Nabaltec AG — Investor Presentation 2025

Nov 20, 2025

{0}------------------------------------------------

OUR KNOW-HOW FOR YOUR SAFETY

{1}------------------------------------------------

The company in brief

REVENUES 2024

EUR 203.6 MILLION

EMPLOYEES 2024

501

ABOUT800 CUSTOMERS ABOUT 50 DISTRIBUTION PARTNERS

EBIT 2024

EUR 22.3 MILLION

PRODUCTION SITES

3

IN BUSINESS SINCE

1937

SECTOR

CHEMICAL INDUSTRY

EXPORT-RATIO 2024

76.6**%**

ANNUAL CAPACITY APPROX.

265,000**t**

{2}------------------------------------------------

3

Nabaltec Group

{3}------------------------------------------------

Nabaltec revenue shares in 2024

4

With its own sales companies and a network of distribution partners, Nabaltec maintains a global presence.

{4}------------------------------------------------

Product Segments

5

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

eco-friendly, smoke-reducing, flame retardant, non-abrasive Oxides

Reactive aluminas Ceramic bodies

resistant to wear and tear, electrically insulating, resistant to corrosion, resistant to temperature changes

Capacities*

Properties

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

* capacity based on product mix

{5}------------------------------------------------

Process Flow from Bauxite to Specialty Products

6

350 million t

Alumina Refining* 2.5 1 Conversion rate:

140 million t

Conversion rate:

Conversion rate:

1 1

* CRU Bauxite and Alumina Monitor Data, ** International Aluminium Institute, *** Roskill

{6}------------------------------------------------

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

{7}------------------------------------------------

8

Functional Fillers – halogen free flame retardants

Market volume: aluminum hydroxides for flame retardants

in thousand tons

CAGR 4.3% through 2027 based on ATH (MARKETSANDMARKETS , 2022)

Oligopolistic competitive environment*

KC Corporation Huber Eng. Materials INOTAL Eti Alüminyum

Market drivers aluminum hydroxide**

• Increasing fire safety requirements in connection with reduced smoke development (e.g. the CPR in EU)
• Trend towards environmentally-friendly products (e.g. RoHS & WEEE, circular economy)
• Global growth in plastics (construction, automotive, as well as electronics and electrical)

* excluding China, ** CPR – Construction Products Regulation, RoHS – Restriction of Hazardous Substances, WEEE – Waste from Electrical and Electronic Equipment

{8}------------------------------------------------

Functional Fillers – Growth Drivers E-Mobility

Innovative products in lithium-ion batteries (NMC, NMx, LFP)

Coating Separator film

Film manufacturer 56 t/GWh

• Increase thermal stability
• Reduce the risk of short circuits
• High energy density due to thin coatings

Electrode-edge-coating "Edge Coating"

Cell manufacturer 25 t/GWh

• Avoid punctures through electrode collectors
• Cell error batch reduction during production
• Avoid short circuits due to vibrations

Thermal management Adhesives/Gap fillers

viscosity optimized hydroxides

Adhesive manufacturer 55 t/GWh

• Reduce the risk of overheating
• Enable fast charging processes
• Extend battery life

{9}------------------------------------------------

Innovative products in lithium-ion batteries (NMC, NMx, LFP)

Boehmites – market environment

• China dominates Battery Market
• EU and USA market still weak Projects delayed
• Overcapacities in Asia and increasing competition causes price pressure

Worldwide battery demand electro mobility

Viscosity optimized hydroxides – market environment

• Increasing demands on battery safety and stability
• Focus on battery assembly in Europe
• New technologies drive up demand for specialties

{10}------------------------------------------------

Functional Fillers – Growth Drivers E-Mobility

Innovative products in lithium-ion batteries (NMC, NMx, LFP)

Market volume of ceramic coatings in e-mobility

in thousand tons*

Oligopolistic competitive environment for boehmites

Electromobility as a market driver

• Climate protection global reduction of CO2 emissions required
• Climate policy agreements in Europe: Phase-out of cars with combustion engines by 2035
• Reduction of noise and air pollution, especially in urban areas
• Government support through monetary and non-monetary measures

11

* Assumptions Nabaltec AG without "Edge Coating"

{11}------------------------------------------------

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

{12}------------------------------------------------

Specialty Aluminas

Outlook Nabaltec target market Oligopolistic competitive environment* for specialty aluminas in Europe*

in thousand tons

Specialty Aluminas: CAGR 4.0% through 2028 (Fact.MR, 2023)

Market drivers specialty aluminas

• Growing demand for technical ceramics in transportation as well as in plant and mechanical engineering
• Growing demand for high-quality specialty aluminas for efficient and sustainable steel production in Europe

* in reference to Europe excluding tabular alumina

{13}------------------------------------------------

Market entry barriers & USPs

Cost-effective

Technical know-how

Oligopolistic competitive environment

{14}------------------------------------------------

15

Development of revenues from 2014 to 2024 and first nine months of 2025

in EUR million

{15}------------------------------------------------

Development of EBIT from 2014 to 2024 and first nine months of 2025

16

* 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

{16}------------------------------------------------

17

Development of Cashflow from 2014 to 2024 and first nine months of 2025

in EUR million

Invested around EUR 200 million between 2014 bis 2024

* incl. EUR 15 million in fixed-term deposits > 3 months

{17}------------------------------------------------

Key Figures Nabaltec Group

in EUR million	Q3/2025	Q3/2024	Change	9M/2025	9M/2024	Change
Revenues	48.6	49.8	-2.4%	155.1	158.2	-1.9%
Functional Fillers	35.2	35.9	-1.7%	113.7	114.1	-0.4%
Specialty Aluminas	13.4	13.9	-4.0%	41.4	44.1	-6.0%
EBITDA	8.0	8.9	-9.5%	22.6	25.8	-12.4%
EBIT	5.1	6.0	-13.9%	14.0	16.8	-16.8%
Net income	3.4	3.7	-7.3%	9.3	11.1	-16.8%
EPS (EUR)	0.39	0.42	-7.1%	1.05	1.27	-17.3%

