHANNES HECKMANN
Chief Executive Officer
INTERIM REPORT 1/2026
NABALTEC AG
TO OUR SHAREHOLDERS
Nabaltec share
NABALTEC SHARE
The first quarter of 2026
Asia
Analysts' recommendations of Nabaltec share are available online at www.nabaltec.de/en/investor-relations/share
ISIN/WKN: DE000A0KPPR7/A0K PPR
Since 24 November 2006, Nabaltec share has been listed in the Frankfurt Stock Exchange, where it is traded in the Scale market segment.
KEY DATA FOR NABALTEC SHARE (XETRA)
| First three months of 2026 | Year 2025 | |
|---|---|---|
| Number of shares | 8,800,000 | 8,800,000 |
| Market capitalization (cutoff date, in EUR million) | 89.8 | 107.8 |
| Average price (in EUR) | 11.80 | 14.20 |
| High (in EUR) | 12.95 | 16.75 |
| Low (in EUR) | 10.15 | 11.90 |
| Closing price (cutoff date, in EUR) | 10.20 | 12.25 |
| Average daily turnover (in shares) | 8,237 | 5,296 |
| Earnings per share (in EUR) | 0.20 | 1.10 |
The price of the Nabaltec share declined by 16.7% in the first quarter compared with the closing price on 31 December 2025 and ended the first three months of 2026 at EUR 10.20. During the same period, the SDAX declined by 4.0%, while the specialty chemicals index recorded a significant gain for the first time within a three-month period over the past twelve months (+14.3%).
The Nabaltec share reached its high for the first three months of 2026 on 7 January 2026 at EUR 12.95, while the low was recorded on 30 March 2026 at EUR 10.15. As of 31 March 2026, the market capitalization stood at EUR 89.8 million, based on a total of 8,800,000 shares outstanding.
High of Nabaltec share in the first quarter of 2026 at EUR 12.95
NABALTEC AG
INTERIM REPORT 1/2026
09
TO OUR SHAREHOLDERS
Nabaltec share
Investor and analyst events for 2026 can be found in this interim report in the financial calendar on page 28
PERFORMANCE OF NABALTEC SHARE (XETRA, INDEXED)
Nabaltec share's average XETRA daily trading volume amounted to 8,237 shares in the first three months of 2026. In 2025 as a whole, an average of 5,296 shares were traded per day.
Earnings per share (EPS) amounted to EUR 0.20 on 31 March 2026. In comparison, in the first three months of the previous year, EPS had been EUR 0.31 and EUR 1.10 in 2025 as a whole.
Analysis recommendations and remain positive in the long term
The recommendations of the analysts from Baader Bank AG and NuWays AG regarding the Nabaltec share remain positive in the long term. NuWays AG issued a "buy" rating in two consecutive analyst reports during the first quarter of 2026. The target price was adjusted from EUR 18.00 in February 2026 to EUR 16.00 in March 2026. Following the reporting date, this rating was reaffirmed on 5 May 2026. Baader Bank AG maintained a target price of EUR 15.50 for the Nabaltec share in both of its analyses published during the first quarter, accompanied by an "add" rating. This rating was also confirmed after the reporting date on 30 April 2026.
The analysts' recommendations of Nabaltec share can be found online at www.nabaltec.de/en/investor-relations/share.
As of 31 December 2025, the majority of the 8,800,000 shares continue to be held by the Heckmann and Witzany families. The Heckmann family holds 28.35% of the company's capital stock and the Witzany family holds 27.24%. The remaining 44.41% of the shares are in free float.
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM MANAGEMENT REPORT
Course of business
CONSOLIDATED INTERIM MANAGEMENT REPORT
as of 31 March 2026
Course of business
In the first three months of 2026, Nabaltec AG generated consolidated revenues of TEUR 53,209, compared with TEUR 54,707 in the same period of the previous year. This corresponds to a revenue decline of 2.7% in the three-month period. Overall, business development did not meet the original expectations for the first quarter but nevertheless remained comparatively stable against the backdrop of the current economic environment: The outbreak of the Iran war led to significant deterioration within the chemical industry in the first quarter of 2026 and slowed the anticipated recovery overall.
