FY26 growth guided with margin reset

Nabaltec’s FY25 results reflected a difficult year for the German chemical industry, with revenue down 3.2% y-o-y to €197.0m, broadly in line with the 3.8% revenue decline reported for the German chemical sector. EBITDA declined 21.7% to €26.8m and EBIT fell 31.8% to €15.2m, although the EBIT margin of 7.7% remained within management’s 7–9% guidance range. Revenue was slightly below Nabaltec’s revised guidance for a decline of up to 2%, following a weak Q4 and soft December. For FY26, management guides to revenue growth of 4–6%, but for a lower EBIT margin of 5–7% (5.2% in preliminary Q126 results), mainly due to higher material costs and increased D&A from recent investments. The start to FY26 was described as stable, supporting managem...