Mission Statement

5 2024 FINANCIAL FIGURES

8 NORMA GROUP

ABOUT THIS REPORT

NORMA Group publishes both financial and non-financial information in its 2024 Annual Report. In addition to the Condensed Group Management Report and the Consolidated Financial Statements, the report also includes a Consolidated Non-financial Statement in accordance with Sections 315b and 315c of the German Commercial Code (HGB) in conjunction with Regulation (EU) 2020/852 of the European Parliament and of the Council of June 18, 2020 on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088. 4 CONSOLIDATED NON-FINANCIAL STATEMENT

The Annual Report is published solely in digital form. It is available in PDF format and as an online report. : WWW.NORMAGROUP.COM NORMA Group's Annual Report is published in German and English. In the event of any deviations, the German version takes precedence. Due to commercial rounding, minor changes may occur in the disclosure of amounts or percentage changes at various points in this report.

When persons are mentioned in this publication, this always refers to female, male and diverse (for example transsexual and intersexual) persons. For reasons of better readability and/or formal or technical reasons such as limited space or the better findability of web texts, not all variants are always mentioned.

Data and reporting standards

The reporting period covers the fiscal year from January 1 to December 31, 2024. To ensure the greatest possible timeliness, all relevant information available up to the issuance of the assurance by the legal representatives on March 18, 2025, is included. The Consolidated Financial Statements and the Group Management Report have been prepared in accordance with the International Financial Reporting Standards (IFRS), as applicable in the European Union (EU), as well as in accordance with the German Commercial Code (HGB). In accordance with Section 289d of the German Commercial Code (HGB), the Consolidated Non-financial Statement was prepared partly based on the first sentence of the European Sustainability Reporting Standards (ESRS) as a framework.

Independent auditing

The Consolidated Financial Statements prepared by NORMA Group comprising the Consolidated Statement of Financial Position, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the Notes to the Consolidated Financial Statements, as well as the Condensed Group Management Report 4 INDEPENDENT AUDITOR'S REPORT and the Consolidated Nonfinancial Statement 4 AUDITOR'S REPORT were audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

The following symbols indicate important information:
4 Further information can be found elsewhere in the Annual Report.	: Further information can be found on the NORMA Group website and other websites.
These contents are part of the Consolidated Non-financial Statement and were subject to a separate limited assurance examination. 4 CONSOLIDATED NON-FINANCIAL STATEMENT
. Show content	34Page forward / back

NORMA Group SE – Annual Report 2024 4

2024 FINANCIAL FIGURES

Financial figures				T001
		2024	2023	Change in %4
Order situation
Order book1	EUR millions	473.2	530.0	-10.7
Income statement
Revenue	EUR millions	1,155.1	1,222.8	-5.5
Cost of materials ratio	%	43.3	45.0	n / a
Personnel cost ratio	%	29.3	26.3	n / a
Adjusted EBIT2	EUR millions	92.3	97.5	-5.3
Adjusted EBIT margin2	%	8.0	8.0	n / a
EBIT	EUR millions	57.3	76.1	-24.7
EBIT margin	%	5.0	6.2	n / a
Financial result	EUR millions	-23.3	-22.7	n / a
Adjusted tax rate	%	40.8	41.3	n / a
Adjusted profit for the period2	EUR millions	40.9	43.9	-6.8
Adjusted earnings per share2	EUR	1.28	1.37	-6.9
Profit for the period	EUR millions	14.8	27.9	-47.0
Earnings per share	EUR	0.46	0.87	-47.1
NORMA Value Added (NOVA)	EUR millions	-38.8	-43.6	n / a
Return on Capital Employed (ROCE)3	%	8.8	9.3	n / a
Balance sheet1
Total assets	EUR millions	1,436.6	1,493.3	-3.8
Equity	EUR millions	721.4	693.4	4.0
Equity ratio	%	50.2	46.4	n / a
Net debt	EUR millions	329.2	345.4	-4.7
Cash flow
Cash flow from operating activities	EUR millions	137.0	118.9	15.2
Cash flow from investing activities	EUR millions	-63.5	-59.8	n / a
Cash flow from financing activities	EUR millions	-114.1	-57.9	n / a
Net operating cash flow	EUR millions	105.4	87.3	20.7

1_Figures as at balance sheet date Dec 31.

2_Adjusted for effects from purchase price allocations.

3_Adjusted EBIT in relation to the average capital employed.

4_The percentage change is based on unrounded absolute figures.

NORMA Group SE – Annual Report 2024 6

MANAGEMENT REPORT

FINANCIAL STATEMENTS 5 FURTHER INFORMATION

> 2024 FINANCIAL FIGURES

1 INTRODUCTION

Non-financial figures			T002
		2024	2023
General information
Core workforce1	number	6,041	5,994
Temporary workers1	number	1,553	2,011
Total workforce1	number	7,594	8,005
Invention applications	number	25	20
Environment
Total energy consumption	MWh	128,440	n / a2
Total energy consumption per net revenue associated with activities in high climate impact sectors	MWh/EUR thousands	0.111	n / a
Generated energy	MWh	25,694	n / a
Gross Scope 1 GHG emissions3	tCO2eq	5,163	n / a
Gross location-based Scope 2 GHG emissions	tCO2eq	45,523	n / a
Gross market-based Scope 2 GHG emissions4	tCO2eq	30,794	n / a
Total Gross indirect (Scope 3) GHG emissions	tCO2eq	1,066,280	n / a
Microplastics used5	t	36,526	n / a
Total water consumption	3 m	167,106	n / a
Total amount of waste generated	t	11,742	n / a
EU Taxonomy
Taxonomy-eligible turnover	%	26.0	24,5
Taxonomy-eligible CapEx	%	28.4	40,3
Taxonomy-eligible OpEx	%	26.4	13,6
Social
Employees covered by collective agreements	%	43.0	n / a
Employees represented by workers' representatives (e.g. representation by works councils)	%	9.0	n / a
Employees covered by the health and safety management system (ISO 45001)	%	87.3	n / a
Fatalities as a result of work-related injuries	number	0	n / a
Recordable work-related accidents	number	77	n / a
Rate of recordable injuries	%	4.97	n / a
Rate of recordable work-related illness	%	0	n / a

1_Figures as of balance sheet date Dec 31.

2_n / a (not applicable); Due to the first-time application of the European Sustainability Reporting Standards (ESRS) and the resulting change in the calculation basis, it is not possible to provide information on the previous year for every KPI, as there is no comparability.

3_In accordance with the GHG Protocol for all locations worldwide.

4_In accordance with the GHG Protocol (market-based) for all locations worldwide.

5_NORMA Group defines microplastics as small plastic particles that are less than 5 mm in size. Microplastics are sourced or used in products and leave NORMA Group's facilities as emissions, products or as a component of products and services.

1 INTRODUCTION

3 ABOUT THIS REPORT

> 2024 FINANCIAL FIGURES

8 NORMA GROUP

Non-financial figures (continued)

		2024	2023
Days lost due to work-related injuries and work-related illnesses and, if available, the number of days lost due to fatalities as a result of such incidents	number	1,730	n / a
Confirmed incidents of discrimination, human rights violations and severe human rights violations	number	0	n / a
Fines, penalties and compensation for incidents of discrimination, human rights violations and severe human rights violations	EUR	0	n / a
Preferred suppliers who have signed the Supplier Code of Conduct	%	100	n / a
Incidents of non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work or the OECD Guidelines for Multinational Enterprises	number	0	n / a
Governance
Violations of corruption and bribery regulations	number	0	n / a
Fines for violations of corruption and bribery regulations	EUR	0	n / a
Completion rate of the training on corruption	%	96	n / a
Completion rate of the training on information security	%	88	n / a
Number of defective parts per million parts produced	number	3.2	2,2
Accepted customer complaints per month per production/distribution location	number	2.8	3,91

Further non-financial key figures and descriptions of the calculation methodology can be found in the section 4 CONSOLIDATED NON-FINANCIAL STATEMENT.

Share data

Initial public offering		April 2011
Stock exchange		Frankfurt Stock Exchange
Market segment		Regulated Market (Prime Standard), SDAX
ISIN		DE000A1H8BV3
Security identification number		A1H8BV
Ticker symbol		NOEJ
Highest price 20242	EUR	19.80
Lowest price 20242	EUR	11.50
Closing price2, 3	EUR	14.94
Market capitalization3	EUR millions	476
Dividend4	EUR	0.40
Payout ratio4	%	31.2
Number of shares issued		31,862,400

1_Until 2023: Customer complaints per month per entity.

2_Xetra price.

3_Figures as at balance sheet date Dec 31.

4_Subject to approval by the Annual General Meeting on May 13, 2025.

1 INTRODUCTION

3 ABOUT THIS REPORT

5 2024 FINANCIAL FIGURES

> NORMA GROUP

NORMA GROUP¹

NORMA Group positions itself among one of the international market and technology leaders in advanced and standardized joining and fluid handling technology as well as Water Management solutions. The Group supplies more than 10,000 customers in over 100 countries with over 40,000 high-quality products and solutions. NORMA Group's joining products are used in numerous industries and end products, including water pipes, vehicles, ships, trains, aircraft, domestic appliances and engines. From its headquarters in Maintal near Frankfurt am Main, Germany, the company coordinates a global network consisting of 25 production facilities as well as numerous sales and distribution sites across Europe, the Americas, and Asia-Pacific.

Three strategic business units

Industry Applications

Joining and fluid-handling technology for sales partners, industrial OEMs and project planners.

High-quality, standardized branded products as well as specific solutions for a wide range of applications, e.g. for the automotive aftermarket, technical wholesalers and DIY stores, the infrastructure and industrial project business as well as shipbuilding.

NORMA Group relies on the continuous expansion and harmonization of its portfolio to meet customer needs. With its joining and fluid-handling products, it offers high-quality, safe and reliable solutions.

Mobility & New Energy

Partner in the evolution and transformation of the mobility and transportation landscape.

Customized fluid-handling, joining and fastening solutions that meet the specific requirements of OEM customers.

By collaborating with its customers, NORMA Group develops innovative, sustainable and reliable solutions for all types of drives and auxiliary systems, creating added value. This includes ways to optimize the efficiency and safety of media transport, e.g. in the thermal management of batteries and inductive charging systems.

Water Management¹

Transportation, distribution and management of water for efficient, safe and reliable use.

Solutions in the areas of stormwater management, efficient landscape irrigation and flow management for the residential and commercial markets.

The Water Management division includes products that are characterized by outstanding performance and durability and are easy to install. This helps to conserve the world's precious water resources with reliable and innovative Water Management solutions.

¹ NORMA Group announced in an ad hoc announcement on November 28, 2024, that the Management Board has decided to initiate a process to sell the global business activities of the strategic business unit Water Management. The information presented in this report is based on the Group structure valid as of December 31, 2024.

NORMA Group SE – Annual Report 2024 9

1 INTRODUCTION

3 ABOUT THIS REPORT

5 2024 FINANCIAL FIGURES

> NORMA GROUP

30 Corporate Governance Report and Declaration on Corporate Governance

NORMA Group worldwide G001

	1 M	2 D
EMEA
Germany	■	■
France	■	■
Italy		■
Poland	■	■
Portugal	■	■
Sweden	■	■
Switzerland	■	■
Serbia	■
Spain		■
Czech Republic	■
Turkey		■
United Kingdom	■	■

	1 M	2 D
Americas
Brazil	■	■
Mexico	■	■
USA	■	■
Asia-Pacific
Australia		■
China	■	■
India	■	■
Japan		■
Malaysia	■	■
Singapore		■
South Korea		■
Thailand		■

1_Manufacturing sites 2_Sales and distribution sites

VPP Bi-Cone V-band clamps are flange connections with a high degree of tightness. They are therefore particularly suitable for the use in cooling systems among many other applications.

Powerful Clamps for Energy Storage Units

The energy transition and the associated energy generation and storage from alternative sources are key megatrends. NORMA Group's Industry Applications business unit supports the temperature control of stationary batteries in energy storage systems, for example.

TO OUR SHAREHOLDERS

11	The Management Board
12	Letter from the Management Board
14	NORMA Group on the Capital Market
23	Supervisory Board Report

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> THE MANAGEMENT BOARD

12 LETTER FROM THE MANAGEMENT BOARD
14 NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE
3 CONDENSED MANAGEMENT REPORT
4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION

TO OUR SHAREHOLDERS

The Management Board

Dr. Daniel Heymann Member of the Management Board (COO)

Mark Wilhelms Chief Executive Officer (Interim CEO)

Annette Stieve Member of the Management Board (CFO)

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> LETTER FROM THE MANAGEMENT BOARD
14 NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE
3 CONDENSED MANAGEMENT REPORT

Letter from the Management Board

Before we look at the main developments in fiscal year 2024, we would like to explain the change in the composition of the Management Board and Supervisory Board of NORMA Group SE communicated on February 17, 2025.

As you can see from the published notification, Mr. Guido Grandi has resigned from his position on the Management Board and as Chairman of the Management Board with effect from the end of February 17, 2025. For a transitional period of a maximum of one year, the previous Chairman of the Supervisory Board, Mr. Mark Wilhelms, has taken over the position as interim Chairman of the Management Board of NORMA Group. For the transitional period Ms. Kerstin Müller-Kirchhofs acts as the interim Chairwoman of the Supervisory Board. Mr. Wilhelms and Ms. Müller-Kirchhofs took up their respective new positions immediately with effect from February 18, 2025. The structured search for a successor for the Chairman of the Management Board also started immediately. NORMA Group is thus creating the conditions for a smooth transition as well as process continuity for the far-reaching sharpening of its strategic direction communicated at the end of November 2024.

The Management Board and the Supervisory Board remain committed to the decision taken: The global business activities of the Water Management strategic business unit are to be transferred to a suitable buyer. NORMA Group will focus even more strongly on the synergetic core industrial business in the future. This is accompanied by the transformation from a conglomerate to a focused "Industrial Powerhouse". Accelerating the transformation is one of the key success factors here - not least due to the persistently demanding conditions.

The 2024 fiscal year was largely characterized by a volatile market environment. The prevailing global macroeconomic and geopolitical influences had a negative impact. This resulted in weak and fluctuating demand in key markets, which also applied to some of the industries relevant to NORMA Group, especially in the EMEA and Asia-Pacific regions. In 2024, the challenging environment resulted in a 5.5% decline in Group sales to around EUR 1.2 billion.

In this demanding market environment, NORMA Group closed the fiscal year 2024 with robust profitability despite declining sales: Based on an adjusted EBIT of EUR 92.3 million, the adjusted EBIT margin reached a solid 8%. This was exactly in line with our expectations. Net operating cash flow showed a very strong increase despite the significant reduction in supply chain financing. It increased by 20.7% to EUR 105.4 million at the end of the year, driven by positive developments in working capital management as well as focused investment activities in the operating business. In addition, a significant reduction in debt was achieved in the 2024 fiscal year compared to the previous year. The results are to a large extent directly related to the successful implementation of the "Step Up" growth and efficiency program initiated in 2023. Since then, significant steps have been taken to increase profitability and ensure NORMA Group's ongoing competitiveness. These include essential optimizations in global purchasing, supply chain management and operational improvements in production plants, in which automation is increasingly playing a key role. All of this lays the foundation for continuous improvement in key areas.

The focus on profitable growth areas is a key pillar of the "Step Up" program. Targeted growth initiatives for the traditional core industry business have become an even greater focus since the end of 2024. In particular, the acquisition of direct business in the industrial area is becoming more important. NORMA Group places customers and a needs-based service approach at the centre of its business activities.

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

Based on the mission statement of the 2024 Annual Report "Endless Opportunities", the Management Board sees a wide range of opportunities for profitable growth for NORMA Group in the coming years, especially in industrial business. Investments in the core business to expand the market position in the Industry Applications strategic business unit and strengthen Mobility & New Energy are a key aspect of this. The divestment of the international water business is intended to free up the necessary resources and capacities. The expected proceeds from the sale are to be reinvested primarily in three areas:

The initial focus is on creating a solid financial foundation and a robust balance sheet structure. For this reason, part of the future proceeds will be used to reduce debt appropriately. Structural optimizations in our global production, sales and administration network are also continuously reviewed. In a further step, one or possibly several targeted acquisitions should accelerate profitable growth in the Industry Applications strategic business unit. Last but not least, we would like our shareholders to participate with an appropriate share in the sales proceeds. The Management Board and Supervisory Board will discuss the details together following the successful conclusion of the current sales process. Taken together, this serves a common interest: We create added value as a reliable partner for customers, employees and shareholders.

That's why we are pooling our strengths within the company. The key drivers here are: passionate collaboration and global excellence. Based on relevant megatrends, the colleagues are continuously working on identifying further innovative application potential for the joining products established on the market. The strength gained from years of engineering experience is a unique key asset here. At the same time, new mission-critical (service) solutions are being developed for a sustainable future. The 2024 and recently announced orders demonstrate the importance and success of the new approach.

Many of you, dear shareholders, have been following NORMA Group for years - even in challenging times. Thank you for your loyalty and trust. The Management Board and Supervisory Board plan to propose the payment of a dividend of EUR 0.40 per dividend-bearing share for 2024 to the Annual General Meeting on May 13, 2025. This corresponds to a payout ratio of around 31% of the adjusted profit for the period 2024 and is therefore in line with our sustainable dividend strategy.

We expect the environment to remain challenging in the 2025 fiscal year. We therefore continue to view the coming months with the necessary caution. Nevertheless, you can rest assured that we are continuing to work towards the #NewNORMA by focusing on profitable new business and operational efficiency. Our aim is to be the market leader in the field of joining technology, to be perceived as the preferred contact for our stakeholders and to achieve healthy profitability.

We look forward to that.

Sincerely,

Mark Wilhelms Chief Executive Officer (Interim-CEO)

Annette Stieve Member of the Management Board (CFO)

Dr. Daniel Heymann Member of the Management Board (COO)

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

11 THE MANAGEMENT BOARD
12 LETTER FROM THE MANAGEMENT BOARD
> NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE
3 CONDENSED MANAGEMENT REPORT
4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION

NORMA Group on the Capital Market

〉 Annual General Meeting 2024 approves dividend of EUR 0.45
〉 Investor Relations at NORMA Group honored yet again in the "Investors' Darling" competition
〉 NORMA Group share closes trading year 2024 down 6.8%

Mixed development on stock markets; some leading indexes reaching new highs

Global stock markets turned in mixed performance in 2024. Economic data in the USA was generally positive. It was primarily driven by private consumption and boosted at the end of the year by Donald Trump's announced measures to protect the US economy. In the eurozone and in Germany in particular, the economy deteriorated over the course of the reporting year. Declining industrial production and poor sentiment in the services and construction sectors weighed on the eurozone's competitiveness. The challenging situation in the automotive industry came as a particularly negative factor. Ongoing armed conflicts in Ukraine and the Middle East, as well as political uncertainty in several European countries also had an adverse impact. A decline in energy prices yearover-year and the ECB's interest rate pivot in June – three months before the Federal Reserve – provided support. Further interest rate cuts by the ECB followed in quick succession in September, October and December 2024.

The international stock markets reflected the mixed economic situation in the USA and Europe. The US stock indexes reached new highs in some cases over the course of the year following Donald Trump's re-election as President of the United States and interest rate cuts. The Dow Jones Index, which tracks the performance of the 30 largest US companies, ended 2024 at 42,544 points. This corresponds to an increase of 12.9%. The much broader S&P 500 Index rose - as in 2023 - even more dynamically by 23.3%, ending 2024 at 5,882 points. On December 6, 2024, the S&P 500 remained just below the 6,100 point mark with a new all-time high.

The German stock market showed a mixed picture in 2024. While the DAX benchmark index rose sharply again in the trading year 2024, the performance of the indexes for medium-sized and smaller companies in Germany was negative. The DAX rose by 18.8% over the year and exceeded the previous high of 20,000 points several times in December 2024. At the close of trading on December 31, 2024, the leading index stood at 19,909 points. The SDAX, where NORMA Group is also listed, lost value slightly during the trading year. The index ended the 2024 trading year at 13,711 points, 1.8% below the 2023 year-end level. The MDAX was even weaker with a drop of 5.7%. The index ended the last trading day of 2024 at 25,589 points.

NORMA Group SE – Annual Report 2024 15

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

11 THE MANAGEMENT BOARD
12 LETTER FROM THE MANAGEMENT BOARD
> NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

3 CONDENSED MANAGEMENT REPORT

Performance of the NORMA Group share

The NORMA Group share started the trading year 2024 at a price of EUR 16.34 and developed dynamically from March 2024 towards its annual high of EUR 19.80, which it reached on May 17, 2024. Starting in early April 2024, the stock performed significantly better than both the SDAX and MDAX indexes, occasionally even beating the DAX. From August 2024, however, the share lost value again due to the general market dynamics and reached its lowest price in the trading year 2024 at EUR 11.50 during the course of the day on November 21, 2024. At the end of 2024, the NORMA Group share reached EUR 14.94. Compared to the closing price in 2023 (EUR 16.03), this represents a drop of 6.8%.

The market capitalization of NORMA Group shares, based on an unchanged number of shares of 31,862,400 compared to the previous year, amounted to EUR 476.0 million as of December 30, 2024 (2023: EUR 510.8 million). Measured in terms of the free float market capitalization relevant for determining index membership, which has been 100% since 2013, the NORMA Group share ranked 36th out of 70 in the SDAX at the end of December 2024 (December 2023: rank 45 out of 70 in the SDAX).

NORMA Group SE – Annual Report 2024 16

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

Trading turnover down due to lower trading activity and lower share prices

The average daily Xetra trading volume of the NORMA Group share was 38,646 shares in 2024 (2023: 47,804 shares). The average daily Xetra turnover (number of shares traded multiplied by the respective closing price of the day on which they were traded) of EUR 0.6 million was below the level of the previous year (2023: EUR 0.9 million). This is due to both the lower average share prices and the decline in trading volumes compared to the previous year. The total number of shares traded on average per trading day across all trading venues in 2024 was 115,631 (2023: 141,225 shares). Trading was distributed among the various trading venues as follows:

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> NORMA GROUP ON THE CAPITAL MARKET

23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

3 CONDENSED MANAGEMENT REPORT

Distribution of trading activity in 2024 G004

Voting rights notifications in the fiscal year 2024

According to the voting rights notifications received by the end of December 2024, the following institutional investors hold significant voting rights (at least 3%) in NORMA Group:

Significant voting rights1	T003
Teleios Capital Partners, Zug, Switzerland2	20.98%
SPICE TWO Investment Coöperatief U.A., Amsterdam, Netherlands3	5.00%
Impax Asset Management Group plc, London, UK
Lazard Frères Gestion SAS, Paris, France	3.03%
FMR LLC, Wilmington, USA	3.02%
KBI Global Investors Ltd., Dublin, Ireland	3.01%

1_Significant voting rights pursuant to Sections 33, 38 and 39 WpHG, as at December 31, 2024

2_In the analysis of the entire corporate chain, Igor Kuzniar holds 20.98% of the voting rights via Teleios Capital Partners LLC (Zug, Switzerland)

3_In the analysis of the entire corporate chain, Joseph van Caldenborgh and Nicolaas Hoek hold 5.003% of the voting rights via SPICE Two Investment Coöperatief U.A. (Amsterdam, Netherlands) Further information on the reporting thresholds reached during the year with regard to significant voting rights notifications can be found in the 4 APPENDIX TO THE NOTES. In addition, the voting rights notifications received are published on the company's website. : WWW.NORMAGROUP.COM.

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> NORMA GROUP ON THE CAPITAL MARKET
23 SUPERVISORY BOARD REPORT
23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE
3 CONDENSED MANAGEMENT REPORT

Annual General Meeting 2024 approves dividend of 45 cents per share and new remuneration system

NORMA Group SE held its Annual General Meeting as an in-person event in Frankfurt am Main on May 16, 2024. In total, around 79% of the registered share capital of NORMA Group SE was represented. This figure includes postal votes.

The proposal of the Supervisory Board and the Management Board to distribute a dividend of 45 cents per share was approved by the Annual General Meeting of NORMA Group with a majority of around 99.8%. The total amount distributed amounted to around EUR 14.3 million (2023: EUR 17.5 million). This results in a payout ratio of 32.7% of adjusted consolidated net income of EUR 43.9 million in fiscal year 2023. NORMA Group's dividend strategy provides for a payout ratio of about 30% to 35% of adjusted consolidated net income.

The Annual General Meeting also approved a new remuneration system for the Management Board by a large majority, which the Supervisory Board resolved in March 2024. The system promotes sustainable value creation and the long-term success of NORMA Group. In accordance with the recommendations of the German Corporate Governance Code, remuneration is made up of fixed and variable components. Part of the variable remuneration depends on the achievement of sustainability targets, such as a reduction in CO² emissions in production.

At the 2024 Annual General Meeting, the shareholders also approved all other agenda items with large majorities. This also included the regular election of Mark Wilhelms, Chairman of the Supervisory Board, as a member of the Supervisory Board.

All voting results can be found in the Investor Relations section of the NORMA Group website : WWW.NORMAGROUP.COM.

Directors' Dealings

No transactions were reported to NORMA Group SE as part of Directors' Dealings notifications in 2024. 4 CORPORATE-GOVERNANCE-REPORT

Sustainable Investor Relations activities

NORMA Group's Investor Relations activities seek to further increase awareness of the company on the capital market, strengthen long-term confidence in the company's management and achieve a fair valuation of the company. This implies commenting on the strategy of NORMA Group SE, the operational business development as well as the prospects of the company. To this end, the management and the Investor Relations officers engage in discussions with institutional investors, financial analysts and private shareholders over the course of the year. The company's goal is to maintain constant, transparent and reliable communication with private and institutional investors as well as financial analysts.

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

> NORMA GROUP ON THE CAPITAL MARKET

23 SUPERVISORY BOARD REPORT

23 CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

The traditional communication formats include, on the one hand, legally required mandatory components such as Quarterly Statements, Half-year and Annual Reports, investor presentations and announcements. In doing so, the company regularly informs its shareholders about the strategic and business development of the Group. NORMA Group's Investor Relations team also focuses on continuously developing the digital communication formats, e.g. the investor presentation, and voluntary components of communication, such as the Online Annual Report, in line with the needs of the target audience.

The Management Board and the Investor Relations team conducted twelve roadshows with current and potential new investors in fiscal year 2024. NORMA Group was also represented at the following conferences:

Baader Investment Conference, Munich, Germany
Berenberg European Conference, Pennyhill, Great Britain
Berenberg & Goldman Sachs German Corporate Conference, Munich, Germany
Commerzbank & ODDO BHF Corporate Conference, Frankfurt/Main, Germany
Commerzbank & ODDO BHF German Investment Seminar, New York City, USA
Hamburger Investorentage [Hamburg Investor Days] HIT, Hamburg, Germany
Kepler Cheuvreux German Corporate Conference, Frankfurt am Main, Germany
MWB German Select Conference Roundtable, virtual
ODDO BHF Forum, Lyon, France
Quirin SME Conference, Paris, France
SDK Investor Forum, Hanau, Germany
Warburg Small Cap Selection, Frankfurt am Main, Germany

Broadly diversified shareholder structure regionally

NORMA Group's share has gained international recognition in recent years through active IR work. As a result, the importance of foreign investors has also increased continuously. NORMA Group SE has a broadly diversified regional shareholder base with a high share of international investors, primarily from Switzerland, the USA, the United Kingdom, France and Germany.

At the end of the current reporting year, 0.04% (2023: 0.04%) of the shares were held by management. An additional 7.18% (2023: 6.64%) were held by private investors. The remaining share of around 92.78% was held by institutional investors. The number of private investors at the end of the 2024 fiscal year was 6,742 (Dec. 31, 2023: 6,988).

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23 SUPERVISORY BOARD REPORT
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3 CONDENSED MANAGEMENT REPORT

5 FURTHER INFORMATION

Analysts covering NORMA Group

As of December 31, 2024

As already noted, ongoing, transparent communication with analysts represents a crucial component of investor relations work. As of December 31, 2024, NORMA Group was covered by ten analysts from various banks and research companies. Of these, seven analysts had the share as a buy and three as a hold, as of December 31, 2024. The average target price at the end of December 2024 was EUR 18.61 (2023: EUR 18.70)

Analysts covering NORMA Group	T004
Baader Bank	Peter Rothenaicher
Bankhaus Metzler	Pal Skirta
Berenberg Bank	Yasmin Steilen
Deutsche Bank AG	Nikita Lal
DZ Bank AG	Thorsten Reigber
Hauck & Aufhäuser	Felix Kruse
Kepler Cheuvreux	Dr. Hans-Joachim Heimbürger
ODDO BHF	Klaus Ringel
Quirin Privatbank	Daniel Kukalj
Warburg Research GmbH	Marc-René Tonn

NORMA Group SE – Annual Report 2024 21

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4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION

As of December 31, 2024

Investor Relations at NORMA Group once again honored in the "Investors' Darling" competition

In this year's "Investor's Darling" ranking, NORMA Group was awarded third place out of 70 in the SDAX and 14th place out of 160 in the overall ranking (based on all DAX, MDAX and SDAX companies). In the capital market competition, special recognition was given to the company's reporting and investor relations activities. This includes the subcategories Investor Relations Presentation and Digital Communications, including the Investor Relations website.

Key issues in capital market communications

For NORMA Group, 2024 was driven by extensive personal engagement with existing and potential investors. Management Board and Investor Relations team members attended a number of capital market conferences and met with investors in Germany and abroad. In addition to providing ongoing information on the company's current development, significant progress from the "Step Up" growth and efficiency program was highlighted and discussed with capital market participants in fiscal year 2024. With this action plan, NORMA Group aims to make its operating business even more efficient and productive and therefore drive further profitable growth in its strategically important areas. One of the main communication topics was the initiation of a divestment process for the global activities of the Water Management business, announced on November 28, 2024.

On top of that, numerous meetings and discussions were also held with investors to discuss how the company can best benefit from the megatrends of sustainability, environmental protection and electromobility. The core element here is that NORMA Group wants to align its product developments even more closely with customer needs and offer reliable and mission-critical as well as cost-efficient and resource-saving products and systems that meet current and future market requirements.

Analyst recommendations G006

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3 CONDENSED MANAGEMENT REPORT

4 CONSOLIDATED FINANCIAL STATEMENTS

5 FURTHER INFORMATION

Service for shareholders

The Investor Relations website contains extensive information on NORMA Group and the NORMA Group share. The site provides access to downloadable financial reports and presentations, along with the complete financial calendar. The conference calls on the Quarterly and Annual Reports are recorded and available in audio format. Shareholders and interested parties can sign-up for the mailing list. The contact details of the IR team are also available on the company's website. : WWW.NORMAGROUP.COM

Key figures for the NORMA-Group share T005
	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Closing price on Dec 31 (in EUR)	14.94	16.03	17.00	33.88	41.88	38.00	43.18	55.97	40.55	51.15
Highest price (in EUR)	19.80	26.72	36.02	49.36	42.38	49.26	70.15	63.79	51.54	53.30
Lowest price (in EUR)	11.50	14.78	13.15	31.60	14.38	26.36	40.44	39.95	35.20	38.82
Score of the comparison index1 as of Dec 31	13,711.33	13,960.36	11,925.70	16,414.67	14,764.89	12,511.89	21,588.09	26,200.77	22,188.94	20,774.62
Number of unweighted shares as of Dec 31	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400
Market capitalization (in EUR million)	476	511	542	1,079	1,334	1,211	1,376	1,783	1,292	1,630
Average daily Xetra volume
Shares	38,646	47,804	78,272	58,324	88,689	97,960	95,624	96,906	73,571	88,888
EUR million	0.6	0.9	1.7	2.3	2.4	3.6	5.4	4.7	3.2	4.1
Earnings per share (in EUR)	0.46	0.87	1.23	1.76	0.18	1.83	2.88	3.76	2.38	2.31
Adjusted earnings per share (in EUR)	1.28	1.37	1.75	2.27	0.77	2.76	3.61	3.29	2.96	2.78
Dividend per share (in EUR)	0.40 2	0.45	0.55	0.75	0.70	0.04	1.10	1.05	0.95	0.90
Dividend yield (in %)	3.0 2	2.8	3.2	2.2	1.7	0.1	2.5	1.9	2.3	1.8
Distribution rate (in %)	31.2 2	32.7	31.3	33.0	91.7	1.5	30.5	31.9	32.0	32.3
Price-earnings ratio	32.5 3	18.4	13.8	19.3	232.5	20.8	15.0	14.9	17.0	22.1

1_MDAX score up to and including 2018 and SDAX score since 2019 due to the relegation to the SDAX in September 2019

2_In accordance with the Management Board's proposal for the appropriation of profits, subject to approval by the Annual General Meeting on May 13, 2025

3_Related to unadjusted earnings per share. The P/E ratio based on adjusted earnings per share is 11.7.

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Supervisory Board Report

The Supervisory Board of NORMA Group SE monitored and advised on the activities of the Management Board in fiscal year 2024 in accordance with the legal regulations, the German Corporate Governance Code and NORMA Group SE's Articles of Association.

Kerstin Müller-Kirchhofs Interim-Chairwoman of the Supervisory Board

Meetings of the Supervisory Board in 2024, changes to the Supervisory Board

The Management Board begins each regular Supervisory Board meeting by reporting on the overall economic situation and sector-specific economic expectations. It reports on the current business performance of NORMA Group and explains the earnings position based on key indicators and their development compared to the previous year, the forecast and the budget.

The Management Board presents the risk report at each regular meeting of the Supervisory Board and the Audit Committee. In this context, the risks affecting NORMA Group are assessed in each case at the level of the previous quarter with regard to their probability of occurrence and potential impact, taking countermeasures already initiated and any provisions into account. This risk reporting provides the Supervisory Board and the Audit Committee with a clear understanding of the possible risks that could have a negative impact on the company's asset, financial and earnings position. Accidents at work and occupational safety as well as quality issues and aspects relating to delivery reliability are reported at every ordinary Supervisory Board meeting. The Supervisory Board also addresses employee figures, the ongoing introduction of a standardized ERP system and ESG issues, especially relating to carbon emissions. In addition to the "Step Up" program initiated in 2023 and the continued development of an SBU organization, the Supervisory Board and Management Board regularly discussed key

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topics in 2024, particularly personnel cost developments amid declining sales and strategic options for product portfolio optimization. The respective committee chairs – Rita Forst for the Strategy Committee, Miguel Ángel López Borrego and subsequently Kerstin Müller-Kirchhofs for the Audit Committee, and Mark Wilhelms for the General and Nomination Committee – also reported to the Supervisory Board on committee meetings. Following the meetings with the Management Board, the Supervisory Board held regular internal meetings at which the Management Board was not in attendance.

Seven meetings of the full Supervisory Board were held in 2024.

On March 14, 2024, in Maintal, in addition to standard topics, the discussion included the Consolidated and Annual Financial Statements for 2023 and the Non-financial Group Report, the forecast for fiscal year 2024, the proposal for the appropriation of net income and preparations and invitations for the 2024 Annual General Meeting. In addition, the Supervisory Board discussed the selection of the auditor for the sustainability report, a new, more market-aligned remuneration model for the Management Board and once again confirmed the standard limit of twelve years for Supervisory Board tenure.

At the meeting on April 18, 2024, in Maintal, the President of the Water Management strategic business unit presented the unit's strategy, which was discussed in depth. The Supervisory Board approved a multi-year rental agreement for a larger building in Australia, which is primarily used for distribution, and took part in several hours of ESG training with an external specialist provider.

At the Supervisory Board meeting on May 16, 2024, in Frankfurt am Main following the Annual General Meeting, the Supervisory Board discussed a range of topics including potential improvements at the locations. The focus here was on units with lower-margins compared to the rest of the Group. The Management Board presented the initial results of a review of personnel structures with an external consultant and outlined the initial areas for action.

On July 10, 2024, the Supervisory Board met in Podzamcze (Poland), near the important plant in Pilica. The Management Board presented the Group's strategy. The three Presidents then explained details of the strategy of their respective units. The meeting also covered the structure of production sites and potential M&A projects. The day after this meeting, the Supervisory Board visited the nearby plant in Pilica with the Management Board to gain an on-site impression of automation, capacity utilization of the premises and new products.

On August 21, 2024, the Supervisory Board held a virtual meeting to discuss the failure to acquire shares as part of the 2020 ESG LTI bonus program. In accordance with contractual agreements, the net bonus amounts from ESG LTI were reclaimed; the company has received this payment, which is reflected in the remuneration report.

A meeting was held in Maintal on September 19, 2024, which Kerstin Müller-Kirchhofs attended for the first time as a new member. The Supervisory Board also addressed a legal dispute in the USA. The head of the development department presented and discussed the internal procedures and test processes for product safety and productreadiness. Options for addressing low-margin and strategically non-essential business units were also discussed.

At the last meeting of the year on November 28, 2024, the Supervisory Board and the Management Board discussed the decision to initiate a divestment process for the water business and the publication of this decision. The Supervisory Board also approved the budget for 2025 as well as the medium-term planning and the declaration on the German Corporate Governance Code. The Management Board also presented options for lower-margin business and operating-level improvements.

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All Supervisory Board meetings in 2024 were attended by all members of the Supervisory Board.

In addition, the Supervisory Board passed a resolution outside of a meeting on the acquisition of US tax credits under the Inflation Reduction Act (IRA). This will enable NORMA Group to reduce its tax burden by a small sixfigure amount.

Outside of their meetings and conference calls, the Management Board reports to the Supervisory Board on a monthly basis on how the business is developing at NORMA Group SE and the Group, and provides an up-to-date outlook for the current fiscal year. In addition to these monthly reports and Supervisory Board meetings, the Chairman of the Management Board and the Chairman of the Supervisory Board typically communicate every two weeks.

On May 16, 2024, the day of the Annual General Meeting, Miguel Ángel López Borrego resigned as a member of the Supervisory Board and member and Chairman of the Audit Committee with effect from the end of June 16, 2024. The General and Nomination Committee immediately began the search for a new member. The Hanau Local Court appointed Kerstin Müller-Kirchhofs as a member of the Supervisory Board with effect from September 9, 2024. At the Supervisory Board meeting on September 19, 2024, Kerstin Müller-Kirchhofs was elected Chairwoman of the Audit Committee with effect from September 20, 2024. Kerstin Müller-Kirchhofs will stand for election by the shareholders at the 2025 Annual General Meeting. During the short transition phase, the Supervisory Board had five instead of six members and the Audit Committee had two instead of three. During this period, the Audit Committee lacked a chairperson since Mark Wilhelm, the only financial expert on the Supervisory Board was serving as the Supervisory Board Chairman in the 2024 financial year. This made it impossible to comply with recommendation D3 of the German Corporate Governance Code, which requires that the Audit Committee be chaired by a financial expert who is not simultaneously the Supervisory Board Chairman.

Focus of the Audit Committee's activities in 2024, Discussion of Interim Statements and Interim Reports

The Audit Committee is intensively involved in the audit process of the financial statements, including the evaluation of audit quality. The Audit Committee discussed the focus, procedure and results of the audit of the Annual and Consolidated Financial Statements of NORMA Group SE with the auditors and prepared the resolutions of the Supervisory Board. In addition, the Audit Committee decided on certain permissible non-audit services to be provided by the auditors. The Audit Committee monitored the effectiveness of the internal control system, the risk management system and the internal auditing system as well as the compliance management system. Furthermore, it decided on the audit plan for internal auditing. The Audit Committee discussed the upcoming interim statements and reports with the Management Board. In the past fiscal year, the Audit Committee also addressed the CSRD and the EU Taxonomy, cybersecurity, a refinancing concept, liquidity planning for 2024, the budget for 2025 and medium-term planning.

In 2024, seven meetings of the Audit Committee were held, some of them in person and some of them virtually. Denise Koopmans was unable to attend one meeting; all other meetings were attended by all members. Further details can be found in the table 4 MEETING ATTENDANCE 2024.

Besides CFO Annette Stieve, who attended all Audit Committee meetings, senior executives from Accounting and Reporting, Treasury, Investor Relations & Corporate Responsibility, Internal Audit and Risk Management in particular also made presentations to the Audit Committee.

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In addition to the Audit Committee meetings, regular face-to-face and telephone consultations took place between the Committee Chairman/Chairwoman and the auditors (in part without the Management Board present) and with CFO Annette Stieve.

KPMG's lead audit partner and audit manager attended three Audit Committee meetings.

Main activities of the General and Nomination Committee

The General and Nomination Committee dealt in particular with the assessment and remuneration of the Management Board and the selection of new Management Board members. It is also entrusted with the search for and selection of candidates for vacant Supervisory Board positions. Its tasks also include preparing Supervisory Board resolutions in these areas.

In 2024, the committee dealt with issues including the modernization of the Management Board remuneration system, which was approved by a large majority at the Annual General Meeting in May 2024. The share acquisition rules as part of the expiring LTI bonus system required detailed attention. The preparation of the adjustment to Supervisory Board remuneration, which is to be proposed to the 2025 Annual General Meeting, was also addressed. One focus of the committee's activities was the search for new members of the Supervisory Board following the resignation of Miguel Ángel López Borrego in May 2024 and the upcoming end of Erika Schulte's term at the 2025 Annual General Meeting.

Five meetings of the General and Nomination Committee were held in the 2024 fiscal year. All members attended all meetings. Details on attendance can be found in the table below 4 MEETING ATTENDANCE 2024.

Main activities of the Strategy Committee

The Strategy Committee deals in particular with NORMA Group's long-term orientation towards the various end markets and megatrends. The committee also addresses the impacts of climate change on NORMA Group's business and the sustainability of its products and production, as well as the development of CO2 emissions. The committee oversees the innovation process and international expansion of the strategic business units Industry Applications, Mobility & New Energy and Water Management, across the regions. The necessary adjustments to structures and resources will be presented and discussed by the Management Board. In the 2024 fiscal year, the Strategy Committee examined the branding strategy, the transition to a higher proportion of Industry Applications and Water Management business, the M&A strategy and the further automation of production.

The Strategy Committee held three meetings in 2024. The meetings were always held in Maintal and were attended by all members on site. Details of the participants can be found in the table 4 MEETING ATTENDANCE 2024.

Besides the Chairman of the Management Board, who attended all meetings, the NORMA Group managers responsible also took part in the Strategy Committee meetings on the respective topics.

Training activities, no conflicts of interest, meeting attendance

In 2024, the Supervisory Board's training and development measures focused on introducing the new members and updating the induction documents. The Supervisory Board also received further training on ESG with the support of an external consultant.

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There were no conflicts of interest on the Supervisory Board in the 2024 fiscal year.

With the exception of one meeting of the Audit Committee, which Denise Koopmans was unable to attend, all members of the Supervisory Board and the committees took part in all meetings of the Supervisory Board and the committees. The meetings and other resolutions of the Supervisory Board were held partly in person and in part by video conference.

The following table shows the respective attendance at meetings (p = in person, v = via video conference, e = excused).

Meeting attendance 2024							T006
	Mark Wilhelms1	Erika Schulte	Rita Forst	Denise Koopmans	Kerstin Müller-Kirchhofs	Dr. Markus Distelhoff	Miguel Ángel López Borrego
Supervisory Board
Mar. 14, 2024	p	p	p	p	2 -	p	v
Apr. 18, 2024	p	p	p	p	2 -	p	p
May 16, 2024	p	p	p	p	2 -	p	p
Jul. 10, 2024	p	p	p	p	2 -	p	3 -
Aug. 21, 2024	v	v	v	v	2 -	v	3 -
Sep. 19, 2024	p	p	p	p	p	p	3 -
Nov. 28, 2024	p	p	p	p	p	p	3 -
Audit Committee
Feb. 8, 2024	v			v	2 -		v
Mar. 13, 2024	p	Not a member	Not a member	v	2 -		v
May 2, 2024	v			v	2 -	Not a member	v
Aug. 8, 2024	v			e	2 -		3 -
Sep. 18, 2024	p			v	2 -		3 -
Oct. 31, 2024	v			v	v		3 -
Nov. 27, 2024	p			p	p		3 -
Strategy Committee
Mar. 13, 2024		p	p			p
Sep. 18, 2024	Not a member	p	p	Not a member	Not a member	p	Not a member
Nov. 27, 2024		p	p			p
General and Nomination Committee
Mar. 5, 2024	v	v	v
May 19, 2024	v	v	v
Jul. 12, 2024	v	v	v	Not a member	Not a member	Not a member	Not a member
Jul. 25, 2024	p	p	p
Oct. 29, 2024	v	v	v
Total (in %)	100 %	100%	100%	93%	100%	100%	100%

p_physical participation; v_participation via video conference; e_excused, no participation

1_Chairman of the Supervisory Board in the 2024 fiscal year and until the end of February 17, 2025; assumption of the interim CEO role with effect from February 18, 2025; the Supervisory Board mandate is suspended during the interim CEO role for a transitional period of a maximum of one year until February 17, 2026.

2_Court-appointed member of the Supervisory Board effective September 9, 2024; member and Chairwoman of the Audit Committee since September 20, 2024; Interim Chairwoman of the Supervisory Board since February 18, 2025. 3_Miguel Ángel López Borrego resigned from his positions as a member of the Supervisory Board and as a member and Chairman of the Audit Committee effective June 16, 2024.

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Information on the auditor for the 2024 fiscal year

The 2024 Annual Financial Statements of NORMA Group SE presented by the Management Board and the Consolidated Financial Statements with the Condensed Management Report were audited by KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG). The audit mandate for the 2024 financial statements was issued on November 19, 2024. In addition, as part of the audit, the auditor also had to assess whether the electronic reproduction of the financial statements and the management report ("ESEF documents") prepared by the Management Board for disclosure purposes comply in all material respects with the requirements of Section 328 (1) of the German Commercial Code (Handelsgesetzbuch, HGB). The 2024 audit is KPMG's second audit of NORMA Group.

The auditors attended a Supervisory Board meeting on March 14, 2024, and an Audit Committee meeting on March 13, 2024, September 18, 2024 and November 27, 2024, where they discussed the audit.

Adoption of the 2024 Annual Financial Statements and the Separate Consolidated Non-Financial Statement

The Consolidated Financial Statements of NORMA Group SE were prepared in accordance with Section 315e HGB on the basis of the International Financial Reporting Standards (IFRS) as applicable in the EU. The auditor issued unqualified audit opinions for the 2024 Annual Financial Statements and for the Consolidated Financial Statements with the Condensed Management Report. Furthermore, the Remuneration Report was audited by the auditor without any objections being raised. The Remuneration Report is part of the Condensed Management Report. The documents relating to the financial statements and the Management Board's proposal for the appropriation of net profit, as well as the two auditor reports, were submitted to the Supervisory Board. The Audit Committee and the Supervisory Board as a whole examined the reports in detail and discussed and scrutinized them at length in the presence and with the participation of the auditor. The Supervisory Board concurred with the results of the audit by the auditor. No objections were raised.

The Supervisory Board then approved the 2024 Annual Financial Statements of NORMA Group SE and the 2024 Consolidated Financial Statements, together with the respective Condensed Management Report at its meeting on March 20, 2025. The Supervisory Board approved the proposal on the appropriation of net profit by the Management Board. NORMA Group SE's Annual Financial Statements are thereby adopted in accordance with Section 172 of the German Stock Corporation Act (Aktiengesetz, AktG).

The Audit Committee and the Supervisory Board also examined the separate Non-financial Group Statement for NORMA Group prepared by the Management Board as of December 31, 2024. KPMG AG Wirtschaftsprüfungsgesellschaft conducted a limited assurance engagement and issued an unqualified opinion. As part of the audit of the Consolidated Financial Statements, the disclosures relating to CO2 emissions were even carried out with reasonable assurance. The Management Board explained the documents in detail at its meetings, while representatives of the auditor reported on the main findings of their audit and answered further questions from the members of the Supervisory Board. The Supervisory Board had no objections after reviewing these results.

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Declaration of Conformity with the German Corporate Governance Code

The Supervisory Board and Management Board reviewed the requirements of the German Corporate Governance Code. The Corporate Governance Declaration made by NORMA Group SE dated December 13, 2024, as well as the supplementary update of February 28, 2025 and the declarations from past years are available on the company's website at : WWW.NORMAGROUP.COM.

On behalf of the entire Supervisory Board, I would like to thank all employees worldwide and the Management Board of NORMA Group for their personal commitment and dedicated work in the past challenging financial year. Our thanks also go to the shareholders who continue to place their trust in NORMA Group even in challenging times. The Supervisory Board looks forward with confidence to the development of NORMA Group into a #NewNORMA and wishes the entire NORMA Group team every success on this path.

Kerstin Müller-Kirchhofs Interim-Chairwoman of the Supervisory Board

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Corporate Governance Report and Declaration on Corporate Governance

The following is the Management Board's and Supervisory Board's report in accordance with § 289f of the German Commercial Code (HGB) and the regulations of the German Corporate Governance Code. The management of NORMA Group is dedicated to achieving sustained economic success while complying with the company's social responsibility. Transparency, responsibility and sustainability are the principles that determine its actions.

Declaration of Conformity with the German Corporate Governance Code

The Supervisory Board and Management Board of NORMA Group SE have examined in detail the recommendations and suggestions of the German Corporate Governance Code that NORMA Group SE should follow and, explain which recommendations are deviated from this and which reasons were decisive for this. The Declaration of Conformity dated December 13, 2024, its update of February 28, 2025 and all other previous Declarations of Conformity are published in the Investor Relations section of the NORMA Group SE website. : WWW.NORMAGROUP.COM

The declaration of December 13, 2024, reads as follows:

With the following exception, NORMA Group SE has complied since its last declaration had been submitted on December 15, 2023, and continues to comply, with the recommendations of the German Corporate Governance Code as published by the Federal Ministry of Justice in the official section of the Federal Gazette ('Bundesanzeiger') in the version dated April 28, 2022, published on June 27, 2022, in the Bundesanzeiger:

G.10, sentence 2:

According to recommendation G.10 sentence 2 of the German Corporate Governance Code, the members of the Management Board should not be permitted to dispose of the long-term variable grant contributions until after four years. The remuneration system for the Management Board provides for a long-term incentive ("LTI") with a four-year shareholding requirement. As a result of the end of Dr. Schneider's and Dr. Klein's employment contracts, the four-year shareholding obligation of the tranches of the LTI open at the time of the end of the respective employment contract is being reduced to one year. This means that these departing members of the Management Board can dispose of the tranches of the LTI still outstanding at the end of their employment contract before the end of the four-year period.

No recommendation of the German Corporate Governance Code was not applicable due to overriding statutory provisions.

The Declaration of Conformity last issued by the Management Board and Supervisory Board of NORMA Group SE on December 13, 2024 was amended on February 28, 2025 by updating it as follows:

Recommendation D.3 sentence 5:

In accordance with recommendation D.3, sentence 5 of the Code, the Chair of the Supervisory Board shall not chair the Audit Committee. With effect as of 18 February 2025, the Supervisory Board of NORMA Group SE has elected the Chair of the Audit Committee of the Supervisory Board, Ms Kerstin Müller-Kirchhofs, also as Chair of the Supervisory Board on a transitional basis. The reason for this is that, after the previous Chair of the

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Management Board left the company, the previous Chair of the Supervisory Board, Mr Mark Wilhelms, was appointed, with effect as of 18 February 2025, as a member and Chair of the Management Board of NORMA Group SE on a transitional basis for a maximum of one year. Mr Wilhelms' term of office as a member of the Supervisory Board is suspended for the duration of his activities on the Management Board. It is planned that Mr Wilhelms' positions on the Management Board will end as soon as the Supervisory Board has found and appointed a new Chair of the Management Board. Mr Wilhelms shall then resume his activities on the Supervisory Board and once again take over as Chair of the Supervisory Board. As a result, NORMA Group SE will again be in compliance with the recommendation D.3, sentence 5 of the Code.

The Declaration of Conformity of 13 December 2024 otherwise remains unchanged.

Published documents on remuneration and auditor's opinion

The Remuneration Report for the last fiscal year, the auditor's opinion, the applicable remuneration system and the last resolution on remuneration (Annual General Meeting 2024) are publicly available on the company's website. : WWW.NORMAGROUP.COM.

Information on Corporate Governance practices

In addition to the statutory regulations on Corporate Governance practices, further internal regulations can be found in the Articles of Association of NORMA Group SE and the Rules of Procedure of the Supervisory Board and the Management Board : WWW.NORMAGROUP.COM. Further rules of conduct result from the compliance guidelines presented below.

Compliance

NORMA Group SE's compliance organization seeks to prevent violations of laws and other rules, in particular by taking preventive measures. Nevertheless, if there is evidence of violations, these matters are investigated promptly and thoroughly and the necessary consequences are taken. Findings are used to take steps to reduce the risk of future violations. Concrete steps are defined, implemented and tracked annually in a "Compliance Action Plan."

Group-wide compliance activities are managed by the Chief Compliance Officer of NORMA Group SE. The Chief Compliance Officer regularly reports to the Executive Vice President Integrity and is able to report directly to the Chairman of the Management Board if necessary. In addition to the Compliance department in place at the Group level, there are Compliance Delegates at the regional and individual company levels. The three regional Compliance Delegates for the EMEA, Americas and Asia-Pacific regions report to the Compliance department at NORMA Group. In addition, each operating Group company has its own local Compliance Delegate, who reports to the respective Regional Compliance Delegate. The Supervisory Board is responsible for monitoring the appropriateness of the Compliance Management System.

In the current fiscal year, by establishing the "Compliance Committee," the company formalized a body for discussing current compliance matters and coordinating necessary measures. Permanent members of the Compliance Committee are representatives of Compliance, Legal and Internal Audit & Risk Management. As a rule, the Compliance Committee meets at least quarterly and, if necessary, outside of regular meetings. The compliance organization conducts risk analyses together with the relevant units, functions and specialist departments, on the basis of which the compliance organization identifies the need for action and initiates appropriate measures.

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Employee training courses are held regularly on selected risk areas and important current topics or developments. In addition to training on specific focus topics, all employees worldwide are trained on the basic compliance rules and important content of the compliance policies. Participation in these training courses is documented and monitored. The training courses of fundamental importance, which must be completed as basic training by all NORMA Group employees with a PC workstation, include the online training courses "Code of Conduct & Compliance Basics" and "Anti-Corruption." Depending on the job profile, employees must attend specific focus training sessions (including 'Antitrust law'). Refresher training courses are offered as required. In addition, all employees with a PC workstation must complete the "Data Protection" Integrity training course every year. Relevant employees are also assigned the "Information Security Basics" training course on an annual basis. In the 2024 fiscal year, all office employees were also assigned the "Speak up!" training course, which provides detailed information on whistleblowing. For production personnel, particularly those in manufacturing areas without regular computer access, the company provides compliance information in accessible formats such as Compliance Safety Cards and posters in relevant languages, ensuring essential compliance tenets are effectively communicated. The compliance organization also offers face-to-face training on an ad hoc basis, if necessary. Employees also receive relevant, up-to-date compliance information regularly and on an ad hoc basis via various information channels, the intranet, brochures, e-mails and notices. Key training figures are reported in the CR report.

The : COMPLIANCE GUIDELINES of NORMA Group represent an important means of communicating to employees the Group's understanding of compliance and demonstrating their ethical and legal obligations. All compliance documents undergo regular review and are updated as needed to reflect new legal or social requirements, ensuring they remain current at all times.

The compliance guidelines also include requirements in the area of : HUMAN RIGHTS (including forced and child labor, freedom of association and anti-discrimination). A separate Code of Conduct ("Supplier Code of Conduct") applies to suppliers. The Supplier Code of Conduct is intended to help ensure that laws and ethical rules are also observed within NORMA Group's supply chain. The compliance guidelines are reviewed and updated regularly to assess the need for changes. By establishing the "Human Rights Committee" as a sub-committee of the Compliance Committee in the past fiscal year, the company created a dedicated forum for the targeted discussion and assessment of potential human rights violations. The Human Rights Committee's permanent members include representatives from HR and Corporate Responsibility alongside members of the Compliance Committee. The Human Rights Committee usually meets every six months and also outside of regular meetings if required.

