^ Original-Research: Nabaltec AG - from NuWays AG

24.08.2026 / 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.

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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

H1 review: Back on the growth path, data centres pulling

Nabaltec reported H1 figures, which confirm the guided return to growth from Q2. Despite higher energy costs and increased depreciation levels, the Q2 EBIT margin points towards the company being able to reach the mid- to upper end of the FY margin guidance. In detail:

Q2 sales grew 6.9% yoy to EUR 55.3m (eNuW: EUR 55.0m). Growth was volume-driven (+8.3% yoy), partly offset by a weighted ASP decline of ~1.4%. H1 sales thus reached EUR 109m (+1.9% yoy, vs EUR 107m).

* Functional Fillers Q2 sales rose 6.7% yoy to EUR 40.7m (H1: EUR 80.1m, +2.2% yoy). Drivers matched our expectations: viscosity optimized hydrates (VH) surged 36.0% yoy in H1, underscoring the strength of the young product group. Positively, and ahead of our flat-ish assumption, boehmites returned to growth (+5.8% yoy), with management flagging a bottoming after a difficult phase.

* Specialty Alumina Q2 sales rose 7.4% yoy to EUR 14.6m (H1: EUR 28.4m, +1.3% yoy). The segment returned to profitability after a Q1 loss, though weak steel demand keeps weighing on the refractory market.

Q2 EBIT came in at EUR 3.8m (-19.3% yoy; 7.2% margin); H1 EBIT thus stood at EUR 6.6m (-26.1% yoy; 6.2% margin. The decline was driven by higher energy costs and planned depreciation from the recently completed capacity build-outs.

Balance sheet remains strong. H1 operating cash flow slightly improved to EUR 21.7m (vs EUR 20.5m) as working capital releases compensated for a weaker result. Despite the planned investments into the capacity expansion for viscosity optimized hydrates, the overhaul of a rotary kiln, and measures to ensure a reliable steam supply (EUR 14.6m total), FCF remained positive at EUR 7.1m putting net debt at just EUR 3.9m at the end of H1 (cash EUR 90.9m).

Guidance confirmed, visibility increased. Management reiterated FY26 sales growth of 4-6% and an EBIT margin of 5-7%. With the strong order backlog (EUR 52.2m, +36.3% yoy) and continued VH/data-centre momentum, the lower end of the sales range (eNuW: +4.2%) but mid to upper end of the margin guidance (eNuW: 6.6%) look achievable, in our view.

Attractive long-term set-up. Nabaltec holds a globally leading position in environmentally friendly flame retardants, a market underpinned by tightening regulation and structural demand growth, most notably from data centres, which increasingly offset softer public spending. Additional levers come from newer product ranges such as VH. Even against a difficult backdrop for specialty chemicals, Nabaltec stands out for its solid balance sheet, resilient margins and sizeable untapped capacity (EUR 300m revenue potential, eNuW) to be filled over the mid- to long-term; value we see as insufficiently reflected in the current share price.

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

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=c484dda98344d16e64fc00499528ef5a 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 ++++++++++ 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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2387156 24.08.2026 CET/CEST

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Quelle: dpa-Afx