NORMA Group SE signed an agreement on the disposal of the Water Management business on September 23, 2025. The Management Board had decided to divest the Water Management business and to sharpen its strategy in order to focus more strongly on the Group’s traditional synergetic core business, i.e., the Industry Applications and Mobility & New Energy segments.
As of July 31, 2025, the requirements for classification in accordance with IFRS 5 were met. From this date, the Water Management business was classified as a “discontinued operation”.
The previous year’s figures in the Consolidated Statement of Comprehensive Income have been adjusted accordingly in order to present the discontinued operation separately from the continuing operations.
Intragroup transactions were eliminated in full from the consolidated financial results. The eliminations were allocated to continuing and discontinued operations in a way that takes into account the continuation of these transactions after the disposal, as the Management Board considers this type of presentation to be useful.
Transactions between continuing and discontinued operations were analyzed from an economic perspective and eliminated on the basis of this in one of the two areas. Transaction costs already incurred in connection with the sale process were allocated to the discontinued operation.
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Profit from discontinued operation |
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in EUR thousands | 2025 | 2024 |
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Revenue | 261,089 | 273,319 |
Net expenses | -220,540 | -238,035 |
Result from operating activities (EBIT) | 40,549 | 35,284 |
including costs in connection with the disposal of the discontinued operation | -17,800 | n/a |
Income taxes on the profit from the disposal of the discontinued operation | n/a | n/a |
Result from operating activities, before taxes | 39,856 | 34,540 |
Tax expense | -12,944 | -5,162 |
Profit (loss) from discontinued operation, after taxes | 26,912 | 29,378 |
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Basic earnings per share (EUR) | 0.84 | 0.92 |
The profit after tax of the discontinued operation of EUR 26,912 thousand (2024: profit of EUR 29,378 thousand) is attributable in full to the owners of the parent company.
The cash flow from the discontinued operation can be reconciled as follows:
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Cash flow from discontinued operation |
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in EUR thousands | 2025 | 2024 |
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Cash inflow from operating activities | 71,446 | 51,182 |
Cash outflow for investing activities | -9,986 | -12,345 |
Cash outflow from financing activities | -7,717 | -3,481 |
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Net increase in cash and cash equivalents generated by the discontinued operation | 53,743 | 35,356 |
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Assets and liabilities of the discontinued operation classified as held for sale
17Due to the classification of the Water Management business as a discontinued operation as of July 31, 2025, the assets and liabilities associated with this business will be classified as assets and liabilities held for sale from this date and reclassified accordingly in the Statement of Financial Position to the designated item. Depreciation and amortization ceased from this date.
As of December 31, 2025, the disposal group was reported at fair value less costs to sell. It comprised the following assets and liabilities:
17 NORMA Group has decided to disclose the main groups of assets and liabilities classified as held for sale separately in this annual report.
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Assets of the disposal group classified as held for sale |
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in EUR thousands | Dec 31, 2025 |
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Goodwill | 169,027 |
Other intangible assets | 101,232 |
Property, plant and equipment | 74,717 |
Other non-financial assets | — |
Other financial assets | 127 |
Income tax assets | 44 |
Deferred income tax assets | 471 |
Non-current assets | 345,619 |
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Inventories | 49,799 |
Other non-financial assets | 1,785 |
Other financial assets | 4,287 |
Income tax assets | 783 |
Trade and other receivables | 20,963 |
Cash and cash equivalents | 9,261 |
Current assets | 86,878 |
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Assets held for sale | 432,497 |
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Liabilities of the disposal group classified as held for sale |
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in EUR thousands | Dec 31, 2025 |
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Pensions | 215 |
Provisions | 476 |
Other non-financial liabilities | 316 |
Contract liabilities | 14 |
Lease liabilities | 13,085 |
Deferred income tax liabilities | 32,841 |
Non-current liabilities | 46,946 |
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Provisions | 395 |
Borrowings | 535 |
Other non-financial liabilities | 6,127 |
Contract liabilities | 54 |
Lease liabilities | 4,276 |
Other financial liabilities | 572 |
Income tax liabilities | 567 |
Trade and other payables | 26,942 |
Current liabilities | 39,466 |
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Liabilities in connection with assets held for sale | 86,413 |
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Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.