^
Original-Research: Nabaltec AG - from NuWays AG

05.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

Classification of NuWays AG to Nabaltec AG

Company Name: Nabaltec AG
ISIN: DE000A0KPPR7

Reason for the research: Update
Recommendation: BUY
Target price: EUR 16.0
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

Q1 prelims: Weak macro still weighs on business operations

Nabaltec published final Q4 figures, confirmed the FY26 guidance and
released preliminary Q1 numbers, which show improvements compared to the end
of last year but are still burdened by various headwinds.

To recap, Q4 burdened by a particularly weak December. Q4 group sales were
down 7.8% yoy at EUR 41.9m as a result of a particularly weak Functional
Fillers segment (-10.5% to EUR 30.4m), as demand for fine hydrates (core
product) experienced a significant slowdown during the last few weeks of the
year. This should have largely been driven by cautious order behaviour of
key customers. Specialty Alumina recorded a slight sales increase (0.6% yoy
to EUR 11.5m) as demand should have bottomed our. FY25 sales down 3.2% yoy to
EUR 197m.

This coupled with temporary elevated maintenance costs at the group's German
plant triggered a 9.4pp EBIT margin decline to a mere 2.8%. FY25 EBIT margin
of 7.7%.

The operating cash flow of EUR 15.8m (vs EUR 35m in FY24) reflects the weaker
operating performance but also some working capital outflows. Elevated
investments into production capacity build-outs (mainly for the viscosity
optimized gap fillers) pushed FCF into negative territories (EUR -9m).
Nevertheless, cash at the end of the year stood at EUR 72.3m; net debt of EUR
18m.

First look into FY26e, challenges prevail, yet with improvements in sight.
Nabaltec also published preliminary Q1 figures with EUR 53.2m sales (-2.7%
yoy) and an EBIT margin of 5.2% (-2.3pp yoy) as demand across the group's
products remains subdued and higher energy prices, particularly gas, and
rising depreciation (due to recent investments) burden the bottom line.
Positively, demand for fine hydrates is seen to sequentially improve carried
by low inventories but also rising investments into data centers. This is
also inline with recent comments from Nexans' (major European cable
producer) management, which highlighted a demand pick-up across France,
Italy and Spain during recent weeks.

FY26 guidance confirmed. Management expects to grow the company's top-line
by 4-6% (eNuW: 4.2%, 6.8% implied growth during Q2-Q4), anticipating higher
sales volumes for ATH (higher demand across key end markets) but also the
gap filler (eNuW: Functional Fillers +6%). We model largely flat sales for
Specialty Alumina (high refractory exposure) as slightly higher volumes
compensate for lower sales prices. The lower end of the EBIT margin guidance
of 5-7% seen rather conservative (eNuW) but also factors in uncertainties
from the scheduled maintenance at the waste incineration plant next to its
site in Germany (key supplier of production relevant steam). Longer
disruptions would require NTG to produce their own steam using LNG, which
currently experiencing significant price increases.

We confirm our BUY rating with an unchanged EUR 16 PT based on FCFY26e.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=0cbde349248dba3951fcffcbc94cdb7c
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=80ee15c5-484d-11f1-8534-027f3c38b923&lang=en

2321056 05.05.2026 CET/CEST

°