Original-Research: Nabaltec AG - from NuWays AG
Classification of NuWays AG to Nabaltec AG
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 € 55.3m (eNuW: € 55.0m). Growth was volume-driven (+8.3% yoy), partly offset by a weighted ASP decline of ~1.4%. H1 sales thus reached € 109m (+1.9% yoy, vs € 107m).
Balance sheet remains strong. H1 operating cash flow slightly improved to € 21.7m (vs € 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 (€ 14.6m total), FCF remained positive at € 7.1m putting net debt at just € 3.9m at the end of H1 (cash € 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 (€ 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 (€ 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 € 16 PT based on FCFY26e. You can download the research here: nabaltec-ag-2026-08-24-previewreview-en-6a97e 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. | ||||||||||||||||||
2387156 24.08.2026 CET/CEST
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