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

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Original-Research: Nabaltec AG - from NuWays AG

05.05.2026 / 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 16.0

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

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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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2321056 05.05.2026 CET/CEST

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