In the "Functional Fillers" product segment, Nabaltec generated quarterly revenue of TEUR 39,429, compared to TEUR 40,269 in the first quarter of 2025. This corresponds to a revenue decline of 2.1%. In the viscosity optimized hydrates product range, Nabaltec once again achieved strong growth in the first quarter of 2026, increasing revenue by 28.0% compared to the same quarter of the previous year. Sales volumes in the boehmites product range declined slightly during the reporting quarter.
The "Specialty Aluminas" product segment generated revenues of TEUR 13,780 in the first three months of 2026, representing a decline of 4.6% compared with revenues of TEUR 14,438 in the same period of the previous year. Weak steel demand continues to weigh on the refractory market.
Nabaltec generated earnings before interest, taxes, depreciation, and amortization (EBITDA) of TEUR 6,365 in the first quarter of 2026, compared with TEUR 6,980 in the corresponding period of the previous year (-8.8%). The EBITDA margin (EBITDA as a percentage of total performance) amounted to 12.2%, compared to 12.6% in the same period of the previous year.
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM MANAGEMENT REPORT
Course of business
EBIT at TEUR 2,732
EBIT margin at 5.2%
In the first three months of 2026, operating profit (EBIT) amounted to TEUR 2,732, compared to TEUR 4,129 in the corresponding period of the previous year (-33.8%). The EBIT margin (EBIT as a percentage of total performance) stood at 5.2% (Q1/2025: 7.5%) and was primarily burdened by high energy costs as well as scheduled higher depreciation and amortization.
Facilities per share of EUR 0.20
The net financial income amounted to TEUR -569 in the first quarter of 2026, compared with TEUR -495 in the same comparison period.
In the reporting period 2026, Nabaltec AG generated earnings before taxes (EBT) of TEUR 2,163, compared to TEUR 3,634 in the same quarter of the previous year. After taxes, consolidated result for the period amounted to TEUR 1,803, compared to TEUR 2,763 in the corresponding quarter of the previous year. Earnings per share therefore amounted to EUR 0.20 for the first quarter of 2026 (previous year: EUR 0.31).
Nabaltec's total performance declined from TEUR 55,339 in the same period of the previous year to TEUR 52,310 in the first three months 2026. Compared with the corresponding previous year period, which recorded a slight increase in inventories of finished and unfinished goods of TEUR 246, the first quarter of 2026 saw a significant inventory reduction of TEUR 1,105.
Compared to the corresponding period of the previous year, cost of materials decreased to TEUR 26,606 in the first quarter of 2026 (Q1/2025: TEUR 28,807). The cost of materials ratio (cost of materials as a percentage of total performance) amounted to 50.9% in the first three months of 2026, compared to 52.1% in the corresponding period from the previous year, and therefore remained slightly above expectations despite the improvement. High energy costs in particular had an impact in the first quarter of 2026. The gross profit margin (gross profit as a percentage of total performance) amounted to 50.4% in the reporting quarter and therefore increased slightly compared to the first quarter of the previous year (49.4%). With a headcount of 510 employees (31 March 2025: 501 employees), personnel expenses amounted to TEUR 10,521 in the first quarter of 2026, compared to TEUR 10,367 in the corresponding period of the previous year. The personnel expense ratio (personnel expenses as a percentage of total performance) increased from 18.7% to 20.1%. Depreciation and amortization at Nabaltec amounted to TEUR 3,633 in the first quarter of 2026, significantly above the figure of TEUR 2,851 recorded in the corresponding period from the previous year, in line with planning and reflecting the recently completed investment projects.
Other operating expenses declined from TEUR 10,013 in the corresponding quarter to TEUR 9,480 in the first three months of 2026. These primarily include freight costs, selling costs and third-party services for repairs, among other things. In addition, currency losses of TEUR 324 were recorded in the first three months of 2026. The ratio of other operating expenses (other operating expenses as a percentage of total performance) remained unchanged from the previous year at 18.1%.
