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OUR KNOW-HOW FOR YOUR SAFETY Nabaltec – a leading supplier of environmentally friendly flame retardant fillers and specialty aluminas Q3 2025 Highlights 20 November 2025
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2 REVENUES 2024 EUR 203.6 MILLION SECTOR CHEMICAL INDUSTRY EMPLOYEES 2024 501 EXPORT- RATIO 2024 76.6% PRODUCTION SITES 3 ABOUT 800 CUSTOMERS ABOUT 50 The company in brief DISTRIBUTION PARTNERS IN BUSINESS SINCE 1937 ANNUAL CAPACITY APPROX. 265,000 t EBIT 2024 EUR 22.3 MILLION
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Product Segments Functional Fillers 2024 revenues: EUR 148.0 million Specialty Aluminas 2024 revenues: EUR 55.6 million Aluminum hydroxide Aluminum oxide Europe: 123,000 t Aluminum hydroxides 10,000 t Boehmites USA: 60,000 t Aluminum hydroxides resistant to wear and tear, electrically insulating, resistant to corrosion, resistant to temperature changes * capacity based on product mix Product segments Product ranges Properties Capacities* Europe: 72,000 t Specialty aluminas Raw materials Oxides Reactive aluminas Ceramic bodies Ground hydroxides Viscosity optimized hydroxides Fine precipitated hydroxides Boehmites 3 eco-friendly, smoke-reducing, flame retardant, non-abrasive
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Rubber & Elastomers Application examples: ▪ HV-/MV-/LV-cables ▪ Data cables ▪ Automotive cables ▪ Wind turbine and PV cables ▪ E-vehicle charging cables ▪ Separator films ▪ Electronic housings and switches ▪ Printed circuit boards ▪ Adhesives ▪ Tires ▪ Vehicle interior trim ▪ Thermal insulations ▪ Facade panels 9%6% 15% 13% 57% Wire & Cable Battery Resins & Dispersions Others 4 Market segments “Functional Fillers“ 2024
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Application examples: ▪ Furnace linings ▪ Wear and tear protection ▪ Ballistic ceramics ▪ Seals ▪ High-voltage insulators ▪ Catalysts ▪ Ceramic filters ▪ Polishing materials ▪ Ignition plugs ▪ Grinding media 3% 9% 8% 39% 41% Market segments “Specialty Aluminas“ 2024 Refractory Technical Ceramics Adsorbents & Catalysts Polishing Others 5
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Nabaltec Q3 2025 Highlights Revenue 48.6 EUR million (-2.4% yoy) EBIT 5.1 EUR million (-13.9% yoy) EBIT Margin EPS 10.3% (Q3/24: 11.3%) 0.39 EUR (-7.1% yoy) Net Debt 15.0 EUR million (31.12.24: 4.3 m) ▪ Revenue decreased by 2.4% in the third quarter 2025 compared to the same quarter of the previous year. ▪ EBIT margin of 10.3% below the previous year’s figure. Weak demand for boehmites and higher personnel costs had a negative impact on the EBIT margin (as a percentage of total performance) compared to Q3/24. ▪ EPS decreased from EUR 0.42 in the third quarter of the previous year to EUR 0.39 in the third quarter of 2025. ▪ Net debt as of 30 September 2025 amounts to EUR 15.0 million. 6
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4.8 4.6 4.9 6.4 Q3 24 Q1 25 Q2 25 Q3 25 CAPEX (EURm) 35.9 40.3 38.1 35.2 Q3 24 Q1 25 Q2 25 Q3 25 -1.7% (yoy) Revenues (EURm) 5.8 4.5 4.6 4.4 Q3 24 Q1 25 Q2 25 Q3 25 EBIT (EURm) 33.3% (yoy) -24.1% (yoy) Revenue in the “Functional Fillers” product segment decreased by 1.7% yoy. Strong demand for ground hydroxides in the third quarter 2025 was not enough to offset declining revenues in the other product areas in this segment. The operating result (EBIT) was with EUR 4.4 million below the level of last year. Resulting in an EBIT margin of 12.4% in this segment (Q3/24: 16.1%). A change in the product mix is one of the reasons for the decline in EBIT. CAPEX in the “Functional Fillers” product segment amounted to EUR 6.4 million in the third quarter 2025. Investments in the capacity expansion of boehmites and viscosity optimized hydroxides continue to be the main capex projects. Nabaltec Q3 2025 Functional Fillers 7
