Nabaltec (NTG) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 increased by up to 2.2% year-over-year to as much as EUR 204.3 million, driven by higher sales volumes despite lower average prices.

• EBIT rose to as much as EUR 22.3 million, with EBIT margin improving to 10.8%, and net income up to EUR 14.3 million; EPS increased to EUR 1.62.

• Export ratio remained high at over 76%, with Europe (excluding Germany) as the largest market.

• Functional Fillers segment drove growth, while Specialty Alumina faced headwinds from weak steel and refractory markets.

• Management considers the earnings and financial position satisfactory and stable.

Financial highlights

• Gross profit margin improved to 51.8%, with EBITDA margin rising to 16.5%.

• Net debt stood at EUR 4.3 million, with cash and equivalents of EUR 86.5 million at year-end.

• Free cash flow was EUR 3.1 million after record investments of up to EUR 33.1 million, all funded from operating cash flow.

• Dividend proposal for 2024 is EUR 0.29 per share.

• Return on equity reached 11.6%, and ROCE was 11.3%.

Outlook and guidance

• 2025 revenue growth expected in the range of 3%-5%, with EBIT margin guidance at 7%-9%.

• Q1 2025 preliminary revenue at EUR 54.7 million, with EBIT margin at 7.5%.

• Demand for fine and viscosity optimized hydroxides remains strong, while Specialty Alumina continues to decline.

• Demand in 2025 anticipated to remain volatile and short-term oriented.

• Medium- and long-term growth expected in all product segments, especially in e-mobility and flame retardant fillers.