Significant Events in the First Half of 2024

‘Step Up’ growth and efficiency program

In the first half of 2024, NORMA Group implemented important measures from the ‘Step Up’ growth and efficiency program. As of the end of June 2024, more than 1,500 measures had been identified. A large part of these are already in the implementation phase, while some important measures have already been completed. The initiatives newly recorded compared to the first quarter of 2024 aim, for example, to make production processes even more efficient. This includes, among other things, flexible, automated systems in the area of assembly. The intent is to achieve further efficiency improvements within NORMA Group’s operational activities. In addition, numerous measures for (cost) optimization were further implemented by the globally positioned purchasing organization. Additional information on the ‘Step Up’ growth and efficiency program can also be found in our INVESTOR-RELATIONS-PRESENTATION.

Annual General Meeting 2024 approves new remuneration system and approves dividend of 45 cents per share

The Annual General Meeting of NORMA Group SE took place in Frankfurt am Main on May 16, 2024. The shareholders of NORMA Group that were represented approved a new remuneration system for the Management Board by a large majority. The Supervisory Board had decided on this in March 2024. The system promotes sustainable value creation and thus the long-term success of NORMA Group. In accordance with the recommendations of the German Corporate Governance Code, remuneration consists of fixed remuneration and variable components. Part of the variable remuneration depends on the achievement of sustainability targets. The latter includes, for example, a reduction in CO₂ emissions in production.

The Annual General Meeting also approved the management’s proposal to pay a dividend of 45 cents per share. The total distribution amount thus comes to around EUR 14.3 million (2023: EUR 17.5 million), resulting in a payout ratio of 32.7% of adjusted consolidated net profit in the 2023 fiscal year (EUR 43.9 million). NORMA Group’s dividend strategy generally provides for a payout ratio of 30% to 35% of adjusted consolidated net profit. Shareholders at the 2024 Annual General Meeting also approved all other agenda items by large majorities. This included, among other things, the regular election of Mark Wilhelms, Chairman of the Supervisory Board, as a member of the Supervisory Board. Further information on the points explained here, as well as all voting results of the 2024 Annual General Meeting, can be found in the Investor Relations section of the NORMA Group website at WWW.NORMAGROUP.COM.

Acquisition of Teco Srl successfully completed at the end of February 2024

On February 29, 2024, NORMA Group successfully completed the acquisition of Teco Srl, Italy, and its subsidiary Teco Inc., USA, (hereinafter “Teco”). Teco is an Italian supplier of irrigation products for gardening, landscaping and agriculture. This step serves the gradual expansion of the business in the strategic area of Water Management in Europe.

NORMA Group increases transparency in reporting

With the publication of the 2023 Annual Report, NORMA Group announced that it would present the development in the SJT and EJT sales channels in the strategic business units Industry Applications, Water Management and Mobility & New Energy from 2024 onward. The adjustment of the presentation serves to increase transparency with regard to business development in relevant customer industries. In this context, the SJT (Standardized Joining Technology) sales channel was divided into the two areas Industry Applications and Water Management at the beginning of 2024. In addition, the EJT (Engineered Joining Technology) sales channel was renamed Mobility & New Energy.

The internal reporting processes required for this were successfully implemented related to sales beforehand. The associated changes within the reporting-related organizational structure of NORMA Group SE are shown graphically below. The segmentation into the regions EMEA, Americas and Asia-Pacific remains unchanged.

The former sales channels SJT and EJT will no longer be at the forefront of the sales presentation with regard to the reporting of sales figures from the 2024 fiscal year, in which key figures for the strategic business units will be published for the first time.