NORMA Group forecast for the 2026 fiscal year

In light of the market environment described above, the Management Board confirms the full-year 2026 forecast published in the ANNUAL REPORT 2025 and as part of the Q1 2026 results. This assessment is based on the assumption that the macroeconomic and geopolitical environment will not deteriorate significantly over the remainder of the year and that the transformation measures already initiated will be implemented as planned.

 

Revenue

Taking into account the aforementioned expected development in the regions and end markets relevant to NORMA Group and assuming that trade wars do not intensify yet again, that important raw materials and pre-products remain available, and that no further negative factors will arise worldwide in the course of 2026 that could lead to significant pressure on NORMA Group’s business performance, the Management Board continues to anticipate Group revenue growth in the range of around 0% to 2% for fiscal 2026.

 

Adjusted EBIT margin

With regard to earnings, management assumes that profitability in fiscal 2026 will improve year over year. This development is supported in particular by operational efficiency measures, savings on the material costs side, and measures to optimize the global site footprint. At the same time, development of earnings will remain dependent on actual development of demand and possible additional negative effects from the macroeconomic environment. Against this backdrop, the Management Board expects an adjusted EBIT margin of around 2% to 4% for the 2026 fiscal year. The forecast for the adjusted EBIT margin continues to be subject to the condition that no massively unfavorable market conditions arise that could lead to significant additional costs or restrictions in the implementation of operational efficiency measures.

With regard to adjustments to earnings, the Management Board expects – as in prior years – that depreciation and amortization of tangible and intangible assets arising from purchase price allocations in connection with completed M&A transactions, as well as certain related expenses and income, will be included. Depending on exchange rate developments in fiscal 2026, these are expected to amount to roughly up to EUR 5 million.

The implementation and execution of the planned measures from the Transformation Plan is expected to result in cumulative total costs in the range from around EUR 54 million to around EUR 61 million by 2028. Special expenses related to this amounting to about EUR 24 million are expected in fiscal 2026. These should be related mainly to expenses for severance payments under the restructuring measures, related consulting costs, and expenses from relocation of production. The Company intends to adjust all extraordinary expenses from the global transformation in the operating result (EBIT).

 

Net operating cash flow

For the net operating cash flow in fiscal 2026, the Management Board continues to forecast a value in the range of around EUR 10 million to around EUR 20 million. This development is characterized in particular by expected effects from the change in the basis of consolidation as a result of the sale of the Water Management business.