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Nabaltec AG Investor Presentation 2026
5430_ir_2026-05-20_2970665f-aeb1-4754-acf2-5fbf050b4144.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
Q1 2026 Highlights
21 May 2026
Nabaltec
The company in brief
REVENUES 2025
EUR 197.0 MILLION
EBIT 2025
EUR 15.2 MILLION
EBIT margin 2025
(from the total performance)
7.7%
SECTOR
CHEMICAL INDUSTRY
EMPLOYEES 2025
509
PRODUCTION SITES
3
EXPORT-RATIO 2025
76.7%
ABOUT 800 CUSTOMERS
ABOUT 50 DISTRIBUTION PARTNERS
IN BUSINESS SINCE
1937
Nabaltec
Product Segments
| Product segments | Functional Fillers
2025 | Specialty Aluminas
2025 |
| --- | --- | --- |
| Revenues | EUR 144.1 million | EUR 53.0 million |
| EBIT margin | 10.4% | 0.3% |
| Percentage of total revenue | 72% | 28% |
| Product ranges | Ground hydroxides
Viscosity optimized hydrates
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 |
| Raw materials | Aluminum hydroxide | Aluminum oxide |
Nabaltec
Market segments "Functional Fillers" 2025
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" 2025
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 Q1 2026 Highlights
| Revenue | EUR 53.2 million (-2.7% yoy) |
|---|---|
| EBIT | EUR 2.7 million (-33.8% yoy) |
| EBIT Margin | 5.2% (Q1/25: 7.5%) |
| EPS | EUR 0.20 (-35.5% yoy) |
| Net Debt | EUR 3.9 million (31.12.25: 18.5 m) |
- Revenue decreased by 2.7% in the first quarter 2026 compared to the same quarter of the previous year.
- EBIT margin of 5.2% below the previous quarter's figure. Rising energy costs and higher depreciation are weighing on the EBIT margin.
- EPS decreased from EUR 0.31 in the first quarter of the previous year to EUR 0.20 in the first quarter of 2026.
- Net debt as of 31 March 2026 amounts to EUR 3.9 million.
Nabaltec
Nabaltec Q1 2026 Functional Fillers
Revenues (EURm)
Revenue in the "Functional Fillers" product segment decreased by 2.1% yoy. A decline of 8.4% in our most important product area, fine hydroxides, was the main reason for this revenue development in the first quarter 2026.
EBIT (EURm)
EBIT in Q1 was EUR 3.0 million, down from the previous year's level. EBIT margin in the "Functional Fillers" segment: 7.6% (Q1/25: 11.3%). A decline in revenues, along with higher energy prices and depreciation, weighed on EBIT in the first quarter of 2026.
CAPEX (EURm)
CAPEX in the "Functional Fillers" product segment amounted to EUR 7.2 million in the first quarter of 2026. The main expenditures were allocated to investment projects to expand capacity for viscosity optimized hydrates and to ensure a secure energy supply.
Nabaltec
Nabaltec Q1 2026 Specialty Aluminas
Revenues (EURm)
Revenue in the "Specialty Aluminas" product segment declined by 4.6% in Q1 2026 compared to the previous year. We assume that the bottom has been reached in this segment.
EBIT (EURm)
EBIT was negative in the first quarter of 2026 but slightly improved in comparison to the previous year's quarter. Higher gas prices are weighing on the segment's earnings.
CAPEX (EURm)
CAPEX amounted to EUR 1.7 million in the "Specialty Aluminas" product segment. The amount includes, among other things, expenditure for the general overhaul of the rotary kiln.
Nabaltec
Profit & Loss Statement Nabaltec Group
| in EUR million | 3M/2026 | 3M/2025 | Change |
|---|---|---|---|
| Revenues | 53.2 | 54.7 | -2.7% |
| Total Performance | 52.3 | 55.3 | -5.5% |
| Gross Profit | 26.4 | 27.4 | -3.6% |
| Gross Profit margin | |||
| (from the total performance) | 50.4% | 49.4% | |
| EBITDA | 6.4 | 7.0 | -8.8% |
| EBITDA margin | |||
| (from the total performance) | 12.2% | 12.6% | |
| EBIT | 2.7 | 4.1 | -33.8% |
| EBIT margin | |||
| (from the total performance) | 5.2% | 7.5% | |
| Net income | 1.8 | 2.8 | -34.7% |
| EPS (EUR) | 0.20 | 0.31 | -35.5% |
- Revenues in the first quarter of 2026 was below the previous year’s level due to weak demand in January and February. Export ratio at 71.9%.
- Gross Profit margin increased slightly to 50.4% compared to the previous quarter.
- EBITDA margin amounted to 12.2% in Q1 2026 after 12.6% in the same period of the previous year.
