In the first half of 2026, NORMA Group generated Group revenue of EUR 420.5 million. Adjusted for currency effects – i.e., reflecting only volume/price/mix effects – this corresponded to a decline of 0.6%. Currency effects negatively impacted revenue development by -2.5%. Overall, Group revenue was 3.2% below the prior year’s level (H1 2025: EUR 434.3 million). Adjusted for currency effects, the slight decline in revenue was largely due to the ongoing challenging market environment, especially in the mobility sector. While demand in the mobility sector declined, business with industrial customers developed positively but was unable to offset the decline in full. Overall, the market environment remained demanding in all three regions.
Adjusted EBIT improved in the first six months of 2026 despite the slight decline in revenue. In the first half of 2026 it reached EUR 14.0 million (H1 2025: EUR 2.1 million). The adjusted EBIT margin improved to 3.3% (H1 2025: 0.5%), placing it within the forecast target range of 2% to 4% for the 2026 fiscal year. Following an adjusted EBIT margin of 3.0% in Q1, profitability improved to 3.6% in the second quarter. Contributing to this were the measures implemented as part of the NewNORMA transformation to sustainably improve the cost base as well as the initial operating effects of the transformation.
Net operating cash flow in the period from January to June 2026 amounted to EUR -13.1 million, a decrease on the prior year (H1 2025: EUR 34.7 million). Non-recurring effects related to the sale of the Water Management business had a negative impact, particularly in Q1. While this performance indicator was negative at -19.7 in Q1, it was EUR 6.6 million in the second quarter. For the first half year, the lower net operating cash flow compared with the prior-year period was primarily attributable to lower adjusted EBITDA and a greater build-up in trade working capital. By contrast, the slightly lower investing activity compared with the prior-year period had a positive impact.
NORMA Group’s business performed as expected during the first six months of 2026 in an ongoing challenging market environment. The Management Board continues to expect the business environment to remain challenging in the second half of the year. 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 2026 fiscal year will develop as recently communicated in the 2025 Annual Report and confirmed in the Interim Statement for Q1 2026. Based on this, the Management Board continues to stand by the forecast for the full year 2026 announced on March 31, 2026. 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.