Thank you, Maxi, for the introduction. I also welcome everybody in the audience on behalf of my colleague Günther Spitzer for the Q2 '26 earnings call.

I just want to start with a brief introductory of Nabaltec for the people who do not know us very well. We are a classical medium-sized company in the chemical industry and one of the leading suppliers of environmentally friendly flame retardant fillers and specialty aluminas based on our raw materials aluminum hydroxide and oxide.

Our headquarter is in the heart of Germany in Schwandorf in Bavaria. Addition to that, we have two production sites, operation sites in US, in Texas, Corpus Christi, and in Tennessee in Nashtec, with Naprotec.

As well, we have a small distribution center with a sales organization in China to serve the Chinese market. In the 2025 financials here, you can see that we generated roughly almost €200 million in revenue at an EBIT of €15.2 million and a margin of 7.7%.

We have roughly 500 employees around the world and are active around the globe with a highly export ratio of 76.7%. Our sales departments have support from our distribution partners to supply our worldwide customers.

We are operating, as you can see, since a long time, since 1937 out of Schwandorf. Coming now a little bit closer to our product segments, I want to explain in brief, I'm not going into the figures itself, but more what the drivers are.

As you can see, we have the functional fillers with the product ranges of ground hydroxides up to boehmites. Our most important, momentarily, growth drivers are the visco-optimized hydrates, I will explain it a little bit later on, and the fine hydrates, as well as an opportunistic market, the boehmites.

On the other side, we see our oxides, reactive aluminas, and ceramic bodies. We see here a recovery in the reactive and oxide materials, which are mainly needed in the refractory industry, which I also explain a little bit later onwards.

As you can see, our major raw materials are feedstock from hydroxide and aluminum oxide, which is a global resource around the world and is a good which can be bought from world market. Coming now a little bit more into detail to the market applications, as you can see, for the functional fillers, we have a broad variety of application fields and examples here.

Our major market is the cable and wire market with about 56% in 2025. Here, especially, this market is highly leveraged by the cables for data communication and energy.

Increasing, which gains more and more important point for is the data communication cables, especially, as you can see, in the future with the ramp-up of all the networking infrastructure we can see in Europe as well as in United States and around the globe. In the battery market, which is a smaller segment with 12% here, we serve our visco-optimized products as well our boehmites.

The visco-optimized products gain more and more momentum due to the thermal management which is needed, and this is very important for us, especially in Europe with the new development. The boehmite, as I said, has recovered slightly, but is still under pressure from the worldwide competitive market, especially out of China.

If we come now to the next segments, this is the specialty aluminas. Here, you can see the major driver is still the refractory industry, followed by the technical ceramics, which is the 25%, and electro and electronic components with 7%, which can be summarized also as technical ceramics.

Here, especially the refractory industry, we can see a slight recovery in Europe. It was a fairly complicated and depressed market last year, but as you can see later on in our financials, we see a slight upswing.

I wouldn't talk about a total recovery. We are very cautious, but it's a positive momentum.

Everything else are smaller markets, but also here, I want to emphasize that we have a broad variety of applications and are not just leveraged on a cluster of one or two applications. Coming now a little bit more into depth on the financial highlights for the second quarter, which looks fairly well and goes into the right direction.

Revenues, as you can see, in the second quarter amounted for €55.3 million, which is an increase of almost 7% compared to the previous year's figures. The sales volumes rose here by 8.3%, which we are very proud of, and the average price was slightly lower in the second quarter compared to the previous year, we have a slight tradeoff in the pricing.

The operating result, EBIT, decreased by 19.3% to €3.8 million. The EBIT margin as well was at 7.2% in the second quarter after 9.3% in the last year.

Main reasons for this drop, and we saw this already in the last quarter, EBIT margin decrease was due to higher energy costs, a plus of €1.3 million, and the higher depreciation and amortization costs due to the more and more activated investments we have made in the last 10 months. The earnings per share amounted at €0.29 compared to €0.35 in the second quarter of 2025.

If we look shortly on our liabilities to banks, these amount at €90.5 million. Plus, this includes the lease liabilities according IFRS 16 of €0.43 million, which were offset by cash and cash equivalents of €19.9 million as of the reporting date of June 30th, 2026.

This brings the group's net debt to a volume of €3.9 million at the end. Coming now to the financials on revenue.

If we look at the functional fillers itself, the revenue here increased by 6.7% in the second quarter compared to the previous year. The sales volumes were high at 8.2%, while the average pricing slightly declined by 1.4% in comparison to the last year.

Demand in the second quarter was slightly above the levels recorded in both the corresponding quarter of the previous year as well as the first quarter of 2026, we see the trend in the right direction. The positive development was mainly driven by the visco-optimized hydroxides product areas where the revenues increased by astonishing 45.9% year-on-year in the second quarter.

Boehmites revenues also grew in a double-digit number up to 23% compared to the same period of last year, but here we have to see the base effect. We were quite low in comparison in last year.

The revenues in the fine hydroxide product area remained largely unchanged compared to the prior year. If we look at the EBIT itself, as I said before, it amounted at €3.2 million.

