Nabaltec AG (von NuWays AG): BUY 24.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Nabaltec AG - from NuWays AG



24.08.2026 / 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



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
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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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2387156 24.08.2026 CET/CEST