Nabaltec (NTG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined by 2.7% year-over-year to EUR 53.2 million, reflecting subdued demand and weak market conditions.

• EBIT dropped 33.8% to EUR 2.7 million, with margin falling to 5.2% due to higher energy costs and increased depreciation.

• Net debt stood at EUR 3.9 million as of March 31, 2026, with cash and cash equivalents at EUR 92 million.

• Both Functional Fillers and Specialty Alumina segments experienced revenue and volume declines, but viscosity optimized hydrates saw strong growth and order intake improved, signaling potential recovery in Q2.

• EPS decreased to EUR 0.20, compared to EUR 0.31 in Q1 2025.

Financial highlights

• Gross profit margin improved to 50.4% from 49.4% year-over-year, despite lower gross profit.

• EBITDA was EUR 6.4 million (margin 12.2%), down from EUR 7.0 million (margin 12.6%) year-over-year.

• Net income for Q1 2026 was EUR 1.8 million, down 34.7% year-over-year.

• Cash flow from operating activities rose to EUR 13.2 million, aided by inventory reductions.

• Free cash flow reached EUR 19.3 million, up from EUR 7.4 million in the prior year.

Outlook and guidance

• Revenue growth of 4%-6% is expected for 2026, with an EBIT margin forecasted between 5%-7%.

• Management anticipates a stronger Q2 and continued improvement in the second half, contingent on stable demand and improved order intake.

• Volatility and short-term visibility remain high due to market and geopolitical factors.

• Growth drivers include fire protection, secure cable systems, e-mobility, and energy storage sectors.