29. Notes to the Consolidated Statement of Cash Flows

The Statement of Cash Flows distinguishes between cash flows from operating activities, investing activities and financing activities.

Cash flow from operating activities is derived indirectly from the result for the period. The result for the period is adjusted for non-cash depreciation and amortization, expenses allocated to cash flow from investing or financing activities and other non-cash expenses and income. The cash inflow from operating activities in the amount of

EUR 89,749 thousand (2024: EUR 136,985 thousand) shows the changes in assets (excluding assets in connection with financing activities), provisions and liabilities (excluding liabilities in connection with financing activities).

As in the previous year, the Company participates in a reverse factoring program, a factoring program and an ABS program. The liabilities in the reverse factoring program are reported under trade and other payables. As of December 31, 2025, liabilities in the amount of EUR 10,112 thousand (Dec 31, 2024: EUR 15,401 thousand) from reverse factoring programs are recognized NOTE 21 (E) – FINANCIAL LIABILITIES AND NET DEBT. The cash flows from the trade receivables sold as part of the factoring programs and the ABS program are shown under cash flow from operating activities, as this corresponds to the economic substance of the transactions.

The cash flows from the reverse factoring programs for the settlement of the original trade accounts payable are presented under cash flow from operating activities, as this corresponds to the economic substance of the transactions.

Interest payments in the amount of EUR 831 thousand (2024: EUR 748 thousand) in connection with the factoring, ABS and reverse factoring programs are included in cash flows from financing activities.

The total amount of trade receivables sold within the factoring programs and the ABS program can be found in NOTE 21 (B) – TRADE RECEIVABLES TRANSFERRED OR AVAILABLE FOR TRANSFER.

The cash inflow from operating activities includes payments for share-based payments in the amount of EUR 916 thousand (2024: EUR 901 thousand), resulting from the payment from the STI and ESG LTI for the Management Board of NORMA Group in the current fiscal year.

The correction included in the cash inflow from operating activities for expenses from the measurement of hedging derivatives in the amount of EUR 1,584 thousand (2024: income in the amount of EUR -1,302 thousand) relates to the change in the fair value of foreign currency derivatives recognized in profit or loss, which are allocated to financing activities.

The adjusted other non-cash income (−)/expenses (+) include income from the currency translation of external financing liabilities and intragroup monetary items amounting to EUR 1,506 thousand (2024: expenses of EUR 709 thousand).

Furthermore, non-cash income (−)/expenses (+) in fiscal year 2025 include non-cash interest expenses for the application of the effective interest method in the amount of EUR 157 thousand (2024: EUR 299 thousand) and non-cash effects from share-based payments in the amount of EUR 56 thousand (2024: EUR 180 thousand).

Cash flows resulting from interest paid are disclosed as cash flows from financing activities.

Cash flows from investing activities include net cash outflows from the acquisition and disposal of non-current assets amounting to EUR 41,170 thousand (2024: net cash outflows in the amount of EUR 63,450 thousand).

Of the investments made in property, plant and equipment and intangible assets in the fiscal year in the amount of EUR 40,239 thousand (2024: EUR 53,466 thousand) EUR 14,851 thousand (2024: EUR 21,346 thousand) relate to expenses for the expansion of operating capacity and EUR 25,388 thousand (2024: EUR 32,119 thousand) to expenses for the maintenance and improvement of operating capacity and processes.

Cash flows from financing activities include cash outflows for dividends to the shareholders of NORMA Group SE in the amount of EUR 12,745 thousand (2024: EUR 14,338thousand), for interest in the amount of EUR 18,376 thousand (2024: EUR 23,689 thousand) and deposits for derivatives in the amount of EUR 74 thousand (2024: repayments in the amount of EUR 67 thousand).

Furthermore, the net payouts of loans in the amount of EUR 27,000 thousand (2024: net payouts in the amount of EUR 66,796 thousand) NOTE 5 (C) – LIQUIDITY RISK, repayments of liabilities from ABS and factoring in the amount of EUR 2,087 thousand (2024: deposits in the amount of EUR 3,396 thousand) and the repayment of lease liabilities in the amount of EUR 13,412 thousand (2024: EUR 12,584 thousand) are reported under cash flow from financing activities. NOTE 20 – LEASES and NOTE 21 (E) – FINANCIAL LIABILITIES AND NET DEBT

The changes in Statement of Financial Position items that are presented in the Consolidated Statement of Cash Flows cannot be derived directly from the Statement of Financial Position, as the effects of currency translation are non-cash transactions and changes in the consolidated group are shown directly in the net cash used in investing activities.

As at December 31, 2025, cash and cash equivalents comprised cash and demand deposits in the amount of EUR 90,065 thousand (Dec 31, 2024: EUR 114,185 thousand) and cash equivalents in the amount of EUR 4,489 thousand (Dec 31, 2024: EUR 12,946 thousand).

Cash in Serbia, China, India, Russia, Brazil, South Korea, Thailand and Malaysia (Dec 31, 2025: EUR 23,356 thousand, Dec 31, 2024: EUR 40,581 thousand) cannot currently be distributed due to capital movement restrictions.

Reconciliation of changes in liabilities to cash flows from financing activities

The following table presents the reconciliation of the opening Statement of Financial Position amounts for liabilities attributable to financing activities with the relevant closing Statement of Financial Position amounts and financing activities which led to changes in equity.