Report on the Audit of the Consolidated Financial Statements and of the Condensed Management Report

Opinions

We have audited the consolidated financial statements of NORMA Group SE and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2025, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2025, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the management report of the Company and the Group (“condensed management report”) of NORMA Group SE including the

remuneration report included in the section “Remuneration Report 2025” of the condensed management report, together with the related disclosures, for the financial year from 1 January to 31 December 2025. 

In accordance with German legal requirements, we have not audited the content of those components of the condensed management report that are specified in the “Other Information” section of our auditor’s report.

The condensed management report contains cross-references marked as unaudited that are not required by law. In accordance with German legal requirements, we have not audited these cross-references or the information to which the cross-references refer.

In our opinion, on the basis of the knowledge obtained in the audit

•the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at 31 December 2025, and of its financial performance for the financial year from 1 January to 31 December 2025, and

•the accompanying condensed management report as a whole provides an appropriate view of the Group’s position. In all material respects, this condensed management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the condensed management report does not cover the content of those components of the condensed management report specified in the “Other Information” section of the auditor´s report. The condensed management report contains cross-references marked as unaudited that are not required by law. Our opinion does not cover these cross-references or the information to which the cross-references refer.

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the condensed management report.

Basis for the Opinions

We conducted our audit of the consolidated financial statements and of the condensed management report in accordance with Section 317 HGB and the EU Audit Regulation No. 537/2014 (referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Condensed Management Report” section of our auditor’s report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the condensed management report.

Key Audit Matters in the Audit of the Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

Recoverability of Goodwill

For the accounting and measurement methods applied, we refer to Note 3 of the consolidated financial statements, including the subsections ‘Intangible assets’ and ‘Impairment of non‑financial assets’. The assumptions underlying the measurement and the disclosures on the amount of goodwill are presented in Note 18 of the consolidated financial statements. Information on the economic performance of the EMEA, Americas and Asia‑Pacific business segments can be found in the condensed management report in the section ‘Development of sales and earnings in the segments’.

THE FINANCIAL STATEMENT RISK

Goodwill amounted to EUR 165.3 million as at 31 December 2025 and represents a significant proportion of assets at 13% of total assets.

The recoverability of goodwill is tested annually, irrespective of any specific triggering events, at the level of the groups of cash‑generating units (CGUs) EMEA, Americas and Asia‑Pacific. The impairment test date is September 30, 2025. In addition, due to intra‑year indicators of impairment, triggering‑event impairment tests were carried out as of June 30, 2025 and July 31, 2025.

To assess the recoverability of goodwill, the carrying amount is compared with the recoverable amount of the respective CGU. The recoverable amount is the higher of the fair value less costs of disposal and the value in use of the CGU. NORMA Group SE determines the recoverable amount as the fair value less costs of disposal on the basis of a discounted cash flow model for each CGU. If the carrying amount is higher than the fair value less costs of disposal, an impairment loss must be recognized if the carrying amount is not covered by the value in use.

No impairment losses were identified in the impairment tests performed as of June 30, 2025 and July 31, 2025. As part of the impairment test carried out as of September 30, 2025, an impairment loss of EUR 50 million was identified for the EMEA CGU. The impairment was fully allocated to the goodwill of the EMEA CGU and recognized as an impairment loss in the consolidated financial statements.

The impairment testing of goodwill is complex and is based on a number of judgemental assumptions. These include the expected business and earnings development of the respective CGU for the next five years, as prepared by the Board of Management of NORMA Group SE, approved by the Supervisory Board and adjusted where necessary, the assumed long-term growth rate in perpetuity and the discount rates used.

There is a risk for the consolidated financial statements that an impairment existing on the reporting date was not recognized. There is also a risk that the related disclosures in the notes are not appropriate.

OUR AUDIT APPROACH

With the involvement of our valuation specialists, we assessed, among other things, the appropriateness of the key assumptions and the Company's calculation method. For this purpose, we discussed the expected business

and earnings development per CGU as well as the assumed long-term growth rate with those responsible for planning.

