Märkte & Kurse

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Original-Research: Nabaltec AG - from NuWays AG

30.07.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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

Q2 preview: Passed the trough, returning to growth

Nabaltec will publish its H1 figures on August 20. Following a soft Q1
(sales -2.7% yoy), management guided for a gradual return to revenue growth
starting from Q2, driven by a broad-based demand pick-up. The release should
hence serve as the first proof point for the implied acceleration (6.6-9.3%
yoy growth required for the remainder of the year to reach the 4-6% FY
guidance). Our preview in detail:

Q2 group sales are seen to increase 6.2% yoy to EUR 55m (eNuW), implying H1
sales of EUR 108m (+1.6% yoy). In segment detail:

  * Functional Fillers sales are estimated at EUR 40.5m, up 6% yoy (eNuW). The
    return to growth should be carried by fine hydroxides (FH) as demand for
    environmentally friendly flame retardants used in data centre cables
    continues to accelerate (reaffirmed by key cable manufacturers such as
    Nexans and Prysmian). Viscosity optimized hydrates (VH) look set to
    continue their strong momentum (Q1: +28% yoy; eNuW Q2: +35% yoy to EUR
    6m). Yet, boehmites should remain a drag with a flat-ish yoy sales
    development. Mind you, while battery cells (boehmite application area)
    are largely produced in China, the pack assembly and assembly into the
    car is indeed done in Europe (VH).

  * Specialty Alumina sales are estimated at EUR 14.5m, +6.6% yoy (eNuW) as
    demand from key end markets such as the refractory industry should have
    passed the trough.


Q2 EBIT is expected at EUR 4.1m (7.4% margin, eNuW). While the margin is seen
to be down 1.7pp yoy (burdened by risen energy prices but also higher levels
of depreciation stemming from the ongoing production capacity buildouts), we
expect it to show notable improvement compared to the last two quarters.
Mind you, the scheduled maintenance of the waste incineration plant next to
the German site (key supplier of production-relevant steam) falls into
Q2/Q3. So far, the process has been running smoothly, not forcing NTG to
produce its own steam using LNG at currently elevated prices, which is
reflected in the lower end of the FY margin guidance.

Guidance check. H1 growth would stand at 1.6% yoy with further sequential
improvements expected, putting the FY sales growth guidance of 4-6% (eNuW:
4.2%) well in reach. On profitability, an H1 EBIT margin of 6.3% (eNuW)
supports our view that the lower end of the 5-7% EBIT margin guidance looks
rather conservative, especially in light of an improving top-line momentum
in H2, compensating for potential input cost risks.

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. New products such as VH add additional growth levers. Despite
the currently challenging specialty chemicals market, 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://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=661380df05d34677ac5e64c9ee38865f

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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2373992 30.07.2026 CET/CEST

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