Nabaltec AG

Investor Presentation • Aug 21, 2025

OUR KNOW-HOW FOR YOUR SAFETY

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

Q2 2025 Highlights

21 August 2025

The company in brief

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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

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 Q2 2025 Highlights

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Revenue			51.8 EUR million (-4.7% yoy)
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EBIT	4.7 EUR million		(-18.9% yoy)
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EBIT Margin	9.3%	(Q2/24: 10.4%)
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Net Debt -0.4 EUR million (31.12.24: 4.3 m)

• Revenue decreased by 4.7% in the second quarter 2025 compared to the same quarter of the previous year.
• EBIT margin of 9.3% below the previous year's figure. Weak demand for specialty aluminas and boehmites had a negative impact on the EBIT margin (as a percentage of total performance).
• EPS decreased from EUR 0.46 in the second quarter of the previous year to EUR 0.35 in the second quarter of 2025.
• Net debt as of 30 June 2025 amounts to EUR -0.4 million.

Nabaltec Q2 2025 Functional Fillers

8.1 4.6 4.9 Q2 24 Q1 25 Q2 25 CAPEX (EURm) -39.5% (yoy)

Revenue in the "Functional Fillers" product segment decreased by 3.5% yoy. Stable demand for fine precipitated hydroxides and a higher revenue of viscosity optimized hydroxides were not sufficient to compensate the decline in boehmites revenues of 52% in the second quarter of 2025.

The operating result (EBIT) was with EUR 4.6 million slightly below the level of last year. Resulting in an EBIT margin of 12.1% in this segment (Q2/24: 13.1%). 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 4.9 million in the second quarter 2025. Investments in the capacity expansion of boehmites and viscosity optimized hydroxides continue to be the main capex projects.

Nabaltec Q2 2025 Specialty Aluminas

Revenue in the "Specialty Aluminas" product segment decreased by 7.9% compared to the previous year's level in the second quarter. Overcapacity and weak demand on the market had a negative impact on both sales volumes and sales prices.

The operating result (EBIT) is slightly positive in the second quarter 2025. After a positive EBIT margin of 4.4% in the second quarter of 2024, the segment recorded a decline in the EBIT margin to 0.8% in the second quarter of 2025. Lower sales volumes and higher energy costs were the main reasons for the negative development compared to the year before.

CAPEX amounted to EUR 0.6 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	6M/2025	6M/2024	Change
Revenues	106.5	108.4	-1.7%	▪	Revenues slightly below the previous year, due to a weak second quarter.
Total Performance	106.0	109.9	-3.5%		Average sales price in the first half of the year 2025 nearly on the level of the first half of the year 2024.
Gross Profit	55.6	55.3	0.5%		Export ratio is at 77.5%.
Gross Profit margin (from the total performance)	52.4%	50.3%		▪	Gross Profit margin (as a percentage of total performance) increased to 52.4% in the first six months of 2025.
EBITDA	14.6	16.9	-13.9%
EBITDA margin (from the total performance)	13.7%	15.4%		▪	EBITDA margin amounted to 13.7% in the first half of 2025 after 15.4% in the first half of the previous year.
EBIT	8.9	10.9	-18.5%	▪	EBIT margin decreased from 9.9%
EBIT margin (from the total performance)	8.4%	9.9%			to 8.4% yoy.
Net income	5.9	7.5	-21.4%	▪	Earnings per share amounted to EUR 0.67 in the first six months of 2025.
EPS (EUR)	0.67	0.85	-21.2%

Balance Sheet Nabaltec Group

in EUR million	06/30/25	12/31/24	Change
Intangible assets	1.6	1.5	5.2%
Property, plant and equipment	142.7	140.0	1.9%
Other non-current assets	0.5	15.6	-96.7%
Inventories	44.1	47.9	-7.9%
Receivables and other assets	25.5	6.8	274.3%
Cash and cash equivalents	90.9	86.5	5.0%
Total assets	305.3	298.3	2.3%
Equity	153.4	153.2	0.1%
Non-current liabilities	124.5	125.9	-1.1%
Current liabilities	27.3	19.2	42.7%
Total liabilities	305.3	298.3	2.3%

▪	Intangible assets and property, plant and equipment slightly increased due to CAPEX in the first six months of 2025.
▪	Other non-current assets at the end of June 2025 decreased due to the reclassification of fixed term deposits in the amount of EUR 15 million from long-term to short-term assets.
▪	Inventories decreased by EUR 3.8 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 June 2025. (12/31/24: 51.4%).
• Non-current liabilities at the end of June 2025 include provisions for pensions in the amount of EUR 31.6 million and financial liabilities of EUR 90.0 million.
• Current liabilities increased by EUR 8.1 million mainly due to higher trade payables of EUR 6.6 million.

Cash Flow Statement Nabaltec Group

in EUR million	6M/2025	6M/2024	Change
Net operating income	14.6	16.9	-14.0%
+/- Working capital	+8.1	+10.6	-23.4%
- Taxes paid	-2.2	-3.4	-35.5%
Cash flow from operating activity	20.5	24.1	-15.1%
Cash flow from investment activity	-11.0	-14.2	-22.9%
Free Cash flow	9.5	9.9	-3.8%
Cash flow from financing activity	-3.3	-3.3	0.5%
Cash at end of the period	90.9	93.1	-2.4%

• The decline in net operating income and the changes in working capital had a negative impact on cash flow from operating activities in the first six months of 2025.
• 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 90.9 million on 30 June 2025.

• On July 24, 2025, Nabaltec has adjusted its revenue forecast for the current Financial Year 2025 downward and now expects revenue for the full year 2025 to decline by up to 2% 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 sticking to its previous forecast 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.

Financial calendar

24. September 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

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Version 21. November 2024 Version 21 August 2025

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.

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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