Original-Research: Nabaltec AG (von NuWays AG): BUY

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Original-Research: Nabaltec AG - from NuWays AG

22.05.2026 / 09:00 CET/CEST

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Classification of NuWays AG to Nabaltec AG

Company Name: Nabaltec AG

ISIN: DE000A0KPPR7

Reason for the research: Update

Recommendation: BUY

Target price: EUR 16

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Q1 out: Demand picking up, data centres as tailwinds

Nabaltec published final Q1 figures, in line with its prelims. The start

into FY26 showed sequential demand improvements yet also headwinds from raw

materials and energy prices. The FY guidance was confirmed, pointing towards

sales growth and solid margins during the remainder of the year.

Sales were down 2.7% yoy to EUR 53.2m, as both segments recorded declining

sales. Functional Fillers' sales of EUR 39.4m were down 2.1% yoy as demand for

boehmites continued to remain weak (-8.5% yoy). On top, temporary cautious

order behaviour of key fine hydroxides customers triggered an 8.4% lower

sales contribution. Positively, viscosity optimized hydrates once again

recorded strong growth of 28% yoy. Sales of Specialty Alumina decreased 4.6%

yoy to EUR 14.4m as a result of continued weak steel demand, which weighed on

the refractory market.

EBIT of EUR 2.7m (-34% yoy), which corresponds to a margin of 5.2%, was

burdened by risen energy prices but also higher levels of depreciation

stemming from the ongoing production capacity build-outs.

Improvements to come with Q2. As highlighted during the earnings call,

demand across most product groups is seen to pick up with Q2. This should be

particularly impactful with its core product, fine hydroxides, which are

used as environmental friendly flame retardants in cables within data

centres. With the global data centre build-outs accelerating, so should the

demand for suitable cables (reaffirmed by key cable manufacturers such as

Nexans and Prysmian). Management also emphasized that Speciality Alumina

demand has passed the trough.

With this, the FY sales growth guidance of 4-6% (implied 6.6-9.3% growth

during remainder of the year) looks achievable at the lower end (eNuW: 4.2%

growth). With Q1 likely being the weakest quarter next to Q4, the lower end

of the EBIT margin guidance range of 5-7% seems rather conservative in our

view, 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 is currently experiencing significant price

increases.

Attractive long-term set-up. Nabaltec is a globally leading player in the

market for environmentally friendly flame retardants, which is driven by

tight regulations and structurally growing demand, especially in the area of

data centres, compensating for weaker public spending. New products such as

the viscosity optimized hydrates add additional growth levers to the story.

Despite the currently challenging market for specialty chemical companies,

Nabaltec stands out with a strong balance sheet, still good margins and

plenty of capacity (EUR 300m revenue potential, eNuW) to be utilized during

the mid- to long-term, not adequately reflected by the current valuation.

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=1b3a18346ee6a808ce83c46818747c83

For additional information visit our website:

https://www.nuways-ag.com/research

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

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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.

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2331916 22.05.2026 CET/CEST

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