In the functional filler product segment, it was €1.4 million below the prior year's level. The decline was majorly attributable to the higher energy costs and increased depreciation and amortization effects.

Depreciation and amortization rose from €2.2 to €2.7 million following the capitalization of several investment projects, as I mentioned, majorly the visco-optimized projects kicks in, but also or especially the boehmite project, which was activated by the beginning of this year. The capital expenditures, as you can see in this segment, amounted at €5.3 million in the second quarter of '26.

The main investments related to the expansion of production capacity for the visco-optimized hydroxide and the installation of a gas-fired boilers for steam generation, which we need to install to compensate the lack of steam where we have with the Tri-Phönix of our neighbor, our waste incinerator plant, which is majorly done as a backup system. If we go now to the aluminas, here the figures you can see in Q2.

The revenue in the specialty aluminas product segment increased also 7.4% compared to the prior year's period, which, as I said, intends to be a slight recovery. If it's sustainable, we have to see for the next months.

The sales volume rose here steadily by 8.4% on year-to-year basis, while the average selling price was slightly below the level of last year. The ceramic body product area recovered revenue growth of 16.8% compared to the prior year.

This is also a highly value-added good, driven by higher sales in the catalyst application for hydrogen technologies. In addition to the oxides and the reactive alumina products posted growth in the second quarter as well.

Following a negative EBIT, which was reported in the first quarter, the segment returned to profitability and generated an EBIT of €0.6 million in the second quarter. You can see we have leveled off the bad side, the negative side, and going back to positive figures.

This compares with EBIT of €0.1 million in the prior year's quarter. Lower material costs in the second quarter contributed positively to the earnings.

We are also seeing signs of stabilization in this segment and remain cautiously optimistic. I talk from a slight recovery, and we hope that this development will continue in the second half of this year.

If you look at the capital expenditures in the specialty alumina segment, it's amounted for €0.4 million in the second quarter. This is leveling off now as we have practically finished our major investments in retrofitting our kilns.

There is nothing to be seen more. Now, I would hand over to Günther, who is reporting you and giving more explanations about our profit and loss statement for the last six months '26.

Günther, it's yours.

Thank you, Johannes. Let's continue with the profit and loss statement of the group for the first half of 2026.

Revenue in the first six months of '26 increased by 1.9% year-on-year to €108.6 million following a decline in revenue in the first quarter of 2026. The total performance amounted to €105.4 million.

While inventories of finished goods decreased by €1.1 million in the corresponding period of the previous year, they declined by €3.6 million in the first half of 2026. Gross profit amounted to €53.5 million, representing a decrease of €2.1 million or 3.7% compared with the previous year.

The renovation of the neighboring waste incineration plant and unexpectedly high natural gas and electricity prices resulting from the Iran war weighed on gross profit. In total, energy costs were €1.5 million higher in the first six months of 2026 than in the prior-year period.

EBITDA decreased by €0.8 million year-on-year to €13.8 million, corresponding to an EBITDA margin of 12.7% compared with 13.7% in the first half of 2025. The decline in EBITDA was primarily attributable to lower gross profit and was partly offset by slightly lower personnel expenses and a significant reduction in other operating expenses.

Other operating expenses decreased by €1.2 million to €18.5 million, mainly as a result of lower foreign exchange losses, which were €1.5 million below the level recorded in the first half of 2025. Depreciation and amortization increased significantly by €1.6 million to €7.3 million in the first six months of '26.

The main drivers of this increase were the scheduled commissioning of several capital projects, including the expansion of boehmite production capacity, as well as the recognition of a lease in accordance with IFRS 16 relating to the Weserport logistics hub. As a result, the EBIT margin amounted to 6.2% in the first half of 2026 compared with 8.9% in the prior year.

The functional filler segment achieved an EBIT margin of 7.7%, while the specialty alumina segment reported an EBIT margin of 1.2%. Earnings per share amounted to 50 euro cents.

Now, I come to the balance sheet at the end of the first half '26. Total assets increased by €11.6 million to €312.3 million compared with the end of 2025.

This was primarily attributable to an increase in property, plant, and equipment of €12.8 million to €163.3 million. Property, plant, and equipment included assets under construction amounting to €29.7 million, reflecting our ongoing investment program in 2026, as well as right-of-use assets recognized under IFRS 16 of €4.3 million.

These right-of-use assets, as already mentioned, are related to the Weserport logistics hub. Inventories decreased significantly by €10.7 million to €40.2 million, primarily due to lower inventory volumes of raw materials and finished goods.

Receivables and other assets declined by €9.1 million, mainly as a result of the maturity of a fixed-term deposit of €15 million, which is now reported under cash and cash equivalents. Accordingly, cash increased from €72.3 million at the end of '25 to €90.9 million at the end of June 2026.

On the liabilities side, equity amounted to €160.9 million, representing an increase of €2.6 million compared with the end of 2025, the equity ratio of 51.5%. Non-current liabilities amounted to €83 million and include pension provisions of €30.5 million, bank liabilities of €45 million, and lease liabilities of €3.5 million.