NORMA Group encourages its employees to report violations of regulations and internal policies – including across hierarchical levels if necessary. Employees have various reporting channels at their disposal for this purpose, including an electronic : WHISTLEBLOWER SYSTEM. This whistleblower system allows internal and external whistleblowers to report suspicious cases to NORMA Group's Compliance organization and, if necessary, to maintain their anonymity. Additionally, NORMA Group offers other appropriate reporting channels, such as personal reporting to NORMA Group Compliance. In addition to the central internal reporting channel (electronic or in-person), NORMA Group offers supplementary or alternative reporting channels at all locations where required by local laws In addition, any member of NORMA Group's compliance organization can be contacted at any time regarding all questions and issues related to compliance.

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The reporting system is regularly reviewed for both suitability and appropriateness, particularly in relation to the requirements of Directive (EU) 2019/1937 of the European Parliament and of the Council of October 23, 2019 on the protection of persons who report breaches of Union law (the 'Whistleblower Protection Directive') and its implementing legislation in the member states. The system is adapted if necessary. NORMA Group is closely monitoring further developments with regard to the implementation in national laws by individual EU member states in which NORMA Group also operates reporting channels, which in some cases are not in compliance with the EU Directive. Necessary adjustments are made if required.

The members of the compliance organization investigate compliance violations. If violations of compliance rules are discovered or weaknesses in the organization are identified, the management initiates the necessary and appropriate measures in consultation with the compliance organization in a timely manner. These measures range, depending on the specific individual case, for example, from targeted training measures to changes in organizational procedures to disciplinary measures including termination of employment.

Corporate Responsibility, ESG and Climate Change

The corporate responsibility strategy and specific targets are explained in particular in the Non-financial Statement. As part of the rising importance of Corporate Responsibility and ESG (Environmental, Social, Governance) issues, the Supervisory Board, Management Board and employees are paying more attention than ever to the resulting effects. NORMA Group is increasingly focusing on products and solutions dedicated to the transformation to alternative drive systems.

The Strategy Committee deals specifically with the impacts of climate change. In addition, the development of NORMA Group's CO2 emissions is discussed at every Supervisory Board and Management Board meeting. The development CO2 emissions compared to a range of targets has been a component of Management Board remuneration at NORMA Group since 2020.

CFO Annette Stieve is responsible for Corporate Responsibility and ESG on the Management Board.

Description of the working methods of the Management Board and Supervisory Board as well as the composition and working methods of their committees

NORMA Group SE follows the dual management system. The Management and Supervisory Boards are separate bodies that have different functions and powers. The Management Board manages the company under its own responsibility. The Supervisory Board appoints, advises, monitors and dismisses members of the Management Board.

The Management Board provides the Supervisory Board with regular updates about its business policies, how the business is developing, the position of the company and any transactions that could have a significant impact on profitability or liquidity. The Management Board reports the key figures of the Group and the current course of business to the Supervisory Board on a monthly basis, in particular with regard to the published guidance on the expected development of the company. Based on the written documents that were submitted to the Supervisory Board in advance, the members of the Management Board report in great detail on business developments and provide an outlook on the expected development of NORMA Group at the Supervisory Board meetings. Other recurring topics at all meetings include the monthly and quarterly figures, risk analysis and measures aimed at minimizing any risks that were identified, reports from the chairpersons of the Audit Committee, General and

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Nomination Committee and Strategy Committee on previous meetings held and strategic projects. Further details on the matters addressed by the Supervisory Board in 2024 can be found in the 4 SUPERVISORY BOARD REPORT. All Management Board members participate in the Supervisory Board meetings. The Supervisory Board usually meets without the Management Board either before or after their joint sessions.

The Chairmen of the Supervisory Board and the Management Board coordinate the collaboration of the two boards. They also remain in regular contact between Supervisory Board meetings, typically every two weeks, and discuss current management issues. The Chairman of the Audit Committee and the CFO also consult with each other.

In accordance with the legal requirements, the Management Board's Rules of Procedure, and the Articles of Association of NORMA Group SE, the Supervisory Board must approve certain important transactions before they can be executed by the Management Board and the Group's employees. This applies not only for measures at NORMA Group SE itself, but also for measures at its subsidiaries. NORMA Group operates a structured global approval system to ensure that matters requiring Supervisory Board approval are communicated to the Management Board in a timely manner from all subsidiaries.

Management Board, regional management and SBUs

The CVs of the Management Board members on duty are posted on the company's website : WWW.NORMAGROUP.COM.

Responsibilities of the Management Board T007

Member of the Management Board	Responsibilities 2024
Guido Grandi Chief Executive Officer (CEO, June 1, 2023 until February 17, 20251 Member of the Management Board, June 1, 2023 - February 17, 20251 Born in 1971 Nationality: German Last appointed: 2023	Group Development Group Communications Regional Organization Sales Marketing Human Resources & Integrity Legal and M&A Product Development Research & Development Divisional Organization
Dr. Daniel Heymann Chief Operating Officer (COO) since May 1, 2023 Born in 1982 Nationality: German Last appointed: 2023 Appointed until: April 30, 2026	Production Purchasing Supply Chain Management Operational Global Excellence Information and Communication Technology (ICT) Quality Assurance Environment, Health and Safety (EHS) Project Management
Annette Stieve Chief Financial Officer (CFO) since October 1, 2020 Born in 1964 Nationality: German Last appointed: 2023 Appointed until: September 30, 2026	Finance & Reporting Controlling Treasury & Insurances Investor Relations Corporate Responsibility and ESG (Environment, Social, Governance) Risk Management & Internal Auditing

1_Status of the allocation of responsibilities as at December 31, 2024 and as at the end of February 17, 2025; For further information on the change in the Executive Board announced on February 17, 2025, please refer to the section 4 SIGNIFICANT EVENTS AND DEVELOPMENTS.

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Resolutions of the Management Board are passed by simple majority. The Chairman of the Management Board has the deciding vote if the vote is tied. However, the members of the Management Board are required to make an effort to reach unanimous decisions. If a member of the Management Board cannot participate in a vote, their vote/ opinion will be obtained at a later date. The entire Management Board is responsible for matters of great importance. In accordance with the rules of procedure of the Management Board, these include the following areas: producing the Management Board reports for the purpose of informing the Supervisory Board and the quarterly and half-yearly reports, fundamental organizational measures, including the acquisition or disposal of significant parts of companies and strategic and business planning issues, measures related to the implementation and supervision of a monitoring system pursuant to Section 91 (2) of the German Stock Corporation Act, issuing the Declaration of Conformity pursuant to Section 161 (1) of the German Stock Corporation Act, preparing the Consolidated and Annual Financial Statements and similar reports, convening the Annual General Meeting and inquiries and recommendations by the Management Board that are to be handled and resolved by the Annual General Meeting. In addition, every Management Board member may request that a specific issue be dealt with by the entire Management Board.

Management Board meetings are usually held at least once a month. In addition, the Management Board meets at short notice if required. The Management Board has not formed any committees.

Every Management Board member is obliged to inform the Supervisory Board immediately, as well as the other members of the Management Board, of any conflicts of interest. No such conflicts of interest arose for a member of the Management Board in 2024.

Any transactions between NORMA Group companies and Management Board members, their related parties, or their business interests require Supervisory Board approval. No such transactions were concluded in 2024.

Any secondary activities undertaken by Management Board members also require Supervisory Board approval. Details concerning secondary activities can be found on the company's website. : WWW.NORMAGROUP.COM

The remuneration of the Management Board is outlined in the 4 REMUNERATION REPORT.

As part of long-term succession planning, the Supervisory Board developed candidate profiles for all three Management Board positions with external consultants during the search for new members. The Supervisory Board's Rules of Procedure also stipulate that the Supervisory Board shall take diversity into account in the composition of the Management Board.

The Management Board conducts annual talent reviews, during which measures for the development of managers are defined, and reports to the Supervisory Board on the results of these analyses and possible candidates for succession to the Management Board.

The age limit for members of the Management Board has been set at 65 in the Supervisory Board's Rules of Procedure. No member of the Management Board currently reaches this age limit; this is also not foreseeable during the term of the current contracts. : WWW.NORMAGROUP.COM

Regional presidents represent the Group locally in the three regions EMEA, Americas and Asia-Pacific. The presidents are each responsible for one of the strategic business units that are currently being established. Regional headquarters are located in Singapore for the Asia-Pacific region, Auburn Hills, USA, for the Americas region and Maintal, Germany, for the EMEA region. NORMA Group's managers work within a matrix structure, where they report to both a line manager and a functional manager.

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Information on the internal control system can be found in the 4 RISK AND OPPORTUNITY REPORT.

Supervisory Board: members, election, independence and length of Supervisory Board membership

The Supervisory Board of NORMA Group SE consisted of the following members in 2024:

Mark Wilhelms (Chairman of the Supervisory Board)²
Erika Schulte (Vice Chairwoman of the Supervisory Board)
Dr. Markus Distelhoff
Rita Forst
Denise Koopmans
Kerstin Müller-Kirchhofs (since September 9, 2024)³
Miguel Ángel López Borrego (until June 16, 2024)

Mark Wilhelms was re-elected at the Annual General Meeting on May 16, 2024.

NORMA Group SE is not a codetermined company; therefore, worker representatives are not represented on its Supervisory Board. All members of the Supervisory Board were elected by the Annual General Meeting and are therefore shareholder representatives.

The Chairman of the Supervisory Board represents the Supervisory Board externally. He organizes the work of the Supervisory Board and chairs its meetings. Supervisory Board resolutions can be adopted by simple majority, with the Chairman having the casting vote in the event of a tie.

The objectives for the composition of the Supervisory Board include that all members are independent, no member works for a competitor of NORMA Group, no member who is a member of the management board of a listed company holds more than two supervisory board mandates at listed companies and no member of the Supervisory Board has material conflicts of interest. In addition, the Supervisory Board shall pay attention to international experience and diversity when making proposals for the election of new members.

The standard limit for membership of the Supervisory Board is twelve years. The age limit for Supervisory Board members is 75.

These objectives were all achieved in fiscal year 2024. Denise Koopmans is Dutch. Miguel Ángel López Borrego is a Spanish citizen. The other members of the Supervisory Board are German and typically have extensive international experience. All members of the Supervisory Board of NORMA Group SE have been on the Supervisory Board for less than twelve years: Rita Forst and Mark Wilhelms since 2018, Miguel Ángel López Borrego since 2021 and until 2024, Denise Koopmans and Dr. Markus Distelhoff since 2023, Kerstin Müller-Kirchhofs since 2024. Erika Schulte has been a member of the Supervisory Board since 2013. She has been elected until the 2025 Annual General Meeting and will not stand for re-election as she has exceeded the twelve-year term limit. All members of the Supervisory Board are also under 75 years of age.

² Chairman of the Supervisory Board in the 2024 fiscal year and until the end of February 17, 2025; assumption of the interim CEO role with effect from February 18, 2025; the Supervisory Board mandate is suspended during the interim CEO role for the transitional period of a maximum of one year until February 17, 2026.

³ Court-appointed member of the Supervisory Board with effect from September 9, 2024; Member and Chairwoman of the Audit Committee since September 20, 2024; Interim Chairwoman of the Supervisory Board since February 18, 2025.

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3 CONDENSED MANAGEMENT REPORT
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All members of the Supervisory Board are independent of the company and the Management Board within the meaning of the German Corporate Governance Code. This includes the Chairman of the Supervisory Board, who is also the Chairman of the General and Nomination Committee, as well as the Chairman of the Audit Committee. No member of the Supervisory Board and no close family member were previously a member of the Management Board of NORMA Group SE or one of its predecessor companies at the time they were elected as a member of the Supervisory Board. Furthermore, no Supervisory Board member, either directly or indirectly as a shareholder or in an executive capacity at a non-Group company, maintained any material business relationship with NORMA Group SE or its dependent companies in the year prior to their appointment, nor is any member a close family member of a Management Board member.

NORMA Group SE does not have a controlling shareholder. Therefore, there are no dependencies in this regard either. The Chairman of the Audit Committee is accordingly independent of a controlling shareholder. The skill set for the Supervisory Board as a whole is met by the current members as a whole.

Competence profile of the Supervisory Board members and qualification matrix T008

	Mark Wilhelms4	Erika Schulte	Dr. Markus Distelhoff	Rita Forst	Denise Koopmans	Kerstin Müller Kirchhofs4
Knowledge of the industry and international markets, in particular the automotive industry, and of NORMA Group's business model	Extensive experience in the automotive industry, with OEMs and suppliers; experience in a multitude of international roles	Industrial experience through many years as CIO and head of general administration at an internationally active machine and plant manufacturer	Active in the automotive industry since 1997	Very pronounced global experience in the automotive sector	General industrial experience (Offshore Fabrication Services, Construction, Electronic Manufacturing Services)	Many years of experience in the manufacturing industry, including distribution (industrial gases, engineering plastics, industrial SMEs)
Knowledge of production and sales, as well as in research and development in industrial companies	Production, sales and development roles at OEM; responsible for global after market at a supplier	Business process optimization (including materials management, production and sales); implementation of SAP and CAD systems in design and development at an international industrial company	Several years of experience each in development, sales and production	Experience particularly in the areas of research and development, project management and production	Experience in development, project management, production, mechanical engineering, electronic manufacturing and construction	Experience with production and sales from a CFO perspective in industrial companies

⁴ Competence profile of the Supervisory Board and qualification matrix based on the existing composition as of December 31, 2024.

Competence profile of the Supervisory Board and qualification matrix (continued)

2 TO OUR SHAREHOLDERS		Mark Wilhelms5	Erika Schulte	Dr. Markus Distelhoff	Rita Forst	Denise Koopmanns	Kerstin Müller Kirchhofs5
11 THE MANAGEMENT BOARD 12 LETTER FROM THE MANAGEMENT BOARD 14 NORMA GROUP ON THE CAPITAL MARKET 23 SUPERVISORY BOARD REPORT > CORPORATE GOVERNANCE REPORT AND DECLARATION ON	Experience as an executive at a company or member of a supervisory board	Former board member of a listed company, managing director of supplier companies, board member of Novem Group SA, Kongsberg Automotive ASA	CIO of an industrial company; Managing Director of various municipal companies	Several years of experience as a departmental head, business unit head, and chairman of the management board.	Former member of the Management Board of Adam Opel AG, former Chairwoman of the Management Board of Opel PT Deutschland GmbH, and member of various supervisory and advisory boards in Germany, Ireland, the UK, and Canada.	Broad experience as CEO and board member of international listed and private companies	Chief Financial Officer of an industrial holding company in the Prime Standard; CFO in production and distribution companies, acting spokeswoman of the management board
CORPORATE GOVERNANCE	Intern. professional experience § 2 rules of	Several years abroad in the UK, USA, and Belgium; multiple years of responsibility for international subsidiaries as a board member and managing director	Responsibility for international projects (e.g., the implementation of SAP at all locations of a globally operating industrial company with 60 subsidiaries worldwide).	Several years of professional experience, including five years in the UK and four years in India	Stays abroad in the USA and Italy, leading international engineering teams in a global work environment	Many years of stays abroad in the USA and Europe.	Work experience in international teams as an auditor; responsibility for a global industrial group as CFO with manufacturing facilities and sales companies in the EU, China and North America and acting chairperson of the management board
3 CONDENSED MANAGEMENT REPORT	procedure
4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION
	Knowledge of assessing NORMA Group's financial position, accounting and auditing, (including sustainability reporting and its audit), as well as controlling	Long-standing CFO role at a listed company; extensive controlling experience from several years of international activity	Managing Director of a GmbH (limited liability company) and CIO in charge of the business center at an industrial company	Several years of experience as Chairman of the Management Board/CEO	Experience in particular as Chairwoman of the Management of a German subsidiary of GM.	Chairwoman of the audit committee of two listed companies, CEO role	Many years of experience as an auditor and CFO of several industrial companies, including listed companies
	Knowledge in the areas of risk management, the internal control system and compliance	Several years of experience in the General Auditor's Office (GAO), long-term position as CFO, chairman of the audit committee	Responsibility for occupational safety, plant security and environmental protection, as well as CIO role in an industrial company	Several years of experience as chairman of the management board/CEO	Experience as an independent compliance monitor and auditor as well as member of audit committees at other companies	Experience as Chief Legal Officer; member of the audit and risk committee	Many years of experience as an auditor and CFO of several industrial companies, including listed companies

⁵ Competence profile of the Supervisory Board and qualification matrix based on the existing composition as of December 31, 2024.

2 TO OUR SHAREHOLDERS		Mark Wilhelms6	Erika Schulte	Dr. Markus Distelhoff	Rita Forst	Denise Koopmanns	Kerstin Müller Kirchhofs6
11 THE MANAGEMENT BOARD	Knowledge of the capital market and how it	CFO of a listed company with experience in IPOs and capital increases	Long-standing membership on the Supervisory Board/Audit Committee	Several positions in listed companies and experience with M&A activities/ transactions	Experience as a member of the Supervisory Board of various listed companies in Germany, Ireland, the UK and Canada	Member of the Supervisory Board of various listed companies	Activity as Chief Financial Officer of a company listed in the Prime Standard
12 LETTER FROM THE MANAGEMENT BOARD	works, including the perspective of investors and the requirements of capital market and stock exchange law
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23 SUPERVISORY BOARD REPORT > CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE 3 CONDENSED MANAGEMENT REPORT	Knowledge of IT systems, including ERP systems	Multi-year ERP experience in operations and rollout of new systems across various locations; cloud migration project implementation as the IT Managing Director at Stabilus and in	Specialized expertise through long term experience as CIO at an industrial company and at IT service providers	Broad experience as ERP/SAP user, particularly in sales and production	Experience with digital transformation and migration processes in the context of globalization and joint venture activities	Broad experience with digital transformation processes, migration, etc.	Experience in ERP/SAP applications and update/rollout, particularly from a financial perspective
4 CONSOLIDATED		the automotive sector
FINANCIAL STATEMENTS	Know-how in	Experience in	Responsibility for environmental protection at an industrial company; member of WissensRegion FrankfurtRhein	By annual audit participation in the role as Chief Executive Officer	Experience as a member of the ESG committee at other companies	Experience in construction, logistics, manufacturing and media as a Supervisory Board member and Chair of the	Experience with the preparation of non-financial reports and introduction of the EU taxonomy as CFO, since then
5 FURTHER INFORMATION	sustainability	establishing ESG frameworks, conducting audits, and professional development as part of board
		level responsibilities	Main			Audit Committee	regular further training

Competence profile of the Supervisory Board and qualification matrix (continued)

No Supervisory Board member who is not a member of the management board of a listed company has more than five supervisory board mandates at non-Group listed companies or comparable roles. No member of the Supervisory Board who is a member of the management board of a listed company holds more than two supervisory board positions or performs comparable roles.

⁶ Competence profile of the Supervisory Board and qualification matrix based on the existing composition as of December 31, 2024

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The positions held and other mandates on supervisory boards or comparable supervisory bodies of the members of the Supervisory Board of NORMA Group SE exercised in fiscal year 2024 are included in the following table:

Other mandates of the Supervisory Board members T009
Supervisory Board member Current occupation Service period on body	Other mandates on Supervisory Boards and comparable committees
Kerstin Müller-Kirchhofs (Interim-Chairwoman of the Supervisory Board)1 Consultant Court-appointed member since 2024	No positions on other boards or comparable committees
Mark Wilhelms2 Member since 2018 (office suspended since February 18, 2025)	Until August 2024, member of the supervisory board of Novem Group SA, Luxembourg/ Vorbach, Luxembourg/Germany (listed company)
Erika Schulte (deputy chairperson) Managing Director of Brueder Grimm Berufsakademie Hanau GmbH and freelance consultant3 Member since 2013	No positions on other boards or comparable committees
Rita Forst Consultant Member since 2018	Member of the Board of Directors (Non-Executive Director) of AerCap Holdings N.V., Dublin, Ireland (listed company) Member of the Advisory Board of iwis SE & Co. KG (formerly Joh. Winklhofer Beteiligungs GmbH & Co. KG), Munich, Germany (not listed)4 Member of the Supervisory Board (Non-Executive Director) of Johnson Matthey PLC, London, UK (listed company)
Denise Koopmans Consultant Member since 2023	Member of the Board of Directors (Non-Executive Director) of Cicor Technologies AG, Boudry, Switzerland (listed company) Member of the Supervisory Board of Royal BAM Group NV, Bunnik, Netherlands (listed company) Member of the Board of Directors (Non-Executive Director) of Swiss Post, Bern, Switzerland (not listed) Member of the Board of Directors (Non-Executive Director) of Sanoma Corporation, Helsinki, Finland (listed company)5
Dr. Markus Distelhoff Management Board member of REHAU Management SE Member since 2023	No positions on other boards or comparable committees
Miguel Ángel López Borrego Chief Executive Officer of thyssenkrupp AG Member from 2021 to 20246	Member of the Supervisory Board of thyssenkrupp nucera AG & Co. KGaA, Dortmund, Germany Member of the Supervisory Board of thyssenkrupp nucera Management AG, Dortmund, Germany Member of the Supervisory Board of thyssenkrupp Steel, Europe AG, Duisburg, Germany
	1_Court-appointed member of the Supervisory Board with effect from September 9, 2024; member and Chairwoman of the Audit Committee since September 20, 2024; Interim Chairwoman of the

Supervisory Board since February 18, 2025.

2_Chairman of the Supervisory Board in the 2024 financial year and until the end of February 17, 2025; assumed the role of interim CEO with effect from February 18, 2025; the Supervisory Board mandate is suspended during the interim CEO role for the transitional period of a maximum of one year until February 17, 2026.

3_In addition, Managing Director of Hanau Wirtschaftsfoerderung GmbH until December 31, 2024.

4_Until December 31, 2024.

5_Until April 30, 2024.

6_Resigned from the Supervisory Board of NORMA Group as of June 17, 2024.

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There are no consulting or other service or work contracts between the companies of NORMA Group and any member of the Supervisory Board.

The Supervisory Board evaluates its work annually as part of a self-assessment. The last such evaluation took place in December 2024. The Supervisory Board used a questionnaire after an external consultant had been involved in 2022.

Transactions between companies of NORMA Group on the one hand and a member of the Supervisory Board or persons or companies related to him or her on the other hand must be approved by the Supervisory Board in advance. No such transactions were concluded in 2024.

Every member of the Supervisory Board is required to report conflicts of interest. Material and not merely temporary conflicts of interest in the person of a Supervisory Board member are to lead to termination of the mandate. There were no conflicts of interest between a Supervisory Board member and the company in fiscal year 2024.

In the fiscal year 2024, the Supervisory Board held seven meetings, each of which was attended by all members. Details on the meetings and attendance rates of the members can be found in the 4 SUPERVISORY BOARD REPORT.

The Chairman of the Supervisory Board also holds regular discussions with investors without the Management Board on topics that specifically concern the Supervisory Board. In 2024, the Chairman of the Supervisory Board explained in particular the changes to the Management Board remuneration model.

Committees to the Supervisory Board: Responsibilities and membership in the 2024 financial year

The Supervisory Board has three committees: Audit Committee, General and Nomination Committee and Strategy Committee.

The Audit Committee deals in particular with monitoring the accounting process and the effectiveness of the internal control and risk management systems as well as with the audit of the Annual Financial Statements. With respect to the audit of the financial statements, the committee deals in particular with the independence of the auditor, the additional services rendered by the auditor, engaging the auditor, determining areas of audit emphasis and agreeing to the auditor's fees. The Audit Committee accompanies the collaboration between NORMA Group SE and the auditors and ensures that opportunities for improvement identified during the audit are implemented promptly. It is responsible for preparing the accounting documents and adopting the Supervisory Board's resolution on the Consolidated and Separate Financial Statements. Moreover, it is responsible for compliance and reviews the adherence to statutory provisions and the internal guidelines.

In the financial year 2024 the Audit Committee consisted of Mark Wilhelms and Denise Koopmans as well as Miguel Ángel López Borrego (Chairman) until June 16, 2024. After Miguel Ángel López Borrego left the Supervisory Board and Audit Committee, the Audit Committee temporarily had two instead of three members and no Chairman because the only remaining member of the Supervisory Board who is a financial expert was the Chairman of the Supervisory Board, meaning that the requirements that the Chairman of the Supervisory Board should not also be the Chairman of the Audit Committee but a financial expert (recommendation D3 GCGC) could not have been met. In Kerstin Müller-Kirchhofs, the Supervisory Board was able to recruit an experienced financial expert as a candidate. The Hanau Local Court appointed Kerstin Müller-Kirchhofs as a member of the Supervisory Board with effect from September 9, 2024. She was subsequently elected as a member and Chairwoman of the

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3 CONDENSED MANAGEMENT REPORT
4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION

Audit Committee as of September 20, 2024, and will stand for election by the shareholders at the 2025 Annual General Meeting.

Mark Wilhelms and Miguel Ángel López Borrego as well as Kerstin Müller-Kirchhofs are independent financial experts within the meaning of Section 100 (5) AktG. Due in particular to their many years of experience as Chief Financial Officers and in different managing director positions, they have special knowledge and experience in the application of accounting principles and internal control procedures, as well as sustainability reporting and its auditing.

Seven meetings of the Audit Committee were held in 2024. Denise Koopmans was unable to attend one meeting, but the other members attended all meetings.

The General and Nomination Committee is responsible for remuneration issues. It also prepares the Supervisory Board's personnel decisions regarding appointments to the Management Board and Supervisory Board. This committee has the following specific responsibilities: Preparing Supervisory Board resolutions regarding the conclusion, amendment and termination of contracts with members of the Management Board in accordance with the remuneration system approved by the Supervisory Board, preparing Supervisory Board resolutions regarding legal applications to reduce the remuneration of a Management Board member pursuant to Section 87 (2) AktG, preparing Supervisory Board resolutions regarding the structure of the remuneration system for the Management Board, acting as representatives of the company to Management Board members who have left the company pursuant to Section 112 AktG, approving secondary employment and external activities for Management Board members pursuant to Section 88 AktG, granting loans to the persons specified in Section 89 AktG (loans to members of the Management Board) and Section 115 AktG (loans to members of the Supervisory Board), approving contracts with members of the Supervisory Board pursuant to Section 114 AktG and proposing suitable candidates to the Annual General Meeting when there is a vote on Supervisory Board members. In 2024, the committee dealt in particular with the bonuses of the Management Board and executives, the Management Board remuneration model and an adjustment to the Supervisory Board remuneration and, above all, the search for a successor to Miguel Ángel López Borrego as a member of the Supervisory Board and Audit Committee.

In the financial year 2024 the General and Nomination Committee comprised the Chairman of the Supervisory Board, Mark Wilhelms (Committee Chairman), as well as Erika Schulte and Rita Forst.

Five meetings of the General and Nomination Committee were held in 2024, each of which was attended by all members.

The Strategy Committee deals in particular with NORMA Group's long-term focus on the various end markets and megatrends. This committee also deals with the effects of climate change on NORMA Group's business and sustainability topics. The committee is concerned with the international expansion of the strategic business units Industry Applications, Water Management and Mobility & New Energy in the regions. The structures and resources required for this are outlined. Other topics include M&A projects.

Chairwoman of the Strategy Committee is Rita Forst. Additional members are Erika Schulte and Dr. Markus Distelhoff.

In 2024, the Strategy Committee held three meetings, each of which was attended by all members.

Further information on the meetings and work of the committees in the fiscal year can be found in the 4 SUPERVISORY BOARD REPORT.

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Shareholders and Annual General Meeting

The shareholders exercise their co-administration and control rights at the Annual General Meeting. The Annual General Meeting decides, among other things, on the appropriation of profits, the formal approval of the actions of the Management Board and the Supervisory Board, the selection of the auditor, amendments to the articles of association, and certain capital measures. Moreover, the shareholders elect the members of the Supervisory Board.

NORMA Group SE's shares are registered shares. Each share entitles the bearer to one vote. There are no special voting rights. Shareholders entered in the share register have the right to attend the Annual General Meeting and to speak there on the relevant agenda items and request information on company matters. Among other rights, they are also entitled to submit motions on the resolutions proposed by the management and to contest resolutions of the Annual General Meeting. Details on participation in the Annual General Meeting and possibilities to exercise voting rights, as well as other shareholder rights are explained in the respective invitation to the Annual General Meeting and accompanying documents. NORMA Group SE announces the meeting notice and all AGM documents on its website following their release in the Federal Gazette (Bundesanzeiger), ensuring timely access to all required materials. Following the General Meeting, information on the number of participants and voting results is also made available there.

The Annual General Meeting of NORMA Group SE 2024 was again held on May 16, 2024, as an in-person event in Frankfurt am Main.

Shareholdings of the Management and Supervisory Boards

Of the total of 31,862,400 shares in NORMA Group SE, the current members of the Management Board and Supervisory Board together held 0.04% of the shares on December 31, 2024.

Members of the Management Board and the Supervisory Board and related parties are obliged to disclose Directors' Dealings in NORMA Group SE shares if the value of these transactions reaches or exceeds EUR 20,000 within one calendar year. No transactions were reported to NORMA Group SE as part of Directors' Dealings notifications in 2024.

Security-like incentive systems

A long-term incentive program (LTI) is in place for Group executives below the Management Board level that allows the individuals involved to participate in NORMA Group's success in the medium term.

The main features of the remuneration of the Management Board are outlined in the 4 REMUNERATION REPORT, which is part of the Condensed Management Report.

Targets for the share of women

The target figure for the share of women on the Supervisory Board is at least one-third of the members. For the top two management levels of NORMA Group SE, the target for the share of women is at least 25% in each case. The aforementioned targets for the Supervisory Board, the Management Board and the top two management levels are each expected to apply until June 30, 2027. In the 2024 fiscal year, these targets were all achieved, or exceeded in some cases.

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> CORPORATE GOVERNANCE REPORT AND DECLARATION ON CORPORATE GOVERNANCE

With the court appointment of Kerstin Müller-Kirchhofs as the successor to Miguel Ángel López Borrego with effect from September 9, 2024, there are now four (previously three) female members out of a total of six on the Supervisory Board, meaning that the target for the Supervisory Board has been exceeded.

The Management Board of NORMA Group SE, which consists of three members, continues to include one woman, meaning that this target has been met.

At NORMA Group SE, the first management level comprises all persons who are Executive Vice Presidents or Vice Presidents, report directly to the Management Board, assume management responsibilities and have personnel responsibility. As in the previous year, one in four managers at this first level is a woman, so that the target of 25% for the first management level was also achieved. The second management level of NORMA Group SE consists of persons who are Directors, report directly to a member of the Management Board or the first management level, perform management tasks and have personnel responsibility. In 2024, two women were promoted to Directors in addition to the woman who was already a Director alongside a male colleague in 2023. This means that this group now comprises four people, 75% of whom are women. The previously mentioned target for the proportion of women at the second management level was therefore exceeded.

Diversity concept

To date, no explicit diversity concept within the meaning of Section 289f (2) No. 6 HGB has been prepared for the Supervisory Board and the Management Board of NORMA Group SE. The Rules of Procedure of the Supervisory Board already stipulate that certain aspects, which the law mentions as examples for a diversity concept, are to be taken into account when proposing candidates for elections to the Supervisory Board and appointments to Management Board positions. Diversity is to be taken into account in both the composition of the Management Board and in nominations for the election of Supervisory Board members. Additional requirements for the Supervisory Board with regard to diversity already result from the objectives outlined above for the composition of the Supervisory Board as well as the Rules of Procedure.

Information on the auditor

KPMG AG Wirtschaftsprüfungsgesellschaft (KPMG) audited the Annual Financial Statements and the Consolidated Financial Statements of NORMA Group SE in fiscal year 2024 for the second consecutive year (for the first time Financial Statements for fiscal year 2023, previously PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main).

As part of the audit of the 2024 Financial Statements, Matthias Forstreuter served as the primary signing auditor for the second consecutive time, while Andreas Kraus served as the secondary signing auditor for the first time.

The TORRO worm drive hose clamp has been manufactured at NORMA Group's headquarters in Maintal for more than four decades. The clamp can be customized and is characterized by a high belt tensile force and an even distribution of the clamping force.

Service Solutions for White Goods

NORMA Group offers manufacturers of household appliances customized solutions as a partner in its strategic business unit Industry Applications. This also includes combinations of products already established in the market with specific measurement systems. Special customer requirements and issues are increasingly becoming focus of business activities.

CONDENSED MANAGEMENT REPORT⁷

46	Principles of the Group
69	Economic Report
194	Management Report of NORMA Group SE (HGB)
202	Forecast Report
210	Risk and Opportunity Report
229	Remuneration Report 2024
252	Takeover-relevant information
254	Report on Transactions with Related Parties

7 All references into the Annual Report or to websites of NORMA Group and their contents were not subject to the statutory audit.

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229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

CONDENSED MANAGEMENT REPORT⁸

Principles of the Group

Preliminary remark

NORMA Group announced in an ad hoc announcement on November 28, 2024 that the Management Board has decided to initiate a process to sell the global business activities of the Water Management strategic business unit. This step was determined after an analysis and consideration of alternative options by the Management Board of NORMA Group SE regarding the further strategic direction of the Group. The aim of the strategic measure adopted is to focus business activities on the core business of joining products. The divestment of the Water Management business unit is intended to free up resources and capacities for further growth in the Industry Applications business and to strengthen the Mobility & New Energy area. The Water Management unit will remain as a third business unit for the time being. However, the aim is to sell all international activities of this business. The outcome and result of the sales process to be initiated are still open as at March 18, 2025, and are also influenced by external factors.

As this Annual Report reflects the business activities in 2024, almost all of the information presented in this report relates to the existing Group structure as at December 31, 2024. At individual, relevant points, the explanations may be set out in more detail in relation to a possible future structure.

Business model

⁸ All references into the Annual Report or to websites of NORMA Group and their contents were not subject to the statutory audit.

⁹ With regard to Water Management, please refer to our comments under 4 PRELIMINARY REMARK.

¹⁰ This section is part of NORMA Group's Consolidated Non-financial Statement for the fiscal year from January 1, 2024 to December 31, 2024.

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Organizational structure

Corporate legal structure

NORMA Group SE is the parent company of NORMA Group. The Company is based in Maintal, Germany. NORMA Group SE acts as the legal holding company for the Group. It is responsible for the strategic management of business activities. It is also responsible for Communications, Legal and M&A, Compliance, Risk Management and Internal Auditing.

Group-wide central management responsibilities such as information technology (IT), Treasury, Group Accounting and Group Controlling, for example, are all based at NORMA Group Holding GmbH, a wholly owned subsidiary of NORMA Group SE, which is also located in Maintal. Three regional management teams based in Auburn Hills (USA), Maintal and Singapore take on specific holding tasks for the three regions EMEA (Europe, Middle East and Africa), Americas (North, Central and South America) and Asia-Pacific (East Asia, Southeast Asia, Australia and Oceania).

As of December 31, 2024, NORMA Group SE held direct or indirect interests in 47 companies that belong to NORMA Group and are fully consolidated.

The following changes to the legal structure of the Group were recorded in fiscal year 2024:

NORMA Netherlands, which no longer fulfilled an active Group function, was liquidated with effect from October 23, 2024. In addition, NORMA Group acquired the Italian irrigation specialist Teco Srl and its subsidiary Teco Irrigation USA, Inc. in fiscal year 2024. This step served the gradual expansion of regional business activities in Water Management in Europe. The acquisition was completed on February 29, 2024.

1_The figure provides an overview of the operating companies of NORMA Group. The company names correspond to the company names that are used internally. A complete list of all Group companies

and NORMA Group's shareholdings as of December 31, 2024, can be found in the corresponding disclosure in the 4 NOTES TO THE CONSOLIDATE FINANCIAL STATEMENT.

2_NORMA China is organizationally assigned to NORMA Group Asia Pacific Holding Pte. Ltd. and under company law to NORMA

3_Lifial was renamed NORMA Portugal, Lda. effective October 4, 2024.

4_Kimplas UK is organizationally assigned to NORMA Group Holding GmbH and under company law to NORMA Group Asia-Pacific Holding Pte. Ltd.

5_Teco (USA) is organizationally assigned to NORMA Pennsylvania Inc. and under company law to NORMA Group Holding GmbH.

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Group Management

NORMA Group SE has a dual management system consisting of a Management Board and a Supervisory Board.

The Management Board manages the Company under its own responsibility and is advised and monitored by the Supervisory Board. The Management Board members in office in the 2024 fiscal year were Guido Grandi (CEO)¹¹ , Annette Stieve (CFO) and Dr. Daniel Heymann (COO), unchanged from December 31, 2023.

In accordance with the Articles of Association, the Supervisory Board of NORMA Group SE consists of six independent members elected by shareholders at the Annual General Meeting. The Chairman of the Supervisory Board was Mark Wilhelms, the Deputy Chairman of the Supervisory Board is Erika Schulte 4 CORPORATE GOVERNANCE REPORT. The following changes were made to the composition of the Supervisory Board of NORMA Group SE in fiscal year 2024:

At the Annual General Meeting on May 16, 2024, Miguel Ángel López Borrego, who had been a member of the Supervisory Board since 2021 and served as interim Chairman of the Management Board from January 1, 2023 to May 31, 2023, resigned from the Supervisory Board at his own request. Further information can be found in the 4 SUPERVISORY BOARD REPORT. He was followed by Kerstin Müller-Kirchhofs. In the third quarter of 2024, an application was made for the court appointment of Ms. Müller-Kirchhofs as a new member of the Supervisory Board until the election at the next Annual General Meeting in 2025. Ms. Müller-Kirchhofs holds a degree in economics and is a certified public accountant with several years of experience in the management of industrial companies. Most recently, she was CFO of Gesco SE, a listed holding company with several medium-sized technology companies. Ms. Müller-Kirchhofs is a member and Chairwoman of the Audit Committee of the Supervisory Board of NORMA Group SE. As a result, NORMA Group's six-member Supervisory Board was once again complete. Further information on Ms. Müller-Kirchhofs' curriculum vitae and on the Management Board and Supervisory Board of NORMA Group SE can be found in the following section of the website: : WWW.NORMAGROUP.COM.

After the end of the 2024 fiscal year, further changes to the composition of the Supervisory Board became necessary following the premature departure of Chairman of the Management Board Guido Grandi, announced on February 17, 2025, and the temporary assumption of the position of Chairman of the Management Board by the previous Chairman of the Supervisory Board, Mark Wilhelms, for a maximum of one year. Ms. Kerstin Müller-Kirchhofs was appointed Chairwoman of the Supervisory Board of NORMA Group for the transitional period. Mr. Wilhelms' Supervisory Board mandate is suspended during his position as Interim Chairman of the Management Board. 4 SIGNIFICANT EVENTS AND DEVELOPMENTS

In addition, detailed information on the composition of the Management Board and Supervisory Board and the allocation of responsibilities between them can be found in the 4 CORPORATE GOVERNANCE REPORT. This can be viewed on the website : WWW.NORMAGROUP.COM and is also part of this Annual Report. The Corporate Governance Report contains the summary Statement of Corporate Governance required by Section 289f German Commercial Code (HGB) and Section 315d German Commercial Code (HGB), including the Declaration of Conformity pursuant to Section 161 German Stock Corporation Act (AktG), a description of the procedures of the Management Board and Supervisory Board, as well as relevant information on significant corporate governance practices. The declaration on the diversity concept to be disclosed in accordance with the CSR Directive Implementation Act is also a key component of the corporate governance report. The 4 CONSOLIDATED NON-FINANCIAL STATEMENT in accordance with

¹¹ Mr. Guido Grandi resigned from his position on the Management Board and as Chairman of the Management Board effective February 17, 2025.

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Sections 315b and 315c German Commercial Code (HGB) is included in the Condensed Management Report of this Annual Report.

Operative segmentation by regions

NORMA Group's strategy is focused, among other considerations, on regional growth targets. To achieve this, the operating business is managed and controlled in the three regional segments EMEA (Europe, Middle East and Africa), Americas (North, Central and South America) and Asia-Pacific (East Asia, South East Asia, Australia and Oceania). All three regions have networked regional and cross-company organizations with different functions. For this reason, the Group's internal management reporting and control system has a strong regional focus. Regional and local priorities are set in the area of sales service. In the future, the dimension of the global, strategic business units will gain in importance.

Subdivision of business activities

As of December 31, 2024, NORMA Group's business activities were divided into the three strategic business units Industry Applications, Water Management (both formerly the Standardized Joining Technology (SJT) distribution channel) and Mobility & New Energy (formerly the Engineered Joining Technology (EJT) distribution channel). The EMEA, Americas and Asia-Pacific regions function as the company's defined reporting segments. Through this matrix organization, NORMA Group offers its global customers in the various end markets a diversified product portfolio. The constant focus on the strategically important areas serves to optimize the focus on the respective specific requirements with a view to the end markets and customers.

Simplified matrix organizational structure as at December 31, 2024 G008

1_On November 28, 2024, NORMA Group announced in an ad hoc announcement that the Management Board had decided to initiate a process to sell the global business activities of the strategic business unit Water Management.

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229 REMUNERATION REPORT 2024

Products and end markets

NORMA Group markets a broad portfolio of high-quality, standardized branded products in the Industry Applications strategic business unit and in Water Management. In addition to joining components for infrastructure solutions and products for the sustainable energy industry and renewable energies, this also includes numerous solutions in the field of stormwater management and landscape irrigation. In recent years, the Group has primarily used sales representatives, dealers and importers as multipliers in addition to its own global sales network. NORMA Group's customers include distributors, specialized wholesalers, do-it-yourself (DIY) stores and applications in smaller industries, and also original equipment manufacturers (OEM) customers. Business relationships with the latter have so far largely been in the Automotive Aftermarket in the Industry Applications unit. Since 2024, NORMA Group's Industry Applications business unit has increasingly focused on expanding and steadily expanding its direct business with original equipment manufacturers through customer-specific product solutions. The ABA® , Breeze® , Clamp-All® , CONNECTORS® , FISH® , Gemi® , Kimplas® , NDS® , NORMA® , Raindrip® , R.G.RAY® , Serflex® , Teco®, TRUSTLENE® und TORCA® brands are intended to represent technical expertise, high quality and delivery reliability.

The strategic business unit Mobility & New Energy comprises engineered, individually customized joining technology, and is characterized especially by close development partnerships with OEMs. NORMA Group's central development departments and local resident engineers work together with the customer during multi-year project phases to develop solutions for specific industrial challenges. Due to the consistently close proximity to customers, NORMA Group's engineers acquire comprehensive knowledge and thus understand the different challenges of the end markets and customers very precisely. The aim is to generate added value for customers and contribute to their economic success. Such development partnerships result in holistic product and system solutions that meet both customer demands for efficiency and performance and take aspects such as weight reduction and quick assembly times into account. The Mobility sub-division is in turn divided into the two end markets Light Vehicles (passenger cars) and Heavy Vehicles (commercial vehicles). The New Energy subdivision combines numerous applications for Electromobility.

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210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

By combining the provision of high-quality standardized branded products through a global distribution network with its expertise in developing tailor-made solutions for original equipment manufacturers (OEMs), NORMA Group can not only achieve cross-selling effects, but also realize numerous synergies in purchasing, production, logistics and sales. In addition, the Group benefits from significant economies of scale and scope due to the diversity of its product range and the high volumes. This enables the Group to set itself apart from competitors that specialize primarily in individual product groups and/or regions.

Product portfolio

NORMA Group's products are essentially divided into the product categories FASTEN, WATER and FLUID across all segments and in some cases across the strategically relevant business units on the basis of the technology used in the manufacturing process.

The FASTEN division bundles a wide range of metal fastening clamps and joining elements, which are made of unalloyed steels or stainless steel and are primarily used for joining and sealing hoses as well as metal and thermoplastic pipes.

The WATER product range includes applications in the field of Water Management and, in particular, solutions for stormwater management and landscape irrigation as well as a diverse portfolio of joining components for various infrastructure solutions in the water sector.

FLUID products consist of single or multiple layer thermoplastic plug-in connectors and fluid systems which, thanks to their special characteristics, reduce assembly times, ensure the reliable flow of liquids or gases and occasionally replace conventional products such as elastomer hoses. NORMA Group's FLUID products are used in numerous thermal management systems in hybrid and electric vehicles, in inductive charging systems and in heat pumps.

NORMA Group's engineered joining technology is used in all applications in which pipes, tubes and other systems need to be connected. As joining technology is used in almost every industry, NORMA Group has a wide range of end markets. These include the automotive, commercial vehicle and aviation industries, the infrastructure and industrial project business, shipbuilding and mechanical engineering, as well as the drinking water and irrigation industries and agriculture. NORMA Group's products are also increasingly being used in the consumer goods market, for example in household appliances – and here in particular in the "white goods" application area.

Although some of NORMA Group's joining products have a low value share relative to the customer's end product, they are often mission-critical in use and decisive for the quality, performance and operational reliability of the overall system.

Group-wide compliance with high quality standards and stringent quality management therefore play a crucial role for NORMA Group. Moreover, important parameters for success include a strong brand strategy geared towards regional growth targets and the claim of ensuring first-class service quality and high availability of products. NORMA Group ensures this through its global sales network.

NORMA Group SE – Annual Report 2024 53

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Market and competitive environment

NORMA Group offers products and solutions for a wide variety of different industrial applications. Thanks to the combination of expertise in the processing of both metal and plastics, and the broad diversification of its product portfolio, NORMA Group is able to offer its customers a comprehensive range of solutions to different problems from a single source. This sets the Group apart from competitors who predominantly specialize in individual product segments or regions.

With the strategic business units Industry Applications and Water Management, NORMA Group operates in a market environment with suppliers of comparable standardized products. It differentiates itself from them in particular through its well-established brands in the market, which are the result of a targeted brand policy geared to the regional needs of customers. NORMA Group has also received several awards from customers for its service quality. NORMA Group provides its retail customers with a comprehensive range of products tailored to end customer needs in the Industry Applications strategic business unit and in Water Management.

In the Mobility & New Energy strategic business unit, and, in particular, in the area of FASTEN and FLUID, NORMA Group operates in a highly fragmented market in which numerous specialized industrial companies are active. In this environment, NORMA Group positions itself as a provider of customized, value-creating solutions that are the result of long-term development partnerships, and thus geared to the customer's specific requirements. NORMA Group distinguishes itself from its mostly regional competitors with its international business alignment and its cross-industry customer base, in particular. Thanks to its strong focus on innovation, NORMA Group offers its customers products that are particularly resistant to temperature and pressure as well as optimized in terms of weight and assembly time.

A clear structural change has been taking place in NORMA Group's traditional core business, the automotive industry, for a number of years. The Company positioned itself in the field of electromobility at an early stage and is closely monitoring current developments and trends in order to be able to seize positioning opportunities immediately. NORMA Group has a broad portfolio with customized products and system solutions for applications in electric and hybrid vehicles. For the most part, they are manufactured at its existing production facilities and on the same equipment on which the traditional products for gasoline and diesel vehicles are manufactured. Besides cooling systems for cars, trucks and charging infrastructure, these also include solutions for thermal management in batteries and media-carrying systems, fasteners and connectors for hydrogen vehicles. In this respect, the Group believes it is well equipped for the transformation to mobility based on alternative drive systems.

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Strategy and goals

Vision and mission

NORMA Group reformulated its vision and mission statement in fiscal year 2024.

"We join forces to provide superior solutions for a sustainable future." This vision underlines the Group's ambition to work together on innovative solutions for a sustainable future. The ability to adapt quickly and flexibly to changing customer requirements as well as economic and social conditions is a key success factor here.

With the mission "Driven by passionate collaboration and global excellence, we add value as the reliable partner for mission-critical solutions in Industry Applications, Water Management, Mobility & New Energy." NORMA Group focuses on building trusting relationships with stakeholders as a reliable partner, promoting sustainability and resource efficiency with relevant mission-critical products and solutions and addressing current global megatrends. In this way, the Group supports sustainable transformation and further development in relevant markets.

The vision and mission are in line with the Group's central objective: increasing value.

Increase in value

NORMA Group's main strategic objective is achieving sustainable profitable growth for the Company. The Group aims to achieve profitability above the industry average and efficient use of Group capital. On its way to achieving these goals, NORMA Group pursues a stakeholder-oriented approach. This is based on the expectations of customers with regard to innovative, reliable and value-creating solutions as well as on the financial interests of shareholders, the needs of the workforce and the concerns of suppliers. A motivated, competent and loyal workforce is a fundamental prerequisite for meeting the diverse requirements of external stakeholders. To this end, NORMA Group strives to offer its employees an environment geared towards continuous growth, thus underpinning its position as an attractive employer. At the same time, NORMA Group considers it an integral part of its corporate responsibility to reconcile the effects of its business activities with the expectations and needs of society. Accordingly, the principles of responsible corporate governance and sustainable action apply to all business decisions. Therefore, the Management Board regards Corporate Responsibility (CR) – NORMA Group's responsibility vis-à-vis people and the environment – as an integral part of the Company's strategy. Further information can be found in the 4 CONSOLIDATED NON-FINANCIAL STATEMENT, section 4 SBM-1 - STRATEGY, BUSINESS MODEL AND VALUE CHAIN.

NORMA Group's strategy for long-term value enhancement is based on the following key objectives and strategic measures:

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- 210 RISK AND OPPORTUNITY REPORT
- 229 REMUNERATION REPORT 2024
- 252 TAKEOVER-RELEVANT INFORMATION
- 254 REPORT ON TRANSACTIONS WITH RELATED PARTIES
4 CONSOLIDATED FINANCIAL STATEMENTS

Profitable growth

NORMA Group's primary goal is to achieve a sustained increase in the Company's value. Therefore, the focus is on the continuous profitable expansion of business activities. By continuously expanding application solutions for existing customers and identifying and acquiring new customers, business activities are being steadily expanded, thus increasingly strengthening its international presence. Making selective additions to its product portfolio, expanding its regional presence and market position in the strategic end markets of Industry Applications, and Mobility & New Energy are at the core of NORMA Group's growth strategy. The Water Management unit is also to be continued unchanged until a suitable buyer is found. In identifying its business areas, NORMA Group focuses on markets with attractive margins, sophisticated products, strongly growing sales potential and a fragmented competitive structure. Global megatrends such as climate change are increasing the need for low-emission technologies.

Selective product portfolio

The technological requirements for NORMA Group's end products are constantly changing. Increasing environmental awareness, scarcity of resources and growing cost pressure – further intensified by the overall rise in energy costs – play a major role in nearly every sector of industry. Furthermore, there are binding legislative requirements that are becoming more stringent, particularly in the automotive and commercial vehicle industries, due to stricter emission regulations or special requirements for the materials used. This is also accompanied by increasing technological change, away from conventional combustion engines towards alternative drive technologies such as hybrid, electric and hydrogen drives. NORMA Group's product strategy is also influenced by climate change and the growing density of environmental regulations in key industries. NORMA Group sees many opportunities in this to benefit from current global megatrends on the one hand and regulatory developments on the other. This includes the area of decarbonization. Related to this are developments in the area of the energy transition and the application field of alternative energy generation and storage. 4 LEGAL AND REGULATORY INFLUENCING ASPECTS These framework conditions form the starting point for the development of new products. NORMA Group focuses on value-enhancing solutions that help its customers to reduce emissions, leakage, weight, space and assembly time. One main focus here is also on the area of thermal management for vehicles. 4 RESEARCH AND DEVELOPMENT With its Water Management strategic business unit and its extensive product portfolio for applications in landscape irrigation, storm water management and infrastructure solutions in the water sector, NORMA Group helps its customers to optimize their use of scarce resources. Innovations play an important role in meeting the increasing customer demands that accompany each new production cycle. NORMA Group therefore invests intensively and continuously in the development of new products and the optimization of existing processes and systems. 4 RESEARCH AND DEVELOPMENT

Selective acquisitions to supplement organic growth

By making targeted acquisitions, NORMA Group contributes to strengthening its growth and expanding its business. Acquisitions are therefore an important part of its long-term growth strategy. NORMA Group continuously monitors developments in the strategic business units Industry Applications and Mobility & New Energy and plans to contribute to their consolidation with targeted acquisitions. Since its IPO in 2011, the Group has acquired a total of 15 companies and integrated them into the Group. The main focus of M&A activities is on companies that contribute to realizing NORMA Group's strategic goals, strengthening its competitive position and/ or generate synergies. Continued growth and high profitability also play an important role here. NORMA Group has built up an established market position in the fast-growing water industry since acquiring the US water specialist National Diversified Sales (NDS®) in fiscal year 2014. In the 2024 fiscal year, the acquisition of Teco laid the foundation for the expansion of regional business activities in the area of Water Management in Europe.

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The management continuously reviews strategic options to increase the value of the Company. Great potential for profitable growth is seen in the Industry Applications area, in particular, both organically and through acquisitions. In this context, the Company concentrates on those potential target companies that either have a high degree of fit with the current established industrial business on the one hand and enable entry into new market segments relevant to the future on the other. Further information can be found in the next section.

Strategic growth initiatives

The decision announced on November 28, 2024, to focus NORMA Group's business activities on its traditional core business of engineered joining products and to initiate the sales process for the global Water Management business activities supports the overarching strategic goal of value creation. The resources and capacities freed up by the sale will be used to expand the market position in the Industry Applications strategic business unit and to strengthen Mobility & New Energy.

NORMA Group continues to drive forward selected initiatives in the individual regions and strategic business units. In addition to the regional expansion of activities, the focus of business activities is also on entering new areas of application. This refers, among other things, to the examples in the sections 4 RESEARCH AND DEVELOPMENT and 4 PRODUCTS AND END MARKETS.

The specific growth initiatives of the business units in NORMA Group's Group structure as of December 31, 2024 are as follows:

Industry Applications focuses on maximizing market opportunities and profitability by sharpening its offering. In particular, the focus here is on the transition from product supplier to solution provider, both in existing and new markets. The direct business with original equipment manufacturers and their specific needs for highly developed products and solutions will increasingly become the focus of business activities. The first steps in this direction were already successfully taken in the 2024 fiscal year. 4 SIGNIFICANT EVENTS AND DEVELOPMENTS. The traditional retail segment, i.e. sales via sales representatives and wholesalers, will remain a key pillar during the planned transformation. This requires continued active portfolio management and a strategically oriented brand strategy. E-commerce initiatives are also to be strengthened, thereby consolidating the retail business. The targeted use of resources and capacities as well as flexible production facilities are crucial in order to specifically address the individual needs of the various customers in the Industry Applications strategic business unit and thus successively expand the division.

In the Water Management business unit, the focus is on significant growth in the global business, primarily by concentrating on the areas of stormwater management and landscape irrigation. The aim is to address both the private and commercial sectors in key markets worldwide. Global macro trends and the growing demand for product and solution expertise are having a supporting effect, not least due to increasing regulation worldwide. In addition to offering the established portfolio, the focus is therefore also on developing innovative solutions for the water industry. The aim is to offer not only ecological but also economic benefits for customers and their specific needs. The expansion and simultaneous increase in awareness of the brand business, which has so far been established primarily in Americas, must be considered an essential component: The launch of the NDS® brand as the flagship brand for Water Management solutions in the EMEA region in the fiscal year 2024 is a good example of this.

The activities of the Mobility & New Energy business unit are to be strengthened globally. This includes optimizing and improving positioning with regard to existing products on the market. NORMA Group is also positioning itself accordingly in order to flexibly counter the current market uncertainties and the resulting trends with appropriate

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measures. This requires a comprehensive understanding of constantly changing market requirements, but also agility and flexibility in order to meet customer needs and expectations in a targeted manner. To this end, processes and procedures are constantly being further standardized and automated and innovation is being driven forward in line with customer expectations. The Group focuses on selected, high-margin businesses that meet the current and future requirements of its customers. Electromobility remains a key future market for NORMA Group, which the Company has been addressing for more than a decade. At the same time, the NORMA Group will seek to achieve and defend a leading market position in all regions by constantly improving its cost structures. NORMA Group therefore believes it is well positioned to benefit from future developments.

The achievement of the growth initiatives outlined here is actively supported by the "Step Up" program implemented in mid-2023.

