The following information on net liquidity and net financial liabilities relates both to continuing operations and to discontinued operations and is presented on an aggregate basis.
Net liquidity as of March 31 2026 at EUR 446.5 million after net debt of EUR 316.1 million at the end of 2025, which corresponds to a decline of -245.5% or EUR 753.4 million. This was due to the net cash inflows from the total of the operating cash outflows in the amount of EUR 15.9 million and the net cash inflows from investing activities in the amount of EUR 757.1 million, which include the net contribution from the disposal of a discontinued operation.
In contrast, current interest expenses and additions in the area of right-of-use assets increased net debt in the first three months of fiscal 2026. Cash-neutral net currency effects on financial liabilities as well as cash and cash equivalents had a reducing effect on net debt as of March 31, 2026.
Net liquidity / net debt of NORMA Group is as follows:
| | |
Net liquidity / net debt | |
|---|
in EUR thousand | March 31, 2026 | Dec. 31, 2025 |
|---|
Loan | 66,618 | 359,334 |
Derivative financial instruments – hedge accounting | 617 | 2,148 |
Lease liabilities | 22,085 | 39,534 |
Other financial liabilities | 8,954 | 9,637 |
Financial liabilities | 98,274 | 410,653 |
|---|
Cash and cash equivalents | 544,747 | 94,555 |
Net liquidity (-) / net debt (+) | -446,473 | 316,098 |
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Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.