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Nabaltec AG Investor Presentation 2025
5430_10-k_2025-04-29_889e5c9c-69f7-4572-9351-4aad4615c33d.pdf
Investor Presentation
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OUR
KNOW-HOW
FOR YOUR
SAFETY
Nabaltec
Nabaltec – a leading supplier of environmentally friendly flame retardant fillers and specialty aluminas
Q4 2024 Highlights
6 May 2025
Nabaltec
The company in brief
REVENUES 2024
EUR 203.6 MILLION
EMPLOYEES 2024
501
ABOUT 800 CUSTOMERS
ABOUT 50 DISTRIBUTION PARTNERS
EBIT 2024
EUR 22.3 MILLION
PRODUCTION SITES
3
IN BUSINESS SINCE
1937
NEEDS 2024
76.6%
SECTOR
CHEMICAL INDUSTRY
EXPORT-RATIO 2024
76.6%
ANNUAL CAPACITY APPROX.
265,000t
Nabaltec
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 |
- capacity based on product mix
Nabaltec
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
Nabaltec
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
Nabaltec Q4 2024 Highlights
| Revenue | EUR 45.4 million (+2.6% yoy) |
|---|---|
| EBIT | EUR 5.4 million (+3.4% yoy) |
| EBIT Margin | 12.2% (Q4/23: 11.4%) |
| EPS | EUR 0.36 (+5.9% yoy) |
| Net Debt | EUR 4.3 million (31.12.23: 5.0 m) |
- Lowest revenue in FY 2024 in the fourth quarter, and at 2.6% only slightly above the weak prior-year quarter.
- Other operating income of EUR 2.6 million and a stable cost structure improved EBIT margin in the fourth quarter of 2024.
- EPS increased from EUR 0.34 in the fourth quarter of the previous year to EUR 0.36 in the fourth quarter 2024.
- Net debt as of 31 December 2024 amounts to EUR 4.3 million.
Nabaltec
Nabaltec Q4 2024 Functional Fillers
Revenues (EURm)
Revenue in the "Functional Fillers" product segment increased by 4.7% yoy. In addition to the continued good demand for fine precipitated hydroxides (+14%) and a strong fourth quarter for viscosity optimized hydroxides (+43%), boehmites recorded a significant drop in revenue of 60% in the fourth quarter of 2024 compared to the previous year's period.
EBIT (EURm)
The operating result (EBIT) improved to EUR 6.1 million, resulting in an EBIT margin of 17.8% in this segment. The fine precipitated hydroxides product range, together with the viscosity optimized hydroxides contributed significantly to this good result.
CAPEX (EURm)
CAPEX in the "Functional Fillers" product segment amounted to EUR 8.5 million in the fourth quarter 2024. Investments in the capacity expansion of boehmites and viscosity optimized hydroxides are the main projects for the capex.
Nabaltec
Nabaltec Q4 2024 Specialty Aluminas
Revenue in the "Specialty Aluminas" product segment remained below the previous year's level in the fourth quarter. There is still a lack of impetus here, particularly from the reactive alumina product range (higher value-added products).
The operating result (EBIT) was negative in the fourth quarter 2024. In addition to the weak market characterized by overcapacity and low demand, higher costs for raw materials and maintenance also contributed to this situation.
CAPEX increased on a moderate basis to EUR 2.1 million in the "Specialty Aluminas" product segment. The amount includes expenditure for the general overhaul of two rotary kilns.
Nabaltec
Profit & Loss Statement Nabaltec Group
| in EUR million | 2024 | 2023 | Change |
|---|---|---|---|
| Revenues | 203.6 | 200.1 | 1.7% |
| Total Performance | 206.8 | 201.1 | 2.8% |
| Gross Profit | 107.1 | 102.0 | 4.9% |
| Gross Profit margin | |||
| (from the total performance) | 51.8% | 50.7% | |
| EBITDA | 34.2 | 31.0 | 10.2% |
| EBITDA margin | |||
| (from the total performance) | 16.5% | 15.4% | |
| EBIT | 22.3 | 18.3 | 21.4% |
| EBIT margin | |||
| (from the total performance) | 10.8% | 9.1% | |
| Net income | 14.3 | 11.4 | 24.9% |
| EPS (EUR) | 1.62 | 1.30 | 24.6% |
- Revenues growth driven by higher sales volumes of 8.8%. Average sales price fell in 2024 compared to the previous year. Export ratio is at 76.6%.
