Nabaltec (NTG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue declined by 2.4% year-over-year to EUR 48.6 million, and nine-month 2025 revenues were EUR 155.1 million, down 1.9% year-over-year, reflecting weak demand and market uncertainties.

• EBIT fell 13.9% year-over-year to EUR 5.1 million in Q3, and for the nine months dropped 16.8% to EUR 14.0 million, with margin at 9.0%.

• Net debt increased to EUR 15.0 million as of September 30, 2025, up from EUR 4.3 million at year-end 2024.

• Net income after taxes was EUR 9.3 million, down 16.8% year-over-year, and EPS for nine months was EUR 1.05, down 17.3%.

• Export ratio remained high at 77%, with stable US revenues and stagnation in European and German markets.

Financial highlights

• Gross profit margin improved to 52.7% in the first nine months of 2025, up from 50.6% year-over-year.

• EBITDA margin decreased to 14.5% from 15.9% year-over-year; EBIT margin dropped to 9.0% from 10.4%.

• Cash flow from operating activities fell 62.8% to EUR 12.0 million in the first nine months of 2025.

• Free cash flow was negative at EUR -5.8 million for the nine-month period.

• Cash and cash equivalents stood at EUR 75.9 million at the end of the period, down 19.0% year-over-year.

Outlook and guidance

• Revenue forecast for 2025 revised to a decline of up to 2% year-over-year, with EBIT margin expected between 7% and 9%.

• Demand is expected to remain stable at a low level, with continued uncertainties from energy prices, macroeconomic, and geopolitical factors.

• US operations are expected to remain robust, while European battery cell production and e-mobility remain subdued.