• Revenues decline of 1.9% in the first nine months of 2025 compared to the same period of the previous year.
• Revenues in the "Functional Fillers" product segment decreased slightly by 0.4% to EUR 113.7 million. Strong revenues decline in boehmites of 39.3% in a 9-month comparison was largely balanced by other product ranges.
• Revenues in the "Specialty Aluminas" product segment decreased by 6.0%.
• EBIT decreased by EUR 2.8 million to EUR 14.0 million in a 9-month comparison.
  • EBIT margin (as a percentage of total performance) in the first nine months of the year of 9.0% at the upper end of the forecast for the Financial Year 2025 (range: 7% 9%).

{18}------------------------------------------------

in EUR million	09/30/25	12/31/24	Change
Non-currentassets	148.6	157.0	-5.4%	▪Total assetsincreasedbyEUR 5.9millionas
Currentassets	155.6	141.2	10.2%	ofSeptember 30, 2025, primarilydue tohigherinventoriesand currentassets.
thereof cash and cash equivalents	75.9	86.5	-12.3%	Reclassificationofnon-currentassets(fixedterm depositEUR 15 million) tocurrentassets
Total assets	304.2	298.3	2.0%	in thesecondquarterof2025.Currentliabilitiesincreasedby▪
				EUR 3.6 million, primarilyasa resultofhighertrade payables.
Equity	156.8	153.2	2.3%	▪The equityratiois51.5% asofthereporting
Non-currentliabilities	124.6	125.9	-1.0%	date 30 September 2025(31 December2024: 51.4%).
Currentliabilities	22.8	19.2	18.9%	▪Net debtasof30 September 2025 amountstoEUR15.0million
Total liabilities	304.2	298.3	2.0%	(31 December2024: EUR 4.3 million).

{19}------------------------------------------------

in EUR million	9M/2025	9M/2024	Change
Cash flow from operating activity	12.0	32.2	-62.8%	▪A declinein netincomefortheperiodaswellasa significantincreasein working
Cash flow from investment activity	-17.8	-21.4	-17.0%	capitalreducedoperatingcash flowbyEUR 20.2 millionin a 9-month comparison.
Free Cash flow	-5.8	10.8	-	▪The investmentfocuswas on expandingthecapacityofboehmitesand viscosityoptimizedhydroxides, aswellas
Cash flow from financing activity	-3.0	-2.8	7.2%	replacementinvestmentsand ongoingprocessoptimizationat theSchwandorf site.
Cash at end of the period	75.9	93.7	-19.0%	▪Cash and cash equivalentsamountedtoEUR 75.9 millionon 30 September 2025.

{20}------------------------------------------------

Outlook 2025*

• In the nine-month period of 2025, demand continued to be strongly influenced by short-termism.
• Due to the uncertainties in the markets, Nabaltec revised the revenue forecast presented in the 2024 consolidated management report for Financial Year 2025 on 24 July 2025 and confirms this based on the figures as of 30 September 2025.
• Nabaltec expects a decline in revenues of up to 2% for the full year 2025 compared to the previous year.
• In its original forecast, Nabaltec had expected revenues to increase in the range of 3% to 5% compared to the previous year. Currency effects and increased market uncertainty due to US trade policy are having a negative impact on the company's revenues. In addition, the continued weak demand for products for the refractory industry and e-mobility will impact Nabaltec AG's revenues in 2025.
• On the earnings side, Nabaltec is still sticking to its forecast issued in the 2024 annual report and continues to expect an EBIT margin in the range of 7% to 9% for the current Financial Year 2025.

* 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.

{21}------------------------------------------------

Share

22

• ISIN: DE000A0KPPR7
• 2024 trading volume: average of 6,459 shares per day (2023: 3,171 shares)*

Baader Bank:

▪ Add, price target EUR 15.50 (08/2025)

NuWays :

▪ Buy, price target EUR 18.00 (08/2025)

Edison:

▪ Price target EUR 26.30 (08/2025)

Shareholder structure :

• 28.35% Heckmann family
• 27.24% Witzany family
• 44.41% Free float

* all data XETRA; N = News, A = Ad -hoc

{22}------------------------------------------------

25. November 2025	Deutsches Eigenkapitalforum
30. April 2026	PublicationAnnual Financial Statements
30. April 2026	EarningsCall: Q4 2025 Highlights
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	EarningsCall: Q2 2026 Highlights
19. November 2026	PublicationQuarterly Financial Report (call-date Q3)

{23}------------------------------------------------

Kontakt Contact

Johannes Heckmann (CEO) Günther Spitzer (CFO)

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

Telefon: +49 9431 53-202 Phone: + 49 9431 53-202

Fax: +49 9431 53-260 + 49 9431 53-260

E-Mail: InvestorRelations@nabaltec.de

{24}------------------------------------------------

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