In the first half of 2025, NORMA Group generated Group sales of EUR 574.6 million. With this, revenues were down 6.5% on the previous year's figure (H1 2024: EUR 614.8 million). Before currency effects (-0.9%) and acquisition effects (+0.1%), the decline was 5.8%. This is due to market and environment-related volatility, which continued in the second quarter of 2025. Influenced by additional external factors, demand in parts of NORMA Group’s key customer industries remained noticeably subdued in the current reporting period. This affected all three regions in the first six months of 2025.
Adjusted EBIT developed in line with expectations despite lower sales. The key control indicator performed very well in the second quarter in particular. With this the weak performance in the first quarter of 2025 due to extraordinary costs was partially offset over the six-month period. Overall, adjusted EBIT reached EUR 33.7 million in the first half of 2025 (H1 2024: EUR 51.8 million). In relation to Group sales, this results in an adjusted EBIT margin of 5.9% (H1 2024: 8.4%).
Net operating cash flow amounted to EUR 34.7 million in the first half of 2025, a decrease on the previous year (H1 2024: 41.2 million). This development is mainly due to significantly lower EBITDA compared to the period from January to June 2024. In contrast, a lower build-up of (trade) working capital in relation to EBITDA compared to the end of 2024 supported the net operating cash flow, as did a sequential prioritization of investment activities.
NORMA Group’s business developed in line with expectations overall in the first six months of 2025 in a challenging environment. Based on the information underlying this report, the Management Board assumes that the business environment will remain challenging in the remainder of the second half of 2025. However, based on the trend forecasts in the customer industries and (sub)markets relevant to NORMA Group, the Management Board expects that the key performance indicators in the 2025 fiscal year will develop as most recently communicated in the 2024 Annual Report and confirmed in the Interim Statement for the first quarter of 2025. Based on this, the Management Board is sticking to the forecast for the full year 2025 announced on March 7, 2025. Detailed information on all other components of the forecast can be found in the FORECAST REPORT.
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These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.