Future development of NORMA Group SE

NORMA Group's following forecast is based on the reporting structure valid as of December 31, 2024, and initially expected for 2025. The reasons for this are as follows: NORMA Group announced its decision to sell the global activities of the Water Management business unit on November 28, 2024. The outcome and result of the sales process initiated in January 2025 are still open at the time of approval of the consolidated financial statements (March 18, 2025) and will also be influenced by external factors. From the current perspective, the criteria that would justify classifying the business activities as "discontinued" are therefore not met at the same time. The sales and earnings contributions of the global activities of the Water Management business unit are therefore included in NORMA Group's following forecast.

The Management Board remains committed to the forecast for the full year 2025 announced on March 7, 2025. 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. The special tariffs and trade restrictions are only included in the following forecast to the extent that they had already been decided on March 7, 2025.

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