Nabaltec (NTG) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue rose 10.6% year-over-year to EUR 54.3 million, driven by strong performance in Functional Fillers.

• Revenues for the first half of 2024 rose 2.2% year-over-year to EUR 108.4 million, with strong growth in Functional Fillers.

• EBIT increased 75.8% year-over-year to EUR 5.8 million in Q2, and 28.2% to EUR 10.9 million for H1 2024, with EBIT margin at 10.4% in Q2 and 9.9% for H1.

• EPS grew 70.4% year-over-year to EUR 0.46 in Q2; H1 EPS reached EUR 0.85, up from EUR 0.63.

• High export ratio of 76.4% and notable growth in the US market.

Financial highlights

• EBITDA for H1 2024 was EUR 16.9 million, up 13.4% year-over-year, with a margin of 15.4%.

• Net income for H1 2024 was EUR 7.5 million, up 36.4% year-over-year.

• Free cash flow for H1 2024 was EUR 9.9 million, up 6.5% year-over-year.

• Cash flow from operating activities increased to EUR 24.1 million in H1 2024.

• Equity ratio stood at 50.2% as of June 30, 2024.

Outlook and guidance

• Revenue growth for 2024 expected in the range of 2% to 4%, with EBIT margin guidance raised to 8%–10%.

• Demand expected to remain stable across most product areas, though order patterns are short-term and volatile.

• Boehmite product range expected to move sideways due to weak e-mobility demand; Specialty Alumina may see slight recovery.

• Forecast assumes stable economic and industry conditions; risks remain from inflation, high interest rates, and geopolitical uncertainties.