Norma Group (NOEJ) Q4 2025 TU earnings summary

Executive summary

• Net sales for FY 2025 were EUR 821.7m, down from EUR 881.8m in 2024, with Q4 2025 net sales at EUR 189.9m versus EUR 204.9m in Q4 2024, impacted by market weakness and currency effects.

• Adjusted EBIT for FY 2025 was EUR 6.3m (margin 0.8%), a sharp decline from EUR 33.0m (margin 3.7%) in 2024.

• Net operating cash flow was EUR 95.6m, down from EUR 105.4m in 2024, but remained strong.

• Divestment of the Water Management business was completed in February 2026, with proceeds used for debt reduction and shareholder returns.

• Profitability was significantly impacted prior to the NewNORMA transformation.

Financial highlights

• Net sales declined by 6.8% year-over-year, with negative FX effects of -2.1% for FY and -4.0% for Q4.

• Adjusted EBIT margin dropped to 0.8% for FY 2025 and 0.2% for Q4 2025.

• Q4 adjusted EBIT was EUR 0.4m, with a margin of 0.2%, compared to EUR 3.6m and 1.8% in Q4 2024.

• Net operating cash flow was EUR 95.6m, down 9.8% from EUR 105.4m in 2024.

• Net debt reduced to EUR 316m from EUR 329m, supported by solid cash generation.

Outlook and guidance

• Capital allocation strategy and the sale of Water Management assets are expected to drive the group toward a near debt-free position.

• Company will present detailed audited results and 2026 outlook on March 31, 2026.

• Strategic focus is on becoming an Industrial Powerhouse for connecting solutions post-divestment.