21. (e) Financial liabilities and net debt

i. Trade and other payables

Trade and other payables are as follows:

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Liabilities are classified as current liabilities if they are due within twelve months. If this is not the case, they are classified as non-current liabilities. Trade payables are initially recognized at fair value and subsequently remeasured at amortized cost using the effective interest method.

Reverse factoring liabilities

The following table contains further information on the reverse factoring programs of the continuing operations and discontinued operation. Programs with the same payment terms are aggregated accordingly:

As of December 31, 2025 and December 31, 2024 , no guarantees or collateral were provided for liabilities from reverse factoring programs. There were no cash transfers from trade payables to financial liabilities as of December 31, 2025 and 2024.

All trade payables are due to third parties within one year. As a result, these have short-term maturities, therefore the carrying amounts on the reporting date correspond to their fair values, as the impacts of discounting are not material.

Refund liabilities

Refund liabilities are recognized for volume rebates and similar bonus agreements payable to customers. They arise from retrospectively effective agreed volume rebates or similar agreements that are based on total sales or on specific product sales over a twelve-month or shorter period. Refund liabilities are recognized for rebates expected to be paid to the customer for sales made up to the end of the reporting period. Further details can be found in NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. All refund liabilities are due to third parties within one year. The carrying amounts as at the reporting date therefore correspond to their fair values, as the effects of discounting are not material.

ii. Borrowings

NORMA Group’s borrowings were as follows as at the reporting date:

Borrowings are initially recognized at fair value less directly attributable transaction costs. Borrowings are subsequently remeasured at amortized cost. Any differences between the disbursement amount (less transaction costs) and the repayment amount are recognized in profit or loss over the period of the borrowings using the effective interest method.

The fees paid when setting up credit lines are recognized as transaction costs of the loan if it is considered probable that part or all of the credit line will be drawn down. In this case, the fee is deferred until the credit line is

utilized. If there is no indication that the credit line will probably be utilized in full or in part, the fee is capitalized as an advance payment for the provision of liquidity and amortized over the term of the associated credit line.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

The maturities of the long-term syndicated loans, promissory note loans and other loans are as follows:

The loan obligations existing as of December 31, 2025 and 2024 have the following conditions:

a) Fair value of bank borrowings

The fair values of the fixed-interest tranches of the promissory note loans, which are recognized at amortized cost but for which the fair value is stated in the notes, are determined on the basis of the market interest rate curve using the zero-coupon method, taking credit spreads (Level 2) into account. The interest accrued as of the reporting date is included in the values.

iii. Other financial liabilities

Other financial liabilities are as follows:

a) Liabilities from ABS and factoring

Liabilities from ABS and factoring include liabilities from the remaining continuing involvement recognized under the ABS and factoring programs in the amount of EUR 750 thousand (Dec 31, 2024: EUR 892 thousand), liabilities from recognized fair values of default and interest guarantees in the amount of EUR 307 thousand (Dec 31, 2024: EUR 336 thousand) and liabilities from deposits from customers for receivables already sold within the ABS and factoring programs as part of the accounts receivable management carried out by NORMA Group in the amount of EUR 4,246 thousand (Dec 31, 2024: EUR 11,089 thousand).

iv. Maturity of financial liabilities

The financial liabilities of NORMA Group have the following maturities:

v. Net debt

The following disclosures on net debt relate to the Group as a whole, i.e., including the discontinued operation, and therefore also including the corresponding amounts of assets and liabilities classified as held for sale. Net debt of NORMA Group is as follows:

NORMA Group’s financial liabilities are 10.0% below the level of December 31, 2024. The decrease in loan liabilities is primarily due to the net repayment in fiscal year 2025. These primarily relate to the scheduled repayment of promissory note loans. Currency effects also had a reducing effect.

Lease liabilities decreased compared with the end of 2024 , the changes due to repayments (payment of lease installments), the additions from rights of use, reassessments of extension options and contract amendments, and interest effects led to a net increase; exchange rate effects mainly on liabilities in US dollars – of subsidiaries in the United States – had a reducing effect.

The decrease in other financial liabilities was chiefly the result of the drop in liabilities from the ABS and factoring programs.

Net debt fell as of December 31, 2025 by EUR 13,056 thousand and thus by 4.0%.

Current interest expenses in the fiscal year and additions to lease liabilities as part of newly concluded leases had an upward effect on net debt.

This development was offset by net cash inflows from the sum of cash inflows from operating activities amounting to EUR 89,749 thousand, net cash outflows from investing activities amounting to EUR 41,170 thousand and the payment of dividends amounting to EUR 12,745 thousand.

Cash-neutral net currency effects from foreign currency loans, cash and cash equivalents, and lease liabilities and other financial liabilities had a reducing influence on net debt.