Thank you, Philipp, for the introductory. I also want to welcome my colleague, Günther Spitzer.

Welcome everybody who is attending today's Q1 earnings call meeting, and I'm pleased to show you the actual financial figures of Nabaltec. For those who have not much to do with Nabaltec, and are the first listeners, a short overview: as I said, we are a specialty alumina and hydroxide manufacturer for flame retardants materials.

We are headquartered in Schwandorf, Bavaria, and in addition to our main production site in Schwandorf, we also have two operational sites in the US. In the 2025 financial year, the group, as you can see, generated revenues of €197 million and an operating result of €15.2 million with an EBIT margin of 7.7%.

With around 500 employees, we are active worldwide and have an export ratio, a strong export ratio, of 76.7%. Our sales department is supported by a lot of distribution partners we work with to supply around the globe.

We have been operating, as you can see, since long time, since 1937. Now coming to the two product segments as we report also, here you can see an overview of the two segments: the Functional Fillers and the Specialty Aluminas, with the correspondent revenue and EBIT margin for last year.

Of course, as of the magnitude, with €144.1 million in revenue, the Functional Filler is definitely our key product segments, and the aluminas are much minor. The gross driver is definitely the Functional Fillers, with fine precipitated hydroxides for cable and wire industry, as well as visco-optimized hydroxides and boehmites for applications in the e-mobility and lithium-ion batteries.

In the Specialty Alumina product segment, we have specialty oxides, reactive aluminas, and ceramic bodies. Further development will initially be sideways due to the weak demand from the refractory industry, as you also can see on the weaker EBIT margin.

If we look now in detail to the market segment Functional Fillers, you can see that we have a broad bouquet of flowers for application fields, and there the biggest market, as you can see with 56% in 2025, was definitely the cable and wire market. What is named under the cable wire market is especially data cables, communication cables, and energy cables, which are currently the most important and increasing development in the task market.

In the battery market segment, the yellow one with 12%, we summarize our visco-optimized hydroxides and boehmites, which are used. We still see a differentiated picture in this application fields, where the demand for visco-optimized hydroxides continue to rise, while the sales volumes for boehmite remain momentarily low.

If we come to the Specialty Alumina market, of course, also a variety of applications, as you can see. The strongest are refractory and technical ceramics as the main market segment.

With the large number of applications for our products, we concentrate primarily on the European region—that's a differentiation to the fillers. In 2025, the refractory segment shared a total revenue of 46% due to lower demand in the steel industry, but this has now been leveled off as of the coming of this year and end of last year, we see that we have reached the rock bottom.

Now coming to the figures highlights, as you can see here, a summary of Q1 2026: revenues in the first quarter amounted to €53.2 million, a decline of 2.7% compared to the previous year's figures. The sales volumes decreased by 3.8%, but the average sales price per ton was slightly above the first quarter of the previous year.

The operating result decreased by 33.8% to €2.7 million. The EBIT margin was at 5.2% in the first quarter of '26, after 20—after 7.5% in the last year.

The decline in revenues, combined with increased energy costs, particularly gas, and higher depreciation and amortization costs, were the main reasons for the drop in the EBIT margin in Q1 2026. The earnings per share amounted to €0.20 compared to €0.31 in the first quarter of 2025.

If we look at the net debt as of March 31st, '26, liabilities to banks were at €91.3 million plus lease liabilities according IFRS 16 of €4.1 million, which were offset by cash and cash equivalents of €92 million as of the reporting date of 31st of March, '26. This brings the group's net debt to €3.9 million, as you can see.

Now coming to the details on the Functional Fillers segment: revenues in the Functional Fillers product segment decreased in this quarter by 2.1% compared to the previous year's quarter. Sales volumes were 3.6% lower, while the average price rose slightly by 1.5% in comparison to last year.

The start of '26, particularly in the months of January and February, was not satisfactory and weak in this segment. In our main product area, fine hydroxides, revenues decreased by 8.4% in the first quarter compared to the last year's.

Boehmite revenues were down at 8.5%. Only the products area of visco-optimized hydroxides recorded here a dynamic growth of 28% increase in revenues in the first quarter, which proved and confirmed our expectations in this field.

At three—at €3 million, the operating result in the Functional Filler product segment is with €1.5 million below the level of last year. In addition to the decline in revenues, increased energy costs and depreciation and amortization are weighing on the EBIT in this product segments particularly.

Depreciation and amortization increased from €2.1 to €2.7 million due to the capitalization of various projects, especially the boehmite project. The capital expenditures in this segment amount to €7.2 million in the first quarter.

Investments in expanding capacities for the visco-optimized hydroxides and gas-fired boiler for steam generation were the main CapEx. Steam boilers is already in operation, where the visco-optimized hydroxide project is still ongoing in being erected, this is not activated yet.

