The Management adjusts the earnings for the fiscal year for certain expenses and income in connection with realized M&A transactions and significant restructuring programs in order to manage the Group’s operations. The adjustments are made in accordance with the management approach in segment reporting. The adjusted results presented below therefore correspond to the management view.
Acquisition-related expenses and income in the context of realized M&A transactions are adjusted. These may include, for example, costs for legal advice, due diligence, auditing, expert opinions, travel expenses and similar. In addition, integration expenses are adjusted following acquisitions within the first twelve months. This includes all forms of external consulting, severance costs, IT integration and other external implementation and integration costs.
In addition, adjustments were made for costs incurred as part of the global transformation that began in fiscal year 2025. This transformation program primarily results in expenses for severance payments as part of the restructuring measures, associated consulting costs and expenses in connection with production relocations. These expenses are shown separately in the table on adjustments.
In addition, effects from the purchase price allocation (PPA), such as expenses for depreciation, amortization and impairments of property, plant and equipment and intangible assets from revaluation (step-up) effects are adjusted over time.
The following table shows the reconciliation for the adjusted earnings from continuing operations:
| | | | | |
Profit and loss net of adjustments |
|
|---|
in EUR thousands | 2025 unadjusted | Transformation costs | Step-up effects from purchase price allocations and impairments | Total Adjustments | 2025 adjusted |
|---|
Revenue | 821,663 |
|
|
| 821,663 |
Change in inventories of finished goods and work in progress | -187 |
|
|
| -187 |
Other own work capitalized | 3,636 |
|
|
| 3,636 |
Cost of materials | -375,211 | 4,630 |
| 4,630 | -370,581 |
Gross profit | 449,901 | 4,630 |
| 4,630 | 454,531 |
|---|
Other operating income and expenses | -135,906 | 4,139 |
| 4,139 | -131,767 |
Employee benefit expenses | -293,229 | 23,421 |
| 23,421 | -269,808 |
EBITDA | 20,766 | 32,190 |
| 32,190 | 52,956 |
|---|
Depreciation of property, plant and equipment | -43,374 |
| 602 | 602 | -42,772 |
EBITA | -22,608 | 32,190 | 602 | 32,792 | 10,184 |
|---|
Amortization/impairment of intangible assets | -58,821 |
| 54,936 | 54,936 | -3,885 |
Operating profit (EBIT) | -81,429 | 32,190 | 55,538 | 87,728 | 6,299 |
|---|
Financial result | -18,098 |
|
|
| -18,098 |
Profit (loss) before income taxes | -99,527 | 32,190 | 55,538 | 87,728 | -11,799 |
|---|
Income taxes | -9,071 | -3,675 | -6,341 | -10,016 | -19,087 |
Profit (loss) for the period from continuing operations | -108,598 | 28,515 | 49,197 | 77,712 | -30,886 |
|---|
Non-controlling interests | 67 |
|
|
| 67 |
Profit (loss) for the period attributable to shareholders of the parent company | -108,665 | 28,515 | 49,197 | 77,712 | -30,953 |
|---|
Earnings per share (in EUR) | -3.41 |
|
| 2.44 | -0.97 |
|---|
| | | | |
(Continued) Profit and loss net of adjustments |
|---|
in EUR thousands | 2024 unadjusted | Step-up effects from purchase price allocations and impairments | Total Adjustments | 2024 adjusted1 |
|---|
Revenue | 881,809 |
|
| 881,809 |
Change in inventories of finished goods and work in progress | 1,602 |
|
| 1,602 |
Other own work capitalized | 5,589 |
|
| 5,589 |
Cost of materials | -404,525 |
|
| -404,525 |
Gross profit | 484,475 |
|
| 484,475 |
|---|
Other operating income and expenses | -132,234 |
|
| -132,234 |
Employee benefit expenses | -272,319 |
|
| -272,319 |
EBITDA | 79,922 |
|
| 79,922 |
|---|
Depreciation of property, plant and equipment | -43,993 | 629 | 629 | -43,364 |
EBITA | 35,929 | 629 | 629 | 36,558 |
|---|
Amortization of intangible assets | -13,896 | 10,313 | 10,313 | -3,583 |
Operating profit (EBIT) | 22,033 | 10,942 | 10,942 | 32,975 |
|---|
Financial result | -22,555 |
|
| -22,555 |
Profit (loss) before income taxes | -522 | 10,942 | 10,942 | 10,420 |
|---|
Income taxes | -14,065 | -8,906 | -8,906 | -22,971 |
Profit (loss) for the period from continuing operations | -14,587 | 2,036 | 2,036 | -12,551 |
|---|
Non-controlling interests | 95 |
|
| 95 |
Profit (loss) for the period attributable to shareholders of the parent company | -14,682 | 2,036 | 2,036 | -12,646 |
|---|
Earnings per share (in EUR) | -0.46 |
| 0.06 | -0.40 |
|---|
1_The comparative information was adjusted due to a discontinued operation (see NOTE 33 – DISCONTINUED OPERATION). |
|---|
In the 2025 fiscal year, expenses of EUR 32,190 thousand were adjusted within EBITDA (earnings before interest, taxes, depreciation of property, plant and equipment and amortization of intangible assets). These adjustments are mainly attributable to NORMA Group’s global transformation program launched in fiscal year 2025.
As in the previous year, depreciation of property, plant and equipment from purchase price allocations in the amount of EUR 602 thousand (2024: EUR 629 thousand) was adjusted within EBITA (earnings before interest, taxes and amortization of intangible assets) and amortization and impairment of intangible assets from purchase price allocations in the amount of EUR 54,936 thousand (2024: EUR 10,313 thousand ) was adjusted within EBIT in fiscal year 2025. In the current reporting period, this mainly includes a non-cash impairment of goodwill in the EMEA region as of September 30, 2025 in the amount of EUR 50,000 thousand.
Notional income taxes resulting from the adjustments are calculated using the tax rates of the local companies concerned and considered in the adjusted earnings after taxes.
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.