Nabaltec AG — Investor Presentation 2025

May 7, 2025

OUR KNOW-HOW FOR YOUR SAFETY

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

The company in brief

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Nabaltec Group

Nabaltec revenue shares in 2024

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

Product Segments

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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

Process Flow from Bauxite to Specialty Products

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

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*

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)

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▪ Global growth in plastics (construction, automotive, as well as electronics and electrical)

Functional Fillers – Growth Drivers E-Mobility

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

Functional Fillers – Growth Drivers E-Mobility

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

Boehmites – market environment

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

Worldwide battery demand electro mobility

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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

Functional Fillers – Growth Drivers E-Mobility

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

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

Specialty Aluminas

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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

Market entry barriers & USPs

Development of revenues from 2014 to 2024

in EUR million

Development of EBIT from 2014 to 2024

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* 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

Development of Cashflow from 2014 to 2024

in EUR million

Key Figures Nabaltec Group

in EUR million	Q4/ 2024	Q4/ 2023	Change	2024	2023	Change
Revenues	45.4	44.3	2.6%	203.6	200.1	1.7%
Functional Fillers	34.0	32.4	4.7%	148.0	142.3	4.0%
Specialty Aluminas	11.5	11.8	-3.1%	55.6	57.8	-3.9%
EBITDA	8.4	8.3	0.6%	34.2	31.0	10.2%
EBIT	5.4	5.2	3.4%	22.3	18.3	21.4%
Net income	3.1	3.0	4.6%	14.3	11.4	24.9%
EPS (EUR)	0.36	0.34	5.9%	1.62	1.30	24.6%

• Revenues growth of 1.7% in Financial Year 2024 slightly below the expectation of an increase in the range of 2% to 4% for 2024.
• Revenues in the " Functional Fillers " product segment increase by 4.0% to EUR 148.0 million. Revenue doubles to EUR 10.2 million in the viscosity optimized hydrates product ranges for lithium-ion batteries.
• EBIT increased from EUR 18.3 million to EUR 22.3 million year-on-year.
• EBIT margin (as a percentage of total performance) was 10.8% above the forecast for the Financial Year 2024 (range: 8% - 10%).

Balance Sheet Nabaltec Group

in EUR million	12/31/24	12/31/23	Change
Non-current assets	157.0	120.7	30.1%
Current assets	141.2	160.2	-11.8%
thereof 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%

• Total assets increased due to significant rise in non-current assets resulting from increased investment expenditure of EUR 32.1 million in 2024.
• Total liabilities increased mainly due to the higher equity of plus EUR 11.4 million and an increase in pension provisions of EUR 3.5 million.
• The equity ratio is 51.4% as of the reporting date 31 December 2024 (31 December 2023: 50.5%).
• Net debt as of 31 December 2024 amounts to EUR 4.3 million (31 December 2023: EUR 5.0 million).

Cash Flow Nabaltec Group

in EUR million	2024	2023	Change
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 for the period in 2024 and the changes in working capital had a positive impact on cash flow from operating activities.
• The investment focus was on expanding the capacity of boehmite and viscosity optimized hydroxides, as well as replacement investments and ongoing process optimization at the Schwandorf site.
• Cash and cash equivalents amounted to EUR 86.5 million on 31 December 2024.

• 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.

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

Share

▪ ISIN: DE000A0KPPR7

▪ 2024 trading volume:

average of 6,459 shares per day (2023: 3,171 shares)*

Baader Bank:

▪ Buy, price target EUR 20.00 (03/2025)

NuWays :

• Buy, price target EUR 25.00 (03/2025) Edison:
• Price target EUR 29.90 (11/2024)

Shareholder structure :

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

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Financial calendar

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

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

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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