The Management Board confirms the forecast for the full year 2026 published in the ANNUAL REPORT 2025. The general economic environment remains characterized by heightened uncertainty, especially due to geopolitical tensions, trade policy developments, and ongoing structural changes in the relevant end markets.
At the same time, the global economy is expected to develop along a moderately positive trajectory overall, albeit with different regional dynamics. While solid growth is forecast for the United States, economic development in Europe remains restrained. In China, growth is expected to be weaker than in previous years but still positive.
In the end markets relevant to NORMA Group, fiscal 2026 is expected to be moderate overall. While demand in the automotive sector is expected to remain subdued, the situation in mechanical engineering and plant engineering is showing signs of a slight stabilization, but the momentum overall remains muted. The construction sector is forecast to follow a moderate trajectory.
Additional stress factors arise in particular from ongoing geopolitical tensions. These include the impacts of the armed conflict in the Middle East. This could adversely affect global value and transport chains, potentially posing additional logistical challenges for internationally operating industrial companies. In the geopolitical context, further developments in the Ukraine war remain a factor of uncertainty. In addition, there is a continuing risk of further protectionist measures in the context of global trade policy with potential impacts to international trade flows.
On the whole, the Management Board of NORMA Group SE expects the economic environment and the markets to remain highly volatile and is therefore considering fiscal 2026 with due caution.
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.