Let's come to the Specialty Aluminas. Now, my navigation, it takes a while, sorry about that.

Oh, it was just a delay here, I'm sorry. This is not working properly.

Now, it took a while, somehow there's a problem with the slide. Coming to the Specialty Aluminas: if you look at the revenues in this product segment, the revenue was 4.6% below previous year's quarter.

However, revenue is higher than in the previous three quarters, this is optimistic. The sales volume decreased by 4.4% compared to the same quarter of previous year.

The average price was nearly at the same level as last year, we did not see a deterioration here. The ceramic bodies product area recorded a 7.6% increase in revenues compared to the previous years due to higher sales in the field of catalysts for hydrogen applications.

As in the previous year, EBIT for the first quarter was negative at €0.3 million. It is largely in line with the previous figure of €0.4 million.

Rising gas price, in particular, weighed on the quarterly result. We assume that rock bottom has been reached now, as I already mentioned in this segment, and expect an improvement in the second quarter.

If you look at the capital expenditures, these amounted to €1.7 million in the first quarter of '26. Here, the last part of this amount dedicated to the expenditures of the general overhaul of the rotary kiln, which has been now finalized and commissioned.

Now, I want to hand over to Günther Spitzer, my colleague, who will guide you through the profit and loss of Q1 '26. Please, Günther, go ahead.

Yes, thank you, Johannes. Let's continue with the profit and loss statement of the group for the first quarter of 2026.

Our revenue in the first quarter of '26 decreased by 2.7% to €53.2 million. Johannes has already explained the reasons for this.

In relation to our sales forecast for the entire year '26 with growth in the range of 4% to 6%, we will have to catch up in the coming quarters. We currently expect a strong second quarter and continue to anticipate year-over-year revenue growth in the second half of the year.

Total performance decreased by 5.5% to €52.3 million. While finished goods inventories increased by €0.2 million in the same period of the previous year, they decreased by €1.1 million in the first quarter of '26.

The decline in inventory is related to the overhaul of the rotary kiln. Gross profit amounted to €26.4 million and was down €1 million or 3.6% on the year before.

In particular, unexpectedly high natural gas costs resulting from the Iran war are weighing on gross profit. EBITDA decreased by €0.6 million year on year to €6.4 million, which corresponds to an EBITDA margin of 12.2% after 12.6% in the first quarter of '25.

The decline in EBITDA is attributable to a lower gross profit combined with a slight increase in personnel costs of €0.2 million. Conversely, other operating expenses decreased by €0.5 million to €9.5 million, primarily due to lower exchange rate losses of €0.4 million.

Depreciation and amortization rose sharply by €0.8 million to €3.6 million in the first quarter of '26. The main reasons for this increase were the scheduled commissioning of various capital projects, including the capacity expansion at boehmite and capitalization of a lease transaction in accordance with IFRS 16 for the logistics hub at Weserport.

Accordingly, the EBIT margin amounted to 5.2% in the first quarter, compared to 7.5% in the year before. Functional Fillers achieved an EBIT margin of 7.6%, while the Specialty Alumina segment was negative with an EBIT margin of minus 1.9%.

Earnings per share amounted to 20 euro cents. Now I come to the balance sheet.

Total assets increased by €11 million to €311.7 million compared to the end of 2025. This was primarily due to an increase in property, plant, and equipment of €10.7 million to €161.1 million.

This includes assets under construction amounting to €32.3 million, reflecting our ongoing investment program in 2026, and new in the balance sheet, lease rights under IFRS 16 of €4.6 million. The leasehold rights are related to the Weserport logistics hub.

Inventories decreased by €7.8 million to €43.1 million. This is mainly due to a seasonal effect, as raw materials are purchased only in limited quantities during the cold season.

As a result, the value of raw material inventory at the end of March '26 was €6.9 million lower than at the end of 2025. Receivables and other assets decreased by €11.5 million, primarily due to the reclassification of €15 million fixed-term deposit maturing in April '26 to cash and cash equivalents.

Accordingly, cash increased from €72.3 million at the end of '25 to €92 million at the end of the first quarter '26. On the liabilities side, equity amounted to €160.8 million, an increase of €2.5 million compared to the end of last year.

The equity ratio is 51.6%. Noncurrent liabilities of €128.2 million include provisions for pensions of €30.4 million, bank liabilities of €90 million, and leasing liabilities of €3.9 million.

Current liabilities increased by €3.9 million and include higher trade payables of €1.3 million and higher accruals for personnel expenses of €1.2 million compared to the end of '25. A brief look at the cash flow statement: the operating cash flow of €15.2 million was slightly higher compared to the previous year's figure of €12.9 million.

