On February 2, 2026, NORMA Group successfully completed the sale of its Water Management business to the US company Advanced Drainage Systems (ADS), as planned.
The Water Management business was not previously classified as a discontinued operation or as held for sale. The prior-year figures for the consolidated statement of comprehensive income were adjusted accordingly in order to present the discontinued operation separately from continuing operations.
Intra-Group transactions were eliminated entirely from the consolidated financial results. Eliminations have been allocated to continuing operations and the discontinued operation in a manner that reflects the continuation of these transactions after the disposal, because the Management Board believes this type of presentation is useful.
Transactions between continuing operations and the discontinued operation were analyzed based on their economic substance and, on that basis, eliminated in one of the two operations. Transaction costs incurred in connection with the sale process have been allocated to the discontinued operation.
| |
|
|
|
Profit from the discontinued operation
|
T052
|
|
in EUR thousand
|
H1 2026
|
H1 2025
|
|
Revenue
|
16,766
|
140,330
|
|
Net expenses
|
-15,993
|
-113,624
|
|
Earnings from operating activities (EBIT)
|
773
|
26,706
|
|
including costs related to the sale of the discontinued operation
|
-2,214
|
-2,109
|
|
Profit before tax from operating activities
|
677
|
24,062
|
|
Tax expense
|
-929
|
-4,745
|
|
Profit after tax from operating activities
|
-252
|
19,317
|
|
Profit from the sale of the discontinued operation
|
472,690
|
n/a
|
|
Income taxes on the profit from the sale of the discontinued operation
|
-161,146
|
n/a
|
|
Profit (loss) from discontinued operations, after taxes
|
311,292
|
19,317
|
| |
|
|
| Undiluted earnings per share (in EUR) |
10.24
|
0.61
|
The profit after tax of the discontinued operation of EUR 311,292 thousand (H1 2025: profit of EUR 19,317 thousand) is attributable in full to owners of the parent. From the loss from the continuing operations of EUR 305 thousand (H1 2025: loss of EUR 18,056 thousand), income of EUR 94 thousand is not attributable to owners of the parent (H1 2025: EUR 45 thousand).
The cash flow up to the completion of the sale can be reconciled as follows:
| |
|
|
|
Cash flows from the discontinued operation
|
T053
|
|
in EUR thousand
|
H1 2026
|
H1 2025
|
|
Cash flow from operating activities
|
-30,644
|
27,624
|
|
Cash inflow/cash outflow from investing activities
|
820,701
|
-6,117
|
|
Cash outflow from financing activities
|
-1,507
|
-1,992
|
| |
|
|
|
Net increase/decrease in cash generated by the discontinued operation
|
788,550
|
19,515
|
| |
|
|
Impacts of the disposal on the Group’s balance sheet items
|
T054
|
|
in EUR thousand
|
June 30, 2026
|
|
Non-current assets
|
|
|
Goodwill
|
165,416
|
|
Other intangible assets
|
99,859
|
|
Property, plant, and equipment
|
74,089
|
|
Income tax assets
|
6
|
|
Deferred income tax assets
|
406
|
|
Current assets
|
|
|
Inventories
|
50,765
|
|
Other non-financial assets
|
2,511
|
|
Other financial assets
|
451
|
|
Income tax assets
|
447
|
|
Trade and other receivables
|
43,267
|
|
Cash and cash equivalents
|
10,349
|
|
Non-current liabilities
|
|
|
Pensions
|
-111
|
|
Provisions
|
-581
|
|
Other non-financial liabilities
|
-321
|
|
Lease liabilities
|
-12,468
|
|
Deferred income tax liabilities
|
-32,263
|
|
Current liabilities
|
|
|
Provisions
|
-104
|
|
Borrowings
|
-738
|
|
Other non-financial liabilities
|
-6,093
|
|
Lease liabilities
|
-4,090
|
|
Other financial liabilities
|
-411
|
|
Income tax liabilities
|
-48
|
|
Trade and other payables
|
-25,221
|
|
Net assets and liabilities
|
365,116
|
|
Cash consideration received
|
831,827
|
|
Cash and cash equivalents disposed of
|
-10,349
|
| |
|
|
Net cash inflow
|
821,478
|
Legend
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.