Märkte & Kurse

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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
++++++++++
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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