MARKET LEADER FOR JOINING AND FLUID-HANDLING TECHNOLOGY

Strategic goals of NORMA Group G010

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Growth and efficiency program "Step Up"

NORMA Group established the "Step Up" growth and efficiency program in 2023. This is a program to continuously improve the operating business in terms of operational efficiency and productivity with a view to profitable growth. In particular, "Step Up" includes measures to implement growth plans in the strategically important Industry Applications and Mobility & New Energy business units as well as in Water Management and to increase operational efficiency. In particular, resources – for example in research and development – should be deployed with the aim of achieving the best possible economic effect. The implementation of the individual measures contained therein is continuously monitored. The needs of customers are at the center of all activities.

The measures in the area of Operational Efficiency are aimed at further improving internal and external business processes and gearing them towards sustainable profitable growth. Among other things, the focus here is on improving processes. To this end, the IT systems are being further optimized and globally standardized, and complexities are being systematically reduced. NORMA Group wants to further improve its delivery capability while keeping inventories low and further shortening response times. To achieve these goals, especially in all functional areas of supply chain management (SCM), NORMA Group has started the SCM transformation and is working on improving delivery services for customers, lowering supply chain costs, especially for freight, and getting inventory levels right. To this end, the SCM organization is being further improved, employees are being trained and supported and material and information flows in the supply chain are being optimized.

NORMA Group was already able to achieve noticeable improvements in operating efficiency in fiscal year 2024. For example, supply chain management in the EMEA region was supported and stabilized, and processes were introduced to sustainably improve efficiency. Product availability and the delivery service for customers have improved. This positive development puts NORMA Group in a position to better support the sales of its products in the future. The issue of optimizing production processes is also essential given the objective of using resources in the production process to extract a high economic gain. The focus here is particularly on the automation of processes for production and internal material flow. In fiscal year 2024, work was also carried out to identify further potential for improvement. Based on this, a roadmap for automation processes in the areas of production and logistics was defined.

Growth plans for the three strategic business units are pooled under the Growth mantle. In doing so, the alignment in strategic business units is to be consistently implemented in the corporate organization and the business units are to be given more autonomy. This is to promote customer centricity while growth and investment decisions are to be made increasingly in the units. This allows opportunities to be seized more quickly and in a more targeted manner and customer requirements to be taken into account more specifically. In concrete terms, the plan is to generate stronger growth in the areas of Water Management and Industry Applications by gaining stable business. In the Mobility & New Energy area, NORMA Group focuses on seizing sales opportunities in the area of alternative drive systems, such as battery electric or hydrogen-powered vehicles, and meeting customer requirements for stricter emission regulations with innovative products.

In terms of growth, NORMA Group also succeeded in making progress in the strategically important Industry Applications and Mobility & New Energy business units, as well as in Water Management in the past fiscal year:

The Industry Applications business unit expanded its sales channels in the fiscal year 2024 and increased the reach of its joining products through customized adaptations. Examples of this include an order from a household appliance manufacturer for individualized metal clamps for dishwashers and the use of metal clamps from NORMA Group in the cooling system of energy storage facilities in Germany. Another reference is the order from a

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US DIY chain, which was concluded at the beginning of 2025 and is intended to drive NORMA Group's consumer business and localization in the USA.

In the Water Management business unit, NORMA Group laid the foundation for the expansion of regional Water Management business activities in Europe by completing the acquisition of Teco Srl in spring 2024. NORMA Group will continue to drive the expansion of its activities in the EMEA region and thus increase the attractiveness of the division for potential interested parties.

Successes were also achieved with regenerative product applications in the Mobility & New Energy business unit in 2024. This includes, for example, an order to equip a new electric car platform in India with lightweight tubes for thermal management.

In the current reporting year, the Group also continued to work on identifying new sales potential. This also means that NORMA Group's teams in the strategic business units also focus on alternative applications for products already established on the market in order to open up new product application areas. Research was also carried out into the reduction of flow resistance and new materials for fluid components. This is in line with NORMA Group's commitment to always offer highly developed joining technologies tailored to the individual needs of the customer and in doing so gain (and retain) new customers. 4 RESEARCH AND DEVELOPMENT

Financial and liquidity management objectives and strategies

NORMA Group's objectives and strategies with regard to central finance and liquidity management are unchanged compared to the previous year and are as follows:

I. Ensuring solvency at all times

NORMA Group's most important financial objective is to secure its ongoing solvency in the long term. This is ensured through sufficient operating liquidity and the maintenance of corresponding strategic liquidity reserves. These reserves also include readily available credit lines to take advantage of short- to medium-term acquisition opportunities.

Regular rolling liquidity planning for all major Group companies, which is analyzed and aggregated by the centrally organized Group Treasury forms the main strategic cornerstone of NORMA Group's financial management. This is also a valuable tool for measuring and managing liquidity risk, particularly with regard to current geopolitical and economic conditions.

Financing flexibility is ensured by maintaining the appropriate credit lines. These are negotiated loan commitments that can be drawn down within a very short period of time and can subsequently compensate peaks in required liquidity. NORMA Group has a revolving credit line as part of the syndicated bank loan. This credit line can be drawn in various currencies and maturities up to an amount of EUR 50 million. In order to increase flexibility, NORMA Group agreed on a further revolving credit line within the existing syndicated bank loan of EUR 50 million in October 2021, so that a credit line of EUR 100 million in total can be drawn from. NORMA Group uses asset-backed security (ABS), factoring and reverse factoring programs to manage liquidity, optimize working capital and improve the predictability of cash flows.

The financing measures undertaken in fiscal year 2024 are described in detail in the explanatory notes to the financial position. 4 FINANCIAL POSITION

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NORMA Group SE – Annual Report 2024 60

II. Limiting financial risks

The Group Treasury division constantly identifies and assesses interest rate and currency risks and selects suitable hedging instruments to reduce these risks. Here, not only derivative hedging instruments, but also the appropriate foreign currency financing, are used to reduce currency risks. The overall goal is to optimize the assets and liabilities side of the balance sheet with regard to currency risks. In addition, operating currency risks are also reduced in the Group companies above a defined threshold by using derivative financial instruments. Here, Group-wide liquidity planning is crucial to identifying and managing such risks.

In order to limit interest rate risks, NORMA Group aims to hold a balanced ratio of fixed and variable interest rate instruments, either originally or with the aid of interest rate swaps. As at December 31, 2024, around 55% (2023: 58%) of all debt instruments have variable interest rates and are not hedged by interest rate swaps. In addition, current risk positions are monitored regularly by Group Treasury and assessed for their risk-bearing capacity. Group Treasury initiates appropriate countermeasures if the defined risk parameters are exceeded.

Key elements of the policy on limiting financial risks are the clear definition of process responsibilities, multistage approval processes and regular risk assessments.

III. Optimizing the Group's internal liquidity

NORMA Group Holding manages its liquidity centrally and is responsible in particular for investing surplus liquidity as well as for internal Group financing. The Group Treasury of the NORMA Group constantly works on improving internal financing opportunities and bundling the Group's liquidity in order to make it available for a wide variety of funding purposes. This is achieved by optimizing the allocation of cash and cash equivalents in NORMA Group Holding and at the same time ensuring the solvency of the respective individual companies at all times. A professional treasury management system is used for this purpose that provides a daily overview of the cash holdings of almost all subsidiaries. Regional cash pools have been installed to enable the technical implementation of liquidity centralization. Further cash concentrations are carried out at regular intervals. Manual pooling makes it possible to ensure an optimized cash position for all Group companies. Particular attention must be paid to local conditions in international payment transactions.

Control system and key performance indicators

The consistent focus on the Group objectives mentioned is also reflected in the internal control system at NORMA Group, which relies on both financial and non-financial control parameters.

Important financial control parameters

NORMA Group's most important financial performance indicators include the following value- and growthoriented key figures, which have a direct impact on NORMA Group's value creation: Group sales, adjusted EBIT margin and net operating cash flow. These key figures lead to the NORMA Value Added (NOVA) as the primary strategic performance indicator. NORMA Group uses these key figures to continuously monitor its success in terms of growth, profitability, liquidity and capital efficiency.

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FINANCIAL STATEMENTS 5 FURTHER INFORMATION

4 CONSOLIDATED

Group sales

As a growth-oriented company, NORMA Group attaches particular importance to profitable sales growth. The Group seeks to achieve short- and medium-term growth above the market average. In contrast to previous years and since the fiscal year 2024, the Group is providing an absolute range when it comes to the targeted Group sales figure as part of its forecast. 4 FUTURE DEVELOPMENT OF THE NORMA GROUP

Due to the broad market structure in the area of joining technology, the Management Board is guided by internal analyses as well as studies by leading economic research institutes on the development of the gross domestic product of the respective regions and on the production and sales figures of the relevant customer industries in developing the forecast on the expected development of sales. In addition, management is including selected leading indicators such as customer order behavior in the trading business (formerly Standardized Joining Technology/SJT = strategic business units "Water Management" and "Industry Applications") and the order backlog in the formerly Engineered Joining Technology division (EJT = strategic business unit "Mobility & New Energy") in its forecast.

Adjusted EBIT margin

The adjusted EBIT margin, which shows the adjusted EBIT (earnings before interest and taxes) in relation to sales, provides information on the profitability of business activities and represents a key internal management and evaluation indicator of the Group's ongoing operating activities. In addition, adjusted EBIT forms the basis for the remuneration of the Management Board and the incentives for non-pay-scale employees. In order to maintain the Group's profitability at a high level, NORMA Group constantly strives to optimize its company processes and structures. In doing so, the Company focuses primarily on sustainably reducing key cost factors.

For a long-term comparison and a better understanding of the business development, NORMA Group adjusts the operating result for certain expenses and income in connection with realized M&A transactions. Further information can be found in the section 4 ADJUSTMENTS.

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Net operating cash flow In order to maintain the Group's financial independence and solvency at all times, NORMA Group is also guided by net operating cash flow in managing the Group. This comprises the most important cash-effective items that can be influenced by the individual business units and provides information on whether NORMA Group can finance its operating business out of its cash flow. It is calculated on the basis of adjusted EBITDA plus changes in working capital, less investments from operations. The main starting points for improving net operating cash flow are therefore to increase sales, to improve the operating result (EBITDA) adjusted for special effects and to engage in sustained value-enhancing investment activity. In addition, consistent management of working capital focusing on continuous optimization also has a positive impact on net operating cash flow.

NORMA Value Added (NOVA)

NORMA Group's objective is to use the capital provided to it by shareholders and lenders as efficiently as possible in order to ensure the long-term positive development of the Group. In order to manage this, NORMA Group determines the annual increase in value in the form of the so-called NORMA Value Added (NOVA). NOVA is calculated from adjusted EBIT less taxes and the cost of capital. The cost of capital is defined by the weighted average cost of capital (WACC) and the capital employed (equity plus net debt).

NOVA = (adjusted EBIT x (1 – s)) – (WACC x capital employed)¹

NORMA Value Added (NOVA) T010
		2024	2023
Adjusted EBIT1	EUR millions	92.3	97.5
Adjusted Group tax rate	%	40.8	41.3
Taxes	EUR millions	37.6	40.3
Adjusted EBIT after taxes1	EUR millions	54.7	57.2
– WACC2 x capital employed (in EUR millions)	EUR millions	93.5	100.8
NOVA	EUR millions	-38.8	-43.6

1_Adjusted for expenses in connection with acquisitions.

2_Weighted Average Cost of Capital.

Capital employed1			T011
		2024	2023
Equity	EUR millions	693.4	705.4
Net debt	EUR millions	345.4	349.8
Capital employed	EUR millions	1,038.9	1,055.1

1_As of the beginning of the year.

¹ The variable "s" represents the taxes.

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The cost of capital rate is calculated on the basis of the following assumptions and calculations:

Assumptions for the calculation of WACC		T012
in %	2024	2023
Risk-free interest rate	2.50	2.75
Market risk premium	7.50	7.50
Beta factor of NORMA Group	1.55	1.65
Cost of equity rate	15.03	16.04
Borrowing cost rate after taxes	2.70	3.04
WACC after taxes	9.00	9.55

The base interest rate (risk-free interest rate) is calculated from the interest rate structure data of the Deutsche Bundesbank (three-month average: October 1 to December 31, 2024). The market risk premium represents the difference between the expected return on a risky market portfolio and the risk-free interest rate. NORMA Group uses the recommendation of the Institut der Wirtschaftsprüfer in Germany (Institute of Public Auditors in Germany (IDW)) to determine this risk premium. The beta factor represents the individual risk of a share compared to a market index. It is first determined as the average value of the unindebted beta factors of the peer group and subsequently adjusted to NORMA Group's individual capital structure. The cost of equity is calculated by adding the risk-free interest rate and the weighted country risk of NORMA Group with the product of the market risk premium and the indebted beta factor of the peer group. The credit spread used to calculate the cost of debt was determined on the basis of the terms of the current external financing of NORMA Group. Invested capital is calculated from consolidated equity plus net financial debt as of January 1 of the respective fiscal year.

The financial control parameters are planned and continuously monitored in the Group, but also for the most part at the segment and Group company levels. Deviations between planned and actual figures are tracked in the local companies and aggregated at the regional segment level as part of the monthly analysis. Business development is regularly forecast on the basis of the available monthly and quarterly results and assuming various scenarios.

Important non-financial control parameter

Carbon dioxide emissions

Compliance with applicable environmental protection requirements and the avoidance of environmental risks are key priorities for NORMA Group. The company adheres to international standards and guidelines in this regard.

Since fiscal year 2023, only CO2 emissions which have also been a target figure within Management Board remuneration for determining part of the long-term Management Board remuneration (ESG LTI) since 2020, have been considered a key non-financial performance indicator.

The CO2 emissions for the target value were reported in the control system in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2) until the end of fiscal year 2024. Scope 1 includes only emissions from natural gas and liquefied petroleum gas, and Scope 2 includes emissions from purchased electricity and district heating. Only emissions related to the production sites were taken into account when recording emissions. Since January 2022, NORMA Group has sourced electricity from renewable energies at all production sites. For this purpose, NORMA Group purchases "Energy Attribute Certificates." These are also included in the target.²

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The Group strives to continuously reduce these emissions. NORMA Group's target of reducing CO2 emissions from its production processes by 19.5% by 2024, compared to the reference year 2017, was already overachieved considerably in 2022. In the 2024 fiscal year, CO2 emissions amounted to 4,171 t CO2eq (2023: 5.064 t CO2eq).²

Other non-financial performance indicators

Other important non-financial indicators include the Group's innovative capacity, measured by the number of invention applications, the problem-solving behavior of employees, expressed in defective parts per million parts produced (parts per million/PPM), and the rate of reportable accidents at work. The detailed set of personnel and environmental key figures as well as key figures on occupational health and safety in the Group can be found in the 4 CONSOLIDATED NON-FINANCIAL STATEMENT.

The target figures for the financial and the non-financial control parameters for 2025 and the assumptions underlying the forecast are presented in the 4 FORECAST REPORT.

Financial control parameters					T013
		2024	2023	2022	2021	2020
Revenue	EUR millions	1,155.1	1,222.8	1,243.0	1,091.9	952.2
Adjusted EBIT1	EUR millions	92.3	97.5	99.0	113.8	45.3
Adjusted EBIT margin1	%	8.0	8.0	8.0	10.4	4.8
Net operating cash flow	EUR millions	105.4	87.3	65,3	99.8	78.3
NORMA Value Added	EUR millions	-38.8	-43.6	-27.1	16.0	– 46.4

1_Adjusted for acquisition-related costs only.

Non-financial control parameter	T014
---------------------------------	------

categories for all locations worldwide in the management system.

		2024	2023	2022	2021	2020
CO2 emissions1,2,3	t CO2 eq	4,171	5,064	4,8792	43,449	49,813

1_Since 2020, CO2 emissions have been a target figure for determining part of the long-term Management Board remuneration and have therefore been included in the management system. 2_The CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 includes only emissions from natural gas and liquid gas and Scope 2 emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energy sources at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value. 3_The methodology described in footnote 2 was used in the management system until the end of 2024 based on the forecast for CO2 emissions of "below 9,600 tons of CO2 equivalents" issued in fiscal year 2024. The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. This means that in future annual reports, the emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in the Scope 1 to Scope 3

² The methodology presented was used in the management system until the end of 2024 based on the forecast issued in the 2024 financial year for CO2 emissions of "below 9,600 tons of CO2 equivalents". The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. This means that in future annual reports, the emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in the Scope 1 to Scope 3 categories for all locations worldwide in the management system.

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Research and Development

NORMA Group's research and development activities are aimed at identifying technological trends at an early stage and addressing them in a targeted manner. This is intended to best support the achievement of the Company's strategic goals. The focus is on developing new products and system solutions in order to tap into new markets and customer groups in the best possible way. NORMA Group assesses new technologies according to the extent to which they help to optimize current processes, minimize the use of materials or further improve the functionalities and sustainability of the end products. NORMA Group's goal is to generate added value for its customers. The focus is on innovative and high-quality solutions to the global challenges of the respective end markets. In the 2024 fiscal year, these included the topics of digitalization, stationary energy storage systems and hydrogen as an alternative energy source, in addition to electromobility and water management. Efficient use of resources and environmental protection play an important role alongside specific market and customer requirements.

As a Group function, the R&D departments equally support the strategic business units Industry Applications and Mobility & New Energy as well as the Water Management unit. This enables optimized cross-regional cooperation between the teams and close integration of development activities with the business development teams (sales and application engineering). The distinct global focus of the business units enables more targeted and efficient working on the tasks that lie ahead. At the same time, tasks and projects continue to be prioritized in line with strategic requirements, by the Innovation Council and Global Product Management, for example.

Focus on innovations

The focus of NORMA Group's research and development activities is on retaining and strengthening the Company's innovative strength. Innovative technologies, solutions and products are the foundation of NORMA Group. The focus therefore remains on the systematic planning and implementation of new and further development projects. The so-called Foresight Manager and Global Product Management are jointly responsible for monitoring the strategic end markets and bundling the knowledge gained in the internal innovation management process.

NORMA Group further continued and optimized the above-described concept of innovation, research and (product) development in fiscal year 2024. The process from a product idea through concept development to the design concretization phase was rethought. Interfaces to manufacturing engineering and product industrialization have been redefined. The solutions and approaches developed have been incorporated into organizational adjustments within the R&D teams and will also be used in subsequent years. NORMA Group aims to generate added value through increased efficiency in product development. In detail, the consistent use of technologies such as numerical simulation and the close exchange between product experts within the entire global R&D organization are intended to achieve improved consistency with the help of a reduced number of interfaces and shorter development times ("time-to-market").

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Numerical simulation and validation of new technologies

NORMA GROUP is committed to including future-driven technologies identified on the basis of the global megatrends into the development and design of new products. Mathematical models and numerical simulations play a key role in the early development phases for the efficient development and optimization of new product concepts. In addition to theoretical-technical investigations (known as verification), the respective concepts are also subjected to subsequent extensive physical tests (known as validation). The new perspective on the physical mechanisms opened up by simulation improves our understanding of our products and processes. This enables more targeted and efficient product development and optimization. This allows the required development times to be optimized. The number of experimental optimization loops required, including the time needed for prototyping and testing in the laboratory, can thus be reduced. The final experimental validation of new products ideally confirms the product properties previously determined via simulation. This simulation serves to safeguard that the investigated products, technologies, materials and manufacturing processes meet the needs of the market.

Strategic cooperation with customers and research institutions

Within the Industry Applications strategic business unit, the requirements of NORMA Group's customers focus on high quality, a strong brand image and the availability of products in a largely complete range at all times. Traditionally, activities in Industry Applications addressed the retail segment in 2024. A new approach for NORMA Group is also the increased inclusion of the individualized product aspect. The focus is shifting more strongly to specific customer requirements. Recognizing and understanding the respective customer applications results in potential for optimizing the existing product portfolio and also creates potential new impetus. NORMA Group also aims to develop new product lines adapted to individual customer needs and new market requirements.

The strategic business unit Mobility & New Energy is characterized by the fact that NORMA Group works closely with its end customers, leading research and development institutions, suppliers and other external partners. Customer requirements can thus be incorporated directly into the development of new products and technologies. In the 2024 fiscal year, activities focused primarily on customer-specific fluid-handling solutions. For competitive reasons, the Company refrains from publishing the specific contents of these development partnerships.

In the business unit Water Management, NORMA Group maintains close contact with its distributors, end customers, installers, trading and construction companies, as well as regulatory authorities, due to the wide range of standards, varying regulatory requirements and best practices. By doing so, differentiated product solutions can be developed to serve local market needs.

Development focuses in 2024

In the 2024 fiscal year, the focus of product development and product enhancement was determined by the trend topics of sustainability, mobility, digitalization and globalization.

In the Industry Applications strategic business unit, the area of alternative energy generation and storage is a key trend. The first successes were already announced in 2024. This includes, for example, the equipment for a cooling system for an energy storage facility in Germany. NORMA Group's products support the temperature control of stationary batteries. Other fields of application in industry and adapted product application areas, including the "white goods" area, were also addressed in the 2024 fiscal year. For example, NORMA Group has developed a custom-made TORRO metal clamp for a household goods manufacturer in the USA for use in dishwashers. A new combination of the clamp band developed and manufactured in Europe and a screw based on the Anglo-American measurement system was designed for the order. This is an example of NORMA Group's new approach

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to Industry Applications, which shows how new business can be established directly with manufacturers of machinery and equipment from various industries in addition to the traditional distribution channels via distributors. The Group's focus is on using its development expertise to continuously acquire new customers in relevant markets and expand its market position in the Industry Applications business in the medium term.

Thermal management of batteries and systems remains a key issue in the electromobility field within the Mobility & New Energy strategic business unit. For example, NORMA Group is developing special line systems that are used in thermal management systems for hybrid and electric vehicles, where they ensure even temperature distribution in the battery and maintain the optimal operating state of the cells. The consistent use of numerical simulation has been instrumental here in developing fluid components and systems with the lowest flow resistances and thus maximized efficiency and resource conservation. In addition, innovations in 2024 focused on the goal of market and technology leadership. Alongside to new product solutions, significant work was also done on the transfer of existing product concepts between the individual strategic business units of NORMA Group. In 2024, the Company entered the new heat pump application segment and increased its business with original equipment manufacturers. The continuous improvement of products based on the aspects of efficiency, standardization, robustness, resource conservation and weight reduction is constantly taken into account. NORMA Group also continues to be active in the field of fuel cells and supplies line systems and fastening elements here. In this environment, further projects are underway to help prepare the Company's current and new product solutions for use in fuel cell technology. Examples of this include the development of components made from special plastic grades that meet new customer requirements for hydrogen line systems.

In the Water Management strategic business unit, research and development activities focused on marketoriented, innovative solutions for the efficient and sustainable use of water. The development of new products and technologies was geared towards increasing requirements in the areas of user-friendliness, sustainability and digitalization. Thanks to comprehensive internal expertise and close cooperation with customers, sales partners and authorities, the existing product portfolio was adapted to market requirements and supplemented with innovative new developments. One example of a development in the 2024 fiscal year is a reusable clamp connector for irrigation applications, which makes an important contribution to conserving resources and reducing plastic waste. In drainage management, the focus was on technological advances in water recovery and filtration. New developments in the areas of underground drainage systems, flexible drainage solutions and innovative concepts for increasing the water permeability of ground surfaces are helping to improve resilience to heavy rainfall events and safeguard water quality in the long term. In line with NORMA Group's sustainability goals, further initiatives have also been launched to increase the use of recycled and environmentally friendly raw materials in product and process design. This underscores NORMA Group's continuous efforts to develop innovative solutions that offer both environmental and economic benefits for its customers.

Know-how protected by patents

Its unique know-how in the field of joining technology represents a key success factor for NORMA Group. Therefore, the Group protects its innovations through patents. A total of 719 patents and utility models were held as of December 31, 2024 (2023: 729); the number of patents thus remained almost constant compared to the previous year. Both in terms of the number of internal invention applications (2024: 25, 2023: 20) and in the number of new patent applications filed (2024: 41, 2023: 28) a significant increase was recorded compared to the previous year.

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R&D Expenses

Expenditure on research and development amounted to EUR 50.8 million in 2024. (2023: EUR 44.3 million). This corresponds to around 4.4% (2023: 3.6%) of NORMA Group's total sales in fiscal year 2024. The capitalization ratio, i.e., the share of own work capitalized in R&D expenses in the current reporting year was 12.9% (2023: 6.8%).

Employees in R&D

As at December 31, 2024, the Group employed 338 people in research and development (2023: 316 employees) worldwide. This represents around 5.6% of the core workforce (2023: 5.3%).

R&D Figures						T015
		2024	2023	2022	2021	2020
Employees in R&D	Number	338	316	311	343	340
R&D employee ratio	% of permanent staff	5.6	5.3	5.0	5.5	5.1
R&D expenses	EUR millions	50.8	44.3	40.6	38.0	29.0
R&D ratio	% of revenue	4.4	3.6	3.3	3.5	3.1
Invention applications	Number	25	20	21	25	22

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NORMA Group SE – Annual Report 2024 69

Economic Report

External factors of influence

Economic factors

NORMA Group is active in many different industries and regions. Seasonal and economic fluctuations in individual countries or industries can have an impact on customer demand and the order situation of NORMA Group. At the same time, NORMA Group is less vulnerable to temporary declines in demand in individual industries or countries thanks to its diversified product portfolio and broad customer base.

Global economy in 2024: continued diverse burdens, not revived despite interest rate turnaround

Global economic momentum remained moderate and regionally heterogeneous in 2024. The economic gap was particularly wide between the most important economic areas of the USA, China and Europe. The conditions for an economic upturn were good due to lower raw material and energy costs, diminishing inflationary pressure and the turnaround in interest rates initiated over the course of the year. However, the interest rate impetus came late – especially in the USA – and the geopolitical environment in particular caused great uncertainty. For example, Russia continued the war in Ukraine with the involvement of North Korea, and the conflict in the Middle East escalated. EU sceptics gained ground in the European elections and governments in key countries (France, Germany) were increasingly weakened. Towards the end of the year, the announcements made by Donald Trump, who won the US presidential election in November, triggered new uncertainties worldwide. In addition, more extreme weather events occurred in 2024 as a result of climate change. Despite all the pressures, the flow of goods remained intact in 2024. The Kiel Institute for the World Economy (IfW) and the International Monetary Fund (IMF) put global growth for 2024 at 3.2%, with momentum in the industrialized countries remaining subdued at just +1.7%. In contrast, the economic output of emerging and developing countries increased by 4.2%.

Despite expansive monetary and fiscal policy, there was no real economic recovery in China. The unresolved real estate crisis continued to dampen consumption. In addition, the high debt burden of various local governments weighed on the economy. Fixed asset investments and industrial production grew only modestly. However, China has significantly increased its output in the areas of mobility (cars, trains, airplanes), high-tech (computers, communication technology) and renewable energy (solar, wind). The other Southeast Asian economies, particularly the ASEAN-5 countries (+4.5%), grew somewhat faster than recently thanks to brisker global trade. India, the world's most populous country, is catching up economically and growing very dynamically in structural terms. In 2024, the increase amounted to 6.5%. Important drivers here are population growth and urbanization.

In the US, the economy was experiencing a broad, strong upturn in 2024 (+2.8%) , stimulated by private consumption and expansive government spending. Investment activity was also brisk, both in equipment and in construction. In view of the dynamic domestic economy, the Fed maintained its tight monetary policy for a long time. It only lowered interest rates in three stages in the last four months of 2024, supported by easing inflationary pressure. However, industrial production was impacted by the weak global economy and was just below the previous year's level for the whole year (-0.2%). Average capacity utilization fell from 79.0% to 77.6%.

NORMA Group SE – Annual Report 2024 70

GDP growth rates (real) in % T016

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	2024	20236	20226
World1	3.2	3.3	3.5
China2	5.0	5.4	3.1
USA3	2.8	2.9	2.5
Euro zone4	0.7	0.4	3.5
Germany5	-0.2	-0.3	1.4

1_IWF. 2_National Bureau of Statistics (NBS). 3_Bureau of Economic Analysis (BEA). 4_Eurostat. 5_Federal Statistical Office (Destatis). 6_Partially revised data.

European economy continued to stagnate in 2024

In Europe, the economy remained in poor shape in 2024 under pressure from global risks and weak export markets. The decline in the inflation rate had a stabilizing effect, although this was mainly due to falling energy prices. In June 2024, the European Central Bank (ECB) initiated a turnaround in interest rates. The ECB lowered the deposit rate from 4.00% to 3.00% in a total of four steps. The British and Swiss central banks also eased their monetary policy, and both countries experienced moderate economic growth. Domestic demand in the eurozone was driven by private and public consumption. In contrast, the industrial economy was weak with a decline in production output. Capacity utilization fell to an average of 76.9% in the final quarter of 2024 compared to 79.6% at the end of the previous year. Gross domestic product rose by just 0.7% in 2024, according to data from the Eurostat statistics office. Developments varied in the individual European countries: While France and Spain experienced robust growth, economic development in Italy, Sweden, Finland and Hungary was below average. Austria was in recession.

Germany's economy stagnated again in 2024 – industry in crisis mode

Despite falling interest rates, the German economy again failed to develop any noticeable upward momentum in 2024 – for the fifth year in a row – and is in the longest period of stagnation since the Second World War. In addition to the weak economic tailwind, the industry is undergoing profound structural change due to the very high pressure to adapt. Digitalization, decarbonization, demographics and the global economy's move away from previously highly interconnected production and supply relationships pose particularly significant challenges for the German economy. The industry is also suffering increasingly from competition from China and location-specific disadvantages in many areas. As a result, industrial production in Germany was in an above-average downward spiral in 2024. Capacities were underutilized in many cases. The situation continued to deteriorate steadily over the course of 2024. In the last quarter, the average occupancy rate was only 76.1%. At the end of 2023, this figure was 81.7% and at the end of 2022 it was 84.7%.

According to the Kiel Institute for the World Economy, uncertainty about the direction of economic policy and the break-up of the governing coalition also inhibited the willingness to invest and thus weighed on the consumer climate. According to the Federal Statistical Office (Destatis), the German economy shrank by 0.2% in 2024.

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Exchange rate fluctuations

Due to its international activities, exchange rate fluctuations have an impact on NORMA Group's business. 4 RISK AND OPPORTUNITY REPORT

In fiscal year 2024, NORMA Group generated around 42% of its sales in US dollars. The development of the US dollar against the euro led to a negative effect on sales in fiscal year 2024. There were also further negative effects from the Chinese renminbi yuan.

Industry-specific influencing factors

The industry-specific influencing factors presented below take into account a large part of the industry segments and regional sales markets served by NORMA Group.

Mechanical engineering 2024: global downturn with few exceptions, German manufacturers in crisis

The global industrial sector lacked noticeable impetus in 2024, meaning that the recovery remained subdued compared to the weak previous year. In the first eleven months, global industrial production (excluding construction) rose by 1.7% (2023: +1.0%, 2022: +2.9%). The growth came from the emerging markets. In the industrialized countries, however, production fell slightly. Overall, the willingness to invest remained low worldwide. However, China invested heavily in metal processing, energy supply and railroad infrastructure. The USA stimulated investment in selected key areas (semiconductors, e-vehicles, renewable energy) with comprehensive support programs. US equipment investments rose by 3.7% overall. However, the negative trend continued in the UK and the eurozone in 2024. Investments in machinery and equipment were down again.

After several years of lean times, the crisis in the traditionally very export-oriented German mechanical engineering sector intensified significantly once again. The VDMA (German Engineering Federation) assumes that the industry has now slipped into a broad-based downturn following last year's global stagnation. According to the VDMA, global machine sales shrank by 2% in real terms in 2024. Only a few countries stood out positively: Real machine sales increased in India (+4%) as well as in China, Brazil and Taiwan (+2% in real terms in each case). In contrast, real sales of machinery and equipment fell in Japan (-2%), South Korea (-2%), the USA (-3%), Canada (-6%) and Turkey (-5%).

In Europe, the recession in the mechanical engineering sector was even more severe than in the previous year. According to the VDMA, machine sales shrank significantly by 6% in real terms in 2024 – both in the EU and in the eurozone and the UK. Switzerland was down 4%. Within the EU, mechanical engineering was on a downward trend in almost all countries. The exceptions were Spain (+0%) and Portugal (+2%). The decline in sales was very pronounced in Eastern Europe, parts of Scandinavia, Belgium (-7%) and Austria (-6%). Italy (-7%) and France (-5%) also recorded sharp declines. According to preliminary estimates by the VDMA, production in the mechanical engineering sector in Germany will fall by 8% in real terms in 2024 (2023: -1% in real terms).

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Engineering: Real change in industry sales T017

in %	2024	2023	2022
Germany1	-8.0	-2.0	0.0
Eurozone	-6.0	-1.0	3.0
USA	-3.0	-3.0	3.0
China	2.0	2.0	2.0
World	-2.0	0.0	3.0

Source: VDMA 1_Value 2024 refers to production.

Global automotive production declining, China is pushing into the global market with new energy vehicles

The profound upheaval in the automotive industry will continue to shape the sector's development in 2024. Electric vehicles have become more established. According to data from S&P Global Mobility (S&P GM), 16.9 million new energy vehicles (NEVs) were produced worldwide in 2024. This was a strong increase of 16.6%. The combined global market share of battery electric vehicles (BEV) and plug-in hybrids (PHEV) rose to 19.1% (2023: 16.0%). China is the dominant player here, supported by high subsidies, with shares of 65.8% and 73.5% respectively of all BEVs and PHEVs produced worldwide, and has entered the global markets with a large number of suppliers and models. In 2024, the USA and the EU responded with protective tariffs on imports of Chinese e-vehicles. Including combustion engines, the entire global market grew only slightly in 2024 according to S&P GM. Sales rose by 1.7% to 88.2 million LVs (light vehicles up to 6 tons), with the upturn in North/South America and Europe being stronger than in Asia. Production trends, on the other hand, were contrary. Global production fell by 1.6% to 89.1 million LV. Output in the established regions of the USA (-1.4%), Japan/South Korea (-6.5%) and Europe (-5.2%) fell in 2024. In contrast, China (+3.0%), India (+3.5%) and Brazil (+7.8%) gained market share. The market for commercial vehicles (commercial vehicles, trucks + buses) declined in 2024 due to the economic situation. Global production fell by 5.0% to just over 3.4 million commercial vehicles.

The European automotive market came to a standstill in 2024. According to Global Data, 11.6 million vehicles were sold (+0.0%). The ACEA (Association des Constructeurs Européens d'Automobiles) puts sales in Europe (EU + EFTA + UK) at around 13.0 million cars (+0.9%) for 2024. Among the major individual markets, the UK (+2.6%) and Spain (+7.1%) stood out. Sales were down slightly in Germany (-1.0%) and Italy (-0.5%), and even more significantly in France (-3.2%). Across Europe, sales of petrol cars fell by 6.8% and diesel cars by 11.8%. The share of sales accounted for by traditional combustion engines therefore fell from 48% to 43%. Demand for purely electric cars also faltered as a result of reduced subsidies (BEV -1.3%). However, hybrid drives (PHEV and mild hybrids [MHEV]) continued to gain ground with a combined +14.3%. According to S&P GM data, production in Western Europe remained under significant pressure in 2024 (-8.6%), with manufacturers in Italy, France and the UK cutting their output by double digits. Accordingly, car production in Germany declined by 1.5% and, according to the industry association VDA, domestic car production stagnated at 4.1 million units.

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Automotive Industry: Global production and development of sales	T018

in %	2024	20232	20222
Production of light vehicles	-1.6	9.9	6.7
share of PHEV	6.2	4.3	3.3
share of BEV	12.9	11.7	9.9
Production of commercial vehicles1	-5.0	11.6	-14.3

Source: S&P Global Mobility. 1_Global Data (GD) for 2023 und 2022.

2_Partially revised date according to GD.

Construction industry 2024: Residential construction in crisis, civil engineering stabilizes and provides impetus

The construction industry in Asia is fundamentally driven by population growth and urbanization. Short-term factors can override this trend. India's construction industry is growing on a stable path of 6% to 7% per year. China's construction sector remained divided in two in 2024. On the one hand, the real estate crisis had a massive impact on building construction: Building construction shrank by 10.6% in nominal terms, residential construction by 10.5%. On the other hand, massive investments were made in industrial production facilities as well as in energy production, railroad infrastructure and water management.

Europe's construction sector remained in a downturn in 2024. According to the industry network Euroconstruct ( a. o. ifo Institute), the main reasons for this were a still unattractive financing environment, high real estate prices and increased construction costs. At the same time, residential construction slipped into a pronounced crisis. 2024 was also challenging for commercial and public building construction, which was reflected in a decline in construction output. In turn, higher investment in transport and energy infrastructure supported civil engineering. On balance, construction output in its 19 core European markets shrank by 2.4% in real terms according to Euroconstruct 2024 data. Regionally, the losses were pronounced in Scandinavia, France, Austria and Eastern Europe. The construction sector has also slipped into recession in Italy, the Netherlands and the UK. In contrast, construction in Spain, Portugal and Ireland remained in positive territory. The Swiss construction industry even managed to reverse the trend with slight growth.

In Germany, the downward trend in the construction sector was even more pronounced. Construction investment in 2024 again shrank significantly by 3.5% in real terms (2023: -3.4%). According to the ifo Institute, residential construction in particular was burdened by high interest rates, a poor order situation and cancellations. Insolvencies in the construction industry rose by double digits. According to the German Institute for Economic Research (DIW), the total construction volume, which includes investments in existing buildings as well as new construction, fell at an accelerated rate of 3.7% in real terms in 2024 (2023: -2.0%). While public construction increased slightly (+1.5%), commercial construction slipped more sharply into negative territory than recently at -3.3%. Residential construction came under even greater pressure at -5.1%. At -10.1%, new residential construction fell even more sharply in 2024 (2023: -9.7%). In addition, investments in the housing stock for extensions and conversions, modernization and repairs also declined (-3.2%). In 2024, this typically more stabilizing segment accounted for 74.0% of the total construction volume in residential construction.

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Construction Industry: Development of European construction output	T019

in %	2024	20231	20221
Western Europe	-2.4	-1.5	2.3
Eastern Europe	-2.7	1.1	3.4
Europe	-2.4	-1.3	2.4

Source: Euroconstruct / ifo Institute (19 core markets in total). 1_Revised data according to Euroconstruct / ifo institute.

US construction industry 2024: unimpressed by the upswing; high investments in the water supply sector

In the USA, construction spending rose by 6.5% in nominal terms in 2024 (2023: +7.0%). Public construction activities were once again a key driver. Government investment in the energy and water supply was significantly increased. The latter grew by 23% in 2024. Private commercial construction also increased significantly. In addition, investments in production facilities (+20.3%) were driven by high government incentives, among other things. The commercial sector, which is a key growth market for NDS®, showed a 12% decline in construction projects, according to FMI Insights. Although the Fed was late in cutting interest rates, private residential construction returned to growth at +5.9%. However, trends within the segment developed unevenly. While the single-family home segment recovered from last year's downward trend, multi-family homes came under noticeable pressure. According to analyses by the North American sector specialists from FMI Insights, the trend in new construction in particular diverged (single-family homes +6%, multi-family homes -7%). By contrast, expenditure on conversions, extensions and replacements (excluding repairs and modernization) increased (+9%). According to industry experts from the Harvard Center of Joint Housing Studies (Remodeling LIRA Index), spending on repair and renovation work, which is a key driver of sales of NDS products, fell by 1.6% in the 2024 fiscal year.

Significant events and developments

NORMA Group initiates divestment process for Water Management business

In an ad hoc announcement on November 28, 2024, NORMA Group announced a stronger strategic focus on its core business as market leader for joining technology. Following an in-depth review of the Company's strategic direction, the Management Board decided to initiate a divestment process for the global business activities of the strategic business unit Water Management. The market position of the remaining synergistic Industry Applications and Mobility & New Energy business units is to be strengthened and the divestment of the water business is intended to free up resources and capacities for further profitable growth in the traditional core business units. Further information can be found in the corresponding press release at : WWW.NORMAGROUP.COM.

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Changes in the Supervisory Board of NORMA Group SE: Kerstin Müller-Kirchhofs appointed to the Supervisory Board by the court

In the third quarter of 2024, an application was made for the court appointment of Kerstin Müller-Kirchhofs as a new member of the Supervisory Board until the election at the next Annual General Meeting. Ms. Müller-Kirchhofs holds a degree in economics and is a certified public accountant with several years of experience in the management of industrial companies. Most recently, she was CFO of Gesco SE, a listed holding company with several medium-sized technology companies. She succeeds Miguel Ángel López Borrego, who stepped down from the Supervisory Board at his own request in May 2024. Ms. Müller-Kirchhofs is a member and Chairwoman of the Audit Committee of the Supervisory Board of NORMA Group SE. This means that NORMA Group's six-member Supervisory Board is once again complete.

NORMA Group defends patent against Chinese competitor

NORMA Group won a patent lawsuit against a Chinese competitor. At the end of June 2024, the Supreme People's Court of the People's Republic of China in Beijing ruled that a product from competitor Suzhou Shengnuo Connection Technology Co. Ltd. infringes on a NORMA Group patent for an advanced worm drive hose clamp. The competitor was prohibited from manufacturing or selling this clamp. Further information can be found in the corresponding press release at : WWW.NORMAGROUP.COM.

NORMA Group provides clamps for cooling system of energy storage facility in Germany

NORMA Group has won a contract for V-band clamps for an energy storage facility in Germany. The customer is a market-leading provider of flexible metal tubes and will install the clamps in the facility's cooling system. From summer 2024 until the end of 2028, NORMA Group will supply between 30,000 and 180,000 clamps per year to the customer. The order has a total volume of around EUR 2.4 million. Further information is available at : WWW.NORMAGROUP.COM.

NORMA Group wins major contract from home appliance manufacturer in the US

NORMA Group has won a major order from an industrial customer to supply almost three million dishwashers a year with custom-made metal TORRO clamps since the fourth quarter of 2024. The customer is a leading global manufacturer of home appliances. Further information is available at : WWW.NORMAGROUP.COM.

More specific sales forecast with the publication of the statement on the 3rd quarter of 2024

In the interim statement for the third quarter of 2024, NORMA Group had specified the sales forecast in the previously known range towards the lower end, based on the trend forecasts in the customer industries and markets relevant to NORMA Group and assuming continued challenging months in the rest of 2024. Taking into account the reasons and factors outlined here as well as the current findings, the management had also specified the target values for the adjusted EBIT margin and NORMA Value Added (NOVA). Further details on the specifications made can be found in the section 4 COMPARISON OF TARGET AND ACTUAL VALUES section.

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Expansion of the water business in Europe

On December 21, 2023, NORMA Group signed an agreement to acquire Teco Srl, an Italian supplier of irrigation products for the gardening, landscaping and agricultural sectors. The Company offers around 800 products, including drippers, sprayers, valves and connecting elements. Teco's customers are wholesalers and manufacturers of water management systems. The acquisition serves the gradual expansion of the business in the strategic area of Water Management in Europe and was completed on February 29, 2024.

NORMA Group's Annual Report and Investor Relations Department honored once again

NORMA Group once again received the "FOX FINANCE Award in SILVER" for its 2023 Annual Report. In particular, the elements of comprehensiveness, a clear and modern structure, the concrete statements on forecasts, risks and opportunities as well as the level of detail of the information across various areas were praised. In the "Investors' Darling" capital market competition, in which the capital market communication of Prime Standard companies is assessed according to numerous criteria, NORMA Group took third place out of 68 companies rated in the SDAX for 2024. NORMA Group was thus able to improve its ranking once again compared to the previous year. (2023: Rank 7 out of 70). 4 IR WORK

Early departure of the CEO and temporary assumption of the CEO position by the Chairman of the Supervisory Board in February 2025

The Chairman of the Management Board of NORMA Group SE, Mr. Guido Grandi, resigned from his position on the Management Board and as Chairman of the Management Board at the end of February 17, 2025 due to strategic differences regarding the future direction of the Company. Effective February 18, 2025, the previous Chairman of the Management Board of NORMA Group, Mr. Mark Wilhelms, took over as Chairman of the Management Board for a transitional period of a maximum of one year. Ms. Kerstin Müller-Kirchhofs is Chairwoman of the Supervisory Board of NORMA Group for the transitional period. The Supervisory Board has initiated a structured search for a new Chairman of the Management Board.

Comparison of target and actual values

NORMA Group issued a forecast on the development of the Group's key performance indicators in fiscal year 2024 when it published its Annual Report 2023 on March 26, 2024. : ANNUAL REPORT 2023

In fiscal year 2024, NORMA Group's performance was influenced by a variety of factors and a challenging market environment. This included a further weakening of customer demand, especially since the second quarter of 2024, with declining volumes in parts of the customer industries relevant to NORMA Group. In the automotive industry, in particular, customer demand was highly volatile, which limited NORMA Group's ability to plan.

Based on trend forecasts in the customer industries and markets relevant to NORMA Group and assuming continued challenging months in the rest of 2024, the Management Board of NORMA Group had concretized the sales forecast in the previously known range towards the lower end with the publication of the interim statement for the third quarter of 2024. Since then, the Management Board has assumed Group sales of around EUR 1.2 billion for the full year 2024 (previous forecast: "Group sales in the range of around EUR 1.2 billion to around EUR 1.3 billion"). Against this backdrop, the Management Board also took a closer look at developments in the three regional segments:

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For the EMEA region, the Management since expected sales in the range of around EUR 480 million to around EUR 500 million for the full year 2024, taking into account a continued subdued environment – particularly in the European automotive industry (previous forecast: "Sales in the range of around EUR 500 million to around EUR 550 million").
For Asia-Pacific, the Management Board anticipated that development in the region in the fourth quarter of 2024 would be weaker than previously thought and therefore expected a lower sales figure in the 2024 fiscal year than originally assumed. This was expected to be in the range of around EUR 140 million to around EUR 150 million (previous forecast: "Sales in the range of EUR 170 million to EUR 200 million").
For the Americas region, the Management had slightly increased the lower end of the forecast range ("sales of around EUR 530 million to around EUR 550 million)" that had been known since the publication of the 2023 Annual Report. For 2024 as a whole, the Management Board expected sales in the range of around EUR 540 million to around EUR 550 million.

Taking into account the reasons and factors outlined here as well as current findings, the Management had also specified the target values for the adjusted EBIT margin and NORMA Value Added (NOVA).

Since then, the Management Board has expected the adjusted EBIT margin to reach around 8% in the 2024 fiscal year, which would be at the lower end of the most recently communicated corridor (previous forecast: "around 8% to 8.5%").

The Management Board has assumed that NORMA Value Added would reach a value of around EUR -40 million (previous forecast: "in the range of EUR -40 million to EUR -20 million").

The publication of the quarterly statement for the third quarter of 2024 did not specify any further relevant key performance indicators. The Management therefore anticipated that the net operating cash flow and the nonfinancial key performance indicator of CO2 emissions would develop as last communicated in the 2023 Annual Report - and confirmed in the interim report for the second quarter of 2024.

The table 4 TABLE T020 provides an overview of the target and actual values as well as the forecast specifications and adjustments during the year.

Explanations of the development of the target values

With Group sales of EUR 1,155.1 million in fiscal year 2024, NORMA Group achieved the forecast figure ("Group sales of around EUR 1.2 billion") published in the interim statement for the third quarter of 2024 on November 5, 2024. Meanwhile, developments in the regional segments were as follows: The EMEA region recorded sales of EUR 477.3 million and thus developed in line with expectations compared to the most recent figures. At EUR 147.4 million, the Asia-Pacific region achieved the anticipated sales level. In the Americas region, revenue totaled EUR 530.4 million and was therefore slightly lower than recently assumed.

At 8.0%, the adjusted EBIT margin in the 2024 fiscal year was exactly in line with the expected target of "around 8%".

NORMA Value Added (NOVA) also developed in line with the forecast for fiscal year 2024 at EUR -38.8 million.

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Net operating cash flow reached a value of EUR 105.4 million and was thus at the upper end of the forecast range of "around EUR 80 million to around EUR 110 million". The main drivers of this positive development included optimized working capital management in line with business developments and lower investments from the operating business.

In the 2024 fiscal year, CO2 emissions totaled 4,171 tons of CO2 equivalents3,4 and thus remained well below the target value of "below 9,600 tons of CO2 equivalents".

Comparison of target and actual values				T020
	Results 20231	March 26, 2024	November 5, 2024	Results 20241
Group sales	EUR 1,222.8 million	Group sales in the range of around EUR 1.2 billion to around EUR 1.3 billion	Group sales of around EUR 1.2 billion	EUR 1,155.1 million
Sales EMEA	EUR 514.7 million	Sales in the range of around EUR 500 million to around EUR 550 million	Sales in the range of around EUR 480 million to around EUR 500 million	EUR 477.3 million
Sales Americas	EUR 534.5 million	Sales in the range of around EUR 530 million to around EUR 550 million	Sales in the range of around EUR 540 million to around EUR 550 million	EUR 530.4 million
Sales Asia-Pacific	EUR 173.6 million	Sales in the range of around EUR 170 million to around EUR 200 million	Sales in the range of around EUR 140 million to around EUR 150 million	EUR 147.4 million
Adjusted EBIT margin	8.0%	Of around 8% to 8.5%	In the range of around 8%	8.0%
NORMA Value Added (NOVA)	EUR -43.6 million	In the range of around EUR -40 million to around EUR -20 million	In the range of around EUR -40 million	EUR -38.8 million
Net operating cash flow	EUR 87.3 million	In the range of around EUR 80 million to around EUR 110 million	Sales in the range of around EUR 80 million to around EUR 110 million	EUR 105.4 million
CO2 emissions	5.064 tons of CO2-equivalents2	Below 9,600 tons of CO2-equivalents	No adjustments	4,171 tons of CO2 equivalents2,3

1_Adjustments within the financial years relate exclusively to adjustments for depreciation and amortization of property, plant and equipment and intangible assets from purchase price allocations. 2_The CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 only includes emissions from natural gas and liquid gas and Scope 2 emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energy sources at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value. 3_The methodology described in footnote 2 was used in the management system until the end of 2024 based on the forecast for CO2 emissions of "below 9,600 tons of CO2 equivalents" issued in fiscal year 2024. The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. This means that in future annual reports, the emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in the Scope 1 to Scope 3 categories for all locations worldwide in the management system.

³ The CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 only includes emissions from natural gas and liquid gas and Scope 2 emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energy sources at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value.

⁴ The methodology described in footnote 3 was used in the management system until the end of 2024 based on the forecast for CO2 emissions of "below 9,600 tons of CO2 equivalents" published in the 2024 financial year. The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. This means that in future annual reports, the emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in the Scope 1 to Scope 3 categories for all locations worldwide in the management system.

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Earnings, assets and financial position

General statement by the Management Board on the course of business and economic situation

The global economy showed a subdued and regionally very uneven development in the 2024 fiscal year. In Europe, and particularly in Germany, the economy and economic prospects became increasingly gloomy over the course of the 2024 fiscal year, and there was no significant economic recovery in China either, despite government measures. In the USA, on the other hand, the economy continued to grow in the current reporting year. Overall, the decline in global industrial production continued, with some significant setbacks in European mechanical engineering, the automotive sector and a persistently weak construction industry. The burdens caused by the war in Ukraine and the conflicts in the Middle East remained unchanged. Politically, 2024 was also an unstable year. By contrast, the lower energy price level and the central banks' interest rate easing measures from the second half of the year had a positive impact in the 2024 fiscal year.

In this environment, NORMA Group's consolidated sales amounted to EUR 1,155.1 million in fiscal year 2024, down 5.5% on the previous year (2023: EUR 1,222.8 million). Before currency effects (-0.3%) and acquisition effects (+0.2%), the decline amounted to 5.5%. This is due to a decrease in volume. The decline in sales was primarily triggered by the weakening of demand in NORMA Group's key sales markets that has become apparent since the second quarter of 2024. This primarily affected the global automotive industry, which was characterized by highly volatile customer call-off behavior. The volume business in the Mobility & New Energy strategic business unit thus recorded significantly lower sales in all three regions compared to the previous year. This was particularly evident in the fourth quarter of 2024. In the Industry Applications area, sales in the past fiscal year were also down on the same period of the previous year, driven by a persistently difficult market environment in the three regions. In contrast, the continued stability of the Water Management business partially compensated for the decline in sales in Mobility & New Energy and Industry Applications.

At EUR 92.3 million, the adjusted operating result – adjusted EBIT – fell short of the previous year's figure by 5.3% (2023: EUR 97.5 million). At 8.0%, the adjusted EBIT margin was in line with the previous year's level (2023: 8.0%). Despite the decline in sales, NORMA Group achieved stable profitability in fiscal year 2024. While adjusted EBIT in fiscal year 2024 was negatively impacted by the higher expenses for employee benefits compared to the previous year due to inflation, the higher adjusted gross margin and measures to increase efficiency in the area of supply chain management had a positive effect on performance. This resulted in significantly lower freight costs, particularly for special freight.

Net operating cash flow was very strong in the fiscal year at EUR 105,4 million, significantly exceeding the previous year's figure (2023: EUR 87,3 million). The positive development was due to optimized (trade) working capital, partly as a result of further improved inventory management as well as good receivables management and lower investment.

NORMA Group's Management Board is looking ahead to 2025 with the necessary caution due to the challenges that partly continue to prevail in the business environment. Further information on the expected development in 2025 is set out in the 4 FORECAST REPORT.

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Adjustments

Management adjusts the result for the fiscal year for certain expenses and income in connection with realized M&A transactions in order to manage the Group's operations. Adjustments are made in accordance with the management approach in segment reporting. Hence, the following adjusted results reflect the Management Board's perspective.

In the 2024 fiscal year, adjustments for acquisition-related expenses of EUR 0.4 million (2023: EUR 0.2 million) were made within EBITDA (earnings before interest, taxes, depreciation of property, plant and equipment and amortization of intangible assets). These related to acquisition and integration costs in connection with the takeover of Teco Srl on February 29, 2024. In addition, depreciation of property, plant and equipment from purchase price allocations in the amount of EUR 0.8 million was recognized in EBITA in fiscal year 2024. (2023: EUR 1.0 million). Also, amortization of intangible assets from purchase price allocations in the amount of EUR 33.8 million (2023: (EUR 20.3 million) was adjusted within EBIT. The increase compared to the previous year is due to an impairment loss recognized at an Indian subsidiary. 4 NOTES

Notional income taxes resulting from the adjustments are calculated using the tax rates of the respective local companies concerned and taken into account in the adjusted earnings after taxes.

The following 4 TABLE T021 shows the adjusted figures in fiscal year 2024. Further information on the unadjusted figures can be found in the disclosures in the 4 NOTES.

Adjustments1 T021
		2024 adjusted	Adjustments	2024 reported
Group sales	EUR millions	1,155.1	–	1,155.1
EBITDA	EUR millions	153.5	0.4	153.1
EBITDA margin	%	13.3	–	13.3
EBITA	EUR millions	96.3	1.2	95.1
EBITA margin	%	8.3	–	8.2
EBIT	EUR millions	92.3	35.0	57.3
EBIT margin	%	8.0	–	5.0
Financial result	EUR millions	-23.3	–	-23.3
Profit for the period	EUR millions	40.9	26.1	14.8
EPS	EUR	1.28	0.82	0.46

1_Deviations may occur due to commercial rounding.

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Earnings position

Development of sales

Group sales

NORMA Group's consolidated sales amounted to EUR 1,155.1 million in fiscal year 2024, down 5.5% on the previous year (2023: EUR 1,222.8 million). This includes negative currency effects (-0.3%) - mainly in connection with the Brazilian real and the Chinese renminbi – as well as positive acquisition effects (+0.2%). The decline in sales compared to the previous year is almost entirely due to a decrease in volume. Positive price effects, particularly in the Americas and Asia-Pacific regions, only slightly offset the decline in revenue.

The development of volumes in the current reporting period was mainly impacted by overall volatile and weaker customer demand in key industries. This included the automotive customer business, in particular. The industrial customer business also suffered from the persistently difficult market conditions. Both were particularly true of the EMEA and Asia-Pacific regions, which resulted in a significant drop in sales in each region in the 2024 fiscal year. By contrast, sales in the Americas region were almost unchanged from the previous year, as continued stable volumes in the water business almost completely offset lower revenue in Mobility & New Energy and Industry Applications.