We also assessed whether the planning underlying the valuation is consistent with the budgets prepared by management, approved by the Supervisory Board, and adjusted where necessary, with respect to the expected business and earnings development. In addition, we assessed the consistency of the assumptions with external market assessments. Our audit of the appropriateness of the key assumptions of the approved budgets also included an assessment of the quality of the Company's forecasts to date by comparing forecasts from previous financial years with the results actually achieved and analyzing deviations. Based on forecast deviations in the past, we examined how those responsible for planning reacted to the forecast deviations when preparing the budget.

We compared the assumptions and data underlying the discount rate, in particular the risk-free interest rate, the market risk premium and the beta factor, with our own assumptions and publicly available data. In order to assess the methodologically and mathematically appropriate implementation of the valuation method, we verified the valuation performed by the company using our own calculations and analyzed deviations.

In order to take into account the existing and, due to the economic environment, increased forecasting uncertainty, we also examined the effects of possible changes in the discount rate and the expected cash flows on the recoverable amount by calculating alternative scenarios and comparing them with the Company's values (sensitivity analysis).

Finally, we assessed whether the disclosures in the notes on the recoverability of goodwill are appropriate.

OUR OBSERVATIONS

The procedure underlying the goodwill impairment testing is appropriate and in line with the valuation principles.

The assumptions and data of the Company on which the valuation is based are appropriate. The related disclosures in the notes are appropriate.

Classification and presentation of the Water Management Business as a discontinued operation

For the accounting and measurement policies applied, we refer to Note 3, subsection “Assets held for sale, liabilities and discontinued operation” of the consolidated financial statements. Disclosures relating to the Water Management business classified as a discontinued operation can be found in Note 33 “Discontinued operation” of the consolidated financial statements.

THE FINANCIAL STATEMENT RISK

On 23 September 2025, NORMA Group SE signed an agreement with a buyer for the sale of the Water Management business. As a result, the Water Management business was classified as a discontinued operation as of 31 July 2025. For the financial year 2025, NORMA Group SE reports a profit from discontinued operations, net of tax of EUR 26.9 million. The transaction was completed on February 2, 2026.

The classification and presentation of the Water Management business as a discontinued operation in accordance with IFRS 5, as well as the related allocation of income and expenses, is complex. Moreover, the related disclosures in the consolidated financial statements are also complex.

There is a risk for the consolidated financial statements that the Water Management business may not have been correctly classified as a discontinued operation in accordance with IFRS 5. Furthermore, there is a risk that the income and expenses allocated to the discontinued operation may not have been allocated appropriately, which could result in an incorrect presentation of the discontinued operation in the consolidated statement of comprehensive income. With respect to the disclosures relating to the discontinued operation in the notes to the consolidated financial statements, there is a risk that the disclosures may not be sufficiently detailed or appropriate.

OUR AUDIT APPROACH

We first assessed whether the classification of the Water Management business as a discontinued operation in accordance with IFRS 5 was appropriate. For this purpose, we conducted inquiries and evaluated internal and external reporting.

We examined the concept underlying the allocation of income and expenses to the discontinued operation with regard to completeness and compliance with IFRS 5. In testing the allocation of income and expenses to the discontinued operation, we assessed whether the allocation was consistent with the company’s internal reporting systems and with the provisions of the purchase agreement concluded with the buyer.

Furthermore, we evaluated whether the disclosures in the notes to the consolidated financial statements relating to the discontinued operation are sufficiently detailed and appropriate.

OUR OBSERVATIONS

The classification of the Water Management business as a discontinued operation in accordance with IFRS 5 is appropriate. The presentation and allocation of income and expenses of the Water Management business to the discontinued operation are appropriate and in compliance with IFRS 5. The disclosures in the notes to the consolidated financial statements relating to the discontinued operation are sufficiently detailed and appropriate.