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM MANAGEMENT REPORT
Course of business
Nabaltec's export ratio amounted to 71.9% in the first three months of 2026 and was therefore significantly below the level of 78.3% recorded in the same period from the previous year, while still remaining at a high level. Overall, the chemical-pharmaceutical industry recorded a significant decline in international business at the beginning of the year. From a regional perspective, relative revenue shares in the first three months of 2026 declined significantly in Europe (not including Germany), while increasing in all other regions.
After the first three months of 2026, cash flow from operating activities amounted to TEUR 13,191, compared to TEUR 12,889 in the first quarter of the previous year. Changes in working capital had a positive effect in this regard: compared to the corresponding period from the previous year, inventories in particular declined much more significantly.
Compared to the corresponding period from the previous year, in which cash outflow for investments amounted to TEUR 5,471, the liquidation of fixed-term deposits with a maturity of more than three months in the amount of TEUR 15,000 resulted in a cash inflow from investing activities of TEUR 6,099. Excluding this effect, investments increased compared to the corresponding quarter of the previous year. Cash outflows for investments in fixed assets amounted to TEUR 8,904 and were attributable to technical equipment and machinery for the expansion of capacities in the viscosity optimized hydrates product range, as well as to replacement investments, digitization projects, and process optimization at the Schwandorf site. As a result, free cash flow in the first quarter of 2026 amounted to TEUR 19,290, compared to TEUR 7,418 in the corresponding three-month period of the previous year.
In the Nabaltec Group, cash and cash equivalents amounted to TEUR 91,957 as of 31 March 2026, compared to TEUR 93,678 in the corresponding quarter of the previous year.
Total assets increased from TEUR 300,709 as of 31 December 2025 to TEUR 311,719 (+3.7%). Non-current assets increased by 7.0% as of the reporting date of 31 March 2026 to TEUR 162,998 (31 December 2025: TEUR 152,393). Current assets increased slightly by 0.3% to TEUR 148,721 (31 December 2025: TEUR 148,316).
With an equity ratio of 51.6%, Nabaltec's equity capitalization represents a very solid basis compared to the rest of the industry. Non-current liabilities amounted to TEUR 128,176 as of 31 March 2026, 3.8% above the level at year-end 2025 (31 December 2025: TEUR 123,519). This increase was attributable to lease liabilities in connection with the commissioning of the new logistics hub at Rhenus Weserport GmbH in Bremen in January 2026. Current liabilities increased from TEUR 18,906 at year-end 2025 to TEUR 22,789.
Export ratio with 71.9% of a high level
Cash flow from operating activities at TEUR 13,191
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM MANAGEMENT REPORT
Employees / Outlook
Employees
Total number of employees at 510 training rate at 7.6%
As of 31 March 2026, the Nabaltec Group employed 510 people (including trainees), compared to 501 employees at the corresponding reporting date of the previous year. Of these, 493 employees were based in Germany. The training ratio amounted to 7.6%, unchanged from the reporting date of the previous-year quarter.
Outlook
Incoming orders to TEUR 66,260
At the beginning of 2026, demand continued to be characterized by short-term ordering patterns. The company does not expect any significant improvement in the foreseeable future; however, for the majority of product ranges, it generally anticipates largely stable demand for the current Financial Year. A positive indication in this regard is provided by incoming orders, which increased to TEUR 66,260 in the first quarter of 2026 and therefore exceeded the figures recorded in each of the four quarters of the previous year.
In the US, Nabaltec expects business to remain good at Nashtec LLC and to continue to improve successively at Naprotec LLC.
In 2026 as well, fine hydroxides will continue to be the most important product range by far within the "Functional Fillers" product segment. In addition, the viscosity optimized hydrates product range is becoming increasingly important. Development in the boehmites product range for e-mobility recently stagnated significantly, as the expansion of battery cell production capacities in Europe and the structural transformation of the automotive industry toward European value creation continue to progress more slowly than expected.
In the "Specialty Aluminas" product segment, weak demand for products used in the refractory industry continues to weigh on development. However, a slight turnaround appears to be emerging after business declined over the past two years.
