Nabaltec is a German specialist chemicals business listed on XETRA under the ticker NTG, with a market capitalisation of c €100m. The company is focused on aluminium hydroxide- and aluminium oxide-based products for technically demanding industrial applications. Its products are used where customers require fire safety, smoke suppression, thermal management, electrical insulation and wear resistance. Nabaltec operates through two main divisions: Functional Fillers, which is the larger segment, and Specialty Aluminas. The company offers investors exposure to established industrial niches, while also providing access to structural growth themes including electrification, fire-safe cabling, battery thermal management and data infrastructure.
There are five key reasons why Nabaltec represents an interesting investment case:
1. Nabaltec has a differentiated position in specialist materials.
The company is centred around producing high-specification aluminium hydroxide and aluminium oxide products, where particle size, viscosity, surface treatment, purity, thermal behaviour and formulation support matter to its customers. These products are typically a small part of the customers’ formulation but are important to performance in applications where fire safety, thermal stability, electrical insulation and processing consistency are required. This gives Nabaltec a value-added position in technically demanding industrial markets.
2. Functional Fillers provides the clearest structural growth exposure within the business.
The segment accounted for 72% of FY25 revenue and is Nabaltec’s largest and most profitable division. Its products are used in halogen-free flame-retardant cable compounds, polymer applications, adhesives, battery materials and thermal management systems. Wire & Cable is the largest end-market, giving Nabaltec exposure to power, data, automotive and renewable energy cables and EV charging infrastructure. These link the business to electrification, grid investment and fire-safe cabling demand, with potential additional upside from AI and data centre-related infrastructure, although this remains difficult to quantify.
3. Viscosity-optimised hydrates are the clearest near-term growth driver.
These products are used in gap fillers and adhesive systems for battery thermal management, helping customers manage heat transfer, flame retardancy and processing performance in lithium-ion battery systems. This gives Nabaltec a more visible battery-related growth route than boehmites, which remain more dependent on the pace of European battery cell production. In Q126, revenue from viscosity-optimised hydrates increased by 28.0% y-o-y. Management expects a new automated plant at Schwandorf to be commissioned around Q127, adding up to 30kt of capacity and a potential revenue step-up of up to c €40m at current prices once ramped.
4. The company is going through a margin reset, but the medium-term growth drivers remain intact.
FY26 margins are expected to be lower than in the prior year, mainly reflecting higher material and energy costs as well as increased depreciation and amortisation following the completion of recent investment projects. However, management has reaffirmed FY26 guidance for revenue growth of 4–6% and an EBIT margin of 5–7%. The guidance implies a back-end-loaded year, with management expecting growth momentum to improve from Q2 and a stronger H2 performance, supported by improved incoming orders. The investment case now depends on Nabaltec converting this order momentum into revenue growth, stabilising fine hydroxides and Specialty Aluminas, and continuing to scale viscosity-optimised hydrates as a higher-growth product area.
5. Nabaltec trades at a discount to its peers.
On Edison’s estimates, the company trades on FY26 and FY27 EV/EBITDA multiples of 3.7x and 3.4x respectively, a c 58% discount to the peer median in both years. It also trades on FY26 and FY27 P/E multiples of 12.8x and 11.7x, representing discounts of 25% and 24%, respectively. This discount partly reflects Nabaltec’s lower current margins, limited liquidity and earnings uncertainty. However, it also leaves scope for the discount to narrow if the company delivers the guided revenue recovery and ramps higher-margin Functional Fillers capacity.
Conclusion
Nabaltec offers investors exposure to a specialist chemicals business with established industrial positions and clear medium-term growth drivers. While the company is currently absorbing a margin reset, its Functional Fillers business provides exposure to fire safety, electrification, EV charging, data cabling and battery thermal management. Execution remains the key watchpoint, particularly around customer qualification, new capacity utilisation and the recovery in more cyclical product areas. For investors seeking exposure to technically differentiated materials, structural growth drivers and a valuation discount to peers, Nabaltec represents an interesting opportunity.
Published 16 June 2026