- EBIT margin decreased from 7.5% to 5.2% compared to the previous quarter.
- Earnings per share amounted to EUR 0.20 in the first quarter of 2026.
Nabaltec
Balance Sheet Nabaltec Group
| in EUR million | 03/31/26 | 12/31/25 | Change |
|---|---|---|---|
| Intangible assets | 1.5 | 1.6 | -4.5% |
| Property, plant and equipment including rights of use from leases | 161.1 | 150.5 | 7.1% |
| Other non-current assets | 0.3 | 0.3 | 2.4% |
| Inventories | 43.1 | 50.9 | -15.3% |
| Receivables and other assets | 13.6 | 25.1 | -45.6% |
| Cash and cash equivalents | 92.0 | 72.3 | 27.2% |
| Total assets | 311.7 | 300.7 | 3.7% |
| Equity | 160.8 | 158.3 | 1.6% |
| Non-current liabilities | 128.2 | 123.5 | 3.8% |
| Current liabilities | 22.8 | 18.9 | 20.5% |
| Total liabilities | 311.7 | 300.7 | 3.7% |
- The increase in Property, plant and equipment was due to an expanded capital expenditure program and the capitalization of leasehold rights in the amount of EUR 4.6 million.
- Inventories decreased by EUR 7.8 million, of which EUR 6.9 million were raw materials.
- Reclassification of a fixed-term deposit from other assets to cash and cash equivalents in the amount of EUR 15 million in the first quarter of 2026.
- Equity ratio of 51.6% as of March 31, 2026 (12/31/25: 52.6%).
- Non-current liabilities at the end of the first quarter of 2026 includes provisions for pensions in the amount of EUR 30.4 million, financial liabilities of EUR 90.0 million and lease liabilities of EUR 3.9 million.
- Current liabilities include trade payables by EUR 15.5 million.
Nabaltec
Cash Flow Statement Nabaltec Group
| in EUR million | 3M/2026 | 3M/2025 | Change |
|---|---|---|---|
| Net operating income | |||
| (before changes in working capital) | 6.4 | 7.0 | -8.9% |
| +/- Working capital | 8.0 | 6.9 | 14.9% |
| - Taxes paid | -1.1 | -1.0 | 11.0% |
| Cash flow from operating activity | 13.2 | 12.9 | 2.3% |
| Cash flow from investment activity* | -8.9 | -5.5 | 62.7% |
| Free Cash flow | 4.3 | 7.4 | -42.2% |
| Cash flow from financing activity | 0.0 | 0.4 | |
| Cash at end of the period | 92.0 | 93.7 | -1.8% |
-
Excluding inflows of fixed-term deposits in the amount of EUR 15 million
-
Cash flow from operating activities was slightly higher than in the previous year.
- The main components of cash flow from investing activities were the expansion of production capacity for viscosity optimized hydrates, the overhaul of a rotary kiln, and measures to ensure a reliable steam supply.
- Cash and cash equivalents amounted to EUR 92.0 million on 31 March 2026.
Outlook 2026*
Nabaltec
- The demand in 2026 will continue to be characterized by short-termism and high volatility.
- Despite the economic and industry-specific environment, the company expects revenues growth in 2026 to be in the range of 4% to 6% compared to the previous year (2025: EUR 197.0 million).
-
On the earnings side, Nabaltec expects an EBIT margin in the range of 5% to 7% (2025: 7.7%). The decline in the EBIT margin compared to Financial Year 2025 is primarily due to rising material costs, including energy, as well as a significant increase in depreciation and amortization.
-
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. Inflation, high interest rates and the uncertain situation are putting the brakes on consumption and investment worldwide. In the event of continuing negative economic upheavals due to the geopolitical situation, adverse effects on the liquidity, financial and earnings situation cannot be ruled out. The current escalation of the Middle East conflict is increasing geopolitical and eco nomic uncertainties. A further intensification of the conflicts could place a strain on the global economy, particularly through rising energy prices, disrupted supply chains, and a weakening of demand. These factors may negatively impact the company's business performance during the forecast period.
Financial calendar
Nabaltec
| 23. June 2026 | Deutsche Börse Scale Summit |
|---|---|
| 24. June 2026 | Annual General Meeting |
| 20. August 2026 | Publication Half-yearly Financial Statements |
| 20. August 2026 | Earnings Call: Q2 2026 Highlights |
| 23. September 2026 | Baader Investment Conference |
| 19. November 2026 | Publication Quarterly Financial Report (call-date Q3) |
| 19. November 2026 | Earnings Call: Q3 2026 Highlights |
| Nov. 2026 | Deutsches Eigenkapitalforum |
Version 21 May 2026
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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