Industry Applications: Restrained sales development in 2024 driven by the environment

Sales in Industry Applications (a customer industry within the former SJT – Standardized Joining Technology distribution channel until the end of 2023) amounted to EUR 206.6 million in the 2024 fiscal year, down 6.4% overall on the previous year (2023: EUR 220.7 million). Before currency effects (-0.2%), the decline amounted to 6.2% in 2024. The decline in volume due to weak market-related demand was partially offset by pricing initiatives.

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Water Management: stable sales growth in fiscal year 2024

In the 2024 fiscal year, sales revenue in the Water Management business (until the end of 2023 a customer industry within the former SJT – Standardized Joining Technology distribution channel) amounted to EUR 299.1 million. This corresponds to an overall increase of 3.5% compared to the previous year (2023: EUR 288.9 million), which was primarily due to good volume growth. In addition, sales from the Teco activities acquired on February 29, 2024 and included in the scope of consolidation since then (+0.9%) also had an increasing effect on revenue development. Negative currency effects, on the other hand, only slightly reduced the sales trend (-0.1%). Excluding the aforementioned currency and acquisition effects, growth in the 2024 fiscal year amounted to 2.8%. It should be noted that the sales potential of the water business in the USA was affected by the occurrence of an extreme weather event in the second half of the year, which was reflected in temporarily subdued customer demand.

Mobility & New Energy: Revenue in fiscal year 2024 below previous year's level

The Mobility & New Energy division (until the end of 2023 the former distribution channel EJT – Engineered Joining Technology) recorded sales revenue of EUR 649.4 million in the 2024 fiscal year, a decrease of 8.9% compared to the same period of the previous year (2023: EUR 713.1 million⁵ ). This development is attributable to persistently weak demand due to lower production figures for light and heavy vehicles. This also resulted in unpredictable and, in key regions, highly volatile ordering behavior on the part of automotive industry customers. This effect was particularly evident in the EMEA and Asia-Pacific regions in the second half of the past fiscal year. Business performance in the Americas region was also impacted by the aforementioned fluctuations in 2024, although the decline in sales in the Americas region was less pronounced. Taken together, this led to significant changes in business volume in the first nine months of 2024. Negative currency effects (-0.4%) further reduced sales in Mobility & New Energy. Adjusted for the aforementioned effects, the decline amounted to -8.6%.

Effects on Group sales1		T022
	EUR millions	Share in %
Group sales 2023	1,222.8
Volume-price-mix	-66.8	-5.5
Acquisition effects	2.5	0.2
Currency effects	-3.4	-0.3
Group sales 2024	1,155.1	-5.5

1_Discrepancies in decimal places can occur due to commercial rounding.

⁵ Since fiscal year 2024, NORMA Group has reported sales according to the Industry Applications (IA), Mobility & New Energy (MNE) and Water Management (WM) business segments. Until fiscal year 2023, sales were reported according to the Engineered Joining Technology (EJT) and Standardized Joining Technology (SJT) distribution channels. MNE essentially corresponds to the EJT distribution channel reported in the previous year. Against this backdrop, there are slight deviations from the figure of EUR 709.6 million published in the 2023 Annual Report, which corresponds to the sales value of the former EJT distribution channel.

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Development of important customer industries T023

T023

		Industry Applications (IA)1		Water Management (WM)1	Mobility & New Energy (MNE)2
	2024	2023	2024	2023	2024	2023
Group sales (EUR millions)	206.6	220.7	299.1	288.9	649.4	713.1
Change (in %)	-6.4		3.5		-8.9
Share of sales (in %)	18	18	26	24	56	58

1_Formerly Standardized Joining Technology (SJT) distribution channel.

2_Formerly Engineered Joining Technology (EJT) distribution channel; MNE essentially corresponds to the EJT distribution channel reported in the previous year. Against this backdrop, there are slight deviations from the figure of EUR 709.6 million published in the 2023 Annual Report, which corresponds to the sales value of the former EJT distribution channel.

Development of earnings

(Adjusted) EBIT and adjusted ROCE

Operating earnings (earnings before interest and taxes, EBIT) amounted to EUR 57.3 million in the 2024 fiscal year and were therefore significantly below the previous year's figure (2023: EUR 76.1 million). The EBIT margin was 5.0% (2023: 6.2%).

EBIT, adjusted solely for amortization from purchase price allocations, fell by 5.3% to EUR 92.3 million in the current reporting year, compared to EUR 97.5 million in the same period of the previous year. At 8.0%, the adjusted EBIT margin was in line with the previous year's level (2023: 8.0%).

Adjusted EBIT in the 2024 fiscal year was primarily impacted by the higher expenses for employee benefits compared to the previous year due to inflation. On the other hand, the higher adjusted Gross margin compared to the previous year and the significant reduction in freight costs, particularly for special freight, had an increasing effect on adjusted EBIT.

Return on capital employed (ROCE) as a ratio of adjusted EBIT to average capital employed fell to 8.8 % in the reporting period (2023: 9.3%). The year-on-year decline in ROCE was mainly due to the lower adjusted EBIT.

Return on capital employed (ROCE)			T024
		2024	2023
Adjusted EBIT	EUR millions	92.3	97.5
Average capital employed	EUR millions	1,044.7	1,047.0
ROCE	%	8.8	9.3

1_Average of invested capital at the beginning of the year (Jan. 1) and invested capital at the end of the year (Dec. 31).

Key factors influencing the development of earnings

Cost of materials ratio and gross margin

In fiscal year 2024, NORMA Group's global purchasing organization was able to achieve significant cost reductions for some important raw materials and supplies. In particular, costs for individual raw materials and energy were down again. 4 PURCHASING AND SUPPLIER MANAGEMENT

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Against this backdrop, the cost of materials fell by 9.0% to EUR 500.0 million in the current reporting year. (2023: EUR 549.6 million). The cost of materials ratio (cost of materials in relation to sales) amounted to 43.3% in the fiscal year 2024, a significant improvement on the previous year (2023: 45.0%). At 42.8%, the cost of materials ratio in relation to total operating performance (sales revenue plus changes in inventories and other own work capitalized) was also lower than in fiscal year 2023 (45.1%). The increase in inventories of finished goods and work in progress of EUR 6.2 million in the 2024 fiscal year (2023: inventory reduction of EUR 8.2 million) had a negative impact on the cost of materials ratio.

Gross profit in the 2024 fiscal year reached EUR 668.2 million, almost matching the previous year's figure (2023: EUR 668.0 million). The gross margin amounted to 57.8%, an improvement of 3.2 percentage points compared to the previous year (2023: 54.6%). This development is primarily due to the disproportionately high reduction in the cost of materials compared to sales in the past fiscal year. The increase in inventories of finished goods and work in progress in the amount of EUR 6.2 million (2023: reduction of EUR 8.2 million) led to an increase in the gross margin.

Personnel cost ratio

Personnel expenses amounted to EUR 337.9 million in the 2024 fiscal year, representing an increase of 5.0% compared to the previous year (2023: EUR 321.8 million). The main reason for this development is a higher wage level compared to the previous year due to inflation-related adjustments. Temporary inefficiencies in the EMEA region had an additional negative impact due to higher expenses for employee benefits. The Personnel cost ratio thus increased significantly to 29.3% in the current reporting year after 26.3% in the 2023 fiscal year.

Other operating income and expenses

The balance of other operating income and expenses amounted to EUR -176.7 million in fiscal year 2024 (2023: EUR -192.0 million). This corresponds to an improvement of 7.9% compared to the previous year. As a percentage of sales, the balance of other operating income and expenses was 15.3% (2023: 15.7%).

While within other operating expenses, the cost of freight (2024: EUR -29.3 million; 2023: EUR -39.3 million) – and, in particular, in the area of special freight – as well as expenses for temporary staff and other personnel-related expenses (2024: EUR -47.4 million; 2023: EUR -54.7 million) and currency losses from operating activities (2024: EUR -6.6 million; 2023: EUR -9.7 million) were significantly reduced, expenses for IT and telecommunications (2024: EUR -28.7 million; 2023: EUR -25.2 million) registered a slight increase due to additional investments in the area of IT security and the further implementation of the roll-out of an ERP system, mainly at one location in Germany, among other things. Other operating expenses also include costs for marketing and consulting as a significant item (2024: EUR -19.1 million; 2023: EUR -21.2 million). 4 NOTES

Other operating income in fiscal year 2024 mainly related to foreign exchange gains from operating activities resulting from currency fluctuations in the European region. Income from the reversal of liabilities and unused provisions were also included. 4 NOTES

NORMA Value Added (NOVA)

NORMA Value Added (NOVA), which is also a relevant figure for the long-term remuneration of the Management Board, amounted to EUR -38.8 million in fiscal year 2024 and thus improved compared to the previous year (2023: EUR -43.6 million). In addition to the slightly lower adjusted tax rate compared to the previous year, lower capital costs due to a decrease in the weighted average cost of capital (WACC) had a positive effect.

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The financial result for the 2024 fiscal year was EUR -23.3 million, a slight deterioration compared to the previous year (2023: EUR -22.7 million). The financial result was mainly impacted by the significantly higher net interest expense compared to the previous year. This was due to a noticeable increase in interest expenses from liabilities to banks. The ECB's interest rate cuts in 2024 have already had the first positive interest rate effects, but NORMA Group refinanced in the third quarter of 2023 by issuing a promissory note loan with a sustainability component in the amount of EUR 120 million. This was implemented at higher interest conditions due to the general rise in market interest rates at the time, meaning that this effect increased the net interest expense in 2024. 4 NOTES

Income taxes

In the 2024 fiscal year, there was a tax expense of EUR 19.2 million at Group level (2023: tax expense EUR 25.5 million). Measured against a pre-tax result in the amount of EUR 34.0 million (2023: EUR 53.5 million), this results in a tax rate of 56.5% (2023: 47.8%). The increase in the tax rate in the 2024 financial year is mainly due to the non-recognition of deferred tax assets on current losses and non-tax-deductible expenses. 4 NOTES

The adjusted tax rate in fiscal year 2024 was 40.8% (2023: 41.3%).

The reason for the persistently high (adjusted) tax rate is unrecognized deferred tax assets on losses as well as non-allowable withholding taxes and non-deductible expenses.

Profit for the period and appropriation of profit

The net profit for the 2024 fiscal year amounted to EUR 14.8 million, which was below the figure for the previous year (2023: EUR 27.9 million). Based on an unchanged number of shares compared to the previous year of 31,862,400, this results in earnings per share of EUR 0.46 after deduction of the result for the period for noncontrolling interests (2023: EUR 0.87).

The adjusted profit for the period amounted to EUR 40.9 million in the 2024 fiscal year. (2023: EUR 43.9 million). After deducting the result for the period for non-controlling interests, this results in adjusted earnings per share of EUR 1.28 (2023: EUR 1.37).

The Management Board and Supervisory Board will propose to the Annual General Meeting on May 13, 2025, that a dividend totaling EUR 12.7 million be distributed from the commercial net profit of NORMA Group SE of EUR 44.4 million. This is equivalent to a dividend of EUR 0.40 per no-par value share entitled to a dividend. In fiscal year 2024, the proposed payout ratio amounts to 31.2% of the adjusted net profit and is thus in the corridor between 30% and 35% according to NORMA Group's sustainable dividend strategy.

Development of sales and earnings in the segments

EMEA

External sales in the EMEA region decreased by 7.3% to EUR 477.3 million in the 2024 fiscal year (2023: EUR 514.7 million). The activities from the Teco business, which have been included in the scope of consolidation since February 29, 2024, contributed 0.5% to the sales performance in the 2024 fiscal year. Adjusted for this effect, the drop in sales amounted to 7.7%, mainly due to a decline in volume business.

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The decline in sales in the EMEA region is due to highly volatile customer demand overall, which is primarily characterized by short-term and unpredictable shifts in ordering behavior, and thus an overall weak development in the automotive industry. Sales at Mobility & New Energy fell by 9.2% to EUR 354.8 million in the 2024 fiscal year. (2023: EUR 390.6 million⁶ ). Sales in Industry Applications also fell short of the previous year's volume due to the challenging market environment. At EUR 116.7 million, revenue was 4.1% below the previous year's level (2023: EUR 121.6 million). In contrast, the Water Management unit more than doubled its revenue to EUR 5.8 million in the 2024 fiscal year thanks to revenue contributions from Teco (2023: EUR 2.5 million).

Overall, the EMEA region's share of total sales nevertheless decreased slightly to around 41% in the 2024 fiscal year (2023: 42%).

Adjusted EBIT in the EMEA region amounted to EUR 20.9 million in the 2024 fiscal year. (2023: EUR 24.3 million). The adjusted EBIT margin was 4.1% (2023: 4.4%). The decline in profitability is due to higher personnel costs in connection with the rise in inflation. At the same time, successful efficiency measures were implemented in the region and significant cost savings were achieved compared to the previous year, particularly in the area of logistics and freight.

Americas

In the Americas region, external sales amounted to EUR 530.4 million in the 2024 reporting year, falling short of the previous year's figure (2023: EUR 534.5 million) only slightly by 0.8%. Declining volumes (-1.0%) and slightly negative exchange rate effects (-0.3%) were partially offset by positive price effects of 0.5%. Adjusted for the effects described here, the decline amounted to 0.5%.

With regard to developments in relevant customer industries, the picture was mixed: The Water Management business of the US subsidiary NDS grew compared to the previous year, despite subdued trends in some of the key sales markets. The sales volume increased by 3.3% to EUR 266.6 million. (2023: EUR 258.1 million). In contrast, the Industry Applications and Mobility & New Energy divisions reported a year-on-year decline in business performance in an environment characterized by a general reluctance to invest. Sales in Industry Applications fell by 4.7% to EUR 71.0 million. (2023: EUR 74.5 million). Revenue in the Mobility & New Energy business unit decreased to EUR 192.8 million. (2023: EUR 201.9 million). This corresponds to a decrease of 4.5%.

The Americas region accounted for around 46% of Group sales in fiscal year 2024 (2023: 44%).

At EUR 68.3 million, adjusted EBIT in the Americas region was up on the previous year's figure (2023: EUR 63.1 million) despite a slight overall decline in revenue. The adjusted EBIT margin for the Americas region also improved accordingly. It reached a value of 12.7% (2023: 11.6%). Among other things, lower freight costs compared to the previous year had a positive effect here, while ramp-up costs for production at the Lithia Springs site reduced profitability.

⁶ Since fiscal year 2024, NORMA Group has reported sales according to the Industry Applications (IA), Mobility & New Energy (MNE) and Water Management (WM) business segments. Until fiscal year 2023, sales were reported according to the Engineered Joining Technology (EJT) and Standardized Joining Technology (SJT) distribution channels. The MNE customer industry essentially corresponds to the EJT distribution channel reported in the previous year. Against this backdrop, there are slight deviations from the figure of EUR 388.1 million published in the 2023 Annual Report, which corresponds to the sales value of the former EJT distribution channel in the EMEA region.

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Asia-Pacific

At EUR 147.4 million, external sales in the Asia-Pacific region in the 2024 fiscal year were down 15.1% on the previous year (2023: EUR 173.6 million). This includes slightly negative translation effects (-1.1%). Adjusted for this effect, the decline in sales amounted to 13.9%, mainly due to a significant drop in business volumes, while successful sales price adjustments marginally mitigated the decline.

The main reason for the decline in sales was the lack of economic momentum in the core market of China. This primarily affected the industrial business and thus the Industry Applications and Mobility & New Energy business units. In particular, the difficult environment and short-term changes in market expectations led to highly volatile ordering behavior on the part of customers in the automotive sector. Against this backdrop, revenue in the Mobility & New Energy business unit reached a level of EUR 101.9 million in the 2024 fiscal year, down 15.6% on the previous year (2023: EUR 120.6 million). In Industry Applications, the decline in sales was even more pronounced with a drop of 23.1%. Revenue amounted to EUR 19.0 million after EUR 24.6 million in fiscal year 2023. In the Water Management area, revenue also declined (2024: EUR 26.6 million), but the decline in sales (-6.1%) compared to the previous year (2023: EUR 28.3 million) was not quite as sharp.

The Asia-Pacific region's share of Group revenue in the 2024 fiscal year fell to 13%. (2023: 14%).

Adjusted EBIT for the Asia-Pacific region decreased to EUR 14.1 million in fiscal year 2024. (2023: EUR 19.9 million). With the significantly lower level of sales, the adjusted EBIT margin fell to 8.7% in the reporting year (2023: 10.8%). While inflexibility in connection with the weak sales trend led to higher personnel costs, implemented cost-saving measures and realized efficiency gains supported the margin.

NORMA Group SE – Annual Report 2024 88

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Development of segments T025

		EMEA			Americas			Asia-Pacific
		2024	2023	Δ in %	2024	2023	Δ in %	2024	2023	Δ in %
Total segment sales	EUR millions	505.6	546.6	-7.5	537.7	543.8	-1.1	161.7	185.1	-12.6
External sales	EUR millions	477.3	514.7	-7.3	530.4	534.5	-0.8	147.4	173.6	-15.1
Contribution to Group sales	%	41	42	n / a	46	44	n / a	13	14	n / a
Adjusted EBIT1	EUR millions	20.9	24.3	-13.8	68.3	63.1	8.2	14.1	19.9	-29.5
Adjusted EBIT margin1, 2	%	4.1	4.4	n / a	12.7	11.6	n / a	8.7	10.8	n / a

1_Adjusted for expenses in connection with acquisitions. 4 ADJUSTMENTS; deviations in the decimal places may occur due to commercial rounding. 2_In relation to segment sales.

Sales by segment G013

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Asset position

Assets

Total Assets

Total assets amounted to EUR 1,436.6 million as of December 31, 2024, a decrease of 3.8% compared to the previous year (Dec 31, 2023: EUR 1,493.3 million).

Non-current assets

Non-current assets amounted to EUR 900.7 million at December 31, 2024. Compared to the previous year's reporting date (Dec 31, 2023: EUR 890.9 million) this corresponds to an decrease of 1.1%. The goodwill included in this figure increased by 4.0% to EUR 410.4 million due to additions in connection with the Teco acquisition and positive currency effects from the USD (Dec 31, 2023: EUR 394.8 million). In contrast, other intangible assets fell by 11.0% to EUR 150.5 million (December 31, 2023: EUR 169.0 million). The primary reason for the change compared to the previous year was scheduled depreciation in the 2024 fiscal year and an additional impairment loss of EUR 13.6 million. In contrast, property, plant and equipment increased by 3.5% to EUR 319.0 million (December 31, 2023: EUR 308.4 million). In the fiscal year 2024, a total of EUR 53.4 million (2023: EUR 61.3 million) was invested in fixed assets (property, plant and equipment and intangible assets, excluding leases). NORMA Group's investing activities in fiscal year 2024 thus resulted in an investment ratio of 4.6% (2023: 5.0%). The investments mainly related to the locations in the USA, the Czech Republic, Serbia, China, the UK and Germany. 4 PRODUCTION AND LOGISTICS

Non-current assets accounted for 62.7% of total assets as of the reporting date in 2024 (Dec 31, 2023: 59.7%). 4 NOTES

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Current assets

Current assets amounted to EUR 535.9 million as at December 31, 2023, and were thus 11.0% below the level on the previous year's reporting date (Dec 31, 2023: EUR 602.4 million). The decline was primarily due to a reduction (-23.0%) in cash and cash equivalents. They amounted to EUR 127.1 million as at December 31, 2024 (December 31, 2023: EUR 165.2 million). This was due to the unscheduled repayment of bank credit lines in the amount of EUR 48.1 million in fiscal year 2024. In addition, there was a significant reduction in trade receivables compared to the previous year in line with the business development. A reduction in overdue receivables also had a reducing effect. Against this backdrop, trade receivables and other receivables amounted to EUR 159.4 million as at December 31, 2024. This corresponds to a decrease of 13.6% compared to the previous year's figure (December 31, 2023: EUR 184.5 million).

At 37.3%, current assets as a percentage of total assets decreased slightly compared to the previous year's reporting date (Dec 31, 2023: 40.3%).

(Trade) working capital

(Trade) working capital (inventories plus receivables less payables, in each case mainly trade payables) amounted to EUR 236.5 million as of December 31, 2024, an increase of 2.4% compared to the previous year's reporting date (Dec 31, 2023: EUR 230.9 million). The working capital ratio (trade working capital in relation to sales) was 20.5% as of December 31, 2024 (Dec 31, 2023: 18.9%)

Liabilities

Equity ratio

NORMA Group's consolidated equity amounted to EUR 721.4 million as of December 31, 2024, an increase of 4.0% compared to the previous year (Dec. 31, 2023: EUR 693.4 million). The consolidated equity ratio reached a level of 50.2% as of the reporting date of fiscal year 2024 (Dec 31, 2023: 46.4%). While the dividend payment made in 2024 totaling EUR 14.3 million (2023: EUR 17.5 million) reduced equity, currency effects from the translation of foreign business operations – particularly in connection with the US dollar – and the profit for the period of EUR 14.8 million increased equity.

Net debt

Net debt (financial liabilities including derivative hedging instruments in the amount of EUR 0.8 million less cash and cash equivalents) amounted to EUR 329.2 million at the end of December 2024, resulting in a change of 4.7% or EUR 16.3 million compared to the previous year (December 31, 2023: EUR 345.4 million). Current interest expenses in the fiscal year and additions to lease liabilities as part of newly concluded leases had an increasing effect on net debt. This was offset by net cash inflows from operating activities of EUR 137.0 million, net cash outflows from the procurement and sale of non-current assets of EUR -63.5 million and from the payment of dividends of EUR -14.3 million. Cash-neutral net currency effects from foreign currency loans, cash and cash equivalents, and lease liabilities and other financial liabilities had an increasing impact on net debt.

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Financial liabilities

NORMA Group's financial liabilities fell by 10.6% to EUR 456.3 million as of the reporting date in 2024 (Dec 31, 2023: EUR 510.6 million). The main reason for the change compared to the previous year was a decrease in loan liabilities due to repayments in the amount of EUR 66.8 million (2023: EUR -5.2 million). Repayments in the current reporting year primarily relate to an unscheduled repayment of syndicated loans (EUR 48.1 million) and scheduled repayments of promissory note loans (EUR 18.0 million). On the other hand, the increase in liabilities from ABS and factoring in other financial liabilities and exchange rate effects – primarily on liabilities in US dollars – increased financial liabilities. 4 NOTES

Gearing (net debt in relation to equity) was unchanged at 0.5 as of the reporting date in 2024 (2023: 0.5).

Leverage (net debt excluding hedging derivatives in relation to adjusted EBITDA for the past twelve months) improved to 2.1 as at December 31, 2024 (December 31, 2023: 2.2). The leverage relevant for the financing agreements was also lower as at the reporting date of December 31, 2024 at 2.1 (Dec 31, 2023: 2.2)

Assets not recognized in the balance sheet

NORMA Group's trademark rights and patents to the brands it holds as well as customer relationships, if acquired externally, are recognized in the balance sheet under intangible assets. However, important influencing factors for a successful business are also the awareness and reputation of these brands among customers and their trust in NORMA Group products. The trustful customer relationships based on NORMA Group's long-established distribution network are equally important. In addition, NORMA Group's workforce makes an important contribution to the Company's success with its extensive experience and specific expertise, so that the knowledge gained over many years in the areas of research and development and project management is also seen as a competitive advantage. The values listed are not recognized individually in the balance sheet, but are partly reflected in goodwill and other assets.

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)
202 FORECAST REPORT
210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES
4 CONSOLIDATED FINANCIAL STATEMENTS

Financial position

Financing measures

NORMA Group constantly monitors risks from changes in exchange and interest rate changes and limits them, among other ways, by using derivative hedging instruments. Furthermore, NORMA Group generally strives to achieve a diversification of its financing instruments in order to reduce risks. This also includes the prolongation of repayment obligations and an even distribution of the maturity profile. Most of the supply and service relationships between individual currencies are hedged at matching maturities over the course of the year.

NORMA Group had successfully refinanced its bank credit lines most recently in fiscal year 2019, thus creating further financial security and even greater flexibility for the future. The credit agreement has a total volume of initially EUR 300 million, including a revolving facility of EUR 50 million and a flexible accordion facility. An additional EUR 50 million revolving facility was agreed under the existing credit agreement in October 2021. The refinancing was concluded with a banking syndicate consisting of ten international banks. In addition, a sustainability component links the financing conditions to NORMA Group's commitment in the area of corporate responsibility. In 2024, as in the previous year, NORMA Group was able to achieve a positive sustainability scoring, which enabled further savings with regard to the credit margin to be realized. After exercising the two extension options from the syndicated loan agreement in fiscal years 2020 and 2021, all components of the loan agreement will be available to NORMA Group through at least the end of 2026. In addition, NORMA Group issued a promissory note loan – also with a sustainability component – in August 2023 for general corporate financing and to create further financial freedom. The promissory note with a total volume of EUR 120 million was issued in tranches with three, five and seven years as well as fixed and variable interest components. This ensures maximum financing flexibility.

The commercial paper program, which has been in place since 2019 and is used for short-term liquidity management, was not used as at the reporting date of 31 December 2024 (31 Dec. 2023: EUR 0 million). The revolving credit facilities were also not drawn down as at December 31, 2024 (December 31, 2023: EUR 0 million). Promissory note loan tranches from 2013 and 2014 in the amount of EUR 18 million were also repaid as scheduled and bank credit lines in the amount of EUR 48.1 million were repaid unscheduled. The promissory note loan from 2013 was thus repaid in full. NORMA Group's gross debt (liabilities to banks) fell significantly from EUR 456 million on December 31, 2023, to EUR 397.7 million at the end of 2024.

NORMA Group uses interest rate hedges to hedge interest rate risks that could arise from the external financing components. As of December 31, 2024, the average interest rate of the gross debt (excluding derivatives) was 4.62%. The maturity profile of NORMA Group, based on the promissory note loans II (2014), III (2016) and IV (2023) as well as the syndicated bank loan (2019), as of December 31, 2024 was as shown in figures G015 and G016. As of the 2024 balance sheet date, NORMA Group is not subject to any financial covenants contained in loan agreements: net debt in relation to adjusted Group EBITDA) more. However, due to a link to the level of financing costs, this key figure is still part of the financing agreements and is continuously monitored.

Concrete future financing steps depend on the current changes in the financing markets and potential acquisition opportunities.

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Cash flow

Net operating cash flow

In fiscal year 2024, NORMA Group generated net operating cash flow (adjusted EBITDA less changes in working capital and investments from operations) of EUR 105.4 million (2023: EUR 87.3 million). The main driver was a positive development in the area of working capital management. Net operating cash flow in the current reporting period was also boosted by lower investments from the operating business compared to the same period of the previous year.

Cash flow from operating activities

Cash flow from operating activities increased significantly to EUR 137.0 million in fiscal year 2024 (2023: EUR 118.9 million). It mainly includes changes in inventories, trade receivables and other assets as well as trade payables and other liabilities that are not attributable to investing or financing activities. Overall, there was a positive development in working capital. The cash flow from operating activities also includes payments for sharebased remuneration, non-cash expenses from the currency translation of external financing liabilities and noncash interest expenses. Detailed information on the components mentioned here can be found in the 4 NOTES.

Cash flow from investing activities

The net cash outflow from investing activities amounted to EUR 63.5 million in fiscal year 2024 (2023: EUR 59.8 million). It mainly includes net payments for the acquisition of Teco as well as outflows for the acquisition of intangible assets and property, plant and equipment, including for the expansion and modernization of production sites. Detailed information on the investments made in the three regional segments in the 2024 fiscal year can be found in the section 4 PRODUCTION AND LOGISTICS.

Cash flow from financing activities

The cash outflow from financing activities increased by 97.0% to EUR 114.1 million in the 2024 fiscal year (2023: EUR 57.9 million). This was primarily due to higher net loan payments compared to the previous year as a result of scheduled repayments of promissory note loans totaling EUR 18.0 million as well as an unscheduled repayment of syndicated bank credit lines in the amount of EUR 48.1 million and increased interest payments. In contrast, fewer dividends were distributed to the shareholders of NORMA Group SE in fiscal year 2024 compared to the previous year (2023: EUR 14.3 million; 2023: EUR 17.5 million).

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Production and logistics

NORMA Group produces and sells more than 40,000 products and has 25 production sites worldwide. In addition, it has a network of numerous distribution, sales and competence centers that enable it to supply its customers in the respective regions on time.

Production and capacity utilization

The degree of capacity utilization of NORMA Group's production and distribution sites varies between the global sites. In the countries where NORMA Group's business is still being established, the capacity utilization of the production plants can still be increased in some cases. Forward-looking investment decisions there ensure that sufficient space is available for the flexible expansion of production. In the industrialized countries and markets in which NORMA Group already has a long-standing market position, production space and capacities are largely fully utilized. NORMA Group's goal here is to optimize production processes by increasing efficiency in such a way that additional capacities are created where possible within the existing area.

The capacity utilization of the production facilities can be varied according to customer demand and the order situation. Several different products with various specifications can be manufactured using the current production lines within the individual product categories by performing minor retooling measures. This allows production to be aligned with current customer demand.

In the 2024 fiscal year, the war in Ukraine also meant that no deliveries were made to Russia and Belarus as a result of the foreign trade laws that were enacted. The ongoing war in the Gaza Strip and Lebanon and the conflicts in the Red Sea did not lead to any relevant supply bottlenecks or delivery difficulties in the 2024 fiscal year. The effects of these conflicts on the supply chains are continuously monitored, supported by digital risk warning systems. The longer transport times are compensated for by extensive advance planning of the container transports concerned between Europe and Asia.

Production capacities optimized, expanded and partially automated in fiscal year 2024

NORMA Group invested in various areas of its business activities in fiscal year 2024.

In the EMEA region, investments mainly related to the further expansion of production for fluid and tube systems, particularly in the Electromobility division. In addition, capacity for clamp production was expanded at various locations. The modernization and further development of production facilities and tool concepts also played a key role in the EMEA region.

The Americas region focused its investment activities on the further expansion of production capacities in the Water Management area, among other things. The automation of production facilities and the modernization of infrastructure were also relevant areas of investment. Investments were also made in the Americas region to build up production capacity and tools for a product innovation in Mobility & New Energy. The modernization of production processes and tools for connector elements and clamp production was also a key topic.

In the Asia-Pacific region, investments primarily related to the expansion of capacity for the localization of clamp production in the Chinese market. The focus there was also on an automated internal supply warehouse as well as testing and validation capacities.

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In the 2024 fiscal year, investments were made in optimizing and automating production workflows and processes. The focus was on production as well as physical logistics and warehousing.

The following table provides an overview of the most significant investments in the current reporting year.

MANAGEMENT REPORT	Key investments in 2024			T026
46 PRINCIPLES OF THE	Region	Country	City	Investment
GROUP > ECONOMIC REPORT		Serbia	Subotica	Further expansion of new production capacities in the field of fluid systems for a leading European automotive manufacturer
194 MANAGEMENT REPORT				Creation of production capacities in the area of tube systems, particularly in the field of e-mobility for various new orders from the automotive sector
OF NORMA GROUP SE (HGB)		United Kingdom	Newbury	Significant capacity expansion for an existing order in the area of clamp production for a leading German car manufacturer
202 FORECAST REPORT	EMEA			Modernization, automation and further development of production facilities and tooling concepts in addition to the expansion of capacity in the area of clamp production
210 RISK AND OPPORTUNITY REPORT		Czech Republic	Hustopeče	Expansion and modernization of production capacities in the area of clamp production, as well as optimization of warehouse management
229 REMUNERATION REPORT		Germany	Maintal	Modernization of a fully automated production line in the area of clamp manufacturing
2024		Poland	Pilica	Construction of fully automated assembly systems in the field of connector systems
252 TAKEOVER-RELEVANT INFORMATION				Creation of fully automated production capacities and tooling for a new product development as part of a global order from a leading automotive manufacturer
254 REPORT ON			St. Clair, Michigan	Creation of production capacities and tools in the field of electromobility for a product innovation
TRANSACTIONS WITH RELATED PARTIES				Modernization and automation of production systems and tooling for connector elements
4 CONSOLIDATED		USA	Lithia Springs, Georgia	Creation of production capacities at the new site for Water Management
FINANCIAL STATEMENTS	Americas		Lindsay, California	Expansion of production capacities in the Water Management unit and modernization of infrastructure
5 FURTHER INFORMATION				Automation of production facilities in the Water Management business
			Lake Orion, Michigan	Automation of packaging technology in the distribution area
		Mexico	Juarez	Automation in the area of clamp production
			Tijuana	Modernization and automation of production capacities for clamp production
	Asia-Pacific	China	Changzhou	Increase of capacity to enable localization in the area of clamp production for the Chinese market
				Establishment of a fully automated intralogistics warehouse
			Qingdao	Development of fully automated production capacities and tooling for a new product development as part of a global order from a leading automotive manufacturer
				Significant expansion of fully automated production capacities and tools for new business in the field of tube systems for various leading automotive manufacturers in China and Germany
			Wuxi	Development of internal testing and validation capacities in the field of fluid systems

Continuous optimization of the entire value chain

At NORMA Group, all internal process steps in the value chain are constantly examined for optimization potential. The Global Operational Excellence Management System is an important tool for meeting this objective. This system is used to analyze existing processes, identify potential for improvements, introduce the appropriate measures for implementation and realize cost saving projects. As a result, many processes have already been automated and standardized in recent years, so that significant economies of scale have been achieved.

NORMA Group has been implementing the NORMA Group Production System (NPS) at all of its production plants worldwide since 2014. The goal of the NPS is to increase operational performance, safety, delivery reliability and quality at the plants and to identify and realize further cost savings. NORMA Group uses a "toolbox" of lean methods for this purpose. These include the 5S methodology, the daily Gemba walk, setup time optimization using SMED (Single Minute Exchange of Die) and TPM (Total Productive Maintenance). As part of the SCM transformation at NORMA Group, these and other tools, such as Kanban, are also being introduced in logistics. Furthermore, a standardized problem-solving process ensures that internal and external customer complaints are processed more quickly and effectively.

Customer proximity and a secure supply chain

In order to keep its supply chain costs as low as possible, NORMA Group strives to keep the value chain as short as possible and avoid intermediate steps that do not add value via other NORMA Group sites. The goal is to manufacture close to the customer, which not only leads to an optimization of working capital and supply chain costs, but also minimizes delivery risks, reduces negative effects on the environment and ensures the higher flexibility that is increasingly being demanded. The value of short and direct delivery routes is essential. This became clear again in 2024. The ongoing geopolitical tensions and the associated short-term fluctuations in availability and demand are the main influencing factors here. Consequently, capacity bottlenecks at ports and the resulting shortage of sea containers, sea transports in particular kept posing new challenges for the logistics of internationally operating companies, including NORMA Group. The Company remains committed to reacting flexibly to fluctuating customer demand at all times despite longer transit times. This also includes the "Step Up" program implemented in mid-2023. In the 2024 fiscal year, for example, targeted measures were implemented to achieve efficiencies in supply chain management throughout the EMEA region. The availability of products also improved significantly once more. This positive development puts NORMA Group in a position to better support the sales of its products in the future.

Despite the demand for short logistics routes, cross-border deliveries are often unavoidable for NORMA Group in order to meet customers' needs and requirements at all times. Optimized and secure customs processes are therefore indispensable. For this reason, NORMA Group participates in various customs trade partnership programs in the US and the EU, for example. Through supply chain security programs, in particular the Authorized Economic Operator (AEO) and Customs Trade Partnership against Terrorism (C-TPAT), which are part of the global Compliance Program, NORMA Group strives to ensure a legally compliant supply chain. By conducting regular audits of all its business partners, the Company is able to rule out the supply of legally sanctioned third parties. In addition, internal organizational instructions and regular reviews ensure compliance with the relevant statutory export control regulations.

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Purchasing and supplier management

The procurement costs of materials, goods and services have a significant impact on NORMA Group's earnings position. By managing all procurement activities efficiently and selecting the proper suppliers, Purchasing can make a significant contribution to the success of the Group. The main task here is to optimize the services purchased and minimize costs by taking Group-wide economies of scale into account.

Global purchasing organization

NORMA Group's purchasing activities are divided into four superordinate product groups:

Steel and metal components
Technical granulates, plastic and rubber products
Standard plastics, components and commodities
Capital goods, non-production materials and services

With its existing expertise in the product groups, the purchasing organization supports the strategic business units Industry Applications, Mobility & New Energy and the Water Management business. In addition to this operational structure, there is a division into segments, i.e. the EMEA, Asia-Pacific and Americas regions. This matrix organization enables a centralized control by the respective experts of the product groups and the simultaneous integration of the knowledge of the regional or local purchasing teams concerning specific local market conditions. NORMA Group thus ensures professional purchasing management and the achievement of competitive prices for goods and services. Digital procurement solutions support the global organization in its work and thereby enable efficient reporting.

Development of material prices

In fiscal year 2024, the cost of materials amounted to EUR 500.0 (2023: EUR 549.6 million), which corresponds to a share of 43.3% (2023: 45.0%) of sales. The cost of materials ratio thus improved noticeably compared to the previous year. 4 EARNINGS POSITION Among other things, lower costs for some of the raw materials relevant to NORMA Group had a positive effect. The positive effects are the result of ongoing optimizations and renegotiations by the global purchasing organization. These represent a key strand of measures within the "Step Up" program. On the other hand, the generally high level of transportation costs due to the tense geopolitical situation and higher energy costs at the end of the year had an increasing effect on the cost of materials in the current reporting period. Detailed information on this can be found in the following sections.

The purchasing volume used for internal management purposes and adjusted for currency effects amounted to EUR 479.4 million. (2023: EUR 537.1million). EUR 330.0 million of this amount (2023: EUR 377.9 million) and thus 69% (2023: 71%) was attributable to the purchase of production materials.

NORMA Group's continuous focus on strategic sourcing, procurement efficiency and market adaptability has been instrumental in minimizing risks and taking advantage of opportunities in the volatile environment.

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Steel and metal components

In fiscal year 2024, the supply of raw materials (steel and wire) and metal components to the global production sites was very good, bar a few, limited exceptions. Lower capacity utilization at supply plants in many areas, coupled with a decline in demand in key industry segments, led to falling prices and very good material availability, particularly in the EMEA region and to a certain extent also in China. Geopolitical crises – in particular, the war in Ukraine – had no significant impact on the availability of materials in the metals sector in the 2024 fiscal year. A normalization of energy prices in Europe meant that no inflation surcharges were levied, with the exception of the established alloy surcharges for stainless steels.

In the annual price negotiations for fiscal year 2024 in the EMEA region, significant reductions in contract prices (basic purchase price for stainless steel without alloy surcharges) could be achieved for the first time in years in the stainless steel segment, which is an important material group for NORMA Group.

By contrast, price negotiations in the Americas region were once again much more difficult. The USA's protectionist trade policy continued to have an impact, meaning that only minor positive price changes were achieved despite intensive efforts.

In the Asia-Pacific region – and particularly in China – lower purchase prices for stainless steel products were achieved in negotiations. However, it should be noted that price reductions in the negotiations there were less significant than in EMEA. It should also be noted that the alloy surcharges are included in the price agreements there.

In the EMEA and Americas region, prices of the newly agreed monthly alloy surcharges (price components include nickel, scrap and ferrochrome prices) developed inconsistently on closer inspection. Austenitic materials (the main cost driver is the alloying element nickel) rose in the first half of the year. This was initially followed by a predominantly falling price trend for nickel from the second half of 2024 onwards – as illustrated by the example of the material 1.4301 in Germany in chart G017. Ferritic materials (figure G018) were almost stable with little variation in 2024. Here, prices followed the main cost drivers ferrochrome and scrap.

Overall, it should be noted that alloy surcharges remained at a relatively high level in the current reporting year.

NORMA Group SE – Annual Report 2024 100

Development of nickel prices and the alloy surcharge 1.4301 G017

Alloy surcharges of flat production 1.4301 X5CrNi18-10 Europe (Outokumpu) in EUR (from USD), LHS Nickel LME in EUR (from USD), RHS

NORMA Group was only able to reduce the purchase prices for metal components used in the Americas region in a few cases for fiscal year 2024. In contrast, purchase prices in the EMEA region were reduced slightly in line with commodity prices. However, it should be noted that increased energy and labor costs as well as packaging and transport costs continued to counteract substantial price reductions.

In the product group of surface-finished non-stainless steels and cold-rolled strip, purchase prices were reduced slightly over the course of the year, in line with a decline in demand in many industrial segments.

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Development of alloy surcharges 1.4016 G018

Alloy surcharges of flat production 1.4301 X5CrNi18-10 Europe (Outokumpu) EUR, LHS

Technical granulates, plastic and rubber products

After the Ukraine war had a lasting impact on 2023, particularly in the first and second quarters – and the EMEA region, in particular, was confronted with volume shortages and high energy prices – the availability and price situation improved significantly in the second half of 2023.

This trend continued in the first quarter of 2024. Depending on the material, the prices were updated with slight increases or decreases. Thanks to long-term base price agreements with strategic suppliers, NORMA Group was able to maintain the price level of the first quarter of 2024 for the most part throughout 2024. Minor adjustments resulted from the change in some input raw materials and gas prices.

The improved price and supply situation for granules also led to falling prices for plastic components in some cases, although these were still influenced by higher energy and gas prices in the 2024 fiscal year compared to the period before the war in Ukraine.

In contrast to the improved volume availability of technical granules, the rubber products product group continued to be negatively impacted by the war in Ukraine throughout the 2024 fiscal year. Since the outbreak of the war, it has led to a massive shortage of key raw materials for rubber components and the associated high price pressure, which continued throughout 2024.

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229 REMUNERATION REPORT 2024
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Standard plastics, components and commodities in the Water Management area

Despite economic pressure and geopolitical tensions—particularly the war in Ukraine and the conflict in the Middle East—the raw material price environment for standard plastics, components, and merchandise in the Water Management business remained relatively stable. This was particularly true in NORMA Group's key markets including the US and Asia-Pacific.

The stability of raw material costs paired with effective cost management enabled NORMA Group to maintain competitive procurement spending in Water Management in the 2024 reporting year and to provide decisive support to the business despite difficult market conditions in 2024 and amid continued cost pressure from customers.

Energy market 2024

Energy prices remained susceptible to market signals and geopolitical developments. Although prices declined overall in 2024, the effects of the US presidential elections and the aforementioned geopolitical factors in the Middle East and Ukraine caused prices to rise again at the end of the year to levels comparable with the third quarter of 2023.

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However, macroeconomic and geopolitical factors were not the only drivers of this volatility. The switch to renewable energies, whose generation is naturally volatile, was met with existing, less flexible industrial structures and a demand that could only be adapted to a limited extent. The volatility in the interplay between generation and consumption increased, particularly in times of low availability of renewable energies.

NORMA Group met these challenges with a long-term strategy that focuses on the opportunities presented by the energy transition while minimizing the risks of strong price fluctuations. Flexible contract models that combine the security of long-term agreements with the advantages of spot electricity trading played a central role here. In addition, in-house electricity generation and green electricity contracts (PPAs) were evaluated and implemented.

With this focus, NORMA Group will remain well positioned to meet the requirements of a changing energy market in the future.

Supplier management and structure

The purchasing organization of the NORMA Group continuously monitors the performance of suppliers. The annual supplier screening is a key instrument in this respect. This involves the use of globally uniform criteria from the areas of quality, logistics, sustainability and commercial aspects. The relevant departments are involved in the assessments at the local level. The evaluation process is mapped using e-procurement software. Besides the annual supplier performance evaluation, supplier risks were monitored continuously using automated risk management software. This helps the purchasing organization to maintain a constant overview of resilience in the supply chain and to initiate the necessary measures early on.

The focus of NORMA Group's supplier selection is a balance of supplier consolidation to reduce complexity and avoiding strong dependencies. This balance is continuously optimized by the purchasing department. The current supplier base is as follows: In fiscal year 2024, 31.4% (2023: 34.6%)of the purchasing volume was attributable to NORMA Group's top 10 suppliers. The top 50 suppliers accounted for around 63.0% (2023: 65.2%) of production material sales in the amount of EUR 330.0 million. (2023: EUR 377.9 million), which corresponds to EUR 208.0 million. (2023: EUR 247.2 million).

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Workforce

Decentralized organization, jointly lived company culture

The employees of NORMA Group make a significant contribution to the success of the Group. For this reason, personnel management and development play an important role.

NORMA Group's personnel management is organized on a decentralized basis. This reflects the international nature of the Company. The decentralized organization allows the individual sites to adapt flexibly to local conditions at any time and to contribute their specifications in a targeted manner, particularly with regard to regional expertise in human resources development and recruiting. One of the main tasks of human resources management is to ensure the availability of specialist and managerial staff on an ongoing basis. The goal here is also to recruit as many specialized employees that the Company needs as possible from our own junior staff and thus to become less dependent on the external labor market. The targeted training and development of its own workforce is therefore an integral part of NORMA Group's human resources strategy.

To promote a uniform company culture, NORMA Group has formulated central guiding principles and standardized company values that reflect the fundamental convictions of the Company. These guiding principles are communicated and lived at all sites.

Development of the workforce figures

As of December 31, 2024, NORMA Group employed 7,594 people across the Group (core workforce including temporary workers). Compared to the previous year's reporting date (December 31, 2023: 8,005), the number of employees fell by 5.1%. 6.041 employees were attributable to the core workforce (Dec 31, 2023: 5,994). The number of temporary employees at the end of December 2024 was 1,553 (Dec 31, 2023: 2,011). This results in a share of temporary workers in the total workforce of around 21% (previous year: around 25%).

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)
202 FORECAST REPORT
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Development of personnel figures G020

>>Workforce by regions

Workforce by regions T027
	2024	share in %	2023	share in %
EMEA	3,430	45	3,365	42
Americas	1,462	19	1,422	18
Asia-Pacific	1,149	15	1,207	15
Core workforce by regions	6,041	80	5,994	75
EMEA	291	4	491	6
Americas	863	11	1,010	13
Asia-Pacific	399	5	510	6
Temporary workers by regions	1,553	20	2,011	25
Total workforce	7,594	100	8,005	100

(ESRS [[SBM-1-40iii])<<⁷

⁷ This section is part of NORMA Group's Consolidated Non-financial Statement for the fiscal year from January 1, 2024 to December 31, 2024.

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As at December 31, 2024, the total number of employees (permanent staff and temporary workers) consisted of 4,022 direct (2024: 4,444) and 1,390 indirect employees (2024: 1,396) and 2,182 salary recipients (2024: 2,165). While direct employees are people involved in the manufacturing process, indirect employees are people from production-related areas, such as the quality department. The group of salaried employees is primarily assigned to administrative functions.

Breakdown of employees by group G021

Detailed information on NORMA Group's workforce can be found in the chapter 4 CONSOLIDATED NON-FINANCIAL STATEMENT

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Marketing

NORMA Group's long-term marketing strategy is based on the following goals in order to further increase awareness of NORMA Group's products worldwide, increase product sales, strengthen customer relationships and in doing so contribute to the Group's growth:

Building a strong brand image for NORMA Group
Focus on digital marketing strategy
Focusing on marketing activities
Optimizing the brand portfolio
Optimization of the marketing instruments used
Achieving a better understanding of market needs

In order to be able to focus on its end markets and customers as much as possible, NORMA Group tailors all of its marketing activities to address local market conditions and consumer habits in its respective regions and markets. The marketing departments of the strategic business units are responsible for implementing the various activities and synchronizing them with NORMA Group's operational goals.

Marketing focus in 2024

The main marketing activities in fiscal year 2024 included:

Ongoing development of the future brand strategy and brand architecture
The further development of the Digital Commerce Strategy 2025: It focused on defining NORMA Group's new web ecosystem with the aim of unifying and standardizing its digital presence and creating a trusted and simplified source of information for our existing and potential customers
Global alignment and optimization of marketing tools and suppliers
Further expansion, standardization and enrichment of the product information management (PIM) platform and the digital assets management (DAM) platform as the basis for further digitalization activities and reliable information for customers
Expansion of digital communication channels with relevant, customized content for customers and introduction of awareness and lead generation campaigns
Optimization of the product portfolio and introduction of new products in order to offer a complete portfolio that covers the needs of its customers
Development of specific marketing initiatives aimed at new business areas and markets with high potential
Participate in events, trade shows and organize TechDays to strengthen the Company's relationships with its current customers and create new business opportunities

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Marketing expenses in 2024

In the 2024 fiscal year, marketing expenditure totaled EUR 6.2 million. (2023: EUR 6.2 million). In relation to revenue, marketing costs amounted to around 0.5% in the 2024 fiscal year, as in the previous year (2023: 0.5%).

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Consolidated Non-financial Statement

General Disclosures

In accordance with Sections §§ 315b und 315c HGB NORMA Group is obliged to prepare a consolidated nonfinancial statement for NORMA Group in the combined group management report. The following contents represent the consolidated non-financial statement for the fiscal year 2024 for NORMA Group. In this chapter, all information refers to the ESRS 2, unless otherwise specified.

The non-financial group statement relates to the period from January 1 to December 31, 2024.

In accordance with Section 289d HGB, the consolidated non-financial statement was prepared based in part on the first set of the European Sustainability Reporting Standards (ESRS) as a framework.

The following information, which would be reportable according to the result of the double materiality assessment, was not included in the non-financial Group reporting:

S1-6 Characteristics of the company's employees

S1-9 Diversity metrics

S1-10 Adequate wages

S1-16 Compensation metrics (pay gap and total compensation)

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Preliminary remark

NORMA Group announced in an ad hoc announcement on November 28, 2024 that the Management Board has decided to initiate a process to sell the global business activities of the Water Management strategic business unit. This step was determined after an analysis and consideration of alternative options by the Management Board of NORMA Group SE regarding the further strategic direction of the Group. The aim of the strategic measure adopted is to focus business activities on the core business of fastening products. The spin-off of the Water Management division is intended to free up resources and capacities for further growth in the Industry Applications divisions and to strengthen the Mobility & New Energy division.

The Water Management division will remain as a third business unit for the time being. However, the aim is to sell all international activities of this business. The outcome and result of the sales process to be initiated are still open as at December 31, 2024 and are also influenced by external factors.

Basis for Preperation

The basis for the preparation of non-financial reporting is the scope of consolidation of NORMA Group SE, i.e. all domestic and foreign companies, so that production sites as well as distribution, sales and competence centers and administrative buildings are included in the reporting. Where individual chapters deviate from this for certain facts and data, this is explicitly disclosed in the chapters.

BP-1 General basis for preparation of the consolidated non-financial statement

[BP-1-5a] The consolidated non-financial statement of NORMA Group SE ("NORMA Group", "the company") for the 2024 fiscal year is made for the entire scope of consolidation. [BP-1-5bi] [BP-1-5bii] The basis for the consolidated non-financial statement of NORMA Group is the scope of consolidation of the Consolidated Financial Statements (see the chapter 4 NOTE 4 – SCOPE OF CONSOLIDATION). [BP-1-5c] The consolidated non-financial statement also covers the upstream and downstream value chain. As part of the materiality analysis, material impacts, risks and opportunities in the value chain were identified. The policies, measures and targets defined by NORMA Group cover various areas:

Employees of NORMA Group suppliers are considered in the upstream value chain. Customers, consumers and end users are considered in the downstream value chain. The own workforce includes both NORMA Group employees and employees of service providers who carry out activities on the company premises. In addition, affected communities and municipalities, especially those close to the production sites, are involved. By taking this approach, NORMA Group wants to ensure that sustainable principles are integrated and implemented and that all relevant stakeholders are analyzed. When disclosing metrics, NORMA Group refers to its own business activities for the 2024 fiscal year. [BP-1-5d] No information on intellectual property, know-how, or the results of innovations in orientation with European Sustainability Reporting Standards (ESRS) 1 Section 7.7 has been omitted from the consolidated non-financial statement. [BJ14] [BP-1-5e] The exemption from disclosure of pending developments or matters under negotiation in accordance with Articles 19a (3) and 29a (3) of Directive 2013/34/EU was not used.

BP-2 Disclosures in relation to specific circumstances

[BP-2-9a] [BP-2-9b]

Assessment of the value chain: [BP-2-10a, b, c] The descriptions of the disclosed data on NORMA Group's upstream and downstream value chain can be found in the reporting on metrics in the topic-specific chapters. The parameters used to estimate the individual value chain data are also specified and described in detail in the reporting on metrics in the topic-specific chapters. [BP-2-10d] In addition, information on the estimation uncertainty and planned measures to improve accuracy in the future were also included there.

[BP-2-11a] The sources of each estimate used and the uncertainties in the results are disclosed in the topicspecific chapters. This makes it transparent which factors contribute to the uncertainties in the quantitative key figures and monetary amounts. In addition, the assumptions and judgments made in assessing the sources of estimation and the uncertainty of the results are defined. [BP-2-11b] Information about the sources of measurement uncertainty for each applicable quantitative measure and monetary amount is also disclosed in the respective topic-specific chapter. The assumptions and assessments made when measuring each quantitative metrics and each monetary amount are also presented there.

[BP-2-13a][BP-2-13b][BP-2-13c] As this is the first year in which NORMA Group is preparing reporting in orientation with the European Sustainability Reporting Standards (ESRS) and introducing new metrics, this makes comparability with the previous sustainability reporting in accordance with Sections 315b and 315c in conjunction with Sections 289b to 289e HGB more difficult. Compliance with the requirements of the ESRS is in line with NORMA Group's self-image of ensuring precise and future-oriented sustainability reporting. It offers an opportunity for further development and ensures future comparability.

[BP-2-14a] [BP-2-14b] [BP-2-14c]

Disclosures arising from other legislation or generally accepted sustainability reporting statements [BP-2-15] NORMA Group has included information from additional reporting standards in the consolidated non-financial statement. In detail, the following standard was used: Global Reporting Initiative.

Incorporation by reference [BP-2-16] NORMA Group has incorporated information by reference to supplement the requirements. For a number of topics, the following list of ESRS requirements and the specific data points mandated by a disclosure requirement is provided, incorporated by reference.

References to the Management Report and Remuneration Report	T028
Disclosure obligation	Reference
4 REMUNERATION REPORT	ESRS [GOV-3-29a-e]
4 WORKFORCE BY REGION	ESRS [SBM-1-40aiii]
4 BUSINESS MODEL	ESRS [SBM-1-42a] [SBM-1-42b]

[MDR-T-77b] In addition to the assurance by the appointed auditor, the metrics reported in the 2024 fiscal year are not validated by any other external body responsible for quality assurance. If validation is carried out in individual cases, this will be reported at the appropriate point. In addition, NORMA Group uses all phase-in options in the first voluntary year of application of the CSRD, with the exception of the health and safety indicators according to ESRS S1-14.

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Governance

GOV-1 The role of the administrative, management and supervisory bodies

[GOV-1-21a] The Management Board of NORMA Group consists of three members, while the Supervisory Board consists of six members. [GOV-1-21b] As NORMA Group is not subject to co-determination, there are no employee representatives on the Supervisory Board. [GOV-1-21c] The members of the Management Board have the necessary experience and expertise to manage the company independently. The Supervisory Board contributes indepth knowledge of the relevant sectors, products and geographical regions of the company, which ensures that it performs its supervisory function competently and appropriately.

	GOV-1-21 Sustainability expertise on the Supervisory Board	T029
Persons	Expertise in the area of sustainability
Mark Wilhelms	Experience in establishing ESG frameworks, conducting audits, and professional development as part of board-level responsibilities
Erika Schulte	Responsibility for environmental protection at an industrial company; member of Wissensregion FrankfurtRheinMain
Dr. Markus Distelhoff	By annual audit participation in the role as Chief Executive Officer
Rita Forst	Experience as a member of the ESG committee at other companies
Denise Koopmanns	Experience in construction, logistics, manufacturing and media as a Supervisory Board member and Chair of the Audit Committee
Kerstin Müller-Kirchhofs	Experience with the preparation of non-financial reports and introduction of the EU taxonomy as CFO, since then regular further training

[GOV-1-21d] In the 2024 fiscal year, NORMA Group's three-member Management Board consisted of one-third women and two-thirds men. At the end of the 2024 fiscal year, the Supervisory Board had a gender distribution of two-thirds female and one-third male. This reflects the gender diversity on our Management Board and Supervisory Board in a ratio of 1:1.