Confirmation of forecast:
Revenue growth in the
impact of the 2026
EBIT margin on the value
of 5% to 7%
Nabaltec confirms the forecast for Financial Year 2026 presented in the consolidated management report 2025 and, despite the challenging macroeconomic and industry-specific environment, expects revenues to increase in a range of 4% to 6% for the year as a whole. Despite the slowdown during the reporting period, Nabaltec already expects a return to growth in the first half of 2026. On the earnings side, Nabaltec is expecting an EBIT margin in a range from 5% to 7%, compared to 7.7% in Financial Year 2025. The decline in the EBIT margin compared to the Financial Year 2025 results above all from increasing material expenses caused by energy prices, as well as a sharp increase in depreciation and amortization resulting from the recently completed investment projects.
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM MANAGEMENT REPORT
Outlook/Report on opportunities and risks
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.
The war in Iran has once again increased geopolitical and economic uncertainty, which could lead to growing pressure on the global economy. Rising energy prices, disrupted supply chains, potential trade barriers, inflation, high interest rates, and the overall uncertain environment are resulting in weaker consumption and investment activity worldwide. These factors may negatively affect the company's business development, particularly its liquidity, financial and earnings situation during the forecast period.
Furthermore, the other statements made in the forecast from the 2025 consolidated management report remain valid.
Report on opportunities and risks
With regard to the opportunity and risk situation presented in the 2025 consolidated management report, no significant changes were discernible in the first quarter of 2026.
Schwandorf, 15 May 2026
The Management Board
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period from 1 January to 31 March 2026
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| in TEUR | 01/01/ – 03/31/2026 | 01/01/ – 03/31/2025 |
|---|---|---|
| Revenues | 53,209 | 54,707 |
| Change in inventories of finished goods and work in progress | -1,105 | 246 |
| Own work capitalized | 206 | 386 |
| Total performance | 52,310 | 55,339 |
| Other operating income | 662 | 828 |
| Cost of materials | -26,606 | -28,807 |
| Gross earnings | 26,366 | 27,360 |
| Personnel expenses | -10,521 | -10,367 |
| Depreciation | -3,633 | -2,851 |
| Other operating expenses | -9,480 | -10,013 |
| Operating profit (EBIT) | 2,732 | 4,129 |
| Interest and similar income | 383 | 540 |
| Interest and similar expenses | -952 | -1,035 |
| Earnings before taxes (EBT) | 2,163 | 3,634 |
| Taxes on income | -360 | -871 |
| Net after-tax earnings | 1,803 | 2,763 |
| Earnings per share (in EUR) | 0.20 | 0.31 |
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| in TEUR | 01/01/ - 03/31/2026 | 01/01/ - 03/31/2025 |
|---|---|---|
| Net after-tax earnings | 1,803 | 2,763 |
| Items which may be reclassified to profit and loss in the future | ||
| Currency translation (after taxes) | 667 | -1,091 |
| Net income from hedge accounting (after taxes) | 0 | 0 |
| Total | 667 | -1,091 |
| Items which will not be reclassified to profit and loss in the future | ||
| Actuarial gains and losses (after taxes) | 0 | 0 |
| Total | 0 | 0 |
| Other comprehensive income | 667 | -1,091 |
| Total comprehensive income | 2,470 | 1,672 |
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated balance sheet
CONSOLIDATED BALANCE SHEET
as of 31 March 2026
ASSETS
| in TEUR | 03/31/2026 | 03/31/2025 |
|---|---|---|
| Non-current assets | 162,998 | 152,393 |
