Original-Research: Nabaltec AG - from NuWays AG
Classification of NuWays AG to Nabaltec AG
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 € 55m (eNuW), implying H1 sales of € 108m (+1.6% yoy). In segment detail:
Q2 EBIT is expected at € 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 (€ 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 € 16 PT based on FCFY26e. You can download the research here: nabaltec-ag-2026-07-30-previewreview-en-55d88 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. | ||||||||||||||||||
2373992 30.07.2026 CET/CEST
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