[GOV-1-21e] All members of the Supervisory Board are independent of the company and the Management Board within the meaning of the German Corporate Governance Code (GCGK). According to the GCGC, a Supervisory Board member is independent if there are no material and lasting personal or business relationships with the company, its Management Board or a controlling shareholder. [GOV-1-22a] The CFO is responsible for monitoring sustainability-related impacts, risks and opportunities on the Management Board and performs this task as part of the Sustainability Steering Committee.

[GOV-1-22b; GOV-1-22c(i) + (ii)] Due to the growing importance of corporate responsibility and ESG (environmental, social, governance), these topics are becoming increasingly important in the work of the Supervisory Board, Management Board, and employees. The Strategy Committee regularly deals with the impacts of climate change during the fiscal year, in particular, while the development of NORMA Group's GHG emissions is specifically addressed in Supervisory Board and Management Board meetings.

Under the leadership of the Management Board member responsible for Corporate Responsibility and ESG, the Sustainability Steering Committee was established to deal with sustainability-related topics within NORMA Group.

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Oversight of the Steering Committee is the responsibility of the CFO as a member of the Management Board, and Vice President (VP) Investor Relations and Corporate Social Responsibility. Other members of the Steering Committee include Executive Vice President Group Finance & Tax, Executive Vice President Human Resources, Executive Vice President / General Counsel Legal / M&A, Vice President Integrity, Vice President Quality & EHS, and Executive Vice President Group Purchasing & Supply Chain Management. The Steering Committee meets every six weeks and manages and is responsible for sustainability topics in line with the targets and measures defined by the Management Board within topic-specific working groups. The Steering Committee also makes management decisions, sets targets, and defines future-oriented strategies. The members of the operational working groups meet regularly during the fiscal year to drive forward the issues within their specialist areas. The Corporate Responsibility team provides advice and support to the specialist departments and promotes the sustainabilityrelated guidelines of the Management Board and the Steering Committee. The Corporate Responsibility Team reports regularly to the Steering Committee within the fiscal year on the current status of the project plan and provides decision-making support. In addition, the respective specialist departments monitor the impacts, risks, and opportunities.

[GOV-1-22c(iii)] Currently, NORMA Group has only partially implemented specific controls and procedures to manage and monitor sustainability impacts, risks, and opportunities. To date, only risks have been considered in risk management. Further information on integration into risk management is described in the chapter 4 4 IRO-1 PROCESS IRO. The company is still in the early stages of this process. The first step was to identify the impacts, risks, and opportunities. In the coming fiscal years, the subsequent processes will be developed and implemented on an ongoing basis. In the future, the impacts, risks, and opportunities will be reviewed once a year and reassessed if necessary. In addition, a materiality analysis is carried out every three to five years or as required due to changes in the business model, for example, in order to take a holistic view of the impacts, risks, and opportunities and adjust them if necessary. Further information on the materiality analysis process can be found in the chapter 4 IRO-1 PROCESS.

[GOV-1-22d] The responsible Management Board members monitor the implementation of the defined targets with regard to material impacts, risks, and opportunities of the operational working groups. NORMA Group's specialist departments report regularly to the respective Management Board department during the fiscal year. For example, there is continuous reporting to the responsible COO of NORMA Group in the areas of environment, health and safety, and quality. The departments are responsible for documenting the progress of their work over the course of the fiscal year. The Corporate Responsibility team also regularly informs the Sustainability Steering Committee about the progress made in implementing the CSRD and the EU taxonomy during the fiscal year.

[GOV-1-23a] NORMA Group's Management Board and Supervisory Board have the necessary expertise to monitor sustainability issues effectively. The Supervisory Board evaluates its work annually as part of a selfassessment, in which an external consultant may also be consulted. The presentation of the expertise required for sustainability issues is shown in the matrix 4 GOV-1-21 SUSTAINABILITY EXPERTISE ON THE SUPERVISORY BOARD. The evaluation process includes a systematic analysis of existing skills and experience gained during the fiscal year. Possible gaps in knowledge can be closed through targeted training and the use of external experts. In March 2024, the Supervisory Board took part in specialized ESG training. [G1-GOV-1-5a] The Integrity department is also responsible for corporate governance and is assigned to the Chief Executive Officer's area of responsibility. The Vice President Integrity reports directly to the Chief Executive Officer of NORMA Group. [G1-GOV-1-5b] The expertise of the Supervisory Board with regard to aspects of corporate governance is described in the matrix 4 GOV-1-21 SUSTAINABILITY EXPERTISE ON THE SUPERVISORY BOARD. [GOV-1-23b] The sustainability expertise of the Management Board and Supervisory Board is also relevant for assessing the material impacts, risks, and opportunities within NORMA Group. Within the Sustainability Steering Committee, the CFO and chairpersons of the relevant specialist areas are assigned to various working groups according to their respective areas of

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expertise. For example, the Executive Vice President Human Resources is responsible for "Own Workforce" and all matters relating to human rights. This structured division is intended to ensure focused and competent handling of the respective subject areas.

GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies

[GOV-2-26a+b] The CFO is informed about the current status of the specialist areas at the six-weekly meetings of the Sustainability Steering Committee. At the same time, regular reports are submitted to the Supervisory Board by the responsible departments during the fiscal year. The material impacts, risks, opportunities, and the implementation of due diligence and the results and effectiveness of guidelines, measures, metrics, and defined targets are communicated. The Audit Committee is informed about ESG issues at least twice a year by the Vice President Corporate Social Responsibility.

[GOV-2-26a+b] Under the leadership of NORMA Group's CFO, a Steering Committee meets every six weeks to discuss sustainability issues, among other things. The committee is informed by the Corporate Responsibility department about material sustainability-related impacts, risks, and opportunities as well as the implementation of due diligence and the results and effectiveness of concepts, measures, and defined targets. Based on this, the Steering Committee makes all necessary sustainability-related decisions. The Corporate Responsibility department also reports regularly to the Supervisory Board of NORMA Group on sustainability issues during the fiscal year. This also includes information on the material impacts, risks, and opportunities. The Audit Committee is informed about ESG issues at least twice a year by the Vice President Corporate Social Responsibility. The Management Board and Supervisory Board also consider the impacts, risks, and opportunities with regard to the company's sustainable business strategy and when making decisions on material transactions. Compromises in connection with these impacts, risks and opportunities have not yet been taken into account in the 2024 fiscal year.

[GOV-2-26c] In the 2024 fiscal year, the Steering Committee dealt with the material impacts, risks and opportunities. A detailed overview can be found in the chapter 4 IRO-1 PROCESS IRO.

GOV-3 Integration of sustainability-related performance in incentive schemes

[GOV-3-29a-e] A detailed overview of the inclusion of sustainability-related benefits in the incentive system can be found in the 4 REMUNERATION REPORT 2024.

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5 FURTHER INFORMATION

GOV-4 Statement on due diligence

[GOV-4-33] The following overview explains how and where the application of the key aspects and steps of the due diligence process is reflected in the consolidated non-financial statement:

Statement on due diligence	T030
Core elements of due diligence	Reference within the consolidated non-financial statement
A) Embedding due diligence in governance, strategy and business model	4 GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies 4 GOV-3 Integration of sustainability-related performance in incentive schemes
B) Engaging with affected stakeholders in all key steps of the due diligence	4 GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies 4 SBM-2 Interests and views of stakeholders 4 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 4 S1-2 Procedures for involving own workers and employee representatives in relation to impacts 4 IRO-S2-2 Processes for engaging with workers value chain workers about impacts 4 S3-2 Processes for engaging with affected communities about impacts
C) Identifying and assessing adverse impacts	4 S3-2 Processes for engaging with affected communities about impacts 4 G1-3 Prevention and detection of corruption and bribery
D) Taking actions to address those adverse impacts	4 E1-3 Actions and resources in relation to climate change policies 4 E2-2 Actions and resources related to pollution 4 E3-2 Actions and resources related to water 4 E5-2 Actions and resources related to resources use and circular economy 4 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 4 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 4 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 4 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action 4 S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns 4 S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions
E) Tracking the effectiveness of these efforts and communicating	4 E1-3 Actions and resources in relation to climate change policies 4 E2-2 Actions and resources related to pollution 4 E3-2 Actions and resources related to water 4 E5-2 Actions and resources related to resources use and circular economy 4 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 4 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 4 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns 4 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action 4 S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns 4 S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions

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GOV-5 Risk management and internal controls over sustainability reporting

[GOV-5-36a] Risk management at NORMA Group is an integral part of corporate governance, both at Group management level and in the individual companies and functional areas. NORMA Group also has an internal control system for non-financial processes and Group-wide activities. Due to the heterogeneous process landscape and the high rate of change in the requirements for non-financial information, the maturity level of the non-financial internal control system does not yet correspond to that of the (Group) financial internal control system. It aims to ensure the security and reliability of sustainability reporting and compliance with all legal requirements and internal guidelines. The Management Board of NORMA Group is responsible for maintaining an effective risk and opportunity management system. The Supervisory Board is responsible for monitoring the effectiveness of the Group's risk management system.

The procedures and methods for preparing the sustainability report are partially integrated into NORMA Group's risk management process and internal control system. The risks that exist in the context of sustainability reporting are identified by Corporate Responsibility, which is the responsible specialist department, and described within the risk management system. Corporate Responsibility has also developed internal controls and measures to minimize these risks. The identified risks and controls/measures are described in more detail below. The sustainability report is also audited with limited assurance by the external auditors. The non-financial metrics that are relevant to the remuneration of the Management Board are audited with reasonable assurance as part of the audit of the financial statements.

[GOV-5-36b] The approach of the internal control and risk management system with regard to the Group accounting process is explained in detail in the risk and opportunity report (see the chapter 4 RISK AND OPPORTUNITY REPORT). The sustainability reporting process is based on the existing approach to risk assessment as part of the risk management system. Risks that arise in the context of sustainability reporting are recorded within the risk management system and follow the methodology of the entire risk management process.

[GOV-5-36c] The following main risks relating to sustainability reporting were identified as part of the financial risk assessment carried out:

Reporting does not fully comply with regulatory requirements and standards (e.g. EU taxonomy, CSRD)
Incompleteness and accuracy of the data
Time of availability of the information

Internal controls and measures have been developed to minimize these risks:

As part of sustainability reporting, checklists developed by NORMA Group must be worked through to ensure complete and consistent sustainability reporting. In order to avoid errors, the process for preparing sustainability reporting texts is based on the separation of responsibilities and functions or competencies as well as plausibility checks as part of the reporting process. The individual sections of the report in relation to the text are prepared by the responsible departments and then consolidated, applying the principle of dual control.

[GOV-5-36d] The results of the risk assessment and internal controls throughout the sustainability reporting process are integrated into the relevant internal functions and procedures by the respective relevant departments. For example, Corporate Responsibility conducts a final review to ensure that all material data points required by the ESRS have been considered in both reporting and data collection.

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[GOV-5-36e] The CFO is responsible for preparing the sustainability report. The CFO and the relevant specialist departments are regularly informed about the content and progress of the report every six weeks as part of the Steering Committee. If material risks arise or if the internal controls reveal potential risks, the Steering Committee is informed at an early stage. The Audit Committee and Supervisory Board also deal with the sustainability report for NORMA Group. The Supervisory Board is informed of the contents of the sustainability report by the Management Board and reviews it. The final report is submitted to the Audit Committee and the Supervisory Board of NORMA Group for review. If the Supervisory Board has no further adjustment requests or queries following its review, approval is granted.

Strategy

SBM-1 Strategy, business model and value chain

[Introduction SBM-1-39] NORMA Group considers itself one of the leading international market and technology leaders in advanced and standardized connection and fluid handling technology, as well as water management solutions. With its 25 production sites and numerous sales offices, the Group has a global network through which it supplies more than 10,000 customers in over 100 countries with over 40,000 high-quality products and solutions. [SBM-1-40ai][SBM-1-40aii][SBM-1-AR14] Detailed information on the product portfolio, key markets and customer groups can be found in the section 4 SELECTIVE PRODUCT PORTFOLIO. [SBM-1-40aiii] In addition, a breakdown of the workforce by region can be found in the section 4 WORKFORCE BY REGION. [SBM-1-40iii]

[SBM-1-40e][SBM-1-40f] NORMA Group pursues individual topic-specific sustainability targets. These are described in more detail in the following environmental, social and governance chapters. There are currently no sustainability targets in connection with NORMA Group's products, services or customer groups.

[SBM-1-40g] NORMA Group's vision "We join forces to provide superior solutions for a sustainable future" reflects the anchoring of sustainability in the company's own strategy. This vision underlines the ambition to work together on innovative and sustainable solutions for a future-proof world. NORMA Group also pursues the mission "Driven by passionate collaboration and global excellence, we add value as the reliable partner for mission-critical solutions in industry applications, water management, mobility & new energy." Several core elements of the mission reflect the fact that sustainability is an integral part of the strategic orientation: "Passionate collaboration" stands for building trusting relationships with colleagues, business partners and local communities. NORMA Group understands "global excellence" to mean the promotion of sustainability and resource efficiency. "Mission-critical solutions" focus on current global megatrends such as resource scarcity and climate change in the markets relevant to NORMA Group. With "add value," the company supports sustainable transformation, and as a "reliable partner" it is committed to compliance and good corporate governance, which shows that sustainability is an integral part of its strategic orientation.

However, NORMA Group also faces future challenges, especially in the area of CO₂ reduction for its products and the introduction of a product carbon footprint. These challenges require measures to improve CO₂ emissions over the entire product life cycle. As a concrete measure, NORMA Group plans to develop a roadmap that defines specific mechanisms for action.

[SBM-1-42a] [SBM-1-42b]

At the core of NORMA Group's business model is the ability to adapt quickly and flexibly to changing customer requirements as well as economic and social conditions. The targeted training and development of employees, and

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the utilization of their potential are the decisive keys to innovative strength and corporate success. A detailed description of the business model can be found in the chapter 4 BUSINESS MODEL. There, the input factors such as raw materials, technology and human resources are described, the interaction of further processing is explained, and the resulting products and their benefits for customers, investors and other stakeholders are shown.

[SBM-1-42c] The central building blocks of NORMA Group's value chain are human resources, i.e. employees of NORMA Group itself as well as employees of upstream or downstream companies. NORMA Group takes account of the most important value chains in its business activities: In the upstream value chain, employees of NORMA Group suppliers are considered for this purpose. Supplier groups from the areas of steel and metal components, granulates and plastics, among others, are particularly relevant. Further explanations can be found in the chapter 4 PURCHASING AND SUPPLIER MANAGEMENT. Customers, consumers and end users are considered in the downstream value chain. Customer groups in the Mobility & New Energy and Industry Applications SBUs are particularly relevant. The own workforce includes both NORMA Group employees and employees of service providers who carry out activities on the company premises. In addition, affected communities and municipalities, especially those close to the production sites, are involved. By taking this approach, NORMA Group wants to ensure that sustainable principles are integrated and implemented along these parts of the value chain and that all relevant stakeholders are analyzed.

SBM-2 Interests and views of stakeholders

[Introduction SBM-2-43-44] NORMA Group sees itself as a transparent and open company and pursues a stakeholder-oriented approach. The company specifically seeks exchange with its internal and external stakeholders. These include experts and local stakeholders. In this way, NORMA Group aims to ensure continuous dialog with relevant stakeholders and promote a proactive improvement process as part of its commitment to sustainability. This is applied throughout the Group.

[SBM-2-45a] NORMA Group's most important stakeholders include employees, customers, suppliers, shareholders and financial market players as well as experts from the media, academia and politics. NORMA Group also regularly engages in dialog with civil society groups such as NGOs during the fiscal year. NORMA Group is also in contact with associations, trade unions, analysts, communities near the site as well as people from science and politics. The company views it as part of its responsible corporate governance to ensure transparency regarding stakeholder interests and the impacts of its business activities on these groups, while appropriately incorporating these considerations into material decision-making processes. An open dialog with stakeholders and a clear understanding of their expectations are particularly important when shaping the company's strategic direction and identifying material future topics for NORMA Group. To this end, the stakeholder perspective was considered in the materiality analysis in accordance with the ESRS. Selected internal experts for the respective ESG topics (e.g. QEHS specialist department for environment and health and occupational safety and quality) were consulted in order to identify and assess impacts, risks and opportunities relating to environmentally and socially relevant topics. [S1-SBM-2-12] As a central stakeholder group, the interests, viewpoints and rights of its own employees play a decisive role in shaping the company's business model and strategic direction. NORMA Group's corporate culture is intended to promote open communication and encourage employees to contribute to the further development of the business. This is a core component of the "Join Forces" corporate vision. Particular emphasis is placed on material aspects of corporate culture, working conditions and fundamental values such as diversity, inclusion and full respect for human rights, which are firmly embedded in the corporate philosophy and form the foundation for long-term success and sustainability. Continuous dialog with employees is important for success; it shapes both the business model and the strategic direction. A large number of local and global initiatives, such as the employee survey, ensure a continuous exchange of information.

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[S2-SBM-2-9][S2-SBM-2-AR4][S3-SBM-2-7] NORMA Group is also aware of the impact of its business activities on workers along the entire value chain and on affected communities. The workforce in the upstream processes is seen as a key stakeholder group that can be significantly influenced by the company's activities. NORMA Group suppliers who sign the Supplier Code of Conduct, i.e. in particular the preferred suppliers, commit to respect and uphold human rights.

Additionally, the management team and investor relations representatives hold discussions with institutional investors, financial analysts and private shareholders throughout the year. The company's goal is to maintain consistent, transparent and reliable communication with both private and institutional investors. The traditional communication formats include, on the one hand, legally required mandatory components such as Quarterly Statements, Half-year and Annual Reports, investor presentations and announcements. In doing so, the company regularly informs its shareholders during the fiscal year about the strategic and business development of the Group. At the same time, NORMA Group's Investor Relations team is focusing on expanding the digital information offering, for example through the online Annual Report, and providing new, target group-oriented communication formats.

NORMA Group involved the various internal and external stakeholders in determining the material impacts, risks and opportunities as part of the materiality analysis. Further information can be found in the chapter 4 IRO-1 PROCESS IRO [in the referenced text: SBM-2-45b]. [SBM-2-45c].

[SBM-2-45d] NORMA Group's management and supervisory bodies are informed about the views and interests of stakeholders affected by our sustainability-related impacts through selected internal and external formats. As part of the "Sustainability Management @ NORMA Group" program, reports are submitted to the CFO and the line managers of the relevant departments every six weeks as part of the Steering Committee. In addition, a Corporate Responsibility Report has been published annually in the past.

Impact, Risk and Opportunity management

The double materiality assessment was carried out in accordance with the European Sustainability Reporting Standards (ESRS). The materiality analysis and the identified impacts, risks and opportunities also meet or exceed the requirements of Section 289c HGB, meaning that no further material impacts, risks and opportunities within the meaning of Section 289c HGB were identified in addition to the following material topics.

IRO-1 - Description of the processes to identify and assess material impacts, risks and opportunities

[Introduction IRO-1-51-52] In order to identify material impacts, risks and opportunities (IROs) of NORMA Group, a double materiality assessment was carried out in accordance with the European Sustainability Reporting Standards as part of the consolidated non-financial statement for the 2024 fiscal year. The process used to identify the impacts, risks and opportunities and assess their materiality is explained below. The consolidated results of the materiality analysis can be found in chapter 4 SBM-3 IRO STRATEGY.

Materiality was assessed through a process aimed at identifying, assessing, prioritizing and monitoring both potential and actual impacts on society and the environment, as well as risks and opportunities that may in turn impact NORMA Group's financial performance, cash flows, access to finance or cost of capital. Within the double materiality assessment process, the entire scope of consolidation of NORMA Group was taken into account (see 4 BP-1 GENERAL INFORMATION). [G1-IRO-1-6] In particular, NORMA Group also considered the entire scope of consolidation when identifying material impacts, risks and opportunities in connection with corporate governance.

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The process of identifying material impacts, risks and opportunities in connection with corporate governance ran parallel to the process of the overall materiality analysis.

[IRO-1-53a][IRO-1-53bi-iv] [IRO-1-53ci-ii]

To determine the material report content, NORMA Group has drawn up a list of sustainability aspects based on the sub-topics from the ESRS and supplemented these with company-specific aspects and topics from other regulations such as the Global Reporting Initiative (GRI). Based on this, a total of 46 sub-topics were defined, which were categorized according to overarching sustainability aspects and then divided into the three fields of action "Environment," "Social" and "Governance." The list serves as a basis for identifying the positive and negative as well as actual and potential impacts arising from NORMA Group's business activities and relationships along the value chain. In addition, material risks and opportunities were identified. As part of the process to identify and assess IROs, all business areas and activities of NORMA Group were considered. The material topics were assigned to the relevant stages of the value chain. Due to the homogeneous business model and comparable risk profile, there was no disaggregation by business unit or geographical region, for example. [IRO-1-53g] NORMA Group used internal and external stakeholders to identify and evaluate IROs. This was to ensure that the defined value chain stages and relevant sources were considered. [E2-IRO-1-11a][E3-IRO-1-8a][E5-IRO-1-11a] As part of the materiality analysis, NORMA Group did not systematically analyze its sites and business activities with regard to local issues of environmental pollution, water resources, resource use and circular economy, nor did it carry out an assessment of assets and activities. Instead, these analyses were carried out at Group level. The Water Framework Directive was not taken into account here. [E4-IRO-1-17] Furthermore, the materiality analysis revealed that no material impacts, risks or opportunities were identified in relation to biodiversity and ecosystems.

[SBM-2-45b] [IRO-1-53biii]

To ensure that the views and interests of stakeholders are taken into account in the process of conducting the double materiality assessment, 14 relevant stakeholder groups consisting of internal and external stakeholders were identified in preparation for the materiality analysis. Internal stakeholders include experts from the areas of Corporate Responsibility, Quality, Environment and Health & Safety (QEHS) and Integrity, who were able to provide key perspectives and input on the identified environmental, social and governance areas on behalf of their departments.

External stakeholders include customers, suppliers, shareholders and financial market players, non-profit organizations, local communities, trade unions, national human rights institutions, environmental organizations, lawyers and external consultants.

As part of the analysis, NORMA Group actively involved both internal and external stakeholder groups in the assessment process of the identified impacts, risks and opportunities. Internal stakeholders in particular played a central role in the assessment of these factors. This evaluation was carried out through structured integration in a two-stage process:

Qualitative interviews: In the first phase, qualitative interviews were conducted to identify the relevant impacts, risks and opportunities in the environmental, social and governance areas. These interviews served to gain an in-depth understanding of the respective topics and their implications. The qualitative interviews were conducted with the internal stakeholder groups.
Written query for quantitative evaluation: In the second phase, a written survey was conducted in which internal and external stakeholders quantitatively assessed the previously identified impacts, risks and opportunities. This assessment was based on an impact scale and a financial scale developed using the ESRS. This enabled a uniform classification and weighting of the identified factors.

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Internal stakeholders were interviewed based on their expertise or randomly, either on all identified environmental topics or on all identified social and governance topics.

NORMA Group also involved external stakeholders in the evaluation process by means of subject-specific questionnaires. The potential impact of the individual topics was assessed. In relation to the internal stakeholders, only a few external stakeholders participated on a voluntary basis. In order to achieve meaningful and practically relevant results, external stakeholders were not consulted to identify impacts, risks and opportunities.

[IRO-1-53bi-iv] [IRO-1-53ci-ii]

To assess and prioritize the identified IROs, they were classified into positive or negative, actual and potential impacts, as well as risks and opportunities. Dependencies and interrelationships between impacts, risks and opportunities were not explicitly considered in the materiality analysis. Various time horizons were considered for the assessment: a short-term observation period of less than one year, a medium-term observation period of up to five years and a long-term period of more than five years. The short and medium-term periods were considered together when evaluating and prioritizing the IROs. The time horizon used is consistent with the time horizons defined in ESRS 1 section 6.4.

To assess the materiality of each identified (potential and actual) negative impact, the factors of scale, scope and irremediable character of the impact were used, which together determine the severity of the impact. All three factors were rated on a four-point scale, with 4 being the most significant (1 = "very low negative impact" to 4 = "very high negative impact"). In addition to the severity, potential impacts were assessed on the basis of their likelihood, also using the four-point scale. In the case of potential negative impacts on human rights, the severity of the impact takes precedence over the likelihood. The materiality of potential social impacts was therefore assessed solely on the basis of severity. The assessment of the materiality of each identified (potential and actual) positive impact was carried out in parallel. However, only the factors of scale and scope and, where applicable, likelihood were considered here.

When assessing the materiality of financial effects, the likelihood and magnitude of the financial effects of the identified risks and opportunities were evaluated. Analogous to the assessment of impacts, scales of 1 to 4 were used (1 = "very unlikely" to 4 = "very likely").

The average values for each question were calculated in order to analyze all responses and identify the material topics. The assessment of the respective specialist department was weighted twice in order to recognize their expertise in the respective area. The material topics were identified on the basis of these average values and using the ESRS methodology. An assessment of an impact or financial effect of a topic that meets the materiality threshold is a material impact, a material risk or a material opportunity. The materiality threshold was a value of 2.50.

[E1-IRO-1-20a] [E1-IRO-1-20bi-bii] [E1-IRO-1-20ci-cii], [E1-IRO-1-AR11a-d],[E1-IRO-1-AR9a-b]

[E1-IRO-1-AR12a-d], [E1-IRO-1-AR13a-d], [E1-IRO-1-AR15], [E1-IRO-1-21]

In accordance with the requirements of the conformity criteria within the EU taxonomy, a climate risk and vulnerability analysis was carried out in relation to the economic activities CCM 3.18 and CCM 5.1. The assessment of physical climate risks was carried out on the assumption that most of the economic activities of NORMA have an expected lifespan of more than ten years.

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To enable an economic approach, the Corporate Responsibility department carried out an analysis of the largest percentage taxonomy-eligible revenue shares from the 2023 fiscal year and selected three Water Management companies and two companies with the highest revenue shares from eMobility products.

To determine the climate risks, coordinates of the selected locations were used to determine possible climate risks at the location. Potential climate risks were evaluated using a climate excellence tool. The evaluation was carried out in accordance with the precautionary principle. For example, the IPCC high emissions scenario SSP5-8.5 was used to determine the climate-related risks that pose a threat to the economic activities of NORMA. The climate model projections used in the latest IPPC assessment report (AR6) for the (SSP5-8.5) scenario were used to determine which hazards will have a material impact on NORMA's individual sites and operations.

The potential climate risks were then validated in interviews with the site managers and other experts and existing mitigation measures, such as drainage systems for flood risks, were queried and documented.

Due to the existing and suitable remedial measures at the selected locations in the USA, China, India, Poland and Malaysia, no new measures were defined and no adaptation plan was developed, as no need for this was identified.

Beyond the climate risk and vulnerability analysis described above, no further analyses were carried out in connection with climate risks in the 2024 fiscal year. The climate scenarios used are not taken into account in the financial statements. The existing processes are to be expanded over the next few years.

[IRO-1-53e in conjunction with IRO-1-53ciii] The identified impacts, opportunities and risks are currently not integrated into the general risk management process and the assessment of NORMA Group's overall risk profile. The company is still in the initial phase of this implementation process. In the following fiscal years, NORMA Group will consider integrating the impacts, opportunities and risks into the existing risk management system. The identified sustainability-related risks are not prioritized in comparison to other risks. [IRO-1-53f]

[IRO-1-53d] The impacts, risks and opportunities classified as material were reviewed and subsequently validated by top management and the CFO via the Steering Committee. The Steering Committee and the working groups of the sustainability management program were involved in the validation process. The result and the list of all IROs can be found in the section 4 SBM-3 MATERIAL IROs. The review and confirmation of the results by the Steering Committee is part of NORMA Group's internal control process.

[IRO-1-53b] [IRO-1-53h] The results of the double materiality assessment and the assessment of the key IROs are revalidated annually and the double materiality assessment process is repeated if necessary, for example in the event of changes to the business model. In the future, interfaces to other relevant processes such as the risk management process or other due diligence processes of the various specialist departments will be integrated into the process. The up-to-dateness of the material IROs is reviewed during the current reporting year, with internal experts and the respective specialist departments evaluating the IROs. If necessary, the results and affected IROs are adjusted accordingly and approved by the Steering Committee and therefore also the CFO. NORMA Group has changed the materiality assessment process compared to the previous reporting period 2023. In the previous reporting year 2023, the requirements of the German Commercial Code (HGB) and the GRI Standards were used as the methodological basis for the single materiality (assessment). Due to the requirements of the HGB and the ESRS, NORMA Group has carried out a double materiality assessment in accordance with the ESRS for the current 2024 fiscal year.

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SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model

[SBM-3-48g] In 2024 fiscal year, the first voluntary year of application of the CSRD, NORMA Group conducted the double materiality assessment according to ESRS to identify material impacts, risks and opportunities. The

implementation of the materiality analysis is discussed in the chapter 4 IRO-1 PROCESS IRO, which describes the process for identifying and assessing the material impacts, risks and opportunities. NORMA Group is aware of the material impacts, risks and opportunities that its business activities may have on the environment, people and the economy. [SBM-3-48ciii] It is currently evident that the material impacts, risks and opportunities are of significant importance for NORMA Group's sustainable business development in both the short and medium term. The material impacts, risks and opportunities identified as part of the materiality analysis are summarized in the following table:

[SBM-3-48a]

Material IROs	T031
ESRS E1 Climate change and energy
IMPACTS	Type of impact
NORMA Group has a negative impact on the environment through the emissions, energy consumption and waste generated in its production processes and business areas.	negative; actual
The emissions caused by the production and transportation processes in NORMA Group's supply chain have a negative impact on the environment.	negative; actual
NORMA has a negative impact on climate change and energy supply through its production sites, as some of them are located in climate risk areas.	negative; actual
NORMA has a positive impact on climate change and energy through implemented projects and processes, e.g. good reporting structures, use of renewable energies, charging stations for electric vehicles.	positive; actual
NORMA Group has a positive impact on the environment through its business model and strategy, which focuses on innovative energy and water management.	positive; actual
NORMA has a potentially positive impact on climate change and energy supply by implementing additional projects, such as the expansion of solar installations.	positive; potential
NORMA has a positive impact on climate change and energy supply by expanding green activities as part of its business model and strategy, e.g. by expanding water management in EMEA.	positive; actual
RISKS
Possible non-compliance of regulatory requirements with regard to energy management or a failure to achieve targets for reducing emissions result in financial risks for NORMA Group due to fines or loss of sales as a result of reputational damage.
Any necessary adjustments to production processes can result in high costs for the procurement of new production materials or machines as well as structural adjustments.
Possible damage to production facilities as a result of environmental influences can result in lost sales due to production interruptions or costs due to necessary repairs.
OPPORTUNITIES

The development of innovative products and the adaptation of production processes with a focus on energy efficiency are creating opportunities for NORMA Group, such as customer acquisition and good reputation.

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Material IROs (continued)

ESRS E2 Pollution
IMPACTS	Type of impact
NORMA's production processes have a negative impact in the area of microplastics through their use within manufacturing processes.	negative; actual
NORMA has a positive influence on the formation of microplastics by complying with the relevant guidelines, processes and regulations.	positive; actual
ESRS E3 Water resources
IMPACTS	Type of impact
NORMA has a negative impact on water consumption through its production processes and production sites, e.g. through water consumption in water risk areas.	negative; actual
NORMA has a negative impact on water consumption through its supply chain and its impact through production and transportation.	negative; actual
By complying with environmental guidelines, NORMA Group has a positive impact on water use.	positive; actual
By developing innovative products and water-conserving production processes, NORMA Group has a positive impact on the resource-conserving use of water.	positive; actual
ESRS E5 Circular economy (waste)
IMPACTS	Type of impact
NORMA has a positive influence on waste management through compliance with its guidelines and reporting systems.	positive; actual
NORMA has a positive impact on the amount of waste because the products are of high quality; for example, the low rate of defective parts leads to a low amount of waste.	positive; actual
NORMA has a positive impact on waste management through the projects it has implemented (recycling processes for cardboard, plastics and metal).	positive; actual
ESRS E5 Resource inflows, including use of resources
IMPACTS	Type of impact
NORMA Group has a negative impact on resource inflow and consumption through its production processes and the associated use of resources and energy.	negative; actual
NORMA Group has a negative impact on the inflow and use of resources through its products, their use over the entire life cycle and their disposal.	negative; actual
NORMA Group has a positive impact on resource inflow and utilization by complying with regulations and existing policies.	positive; actual
NORMA has a positive impact on the inflow and consumption of resources by improving products, e.g. through the durability of products, which leads to a long life cycle and lower consumption of resources.	positive; actual
ESRS S1 – Own Workforce (working conditions)
IMPACTS	Type of impact
NORMA Group improves working conditions by implementing defined principles and standards as well as framework conditions such as company agreements.	positive; actual/ potential
By implementing various projects (e.g. Job-Bike, H&S projects, collective bargaining in some plants), NORMA Group is improving the working conditions of its own workforce and increasing employee satisfaction.	positive; actual/ potential

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Material IROs (continued)
ESRS S1 – Equal treatment and opportunities for all
IMPACTS	Type of impact
NORMA Group promotes diversity and equal treatment within its own workforce and offers needs-based jobs for people with disabilities.	positive; actual
ESRS S1 – Human rights
IMPACTS	Type of impact
NORMA Group strengthens compliance with human rights by implementing guidelines such as the Code of Conduct (CoC) and a whistleblower system.	positive; actual
OPPORTUNITIES
NORMA has a financial opportunity through Own Workforce Human Rights by investing in this issue, maintaining a good image, complying with laws/regulations and attracting investors, customers and employees.
ESRS S2 – Workers in the value chain (working conditions)
IMPACTS	Type of impact
The relocation of production facilities to selected lower-cost countries with lower standards of working conditions can worsen the working conditions of employees in the value chain due to a lack of control.	negative; potential
ESRS S2 – Equal treatment and opportunities for all
IMPACTS	Type of impact
Inadequate implementation of guidelines and controls in the supply chain affects the equal treatment of workers in the value chain.	negative; actual/ potential
ESRS S2 – Human rights
IMPACTS	Type of impact
Inadequate implementation of guidelines and controls in the supply chain adversely affects the human rights of workers in the value chain.	negative; actual
ESRS S3 – Affected communities
IMPACTS	Type of impact
NORMA Group's environmentally harmful production and logistics processes adversely affect the conditions for neighboring communities.	negative; actual
The payment of taxes, job creation, reliable employment, donations and sponsorship have a positive impact on affected communities.	positive; actual
NORMA Group supports the affected communities by meeting local requirements and committing to quality and safety.	positive; actual
ESRS G1 – Business conduct (corporate culture)
IMPACTS	Type of impact
NORMA Group improves the corporate culture by promoting employee satisfaction and motivation.	positive; actual
OPPORTUNITIES
NORMA Group's corporate culture improves employee retention, reduces employee turnover costs and increases productivity.

The corporate culture enables NORMA Group to improve business relationships and strengthen the corporate image, which leads to greater customer confidence.

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	Material IROs (continued)

ESRS G1 – Corruption and bribery
IMPACTS	Type of impact
NORMA has a positive impact on corruption and bribery through processes aimed at adhering to strict ethical and compliance standards and appropriate training.	positive; actual
Company-specific: Information security
IMPACTS	Type of impact
NORMA Group has a negative impact on the security and protection of employee and customer information due to region specific differences in the implementation of regulations and data protection.	negative; potential/ actual
NORMA Group can potentially have a negative impact on data protection in the value chain due to a lack of influence.	negative; potential
Through processes and measures aimed at compliance with data protection and information security regulations, as well as appropriate training and engagement against cyber risks, NORMA reduces vulnerability to them and builds trust.	positive; actual
Through continuous improvement and risk management of NORMA Group's information security processes, such as improvements in risk prevention, certification, system expansion and control of software and equipment usage, NORMA improves the company's information security.	positive; actual
OPPORTUNITIES
NORMA has a financial opportunity through information security by improving certifications and systems that improve trust, reduce vulnerabilities and attract investment.
Company-specific: Product quality
IMPACTS	Type of impact
NORMA Group improves product quality and safety through high standards and optimized processes.	positive; actual
By using recycled material and ensuring security of supply in some areas, NORMA improves its own product quality as it offers environmental and accessibility benefits.	positive; actual
OPPORTUNITIES
NORMA Group has the opportunity to increase sales and profitability through improved product quality and market adaptation.

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Climate change

[SBM-3-48a] The topic of climate change affects NORMA Group's own business activities as well as the upstream and downstream stages of the value chain. [SBM-3-48b][SBM-3-48h] The identified impacts, risks and opportunities on this topic influence NORMA Group's business model and corporate strategy by continuously adapting the technological requirements for end products to meet increasing environmental awareness. In particular, the new legal requirements, such as stricter emission regulations and the technological shift towards alternative drive technologies such as hybrid, electric and hydrogen drives, represent material framework conditions that influence NORMA Group's product development. [SBM-3-48b] Information on the measures NORMA Group is taking to respond to this influence can be found in the chapter 4 E1 CLIMATE CHANGE. [SBM-3-48ci] NORMA Group has a negative impact on climate change and energy supply through its production processes, supply chains and the geographical location of its production sites, as this generates emissions, waste and other environmentally harmful effects and some sites are located in climate risk areas. However, NORMA Group also has positive impacts through various environmentally friendly projects and processes, such as the use of renewable energy or of charging stations for electric vehicles, and improved energy and water management. [SBM-3-48cii] The identified impacts are related to NORMA Group's corporate strategy and business model, as NORMA Group is a manufacturing company. [SBM-3-48civ] The impact of climate change motivates NORMA Group to tap market potential and strengthen its competitiveness in the long term through innovative technologies, sustainable production processes and the development of environmentally friendly products. These ambitions are set out in the sustainability goals, for example. NORMA Group's own activities and business relationships (e.g. through suppliers) have an impact on climate change. [E1-SBM-3-18] The material climate-related risks are climate-related physical risks and climate-related transition risks. [SBM-3-48d] In the fiscal year, the material risks, such as the necessary adjustment of production processes, and opportunities, for example customer acquisition and good reputation, in the area of climate change can influence NORMA Group's financial position, earnings position and cash flows. [SBM-3-48e]

Pollution

[SBM-3-48a][SBM-3-48b][SBM-3-48h] Pollution is another material sustainability-related topic for NORMA Group's own business activities. The identified impacts influence NORMA Group's business model and corporate strategy in that NORMA Group contributes to combating climate change through the sale of products such as emobility products while also generating sales. In addition, the value chain is also influenced, which is why NORMA Group conducts a Conflict Minerals Survey in Purchasing at least once a year and has anchored conflict raw materials, among other things, within the Supplier Code of Conduct. [SBM-3-48b] The chapter 4 E2 POLLUTION shows the measures NORMA Group is taking in response to this influence. [SBM-3-48ci] NORMA Group causes actual negative impacts through its production processes, e.g. through the use of microplastics as granulate as a preliminary product of NORMA end products or through the generation of waste. At the same time, it contributes to reducing environmental impacts by continuously improving its production processes and products. [SBM-3-48civ] NORMA Group contributes to environmental impacts through its own activities and business relationships (e.g. through suppliers). [SBM-3-48cii] This is related to NORMA Group's corporate strategy and business model, as NORMA Group is a manufacturing company. [SBM-3-48d][SBM-3-48e] The challenges of pollution motivate NORMA Group to contribute to the reduction of emissions and waste through processes, products and technology, which is reflected in the reduction of pollution in the sustainability targets.

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Water resources

[SBM-3-48b][SBM-3-48h] The impacts identified in the area of water resources influence NORMA Group's business model and corporate strategy by contributing to combating water scarcity and generating revenue through the sale of products. [SBM-3-48a][SBM-3-48b] The impacts relate to NORMA Group's own business activities. A description of the measures with which the company responds to the influences described can be found in the chapter 4 E3 WATER RESOURCES. [SBM-3-48ci] NORMA Group has a negative actual impact on water consumption through its production processes and supply chain, especially in water risk areas. At the same time, it contributes positively to water use through the reuse of water in production and products that minimize water consumption. [SBM-3-48civ] NORMA Group contributes to the impacts on water resources through its own activities and business relationships (e.g. through suppliers). [SBM-3-48cii] This is related to NORMA Group's corporate strategy and business model, as NORMA Group is a manufacturing company. [SBM-3-48d] [SBM-3-48e]. NORMA Group drives the responsible and efficient use of water resources to reduce the impact on them. This applies to the development and production of products. The products are also used to optimize the efficiency of water, for example as a cooling medium to improve flow efficiency. In this context, it should be noted that NORMA Group announced in the 2024 fiscal year that the Water Management division is to be sold in the future.

Waste management and circular economy

[SBM-3-48a] The topics of waste management and circular economy are relevant for the company's own business activities as well as for the upstream and downstream stages of the value chain. [SBM-3-48b][SBM-3-48h] The identified impacts influence the value chain and NORMA Group's decision-making by promoting the reduction of waste in production. [SBM-3-48b] Details on the measures NORMA Group takes to respond to these impacts are described in the chapter 4 E5 CIRCULAR ECONOMY. [SBM-3-48ci] NORMA Group has an actual positive impact on waste management and resource inflow through its high-quality products and recycling projects, while its production processes and product life cycle have a negative impact on resource inflow and consumption. In addition, there is a potential positive impact from improving production processes and reusable packaging, which can help minimize waste. [SBM-3-48civ] NORMA Group contributes to the impact through its own activities and business relationships (e.g. through suppliers) in the area of waste management and circular economy. [SBM-3-48cii] This is related to NORMA Group's corporate strategy and business model, as NORMA Group is a manufacturing company. [SBM-3-48d][SBM-3-48e] Efficient waste management and the integration of circular economy principles are intended to increase NORMA Group's resource efficiency. The reduction of waste is just as much a part of excellence in production as, for example, the regranulation of waste for reintroduction into the production process as an element of the circular economy.

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Own workforce

[SBM-3-48a][SBM-3-48h] NORMA Group's own workforce is also a material sustainability issue for NORMA Group's own operations. [S1-SBM-3-13][SBM-3-48b][SBM-3-48cii] The actual and potential impacts on NORMA Group's own workforce identified in the materiality assessment are linked to the company's strategy and business model. Furthermore, these impacts are of crucial importance for the adjustment of the strategy, as NORMA Group wants to remain an attractive employer in the future. Current employees and future employees should have an increased identification with and loyalty to NORMA Group and contribute to the company's success with the resulting commitment. Objectives derived from the corporate strategy include employer branding objectives to increase attractiveness in an external context, particularly for potential new employees. This also results in the opportunity identified as material, which is also linked to the strategy and business model. [SBM-3-48b] The chapter 4 S1 OWN WORKFORCE describes the measures NORMA Group is taking to address these influences. [SBM-3-48d]

[S1-SBM-3-14a] As part of its reporting, NORMA Group considers all of its own workforce who are potentially materially affected by the company's impacts. The employees and external workers concerned are differentiated, for example, according to the type of work activity, such as production and administration. This includes all employees, including temporary and permanent employees, students, interns, trainees and on-call workers as well as leased staff, including the self-employed. [S1-SBM-3-14b]

[SBM-3-48ci][SBM-3-48civ][S1-SBM-3-14c + 15 + 16] The material positive impacts identified in the materiality analysis result, among other things, from measures aimed at compliance with the principles and standards defined by NORMA Group, as well as framework conditions such as company agreements or local and global initiatives. These should contribute to improving working conditions by promoting equal treatment and equal opportunities, as well as ensuring that the human rights of the company's own employees are respected. All employees, including the self-employed, who fall within the definition of the company's own workforce, can benefit from these effects. All positive impacts and identified opportunities relate to the entire workforce.

[S1-SBM-3-14d] The identified financial opportunity relevant to NORMA Group's business, resulting from the impact and dependencies of its own workforce, is that NORMA Group invests in this topic, maintains a good image, establishes compliance measures and attracts investors, customers and employees.

[S1-SBM-3-14e] NORMA Group does not record any material impacts on its own workforce as a result of transition plans to reduce negative environmental impacts and achieve greener and climate-neutral operations. The company wants to ensure that its measures to improve environmental sustainability do not adversely affect the working conditions of its employees.

[S1-SBM-3-14f + g] NORMA Group has not identified any significant risks related to forced labor and child labor in the course of its operations. NORMA Group is committed to preventing forced and child labor by introducing Group-wide standards for working conditions, and establishing measures to comply with global regulations.

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Workers in the value chain

[SBM-3-48a][SBM-3-48h][S2-SBM-3-10a][S2-SBM-3-10b][SBM-3-48b] The workers in NORMA Group's upstream value chain are materially influenced by its activities and are therefore considered a key stakeholder group. Their interests, views and rights have a significant influence on NORMA Group's business model, which is reflected in the implementation of Group-wide guidelines such as the Supplier Code of Conduct and the Code of Conduct. [SBM-3-48b] Further details on how NORMA Group deals with these influences can be found in the chapter 4 S2 WORKERS IN THE UPSTREAM VALUE CHAIN. [SBM-3-48cii] The identified actual and potential negative impacts on these workers are related to NORMA Group's corporate strategy and business model, as NORMA Group as a manufacturing company is dependent on upstream value creation to realize its own value creation. [SBM-3-48d][SBM-3-48e]

[S2-SBM-3-11a] The identified material and potential negative impacts of NORMA Group on workers in the value chain primarily relate to the upstream value chain. NORMA Group strives to reduce potentially negative impacts on workers in the upstream value chain through purchasing regulations. This includes, for example, refraining from sourcing resources from conflict regions. Compliance with the necessary sourcing standards is also taken into account for suppliers. This includes all persons who are active in this value chain, regardless of a direct contractual relationship with the company. This includes all employees who are or could be significantly affected by NORMA Group's activities. This includes both the impacts that the company causes or contributes to directly and those that result from its business relationships in connection with its own activities, products or services. All workers who are not part of the "own workforce" are included. [S2-SBM-3-11b] NORMA Group has not identified a significant risk of child labor or forced labor among workers in the upstream value chain.

[SBM-3-48ci][SBM-3-48civ][S2-SBM-3-11c] The impacts identified as material in the materiality analysis are widespread/systemic. These impacts are not limited to individual incidents or specific business relationships. [S2- SBM-3-11d][S2-SBM-3-11e]

[S2-SBM-3-12] As part of the materiality analysis, NORMA Group has identified workers in the upstream supply chain who could potentially or actually be negatively affected. An understanding of why certain workers may be at greater risk was developed. Supplier risks are monitored by NORMA Group's purchasing department. The process supports the purchasing organization in continuously keeping an eye on resilience in the supply chain and initiating the necessary measures in good time. [S2-SBM-3-13]

Affected communities

[SBM-3-48a][SBM-3-48h][SBM-3-48b][SBM-3-48cii][S3-SBM-3-8a][S3-SBM-3-8b] The actual impacts on affected communities identified in the materiality analysis are not related to NORMA Group's business model. Furthermore, these impacts do not contribute to the adjustment of the business model. [SBM-3-48b] Further information can be found in the chapter 4 S3 AFFECTED COMMUNITIES. [S3-SBM-3-9a] The communities affected by NORMA Group's business activities include communities, cities and individuals located in the vicinity of a NORMA Group site. [S3-SBM-3-10] NORMA Group has also identified the main types of communities negatively impacted by its operations as part of the materiality assessment. This includes communities that live near NORMA locations, especially production sites. For example these include residents. [S3-SBM-3-11] [S3- SBM-3-9b][SBM-3-48ci][SBM-3-48civ] The impacts identified as material in the materiality analysis are widespread/systemic. These impacts are not limited to individual incidents or specific business relationships. [SBM-3-48d][SBM-3-48e]

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Business conduct

[SBM-3-48a][SBM-3-48b][SBM-3-48h] Business conduct is a material sustainability-related topic for NORMA Group's own business activities. The identified impacts have an influence on NORMA Group's business model, corporate strategy and decision-making. [SBM-3-48b] NORMA Group has developed measures to respond to these impacts. These are described in the chapter 4 G1 GOVERNANCE. [SBM-3-48ci] NORMA Group has a positive impact on corporate culture by promoting employee satisfaction and motivation and by providing a legal and compliance framework. [SBM-3-48civ] NORMA Group contributes to the impact through its own activities and business relationships (e.g. through suppliers) in the area of corporate governance. [SBM-3-48cii] This is linked to NORMA Group's corporate strategy and business model, as the company states in our vision "We join forces to provide superior solutions for a sustainable future." [SBM-3-48d] By establishing the vision NORMA Group's management strengthens the strategic focus on a sustainable and resilient business model, combining long-term economic success with environmental and social responsibility. This is also demonstrated by the commitment to the sustainability goals. In the fiscal year, the material opportunities, such as strengthening business relationships and reducing employee turnover costs, in the area of corporate governance may affect NORMA Group's financial position, earnings position and cash flows. [SBM-3-48e]

Information security

[SBM-3-48a][SBM-3-48b][SBM-3-48h] NORMA Group considers information security to be a material companyspecific issue that is relevant to its own business activities. The identified impacts and opportunities influence NORMA Group's value chain in that the use of information security contributes to more efficient information procurement and decisions can thus be better prepared. [SBM-3-48b] Information on the measures NORMA Group is taking to respond to the impact can be found in the chapter 4 INFORMATION SECURITY. [SBM-3-48ci] NORMA Group has both positive and negative impacts in the area of information security. [SBM-3-48civ] NORMA Group contributes to the impact through its own activities and business relationships (e.g. through suppliers) in the area of information security. [SBM-3-48cii] This is not yet related to NORMA Group's corporate strategy and business model. [SBM-3-48d] In the fiscal year, the main opportunities, such as improving certifications and enhancing trust, in the area of information security may affect NORMA Group's financial position, earnings position and cash flows. [SBM-3-48e]

Product quality

[SBM-3-48a] Product quality is highly relevant for NORMA Group's own business activities. [SBM-3-48b][SBM-3-48h] The identified impacts and opportunities on this company-specific topic influence NORMA Group's value chain and corporate strategy by NORMA Group striving for reliable product quality. [SBM-3-48b] Measures with which NORMA Group responds to the impacts can be found in the chapter 4 PRODUCT QUALITY. [SBM-3-48ci] NORMA Group has a positive impact on product quality through high safety standards and the longevity of its products as well as through environmentally friendly practices such as the use of recycled materials and ensuring security of supply. [SBM-3-48civ] NORMA Group contributes to the impact through its own product quality activities. [SBM-3-48cii] This is linked to NORMA Group's corporate strategy and business model, as we as a manufacturing company place the highest value on product quality. [SBM-3-48d] In the fiscal year, the material opportunity, improvement of product quality and market adaptation, in the area of product quality can influence NORMA Group's financial position, earnings position and cash flows. [SBM-3-48e]

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5 FURTHER INFORMATION

Resilience and scenario analyses

[SBM-3-48f] [E1-SBM-3-19a-c] [E1-SBM-3-AR6] [E1-SBM-3-AR7a-c] [E1-SBM-3-AR8a-b]

NORMA Group did not assess the resilience of its strategy and business model in the 2024 fiscal year as part of a resilience analysis according to ESRS.

IRO-2 – Disclosure requirements in ESRS covered by the company's consolidated non-financial statement

[IRO-2-56] An index of all disclosure requirements that NORMA Group has followed in preparing this statement can be found here: 4 BP-2-16 REFERENCES TO THE MANAGEMENT REPORT. The following table lists all data points resulting from other EU legislation and indicates where they can be found in this consolidated non-financial statement and whether they have been identified as material by NORMA Group.

Data points in relation to EU legislation T032

Disclosure requirement and related data point SFDR reference¹ Pillar 3 reference² Benchmark regulation reference³ EU Climate Law reference⁴ Number of pages/ materiality ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d) indicator no. 13 in Annex 1 table 1 Commission Delegated Regulation (EU) 2020/1816(⁵ ), Annex II ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) Delegated Regulation (EU) 2020/1816, Annex II ESRS 2 GOV-4 Statement on due diligence paragraph 30 indicator no. 10 in Annex 1 table 3 ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i indicator no. 4 table 1 in Annex 1 Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453(⁶ )Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk Delegated Regulation (EU) 2020/1816, Annex II Not applicable ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii indicator no. 9 in Annex 1 table 2 Delegated Regulation (EU) 2020/1816, Annex II Not applicable ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii indicator no. 14 in Annex 1 table 1 Delegated Regulation (EU) 2020/1818(⁷ ), Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II Not applicable

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Data points in relation to EU legislation (continued)

ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv			Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14				Regulation (EU) 2021/1119, Article 2(1)
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)		Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book-Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2
ESRS E1-4 GHG emission reduction targets paragraph 34	indicator no. 4 in Annex 1 table 2	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 6
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	indicator no. 5 in Annex 1 table 1 and indicator no. 5 in Annex 1 table 2
ESRS E1-5 Energy consumption and mix paragraph 37	indicator no. 5 in Annex 1 table 1
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	indicator no. 6 in Annex 1 table 1
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	indicators no. 1 and 2 in Annex 1 Table 1	Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity	Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1)

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254 REPORT ON TRANSACTIONS WITH RELATED PARTIES

4 CONSOLIDATED FINANCIAL STATEMENTS

Data points in relation to EU legislation (continued)

ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	indicator no. 3 table 1 in Annex 1	Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics	Delegated Regulation (EU) 2020/1818, Article 8(1)
ESRS E1-7 GHG removals and carbon credits paragraph 56				Regulation (EU) 2021/1119, Article 2(1)
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66			Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II		Phase-in
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk.			Phase-in
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).		Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2:Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral			Phase-in
ESRS E1-9 Degree of exposure of the portfolio to climate related opportunities paragraph 69			Delegated Regulation (EU) 2020/1818, Annex II		Phase-in
ESRS E2-4 Amount of each pollutant listed in Annex II of the E PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	indicator no. 8 in Annex 1 table 1 indicator no. 2 in Annex 1 table 2 indicator no. 1 in Annex 1 table 2 indicator no. 3 in Annex 1 table 2
ESRS E3-1 Water and marine resources paragraph 9	indicator no. 7 in Annex 1 table 2

ESRS E3-1 Dedicated policy	indicator no. 8 in
ESRS E3-1 Sustainable oceans and	indicator no. 12 in
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	indicator no. 6.2 in Annex 1 table 2
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29	indicator no. 6.1 in Annex 1 table 2
ESRS 2 – SBM-3 – E4 Paragraph 16 letter (a)i	indicator no. 7 in Annex 1 table 1		Not material
ESRS 2 – SBM-3 – E4 Paragraph 16 (b)	indicator no. 10 in Annex 1 table 2		Not material
ESRS 2 – SBM-3 – E4 Paragraph 16 (c)	indicator no. 14 in Annex 1 table 2		Not material
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b)	indicator no. 11 in Annex 1 table 2		Not material
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c)	indicator no. 12 in Annex 1 table 2		Not material
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	indicator no. 15 in Annex 1 table 2		Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d)	indicator no. 13 in Annex 1 table 2
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	indicator no. 9 in Annex 1 table 1
ESRS 2 SBM3 – S1 Risk of incidents of forced labour paragraph 14 (f)	indicator no. 13 in Annex I Table 3
ESRS 2 SBM3 – S1 Risk of incidents of child labour paragraph 14 (g)	indicator no. 12 in Annex I Table 3
ESRS S1-1 Human rights policy commitments paragraph 20	indicator no. 9 in Annex I table 3 and indicator no. 11 in Annex I table 1
	paragraph 13 seas paragraph 14	Annex 1 table 2 Annex 1 table 2	Data points in relation to EU legislation (continued)

1 INTRODUCTION		Data points in relation to EU legislation (continued)
2 TO OUR SHAREHOLDERS 3 CONDENSED MANAGEMENT REPORT	ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8,		Delegated Regulation
46 PRINCIPLES OF THE	paragraph 21		(EU) 2020/1816, Annex II
GROUP > ECONOMIC REPORT	ESRS S1-1 Processes and measures for preventing trafficking in human beings paragraph 22	indicator no. 11 in Annex I Table 3
194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB) 202 FORECAST REPORT	ESRS S1-1 Workplace accident prevention policy or management system paragraph 23	indicator no. 1 in Annex I Table 3
210 RISK AND OPPORTUNITY REPORT	ESRS S1-3 Grievance/complaints handling mechanisms paragraph 32 (c)	indicator no. 5 in Annex I Table 3		Whistleblowe r System NORMA Group
229 REMUNERATION REPORT 2024 252 TAKEOVER-RELEVANT INFORMATION	ESRS S1-14 Number of fatalities and number and rate of work related accidents paragraph 88 (b) and (c)	indicator no. 2 in Annex I Table 3	Delegated Commission Regulation (EU) 2020/1816, Annex II
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	indicator no. 3 in Annex I Table 3
4 CONSOLIDATED FINANCIAL STATEMENTS	ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	indicator no. 12 in Annex I table 1	Delegated Regulation (EU) 2020/1816, Annex II
5 FURTHER INFORMATION	ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	indicator no. 8 in Annex I Table 3
	ESRS S1-17 Incidents of discrimination paragraph 103 (a)	indicator no. 7 in Annex I Table 3
	ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a)	indicator no. 10 in Annex I table 1 and indicator no. 14 in Annex I table 3	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1)
	ESRS 2 SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	indicators no. 12 and 13 in Annex I Table 3

1 INTRODUCTION		Data points in relation to EU legislation (continued)
2 TO OUR SHAREHOLDERS 3 CONDENSED	ESRS S2-1 Human rights policy commitments paragraph 17	indicator no. 9 in Annex 1 table 3 and indicator no. 11 in Annex 1 table 1
MANAGEMENT REPORT
46 PRINCIPLES OF THE	ESRS S2-1 Policies related to value chain workers paragraph 18	indicators no. 11 and 4 in Annex 1 table 3
GROUP > ECONOMIC REPORT	ESRS S2-1 1Non-respect of UNGPs on Business and Human Rights		Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation
	principles and OECD	indicator no. 10 in	(EU) 2020/1818, Art 12
194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB) 202 FORECAST REPORT	guidelines paragraph 19 ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation	Annex 1 table 1	(1)
210 RISK AND OPPORTUNITY	Conventions 1 to 8, paragraph 19		Delegated Regulation (EU) 2020/1816, Annex II
REPORT 229 REMUNERATION REPORT 2024 252 TAKEOVER-RELEVANT	ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	indicator no. 14 in Annex 1 table 3
INFORMATION 254 REPORT ON	ESRS S3-1 Human rights policy commitments paragraph 16	indicator no. 9 in Annex 1 table 3 and indicator no. 11 in Annex 1 table 1
TRANSACTIONS WITH RELATED PARTIES	ESRS S3-1
4 CONSOLIDATED FINANCIAL STATEMENTS	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17	indicator no. 10 in Annex 1 table 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)
5 FURTHER INFORMATION	ESRS S3-4 Human rights issues and incidents paragraph 36	indicator no. 14 in Annex 1 table 3
	ESRS S4-1 Policies related to consumers and end-users paragraph 16	indicator no. 9 in Annex 1 table 3 and indicator no. 11 in Annex 1 table 1		Not material
	ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	indicator no. 10 in Annex 1 table 1	Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1)	Not material
	ESRS S4-4 Human rights issues and incidents paragraph 35	indicator no. 14 in Annex 1 table 3		Not material

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Data points in relation to EU legislation (continued)

ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	indicator no. 15 in Annex 1 table 3
ESRS G1-1 Protection of whistle blowers paragraph 10 (d)	indicator no. 6 in Annex 1 table 3		Not applicable
ESRS G1-4 Fines for violation of anti corruption and anti bribery laws paragraph 24 (a)	indicator no. 17 in Annex 1 table 3	Delegated Regulation (EU) 2020/1816, Annex II)
ESRS G1-4 Standards of anti corruption and anti bribery paragraph 24 (b)	indicator no. 16 in Annex 1 table 3

1_Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (OJ L 317 of Dec. 9, 2019, p. 1). 2_Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012 (Capital Requirements Regulation) (OJ. L 176 of June 27, 2013, p. 1).