| Intangible assets | 1,516 | 1,588 |
| Concessions, proprietary rights and similar rights and assets, as well as licenses to such rights and assets | 1,368 | 1,443 |
| Advance payments made | 148 | 145 |
| Property, plant and equipment | 156,587 | 150,473 |
| Land, leasehold rights and buildings, including buildings on unowned land | 38,654 | 38,941 |
| Technical equipment and machinery | 80,162 | 77,298 |
| Other fixtures, fittings and equipment | 5,457 | 5,367 |
| Advance payments and assets under construction | 32,314 | 28,867 |
| Rights of use | 4,555 | 0 |
| Financial assets | 0 | 0 |
| Shares in affiliated companies | 0 | 0 |
| Other assets | 0 | 0 |
| Deferred tax assets | 340 | 332 |
| Current assets | 148,721 | 148,316 |
| Inventories | 43,125 | 50,933 |
| Raw materials and supplies | 27,371 | 34,288 |
| Work in process | 1,499 | 1,456 |
| Finished goods and merchandise | 14,255 | 15,189 |
| Other assets and accounts receivable | 13,639 | 25,071 |
| Trade receivables | 5,871 | 3,254 |
| Taxes receivable | 2,084 | 920 |
| Other assets | 5,684 | 20,897 |
| Cash and cash equivalents | 91,957 | 72,312 |
| TOTAL ASSETS | 311,719 | 300,709 |
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated balance sheet
LIABILITIES
| in TEUR | 03/31/2026 | 03/31/2025 |
|---|---|---|
| Shareholders' equity | 160,754 | 158,284 |
| Subscribed capital | 8,800 | 8,800 |
| Capital reserve | 47,029 | 47,029 |
| Other earnings reserve | 9,699 | 9,699 |
| Profit carryforward | 98,429 | 88,754 |
| After-tax earnings | 1,803 | 9,675 |
| Other changes in equity with no effect on profit and loss | -5,006 | -5,673 |
| Non-current liabilities | 128,176 | 123,519 |
| Pension reserves | 30,375 | 30,260 |
| Other provisions | 1,463 | 1,442 |
| Accounts payable to banks | 89,983 | 89,980 |
| Lease liabilities | 3,891 | 0 |
| Deferred tax liabilities | 2,464 | 1,837 |
| Current liabilities | 22,789 | 18,906 |
| Accounts payable from income taxes | 82 | 77 |
| Other provisions | 202 | 198 |
| Accounts payable to banks | 1,301 | 800 |
| Trade payables | 15,503 | 14,160 |
| Lease liabilities | 642 | 0 |
| Other accounts payable | 5,059 | 3,671 |
| TOTAL LIABILITIES | 311,719 | 300,709 |
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT
for the period from 1 January to 31 March 2026
CONSOLIDATED CASH FLOW STATEMENT
| in TEUR | 01/01/- 03/31/2026 | 01/01/- 03/31/2025 |
|---|---|---|
| Cash flow from operating activity | ||
| Earnings before taxes (EBT) | 2,163 | 3,634 |
| + Depreciation of fixed assets | 3,633 | 2,851 |
| - / + Income/loss from the disposal of assets | -3 | 0 |
| - Interest income | -383 | -540 |
| + Interest expenses | 952 | 1,035 |
| Net operating income before changes in working capital | 6,362 | 6,980 |
| +/- Increase/decrease in provisions | -154 | -142 |
| - / + Increase/decrease in trade receivables and other assets not attributable to investment of financing activity | -2,404 | -4,507 |
| - / + Increase/decrease in inventories | 7,807 | 3,275 |
| +/- Increase/decrease in trade payables and other liabilities not attributable to investment or financing activity | 2,713 | 8,304 |
| Cash flow from operating activity before taxes | 14,324 | 13,910 |
| - Income taxes paid | -1,133 | -1,021 |
| Net cash flow from operating activity | 13,191 | 12,889 |
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated cash flow statement
CONSOLIDATED CASH FLOW STATEMENT
| in TEUR | 01/01/- 03/31/2026 | 01/01/- 03/31/2025 |
|---|---|---|
| Cash flow from investment activity | ||
| + Payments received from the disposal of property, plant and equipment | 3 | 19 |
| + Payments received from fixed-term deposits with a term of more than 3 months | 15,000 | 0 |
