Nabaltec (NTG) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was EUR 49.8 million, unchanged year-over-year, with stable demand across most product ranges.

• Nine-month 2024 revenues increased by 1.5% year-over-year to EUR 158.2 million, with EBIT up 28.2% to EUR 16.8 million and an EBIT margin of 10.3%.

• EPS for nine months reached EUR 1.27, up 32.3% year-over-year.

• Strong "Functional Fillers" performance offset weaker demand in "Specialty Aluminas," especially in boehmite due to e-mobility sector challenges.

• Export ratio remained high at 76.0%, with notable growth in the US market.

Financial highlights

• EBITDA for the nine months was EUR 25.8 million, up 13.7% year-over-year, with a margin of 15.9%.

• Free cash flow for the nine months rose 63.6% to EUR 10.8 million.

• Gross profit margin held steady at 50.6% year-over-year.

• Total assets increased by 5.8% to EUR 297.1 million, and equity ratio stood at 50.6%.

• Investments focused on expanding capacity for boehmite and viscosity optimized hydrates, totaling EUR 21.4 million.

Outlook and guidance

• 2024 revenue expected to grow 2–4%, slightly above 2023’s EUR 200.1 million.

• EBIT margin guidance raised to 8–10% (previously 7–9%), assuming stable economic conditions.

• Demand remains characterized by short-term orders; stable demand in most product ranges, but boehmite continues to face headwinds from weak e-mobility.

• Ongoing risks include inflation, high interest rates, and geopolitical uncertainties.