Nabaltec AG: Q4 Weakness and Mixed FY26 Guidance

Nabaltec AG experienced a weak end to FY25, with sales in the fourth quarter dropping to €41.9 million, a 7.7% decrease year-over-year. This decline was influenced by short-term order cancellations, especially in the Functional Fillers segment. Consequently, FY25 sales fell by 3.2% to €197 million. EBIT also suffered, dropping to €1.2 million in Q4, leading to a full-year margin decrease to 7.7% from the previous year.

For FY26, Nabaltec's guidance forecasts a 4-6% top-line growth. The company plans to expand production capacity to meet demand, particularly for Functional Fillers. Despite this, the EBIT margin guidance of 5-7% fell short of previous estimates due to potential impacts from energy prices and production disruptions.

The company's shares remain undervalued, and Nabaltec maintains a "BUY" recommendation with a €16 target price, reflecting positive future cash flow generation.