| - Payments made for investments in property, plant and equipment | -8,874 | -5,397 |
| - Payments made for investments in intangible assets | -30 | -93 |
| Cash flow from investment activity | 6,099 | -5,471 |
| Cash flow from financing activity | ||
| - Interest paid | -104 | -108 |
| + Interest received | 353 | 510 |
| - Principal portion of lease liability | -247 | 0 |
| Cash flow from financing activity | 2 | 402 |
| Net change in cash and cash equivalents | 19,292 | 7,820 |
| Change in funds due to changes in exchange rates | 353 | -669 |
| Funds at start of period | 72,312 | 86,527 |
| Funds at end of period | 91,957 | 93,678 |
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated statement of changes in shareholders' equity
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the period from 1 January to 31 March 2026
FOR THE PERIOD FROM 1 JANUARY TO 31 MARCH 2026
| in TEUR | Subscribed capital | Capital reserve | Other earnings reserve |
|---|---|---|---|
| Balance per 01/01/2025 | 8,800 | 47,029 | 9,699 |
| Actuarial gains and losses | — | — | — |
| Currency translation | — | — | — |
| Net income from hedge accounting | — | — | — |
| Other comprehensive income | — | — | — |
| Net income after taxes | — | — | — |
| Net income | — | — | — |
| Balance per 03/31/2025 | 8,800 | 47,029 | 9,699 |
| --- | --- | --- | --- |
| Dividend payments | — | — | — |
| Actuarial gains and losses | — | — | — |
| Currency translation | — | — | — |
| Net income from hedge accounting | — | — | — |
| Other comprehensive income | — | — | — |
| Net income after taxes | — | — | — |
| Net income | — | — | — |
| Balance per 12/31/2025 | 8,800 | 47,029 | 9,699 |
| --- | --- | --- | --- |
| Actuarial gains and losses | — | — | — |
| Currency translation | — | — | — |
| Net income from hedge accounting | — | — | — |
| Other comprehensive income | — | — | — |
| Net income after taxes | — | — | — |
| Balance per 03/31/2026 | 8,800 | 47,029 | 9,699 |
INTERIM REPORT 1/2026
NABALTEC AG
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Consolidated statement of changes in shareholders' equity
| Profit/loss carried forward incl. consolidated net income for the year | Other changes in equity with no effect on profit and loss | Consolidated shareholders' equity |
|---|---|---|
| 91,306 | -3,623 | 153,211 |
| — | 0 | 0 |
| — | -1,091 | -1,091 |
| — | 0 | 0 |
| — | -1,091 | -1,091 |
| 2,763 | — | 2,763 |
| 2,763 | -1,091 | 1,672 |
| 94,069 | -4,714 | 154,883 |
| -2,552 | — | -2,552 |
| — | 1,083 | 1,083 |
| — | -2,042 | -2,042 |
| — | 0 | 0 |
| — | -959 | -959 |
| 6,912 | — | 6,912 |
| 6,912 | -959 | 5,953 |
| 98,429 | -5,673 | 158,284 |
| — | 0 | 0 |
| — | 667 | 667 |
| — | 0 | 0 |
| — | 667 | 667 |
| 1,803 | — | 1,803 |
| 100,232 | -5,006 | 160,754 |
NABALTEC AG
INTERIM REPORT 1/2026
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Segment reporting
SEGMENT REPORTING
The operative segments are consistent with the business divisions of the Nabaltec Group. The risks as well as internal organization and reporting structure are mainly determined by the differentiation of the products.
Business segments
Nabaltec is divided into two product segments, “Functional Fillers” and “Specialty Aluminas.” Each segment represents a strategic business division, the products and markets of which differ from those of the other.
The product segment “Functional Fillers” produces and distributes non-halogenated flame retardant fillers for the plastics and the wire & cable industry as well as additives.
The product segment “Specialty Aluminas” produces and distributes ceramic raw material and ceramic bodies for numerous applications in technical ceramics as well as the refractory industry.