The cash flow from investments in the amount of €8.9 million includes the expansion of production capacity for viscosity-optimized hydroxides, the overhaul of a rotary kiln, and measures to ensure a reliable steam supply. Cash flow from financing activities amounted to 0 in the first quarter.

Cash totaled €92 million as of the end of March '26. For the next slides, the outlook for 2026, I will give the word back to Johannes.

Thanks, Günther, for analyzing and presenting the financials in detail here. I just want to give you now a short outlook as we see the oncoming quarter and in 2026.

As the order situation in '26, we will see continue to be strongly influenced by short-term factors and high volatility. The visibility which is reflected by our customers is still mixed.

Also, despite this situation, we expect a revenue growth in the range of 4% to 6% for this year compared to the previous year. We can see that now the situation, despite this volatility, has improved compared to the first quarter, we can confirm the revenue growth as is.

On the earning side, we expect an EBIT margin in the range of 5% to 7%. The lower EBIT margin compared to last year, where we had come out with 7.7%, is primarily due, as you can read already, to the higher costs of material, especially for raw materials and energy, and in addition due to the significant increase, as I mentioned and Günther before, in depreciation and amortization due to the capitalization of the various projects which were shortly mentioned during the presentation.

Then I think we are done with the presentation. You can see the financials where we present ourselves, the financial calendar here.

We will be attending various investment conferences still. I would then hand over to Philipp again to moderate the Q&A session, and I'm very happy to answer your questions, Günther and myself, of course.

Good morning. First question would be on the development of the fine hydroxides, down roughly 8%.

Can you elaborate a little bit on the drivers behind it, because historically this one has always been quite stable? Was it volumes, was it prices?

If it was volumes, could you share some insight on what industry or end markets were particularly weak?

It was definitely on volumes, as you could read that the prices were fairly not declining so much. It can be brought down to a few customers.

I think there's no trend to be seen. Some customers have taken down their orders, but it is a differentiated picture of the reasons.

Was it a high inventory and they just lacked, was it to some other reason, but that's not a clear picture. What I can say, the good news is it changed now in the second quarter.

It turned around, and so I would just read it as a short period of time, though there was not a critical, structural decline to be seen. It was really just a few bigger customers who either were high in inventory, but as there's a turnaround now, I would just see it as a Q1 effect.

Okay. Then it's kind of a follow-up question on this: you already said that you see pick up in Q2.

What you're currently seeing in terms of demand, would that already be sufficient if it carries on throughout the year to meet the guidance, or do you need additional demand pickups in the second half to get into that range?

Good. We certainly need the whole year to fulfill the forecast or the outlook.

I would not say we see a turnaround, but certainly we need a consistency throughout the whole year.

Yes, but what you currently seeing in the second quarter, or especially right now, if this continues throughout the year, this would be sufficient.

Yes.

Okay. Could you quantify how big your exposure to data centers is within the Functional Fillers segment, or also within the fine hydroxides product group?

No, we have not this inside view because we are so diversified, and for those who are not targeting Nabaltec in specific so much, we have two client bases. We have compounders who are the supplier of the cable and wire manufactures for the polymers, and a bigger client hill are the compounders, and the compounders don't really disclose to us where their compounds go.

Do they go into electric cables for energy storage, for energy supply, or do they go in data cables? This visibility, or this in detail visibility, we do not have.

It's hard to find out. You only can get a feeling if you ask the big players like Nexans and Prysmian where their direction goes.

Okay. One one one last question on boehmite: has anything changed in terms of customer RFQs, anything like this, or is it still really weak?

Also maybe compared to last year, is it more inbounds, anything that could point towards the sentiment changing or at least stabilizing? Also,

I would say the last one: it's more a stabilizing on a low level, but as I said, we get a lot of inquiries, we have a lot of products being approved, there is interest, but there's no substantial move in picking up more volume. As I said, the customer base we have, who take constantly volumes are there.

We see here and there an increase. That depends certainly if a customer gets a bigger project dedicated, then we will see that with our existing ones, but now an absolutely trend move we cannot see momentarily.

It's still lacking, especially in Europe, as I mentioned very often. There are enough separator manufacturers in Europe existing.

What they lack is really the pickup by cell manufacturing, and as most who are familiar with this e-mobility, there is a lack of cell manufacturing in Europe. Now there are rumors that the Chinese want to move into Europe.

We will see what comes, but this is the main reason. Our Korean customers in Korea, our Japanese customers, and even the Chinese customers are there, but there is such a big price war and overcapacity in China itself that this gives a lot of headaches to the whole industry.

I've just read that 91% of the cell manufacturing is meanwhile concentrated in China. This is a one reason why the separator markets outside is just struggling.

