Control System
The consistent focus on the Group objectives mentioned is also reflected in the internal control system at NORMA Group, which relies on both financial and non-financial control parameters.
Financial Control Parameters
NORMA Group’s most important financial performance indicators include the following value- and growthoriented key figures, which have a direct impact on NORMA Group’s value creation: Group sales, adjusted EBIT margin, and net operating cash flow. NORMA Group uses these figures to continuously monitor its success in terms of growth, profitability, liquidity and capital efficiency.
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| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Group sales | in EUR million | 821.71 | 881.81 | 1.222,8 | 1.243,0 | 1,091.9 | 952.2 | 1,100.1 | 1,084.1 | 1,017.1 |
| Adjusted EBIT margin | in % | 0.81 | 3.71 | 8.0 | 8.0 | 10.4 | 4.8 | 12.4 | 15.2 | 16.3 |
| Net operating cash flow2 | in EUR million | 95.8 | 105.4 | 87.3 | 65.3 | 99.8 | 78.3 | 122.9 | 124.4 | 132.9 |
1_Key figures only for continuing business units.
2_The Group has chosen to present a statement of cash flows that breaks down all cash flows in total – that is, including continuing and discontinued operations.
Group sales
As a growth-oriented company, NORMA Group attaches particular importance to profitable sales growth. The Group seeks to achieve short- and medium-term growth above the market average.
Due to the broad market structure in the field of joining technology, the Management Board bases its forecast of expected sales development on internal analyses as well as on studies by relevant economic research institutes regarding the development of the gross domestic product in the respective regions and on production and sales figures of the relevant customer industries. Furthermore, Management incorporates selected leading indicators into its forecast, such as customer ordering behavior in the trading business of the strategic business unit Industry Applications and the order backlog of the Mobility & New Energy.
Adjusted EBIT margin
The adjusted EBIT margin, which shows the adjusted EBIT (earnings before interest and taxes) in relation to sales, provides information on the profitability of business activities and represents a key internal management and evaluation indicator of the Group’s ongoing operating activities. Furthermore, adjusted EBIT forms the basis for the compensation of the Management Board and the incentive structure for employees not covered by collective bargaining agreements. To maintain the Group's profitability at a high level, NORMA Group continuously works to optimize its business processes and structures. The focus here is particularly on the sustainable reduction of key cost factors.
For long-term comparison and a better understanding of business performance, NORMA Group adjusts its operating profit for certain expenses and income related to completed M&A transactions. Furthermore, since 2025, adjustments have been made for costs associated with the global transformation initiated in fiscal year 2025. This transformation program primarily resulted in expenses for severance payments related to restructuring measures, associated consulting fees, and expenses related to production relocations. These adjustments are made according to the management approach used in segment reporting.
Net operating cash flow
In order to maintain the Group’s financial independence and solvency at all times, NORMA Group is also guided by net operating cash flow in managing the Group. This comprises the most important cash-effective items that can be influenced by the individual business units and provides information on whether NORMA Group can finance its operating business out of its cash flow. The calculation is based on adjusted EBITDA, plus changes in working capital and minus investments from operating activities. Key opportunities for improving operating net cash flow lie in increasing sales, improving adjusted operating profit (EBITDA), and in sustainable, value-enhancing investment activities. Consistent working capital management with a focus on continuous optimization has a positive impact on operating net cash flow.
Non-financial Control Parameter
Compliance with applicable environmental protection regulations, the avoidance of environmental risks, and occupational safety are high priorities for NORMA Group. The company adheres to international standards and guidelines in this regard. CO2 emissions are a non-financial key performance indicator (KPI) that NORMA Group monitors, but not with the same level of detail as financial KPIs, as it is not relevant to understanding the company's performance or financial position. Therefore, CO2 emissions are not a key performance indicator relevant for NORMA Group's management.
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Non-financial indicators1,2
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| CO2 emissions | t CO2eq | 1,4493 | 4,1714 | 5,064 | 4,879 | 43,449 | 49,813 | 54,494 | 51,018 | n/a |
1_Voluntary additional information which, as information not included in the Management Report, is not part of the statutory audit but is examined with limited assurance as part of the audit of the nonfinancial statement.
2_Values including the discontinued operation.
3_The 2025 figure was audited under a Limited Assurance and is not comparable with the previous year. Since fiscal year 2025, the target has been redefined, focusing on the avoidance of greenhouse gas emissions. The reported figure of 1,449 tonnes of CO2 equivalent for fiscal year 2025 relates to the avoidance of emissions through efficiency measures implemented in 2025 (full 12-month avoidance effect, based on Scope 1 and 2, market-based). Scope 1 includes only emissions from natural gas and liquefied petroleum gas (LPG), and Scope 2 includes emissions from purchased electricity and district heating. Emissions from production sites and distribution centers are taken into account when recording emissions.
4_End of 2024, a different target definition was used, based on the forecast for CO2 emissions of “less than 9,600 tonnes of CO2 equivalents” (referring to Scope 1 and 2, market-based) issued in 2024.