The consolidated cash flow statement and the following notes to the consolidated cash flow statement refer to the inflows and outflows of the entire Group and thus to continuing operations and discontinued operation. A presentation of the cash flows of the discontinued operation is included in the section “DISCONTINUED OPERATION”.
Group-wide financial management
A detailed overview of NORMA Group’s general financial management is provided in the ANNUAL REPORT 2024.
Net operating cash flow
In the reporting period from January to September 2025, the operating net cash flow amounted to EUR 59.1 million. This represents a decrease of EUR 10.3 million compared to the same period in 2024 (Q1–Q3 2024: EUR 69.4 million).
The decline was primarily due to the significantly lower year-on-year adjusted Group EBITDA (Q1-Q3 2025: EUR 96.1 million; Q1-Q3 2024: EUR 117.0 million). Conversely, a considerably lower increase in (trade) working capital in the reporting period 2025 (Q1-Q3 2025: EUR 11.2 million; Q1-Q3 2024: EUR 16.2 million) and a lower Group investment volume compared to the corresponding prior-year period (Q1-Q3 2025: EUR 25.8 million; Q1-Q3 2024: EUR 31.1 million) had a positive effect on net operating cash flow in the first nine months of 2025.
Cash flow from operating activities
Cash flow from operating activities reached EUR 56.9 million in the first nine months of 2025. Compared to the same period of the previous year (Q1–Q3 2024: EUR 90.9 million), this represents a decrease of EUR 34.0 million.
Cash flow from operating activities is influenced by changes in current assets, provisions and liabilities (excluding liabilities related to 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 accounts payable and similar liabilities. The cash flows from the reverse factoring, factoring, and ABS programs are shown under cash flow from operating activities, as this corresponds to the economic substance of the transactions.
The adjustments for expenses from the valuation of derivatives amounting to EUR 0.5 million (Q1-Q3 2024: income of EUR 0.5 million) included in cash flow from operating activities relate to the changes in fair value of foreign currency derivatives and interest rate swaps recognized in profit or loss and allocated to financing activities.
The adjusted other non-cash income (–) / expenses (+) primarily includes income from the currency translation of external financing liabilities and intra-group monetary items amounting to EUR 2.5 million (Q1–Q3 2024: expenses of EUR 0.6 million). Cash flows from interest paid are reported under cash flows from financing activities.
Cash flow from investing activities
Cash flow from investing activities amounted to EUR -27.9 million in the first nine months of 2025 (Q1–Q3 2024: EUR 43.2 million) and includes net cash outflows from the acquisition and disposal of non-current assets. This includes the change in liabilities for the acquisition of intangible assets and property, plant and equipment of EUR -2.8 million (Q1–Q3 2024: EUR -3.5 million).
The prior-year period also included net payments of EUR 9.0 million for the acquisition of Teco in the first quarter of 2024.
Cash flow from financing activities
Cash flow from financing activities amounted to EUR -34.3 million in the first nine months of 2025 (Q1-Q3 2024: EUR -59.0 million). This includes dividend payments to shareholders of NORMA Group SE of EUR 12.7 million (Q1-Q3 2024: EUR 14.3 million), interest payments (Q1-Q3 2025: EUR 14.7 million; Q1-Q3 2024: EUR 19.2 million), and proceeds from derivatives of EUR 1.4 million (Q1-Q3 2024: payments of EUR 0.3 million).
The previous year’s figure also included net loan disbursements of EUR 16.7 million.
The cash flow from financing activities also includes inflows of liabilities from ABS and factoring amounting to EUR 1.4 million (Q1–Q3 2024: outflows amounting to EUR 0.8 million).
Furthermore, the cash flow from financing activities includes further repayments of lease debt amounting to EUR 9.5 million (Q1–Q3 2024: payments of EUR 9.3 million).
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.