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2.4 0.8 0.6 0.5 Q3 24 Q1 25 Q2 25 Q3 25 13.9 14.4 13.6 13.4 Q3 24 Q1 25 Q2 25 Q3 25 -4.0% (yoy) 0.2 -0.4 0.1 0.8 -79.2% (yoy) 277.2% (yoy) Revenue in the “Specialty Aluminas” product segment decreased by 4.0% compared to the previous year’s level in the third quarter. Overcapacity and weak demand continue to weigh on sales performance in the segment. The operating result (EBIT) is increasing in the third quarter 2025. After a positive EBIT margin of 1.5% in the third quarter of 2024, the segment recorded an EBIT margin of 5.7% in the third quarter of 2025. Improved raw material and energy costs together with lower maintenance costs were the main reasons for the positive development. CAPEX amounted to EUR 0.5 million in the “Specialty Aluminas” product segment. The amount includes expenditure for the general overhaul of the rotary kiln. Nabaltec Q3 2025 Specialty Aluminas 8 EBIT (EURm) Revenues (EURm) CAPEX (EURm) Q2 25Q3 24 Q1 25 Q3 25
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Profit & Loss Statement Nabaltec Group ▪ Revenues slightly below the previous year, due to persistently weak demand. Average sales price in the first nine months of the year 2025 nearly on the level of last year. Export ratio is at 77.0%. ▪ Gross Profit margin (as a percentage of total performance) increased to 52.7% in the first nine months of 2025. ▪ EBITDA margin amounted to 14.5% in the first nine months of 2025 after 15.9% in the first nine months of the previous year. ▪ EBIT margin decreased from 10.4% to 9.0% yoy. ▪ Earnings per share amounted to EUR 1.05 in the first nine months of 2025. in EUR million 9M/2025 9M/2024 Change Revenues 155.1 158.2 -1.9% Total Performance 155.9 162.6 -4.1% Gross Profit 82.1 82.2 -0.1% Gross Profit margin (from the total performance) 52.7% 50.6% EBITDA 22.6 25.8 -12.4% EBITDA margin (from the total performance) 14.5% 15.9% EBIT 14.0 16.8 -16.8% EBIT margin (from the total performance) 9.0% 10.4% Net income 9.3 11.1 -16.8% EPS (EUR) 1.05 1.27 -17.3% 9
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▪ Intangible assets and property, plant and equipment increased due to CAPEX in the first nine months of 2025. ▪ Other non-current assets at the end of September 2025 decreased due to the reclassification of fixed-term deposits in the amount of EUR 15 million from long-term to short- term assets. ▪ Inventories increased by EUR 2.1 million mainly due to higher raw material inventories. ▪ The equity ratio amounted to 51.5% as of the reporting date at the end of September 2025. (12/31/24: 51.4%). ▪ Non-current liabilities at the end of September 2025 include provisions for pensions in the amount of EUR 31.7 million and financial liabilities of EUR 90.0 million. ▪ Current liabilities increased by EUR 3.6 million mainly due to higher trade payables of EUR 2.3 million. in EUR million 09/30/25 12/31/24 Change Intangible assets 1.6 1.5 7.0% Property, plant and equipment 146.5 140.0 4.6% Other non-current assets 0.5 15.6 -96.7% Inventories 50.0 47.9 4.4% Receivables and other assets 29.7 6.8 335.0% Cash and cash equivalents 75.9 86.5 -12.3% Total assets 304.2 298.3 2.0% Equity 156.8 153.2 2.3% Non-current liabilities 124.6 125.9 -1.0% Current liabilities 22.8 19.2 18.9% Total liabilities 304.2 298.3 2.0% Balance Sheet Nabaltec Group 10
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▪ The decline in net operating income and above all changes in working capital had a negative impact on cash flow from operating activities in the first nine months of 2025. ▪ The investment focus was on expanding the capacity of boehmites and viscosity optimized hydroxides, as well as expenditure for the general overhaul of two rotary kilns and the ongoing process optimization at the Schwandorf site. ▪ Cash and cash equivalents amounted to EUR 75.9 million on 30 September 2025. in EUR million 9M/2025 9M/2024 Change Operating income 22.6 25.8 -12.5% +/- Working capital -5.8 +10.5 - Taxes paid -4.8 -4.1 16.9% Cash flow from operating activity 12.0 32.2 -62.8% Cash flow from investment activity -17.8 -21.4 -17.0% Free Cash flow -5.8 10.8 Cash flow from financing activity -3.0 -2.8 7.2% Cash at end of the period 75.9 93.7 -19.0% Cash Flow Statement Nabaltec Group 11
