Last close As at 19/08/2026
EUR13.20
▲ 0.15 (1.15%)
Market capitalisation
EUR117m
Research: Industrials
Nabaltec reported H126 revenue of €108.6m, up 1.9% y-o-y, while EBITDA fell 5.1% to €13.8m and EBIT 26.1% to €6.6m, giving an EBIT margin of 6.2% versus 8.4% in H125. Net income fell 25.8% to €4.4m, with EPS of €0.50 versus €0.67 with higher energy costs and scheduled depreciation weighed on profitability. Q2 improved materially on Q1: revenue rose 6.9% y-o-y and 4.0% q-o-q to €55.3m, EBIT increased to €3.8m from €2.7m in Q1 and the margin recovered to 7.2% from 5.2%. Both segments improved sequentially, supported by viscosity-optimised hydrates, recovering boehmites and Specialty Aluminas demand. The order backlog rose to €52.2m from €38.3m and management maintained FY26 guidance for 4–6% revenue growth and a 5–7% EBIT margin. We maintain forecasts and our €19.1/share valuation.
| Year end | Revenue (€m) | EBIT (€m) | EPS (€) | DPS (€) | P/E (x) |
|---|---|---|---|---|---|
| 12/24 | 203.6 | 22.3 | 1.62 | 0.29 | 8.1 |
| 12/25 | 197.0 | 15.2 | 1.10 | 0.29 | 12.0 |
| 12/26e | 204.9 | 12.3 | 0.89 | 0.24 | 14.8 |
| 12/27e | 215.2 | 13.1 | 0.98 | 0.27 | 13.5 |
H126 revenue increased in both segments, with Functional Fillers up 2.2% y-o-y to €80.1m and Specialty Aluminas up 1.3% y-o-y to €28.4m. Gross profit fell 3.7% to €53.5m, and the gross profit margin fell to 50.8% from 52.4%, while D&A rose to €7.3m from €5.7m in H125, explaining the sharper EBIT decline. Operating cash flow increased 5.9% to €21.7m, supported by a €10.4m working capital inflow. Inventories fell €10.7m in H1, including €6.9m of raw materials. Excluding the €15.0m fixed-term deposit inflow, free cash flow was €7.1m versus €9.5m, reflecting higher investment. Net debt remained unchanged from Q125 at €3.9m
Q2 showed improved momentum across both segments. Functional Fillers revenue increased 3.3% q-o-q to €40.7m, with EBIT rising 6.6% q-o-q to €3.2m. Year-on-year revenue increased 6.7%, supported by continued growth in viscosity-optimised hydrates and a recovery in boehmites. The segment EBIT margin remained below the prior year at 7.9% versus 12.1%, reflecting higher energy costs and depreciation. Specialty Aluminas improved more markedly, with revenue increasing 5.8% q-o-q to €14.6m and EBIT recovering from a loss in Q1 to €0.6m. Year-on-year revenue increased 7.4%, supported by broader demand and lower raw material prices, although weak steel demand continues to weigh on refractory applications.
Management continues to expect volatile, short-term ordering but enters H2 with a higher order level. The backlog rose c 36% y-o-y to €52.2m and management expects higher FY26 demand across most product lines. This provides better H2 visibility than at Q1, despite orders remaining volatile. The 4–6% FY26 revenue guidance implies c 6–11% y-o-y growth in H2. Q2 growth of 6.9% and the stronger backlog support the lower end, while the upper end requires further acceleration. Management also continues to highlight data and energy cables for data centres, battery thermal management and stationary energy storage as longer-term growth opportunities, although their contribution remains unquantified. Our €204.9m FY26 revenue forecast sits at the lower end of guidance, with EBIT of €12.3m (6% margin). Higher energy costs and depreciation remain headwinds, while further growth in viscosity-optimised hydrates and Specialty Aluminas recovery provide upside. We maintain forecasts and our €19.1/share valuation.
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London │ New York │ Frankfurt
20 Red Lion Street
London, WC1R 4PS
United Kingdom
Research: TMT
There are few signs of a recovery in sentiment in NFON’s core business telephony market. Management continues to re-align the business, not only in terms of making its AI-enabled solutions more scalable but also in the way that it is simplifying legacy operations and further empowering its partner network. This is in response to a deepening customer relationship and could generate strong future returns. In the meantime, recurring revenues fund the strategic re-alignment.