3_Regulation (EU) 2016/1011 of the European Parliament and of the Council of June 8, 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No. 596/2014 (OJ. L 171 of June 29, 2016, p. 1).

4_Regulation (EU) 2021/1119 of the European Parliament and of the Council of June 30, 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ("European Climate Law") (OJ. L 243 of July 9, 2021, p. 1).

5_Commission Delegated Regulation (EU) 2020/1816 of July 17, 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards the explanation in the benchmark statement of how environmental, social and governance (ESG) factors are reflected in each benchmark provided and published (OJ. L 406 of Dec. 3, 2020, p. 1). 6_Commission Implementing Regulation (EU) 2022/2453 of November 30, 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards the

disclosure of environmental, social and governance risks (OJ. L 324 of Dec. 19, 2022, p. 1).

7_Commission Delegated Regulation (EU) 2020/1818 of July 17, 2020 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (OJ. L 406 of Dec. 3, 2020, p. 17).

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Environment

Climate Change

E1-5 Energy consumption and mix

[E1-5-AR34][E1-5-37][E1-5-38] NORMA Group's energy consumption in the 2024 fiscal year amounted to:

Energy consumption and mix	T033
	2024
(1) Fuel consumption from coal and coal products (MWh)	0
(2) Fuel consumption from crude oil and petroleum products (MWh)	3,823
(3) Fuel consumption from natural gas (MWh)	18,019
(4) Fuel consumption from other fossil sources (MWh)	0
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	74,349
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5)	96,191
Share of fossil sources in total energy consumption (%)	75
(7) Total energy consumption from nuclear sources (MWh)	4,589
Share of consumption from nuclear sources in total energy consumption (%)	4
(8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin), biofuels, biogas, renewable hydrogen, etc. (MWh)	0
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh)	24,103
(10) The consumption of self-generated non-fuel renewable energy (MWh)	3,557
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10)	27,660
Share of renewable sources in total energy consumption (%)	22
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11)	128,440

[E1-5-39] NORMA Group generated a total of 25,694 MWh of energy in the 2024 fiscal year. Of this, 21,842 MWh comes from non-renewable resources and 3,852 MWh from renewable sources.

[MDR-M-77a][MDR-M-77c][MDR-M-77d] The energy data required for this is systematically recorded at all NORMA Group sites. The data is based on information from external sources such as energy source delivery volumes from the respective energy suppliers and internal measurement data. If no actual data is available at the time of the survey, NORMA Group uses extrapolation logic to a limited extent. The estimates mainly relate to office space and logistics centers rented by NORMA Group from third parties. In such cases, direct access to billable consumption values is not possible. In order to obtain the closest approximate statement possible on energy consumption, a specific energy consumption per square meter is determined separately for office and logistics space. This specific consumption value is based on a mathematically calculated reference location for office and logistics centers. For office space 0.31 MWh per square meter and for logistics centers 0.03 MWh per square meter applies. The consumption values of the sites without directly billable energy consumption are determined and reported on the basis of these parameters. The estimate includes a share of 0.54 % of total energy consumption.

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Energy intensity based on net revenue

[E1-5-40][E1-5-41] The calculated energy intensity of NORMA Group corresponds to the total energy consumption in relation to net sales from activities in high climate impact sectors. [E1-5-AR36][E1-5-42][MDR-T-77a] NORMA Group assumes that all business activities fall into these high climate impact sectors, as it does not operate any activities in non-climate imapct sectors. The following high climate impact sectors were identified: Manufacture of plastic products (C222000), manufacture of plastic plates, sheets, tubes and profiles (C222100), manufacture of fabricated metal products (C250000), surface treatment and heat treatment; mechanical n.e.c. (C256000), surface treatment and heat treatment (C256100), manufacture of screws and rivets (C259400), manufacture of other fabricated metal products n.e.c. (C259900), manufacture of other parts and accessories for motor vehicles (C293200), water supply (E360000), wastewater disposal (E370000), construction of roads (F421100). On this basis, energy intensity is calculated using total energy consumption and net sales. [E1-5-43][E1-5-AR38a] The amount of net revenue from activities in high climate impact sectors corresponds to EUR 1,155,128 thousand and can be directly reconciled with the information from the annual financial statements in the chapter 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME.

Total energy consumption per net revenue (in MWh/EUR thousand)
	2024
Total energy consumption per net revenue associated with activities in high climate impact sectors	0.111

E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions

[E1-6-46][E1-6-47] There were no material changes within NORMA Group and its upstream and downstream value chain during the reporting period.

[E1-6-AR48] NORMA Group's GHG emissions are shown in the following table.

[E1-6-48a][E1-6-48b][E1-6-49a][E1-6-49b][E1-6-51][E1-6-52a][E1-6-52b]

1 INTRODUCTION	GHG emissions (in tCO2eq)
2 TO OUR SHAREHOLDERS		2024
	Scope 1 GHG emissions
3 CONDENSED MANAGEMENT REPORT	Gross Scope 1 GHG emissions	5,163
	Percentage of Scope 1 GHG emissions from regulated emission trading schemes (in %)	0
46 PRINCIPLES OF THE GROUP	Scope 2 GHG emissions
	Gross location-based Scope 2 GHG emissions	45,523
> ECONOMIC REPORT	Gross market-based Scope 2 GHG emissions	30,794
194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)	Significant Gross Scope 3 GHG emissions
	Total Gross indirect (Scope 3) GHG emissions	1,066,280
202 FORECAST REPORT	1 Purchased goods and services	774,295
	2 Capital goods	4,332
210 RISK AND OPPORTUNITY	3 Fuel and energy-related activities	9,233
REPORT	4 Upstream transportation and distribution	27,805
229 REMUNERATION REPORT 2024	5 Waste generated in operations	4,470
	6 Business traveling	4,296
252 TAKEOVER-RELEVANT INFORMATION	7 Employee commuting	6,913
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	9 Downstream transportation	6,042
	10 Processing of sold products	5,452
	11 Use of sold products	0,2
4 CONSOLIDATED	12 End-of-life treatment of sold products	223,441
FINANCIAL STATEMENTS	Total GHG emissions
5 FURTHER INFORMATION	Total GHG emissions (location-based)	1,116,965
	Total GHG emissions (market-based)	1,102,236

[MDR-M-77a][E1-6-AR39b][E1-6-AR45d][E1-6-AR40] NORMA Group determines and records its greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative in the categories Scope 1 to Scope 3 for all sites worldwide. There is no operational control beyond the financial scope of consolidation. The emission factors from "UK Government GHG Conversion Factors for Company Reporting" (DEFRA) are used for Scope 1 emissions and those published by the VDA (German Association of the Automotive Industry) for emission factors in the fuels sector. Scope 2 emissions can be calculated in two ways: location-based and market-based. In the location-based calculation methodology, energy consumption is calculated using average country-specific emission factors from the International Energy Agency (IEA). In the market-based calculation method, emissions are calculated using individual emission factors of the energy providers themselves. If there is no emission factor for market-based approaches, the location-based emission factors are used based on the requirements of the GHG Protocol. This methodology is intended to ensure that all relevant emissions are recorded and calculated correctly. Depending on the category, different sources of emission factors are used for Scope 3 emissions, including factors from the IEA, Sphera Managed LCA Content Databases, Supply Chain Greenhouse Gas Emission

1 INTRODUCTION

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)

Factors v1.3 by NAICS-6. [E1-6-AR39c] Greenhouse gas emissions include CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3. [MDR-M-77a][MDR-M-77c][MDR-M-77d] NORMA Group's methodology and assumptions for calculating emissions are based on specific scaling and calculations. The emission factor for N2O is calculated on the basis of incineration. The basis for calculating emissions is therefore the emission factor per unit of fuel. The same applies to CH4 and CO2, scaled from sample measurements by chimney sweeps. HFCs and PFCs are calculated on the basis of the solvent content in operating materials. In addition, the Emission Trading Scheme is not relevant for NORMA, as confirmed by consultation with regional directors.

[E1-6-AR46d] NORMA Group has identified its significant Scope 3 categories based on the criteria of the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standards. The following categories were identified as significant:

Cat. 1 – Purchased goods and services

Cat. 2 Capital goods
Cat. 3 Fuel and energy-related emissions
Cat. 4 Transportation and distribution (upstream)
Cat. 5 Waste from business activities
Cat. 6 Business trips
Cat. 7 Commuting of employees
Cat. 9 Transportation and distribution (downstream)
Cat. 10 Processing of products sold
Cat. 11 Use of products sold

Cat. 12 – Disposal of products sold at the end of their service life

[MDR-M-77a][MDR-M-77c][MDR-M-77d]

1 INTRODUCTION	Calculation methods for determining Scope 3 emissions:
2 TO OUR SHAREHOLDERS	Scope 3 category	Method
3 CONDENSED MANAGEMENT REPORT	Cat. 1 – Purchased goods and services	Calculated on the basis of the average-based and expenditure-based method. Source of the emission factors is Sphera MLC Databases for goods and Supply Chain GHG EmissionFactors_v1.3 according to NAICS-6 for services
46 PRINCIPLES OF THE GROUP		Goods: The activity data was clustered and then assigned to the product groups. The items were allocated to corresponding emission factors in relation to the product group. Services: The emissions for purchased services were determined on the basis of a distribution key in the same ratio as for purchased goods.
> ECONOMIC REPORT		Calculated on the basis of the expenditure-based method Emission factors: Supply Chain Greenhouse Gas Emission Factors v1.3 by NAICS-6
194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB) 202 FORECAST REPORT	Cat. 2 – Capital goods	As the emission factors used refer to USD 2022 (kg CO2eq/USD22), the data in EUR 2024 was converted to its corresponding value in USD 2022, taking into account the respective inflation and exchange rates.
	Cat. 3 – Fuel and energy-related emissions	Calculated using the average-based method with reference to the input parameters of Scope 1 and 2 Emission factors: Sphera MLC database
210 RISK AND OPPORTUNITY REPORT	Cat. 4 – Transportation and distribution (upstream)	Calculated using the distance-based method Emission factors: Sphera MLC database
229 REMUNERATION REPORT 2024 252 TAKEOVER-RELEVANT		EMEA and APAC: The allocation between category 3.4 and category 3.9 is based on an average ratio of "valid Incoterm facility" per region. The activity data is based on assumptions about the weight, route and packaging quantities stored in the system, but not on actual measurements of the transport weight, the routes actually used and the associated distances. In addition to the route, the means of transportation (truck, plane or ship) can then be estimated based on the
INFORMATION 254 REPORT ON TRANSACTIONS WITH		distance and route. AMER: Real activity data is used for the regions around North, Central and South America.
RELATED PARTIES	Cat. 5 – Waste from business activities	Calculated using the average-based method on the basis of waste generation per type of waste Emission factors: Sphera MLC database
4 CONSOLIDATED FINANCIAL STATEMENTS	Cat. 6 – Business trips	Calculated using the distance-based method Emission factors: Sphera MLC database
5 FURTHER INFORMATION		The distance and mode of transport were specified for each data point. The sum of journeys per mode of transport was calculated for each region, then the emission factor was applied.
	Cat. 7 – Commuting of employees	Calculated on the basis of the average method, taking into account the average distance traveled per mode of transport Emission factors: Sphera MLC database The number of working days and the number of home office days in a calendar year are determined on the basis of national regulations and local contracts and are not based on actual values. The average commuting distances per region and per mode of transport (car, public transport, bicycle and on foot) were determined using desktop research and are based on statistical data.

1 INTRODUCTION
2 TO OUR SHAREHOLDERS	Scope 3 category	Method
3 CONDENSED	Cat. 9 – Transportation and distribution	Calculated using the distance-based method Emission factors: Sphera MLC database
MANAGEMENT REPORT	(downstream)	see description Cat. 4 Transportation and distribution (upstream)
46 PRINCIPLES OF THE GROUP		Calculated on the basis of the average-based method Emission factors: Sphera MLC database
> ECONOMIC REPORT	Cat. 10 – Processing of products sold	Actual energy consumption for products sold is not known. Definition for energy consumption is determined per division and product group based on the product characteristics. The energy was only taken into account for the assembly of the product and not for additional operations to
194 MANAGEMENT REPORT OF NORMA GROUP SE		prepare the product installation. The energy in watts for assembling the products was estimated using technical data, technological experience or estimates in the worst-case scenario per business unit and then per product description.
(HGB) 202 FORECAST REPORT	Cat. 11 – Use of	Calculated on the basis of the number of products sold, taking into account the following input parameters: NORMA product consumes no energy during its use of 4 items called irrigation timer: 2 rechargeable AA batteries: Power consumption during the estimated 5-year service life per timer, estimated energy consumption per timer and year (0.788 Wh/year/timer)
210 RISK AND OPPORTUNITY REPORT	products sold	Emission factors: Sphera MLC database
229 REMUNERATION REPORT		Only direct emissions are taken into account. Indirect emissions in the life cycle phase are voluntary and are not reported.
2024		Calculated on the basis of source data for category 1 of Scope 3 using physical units of purchased items. Emission factors: Sphera MLC database. It is assumed that all purchased materials are incorporated into finished products
252 TAKEOVER-RELEVANT INFORMATION	Cat. 12 – End-of-life treatment of products sold	that are treated as waste at the end of their life. Weight and material were calculated using direct weight data or extrapolated from the CO2 emissions of category 1. The waste treatment method has been mapped taking into account the material purchased and its destination as a finished product or application.
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES		[E1-6-AR39c] The Scope 3 categories were determined in accordance with the GHG Protocol and include CO2, CH4, N2O, HFCs, PFCs, SF6 and NF3. [E1-6-AR46hi] The scope is consistent with the financial scope of
4 CONSOLIDATED		consolidation, so that all consolidated units of the Group are taken into account. [MDR-M-77b] The systems used for the calculation are already part of regular internal audits. [E1-6-AR46g] The data is mainly based on secondary

partners in the value chain.

data. Almost 0 % of emissions are determined using primary data obtained directly from suppliers or other

FINANCIAL STATEMENTS

Calculation methods for determining Scope 3 emissions:

1 INTRODUCTION

3 CONDENSED MANAGEMENT REPORT

> ECONOMIC REPORT

[E1-6-AR46i] The following categories were not included in the balance sheet:

Excluded Scope 3 emissions:
Scope 3 category	Method
Cat. 8 – Rented or leased properties	Due to the definition of operational control, emissions from rented and leased properties are already included in NORMA Group's Scope 1 and Scope 2 emissions. This category is therefore excluded.
Cat. 13 – Rented and leased properties	This category is excluded as NORMA Group does not rent or lease any properties.
Cat. 14 – Franchise	This category is excluded as franchises are not part of NORMA Group's business model.
Cat. 15 – Investments	This category is excluded as NORMA Group has no investments that fall under category 3.15 in the reporting year. Investments in machinery and equipment are included in category 2.

[E1-6-AR43][E1-6-AR45][E1-6-AR46] NORMA Group discloses biogenic CO2 emissions from the incineration or biodegradation of biomass, if available. For the 2024 fiscal year, NORMA Group did not generate any GHG emissions from Scope 1, 2 and 3 in this regard. In addition, emissions of other greenhouse gases (such as CH4 and N2O) and CO2 emissions that occur in the life cycle of biomass and are not attributable to incineration or biodegradation (such as greenhouse gas emissions from the processing or transportation of biomass) are included in the calculation of regular Scope 3 greenhouse gas emissions.

[E1-6-AR53c] For the calculation of GHG intensity based on net revenue, NORMA Group has included total GHG emissions in the numerator, while total net revenue of EUR 1,155,128 thousand is included in the denominator.

Greenhouse gas intensity on the basis of net revenue

[E1-6-AR54][E1-6-53][E1-6-54] NORMA Group's GHG emission intensity is shown in the following table. The greenhouse gas intensity figure includes the total GHG emissions in tons of CO2 equivalent per net revenue. Net income can be found in the following section of the annual report: 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

[MDR-M-77a][MDR-M-77c][MDR-M-77d] The following methodology was used to calculate the key figure: Total GHG emissions in tons of CO2 equivalent divided by total net revenue. No significant assumptions were made.

GHG emissions intensity per net revenue	T038
	2024
Total GHG emissions (location-based) per net revenue (in tCO2eq/EUR)	0.001
Total GHG emissions (market-based) per net revenue (in tCO2eq/EUR)	0.001

E1-7 GHG removals and GHG mitigation projects financed through carbon credits

In the 2024 fiscal year, NORMA Group will not carry out any projects to reduce or eliminate greenhouse gases that are financed through carbon credits.

1 INTRODUCTION

3 CONDENSED MANAGEMENT REPORT

> ECONOMIC REPORT

210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

E1-8 Internal carbon pricing

NORMA Group does not currently apply any internal CO2 pricing.

E1-2 Policies related to climate change mitigation and climate change adaptation

[MDR-P-65a][MDR-P-65b][MDR-P-65c][MDR-P-65d][MDR-P-65e][MDR-P-65f][E1-2-24][E1-2-25] NORMA Group is aware of the positive and negative impact of its actions on climate change as well as the associated risks and opportunities. On the one hand, negative impacts on climate change result from production processes or the transportation of NORMA Group's products through GHG emissions, among other things. Selected NORMA Group production sites are also located in climate risk areas. On the other hand, NORMA Group's business activities in the area of energy and water management, among other things, have a positive impact on climate change. Potential risks of climate change for NORMA Group include potential environmental disasters that jeopardize the supply chain or production processes, possible fines, loss of reputation or retrofitting due to the consequences of climate change. On the other hand, anchoring this topic in the business strategy also offers opportunities, particularly in the form of customer acquisition and retention, by selling products that counteract climate change.

In 2018, NORMA Group developed an environmental concept as part of the environmental strategy to expand and strengthen its environmental management activities and to manage the material impacts, risks and opportunities. The concept relates to NORMA Group's own business activities and the upstream value chain, but not to the identified impacts, risks and opportunities along the downstream value chain. The focus is on climate, water and waste generation. The strategy comprises three different levels of action: The focus is on managing the company's own processes, the second level comprises impact measurement along the entire value chain, while the third level addresses pilot projects. This three-stage approach allows NORMA Group to focus on processes that can be directly influenced while addressing the impacts along the supply chain and in the use phase of the products.

NORMA Group has defined and implemented principles for its environmental management system. These principles include compliance with local and national regulations and laws. In addition, regular exchanges are held with relevant stakeholder groups during the fiscal year in order to take their concerns on environmental issues into account.

In addition, NORMA Group sets ambition levels, monitors their achievement and reports on them to local, regional and global management. Another focus is on the continuous improvement of environmental management systems, with the ambition to reduce water and energy consumption, reduce the carbon footprint, use resources more efficiently, minimize waste and prevent pollution. Promoting environmental awareness among employees is also a key concern, which is implemented through cooperative leadership and effective communication. NORMA Group attaches great importance to communicating its environmental objectives and actions clearly and transparently to its stakeholders, for example through the Supplier Code of Conduct. Under the Supplier Code of Conduct, NORMA Group requires its suppliers to, among other things, maintain an effective environmental policy, comply with required environmental permits, properly treat wastewater and solid waste, monitor and control air emissions, minimize waste and promote recycling, and produce in an environmentally responsible manner to avoid harmful environmental impacts. Responsibility for the environmental management systems and the associated issues relating to climate, water and waste management at the individual production sites lies with the Environment, Occupational Health and Safety department, which is represented at all sites. At a global level, this department reports to the Chief Operating Officer. NORMA Group has established an environmental management system at each production site to ensure that environmental incidents are prevented or, in the event of an incident, effectively managed and their impacts adequately addressed. NORMA Group has laid down the principles for its

1 INTRODUCTION

3 CONDENSED MANAGEMENT REPORT

> ECONOMIC REPORT

210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

environmental management system in a global environmental guideline. The guideline was adopted in the 2020 fiscal year by the Chief Operating Officer and the Vice President for Quality, Environment, Occupational Health and Safety. The policy is publicly available on the website for potentially affected stakeholders.

The commitments currently focus on climate change mitigation and energy efficiency. Climate change adaptation, the management of physical climate risks and the use of renewable energies are not yet covered by the commitments.

E1-4 Targets related to climate change mitigation and climate change adaptation

[E1-4-32][MDR-T-80][E1-4-33] In 2018, NORMA Group developed a target to reduce greenhouse gas emissions at its production sites. When setting its climate target, NORMA Group followed the recommendations of the Science Based Targets initiative (SBTi). The target was further tightened in the 2020 fiscal year, aiming for a reduction in greenhouse gas emissions of approximately 19.5 % by the end of 2024 compared to 2017, which corresponds to a target value of 42,000 tons of GHG emissions in 2024. The target is also part of the executive compensation framework at NORMA Group. The following applied to the remuneration-related target: The GHG emissions for the target value are reported in orientation with the GHG Protocol (market-based, Scope 1 and Scope 2). In the event of acquisitions, disposals and changes to the general business model, the target is reviewed for necessary adjustments. Scope 1 includes only emissions from natural gas and liquefied petroleum gas (LPG), while Scope 2 covers emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. [E1-4-34f] [E1-4-AR30a] Since January 2022, NORMA Group has sourced electricity from renewable energies at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value and have contributed to the achievement of the target. The target was reached at the end of 2024.

[E1-4-32][MDR-T-80][E1-4-33] A target to reduce greenhouse gas emissions has also been set for the 2025 fiscal year in order to manage the material climate-related impacts, risks and opportunities. The goal is to avoid 1,000 tons of GHG emissions in the 2025 fiscal year by implementing actions. The target applies to NORMA Group's production sites and distribution centers. [E1-4-34b] The stated 1,000 tons of GHG emissions refer to both Scope 1 and Scope 2 emissions combined. In addition, the target applies throughout the 2025 fiscal year. The effects of individual actions are therefore calculated for the year as a whole, regardless of when they are implemented within the year.

[E1-4-34e] The targets for reducing greenhouse gas emissions are not scientifically sound and are not compatible with limiting global warming to 1.5 °C.

With the help of the target, NORMA Group wants to promote focused actions to reduce greenhouse gas emissions and make the ambition levels of the individual sites transparent. In this way, NORMA Group aims to reduce its negative impact and at the same time increase its positive impact on the climate by reducing Scope 1 and Scope 2 emissions.

No communicable, measurable and results-oriented climate change targets have been implemented beyond the 2025 fiscal year. NORMA Group is currently establishing appropriate processes to develop and implement targets with regard to the impacts and opportunities related to climate change. Therefore, the target for the 2025 fiscal year is a bridging target that supports NORMA's basic level of ambition to counteract climate change while allowing time to develop a long-term roadmap.

NORMA Group SE – Annual Report 2024 148

1 INTRODUCTION

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E1-3 Actions and resources in relation to climate change policies

[E1-3-28][E1-3-29a][MDR-A-68a][MDR-A-68b][MDR-A-68c] NORMA Group took the following actions in the 2024 fiscal year to achieve the climate-related targets set: Installation of photovoltaic systems at the NORMA sites in Newbury, Pune, Juarez, Nashik and Lifial. This means that the action is covered within the company's own business activities and relates to the reduction of Scope 1 and 2 emissions. The actions were implemented in the 2024 fiscal year. The total capacity of the photovoltaic systems is approx. 1.5 GW. Minor investments were made for this purpose.

[E1-3-29b] The results of the climate change mitigation actions are the use of green energies and thus also the reduction of GHG emissions. The amount of green energy provided by the plants amounted to 3,852 MWh in 2024.

E1-1 Transition plan for climate change mitigation

[E1-1-16][E1-1-17] NORMA Group is currently working on a transition plan for climate change mitigation, which will not be completed in the 2024 fiscal year. There were no material current or planned operating expenses or capital expenditures related to the transition plan for climate change mitigation.

Pollution

E2-4 Microplastics

The following table shows the amount of microplastics used by NORMA Group in the 2024 fiscal year.

[E2-4-28b][E2-4-AR21][E2-4-AR26][E2-4-AR27][MDR-T-77a][MDR-T-77c] [MDR-T-77d]

Microplastics (in t)
Microplastics used	36,526

[E2-4-30] NORMA Group defines microplastics as small plastic particles that are less than 5 mm in size. Microplastics are sourced or used in products and leave NORMA Group's facilities as emissions, products or as a component of products and services.

To determine the relevant key figure, NORMA Group records the quantity of plastic granulate purchased worldwide. It is assumed that the quantity procured in the fiscal year corresponds to the quantity actually used.

E2-1 Policies related to pollution

[E2-1-14][E2-1-15a][E2-1-15b][E2-1-15c] NORMA Group has an environmental concept to address the positive and negative impacts of its activities in the area of pollution in the form of microplastics. The use of microplastics, i.e. granules smaller than 5 mm, in some production processes has a negative impact. At the same time, the company is helping to minimize the need for microplastics by introducing guidelines and processes to comply with environmental regulations and continuously improving products and production processes. No material risks and opportunities in connection with pollution were identified.

1 INTRODUCTION

> ECONOMIC REPORT

The environmental concept includes the company's principles with regard to pollution, including its prevention and reduction. NORMA Group has established an environmental management system at each production site to ensure that, among other things, pollution incidents are prevented. If there is an incident, individual mitigating actions are defined and implemented to minimize the negative impact. NORMA Group has laid down the principles for its environmental management system in a global environmental guideline. Detailed information on NORMA Group's overarching environmental concept can be found in the chapter 4 E1-2 POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND CLIMATE CHANGE ADAPTATION.

E2-3 Targets related to pollution

[E2-3-23][E2-3-24][E2-3-25][MDR-T-72][MDR-T-81] NORMA Group has not yet set any specific, measurable targets for combating pollution in the form of microplastics, as the focus is currently on data collection.

E2-2 Actions and resources related to pollution

[E1-3-28][E1-3-29][MDR-A-62] NORMA Group is working on the development and implementation of suitable actions and resources analogous to the future development of a target in the area of pollution in the form of microplastics.

Water and marine resources

E3-4 Water consumption

[E3-4-28a] NORMA Group measures its water consumption in order to monitor and track the defined targets and the effectiveness of the actions. NORMA Group's total water consumption in the 2024 fiscal year amounted to 167,106 m³ . [E3-4-28e][E3-4-AR29][MDR-M-77a][MDR-M-77c][MDR-M-77d] The data basis for this information is based on the consumption values of the individual sites.

In order to obtain the closest approximate statement possible on water consumption, a specific water consumption per employee is calculated separately for office and logistics space. These specific consumption values are based on a mathematically calculated reference location for office and logistics centers. For office space, 2.06 m³ per employee and for logistics centers 7.79 m³ per employee applies. Fresh water consumption was determined on the basis of this parameter for those sites that were unable to report directly billable water consumption. The estimate includes a share of 1.46 % of total fresh water consumption, regardless of area of water stress.

[E3-4-28b] Water consumption in area at water risks and high water scarcity ("high-water stress areas") amounted to 105,545 m³ .

[E3-4-28c] NORMA Group's total recycled and reused water amounts to 6,050 m³ . [E3-4-28e][E3-4-AR29][MDR-M-77a][MDR-M-77c][MDR-M-77c] The reported quantities and data were determined using our own measurement technology by calculating differential quantities.

[E3-4-28d] NORMA Group's total stored water amounts to 1,457 m³ . It is not possible to state the changes in the amount of storage compared to the last fiscal year, as the data was collected for the first time in the 2024 fiscal year. [E3-4-28e][E3-4-AR29][MDR-M-77a][MDR-M-77c][MDR-M-77c] The key figure for stored water corresponds to the planned size of the water reservoir and is reported by the sites that have corresponding water reservoirs.

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)

210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

[E3-4-29] NORMA Group's water intensity is 0.15 m³ per EUR thousand of revenue and is calculated from the total water consumption in its own operations per sales revenue. Further information on the calculation of net sales can be found in 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME.

E3-1 Policies related to water and marine resources

[E3-1-11] NORMA Group has an environmental concept to address the positive and negative impacts of its activities in the area of water resources. NORMA Group's water consumption within its own production processes and processes in the supply chain has a negative impact on the water resources available in water risk areas. At the same time, it promotes sustainable water use with its own products from the Water Management division. By implementing appropriate internal processes and guidelines, the company also promotes a resource-conserving approach. No material risks and opportunities in connection with water resources were identified.

[E3-1-12a][E3-1-12b][E3-1-12c][E3-1-13][E3-1-14] The global environmental concept includes the company's principles with regard to water resources. It is of great importance for NORMA Group, as some NORMA Group sites are located in area of very high-water stress. The Aqueduct Water Risk Atlas was used to identify these areas. With regard to water resources, the principles of the environmental concept include the conservation of water resources and compliance with all national and local regulations. These principles apply to all NORMA sites worldwide. At the same time, NORMA Group strives to promote the careful use of water resources by reusing water and minimizing water consumption as part of its Water Management division through product design. The principles of the environmental concept with regard to water resources are anchored in NORMA Group's environmental management system and set out in a global environmental guideline. Detailed information on NORMA Group's overarching environmental concept can be found in the chapter 4 E1-2 POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND CLIMATE CHANGE ADAPTATION.

E3-3 Targets related to water and marine resources

[E3-3-22] NORMA Group has set a target for the 2024 fiscal year related to water resources to address the identified material impacts. [MDR-T-80b][MDR-T-80d][MDR-T-80e] Water consumption, i.e. the total amount of water used by production facilities, should be limited to a maximum of 139.7 liters per EUR thousand of revenue within the fiscal year. [E3-3-23a][E3-3-23b][E3-3-23c][MDR-T-80a][MDR-T-80c] The target was valid for all NORMA Group production sites for the 2024 fiscal year. With regard to water resources, the principles of the environmental concept include the conservation of water resources and compliance with national and local regulations. There is therefore a connection between the goal and the environmental concept. [MDR-T-80f] The background to the objective was to ensure a steady reduction in water consumption based on past water consumption. [MDR-T-80g] The target is not based on scientific findings. [MDR-T-80h] NORMA Group did not involve any stakeholders in setting the target. [E3-3-24][E3-3-25] The defined target is voluntary. No ecological thresholds or company-specific breakdowns were taken into account when setting the targets. [MDR-T-80j] NORMA Group measures target achievement using a defined key figure to measure water consumption. Further information can be found in the chapter 4 E3-4 WATER AND MARINE RESOURCES. The target was not achieved in the 2024 fiscal year.

The target was further developed for the 2025 fiscal year: In 2025, water consumption should amount to a maximum of 142.0 liters per EUR thousand of revenue. All other details and characteristics of the target correspond to the 2024 target.

> ECONOMIC REPORT

E3-2 Actions and resources related to water and marine resources

[E3-2-17][MDR-A-68a][MDR-A-68b][MDR-A-68c][MDR-A-69][E3-2-19] In order to achieve the targets set, NORMA Group has not yet defined specific and group-driven actions and resources for areas at water risk, including area of high-water stress. These processes and actions are currently being implemented at individual location level. To promote the positive effects and mitigate the negative impacts, NORMA Group is currently establishing appropriate Group-wide processes to develop, implement and track well-founded actions.

Resources use and circular economy

E5-4 Resource inflows - Products and materials

[E5-4-30] NORMA Group purchases materials and services in the following product groups: Steel, wire, metal components, granulates, plastic parts, molded rubber parts, electrical components and indirect material.

[E5-4-31] The following table presents information on NORMA Group's resource inflows in the 2024 fiscal year:

Information on resource inflows
Information on the materials used to manufacture NORMA Group's products and services during the reporting period
	in kg	in %
[E5-4-31a] Overall total weight of products and technical and biological materials used	80,669,692	100
[E5-4-31b] Percentage of biological materials (and biofuels used for non-energy purposes) used to manufacture the undertaking's products and services (including packaging) that is sustainably sourced	256,361	0.3
[E5-4-31c] Weight in both absolute value and %, of secondary reused or recycled components, secondary intermediary products and secondary materials used to manufacture the undertaking's products and services (including packaging)	25,954,023	32.2

[E5-4-31b] NORMA Group does not use a certification system for the information on the percentage of biological materials. Upon specific request, the supplier informs NORMA Group of the proportion of biological materials used. NORMA Group receives a certificate as proof of this. The percentage share results from the relation to NORMA Group's total resource inflows.

[MDR-M-77a][E5-4-32][E5-4-AR25] The information used to calculate the key figures is based on local ERP systems at the locations, which are consolidated at Group level in a central purchasing information system. The classification into technical and biological materials is primarily based on product specifications. If no information is available, the classification is based on the expertise of NORMA Group's commodity managers. Euro pallets are excluded from the calculation as they are permanently reused.

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NORMA Group does not currently have any primary data for recording secondary materials. The following assumptions are made to determine the key figure:

According to the raw material suppliers, 83 % of stainless steel products are made from recycled material.
According to our own specifications, packaging materials, in particular cardboard packaging, consist of 70 % recycled material.
A conservative approach is assumed for all other material groups, so that a recycling rate of 0 % is attributed.

E5-5 Resource outflows - Waste

[E5-5-37] The following table shows the total amount of waste generated by NORMA Group's own activities in the 2024 fiscal year.

Total waste volume (in t)	T041
Total amount of waste generated	11,742
Total amount of hazardous waste diverted from disposal	221
i._preparation for reuse	1
ii. recycling	15
iii. other recovery operations	205
Total amount of non-hazardous waste diverted from disposal	8,043
i._preparation for reuse	128
ii. recycling	7,833
iii. other recovery operations	82
Total amount of hazardous waste for disposal	514
i._incineration	147
ii. landfill	4
iii. other disposal operations	362
Total amount of non-hazardous waste for disposal	2,969
i._incineration	846
ii. landfill	2,044
iii. other disposal operations	79
Total amount of non-recycled waste	3,478
Total percentage of non-recycled waste (%)	29.6

A specific waste volume is determined in order to obtain the closest approximate statement possible about the waste volume. This must be determined separately for office space and logistics centers, as the reference values differ. For office space, 900 grams per employee and per working day (220 days) are assumed. The absolute volume of waste has been scaled on this basis. The basis for the logistics centers is a specific waste volume for a mathematically calculated reference location. On the basis of this key figure, the volume of waste was determined for the locations that could not report any directly billable waste. The estimate includes a share of 5.34 % in relation to the absolute amount of waste.

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[E5-5-38] NORMA Group's waste contains the following materials: Metal waste, plastic waste from the production of products, cardboard waste and wood waste from logistics processes and residual waste.

[E5-5-39] NORMA Group generated 734.53 tons of hazardous waste. The classification of waste is carried out by each NORMA Group site. No radioactive waste is produced.

[E5-5-40][MDR-M-77a] The data basis for NORMA Group's waste management is based on invoices and waste disposal certificates/weighing slips. The scope includes all NORMA Group sites worldwide. The local waste management practices are part of the ISO 14001 certification. As there are no global waste classifications, classification is carried out at each site in accordance with local rules and regulations. The data on the types of recycling also comes from the disposal companies. The majority of NORMA Group's waste is recycled, which is due to the nature of production, for example by using pure metal waste and black parts from injection molding machines, which have a high recyclability. [MDR-M-77c][MDR-M-77d]

E5-5 Resource outflows - Others

[E5-5-35][E5-5-AR26] NORMA Group's products and materials are partly designed according to circular economy principles: durability, reusability, reparability and recyclability. The resource outflows can be broken down according to NORMA Group's three main business segments: fluid systems, fastening systems and water management.

a) Fluid systems

[E5-5-36a] For the durability of fluid systems, NORMA products are generally designed to last as long as the service life of the end product in which the NORMA product was installed. This means that the durability of the NORMA product depends on the durability of the actual end product. The reason for this is that NORMA Group develops its products in such a way that they fulfill and meet specific customer requirements and are therefore best suited for the corresponding end product.

[E5-5-36b] Fluid systems are not repairable, as NORMA Group's basic recommendation to its customers is to replace the entire NORMA product instead of repairing it. NORMA Group's products are less complex than the products of its end customers. As a result, repairability is very limited and, due to the design principle of surviving the service life of their customers' applications, repair is not intended.

[E5-5-36c] NORMA Group's fluid systems products are theoretically 60 % recyclable. In principle, the recycling of NORMA products is organized by their respective customers, e.g. at the end of their service life. To simplify disposal for customers, NORMA Group identifies the materials used in its products. Depending on the materials and fluid systems used, different methods can be used for recycling, from mechanical recycling to chemical recycling. Within fluid systems, NORMA Group distinguishes between multi-layer and single-layer pipes. Multilayer pipes make up 35 % of Fluid systems and are not commercially recyclable due to their composition. Singlelayer pipes make up 60 % of Fluid systems are basically recyclable.

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)

b) Fastening systems

[E5-5-36a] For the durability of fastening systems, NORMA products are generally designed to last as long as the service life of the end product in which the NORMA product was installed. This means that the durability of the NORMA product depends on the durability of the actual end product. The reason for this is that NORMA Group develops its products in such a way that they fulfill and meet specific customer requirements and are therefore best suited for the corresponding end product.

[E5-5-36b] Fastening systems are not repairable, as NORMA Group's basic recommendation to its customers is to replace the entire NORMA product instead of repairing it. NORMA Group's products are less complex than the products of its end customers. As a result, repairability is very limited and, due to the design principle of surviving the service life of their customers' applications, repair is not intended.

[E5-5-36c] NORMA Group's products in the area of fastening systems are theoretically 100 % recyclable due to their recyclable individual components. In this product group, too, the recycling of the products is organized by the respective customer. Fastening products are made from various types of steel (structural steel, stainless steel) and aluminum. Steel and aluminum can generally be 100 % recycled. It is standard industry procedure to collect steel and melt it down for reuse. Few components of the fastening products are made of rubber, which in turn is also fully recyclable.

c) Water management products

[E5-5-36a] When it comes to the durability of water management products, NORMA products are generally longlasting and last for decades. These products are guaranteed for 1–7 years.

All products are designed and manufactured to withstand installation and use by the consumer over an extended or long-term life cycle. These extended or long-term system life cycles range from 3 to 10+ years. The product warranty is at least 1 year up to a maximum of 7 years under the intended applications and normal operating conditions.

[E5-5-36b] Water management products are generally repairable. The majority of products are designed and manufactured with repairable and/or replacement components, such as gaskets, fasteners (screws, bolts, nuts), lids, caps, connectors/adapters, grates. In addition, one product development criterion is a "backward compatibility" element to support the retrofitting of existing products with new product designs.

[E5-5-36c] NORMA Group's water management products are generally 100 % recyclable due to their material composition. In most cases, the original products can be mechanically dismantled in one step to ensure the recycling of the individual plastic components.

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252 TAKEOVER-RELEVANT INFORMATION

E5-1 Policies related to resources use and circular economy

[E2-1-14][E5-1-AR9]

NORMA Group has an environmental concept to address the positive and negative impacts of its activities in the area of resource use and the circular economy. No material risks and opportunities were identified in connection with the use of resources and the circular economy. The concept relates to NORMA Group's own business activities and the upstream value chain, but not to the identified impacts, risks and opportunities along the downstream value chain. Among other things, the environmental concept includes the company's principles with regard to waste generation as a key indicator for the efficient use of raw materials. The reduction or avoidance of waste is managed in accordance with the environmental management systems at each NORMA Group production site. NORMA Group does not take the waste hierarchy into account. NORMA Group has laid down the principles for its environmental management system in a global environmental guideline. Detailed information on NORMA Group's overarching environmental concept can be found in the chapter 4 E1-2 POLICIES RELATED TO CLIMATE CHANGE MITIGATION AND CLIMATE CHANGE ADAPTATION. NORMA Group collects data on the volume of both hazardous and nonhazardous waste. Depending on the type of waste, NORMA Group employs different recycling methods. Plastic waste is reintroduced into the manufacturing process as far as possible, depending on the type of plastic and reasonable costs. A certain portion of the resulting plastic waste is regranulated.

NORMA Group already uses recycled and bio-based plastic materials. For example, NORMA Group actively contributes to reducing waste through the targeted use of reusable packaging. [E5-1-15a][E5-1-15b] In addition, NORMA Group's environmental concept is currently not yet geared towards abandoning the use of primary materials or increasing the use of secondary resources, nor towards the sustainable procurement and use of renewable resources.

E5-3 Targets related to resources use and circular economy

[E5-3-23] NORMA Group has set itself targets for the 2024 fiscal year in connection with resource use and the circular economy in order to mitigate the identified material impacts. [MDR-T-80a][MDR-T-80b][MDR-T-80d][MDR-T-80e] The aim was to limit NORMA Group's metal and plastic waste to a maximum of 7.4 kg per EUR thousand of revenue within the 2024 fiscal year. [MDR-T-80a][MDR-T-80c] The target was valid for all NORMA Group production sites for the 2024 fiscal year. [E5-3-24] The target thus focuses on parts of the resource outflows: metal and plastic waste, and thereby targets waste management. A commitment in NORMA Group's environmental concept is the efficient use of raw materials and the reduction of waste. The defined target, which is measured using the waste generation indicator for the two types of waste, puts this principle into concrete terms. [MDR-T-80f] The background to the objective was to ensure a steady reduction in the volume of waste on the basis of past waste volumes. [MDR-T-80g] The target is not based on scientific findings. [MDR-T-80h] NORMA Group did not involve any stakeholders in setting the target. [E5-3-25] The defined targets relate to the production phase and are voluntary. [E5-3-26] No ecological thresholds or company-specific breakdowns were taken into account when setting the targets. [MDR-T-80j] NORMA Group monitors the target using defined key figures. Further information can be found in the chapter 4 E5-5 RESOURCE OUTFLOWS – WASTE. The target was reached in 2024.

The target was further developed for the 2025 fiscal year: In 2025, metal and plastic waste should amount to a maximum of 7.15 kg per EUR thousand of revenue. All other details and characteristics of the target correspond to the 2024 target.

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E5-2 Actions and resources related to resources use and circular economy

[E5-2-19][MDR-A-68a][MDR-A-68b][MDR-A-68c][MDR-A-68d][MDR-A-69] In order to achieve the targets set, NORMA Group has not yet defined specific and Group-driven actions and provision of remedial actions. The processes and actions are currently being implemented at individual location level. To promote the positive impacts, NORMA Group is currently in the process of establishing appropriate Group-wide processes to develop, implement and track sound actions.

EU Taxonomy

The EU Taxonomy Regulation is a key element of the European Commission's action plan to redirect capital flows towards a more sustainable economy. As a classification system for environmentally sustainable economic activities, the EU Taxonomy represents an important step towards achieving carbon neutrality by 2050 in line with the EU's objectives. We report below on the following environmental objectives:

Climate-related environmental objectives:

1) Climate change mitigation 2) Climate change adaptation

Non-climate-related environmental objectives:

1) Sustainable use and protection of water and marine resources 2) Transition to a circular economy

3) Pollution prevention and control

4) Protection and restoration of biodiversity and ecosystems

In the 2024 reporting year, NORMA Group's economic activities are examined and reported on in respect of their taxonomy eligibility and taxonomy conformity ("alignment") regarding to the climate-related and non-climaterelated environmental objectives.

Taxonomy eligibility is met if a company's economic activities are described in the Climate Delegated Act or the Environmental Delegated Act. An economic activity is also considered taxonomy-aligned if it makes a substantial contribution to at least one of the climate-related and non-climate-related environmental objectives, complies with minimum social safeguards such as human rights and does not significantly harm the other climate-related and non-climate-related environmental objectives ("do no significant harm"). Economic activities that are not covered by the EU Taxonomy and are therefore not relevant according to the EU Taxonomy are identified in the delegated acts as generally non-taxonomy-eligible.

Based on the procedure established in the 2023 reporting year for identifying NORMA Group's taxonomy eligible and taxonmy aligned economic activities, the following economic activities were identified in the 2024 reporting year, and the key financial figures were calculated in accordance with the requirements of the EU Taxonomy:

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Taxonomy-eligible economic activities of NORMA Group

The following sections present the identified and taxonomy eligible economic activities of NORMA Group.

Climate-related environmental objectives:

NORMA Group has identified the following economic activities as defined in Annex I of the Delegated Act of the EU Taxonomy (EU 2021/2139) as climate-related environmental objectives. The "Climate change mitigation" objective is relevant for NORMA Group; the requirements of the "Climate change adaptation" objective are not met.

Economic activity 3.18 Manufacture of automotive and mobility components

Economic activity 3.18 refers, among other things, to the "Manufacture of automotive and mobility components." NORMA Group's activities in the manufacture of electromobility products (connectors, dry brake valves and flex systems) meet this activity description. Certain products can only be installed and used in electric vehicles. NORMA Group's products are designed to mitigate climate change through their use in electric vehicles and the associated zero-emission automotive and mobility systems and components. Overall, the manufacturing processes thus correspond to economic activity 3.18 described in Annex 1 of the Delegated Act of the EU Taxonomy (2021/2139) in the version adopted on November 21, 2023. The activity is considered to be a separate business activity. Taxonomy-eligible turnover; CapEx and OpEx are reported in this regard.

Economic activity 5.1 Construction, extension and operation of water collection, treatment and supply systems

Economic activity 5.1 is defined by the EU as: "Construction, extension and operation of water collection, treatment and supply systems." In the Water Management product area, NORMA Group manufactures systems that are used to collect and distribute water, and in some cases also to treat it. The "Drip Irrigation" product area comprises solutions for efficient irrigation and the "Flow Management" product area includes a variety of valves and couplings for a wide range of irrigation and wastewater applications. In both areas, the aim is to find joining solutions for treating and draining wastewater. Overall, the manufacturing processes thus correspond to economic activity 5.1 described in Annex 1 of the Delegated Act of the EU Taxonomy (2021/2139). The activity is considered to be a separate business activity. Taxonomy-eligible turnover, CapEx and OpEx are reported in this regard.

Economic activity 6.5 Transport by motorbikes, passenger cars and light commercial vehicles

Economic activity 6.5 is defined by the EU as: "The purchase, financing, hiring, leasing and operation of vehicles of categories M1, N1, both covered by Regulation (EC) No 715/2007 of the European Parliament and of the Council, or L (two- and three-wheeled vehicles and four-wheeled vehicles)." The leasing of company cars by employees can be assigned to this category. Overall, the activities of NORMA Group thus correspond to economic activity 6.5 described in Annex 1 of the Delegated Act of the EU Taxonomy (2021/2139). This activity is classified as an ancillary activity. Additions to property, plant and equipment, and expenses from short-term leases arise in connection with company car leasing for employees. Taxonomy-eligible CapEx and OpEx are reported in this regard.

Economic activity 7.2 Renovation of existing buildings

Economic activity 7.2 is defined by the EU as: "Construction and civil engineering works or preparation thereof." NORMA Group fulfills the description of economic activity 7.2 "Renovation of existing buildings" with its renovation work on buildings and can assign itself to the economic activity of Annex 1 of the Delegated Act of the EU Taxonomy (EU 2021/2139) in the reporting year 2023. This activity is classified as an ancillary activity. The taxonomy-eligible CapEx is reported in this regard.

With regard to renovation activities on existing buildings, activity 3.2 of the non-climate-related environmental objective "Sustainable use and protection of water and marine resources" was also taken into consideration and examined. Investment expenditure can be allocated to both activity CCM 7.2 and activity CE 3.2. NORMA sees the more significant contribution in CCM 7.2. When allocating expenditure to the objectives, the amount under both objectives is shown, as required by the EU Commission.

Non-climate-related environmental objectives:

NORMA Group has identified the following economic activities as defined in Annex I of the Delegated Act of the EU Taxonomy (EU 2023/2486) as non-climate-related environmental objectives. The non-climate-related objective "Sustainable use and protection of water and marine resources" is relevant for NORMA Group; the requirements of the other three environmental objectives are not met.

Economic activity 2.3 "Sustainable urban drainage systems (SUDS)"

Economic activity 2.3 "Sustainable urban drainage systems (SUDS)" is defined by the EU as: "Construction, extension, operation and renewal of urban drainage systems facilities that mitigate pollution and flood hazards due to discharges of urban runoff and improve the urban water quality and quantity, by harnessing natural processes, such as infiltration and retention." NORMA Group's activities for the production of "Stormwater product solutions" fulfill this activity description in the sections "Construction, expansion and renovation of facilities." This product category aims to increase the amount of water that can be used and to protect drinking water from contamination. Overall, the manufacturing processes thus correspond to economic activity 2.3 described in the Annex of the Environmental Delegated Act of the EU Taxonomy (EU 2023/2486). The activity is considered to be a separate business activity. Taxonomy-eligible turnover; CapEx and OpEx are reported in this regard.

Changes from the previous year

In the 2024 reporting year, new revenue-generating economic activities were identified based on a different data collection methodology. Until now, they fell below the materiality threshold and are therefore not shown separately in this year's report.

Taxonomy-aligned economic activities of NORMA Group

The requirements of an alignment, such as the fulfilment of the technical assessment criteria (substantial contribution and "do no significant harm" criteria) and the minimum safeguards, are still not fully met.

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Performance indicators according to EU Taxonomy

The following section presents Group turnover, capital expenditures (CapEx) and operating expenses (OpEx) for the reporting period 2024, broken down into taxonomy-aligned, taxonomy-eligible as well as non-taxonomyaligned and non-taxonomy-eligible components.

Turnover KPI (Key Performance Indicator) definition

The taxonomy-aligned share of Group turnover is defined as the share of net turnover in the reporting year 2024 derived from products and services related to taxonomy-aligned economic activities (numerator) divided by net turnover (denominator) (Total turnover correspond to turnover from 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME). 2024 [denominator]). The taxonomy-eligible share of Group turnover is defined as the share of net turnover in the reporting year 2024 derived from products and services related to taxonomy-eligible economic activities (numerator) divided by net turnover in 2024 (denominator).

For NORMA Group, this numerator results from turnover of certain products of the strategic business unit Mobility & New Energy, which can only be installed in electric vehicles (economic activity CCM 3.18), and from turnover of certain products of the strategic business unit Water Management (economic activity CCM 5.1, WTR 2.3). An analysis of the Water Management products was carried out in relation to the NORMA Group sites NDS (USA), Malaysia and Kimplas (India), as the relevant Water Management products are manufactured at these sites. As the system can only evaluate turnover by product category on a gross basis, i.e. without taking subsequent discounts etc. into account, an imputed key was used to calculate the percentage difference between the gross and net turnover of the respective entities to calculate the taxonomy-eligible net turnover.

In order to further improve data collection, a third method was established in the 2024 financial year to allocate sales to appropriate economic activities. Sales were filtered according to customer market segments and additional sectors in the New Energy and Aviation sectors were allocated. They were not reported in the 2024 reporting year owing to the materiality threshold applied.

The denominator corresponds to NORMA Group's total net turnover in the fiscal year 2024 from the income statement. When calculating turnover, it was ensured that no turnover was recorded twice by clearly allocating the products to the respective activity.

Proportion of turnover / Total turnover T042

Proportion of turnover / Total turnover Objectives taxonomy-aligned per objective taxonomy-eligible per objective Climate Change Mitigation (CCM) — % 12.4 % Climate Change Adaptation (CCA) — % — % Water (WTR) — % 13.6 % Circular Economy (CE) — % — % Pollution (PPC) — % — %

Biodiversity (BIO) — % — %

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NORMA Group SE – Annual Report 2024 160

1 INTRODUCTION	Turnover-Key-Performance-Indicator (KPI)
2 TO OUR SHAREHOLDERS	Turnover FY 2024: Template 1 Nuclear and fossil gas related activities
3 CONDENSED	Row	Nuclear energy related activities
MANAGEMENT REPORT	1	The activity carries out, funds or is exposed to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
46 PRINCIPLES OF THE GROUP	2	The activity carries out, funds or is exposed to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
> ECONOMIC REPORT 194 MANAGEMENT REPORT	3	The activity carries out, funds or is exposed to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
OF NORMA GROUP SE (HGB) 202 FORECAST REPORT 210 RISK AND OPPORTUNITY REPORT	Row	Fossil gas related activities
	4	The activity carries out, funds or is exposed to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
	5	The activity carries out, funds or is exposed to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
	6	The activity carries out, funds or is exposed to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES
4 CONSOLIDATED FINANCIAL STATEMENTS

1	The activity carries out, funds or is exposed to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The activity carries out, funds or is exposed to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The activity carries out, funds or is exposed to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
Row	Fossil gas related activities
4	The activity carries out, funds or is exposed to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
5	The activity carries out, funds or is exposed to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
6	The activity carries out, funds or is exposed to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

Information of the following tables in relation to turnover, CapEx and OpEx

(a) The code consists of the abbreviation of the relevant objective to which the economic activity can make a significant contribution and the number of the section of the activity in the relevant Annex that covers the objective; for example, the activity "Reforestation" would have the following code: CCM 1.1. If activities can make a significant contribution to more than one objective, the codes for all objectives should be indicated. For example, if the company reports that the activity "Construction of new buildings" makes a significant contribution to climate protection and the circular economy, the code would read as follows: CCM 7.1./CE 3.1.