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▪ In the nine-month period of 2025, demand continued to be strongly influenced by short-termism. ▪ Due to the uncertainties in the markets, Nabaltec revised the revenue forecast presented in the 2024 consolidated management report for Financial Year 2025 on 24 July 2025 and confirms this based on the figures as of 30 September 2025. ▪ Nabaltec expects a decline in revenues of up to 2% for the full year 2025 compared to the previous year. ▪ In its original forecast, Nabaltec had expected revenues to increase in the range of 3% to 5% compared to the previous year. Currency effects and increased market uncertainty due to US trade policy are having a negative impact on the company's revenues. In addition, the continued weak demand for products for the refractory industry and e-mobility will impact Nabaltec AG's revenues in 2025. ▪ On the earnings side, Nabaltec is still sticking to its forecast issued in the 2024 annual report and continues to expect an EBIT margin in the range of 7% to 9% for the current Financial Year 2025. Outlook 2025* 12 * The forecast is based on the assumption that the economy and the industries relevant to Nabaltec will remain stable. At the time the forecast was prepared, it remains unclear at what speed or with what dynamics the economic situation will recover globally and in the markets relevant to Nabaltec. Inflation, trade barriers, high interest rates and an uncertain situation are slowing consumption and investment worldwide. In the event of continued negative economic dist ortions due to the geopolitical situation, negative effects on the net assets, financial position and results of operations cannot be ruled out. Furthermore, the other statements made in the outlook report remain valid.
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Financial calendar 13 25. November 2025 Deutsches Eigenkapitalforum 30. April 2026 Publication Annual Financial Statements 30. April 2026 Earnings Call: Q4 2025 Highlights 21. May 2026 Publication Quarterly Financial Report (call-date Q1) 21. May 2026 Earnings Call: Q1 2026 Highlights 24. June 2026 Annual General Meeting 20. August 2026 Publication Half-yearly Financial Statements 20. August 2026 Earnings Call: Q2 2026 Highlights 19. November 2026 Publication Quarterly Financial Report (call-date Q3) 19. November 2026 Earnings Call: Q3 2026 Highlights
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Kontakt Johannes Heckmann (CEO) Günther Spitzer (CFO) Nabaltec AG Alustraße 50 - 52 92421 Schwandorf Deutschland Telefon: +49 9431 53-202 Fax: +49 9431 53-260 E-Mail: InvestorRelations@nabaltec.de Version 21. November 2024 Contact Johannes Heckmann (CEO) Günther Spitzer (CFO) Nabaltec AG Alustraße 50 – 52 92421 Schwandorf Germany Phone: + 49 9431 53-202 Fax: + 49 9431 53-260 E-Mail: InvestorRelations@nabaltec.de Version 20 November 2025 14
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Our know-how for your safety The entire content of this presentation is copyrighted by Nabaltec AG. The content of this presentation may not be modified without the express written permission of Nabaltec AG. Business partners of Nabaltec AG may download, reproduce and distribute for their Nabaltec related business provided that the reprint contains the above mentioned copyright notices. All users acknowledge that any access and use of the presentation is at their own risk. Nabaltec AG assumes no liability for any errors or omissions in the content of the presentation and shall not be liable for any damages arising out of the access, use or inability to use this presentation. ©Nabaltec AG Rounding: Due to computational reasons, rounding differences may appear in the percentages and figures in the tables, graphics and text. Percentage changes are calculated on the basis of EUR thousand. Statements relating to the future: This presentation contains forward-looking statements based on current estimates and forecasts made by the Management Board and currently available information. These forward-looking statements are not to be understood as guarantees of projected future developments and results. Rather, future developments and results are subject to a variety of risks and uncertainties and are based on assumptions that may not prove to be accurate. We assume no obligation to update these forward-looking statements. The information contained herein is not for publication or distribution in the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States. The securities of Nabaltec AG described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any State, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. No money, securities or other consideration is being solicited and, if sent in response to the Information contained herein, will not be accepted. Fotos: Adobe Stock, C3 marketing agentur GmbH, freepik, Clemens Mayer, Strandperle