PERIOD FROM 1 JANUARY - 31 MARCH 2026
| in TEUR | Functional Fillers | Specialty Aluminas | Nabaltec Group |
|---|---|---|---|
| Revenues | |||
| Third party revenue | 39,429 | 13,780 | 53,209 |
| Segment result | |||
| EBITDA | 5,697 | 668 | 6,365 |
| EBIT | 2,991 | -259 | 2,732 |
PERIOD FROM 1 JANUARY - 31 MARCH 2025
| in TEUR | Functional Fillers | Specialty Aluminas | Nabaltec Group |
|---|---|---|---|
| Revenues | |||
| Third party revenue | 40,269 | 14,438 | 54,707 |
| Segment result | |||
| EBITDA | 6,668 | 312 | 6,980 |
| EBIT | 4,541 | -412 | 4,129 |
INTERIM REPORT 1/2026
NABALTEC AG
ABRIDGED CONSOLIDATED NOTES
General information/Basis of preparation
ABRIDGED CONSOLIDATED NOTES
for the period 1 January to 31 March 2026
1. General information
Nabaltec AG, with registered office in Schwandorf, Germany,¹ was formed by Company Agreement of 14 December 1994 with the corporate name Nabaltec GmbH and registered office in Schwandorf (entered into the Commercial Register of the Local Court of Amberg under Commercial Register No. B 3920). It acquired the specialty oxides business of VAW aluminium AG in 1995 and was transformed into a jointstock company in 2006.
The corporate purpose pursuant to § 2 of the Articles of Association of Nabaltec AG is the manufacture of products based on mineral raw materials, particularly aluminum hydroxide and aluminum oxide, and the distribution of those products.
The shares of Nabaltec AG are listed in the Open Market (Scale) segment of the Frankfurt Stock Exchange since 24 November 2006.
2. Basis of preparation
The consolidated financial statements of Nabaltec AG as of 31 March 2026 were prepared with due regard to all International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and of the Standing Interpretations Committee (SIC) recognized by the European Union and applicable to the financial year.
The interim financial statements of Nabaltec AG for the period from 1 January to 31 March 2026 were prepared in conformance with IAS 34, „Interim Financial Reporting,” as a shorter financial report. The shorter financial statements do not contain all information prescribed for the financial statements of the financial year and should be read in conjunction with the consolidated financial statements as at 31 December 2025.
The interim financial statements encompass the period from 1 January to 31 March 2026.
The consolidated financial statements are prepared in euro (EUR). Unless stipulated otherwise, all values are rounded up or down to the nearest thousand euro (TEUR) in accordance with the commercial rounding practice. Please note that differences can result from the use of rounded amounts and percentages.
The presentation in the balance sheet differentiates between current and non-current assets and liabilities, some of which are broken down further by their respective maturities in the notes to the financial statements.
The consolidated statement of comprehensive income has been prepared in accordance with the total expenditure format.
The interim financial statements have not been audited or reviewed by the auditor.
¹ Nabaltec AG, Alustraße 50–52, 92421 Schwandorf, Germany
NABALTEC AG
INTERIM REPORT 1/2026
25
ABRIDGED CONSOLIDATED NOTES
Basis of preparation/Notes to the consolidated statement of comprehensive income/Notes to the consolidated balance sheet
Scope of consolidation
The scope of consolidation of Nabaltec AG as of 31 March 2026 has not changed compared to the consolidated financial statements as of 31 December 2025. The consolidated financial statements include the separate financial statements of Nabaltec AG, Schwandorf, as the parent company and its subsidiaries Nashtec LLC, Corpus Christi (USA), Nabaltec USA Corporation, Corpus Christi (USA), Naprotec LLC, Chattanooga (USA), and Nabaltec (Shanghai) Trading Co., Ltd., Shanghai (China).
New accounting provisions
All accounting and valuation methods used in the preparation of the abridged financial statements correspond to the methods applied in the most recent consolidated financial statements as of 31 December 2025.
In addition to the Standards and Interpretations used on 31 December 2025, the following amendments to standards were applied for the first time and had no impact on the consolidated financial statements:
- Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments
- Annual Improvements to the IFRS Accounting Standards – Volume 11
- Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
Until the publication of this interim financial statement, neither IASB nor IFRIC have published further changes to standards.