(b) The abbreviations in the tables have the following meaning:

Y Yes, taxonomy-eligible and taxonomy-aligned activity regarding the relevant environmental objective
N No, taxonomy-eligible activity, but non-taxonomy-aligned regarding the relevant environmental objective
N/EL not eligible, i.e., non-taxonomy-eligible activity regarding the relevant environmental objective

NORMA Group SE – Annual Report 2024 161

Turnover-Key-Performance-Indicator (KPI) 1 INTRODUCTION								T044
2 TO OUR SHAREHOLDERS	Financial year 2024	Year		Substantial contribution criteria
3 CONDENSED MANAGEMENT REPORT			Turnover in	Proportion of Turnover, year 2024	Climate Change	Climate Change Adaptation			Circular	Biodiversity
46 PRINCIPLES OF THE GROUP	Economic Activities (1)	Code (a) (2)	TEUR (3)	(4)	Mitigation(5)	(6)	Water (7)	Pollution (8)	Economy (9)	(10)
	Text		Currency	%	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)
> ECONOMIC REPORT	A. Taxonomy-eligible activities
	A.1. Environmentally sustainable activities (taxonomy-aligned)
194 MANAGEMENT REPORT OF NORMA GROUP SE	Turnover of environmentally sustainable activities (taxonomy-aligned) (A.1)
(HGB)	Of which Enabling			— %	— %	— %	— %	— %	— %	— %
202 FORECAST REPORT	Of which Transitional			— %	— %
	A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)
210 RISK AND OPPORTUNITY REPORT					EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)
229 REMUNERATION REPORT	3.18 Manufacture of automotive and mobility components	CCM 3.18	22,881	2.0 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
2024 252 TAKEOVER-RELEVANT INFORMATION	5.1 Construction, extension and operation of water collection, treatment and supply systems	CCM 5.1	120,620	10.4 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	2.3 Sustainable urban drainage systems (SUDS)	WTR 2.3	156,684	13.6 %	N/EL	N/EL	EL	N/EL	N/EL	N/EL
	Turnover of taxonomy-eligible but not environmentally sustainable activities (non taxonomy-aligned activities) (A.2)		300,185	26.0 %	12.4 %	— %	13.6 %	— %	— %	— %
4 CONSOLIDATED FINANCIAL STATEMENTS	A. Turnover of taxonomy-eligible activities (A.1+A.2)		300,185	26.0 %	12.4 %	— %	13.6 %	— %	— %	— %
5 FURTHER INFORMATION	B. Non-taxonomy-eligible activities
	Turnover of non-taxonomy-eligible activities		854,943	74.0 %
	Total		1,155,128	100.0%

Turnover-Key-Performance-Indicator (KPI) (continued)

				DNSH-criteria
								Proportion of taxonomy
	Climate Change	Climate		Pollution (14)	Circular Economy	Biodiversity	Minimum Safeguards	(A.1.) or -eligible (A.2.) turnover, year 2023	Category enabling activity
Economic Activities (1)	(11)	Adaptation (12)								Category transitional activity (20)


Turnover of environmentally sustainable activities

Of which Transitional	N	N	N	N	N	N	N	— %		T

3.18 Manufacture of automotive and mobility
5.1 Construction, extension and operation of water collection, treatment and supply systems								9.5 %
6.13 Infrastructure for personal mobility, cycle
2.3 Sustainable urban drainage systems (SUDS)								12.5 %
Turnover of taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (A.2) 24.5 %
A. Turnover of taxonomy-eligible activities (A.1+A.2)								24.5 %
	(taxonomy-aligned) (A.1) Of which Enabling components logistics	Mitigation A. Taxonomy-eligible activities N N	Change N N	Water (13) A.1. Environmentally sustainable activities (taxonomy-aligned) N N	N N	("Do no significant harm") (h) (15) N N	(16) N N A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)	(17) N N	aligned (18) — % — % 2.1 % 0.3 %	(19) E

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Capex KPI definition

The CapEx KPI is defined as the share of taxonomy-aligned capital expenditure (CapEx) in the numerator, which is broken down into three categories (a-c) as defined by the EU, divided by total Group CapEx (see the corresponding additions to property, plant and equipment and intangible assets before depreciation, amortization and impairment losses and remeasurements excluding goodwill) under 4 GOODWILL AND OTHER INTANGIBLE ASSETS and 4 DEVELOPMENT OF PROPERTY, PLANT AND EQUIPMENT for the reporting year 2024 as a denominator.

The total CapEx of category (c) was calculated on the basis of the CapEx requests approved for the reporting year by allocating the CapEx requests to an economic activity. These are the activities CCM 3.18, CCM 6.5, CCM 7.2.

In addition to the direct allocation of capitalized costs, the imputed turnover key "Technical machine equipment" was used to determine CapEx in relation to activity CCM 3.18 on a pro rata basis.

To calculate CapEx in relation to the taxonomy-eligible Water Management products, an imputed turnover key was applied to the capitalized costs of the Water Management sites and allocated to CCM 5.1, CCM 6.13 and WTR 2.3. A report was created in the accounting system and corresponding formulas were stored to avoid accounting for investments twice.

Proportion of CapEx / Total CapEx T045

	Proportion of CapEx / Total CapEx
Objectives	Taxonomy-aligned per objective	Taxonomy-eligible per objective
Climate Change Mitigation (CCM)	— %	17.2 %
Climate Change Adaptation (CCA)	— %	— %
Water (WTR)	— %	11.1 %
Circular Economy (CE)	— %	0.5 %
Pollution (PPC)	— %	— %
Biodiversity (BIO)	— %	— %

NORMA Group SE – Annual Report 2024 164

1 INTRODUCTION	CapEx-Key-Performance-Indicator (KPI)
2 TO OUR SHAREHOLDERS		CapEx FY 2024: Template 1 Nuclear and fossil gas related activities
3 CONDENSED	Row	Nuclear energy related activities
MANAGEMENT REPORT	1	The activity carries out, funds or is exposed to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
46 PRINCIPLES OF THE GROUP	2	The activity carries out, funds or is exposed to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
> ECONOMIC REPORT 194 MANAGEMENT REPORT	3	The activity carries out, funds or is exposed to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
OF NORMA GROUP SE	Row	Fossil gas related activities
(HGB)	4	The activity carries out, funds or is exposed to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
202 FORECAST REPORT 210 RISK AND OPPORTUNITY	5	The activity carries out, funds or is exposed to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
REPORT	6	The activity carries out, funds or is exposed to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

CapEx category a)

CapEx category a) is defined according to the EU as capital expenditures "related to assets or processes that are associated with taxonomy-aligned economic activities;" As NORMA Group cannot report taxonomy-aligned activities in the reporting year 2024, no taxonomy-aligned CapEx is reported. However, we have reported on our taxonomy-eligible activities CCM 3.18, CCM 5.1, WTR 2.3.

CapEx category b)

CapEx category b) is defined by the EU as capital expenditures as "part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned." No such investments were made in the reporting year 2024.

CapEx category c)

CapEx category c) is defined according to the EU as capital expenditures related to the purchase of products and services from taxonomy-aligned economic activities and individual measures that enable the target activities to become low-carbon or lead to greenhouse gas reductions. As NORMA Group has not yet been able to identify any taxonomy-aligned activities among third parties in this reporting year, taxonomy-aligned CapEx cannot be reported. However, we have reported on our taxonomy-eligible activities CCM 7.2.

REPORT 229 REMUNERATION REPORT

2024

NORMA Group SE – Annual Report 2024 165

1 INTRODUCTION	CapEx-Key-Performance-Indicator (KPI)
2 TO OUR SHAREHOLDERS	Financial year 2024
3 CONDENSED MANAGEMENT REPORT	Economic Activities (1)	Code (a) (2)	CapEx in TEUR (3)	Proportion of CapEx, year 2024 (4)	Climate Change Mitigation(5)	Climate Change Adaptation (6)	Water (7)	Pollution (8)	Circular Economy (9)	Biodiversity (10)
46 PRINCIPLES OF THE	Text		Currency	%	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)
GROUP		A. Taxonomy- eligible activities
> ECONOMIC REPORT	A.1. Environmentally sustainable activities (taxonomy-aligned)
194 MANAGEMENT REPORT	CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)		— %	— %	— %	— %	— %	— %	— %
OF NORMA GROUP SE	Of which Enabling			— %	— %	— %	— %	— %	— %	— %
(HGB)	Of which Transitional				— %
202 FORECAST REPORT	A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)
					EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)
210 RISK AND OPPORTUNITY REPORT	3.18 Manufacture of automotive and mobility components	CCM 3.18	2,423	3.8 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
229 REMUNERATION REPORT 2024	5.1 Construction, extension and operation of water collection, treatment and supply systems	CCM 5.1	6,225	9.6 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
252 TAKEOVER-RELEVANT INFORMATION	2.3 Sustainable urban drainage systems (SUDS)	WTR 2.3	7,189	11.1 %	N/EL	N/EL	EL	N/EL	N/EL	N/EL
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	6.5 Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	2,163	3.3 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
4 CONSOLIDATED	7.2 / 3.2 Renovation of existing buildings	CCM 7.2/ CE 3.2	319	0.5 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
FINANCIAL STATEMENTS	CapEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)		18,318	28.4 %	17.2 %	— %	11.1 %	— %	— %	— %
5 FURTHER INFORMATION	A. CapEx of taxonomy-eligible activities (A.1+A.2)		18,318	28.4 %	17.2 %	— %	11.1 %	— %	— %	— %
	B. Non-taxonomy-eligible activities
	CapEx of non-taxonomy-eligible activities		46,275	71.6 %
	Total		64,593	100%

CapEx-Key-Performance-Indicator (KPI) (continued)

2 TO OUR SHAREHOLDERS				("Do no significant harm") (h)	DNSH-criteria
3 CONDENSED MANAGEMENT REPORT 46 PRINCIPLES OF THE									Proportion of taxonomy aligned (A.1.)
GROUP		Climate Change Mitigation	Climate Change		Pollution	Circular		Minimum	or -eligible (A.2.) CapEx,	Category enabling	Category
> ECONOMIC REPORT	Economic Activities (1)	(11)	Adaptation (12)	Water (13)	(14)	Economy (15)	Biodiversity (16)	Safeguards (17)	year 2023 (18)	activity (19)	transitional activity (20)
194 MANAGEMENT REPORT	A. Taxonomy-eligible activities
OF NORMA GROUP SE		A.1. Environmentally sustainable activities (taxonomy-aligned)
(HGB) 202 FORECAST REPORT	CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)	N	N	N	N	N	N	N	— %
	Of which Enabling	N	N	N	N	N	N	N	— %	E
210 RISK AND OPPORTUNITY REPORT	Of which Transitional	N	N	N	N	N	N	N	— %		T
	A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)
229 REMUNERATION REPORT 2024	3.18 Manufacture of automotive and mobility components								4.1 %
252 TAKEOVER-RELEVANT INFORMATION	5.1 Construction, extension and operation of water collection, treatment and
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	supply systems 6.13 Infrastructure for personal mobility, cycle logistics								14.2 % 0.5 %
4 CONSOLIDATED FINANCIAL STATEMENTS	2.3 Sustainable urban drainage systems (SUDS)								18.2 %
5 FURTHER INFORMATION	4.1 Electricity generation using solar photovoltaic technology								0.9 %
	6.5 Transport by motorbikes, passenger cars and light commercial vehicles								1.8 %
	7.2 / 3.2 Renovation of existing buildings								0.4 %
	7.3 Installation, maintenance and repair of energy efficiency equipment								0.3 %
	CapEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)								40.3 %
	A. CapEx of taxonomy-eligible activities (A.1+A.2)								40.3 %

In the reporting year 2024, a decrease in taxonomy-eligible shares was evident compared to the reporting year 2023. This is due to lower taxonomy-eligible investment costs.

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OpEx KPI definition

The OpEx KPI is defined as the share of taxonomy-aligned operating expenses (OpEx), which is broken down into three categories (a-c) in accordance with the EU definition (see more detailed explanation in the following sections). Direct, non-capitalized expenses, in particular for research and development, building renovation measures, short-term leasing and maintenance and repairs, are to be included in the denominator and proportionately in the numerator. Based on the relevance analysis, account mapping was carried out and the OpEx for category (c) comprising was verified by manual queries. This concerns the activity CCM 6.5.

In order to determine the OpEx in relation to the activity CCM 3.18, the operating expenses for the maintenance of production equipment were also taken into account on a pro rata basis using the imputed turnover key in addition to the allocation of the calculated average R&D costs.

To calculate the OpEx in relation to the taxonomy-eligible Water Management products, an imputed turnover key was applied to the capitalized costs of the Water Management sites and allocated to CCM 5.1, CCM 6.13 and WTR 2.3. A report was created in the accounting system and corresponding formulas were stored to avoid accounting for investments twice.

Proportion of OpEx / Total OpEx	T048

	Proportion of OpEx / Total OpEx
Objectives	Taxonomy-aligned per objective ("Alignment")	Taxonomy-eligible per objective ("Eligibility")
Climate Change Mitigation (CCM)	— %	19.9 %
Climate Change Adaptation (CCA)	— %	— %
Water (WTR)	— %	6.5 %
Circular Economy (CE)	— %	— %
Pollution (PPC)	— %	— %
Biodiversity (BIO)	— %	— %

	OpEx-Key-Performance-Indicator (KPI) T049
		OpEx FY 2024: Template 1 Nuclear and fossil gas related activities
	Row	Nuclear energy related activities
	1	The activity carries out, funds or is exposed to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
	2	The activity carries out, funds or is exposed to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
194 MANAGEMENT REPORT	3	The activity carries out, funds or is exposed to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No
OF NORMA GROUP SE	Row	Fossil gas related activities
(HGB)	4	The activity carries out, funds or is exposed to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
	5	The activity carries out, funds or is exposed to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
210 RISK AND OPPORTUNITY REPORT	6	The activity carries out, funds or is exposed to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No

OpEx category a)

OpEx category a) is defined by the EU as operational expenditures "related to assets or processes associated with taxonomy-aligned economic activities, including training and other human resource adaptation requirements and direct non-capitalized costs that represent research and development." Since NORMA Group cannot report any taxonomy-aligned activities in 2024, no taxonomy-aligned OpEx is reported. However, we have reported on our taxonomy-eligible activities CCM 3.18, CCM 5.1 and WTR 2.3.

OpEx category b)

OpEx category b) is defined by the EU as operational expenditures that are part of a OpEx plan to expand taxonomy-aligned economic activities or enable taxonomy-eligible economic activities to become taxonomyaligned. No such operating expenses were incurred in the reporting year 2024.

OpEx category c)

OpEx category c) is defined by the EU as operational expenditures "related to the purchase of output from taxonomy-aligned economic activities and to individual measures enabling the target activities to become lowcarbon or to lead to greenhouse gas reductions as well as individual building renovation measures as identified in the delegated acts." As NORMA Group has not yet been able to identify any taxonomy-aligned activities among third parties in this reporting year, taxonomy-aligned OpEx cannot be reported. However, we have reported on our taxonomy-eligible activity CCM 6.5.

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1 INTRODUCTION		OpEx-Key-Performance-Indicator (KPI)
2 TO OUR SHAREHOLDERS	Financial year 2024		Year		Substantial contribution criteria
3 CONDENSED MANAGEMENT REPORT	Economic Activities (1)	Code (a) (2)	OpEx in TEUR (3)	Proportion of OpEx, year 2024 (4)	Climate Change Mitigation(5)	Climate Change Adaptation (6)	Water (7)	Pollution (8)	Circular Economy (9)	Biodiversity (10)
46 PRINCIPLES OF THE GROUP	Text		Currency	%	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)	Y; N; N/EL (b) (c)
	A. Taxonomy-eligible activities
> ECONOMIC REPORT	A.1. Environmentally sustainable activities (taxonomy-aligned)
194 MANAGEMENT REPORT	OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1)			— %	— %	— %	— %	— %	— %	— %
OF NORMA GROUP SE (HGB)	Of which Enabling			— %	— %	— %	— %	— %	— %	— %
	Of which Transitional			— %	— %
202 FORECAST REPORT	A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)
					EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)	EL; N/EL (f)
210 RISK AND OPPORTUNITY REPORT	3.18 Manufacture of automotive and mobility components	CCM 3.18	10,463	13.9 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
229 REMUNERATION REPORT 2024	5.1 Construction, extension and operation of water collection, treatment and
252 TAKEOVER-RELEVANT	supply systems	CCM 5.1	3,783	5.0 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
INFORMATION	2.3 Sustainable urban drainage systems (SUDS)	WTR 2.3	4,854	6.5 %	N/EL	N/EL	EL	N/EL	N/EL	N/EL
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	6.5 Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	694	0.9 %	EL	N/EL	N/EL	N/EL	N/EL	N/EL
4 CONSOLIDATED FINANCIAL STATEMENTS	OpEx of taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (A.2)		19,793	26.4 %	19.9 %	— %	6.5 %	— %	— %	— %
5 FURTHER INFORMATION	A. OpEx of taxonomy-eligible activities (A.1+A.2)		19,793	26.4 %	19.9 %	— %	6.5 %	— %	— %	— %

B. Non-taxonomy-eligible activities

OpEx of non-taxonomy-eligible activities 55,238 73.6 % Total 75,031 100.0 %

OpEx-Key-Performance-Indicator (KPI) (continued)

2 TO OUR SHAREHOLDERS				DNSH-criteria ("Do no significant harm") (h)
3 CONDENSED MANAGEMENT REPORT 46 PRINCIPLES OF THE GROUP		Climate	Climate						Proportion of taxonomy aligned (A.1.) or -eligible (A.2.)	Category
> ECONOMIC REPORT	Economic Activities (1)	Change Mitigation (11)	Change Adaptation (12)	Water (13)	Pollution (14)	Circular Economy (15)	Biodiversity (16)	Minimum Safeguards (17)	OpEx, year 2023 (18)	enabling activity (19)	Category transitional activity (20)
194 MANAGEMENT REPORT	A. Taxonomy-eligible activities
OF NORMA GROUP SE	A.1. Environmentally sustainable activities (taxonomy-aligned)
(HGB) 202 FORECAST REPORT	OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1)	N	N	N	N	N	N	N	— %
	Of which Enabling	N	N	N	N	N	N	N	— %	E
210 RISK AND OPPORTUNITY REPORT	Of which Transitional	N	N	N	N	N	N	N	— %		T
	A.2 Taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (g)
229 REMUNERATION REPORT 2024	3.18 Manufacture of automotive and mobility components								4.1 %
252 TAKEOVER-RELEVANT INFORMATION	5.1 Construction, extension and operation of water collection, treatment and
254 REPORT ON	supply systems								3.8 %
TRANSACTIONS WITH RELATED PARTIES	6.13 Infrastructure for personal mobility, cycle logistics								0.1 %
4 CONSOLIDATED	2.3 Sustainable urban drainage systems (SUDS)								4.8 %
FINANCIAL STATEMENTS	6.4 Operation of personal mobility devices, cycle logistics								0.2 %
5 FURTHER INFORMATION	6.5 Transport by motorbikes, passenger cars and light commercial vehicles								0.7 %
	OpEx of taxonomy-eligible but not environmentally sustainable activities (non-taxonomy-aligned activities) (A.2)								13.6 %
	A. OpEx of taxonomy-eligible activities (A.1+A.2)								13.6 %

In the reporting year 2024, a strong increase in the taxonomy-eligible shares was achieved compared to the reporting year 2023. This was due, among other things, to the increased number of R&D customer projects in the area of eMobility.

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210 RISK AND OPPORTUNITY REPORT
229 REMUNERATION REPORT 2024
252 TAKEOVER-RELEVANT INFORMATION

Social

Own workforce

NORMA reports information and data for areas of its own workforce in orientation to the ESRS. On the one hand, this is due to the limited availability of data, in particular the lack of granularity of the data as required by the ESRS. Secondly, there are systems in place that do not meet the reporting requirements of the ESRS, as their introduction in the past was not aimed at reporting. NORMA is working consistently to improve data quality and availability in the 2025 fiscal year so that it can be reported in accordance with the ESRS in the future. We do this not only to comply with legal requirements, but also in particular because it is important to us as a Group to provide our internal and external stakeholders with complete and accurate information. Nevertheless, NORMA is already in a position to report individual information and data, so the following available information is disclosed in accordance with the ESRS. The information is always given in the employee headcount. If there is a deviation from this definition or if the information is stated differently, this will be disclosed.

S1-8 Collective bargaining coverage and social dialog

[S1-8-60a] NORMA Group recognizes the important role of collective bargaining agreements in shaping the working and employment conditions of its employees. 43.0 % of temporary and permanent employees are covered by collective agreements, which corresponds to 3,284 employees worldwide. The collective agreements are negotiated locally and therefore vary according to country-specific requirements.

[S1-8-60b] Collective bargaining agreements have been negotiated for 713 employees in the European Economic Area, which corresponds to 9.0 %. As this information is only to be reported for countries in which NORMA Group has significant employment, defined as sites with at least 50 employees covering at least 10% of the total workforce, only the collective agreements for Germany can be reported in this context.

[S1-8-63a] With regard to social dialog, 9.0 % of NORMA Group employees worldwide are represented by workers' representatives. This figure is given for the countries in the European Economic Area in which NORMA Group employs at least 50 employees who make up at least 10% of the total workforce.

[S1-8-63b] NORMA Group has an agreement with its employees regarding representation by a European Works Council, a Societas Europaea Works Council or a Societas Cooperativa Europaea Works Council.

NORMA Group SE – Annual Report 2024 172

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2 TO OUR SHAREHOLDERS

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Collective bargaining coverage and social dialog T051

	Collective bargaining coverage	Social dialog
coverage rate	Employees - EEA (for countries with > 50 employees representing > 10 % of total employees)	Employees - Non-EEA (estimate for regions with > 50 employees representing > 10 % of total employees)	Workplace representation (EEA only) (for countries with > 50 employees representing > 10 % of total employees
0-19 %	Poland	n.a.	Poland
20-39 %		n.a.
40-59 %		n.a.
60-79 %		n.a.
80-100 %	Germany	n.a.	Germany

S1-14 Health and safety metrics

[S1-14-88a + MDR-M 77] NORMA Group is committed to maintaining a robust health and safety management system to ensure the well-being of its workforce. At the end of the fiscal year, 87.3 % of employees were covered by the health and safety management system in accordance with ISO 45001, based on the total number of employees at that time.

In addition, 98.6 % of employees in the manufacturing plants are covered by the ISO 45001 management system.

[S1-14-88b] NORMA Group recorded zero fatalities as a result of work-related injuries last year.

This figure includes all reported fatalities at all NORMA sites worldwide. In addition to employees, external workers such as individual contractors or other persons working on the company premises under the supervision of the company are also included.

Within NORMA Group, cases are recorded using a standardized local data collection system. This survey makes it possible to record all fatalities across all locations and consolidate them at Group level. In addition, the Environment, Health and Safety department is obliged to report fatal accidents to the local authorities.

[S1-14-88c+d] In addition, a total of 77 recordable work-related accidents were registered in the last fiscal year, which corresponds to a rate of 4.97.

NORMA Group takes both injuries and illnesses into account when documenting recordable accidents, as incidents that lead to an injury or illness are defined as accidents. Reporting is carried out separately for the rates of reportable injuries and reportable illnesses.

The rate of recordable injuries in the last fiscal year is 4.97, while the rate of recordable work-related illness is 0.

This indicator includes all locations of the legal entities (subsidiaries) of NORMA Group. The number of reportable incidents refers to work-related injuries or illnesses that can lead to death, days lost, reduced ability to work, transfer to another job, medical treatment beyond first aid or unconsciousness. This includes significant injuries or illnesses that are diagnosed by a physician or other licensed health care professional, even if they do not result in the above consequences.

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The rate of recordable injuries and illnesses is calculated by dividing the total number of recordable cases by the total working hours and then multiplying by one million.

[S1-14-88e] NORMA Group also reports on the number of days lost by its employees due to work-related injuries and work-related illnesses as well as the number of days lost due to fatalities as a result of such incidents. A total of 1,730 lost days were counted in the 2024 fiscal year.

The calculation of days lost is based on the first and last full day of absence and includes calendar days. This means that days on which the person concerned is not scheduled to work, as well as weekends and public holidays, also count as days lost. The local health and safety authority monitors and reports the days lost, taking into account the first and last full day of absence.

This indicator is monitored and recorded by the local health and social services, which document the days lost for each recordable accident. In exceptional cases, the exact number of days lost for certain incidents may not be immediately known. A preliminary estimate is made by the Health and Social Services Department.

S1-17 Human rights-related incidents, complaints and severe impacts

[S1-17-103a] During the reporting period, NORMA Group registered zero confirmed incidents of discrimination based on gender, race or ethnic origin, nationality, religion or belief, disability, age, sexual orientation or other grounds, including harassment, through its whistleblower system.

[S1-17-103b] In addition, NORMA Group received zero complaints related to human rights through internal complaints mechanisms that are independent of the incidents mentioned above. Complaints related to human rights refer to complaints regarding labor rights, freedom of association, forced labor, child labor, working conditions and occupational safety.

[S1-17-104a] NORMA Group identified zero confirmed cases of severe human rights violations in which the United Nations Guiding Principles, the International Labor Organization Declaration or the OECD Guidelines were violated.

[MDR-77] With regard to the number of incidents, all human rights violations reported by internal or external sources via NORMA Group's whistleblower system and assessed by the Human Rights Committee as actual or severe human rights violations are taken into account. The Human Rights Committee categorizes and assesses the severity of the individual complaints on the basis of key questions. Since 2024, NORMA Group Integrity has also obtained a confirmation of completeness from relevant departments to ensure that all relevant complaints have been submitted to the whistleblower system. The information received is processed within NORMA Group and can be examined by external bodies on a case-specific basis beyond the legal requirements.

[MDR-77] NORMA Group's legal counsels collect information from the CFOs of the regions who report on fines and convictions of each entity. This information is then consolidated by the legal department for the entire Group. Fines are allocated to the reporting year in which the decision became legally binding, although the possibility that reporting persons may conceal fines cannot be ruled out. The information received is processed exclusively within NORMA Group and is not validated by external bodies beyond the legal requirements.

[S1-17-103c] In connection with the reported cases of human rights violations and discrimination, the fines, sanctions and compensation for these incidents and complaints amounted to a total of zero euros.

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194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)

[S1-17-104b] In connection with severe incidents relating to human rights violations, fines, penalties and compensation totaled zero euros.

S1-1 Policies related to the company's own workforce

[S1-1-19] NORMA Group has adopted policies and statements to effectively manage the material impacts associated with its own workforce. At the heart of these efforts are the Code of Conduct, the Human Rights Commitment Statement and the policies on Human Rights, Diversity and Inclusion. These policies are specifically tailored to the needs and rights of the employees and apply to all employees. NORMA Group has not identified any material risks and negative impacts in connection with its own workforce. Nevertheless, identifying, assessing and actively managing potential risks remains a key task in the area of human rights.

[MDR-P 65a-f] Human Rights Commitment Statement

NORMA Group is aware of the responsibility that arises from its global business activities and is committed to conducting its business in an ethical and socially responsible manner, as well as taking responsibility for its own workforce.

In the Human Rights Commitment Statement, NORMA Group points out that any form of violation of human rights is categorically rejected. NORMA Group is committed to the prevention of slavery and human trafficking within its own business activities and requires all business partners to refrain from violating human rights and to work towards this in their own value chain. If violations become known, NORMA Group gives its business partners the opportunity to remedy them as quickly as possible. The business relationship is then reassessed and termination of the contract is considered.

Responsibility for implementing the requirements set out in the statement lies with the relevant departments and all members of NORMA Group.

With this statement, NORMA Group commits to complying with the Modern Slavery Act 2015 (Transparency in Supply Chains) Regulations 2015, the Universal Declaration of Human Rights and the International Labor Organization's Declaration on Fundamental Principles and Rights at Work.

The publication of the statement is intended to ensure that NORMA Group transparently informs all potentially affected stakeholders and those involved in the implementation.

[MDR-P 65a-f] Human Rights

With a clear focus on employees, NORMA Group introduced a Human Rights Policy in the 2024 fiscal year to ensure that all employees and external partners respect and promote human rights in line with global standards and ethical practices. It is designed to ensure that potential human rights risks within the company's operations are identified and mitigated, and to promote a positive working environment, leading to greater employee satisfaction, retention and fair treatment of all stakeholders.

The Management Board and local management bear overall responsibility for the topic of human rights and support the implementation of the policy and the measures derived from it.

The publication of the policy is intended to ensure that all potentially affected interest groups and those involved in its implementation are informed transparently.

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[MDR-P 65a-f] Diversity & Inclusion

The Diversity & Inclusion policy underlines the belief that diverse teams bring different perspectives and ideas to the table, thus promoting creativity and innovation. NORMA Group strives for active inclusive environments to foster diverse viewpoints and make effective decisions.

The Management Board and local management bear overall responsibility for the topic of diversity and inclusion and support the implementation of the policy and the measures derived from it.

The publication of the policy is intended to ensure that all potentially affected interest groups and those involved in its implementation are informed transparently.

[MDR-P 65a-d] The Code of Conduct is described in detail in the chapter 4 G1 GOVERNANCE.

[S1-1-20a-c] The Human Rights, Diversity & Inclusion policies introduced by NORMA Group in the fiscal year focus on the observance and protection of human rights, the promotion of equal opportunities, diversity and inclusion as well as the labor rights of all employees. The Code of Conduct, the Human Rights Commitment Statement and the policies on Human Rights and Diversity & Inclusion set out NORMA Group's position on these issues, particularly with regard to its own employees.

NORMA Group underlines its commitment by firmly rejecting any form of human rights violations and does not tolerate any violations. The aim is to safeguard human rights and identify potential violations at an early stage in order to protect the rights of all employees, including their labor rights.

NORMA Group maintains a continuous dialog with its own employees through direct contact or the respective managers. This exchange is also promoted through employee surveys and close cooperation with employee representatives and trade unions. Its guidelines define clear measures and sanctions under labor law in order to exclude, minimize or completely eliminate potential human rights violations as far as possible.

[S1-1-21] NORMA Group's values are in line with the ten principles of the UN Global Compact, the United Nations Guiding Principles on Business and Human Rights and the International Labor Organization's Declaration on Fundamental Principles and Rights at Work. This is reflected, among other things, in efforts to uphold fair working conditions, eliminate discrimination and combat corruption. NORMA Group strictly rejects human rights violations as described in the Universal Declaration of Human Rights and the Declaration of the International Labor Organization.

[S1-1-22] NORMA Group emphasizes in its policies that human trafficking, forced and compulsory labor and child labor are not tolerated under any circumstances within its own workforce.

[S1-1-24a-c] NORMA Group is currently developing a strategy to combat discrimination and harassment and to promote equal opportunities, diversity and inclusion. These efforts are firmly anchored in the Code of Conduct, the Human Rights Commitment Statement and the Human Rights and Diversity & Inclusion Guidelines. The content of this guideline addresses both aspects of discrimination, including harassment based on race, skin color and gender, and the promotion of equal opportunity and diversity. They are intended to make it possible to express any form of political opinion, national affiliation or social origin.

NORMA Group respects the respective national laws, but there are no specific Group-wide obligations regarding inclusion or positive measures for particularly vulnerable groups.

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[S1-1-24d] By complying with the requirements set out in the Human Rights and Diversity & Inclusion policies and conducting voluntary training for employees, NORMA Group works to prevent and reduce discrimination and to act appropriately when incidents occur. In addition, the promotion of diversity and integration is to be actively supported in the future in order to establish an inclusive, respectful and equal working environment in the long term. For example, mandatory diversity and inclusion training for all employees and managers will be carried out in the 2025 fiscal year on the basis of the newly introduced guidelines in order to raise awareness throughout the organization.

S1-1 Policies related to health and safety

[S1-1-23 + MDR 65a+e] NORMA Group pursues a Group-wide approach to health and safety policy. All production sites are required to have a management system certified in accordance with ISO 45001:2018. NORMA Group has also implemented an occupational health and safety policy. This policy requires managers to create a safe working environment for all employees and other stakeholders.

[MDR-P 65c] The Chief Operations Officer of NORMA Group and the Vice President Quality and Environment, Health and Safety are responsible for implementing the policy.

[MDR-P 65b] The policy takes all employees into account.

[MDR-P 65f] By publishing the policy, NORMA Group wants to ensure that all potentially affected stakeholders and those involved in its implementation are informed transparently.

S1-2 Processes for engaging with own workers and workers' representatives about impacts

[S1-2-27a+b] NORMA Group takes the perspectives of its employees into account by actively incorporating their insights and opinions into the decision-making process. Engagement is measured every two years as part of the global employee survey. Employee engagement reflects the involvement and enthusiasm of employees in their work and workplace. Some of the key metrics that are monitored are participation rate, overall average, engagement percentage and approval percentage. In addition to employee engagement, NORMA Group aims to understand employee needs, identify opportunities for improvement and translate feedback into feasible action plans at the global, regional and local levels.

Based on the results, improvement measures are required in the areas that are below average or below what is expected, which are determined by the managers at department and company level in a workshop. Workshops and training courses are conducted by providers and employees of the HR department.

The defined action points are monitored, analyzed and evaluated. From 2024, the employee survey will be conducted every two years; previously it took place every three years.

[S1-2-27c] The operational responsibility for ensuring that employees are involved in the survey and that the results are actively incorporated into NORMA Group's approach lies with Human Resources.

The resources used for the global survey include EUR 90,000 in costs in the 2024 fiscal year and the manpower of one full-time employee. The measures resulting from the survey are defined, managed and reviewed at site level.

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NORMA Group is also actively committed to occupational health and safety, including through safety committees in which local managers, non-executive employees and production employees working on an hourly basis participate. This exchange is intended to ensure that the knowledge gained is directly integrated into NORMA Group's working methods. In addition, regular safety training and awareness campaigns are carried out during the fiscal year to further raise awareness of safety issues.

S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns

[S1-3-32a] During the reporting period, NORMA Group has not identified any confirmed negative impacts related to working conditions, equal treatment and equal opportunities or other labor-related rights within its own workforce through its whistleblower system.

Nevertheless, NORMA Group focuses on minimizing potentially fatal incidents and high-risk incidents involving employees and external workers, among other things with regard to occupational health and safety. In the event of such incidents, detailed root cause analyses are carried out on site and immediate remedial measures are initiated and followed up in order to eliminate the underlying risk factors in the long term. Thanks to these safety precautions, the frequency of such incidents has already been reduced. Nevertheless, NORMA Group continues to focus increasingly on high-risk sites and uses the Safety Top Focus Program to further minimize potential negative impacts on the workforce.

[S1-3-32b] In addition, each NORMA Group production site has implemented a value-based monitoring program that actively involves workers in identifying and resolving potential safety issues that could lead to injury or illness. As soon as risks are identified, measures are immediately taken and implemented to minimize the identified safety risks for employees and external workers.

[S1-3-32b] NORMA Group has also implemented processes and procedures that enable employees to report their concerns, worries or needs. This also includes the possibility of addressing them directly or submitting complaints anonymously via the whistleblower system. Further information on the whistleblower system is provided in the chapter 4 G1 GOVERNANCE. Another way of directly addressing issues is for employees to take part in the Employee Engagement Survey, which is usually conducted every two years.

[S1-3-32b] These channels are established by NORMA Group itself and through participation in third-party mechanisms.

[S1-3-32c+e+33] As part of its whistleblower system, NORMA Group has established a procedure to ensure that complaints related to employee matters are handled carefully and that issues raised are followed up and monitored. For NORMA, the use of channels and structures is an indicator that they are known and trusted. However, NORMA does not systematically survey relevant stakeholders on effectiveness and awareness. NORMA Group adheres to strict guidelines designed to prevent any form of retaliation against individuals, including employee representatives, who use the whistleblower system. Further detailed information on the procedures and monitoring can be found in the chapter 4 G1 GOVERNANCE.

[S1-3-32d] Internal training and various communication measures such as the intranet, posters and additional information materials ensure that these channels are known and accessible in the workplace.

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- 46 PRINCIPLES OF THE GROUP
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- 202 FORECAST REPORT
- 210 RISK AND OPPORTUNITY REPORT
- 229 REMUNERATION REPORT 2024
- 252 TAKEOVER-RELEVANT INFORMATION
- 254 REPORT ON TRANSACTIONS WITH RELATED PARTIES
4 CONSOLIDATED FINANCIAL STATEMENTS

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

[MDR-T 81] In the current fiscal year, no measurable results-oriented targets for working conditions, equal opportunities or occupational health and safety have yet been implemented. NORMA Group is currently in the process of establishing appropriate processes to develop and implement targets with regard to the impacts and opportunities related to its workforce.

S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

[S1-4-38a+b] A wide range of measures are implemented in the area of occupational health and safety. As the materiality analysis did not identify any material negative impacts in terms of occupational health and safety, these measures are aimed at strengthening the positive effects and opportunities.

[S1-4-38c + 40 + 43] NORMA Group has implemented various measures to strengthen health and safety in the workplace. Safety committees, which consist of local managers, non-executive employees and production employees working on an hourly basis, regularly coordinate safety training, awareness campaigns and safety toolbox topics during the fiscal year. As part of job safety analyses carried out by the environment, health and safety managers at the respective local sites, risks are also identified, assessed and, if necessary, measures are implemented and monitored according to the risk level of the workplace. In addition, managers operate a valuebased safety program that actively engages workers in identifying and reporting safety issues that could potentially lead to injury or illness. As soon as risks are identified, measures are immediately taken and implemented to minimize the identified safety risks for employees and external workers. These preventive measures make it possible to invest specifically in new safety technologies to avoid accidents at work. The scope of the measures described includes legal entities where there is a higher risk of occupational accidents.

[S1-4-38d] NORMA Group continuously conducts analyses and assessments to ensure the effectiveness of its measures to promote the safety and health of workers. This is achieved by continuously monitoring internal safety indicators, which include both leading and lagging indicators. Examples of lagging indicators include reportable accidents and near misses, while leading indicators include the results of VBS audits and safety training. A key component is obtaining and maintaining ongoing ISO 45001 certification and conducting internal and external ISO 45001 audits to ensure compliance with and the effectiveness of safety standards. After each reportable incident, NORMA Group reviews the corrective actions through analysis and applies the lessons learned. These processes enable NORMA Group to identify and implement targeted measures to promote positive impacts on the workforce.

[S1-4-39] [S1-4-41]

[MDR-A-62] In addition to the occupational health and safety measures mentioned above, NORMA Group has planned further measures that are managed and monitored at Group level. To promote the positive impacts, NORMA Group is in the process of establishing appropriate processes to further develop and implement sound measures. In the 2025 fiscal year, measures will be initiated to implement the adopted guidelines in the areas of "Human Rights" and "Diversity and Inclusion," such as mandatory training and awareness programs for all employees and managers. In addition, the existing process for performance-related salary determination will be further developed. NORMA Group also aims to ensure that its own business processes do not have a negative impact on employees through measures aimed at complying with local laws and corresponding labor and occupational health and safety regulations and local provisions.

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[S1-4/40] A Human Rights Committee was established in the 2024 fiscal year in the area of human rights and discrimination in relation to the company's own workforce. Further information on this can be found in the chapter 4 G1 GOVERNANCE.

Workers in the (upstream) value chain

S2-6 Share of preferred suppliers who have signed the Supplier Code of Conduct

[2-MDR-M-77a][2-MDR-M-77b][2-MDR-M-77c][2-MDR-M-77d] NORMA Group has defined a company-specific metric to address the potential impact related to workers in the upstream value chain. This shows the proportion of preferred suppliers who have signed the Supplier Code of Conduct. In the 2024 fiscal year, this share is 100 %.

To determine a preferred supplier, NORMA Group has developed a catalog of criteria that includes aspects such as competitiveness, transparent cost structures and delivery conditions. NORMA Group's fundamental endeavor is to ensure that its suppliers understand the Supplier Code of Conduct and confirm compliance with the Supplier Code of Conduct by signing it in order to enter into long-term contractual relationships. The measurement of this key figure is not externally validated.

S2-9 Interests, views and rights of workers upstream in the value chain that could be materially affected by the company

S2-1 Policies related to value chain workers

[S2-1-16][S2-1-AR10][S2-1-AR11][MDR-P-65] NORMA Group wants to take responsibility along the entire value chain and is aware of the actual and potential negative impact on workers in the value chain. The material impacts identified in the materiality analysis relate exclusively to workers in the upstream value chain. NORMA Group has not identified any risks or opportunities. Nevertheless, it remains a key task to identify, assess and actively manage potential risks in relation to the workers in the value chain.

Further details on the materiality analysis process can be found in the chapter 4 IRO-2 GENERAL REQUIREMENTS. NORMA Group has introduced the Supplier Code of Conduct to address negative impacts on workers in the upstream value chain and with regard to working conditions, equal treatment and equal opportunities as well as human rights. Suppliers who sign the Supplier Code of Conduct, i.e. in particular the preferred suppliers, undertake to respect and comply with human rights. This Code of Conduct is intended to ensure that both laws and ethical standards are complied with throughout NORMA Group's supply chain. The globally applicable Supplier Code of Conduct sets out NORMA Group's expectations for its suppliers regarding sustainable business practices in the areas of human rights, occupational safety, health, environment and business integrity. With regard to human rights, the Code is guided by the standards of the International Labor Organization, the Universal Declaration of Human Rights, the UN Global Compact and the SA8000 standard. The Supplier Code of Conduct was introduced in the 2014 fiscal year. It was last updated in the 2023 fiscal year to take into account the requirements contained in the Supply Chain Due Diligence Act. Furthermore, the Code of Conduct is applied as described in the chapter 4 G1 GOVERNANCE. Compliance with the Human Rights Commitment Statements is also taken into account accordingly. Further information on this can be found in the chapter 4 S1 OWN WORKFORCE. The aforementioned guidelines are reviewed and updated as required. As a rule, workers in the upstream value chain is also taken into account where applicable. [MDR-P-65a] Overall responsibility lies with the Management Board, while monitoring is carried out by the Human Resources, Corporate Responsibility, Integrity, Legal and Purchasing departments.

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[S2-1-17a][S2-1-17b][S2-1-17c] Due to the size and complexity of the value chain, human rights violations cannot be completely ruled out. NORMA Group has only limited influence on compliance with the minimum standards beyond its direct business partners. If the company learns that business partners are committing or tolerating human rights violations, NORMA Group gives its business partners the opportunity to remedy this as quickly as possible. The business relationship is then reassessed and termination of the contract is considered. Indications of potential human rights violations are investigated. To this end, potential violations must be reported to NORMA Group Compliance as part of a defined reporting process. These are submitted to the Human Rights Committee for further analysis and evaluation. Further information on this process can be found in the chapter 4 G1 GOVERNANCE. NORMA Group expects its suppliers to conduct their business in compliance with applicable laws, ethical principles, human rights and standards for occupational safety and environmental protection. The Purchasing department has therefore integrated social and environmental sustainability aspects into its processes and organization, including in the Purchasing Manual, which describes the key processes and procedures that serve as a framework for the global organization. The Supplier Code of Conduct reflects this self-conception and is guided by the standards of the International Labor Organization, the Universal Declaration of Human Rights, the UN Global Compact, and the SA8000 standard with regard to human rights. Approval of the Supplier Code of Conduct is a binding criterion in the catalog of requirements for the selection of new suppliers and is monitored by the Purchasing department. Further information on consent can be found in the chapter 4 S2 WORKERS IN THE UPSTREAM VALUE CHAIN. [S2-1-18] The Supplier Code of Conduct, the Code of Conduct and the Human Rights Commitment Statement are commitments of NORMA Group that contain, among other things, declarations on human rights and clarify the company's position in this regard. NORMA Group positions itself against human trafficking, forced labor and child labor in the value chain, among other things.

[S2-1-19][S2-1-AR14] NORMA Group's commitments regarding workers in the value chain are in line with the ten principles of the UN Global Compact, the United Nations Guiding Principles on Business and Human Rights and the International Labor Organization's Declaration on Fundamental Principles and Rights at Work. In the 2024 fiscal year, zero incidents of non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work or the OECD Guidelines for Multinational Enterprises concerning employees in the value chain were reported in the upstream value chain.

S2-2 Processes for engaging with value chain workers about impacts

[S2-2-22][S2-2-23] [S2-2-24]

In the 2024 fiscal year, NORMA Group has not implemented a comprehensive process to engage with workers in the value chain.

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S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns

[S2-3-27][S2-3-28][S2-3-29] NORMA Group is aware of its actual and potential negative impact on workers in the upstream value chain. Inadequate implementation of guidelines and controls in the supply chain may compromise the equal treatment of workers and human rights in the value chain. Suppliers who sign the Supplier Code of Conduct undertake to comply with the requirements set out in the Supplier Code of Conduct. NORMA Group has a whistleblower system that serves as a reporting mechanism and offers workers in the value chain the opportunity to report specific incidents and violations. For NORMA Group, the use of channels and structures is an indicator that they are known and trusted. However, NORMA does not systematically survey relevant stakeholders on effectiveness and awareness. These reports are followed up and appropriate measures are taken if necessary. Further information on the whistleblower system can be found in the chapter 4 G1 GOVERNANCE.

S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

[S2-5-41][S2-5-42][MDR-T-72][MDR-T-81a][MDR-T-81b] In addition, NORMA Group has not yet defined any measurable, results-oriented targets with regard to workers in the value chain.

S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

[S2-4-32][S2-4-33][S2-4-34] [S2-4-35] [S2-4-36][S2-4-37][S2-4-38] [MDR-A-62]

Currently, NORMA Group has not implemented any specific measures related to workers in the value chain and no future measures are defined or planned. The reason for this is that NORMA Group proactively carried out an initial external risk analysis as part of the introduction of the German Supply Chain Due Diligence Act in 2023, which took into account both country and industry risks with regard to human rights. The result showed no increased risk for NORMA Group's supplier base.

Affected communities

S3-1 Policies related to affected communities

For NORMA Group, respect for human rights forms the binding foundation for all corporate activities. As part of responsible corporate governance, NORMA Group is committed to protecting human rights along the entire value chain. NORMA Group therefore attaches great importance to protecting local communities that could be affected by the impact of business activities at various locations, especially in the vicinity of production sites.

[MDR-P][S3-1-16a][S3-1-AR9][S3-1-16b][S3-1-16c] NORMA Group categorically rejects the violation and restriction of human rights in any form. The company is committed to the Universal Declaration of Human Rights, as well as to the core labor standards of the International Labour Organization (ILO).

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NORMA Group's commitment to human rights is also reflected in its Code of Conduct. As part of the revision of the Code of Conduct in the 2020 fiscal year, a dedicated section on human rights was introduced to further emphasize NORMA Group's position on this matter. Detailed information on the Code of Conduct can be found in the chapter 4 G1 GOVERNANCE. The Code of Conduct encompasses the approach of respecting human rights throughout the entire supply chain. Among other things, NORMA Group exerts influence on local communities and people in the regions close to its sites and is aware of their material impact.

NORMA Group's business activities have a positive impact on society, including economic contributions such as taxes, creating and securing jobs, making donations, sponsoring charitable organizations and projects, and complying with local regulations. NORMA Group thus contributes to the communities through various projects and investments. This includes NORMA Help Day, for example, which was introduced at the Maintal site in 2014 and has been offered at all international sites since 2015. Participation is voluntary, but more than 700 NORMA Group employees take part every year. Numerous NGOs benefit from the contributions made worldwide and projects that are organized regionally. In the 2024 fiscal year, there were numerous diverse projects across the sites. For example, employees in Brazil visited a facility for people with disabilities to give them a special day on site, while in Serbia a kindergarten was visited for a day. In the Czech Republic, support was provided in the renovation of the local swimming pool and in Malaysia, clean-up work was carried out on a public road.

NORMA Group is also involved in its social project NORMA Clean Water to find a solution to the challenges of water, sanitation and hygiene. Today, the NORMA Clean Water project can look back on a partnership of several years with children's aid organization Plan International Deutschland, which implements projects in the respective countries. In the 2024 fiscal year, the health and nutrition of children and their families in the target regions was further improved. In addition, the water supply was further expanded and information on health and hygiene practices was provided in the communities. In this project phase, there was an even stronger focus on food security and combating malnutrition. The communities were therefore supported in planting vegetable gardens and informed about balanced nutrition in workshops.

NORMA Group is in selective dialog with affected stakeholders, such as representatives of municipalities and cities near the site. In addition, affected parties can report incidents at any time via NORMA Group's whistleblower system, which will then be investigated. Detailed information on the whistleblower system can be found in the chapter 4 G1 GOVERNANCE.

[S3-1-17] [S3-1-AR10] NORMA Group's values are in line with the ten principles of the UN Global Compact (UNGC), as well as the United Nations Guiding Principles on Business and Human Rights (UNGP) and the Declaration on Fundamental Principles and Rights at Work of the International Labor Organization (ILO). If NORMA Group employees violate these values and this has a negative impact on affected communities, targeted training, changes in organizational processes, disciplinary measures or even termination of employment may follow after a case-by-case assessment. During the 2024 fiscal year, NORMA Group die not receive any reports of violations of the principles mentioned in this section.

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S3-2 Processes for engaging with affected communities about impacts

[S3-2-24] In the 2024 fiscal year, NORMA Group did not introduce a comprehensive procedure for engaging with the affected communities. However, NORMA Group is in selective exchange with affected stakeholders, such as representatives of municipalities and cities in the vicinity of the site. The materiality analysis led to an indirect exchange with some mayors, such as the location in Serbia, on the material topics. In addition, the management at the Maintal site discusses overarching topics with the mayors at least once a year.

S3-3 Processes to remediate negative impacts and channels for affected communities to raise concerns

[S3-3-29] NORMA Group has a whistleblower system as a reporting mechanism to offer affected communities, among others, the opportunity to report specific incidents and violations. These reports are followed up and appropriate measures are implemented if necessary. For NORMA, the use of channels and structures is an indicator that they are known and trusted. However, NORMA does not systematically survey relevant stakeholders on effectiveness and awareness. Further information on the whistleblower system can be found in the section 4 G1 GOVERNANCE. There are currently no other channels, although personal contacts have been appointed at many NORMA locations in addition to the electronic systems.

S3-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

[MDR-T 81a] [MDR-T 81b] NORMA Group has not set any measurable result-oriented targets for the affected communities and does not plan to define such targets in the near future. This is because NORMA Group believes that the existing concepts are sufficient to manage the relevant sustainability-related impacts, risks and opportunities in this area.

S3-4 Taking action on material impacts on affected communities, and approaches to managing material risks and pursuing material opportunities related to affected communities, and effectiveness of those actions

[MDR-A-62] NORMA Group has currently not implemented any concrete measures directly related to affected communities. No future measures are currently defined or planned in this regard. This is because NORMA Group is pursuing the reduction of GHG emissions at its production sites as part of the material topic addressed in the chapter 4 E1 CLIMATE CHANGE, thereby simultaneously mitigating the negative impacts on affected communities.

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Governance

Business Conduct

G1-4 Confirmed incidents of corruption or bribery

[G1-4-24a] NORMA Group takes a stand against corruption and bribery and reports transparently on confirmed incidents. In the 2024 fiscal year, there were no convictions and no fines for violations of corruption and bribery regulations. These key figures are collected by the legal department, which obtains information from the CFOs of the individual companies. These report on fines and convictions of the individual companies, which are then consolidated across the Group. The fines are allocated to the reporting year in which the decisions became legally binding. One limitation is that reporting persons may not fully disclose fines. The information collected is processed internally within NORMA Group and is not subject to any additional validations by external bodies that go beyond the legal requirements. [G1-4-24b] To prevent bribery and corruption, NORMA Group has introduced an antibribery and anti-corruption policy that contains detailed procedures and standards as described in the chapter 4 G1 GOVERNANCE.

G1-1 Corporate culture and business conduct policies

[G1-1-9] NORMA Group's corporate culture is based on the corporate vision and mission and is further defined by the corporate values (Core Values). By integrating the corporate values into training courses for employees and line managers and embedding them in HR processes, they form the guiding principles for the further development of the corporate culture.

NORMA Group's vision is based on committed collaboration and excellent global performance that creates sustainable solutions. The company promotes teamwork, values diversity and relies on transparent communication to build trusting relationships. The focus is on efficiency, continuous improvement, sustainability and resource conservation, supported by digitalization and automation while complying with global quality standards.

NORMA Group's mission is to be a reliable partner, exceeding customer expectations with efficient solutions and building long-term relationships. Sustainable growth is to be driven by innovation and the highest quality standards in order to solve customers' challenges.

The mission, vision and corporate values are intended to promote employee loyalty to the company, but also to increase the perception and attractiveness of NORMA Group as an employer.

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[G1-1-10a] This understanding of NORMA Group's values forms the basis for business policy decisions and measures. In particular, the global focus of the company makes worldwide implementation and compliance with codes of conduct especially important. Compliance frameworks define rules clearly and transparently. NORMA Group's central guidelines include:

the Code of Conduct
the Whistleblower Protection Guideline
the Whistleblower System
the Anti-corruption Guideline and
the Supplier Code of Conduct.

The guidelines are related to the positive impacts and opportunities identified as material. NORMA Group has a positive impact on corporate culture through training and a solid legal compliance framework that improves employee recruitment and retention as well as the corporate image.

Compliance with guidelines also had a positive impact in the area of corruption and bribery. No material risks were identified. These guidelines are regularly reviewed and updated in order to meet the relevant requirements.

The Management Board of NORMA Group is responsible for maintaining an effective compliance management system. Group-wide compliance activities are coordinated by NORMA Group's Integrity Director. This person reports to the Vice President Integrity and, if necessary, directly to the Chairman of the Management Board. In addition to the central Compliance department at Group level, there are also Local Compliance Delegates at regional level in the EMEA, Americas and Asia-Pacific regions, as well as in all individual operating companies. The Local Compliance Delegates report to the respective Regional Compliance Delegates, who in turn report to NORMA Group's central Compliance department.

Every member of NORMA Group's compliance organization is available to answer questions and concerns about compliance. The Compliance department works closely with the company's own legal department to continuously integrate new or changed legal requirements into the compliance risk analyses and the compliance program. In addition, coordination takes place with Internal Audit in order to take current developments into account. With the founding of the Compliance Committee, a body was formally established in which current compliance issues are discussed and necessary measures are coordinated. Permanent members of the Compliance Committee are representatives of Compliance, Legal and Internal Audit & Risk Management. The Compliance Committee generally meets at least quarterly and on an ad hoc basis if necessary. With the Human Rights Committee, a format has also been established in which potential violations of human rights are discussed. In addition to the members of the Compliance Committee, representatives from Human Resources and Corporate Responsibility are permanent members of the Human Rights Committee. The Human Rights Committee usually meets every six months and on an ad hoc basis as required.

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The effectiveness of the compliance organization established by the Management Board is monitored by the Supervisory Board of NORMA Group, which is informed of compliance-related matters as needed.

[G1-1-10g] To ensure the effectiveness of NORMA Group's compliance management system, all employees must be familiar with the relevant legal requirements as well as the internal compliance guidelines. The goal is for all employees of NORMA Group to be familiar with the applicable compliance rules, as well as the relevant contact persons and reporting channels. The basis for this is NORMA Group's compliance training, which is mainly carried out in the form of online training and, if necessary, as classroom training. The training courses to be completed are assigned to employees according to their job and responsibility profile. In these training courses, employees are given specific guidance on how to behave in accordance with the compliance guidelines. They then have the opportunity to apply and test their knowledge on the basis of practical questions and case studies. The fundamental training courses, which are mandatory as basic training for all NORMA Group employees with a PC workstation, include the online courses "Code of Conduct & Compliance Basics" and "Anti-corruption." Depending on the area of activity, specific focus training, such as "Antitrust and Competition Law," may also be required. Employees' knowledge is continuously updated and deepened through refresher training. In the 2024 fiscal year, the "Speak Up!" training course was rolled out with important information on whistleblowing. For non-commercial employees, especially in the production area, who generally do not have a PC workstation, for example, compliance safety cards or posters are made available in all relevant languages and clearly communicate the most important compliance topics. Training requirements are reviewed where necessary, while an internal reporting system documents the progress and status of compliance training. Compliance-relevant topics are also communicated via various communication channels, such as posters, brochures, compliance safety cards with compact summaries of key compliance topics, emails and intranet articles.