Perfect. That's it for now.

Thank you.

Thank you, Christian, for your question.

Thanks for the presentation. Just two questions from me.

When do you expect the capacity expansion in the visco-optimized to be complete? How do you expect this to affect your product mix?

Could you possibly give us a little bit more detail on what the margins are like in this segment? Are they higher than the fine hydroxides, for example?

Then just a sort of other follow-up: could you possibly just remind me on your natural gas hedging strategy in the year, and if you expect sort of if the prices sort of stay at the levels they're at, or are you sort of mitigated against some of that via this hedging?

First question: visco-optimized commissioning of the plant is now scheduled end of year, first quarter '27. Of course, we will have there a transition time of about three to four months to get quality approval for all the major customers as we move in an e-mobility or in the car industry, they have the 4M change management.

For the intermediate time, of course, we have an existing manufacturing site, which is highly staff-intensive, and for the new plant, we will do a fully automated plant. How does it affect?

Definitely, then it has a capacity of about for the viscos itself 30,000 tons, and it can translate into a step up of revenue of up to €40-plus million as of prices as of today. In terms of comparison of margin, EBIT margin, it's above the EBIT margin of fine hydroxides, it definitely is an important improvement in the mixture of results for Nabaltec.

Coming to the gas philosophy or the gas strategy: yes, we are hedged until September this year for 50% of our volume, and for the rest we float momentarily. We try to re-hedge to continue that momentarily.

The prices are not in favor, but we monitor this very strongly day by day and week by week. If a point in time comes, we definitely will use that open window to hedge at least a certain quantity, though it's not our mentality to speculate.

Amazing. Thank you very much for that.

Yes, Volker Bosse speaking from Baader Bank. I just used another mobile as my mobile did not work obviously.

Do you hear me now?

Yes.

Cool, perfect. Thank you very much.

Thanks for taking my question. First one would be on coming back on current trading: it's good to hear that you said second quarter showed an improving trend here.

Could you confirm that both segments returned to growth in the second quarter as of now for the first question? Second question is for curiosity, in your press release, you gave encouraging remarks that you benefit from a infrastructure data center projects, for example.

In my view, these building activities are at full swing at the moment, and we see at other companies like HOCHTIEF, which are involved in these kind of building activities, are tremendously benefiting here. My question would be: why do you think Nabaltec is not able to ride the sentiment wave, to say?

Why it is not seen as crucial provider of products for these kind of data centers going forward? Thank you.

Also,

the first question was regarding a pickup or an improvement in sales of both segments. I can answer that with an yes.

Definitely, we see on both segments that there is a pickup, but still with a volatility and a short visibility, but there is higher demand. Second, the impact on this construction what you mentioned, we have to look in a very differentiated way.

What drives our volumes? Data centers, yeah.

There was a question, I think Christian said this, about the visibility of can you say what share of data centers. What we were told by a customer, but this was United States related, that they are now starting to slowly install more capacity in anticipation of all these data center erections.

I think it takes some time. I don't know now, Volker, what you relate to construction.

Construction is the one side, until this data cables and the interiors are designed, are equipped, it's always a delay. I'm not the expert here, you have to talk to the cable and wire manufacturers.

I think we see a stronger demand. Is this affected to the existing data center build-up?

I cannot tell. The big moves still are to come, like Microsoft, and it's no secret that they want to build up now in the Cologne area this data center.

It's still ahead of that. The impact probably on our business unit will be more seen in '27 or '28 ongoing.

This is not an intermediate one-to-one move. Where we see a translation in immediate volume ramp-up is with visco-optimized in the car industry.

Any car which is sold more in electromobility is practically translated in more volume of our products. There we have a clear market-related visibility, whereas with the other products, due to the fact that we are low in the supply chain, in Tier 1 or 2, that makes it a little bit more difficult to see the immediate impact.

That's all I can say momentarily, but I'm sure with the announcement of one of our most important customers, US, that they are now starting ramping up in anticipation, that's a good sign that they get themselves into a position to follow the market.

Thank you for sharing your view on that. It seems that you are a bit of undiscovered potential profiteer if then the building activities will really pick up and more demand of these cables are needed.

I would think so. Yeah.

Thank you very much, and all the best.

Thank you, Volker.

Thanks, everybody, for attending. Thanks, Philipp, for the moderation here on this Q1 earnings calls.

I just want to summarize: we see a move in the market still, even if the market is a little bit shaken, but with the momentarily picture on our clients, I'm optimistic that we can move forward as according to our forecast. This is a good news.

Even with the geopolitical situation in the moment, we have quite good chance to participate in the growing market. Thank you very much for everybody, and hope to see you at some conferences or in the next earnings call.

Thanks, everybody.