Current liabilities increased by €49.5 million. They include the first tranche of our promissory note loan in the amount of €45 million, which is due in April 2027.

Trade payables increased by €2.3 million compared with the end of 2025. Other liabilities and accruals also increased, mainly due to the recognition of accruals during the year for personnel expenses.

A brief look at the cash flow statement. Cash flow from operating activity amounted to €21.7 million in the first six months of '26, slightly exceeding the prior-year figure of €20.5 million.

A positive contribution from changes in working capital of €10.4 million was important part in achieving this level. Cash flow from investing activities amounted to -€14.6 million and mainly related to investments in the expansion of production capacity for viscosity-optimized hydroxides, the overhaul of the rotary kiln, and measures to ensure a reliable steam supply.

Cash flow from financing activities amounted to -€4 million in the first half of '26 and include dividend payments of €2.6 million. As a result, cash and cash equivalents amounted to €90.9 million at the end of June '26.

For the next slides, the outlook for 2026, I will give the word back to Johannes. Thank you

for the explanation of our financials here and the inside view. As of our guidance, as nothing has changed very much.

We are still guiding at a revenue growth of 4% to 6% and the margin, an EBIT margin, 5% to 7%. We see, in terms of our order book, that the market has stabilized and even increased, we assume a second half of the year with an optimistic outlook, as you can say.

The expected decline in the EBIT margin compared with the prior year is mainly driven by the energy costs and increased depreciation. Yes, energy costs, I have to point out, are a certain risk factor, as you are aware in the moment.

We have discussions in the gas price as well as electricity, which is coming along a little bit with the gas costs. We have to observe this very cautiously.

Everything else, I would say, the market sounds and looks pretty stable, pretty solid. As I mentioned, our order backlog confirms this development.

That's, actually, a short look in the future and a wrap-up of Q2. I think there is nothing majorly happened.

We are on track, as we predicted, and I would just hand over to Maxi and open our discussion for the Q&A session. Thanks for listening.

Anybody there?

Thank you for that. Three questions from me.

It's good to see that your order backlogs increased quite a bit. Is this all converted in Q3, Q4 this year, or is it obviously you talk about short-termism still, or is it more of a FY '27 job?

Then, if you could elaborate a little bit more on Naprotec. Obviously, you said that the performance is significantly improved.

If you could give a bit more sort of clarity around what you mean by that and where it is, that would be perfect. Thank you.

Can you repeat what the improvement was related to on the last sentence? I didn't, acoustically, [unclear].

Naprotec, your US business.

Naprotec. Naprotec, I didn't acoustically understand.

The first thing for the order backlog, I would say, is it from short-termism or is it now already a look into forecast 2027? It's hard to tell, as you are aware and everybody, the world is quite volatile.

There are so many geopolitical unsecurities in the moment, and the discussion with Iran is still on the map, as well now with unsecure of the gas storages. Nobody can foresee this if this has an impact, I would be cautious.

Our order book or our backlog has steadily improved or quite good improved compared to the last three or the first quarter. Yes, and it's still stable, but what happens by the end of the year, you cannot say.

I don't see now that people try to anticipate any worsening by ordering more, but the inside view is pretty difficult to say now this and that effect is reflected in this order backlog increase. That's hard to say because it's a broad mixture.

Yes,

and

we can say, Johannes, that the order backlog of €52.2 million at the end of June is mainly in total for the second half of 2026 and not for '27.

Yeah. The Naprotec thing, as you say, it's quite improved.

This is correct. Our sales people did an excellent job.

I think we gained momentum and track in the market. We got confidence in our customer base.

We broadened our customer base steadily, and so, I would say, we arrived in the market and got a quite good stake out of this market share over this ground hydroxides in thermoset application and so on. It looks like that also this market, if you talk to our customers, which majorly produce out of the thermosets, this is more the harder polymer for switchgears and so on, that this is a growing market momentarily in United States as well.

Broadening our visibility, our market presence, as well as an increasing demand on certain goods there, is a nutrient for this growth factor. I think this is not ripping off.

It seems to be also a steady development. We still are working hard on develop in the US market as well our visco-optimized, which we see a trend slowly growing as well as we have it here already in Europe.

Thermal management gains more and more importance also in United States, which is, of course, related to the electromobility. Even the Trump administration is not promoting the electromobility so much, but it's still a steady growth drive in the background.

This is kind of a component why Naprotec has a quite good development over the last six months.

Amazing, that's perfect. Thank you very much.

Any further questions? I don't see anything in written form.

If everybody is satisfied, no surprises and Maxi, you can wrap up.

As I say, thank you very much for listening to our earnings calls. Sometimes if it's shorter and no hiccups come up, that's also a good sign.

I think, as you could see, the change from Q1 to Q2 goes in the right direction as we anticipated and kindly predicted, kind predicted it last year last quarter. We are confident in our forecast, in our guidance.

We stay on track. I wish everybody a good day and a nice weekend coming up, and we see you then latest either on some conferences or then for the Q3 figures.

Thank you very much, also in behalf of Günther.

Thanks.