Future development of NORMA Group SE

Based on the assessments of relevant economic research institutes and industry associations presented in the Q2 2025 Interim Report, the Management Board of NORMA Group expects that overall economic development will remain challenging in the 2025 fiscal year. In particular, ongoing geopolitical tensions are causing uncertainty and high volatility in the market environment. An increasingly looming trade war due to protectionist measures by the US government – such as the introduction of punitive tariffs and the corresponding consequences worldwide – is seen as a potentially negative factor. Negative impulses for global economic development are also still expected from further developments in the Ukraine war and the Middle East, as well as the associated impacts on global value and transport chains. Due to the continuing difficult environment, the Management Board of NORMA Group SE is approaching fiscal year 2025 with due caution. IIn particular, the exact consequences of the special tariffs, some of which have been announced, some of which have been implemented and some of which have been suspended, as well as any other trade policy restrictions, cannot be conclusively assessed at the time of publication of this interim report, as the external decision-making processes and announcements of measures are highly volatile. 

Due to the signing of the purchase agreement, the Water Management business unit will be classified as a “discontinued operation” with effect from September 30, 2025. For continuing operations, the Management Board forecasts the following figures for Group sales and adjusted EBIT margin for full-year 2025 (forecast based on the former Group structure including the Water Management business unit for comparison purposes, indicated in parentheses with “previously including Water Management”):

• The Management Board expects Group sales from continuing operations to be in the range of around EUR 810 million to around EUR 830 million (previously including Water Management: “of around EUR 1.1 billion to around EUR 1.2 billion”).

• For the adjusted EBIT margin** from continuing operations, the Management Board anticipates a figure of around 0% to around 1% (previously including Water Management: “of around 6% to around 8%”).

The expected development of the key financial performance indicators and the CO₂ emissions target for fiscal year 2025 are set out below.