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

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

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.

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.

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=59d8ecd4-8bdc-11f1-8534-027f3c38b923&lang=en

2373992 30.07.2026 CET/CEST

°