- Gross Profit margin as a percentage of total performance improved to 51.8% in 2024.
- EBITDA margin was 16.5% in 2024 after 15.4% in the previous year.
- EBIT margin increased from 9.1% to 10.8% yoy.
- Earnings per share was EUR 1.62 in 2024.
- Dividend proposal for the Financial Year 2024: EUR 0.29 per share.
Nabaltec
Balance Sheet Nabaltec Group
| in EUR million | 12/31/24 | 12/31/23 | Change |
|---|---|---|---|
| Intangible assets | 1.5 | 0.9 | 68.4% |
| Property, plant and equipment | 140.0 | 119.0 | 17.6% |
| Other non-current assets | 15.6 | 0.9 | |
| Inventories | 47.9 | 51.1 | -6.3% |
| Receivables and other assets | 6.8 | 23.1 | -70.4% |
| Cash and cash equivalents | 86.5 | 86.0 | 0.7% |
| Total assets | 298.3 | 280.9 | 6.2% |
| Equity | 153.2 | 141.8 | 8.0% |
| Non-current liabilities | 125.9 | 122.6 | 2.7% |
| Current liabilities | 19.2 | 16.5 | 16.0% |
| Total liabilities | 298.3 | 280.9 | 6.2% |
- Intangible assets and property, plant and equipment increased due to higher CAPEX in 2024.
- Other non-current assets as of 12/31/24 include a fixed-term deposit in the amount of EUR 15 million with a term of 2 years.
- Inventories decreased by EUR 3.2 million mainly due to the decline in raw material stocks.
- The equity ratio is 51.4% as of the reporting date 12/31/24 (12/31/23: 50.5%).
- Non-current liabilities as of 12/31/24 include provisions for pensions in the amount of EUR 31.4 million and financial liabilities of EUR 90.0 million.
- Current liabilities increased by EUR 2.7 million due to higher trade payables of EUR 2.2 million and other accounts payable of EUR 0.5 million.
Nabaltec
Cash Flow Statement Nabaltec Group
| in EUR million | 2024 | 2023 | Change |
|---|---|---|---|
| Net operating income | 34.2 | 31.0 | 10.3% |
| +/- Working capital | +5.8 | -8.5 | |
| - Taxes paid | -4.8 | -6.0 | -20.1% |
| Cash flow from operating activity | 35.2 | 16.5 | 113.7% |
| Cash flow from investment activity | -32.1 | -14.0 | 129.4% |
| Free Cash flow | 3.1 | 2.5 | 24.3% |
| Cash flow from financing activity | -3.5 | -3.4 | 2.3% |
| Cash at end of the period | 86.5 | 86.0 | 0.7% |
- The improved result in FY 2024 and especially the changes in working capital had a positive impact on cash flow from operating activities: Inventories decreased, while trade payables increased.
- 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 86.5 million on 31 December 2024.
Outlook 2025*
Nabaltec
- 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.
Preliminary figures Q1 2025
Nabaltec
- Revenues EUR 54.7 million (+1.2% yoy)
thereof
"Functional Fillers" EUR 40.3 million (+4.1% yoy)
"Specialty Alumina" EUR 14.4 million (-6.1% yoy) - EBIT margin 7.5% (Q1 2024: 9.3%)
(as a percentage of total performance)
Financial calendar
Nabaltec
| 12. May 2025 | German Spring Conference 2025 |
|---|---|
| 22. May 2025 | Publication Quarterly Financial Report (call-date Q1) |
| 22. May 2025 | Earnings Call: Q1 2025 Highlights |
| 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 |
Version 6 May 2025
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]
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.
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