3. Notes to the consolidated statement of comprehensive income
Revenues
We refer to the segment reports with respect to the revenue by product area. Information on revenue performance may be found in the management report.
4. Notes to the consolidated balance sheet
Property, plant and equipment
The additions to property, plant and equipment in the first three months of 2026 were the result of investments, primarily in technical equipment and machinery, to expand capacity and for further process optimization.
INTERIM REPORT 1/2026
NABALTEC AG
ABRIDGED CONSOLIDATED NOTES
Notes to the consolidated balance sheet/Other disclosures
Leases
As of 1 January 2026, a material lease agreement was recognized for the first time. The application of IFRS 16 resulted in the recognition of a right-of-use asset and a corresponding lease liability.
The lease liability was measured at the present value of future contractual lease payments. The right-of-use asset was recognized in the amount of the lease liability and is depreciated on a straight-line basis over its useful economic life.
Shareholders’ equity
The change in the shareholders’ equity of Nabaltec AG is presented in the consolidated statement of changes in equity.
Current and non-current liabilities
Liabilities to banks
Liabilities to banks largely entail credits borrowed at standard market interest rates. The market value corresponds to the book value.
5. Other disclosures
Other financial obligations
Contingent liabilities and legal liability relations
As of the cutoff date, there were no contingent liabilities, legal liability relations or other legal disputes for which provisions had not been previously made.
Related party transactions
The group of related persons and enterprises did not change compared to the consolidated financial statements as of 31 December 2025.
No transactions with related persons and enterprises took place in the first three months of 2026. Such transactions are conducted at standard market prices and conditions.
Significant events after the balance sheet date
There have been no significant events after the balance sheet date.
Schwandorf, 15 May 2026
The Management Board
NABALTEC AG
INTERIM REPORT 1/2026
FURTHER INFORMATION
Financial calendar and contact
FINANCIAL CALENDAR
| Annual General Meeting | 24 June 2026 |
|---|---|
| Publication Half-yearly Financial Statements | 20 August 2026 |
| Earnings Call: Q2 2026 Highlights | 20 August 2026 |
| Baader Investment Conference | 23 September 2026 |
| Publication Quarterly Financial Report (call-date Q3) | 19 November 2026 |
| Earnings Call: Q3 2026 Highlights | 19 November 2026 |
| Deutsches Eigenkapitalforum | November 2026 |
CONTACT
Kerstin Schuierer
Nabaltec AG
Alustraße 50-52
92421 Schwandorf, Germany
Phone: +49 9431 53-204
Fax: +49 9431 53-260
E-mail: [email protected]
Vera Müller
IR4value GmbH
Karl-Hromadnik-Straße 14
81241 Munich, Germany
E-mail: [email protected]
INTERIM REPORT 1/2026
NABALTEC AG
FURTHER INFORMATION
Imprint
IMPRINT
Publisher
Nabaltec AG
Alustraße 50-52
92421 Schwandorf, Germany
Phone: +49 9431 53-204
Fax: +49 9431 53-260
E-mail: [email protected]
Internet: www.nabaltec.de/en
Text
Nabaltec, Schwandorf, Germany
IR4value, Munich, Germany
Concept & Design
Silvester Group, www.silvestergroup.com
Photos
André Forner, Clemens Mayer, freepik,
C3 marketing agentur GmbH
Statements relating to the future
This interim report contains statements relating to the future which are based on the Management Board's current estimations and prognosis as well as on information currently available. These statements relating to the future are not to be understood as guarantees of the predicted future developments and results.
The future developments and results are rather dependent on a number of risks and uncertainties and are based on assumptions which possibly may prove to be false. We do not accept any obligation to update these statements relating to the future.
Rounding
Due to computational reasons, rounding differences may appear in the percentages and figures in the tables, graphics and text of this report. Percentage changes are calculated on the basis of EUR thousand.
NABALTEC AG
INTERIM REPORT 1/2026
日
Nabaltec AG
Alustraße 50-52, 92421 Schwandorf, Germany
Phone: +49 9431 53-0, Fax: +49 9431 53-260
E-mail: [email protected], www.nabaltec.de/en