[MDR-P-65] Code of Conduct

NORMA Group's Code of Conduct is a document that summarizes the ethical and legal standards expected of employees and managers in their dealings with each other and with third parties. It provides a guide for behavior and decision-making in the professional environment and helps to promote a positive, respectful and law-abiding work environment. NORMA Group expects its employees to conduct themselves at all times in accordance with its corporate values and commitment to ethical behavior. In addition, they are expected to conduct NORMA Group's business at all times in accordance with applicable national, regional, local and foreign laws and NORMA Group's internal guidelines. The Code of Conduct covers topics such as personal integrity, corporate integrity, human rights and the handling of NORMA Group's assets. In the event of suspected violations of the Code of Conduct, NORMA Group employees can contact Human Resources, Management or the Compliance Organization. They also have access to reporting channels through which they can provide information – anonymously if they wish.

[MDR-P-65] Whistleblower system

[G1-1-10ci] NORMA Group encourages its employees to report violations of regulations and internal guidelines – including across hierarchical levels if necessary. Employees have various reporting channels at their disposal for this purpose, including an electronic whistleblower system. This whistleblower system allows internal and external whistleblowers to report suspicious cases to NORMA Group's Compliance organization and, if necessary, to maintain their anonymity. Additionally, NORMA Group offers other appropriate reporting channels, such as personal reporting to NORMA Group Compliance. In addition to the central internal reporting channel, which can be accessed electronically or in person, NORMA Group provides supplementary or alternative reporting channels at all locations where local laws require them. Additionally, every member of NORMA Group's compliance organization can be contacted regarding any questions or issues related to compliance.

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Both the suitability and adequacy of the reporting system are regularly reviewed by NORMA Group Compliance – for example, with regard to the requirements of Directive (EU) 2019/1937 of the European Parliament and of the Council of October 23, 2019 on the protection of persons reporting breaches of Union law (commonly known as the Whistleblower Protection Directive) as well as the respective implementing laws of the member states, for example. The system is adapted if necessary. In view of the partial contradictions between the national implementation laws and the EU Directive in certain member states where NORMA Group also operates reporting channels, NORMA Group is closely monitoring further developments. Necessary adjustments are made if required.

[G1-1-10e] The Compliance Organization investigates reports of compliance violations. The procedures and protective measures for whistleblowers are detailed in the Whistleblower Protection Guideline. This is publicly accessible both on the intranet and on NORMA Group website and is aimed at both internal and external potential whistleblowers.

[G1-1-11][G1-1-10cii] NORMA Group's Whistleblower Protection Guideline is committed to protecting whistleblowers who act in good faith from retaliation, dismissal, demotion and other forms of retaliation, ensuring that whistleblowers are not subject to labor, disciplinary, criminal or civil sanctions and that they are protected from retaliation for reporting. Any form of discrimination against whistleblowers will not be tolerated and NORMA Group will take necessary measures to ensure the safety and protection of whistleblowers. Discriminatory behavior towards whistleblowers is strictly prohibited and will be prosecuted through disciplinary measures.

The suitability and adequacy of the reporting system are reviewed on a case-by-case basis, particularly with regard to the requirements of Directive (EU) 2019/1937 of the European Parliament and of the Council of October 23, 2019 on the protection of persons reporting breaches of Union law (commonly known as the Whistleblower Protection Directive) as well as the respective implementing laws of the member states, for example. If necessary, adjustments are made to ensure that all requirements are always met.

In light of the partially divergent implementation of the directive into national laws in certain member states where NORMA Group also operates reporting systems, the company is closely monitoring developments. If necessary, adjustments are made to ensure legal compliance and the protection of whistleblowers. [G1-1-10d]

[MDR-P-65] Supplier Code of Conduct

NORMA Group strives to fulfill its responsibility along the entire value chain and therefore expects its suppliers to act in accordance with the Supplier Code of Conduct. This means that suppliers must conduct their business in strict compliance with the law and ethical principles. In addition, they should respect human rights and comply with the applicable standards in the areas of occupational safety and environmental protection. Further details can be found in the chapter 4 S2 WORKERS IN THE UPSTREAM VALUE CHAIN.

[MDR-P-65] Anti-corruption Guideline

NORMA Group attaches the utmost importance to complying with its anti-corruption obligations in accordance with applicable legal requirements. Corruption promotes poverty, hunger, disease and crime and hinders economic and social development by preventing societies and individuals from realizing their full potential. It is also an obstacle to the rule of law and fair market practices, which NORMA Group and other responsible companies make an indispensable foundation for their actions.

NORMA Group has therefore established the Anti-corruption Guideline as a sub-guideline of the Code of Conduct and thus an elementary component of the Compliance Management System. The aim of the guideline is to prevent

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corrupt behavior and establish clear rules of conduct. It is intended to strengthen confidence in the integrity of the organization and avoid legal risks from corrupt practices. The guideline provides basic knowledge about corruption, corruption risks and risky transactions as well as NORMA Group's measures to reduce corruption risks. This guideline applies throughout the Group. It contains binding requirements regarding the granting and acceptance of benefits in the context of business relationships with third parties (i.e. persons who are not employed by NORMA Group). The guideline explicitly defines prohibited practices and specifies which benefits are subject to a mandatory prior check and therefore require approval.

NORMA Group employees and external third parties can anonymously report any actual or alleged misconduct in relation to NORMA Group via the whistleblower system. A report must not lead to disadvantages for the reporting person. NORMA Group's compliance organization follows up on indications of compliance violations. [G1-1-10b] NORMA Group is currently unable to state whether the Anti-corruption Guideline is fully compliant with the United Nations Convention against Corruption. A detailed reconciliation is to be carried out in the coming fiscal year. NORMA Group has not developed a plan to revise the guideline. [G1-1-10h] The functions within NORMA Group that are most vulnerable to corruption and bribery include commercial employees.

G1-3 Prevention and detection of corruption and bribery

[G1-3-18a] NORMA Group has implemented procedures to prevent, detect and appropriately deal with incidents of corruption and bribery. These procedures include an Anti-corruption Guideline that defines clear guidelines and behavior. This is supplemented by mandatory training for all commercial employees. In addition, violations can be reported to NORMA Group Compliance via the defined reporting channels – also anonymously. Detailed information on this can be found in the chapter 4 G1 GOVERNANCE.

[G1-3-18b] Suspicious cases are handled by NORMA Group Compliance, which decides on further action on a case-by-case basis and, if necessary, with the involvement of the Compliance Committee. Where appropriate and necessary, the specific investigation of suspected cases may be delegated by NORMA Group Compliance to Internal Audit or external third parties.

[G1-3-18c] If necessary, indications of compliance violations are discussed by the Compliance Committee in accordance with the criteria defined in the Compliance Committee Charter and a decision is made on how to proceed. The reporting channels are defined and fixed – irrespective of the actual implementation of an investigation. NORMA Group Compliance reports exclusively to the Management Board member responsible for this area.

In addition to defined regular reporting, the criteria for any ad hoc reporting to the Management Board member responsible for the area are also defined. The Compliance Committee decides whether ad hoc reporting is required if defined materiality thresholds are potentially exceeded.

[G1-3-20] NORMA Group ensures that its guidelines are accessible and understandable to all relevant parties: Employees can view the compliance guidelines at any time on the intranet site. The Code of Conduct is attached to the employment contracts and is covered in the compliance training sessions. The guidelines are available in up to eleven languages to ensure global comprehensibility.

Interested stakeholders can transparently view the compliance guidelines on the NORMA website.

Suppliers receive the Supplier Code of Conduct as part of onboarding and updates to ensure that they understand and comply with NORMA Group's standards.

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[G1-3-21a] NORMA Group's training curriculum also covers the topics of corruption and bribery. Basic corruption is already covered in the e-learning on the Code of Conduct. The "Anti-Corruption" training course provides more detailed and in-depth coverage of the subject matter. The training content is closely aligned with the underlying Code of Conduct and Anti-corruption Guideline. All commercial employees are obliged to complete the two training courses. Additional training and updates are offered as required to keep knowledge up to date. The "Gifts & Invitations" brochure is also available on the intranet site and contains important information on handling gifts, invitations and other benefits.

[G1-3-21b] These training programs are designed to cover 100 % of the employees in the functions identified by NORMA Group Compliance as being at risk with regard to corruption. In the 2024 fiscal year, 96.0 % of the corresponding training courses were completed. NORMA employees in the "salaried" employee class have been classified as high-risk roles. [G1-3-21c] Training is mandatory for all employees in the "salaried" employee class, including managers and members of the Management Board. In addition, members of the Compliance Organization receive special onboarding training, which also includes anti-corruption content.

Information Security

Completion rate of 'Information Security' training per year and employee, taking into account the TISAXcertified locations

[MDR-M-75][MDR-M-76][MDR-M-77] NORMA Group uses a company-specific metric to measure the progress of the defined targets in the area of information security. This metric records the ratio of completed e-learning courses on information security in relation to the total number of enrolments. Completion of the e-learning course is mandatory for all commercial employees who work for a company within the scope of TISAX certification. In the 2024 fiscal year, 88.0 % of the corresponding training courses were completed.

Policies in relation to Information Security

[MDR-P-65] The company relies on resilient and secure systems, processes and procedures to continuously guarantee the confidentiality, integrity and availability of information – information security is therefore a central foundation for all business activities and operational security. NORMA Group pursues an active safety culture that is promoted through training and employee involvement. The company is aware of its positive and negative impacts as well as the opportunities that arise. NORMA Group has a negative impact on the security and protection of employee and customer information due to region-specific differences in the implementation of regulations and data protection. On the other hand, transparent and application-oriented regulations, training and continuous improvement and risk management are positive. There is also an opportunity to reduce the probability of damage occurring and its impact by systematically and effectively strengthening the information security management system in the long term, thereby not only minimizing financial losses but also creating trust among stakeholders. NORMA Group maintains an information security management system (ISMS) that is based on the requirements of the "Trusted Information Security Assessment Exchange" (TISAX) standard of the German Association of the Automotive Industry (VDA) as well as other recognized best practices and international standards (e.g. ISO 27001). This ISMS aims to ensure information security through systematic planning, implementation, maintenance, review and continuous improvement.

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The structure and elements of the ISMS are defined by the Information Security Guideline, which was approved by the CEO in 2024. This guideline forms the basis for the strategic orientation and operational measures in the area of information security. It defines the key principles, objectives and rules that control the implementation and continuous improvement of the ISMS. The guideline – like the ISMS as a whole – aims to ensure that all relevant security aspects are integrated into daily processes. NORMA Group has not identified any material risks in this context.

The Information Security Guideline applies to NORMA Group and all subsidiaries as well as to all employees, including executives, managers, temporary workers and freelancers, and relevant external parties such as partners and suppliers. The Management Board and local management bear overall responsibility for information security and support the implementation of the guideline and the measures derived from it.

Targets related to managing material impacts, advancing positive impacts, as well as to risks and opportunities

[MDR-T-79][MDR-T-80] NORMA Group has defined clear targets for information security, which are anchored in the information security management system. The Group Information Security Officer makes the guidelines available to relevant employees and external partners, e.g. via the intranet page, the website or by email.

In order to demonstrably and verifiably introduce the standards of the information security management system at relevant NORMA Group sites, the units defined as relevant provide evidence in accordance with the TISAX standard and have an external audit carried out. The certification requirements and scope are closely coordinated with the customer.

In addition, the aim is for 100 % of commercial employees in the units defined as relevant to successfully complete the "Information Security Basics" e-learning course each year. NORMA Group monitors and measures progress in achieving the targets.

Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

[MDR-A-68][MDR-A-69] NORMA Group has implemented targeted measures to achieve its information security goals and actively manage both risks and opportunities in the area of information security. Although no material risks were identified in the area of information security in accordance with the definition of materiality, it remains a key task of information security to identify, assess and actively manage potential risks. As part of the conceptualization of information security, risks were identified according to the assessment criteria defined at the time. The measures already underway and implemented may have resulted in no further material risks being identified in the 2023 materiality analysis. The following measures are implemented in the area of information security: The process for auditing in accordance with the TISAX standard of the German Association of the Automotive Industry (VDA) includes careful preparation and implementation of the necessary steps. As part of the information security management system, threats and risks are analyzed in detail and measures are taken to mitigate or eliminate them. Continuous monitoring and review of information security takes into account IT infrastructure, processes, technologies and structures, among other things. The respective activities are carried out in coordination between NORMA Group Information Security and NORMA Group IT, among others. The aim of this approach is to provide effective protection against security breaches and to safeguard the integrity of the company's assets. In addition, rules of conduct and structural improvements are implemented to mitigate risks such as cyber attacks or natural disasters. The Group Information Security Officer continuously monitors the status of information security and the measures implemented to ensure the protection of confidentiality, integrity and availability.

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4 CONSOLIDATED FINANCIAL STATEMENTS

Product Quality

Key figures on product quality

[MDR-M-75][MDR-M-76][MDR-M-77]

NORMA Group uses two metrics to measure the progress of the defined targets: The number of confirmed defective parts per year (survey for the production sites) and the number of accepted monthly customer complaints (survey for the production sites and distribution sites).

Number of defective parts per million parts produced (ppm: parts per million)

The first metric measures the number of confirmed defective parts per million parts delivered. The metric is calculated by dividing the number of confirmed defective parts by the total number of parts delivered and multiplying by one million. In the 2024 fiscal year, NORMA Group's parts per million value was 3.2. Accordingly, NORMA Group has achieved the target value of less than 4.5 defective parts per million in the 2024 fiscal year. This key figure is recorded continuously and reported to the Management Board on a monthly basis. At the same time, root cause analyses and countermeasures are initiated at plant level. As an established key performance indicator in the automotive industry, the parts per million value is used to measure quality performance. In addition, the quality indicator is audited and verified annually by an accredited International Automotive Task Force registrar and therefore externally validated.

Number of customer complaints

The second key figure relates to customer complaints. These complaints are an important key figure in the automotive industry for measuring quality performance and record the complaints per month and business unit. Customer complaints are recorded at the point of origin. If the cause of the complaint is due to the manufacturing process, it is counted at the production site; if the problem is due to shipping, packaging or logistics errors, it is recorded at the distribution center. The customer reports the complaint to the supplying business unit of NORMA Group. The calculation method for this indicator is based on the number of accepted complaints reported in a calendar month divided by the number of production and distribution sites. To avoid double counting, a complaint is only counted for the location that caused it. Customer complaints are not subject to any limits and are reviewed and validated annually as part of the International Automotive Task Force audits and thus validated externally. In the 2024 fiscal year, the number of customer complaints accepted by NORMA Group was 2.8. NORMA Group achieved the target value of 5.0 customer complaints on average.

Policies regarding product quality

[MDR-P-65] Product quality is the top priority in NORMA Group's divisions. Since the products can be functionally critical for the direct customers as connecting elements of various individual parts, even a single malfunction can impair the function and safety of the entire application. This is why NORMA Group and its brands focus on maximum reliability in order to maintain and further strengthen customer confidence in its products and services. The quality of the products and the fulfillment of customer requirements are closely linked.

In the 2020 fiscal year, the Chief Operating Officer and the Vice President for Quality, Environment, Health and Safety adopted a Group-wide quality guideline that applies to the entire company. This underlines NORMA Group's understanding of management and its commitment to the following principle: NORMA Group pursues a zero-defect mindset, which means that NORMA Group strives to make no mistakes in production and business

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processes. Constant improvements are supported by the NORMA Business System, which continuously promotes the further development of all processes. Compliance with relevant standards and legal requirements is another important principle of the quality guideline. Decisions are made at all levels of the company on the basis of data by monitoring the two key performance indicators "number of defective parts" and "number of customer complaints" and using them as the basis for decisions. In addition, minor investments are made in technologies to ensure process capability.

The quality guideline is publicly accessible to all interested stakeholders and highlights the positive impacts and opportunities for NORMA Group. The company's actions have a positive impact on product quality thanks to its high quality and safety standards. This quality offers financial opportunities to increase sales and profitability. No material risks were identified in connection with product quality.

Targets related to addressing material negative impacts, promoting positive impacts and dealing with material risks and opportunities

[MDR-T-79][MDR-T-80] To ensure the quality of its products, NORMA Group has set itself two clear and measurable targets for the 2024 fiscal year. In terms of product output, the target is a number of defective parts of less than 4.5 parts per million. The measurement is carried out in "parts per million" (PPM). With regard to customer feedback, the aim is to ensure that the number of customer complaints does not exceed an average of 5.0 per month and business unit. Both target values are validated and defined annually, tracked on a monthly basis and reported to the COO during the operational (OPS) review. The targets were adopted by NORMA Group's Management Board for the 2024 fiscal year.

Targets have also been formulated for the 2025 fiscal year. The target for the number of defective parts is less than 4.3 parts per million. The target for customer feedback in the 2025 fiscal year is an average of less than 4.8 per month and business unit.

Taking actions regarding material impacts and approaches to managing material risks and exploiting material opportunities related to product quality, as well as the effectiveness of these actions and approaches

[MDR-A-68][MDR-A-69] NORMA Group implemented several targeted actions in the 2024 fiscal year to achieve the product quality targets set and to ensure that the positive impacts and opportunities continue in the future.

One of the actions implemented with regard to product quality is the implementation of QASQ-it at NORMA production sites. This platform consists of several modules that enable NORMA Group to track the process capability index (Cpk) of processes, the timeliness of production part approval process (PPAP) submissions to customers and the handling of complaints. In this way, NORMA Group will further improve its agility towards customers and further increase customer satisfaction. This introduction will take the next two to three years and a special team will focus on it.

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Global Reporting Initiative (GRI) and UN Global Compact

The reported information within the consolidated non-financial statement in conjunction with other information from the annual report was prepared in accordance with Section 289d of the German Commercial Code (HGB) based in part on the first sentence of the European Sustainability Reporting Standards (ESRS) as a framework. It also offers an orientation to GRI Standards within the consolidated non-financial statement. The GRI Content Index can be found on NORMA Group's website: : WWW.NORMAGROUP.COM 8a) This information in footnote a) is additional information that is not part of the consolidated non-financial statement.

This report also serves as a Communication on Progress for the implementation of the ten principles of the UN Global Compact. References to the Global Compact principles have been integrated into the GRI Content Index.

Contents of the consolidated non-financial statement T052

Mandatory information according to HGB	Reconciliation in report content/material topics
Business model	Strategy, business model and value chain
Environmental issues	Climate Change Pollution Water and marine resources Resource use and circular economy
Labor issues	Own workforce
Social issues	IRO management Affected communities
Respect for human rights	Own workforce Workers in the upstream value chain Affected communities
Combating corruption and bribery	Corporate policy
Presentation of risks	See corresponding subchapters SBM-3 48a
Correlations to the Consolidated Financial Statements	consolidated non-financial statement, EU Taxonomy, GRI and UN Global Compact
Additional company-specific topics	Product quality Information security
Concepts including the due diligence processes applied	E1 Climate change E2 Pollution E3 Water and marine resources E5 Resource use and circular economy S1 Own workforce S2 Workers in the upstream value chain S3 Affected communities G1 Business conduct Information security Product quality

⁸ a) This additional information contains the GRI Content Index for the 2024 fiscal year.

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Condensed Management Report of NORMA Group SE (HGB)

General information

NORMA Group SE is the parent company of NORMA Group. Its headquarters are located at Edisonstrasse 4, Maintal, Germany, and the Company is registered in the commercial register of Hanau under the number HRB 94473. NORMA Group SE is a capital market-oriented corporation within the meaning of Section 264d of the German Commercial Code (HGB) and is therefore to be considered a large corporation within the meaning of Section 267 (3) sentence 2 HGB.

NORMA Group SE acts as the formal legal holding of NORMA Group. In addition to holding investments, the management of the Group's own brand rights is the main task of NORMA Group SE. NORMA Group SE generates income from the profit transfers and distributions of its subsidiaries and from the granting of licenses to affiliated companies that depends on the results that the subsidiaries actually achieve. Furthermore, it is responsible for Strategy, Human Resources, Legal and M&A, Compliance, Internal Auditing and Risk Management as well as communicating with the Company's important target audiences, in particular the capital market and shareholders.

The Management Report of NORMA Group SE and the Group Management Report of NORMA Group have been combined in accordance with Section 315 (5) HGB in conjunction with Section 298 (2) HGB. The Annual Financial Statements of NORMA Group SE and the Consolidated Financial Statements as well as the Condensed Management Report, which have been issued with an unqualified audit opinion by the KPMG AG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, will be simultaneously filed for publishing in the company register.

Business development

The business performance of Norma Group SE essentially corresponds to that of the Group and is described in detail in the chapter 4 ECONOMIC REPORT.

The result of NORMA Group SE determined in accordance with the German Commercial Code (HGB) is mainly influenced by the business development and the results of the affiliated companies. These are mainly reflected in the income from dividends and profit transfers as well as currency effects, allocations from license management and the interest result.

Key financial control parameters with regard to the individual company NORMA Group SE are earnings before taxes and retained earnings to ensure the ability to pay dividends on an ongoing basis. For this reason, NORMA Group monitors and optimizes the ability of its subsidiaries to pay dividends. This is of particular relevance as the adjusted consolidated net income is the decisive factor for the amount of the dividend distribution to the shareholders. NORMA Group aims for a payout ratio of approx. 30% to 35% of the adjusted consolidated net income.

Earnings before taxes amounted to EUR 31,376 thousand in the reporting year (2023: EUR 9,488 thousand). Earnings before taxes developed much more strongly than forecast despite the loss absorption of EUR -19,252 thousand (2023: EUR -8,510 thousand) by NORMA Group Holding GmbH. This is due to much higher dividend income from the subsidiary NORMA Pennsylvania Inc. in the amount of EUR 69,726 thousand (2023: EUR 34,681 thousand).

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Taking into account the profit carried forward of EUR 12,962 thousand (2023: EUR 19,244 thousand) and the net profit for the fiscal year 2024 in the amount of EUR 31,443 thousand (2023: EUR 8,056 thousand) this results in retained earnings of EUR 44,405 thousand as at December 31, 2024 (2023: EUR 27,300 thousand).

Earnings position

Income statement for the period from January 1 to December 31, 2024		T053
in EUR thousands	2024	2023
1. Sales revenue	5,413	5,805
2. Other operating income	14,090	16,136
3. Personnel expenses	-6,842	-6,151
4. Amortization of intangible assets and depreciation of property, plant and equipment	-52	-56
5. Other operating expenses	-23,380	-25,836
6. Income from investments	69,726	34,681
7. Income from loans of financial assets	0	191
8. Other interest and similar income	1,275	1,287
9. Expenses from profit and loss transfer agreements	-19,252	-8,510
10. Interest and similar expenses	-9,602	-8,059
11. Earnings before tax	31,376	9,488
12. Taxes on income and earnings	67	-1,432
13. Earnings after taxes / net income for the year	31,443	8,056
14. Profit carried forward from the previous year	12,962	19,244
15. Retained earnings	44,405	27,300

At EUR 5,413 thousand, the Company generated EUR 392 thousand lower sales from license fees for the NORMA Group brand (2023: EUR 5,805 thousand).

Sales by Region		T054
in EUR thousands	2024	2023
Americas	1,568	1,649
Asia-Pacific	818	988
EMEA	3,027	3,168
Total Sales	5,413	5,805

Other operating income fell to EUR 14,090 thousand in 2024 (2023: EUR 16,136 thousand), in particular due to the decline in income from currency translation (EUR 17 thousand; 2023: EUR 1,193 thousand) and the lower priorperiod income in the amount of EUR 138 thousand (2023: EUR 225 thousand). The latter mainly result from the reversal of provisions. The item also included income in the amount of EUR 13,340 thousand (2023: EUR 14,560 thousand) for licenses used by subsidiaries but held by other Group companies. In this case, the Company assumed the distribution of the license income.

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Compared to the previous year, employee benefits expenses increased by EUR -691 thousand from EUR -6,151 thousand to EUR -6,842 thousand. The change was mainly due to additional staff. The average number of employees in the reporting year was 31 (2023: 25 employees). In addition, reference is made to the separate disclosure of Management Board remuneration in the 4 REMUNERATION REPORT.

Other operating expenses in the amount of EUR -23,380 thousand (2023: EUR -25,836 thousand) included in particular expenses for license fees in the amount of EUR -13,340 thousand (2023: EUR -14,560 thousand), which are distributed by the Company to the subsidiaries as license holders. The decrease in expenses was mainly due to lower consulting expenses (M&A consulting, services of NORMA Group Holding GmbH, legal advice) in the amount of EUR -1,837 thousand (2023: EUR -2,068 thousand). In addition, expenses from currency translation fell to EUR -56 thousand compared to the previous year (2023: EUR -1,292 thousand).

In the reporting year income from investments resulting from a dividend distribution of NORMA Pennsylvania, Inc. amounted to USD 75,000 thousand (EUR 69,726 thousand; 2023: USD 38,000 thousand or EUR 34,681 thousand).

Due to the existing profit and loss transfer agreement with the subsidiary NORMA Group Holding GmbH, a loss from profit and loss transfer in the amount of EUR -19,252 thousand (2023: EUR -8,510 thousand) were offset. This was due, in particular, to significantly higher write-downs on financial assets of NORMA Group Holding GmbH in the amount of EUR -25,847 thousand (2023: EUR -7,995 thousand). Further information can be found in the presentation of sales and earnings performance in the EMEA segment of the Condensed Group Management Report. 4 SEGMENT DEVELOPMENT EMEA

In the 2024 reporting year, there was no income from loans of financial assets (2023: EUR 191 thousand), as the loans had been repaid. Other interest and similar income fell by EUR 12 thousand to EUR 1,275 thousand (2023: EUR 1,287 thousand) mainly due to lower interest receivables from NORMA Group Holding GmbH. Interest and similar expenses increased by EUR -1,543 thousand from EUR -8,059 thousand to EUR -9,602 thousand, in particular, due to the new promissory note loan issued in 2023.

Earnings before taxes increased by EUR 21,888 thousand to EUR 31,376 thousand (2023: EUR 9,488 thousand). Income taxes for NORMA Group SE amounted to EUR 67 thousand (2023: EUR -1,432 thousand) and mainly relate to tax income from previous years, in particular, due to transfer price adjustments within the Group. Earnings after taxes amounted to EUR 31,443 thousand in the reporting year (2023: EUR 8,056 thousand).

The Annual Financial Statements as of December 31, 2024, show net profit of EUR 44,405 thousand (2023: EUR 27,300 thousand). It will be proposed to the Annual General Meeting on May 13, 2025 that a total of EUR -12,745 thousand be distributed as a dividend for the 2024 fiscal year and that EUR 31,660 thousand be carried forward to new account. Subject to the approval of the 2025 Annual General Meeting, this will result in a cash dividend of EUR 0.40 per share.

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Asset and financial positions

Assets		T055
in EUR thousands	Dec 31, 2024	Dec 31, 2023
A. Fixed assets
I. intangible assets		0 1
II. property, plant and equipment	96	120
III. financial assets
1. shares in affiliated companies	425,449	425,449
2. loans to affiliated companies		0 2,000
Total fixed assets	425,545	427,570
B. Current assets
I. receivables and other assets	136,305	126,036
II. credit balances with banks	372	524
Total current assets	136,677	126,560
C. Prepaid expenses	55	122
Total assets	562,276	554,252

Equity and liabilities		T056
in EUR thousands	Dec 31, 2024	Dec 31, 2023
A. Equity
I. subscribed capital	31,862	31,862

31,862	31,862
216,601	216,601
45,000	45,000
44,405	27,300
337,868	320,763

3,561	3,643
2,300	3,237
3,482	3,452
9,343	10,332

191,712	209,804
484	313
22,743	12,909
126	131
215,066	223,157
562,276	554,252

Conditional capital EUR 3,186 thousand (2023: EUR 3,186 thousand)

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The asset and capital structure of NORMA Group SE is strongly influenced by the holding function of the Company within the Group.

Total assets increased by EUR 8,024 thousand compared to the previous year to EUR 562,276 thousand (2023: EUR 554,252 thousand).

The assets side of the balance sheet amounted to EUR 425,449 thousand as at the balance sheet date (2023: EUR 427,449 thousand) from financial assets. Shares in affiliated companies remained unchanged from the previous year at EUR 427,449 thousand. Loans to affiliated companies decreased by EUR 2,000 thousand to EUR 0 thousand compared to the previous year. This is due to repayments from NORMA Group Holding GmbH in the amount of EUR 2,000 thousand.

In addition, at EUR 134,265 thousand as at December 31, 2024, receivables from affiliated companies were EUR 9,329 thousand higher than in the previous year (2023: EUR 124,936 thousand). The share of total assets rose accordingly from 22.5% in the previous year to 23.9% in the reporting year. This included, in particular, higher receivables from NORMA Group Holding GmbH in the amount of EUR 127,135 thousand (2023: EUR 115,247 thousand) from the cash pool agreement. Trade receivables had the opposite effect: These decreased from EUR 9,524 thousand in the previous year to EUR 6,971 thousand.

In addition to cash and cash equivalents in the amount of EUR 372 thousand (2023: EUR 524 thousand), NORMA Group SE held the above-mentioned credit balances from the cash pool with the subsidiary NORMA Group Holding GmbH in the amount of EUR 127,135 thousand (2023: EUR 115,247 thousand).

Equity increased from EUR 320,763 thousand to EUR 337,868 thousand in the reporting year. The increase of EUR 17,105 thousand resulted from the net profit of EUR 31,443 thousand generated in the 2024 fiscal year and, conversely, from the dividend distribution of EUR -14,338 thousand. At 60.1%, the equity ratio was slightly above the previous year's level (2023: 57.9%). Retained earnings remained unchanged from the previous year at EUR 45,000 thousand.

Pension provisions decreased to EUR 3,561 thousand (2023: EUR 3,643 thousand), mainly due to the updated actuarial assumptions.

The 2018 G reference tables by Prof. Dr. Klaus Heubeck were used as the basis for calculation. In the year under review, the average market interest rate of the past ten years of 1.90% p. a. (2023: 1.82% p. a.) set by the Deutsche Bundesbank was used as a basis. In accordance with Section 253 (2) Sentence 2 German Commercial Code (HGB), a residual term of 15 years was assumed. The salary and pension trend amounted to 0.0% and 2.0% respectively(2023: 0.0% and 2.2% respectively) and no fluctuation was assumed.

At EUR 3,482 thousand, other provisions were EUR 30 thousand higher than in the previous year (2023: EUR 3,452 thousand).

On the liabilities side, liabilities to banks decreased by EUR -18,092 thousand to EUR 191,712 thousand (2023: EUR 209,804 thousand), in particular, due to the repayment of promissory note loans in the amount of EUR 18,000 thousand.

Liabilities to affiliated companies increased by EUR 9,834 thousand to EUR 22,743 thousand in the reporting year (2023: EUR 12,909 thousand), mainly due to the higher liability from profit transfer to NORMA Group Holding GmbH in the amount of EUR 19,252 thousand (2023: EUR 8,510 thousand).

1 INTRODUCTION

Financial position

Due to its function as the ultimate holding company of NORMA Group, the financial position of NORMA Group SE is significantly dependent on the financial position of its direct and indirect subsidiaries. In this context, the NORMA Group SE financial requirements for the performance of its Group-wide functions and the maintenance of its ability to pay dividends are mainly covered by the funds received in the course of the IPO, the promissory note loans raised, revolving credit lines and commercial papers, ongoing profit transfers and distributions as well as royalties from its subsidiaries. There is a profit and loss transfer agreement with NORMA Group Holding GmbH, which also has cash inflows from its subsidiaries.

The external financing of NORMA Group as well as the intra-Group financing of the Group companies were also carried out via external banks as well as NORMA Group Holding GmbH and other foreign Group companies.

In the reporting year, the Company repaid promissory note loans in the amount of EUR 18,000 thousand as scheduled (2023: EUR 56,032 thousand). To refinance this and for general corporate financing, the Company placed a new promissory note loan in the amount of EUR 120,000 thousand in the previous year.

In addition, NORMA Group SE together with NORMA Group Holding GmbH has a Senior Facilities Agreement with a bank consortium including comprehensive credit lines. The loan agreement has an initial total volume of EUR 300,000 thousand. This includes a revolving facility of EUR 50,000 thousand and a flexible accordion facility.

The primary objective of NORMA Group SE's financial management is to ensure liquidity for ongoing business operations at all times. Cash and cash equivalents amounted to EUR 372 thousand at the end of 2024 (2023: EUR 524 thousand). In addition, NORMA Group SE has assets from the cash pool with the subsidiary NORMA Group Holding GmbH in the amount of EUR 127,135 thousand (2023: EUR 115,247 thousand).

As of the 2024 balance sheet date, NORMA Group has met all key figures contained in the loan agreements (financial covenants: net debt in relation to adjusted Group EBITDA). Due to the solid financial position of NORMA Group SE and its direct and indirect subsidiaries, the Company was able to meet its due obligations at all times during the fiscal year.

1 INTRODUCTION

Overall statement of the Management Board

In the reporting year, NORMA Group SE generated, taking into account the net profit for the year of EUR 31,443 thousand (2023: EUR 8,056 thousand) retained earnings of EUR 44,405 thousand (2023: EUR 27,300 thousand). As expected, it was thus possible to ensure the ability to distribute the profit.

NORMA Group SE remains committed to a sustainable dividend policy with a payout ratio of approximately 30% to 35% of the adjusted consolidated net income (adjusted for expenses and income related to acquisitions), provided that the economic situation permits this.

Opportunities and risks

NORMA Group SE acts as the holding company that manages NORMA Group. Its development as well as its risks and opportunities therefore mainly depend on the business development of the companies affiliated with the Group. NORMA Group SE is integrated into the Group-wide opportunity and risk management system. For detailed information, please refer to the chapter Group Opportunity and Risk Management. The description of the internal control system for NORMA Group required under Section 289 (4) of the German Commercial Code (HGB) is also provided there.

NORMA Group SE generates its income mainly from license, profit and loss transfer and investment income of its direct and indirect subsidiaries. Due to its holding function, NORMA Group SE is therefore exposed to the risk of receiving lower investment income as a result of declining profits of the subsidiaries or lower licensing income as a result of lower sales of the NORMA Group companies. In case of increasing profits or higher sales revenues of the subsidiaries, NORMA Group SE will receive higher investment income or higher license income.

In the coming fiscal year as well, geopolitical conflicts and wars as well as economic sanction measures could continue to have a negative impact on the global economy and – directly or indirectly – on NORMA Group's business activities. This could have a major impact on global supply chains, which could lead to a reduction in sales in the affected markets and to increased energy and raw material prices.

Due to the solid financial position of the NORMA Group companies and the possibility to control distributions of the subsidiaries, the opportunities and risks in connection with investment and license income are assessed as "possible" with a moderate positive effect on earnings.

1 INTRODUCTION

Forecast and outlook

For fiscal year 2025, NORMA Group SE expects a slight increase in license income for the subsidiaries' brands and the NORMA Group brand compared to 2024. The expenses from licenses for the Group subsidiaries as license holders are also expected to be slightly higher accordingly. The Management Board of NORMA Group assumes that employee benefits expenses and other cost factors will also increase slightly compared to previous years.

However, this forecast is made under the assumption that no significant negative effects will arise in connection with geopolitical conflicts and wars as well as economic sanctions in the course of 2025 that could lead to a severe weakening of the global economy and significant pressure on NORMA Group's business development. The potential influencing factors in connection with external risk factors from armed conflicts or climate change are discussed in the 4 FORECAST REPORT of the Group.

Taking into account an expected profit and loss transfer from NORMA Group Holding GmbH at the previous year's level, similar expected dividend income from the subsidiaries as in 2024 and a slightly positive interest result for 2025, a slightly higher profit before taxes is expected compared to 2024.

The Annual Financial Statements as of December 31, 2024, show net profit of EUR 44,405 thousand. A proposal will be made to the Annual General Meeting on May 13, 2025 to distribute EUR 12,745 thousand of this as a dividend for the 2024 fiscal year and to carry forward EUR 31,660 thousand to new account. In this context, it is assumed that the retained earnings and the Company's ability to pay dividends will continue to be secured.

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254 REPORT ON TRANSACTIONS WITH RELATED PARTIES

NORMA Group SE – Annual Report 2024 202

Forecast Report

Macroeconomic and industry-specific conditions

The macroeconomic perspective presented here, which takes into account the diverse industrial segments and regional sales markets served by NORMA Group, forms the basis of NORMA Group's forecast and outlook for the fiscal year 2025.

Global economy 2025: still subdued and risky, USA pushes protectionism

The global economy is likely to remain under pressure from trouble spots and major uncertainties in 2025. Although the chances of an easing of tensions in the Middle East improved at the beginning of the year, setbacks cannot be ruled out. In addition, the war in Ukraine continues. New sources of conflict could also emerge, including in Asia (North Korea, China/Taiwan). The greatest economic risk lies in the looming trade war. The newly formed US government has announced the introduction of punitive tariffs against Mexico, Canada and China. Counterreactions from the countries affected are to be expected and an expansion or escalation of the conflict cannot be ruled out. Such a trade war would currently have unforeseeable negative consequences for the global economy. In addition, the potential for fiscal policy stimulus is low due to the high level of debt in many countries. An easing of consumer prices and a continued easing of monetary policy, particularly in Europe, should have a positive effect. According to the ifo Institute, this would boost consumer demand and investment in industrialized countries. In its January 2025 Update, the International Monetary Fund (IMF) assumes that the global economy will grow by 3.3% in 2025, i.e. at a similarly moderate rate as in 2023 and 2024. Compared to the fall forecast (+3.2%), this outlook is, therefore, somewhat more confident. While the industrialized countries are expected to increase their economic output by 1.9% in 2025, the developing and emerging countries are set to expand by 4.2%, according to the IMF.

China's expansive fiscal and monetary policy measures should have a positive impact on growth in 2025. However, domestic demand is likely to remain subdued due to the unresolved crisis in the real estate sector, while the Chinese economy should continue to be supported by lively exports in 2025, according to the ifo Institute. Exports are expected to be redirected to other markets in response to US protectionism. The economy in Southeast Asia is closely linked to value creation in China. The ASEAN-5 countries in particular could benefit from production relocations in response to a trade war between the USA and China. The IMF is therefore forecasting brisk growth of +4.6% in these countries in 2025. India's economic expansion also remains very dynamic (+6.5%).

According to the ifo Institute, the USA has not yet reached the turning point of the economic boom. Meanwhile, the economic policy announced by the Trump administration is causing great uncertainty. On the one hand, fiscal policy is likely to remain expansionary in 2025. However, the introduction of massive punitive tariffs on imports from key trading partners and stricter measures to curb migration are expected to slow growth, according to the Kiel Institute. As a result, inflation is likely to approach the Fed's target only slowly in 2025, reducing the scope for further interest rate cuts by the Fed. Taken together, development in the US is likely to remain on the upswing in 2025. Growth is expected to remain robust (+2.7%).

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In Europe, with the current economic weakness and in view of a further easing of consumer prices, central banks are expected to loosen their monetary policy in 2025. Although this should gradually improve financing conditions, it can be assumed that the industrial economy will only pick up speed again at a slower pace. This is due to the subdued level of investment, which is forecast to gradually pick up again. It can also be assumed that the economy will be burdened by numerous uncertainties – including the threat of trade conflicts with the USA and China as well as structural problems in the industry. Economic momentum in Europe is therefore likely to remain moderate in 2025 despite a slight upturn. The IMF is currently forecasting growth of 1.0% in the eurozone. It is to be expected that the German economy will continue to lack noticeable impetus from abroad in 2025. Although the domestic economy is expected to pick up on the back of slightly higher private consumer demand, investment is expected to remain sluggish – albeit not as much as in 2024. In addition to structural problems and the threat of trade disputes, international crises are also a negative factor preventing a noticeable economic recovery in Germany.

This macroeconomic outlook forms the basis of NORMA Group's forecast and outlook for the fiscal year 2025.

Forecast for GDP growth (real)1			T057
in %	2024	2025e	2026e
World	3.2	3.3	3.3
USA	2.8	2.7	2.1
China2	5.0	4.6	4.5
Euro zone3	0.7	1.0	1.4
Germany	-0.2	0.3	1.1

1_IWF. 2_National Bureau of Statistics (NBS) for 2024.

3_Eurostat for 2024.

The environment for NORMA Group's key customer industries remains challenging

Assuming that there is no further escalation in the trouble spots or an outbreak of further geopolitical conflicts, that supply chains are not disrupted again and that the central banks continue to loosen their monetary policy, it can be assumed that the prospects for NORMA Group's key customer industries should gradually improve over the course of 2025. However, the environment remains very challenging and characterized by unusually high volatility in light of the looming trade conflicts.

Mechanical engineering

Long-term investment requirements in industrialized countries are determined by three major structural factors. These are protectionism, decarbonization and digitalization. The global economy is already changing as a result of decoupling. To put it simply, established global partnerships are being broken up in favor of regional, small-scale solutions. This creates new alliances. The threat of trade disputes with the USA could significantly reinforce the trend towards establishing new value chains in individual economic areas or countries in 2025. This in turn requires strategic investments independent of the cycle. Furthermore, the goal of an emission-free economy can only be achieved through a far-reaching transformation. This requires substantial investment in new production processes and technologies. After all, the field of artificial intelligence (AI) is driving the digitalization of industry with rapidly growing application possibilities and thus investments in modern machines and smart technologies. The long-term prospects for mechanical engineering are therefore promising from a structural perspective.

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In the short term, with the global economy once again experiencing only subdued momentum in 2025 and the high geopolitical risks, there is little cyclical impetus for the industrial economy and a noticeable revival in willingness to invest. In addition, capacities are often very underutilized. Nevertheless, the prospects for mechanical engineering are gradually brightening again. With the expectation of further moderate interest rate cuts, the financing environment should tend to improve in 2025. The industry association VDMA therefore expects the sector to recover slightly. Global machine sales are expected to increase by 1% in real terms in 2025. The emerging markets of China (+2%) and India (+5%) are expected to continue to grow. The industry environment is also improving in the USA (+1%). In Europe, an upturn is expected above all in the UK (+1%) and Switzerland (+3%). In contrast, France (+0%), Italy (-1%) and Germany (-2%) are not yet showing any signs of growth in 2025. Against this backdrop, the eurozone is not yet back on track for expansion with a real decline in sales of 1%.

Engineering: real change in industry sales			T058
in %	2023	2024	2025e
Euro zone	-1.0	-6.0	-1.0
USA	-3.0	-3.0	1.0
China	2.0	2.0	2.0
World	0.0	-2.0	1.0
Source: VDMA

Automotive industry

In the short term, the outlook for the automotive industry is twofold. Further falls in interest rates are likely to have a positive impact over the course of 2025. In contrast, the introduction of high tariffs on imports of cars and car parts from Europe and China announced by the USA represents an immense burden that could lead to turbulence and a high level of uncertainty. The industry experts at S&P Global Mobility (S&P GM) have based their forecast on the assumption that the new tariffs will take effect from mid-2025 and are designed to be permanent. On this basis, S&P GM forecasts that global car sales will only increase moderately by 1.7% to 89.6 million light vehicles (up to 6 tons) in 2025. The analysts at Global Data (GD) are somewhat more optimistic (+3.2% to 91.4 million LV). The forecasts for production are mixed, but the tenor is predominantly cautious. While GD expects a slight increase of 1.8% for 2025, S&G GM forecasts that the production level will decrease slightly (-0.4%) to 88.7 million LV. Output in China, Japan, South Korea and Mexico is expected to stagnate. Higher production in India (+3.8%) and Brazil (+3.4%) is to be offset by further declines in the USA (-3.0%), Canada (-8.1%) and Western Europe (-5.7%). S&P GM also expects to see significant cuts in car production in the UK (-13.6%), Spain (-13.7%) and Italy (-8.2%). A countermovement is being priced in for France (+8.2%) after the recent slump. In contrast, car production in Germany is expected to remain under pressure with a forecast 4.11 million units (-2.3%). In contrast to passenger vehicles, the short-term outlook for the global commercial vehicle market (commercial vehicles, trucks + buses) is positive. There are signs of a recovery in 2025. According to the S&P GM forecast, global production will increase by 9.5% to more than 3.7 million commercial vehicles.

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The massive technological upheaval that the automotive industry is undergoing is irreversible. On the road to a zero-emission automotive sector, battery electric vehicles (BEV) and plug-in hybrids (PHEV) are currently gaining ground at the expense of combustion engines (petrol, diesel). Other alternative drive systems based on hydrogen or fuel cells are currently insignificant in the volume market. The necessary transformation of the automotive market is accompanied by a high level of complexity and massive investment requirements. On the one hand, these relate to drive technology and, in particular, the improvement of range and charging cycles. On the other hand, investments are required in a secure supply of raw materials, battery cell production, the expansion of the charging infrastructure and the upgrading of the electricity grids. The time horizon for this is correspondingly long, so that classic combustion engines should initially remain highly relevant on the global market. S&P GM expects 14.8 million BEVs (+30%) and 6.8 million PHEVs (+24%) to roll off the production line worldwide in 2025. Accordingly, the combined global market share of these New Energy Vehicles (NEV) will rise to 24.2% in 2025. In 2030, their share of the global production volume of passenger vehicles is expected to reach 45.8%, meaning that combustion engines will still account for a good half of all vehicles produced.

Automotive industry: development of global production
in %	2024	2025e	2026e
Production of light vehicles	-1.7	-0.4	2.6
share of PHEV	6.2	7.6	8.8
share of BEV	12.9	16.6	20.3
Production of commercial vehicles	-5.0	9.5	5.9
Source: S&P Global Mobility

Construction industry

Asia's construction industry will be driven in the long term by rapid population growth, urbanization and government investment in infrastructure. The focus is also shifting to projects to combat climate-related damage. In China, however, the outlook for residential construction remains gloomy. The real estate crisis continues to smolder. Weak key data at the turn of the year does not yet signal a turnaround in building construction for 2025. In terms of floor space, new construction starts for all building types are 23% below the low level of the previous year, and this also applies to the residential sector (-23%). Office and other commercial buildings are also down by a similar amount. For the construction industry in Malaysia and Singapore, the planned joint special economic zone in Johor should provide impetus for construction and India should continue its steady upturn in construction at 6% to 7% in 2025 in view of the continuing good economic prospects.

The Euroconstruct industry network is seeing the first signs of recovery in the European construction industry. This is due to the stabilization of the real estate market in several European countries and an increase in mortgage lending. Europe's construction output is expected to pick up in 2025 with real growth of 0.6% (Western Europe: +0.4%; Eastern Europe: +3.5%) and continue to recover in 2026. However, construction output is also expected to fall in France and Italy, among other countries, in 2025. The forecast for Germany is also negative at -1.0%. Based on the very poor order situation and a low number of building permits, which shrank again by almost a fifth between January and November 2024, a low level of new residential construction is also expected for 2025. The German Institute for Economic Research (DIW) expects the volume of residential construction to fall by 1.2% in real terms (new construction -1.8%; existing buildings -0.9%). A decline is also expected for non-residential buildings in 2025. The total German construction volume is expected to fall by a further 0.8%. Although a recovery in

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commercial and residential construction is likely to begin in 2026, construction activity is expected to remain at a very low level. The DIW anticipates a quarter lower construction volume in residential construction in 2026 compared to the last boom year 2020.

Construction industry: development of European construction output
in %	2024	2025e	2026e
Western Europe	-2.4	0,4	1,6
Eastern Europe	-2.7	3,0	4,7
Europe	-2.4	0,6	1,8

Source: Euroconstruct / ifo Institute (19 core markets in total)

In the USA, key data, including declining building permits and new construction starts at the end of 2024, suggest a slight slowdown in private US residential construction in 2025. According to FMI Insights, the high demand of around 1.5 million apartments and the expected further fall in interest rates will stimulate the construction of new single-family homes (+4%) as well as conversion and extension activities (+5%). In contrast, there are signs of a massive slump in the construction of apartment buildings (-13%). The commercial sector, which includes office, retail and accommodation buildings, is also expected to fall by 9%. In contrast, the US is substantially promoting investment in semiconductors, electric vehicles, green energy and sustainable production processes, meaning that construction investment in factories and production facilities should benefit greatly. In addition, construction activities in the water supply sector (+9%) are expected to remain on the upswing in 2025. Spending on repairs and renovations, which is a key driver of the NDS-business, is expected to return to moderate growth in 2025. The Harvard JCHS Lira Index anticipates an increase of 1.2%. The experts at John Burns Real Estate Consulting (JBREC) are somewhat more optimistic and expect the market for repairs and renovations to grow by around 4% in 2025.

Legal and regulatory influencing factors

As part of the international orientation of its business and against the background of its acquisition strategy, NORMA Group is obliged to comply with various legal and tax regulations. Product safety and product liability laws, construction, environmental and employment law requirements as well as foreign trade and patent law all play a role here. 4 RISK AND OPPORTUNITY REPORT

NORMA Group's product strategy is influenced by the growing density of regulation in environmental law in key industries. NORMA Group sees many opportunities to benefit from current global megatrends on the one hand and regulatory developments on the other. This includes the area of climate change mitigation and decarbonization. Related to this are developments in the area of the energy transition and the application field of alternative energy generation and storage. Since 2024, the latter have been increasingly addressed by the strategic business unit Industry Applications, among others. In addition to applying new, customer-specific approaches, the division also draws on years of engineering development experience from Mobility & New Energy's direct OEM business. In terms of synergies, the Group is focusing in particular on identifying adapted product applications for relevant market segments based on products already established on the market, as well as starting points for direct business.

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In the area of Water Management various regulatory initiatives and government measures aimed at improving the supply of water to the population – not least due to advancing climate change – have also gained influence for NORMA Group as a result of the business that has grown over the years. NORMA Group continues to see further opportunities for the global Water Management business due to the need for responsible use of the important resource of water and the associated increase in demand for corresponding product solutions. These are intended to support customers in meeting the constantly tightening regulatory requirements.

In addition, the structural change in the automotive industry, which is bringing lower-emission drive technologies into focus, continues to be an important driver for NORMA Group's sales – and especially for the Mobility & New Energy business unit. NORMA Group's business is benefiting from new emission regulations and fleet regulations as well as the strong trend towards alternative drive models. The increasing electrification of the automotive industry in particular is presenting original equipment manufacturers (OEMs) with new challenges. This opens up new opportunities and business areas for NORMA Group, particularly in the field of thermal management. 4 RESEARCH AND DEVELOPMENT After all, the increasing complexity of systems in vehicles – due to downsizing or hybrid vehicles, for example – also increases the number of interfaces and thus the demand for reliable joining technology.

Future development of NORMA Group

NORMA Group places a strategic focus on sustainable value creation. Key objectives include steady sales growth, profitability above the industry average, and the most efficient use of capital. In addition, NORMA Group pursues specific sustainability goals to meet its own commitment to responsible treatment of people and the environment. This includes, among other things, reducing CO2 emissions. ⁴ STRATEGY AND GOALS

NORMA Group's financial performance indicators include Group sales, adjusted EBIT, respectively the adjusted EBIT margin, and net operating cash flow. These indicators also contribute to the so-called NORMA Value Added (NOVA). CO2 emissions have been considered the key non-financial performance indicator since fiscal year 2023. Since 2020, these emissions have also been a target for determining part of the Management Board's long-term compensation (ESG-LTI). 4 CONTROL SYSTEM AN KEY PERFORMANCE INDICATORS

The expected development of the key financial performance indicators and the CO2 emissions target for fiscal year 2025 are set out below. The following should be noted in particular: NORMA Group's following forecast is based on the reporting structure valid as of December 31, 2024, and expected for the time being in 2025. The reasons for this are as follows: on November 28, 2024, NORMA Group announced its decision to sell the global activities of the Water Management business unit. The outcome and result of the sales process initiated in January 2025 are still open at the time of approval of the consolidated financial statements (March 18, 2025) and will also be influenced by external factors. From the current perspective, the criteria that would justify classifying the business activities as "discontinued" are therefore not met at the aforementioned date. The sales and earnings contributions of the global activities of the Water Management business unit are therefore included in NORMA Group's following forecast.

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Overall statement by the Management Board on the expected development in fiscal year 2025

Based on the assessments of relevant economic research institutes and industry associations presented in the forecast report, the Management Board of NORMA Group expects that overall economic development will remain challenging in fiscal year 2025. In particular, ongoing geopolitical tensions are creating uncertainty and high volatility in the market environment. An increasingly looming trade war due to protectionist measures by the US government – such as the introduction of punitive tariffs and the corresponding consequences worldwide – is seen as a potentially negative factor. Negative impulses for global economic development are also still expected from further developments in the Ukraine war and the Middle East, as well as the associated impacts on global value and transport chains. Given the continuing difficult environment, the Management Board of NORMA Group SE is approaching fiscal year 2025 with the necessary caution.

Development of Group sales in 2025

Against the backdrop of the volatile environment, NORMA Group's Management Board expects business development to continue to be characterized by subdued demand, particularly in the first half of 2025. In contrast, the second half of 2025 is expected to see a revival of business in some of NORMA Group's relevant customer industries. Taking the factors mentioned here into account, the Management Board anticipates Group sales for the 2025 fiscal year in the range of around EUR 1.1 billion to around EUR 1.2 billion. However, this forecast is based on the assumption that no further negative factors arise worldwide during 2025 that could place significant pressure on NORMA Group's business development.

Adjusted EBIT margin

One of NORMA Group's main focuses is maintaining and expanding profitability. Accordingly, all business activities are strategically aligned with this goal. The Group's profitability is to be sustainably increased through appropriate operational efficiency measures, for example, as part of the 4 GROWTH AND EFFICIENCY PROGRAM "STEP UP": program. This includes, for example, continuous optimization of operational business processes aimed at aligning the Group for sustainable profitable growth and further improving and maintaining NORMA Group's competitiveness in the long term. The measures from the "Step Up" program are to be continued in fiscal year 2025, and are expected to have a positive impact on earnings development. At the same time, it can be assumed that the declining sales trend since the fourth quarter of 2024 and influenced by external factors will also be reflected in the EBIT margin, especially in the first half of 2025. In addition, the development of the adjusted EBIT margin in fiscal year 2025 is influenced by expenses related to the prematurely departure of former CEO Guido Grandi, announced on February 17, 2025.

Against this backdrop, the Management Board expects an adjusted EBIT margin of around 6% to around 8% for the 2025 fiscal year. The forecast for the adjusted EBIT margin is subject to the assumption that no massively adverse market conditions arise that could potentially lead to significant additional costs or restrictions in the implementation of operational efficiency measures.

With regard to the adjustment of earnings, the Management Board expects, as in previous years, that depreciation and amortization of tangible and intangible assets in connection with purchase price allocations in the context of past business combinations will be taken into account. These will total up to approximately EUR 15 million in the 2025 fiscal year, depending on exchange rate developments.

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In addition, on the one hand transaction costs totaling approximately EUR 20 million are expected in connection with the sale of the global Water Management business. On the other hand, extraordinary expenses are expected for the organizational transformation in connection with the sale of the Water Management business unit, the exact amount of which cannot yet be estimated. The company intends to adjust all extraordinary expenses in the operating result (EBIT).

Net Operating Cash Flow

Assuming continued positive effects in working capital management, net operating cash flow is expected to reach a value in the range of around EUR 75 million to around EUR 95 million in fiscal year 2025.

NORMA Value Added (NOVA)

For fiscal year 2025, the Management Board expects a NOVA in the range of around EUR -40 million to around EUR -20 million.

Carbon Dioxide Emissions

The sustainable reduction of greenhouse gas emissions (GHG emissions) at its global sites is a key objective for NORMA Group. The target for fiscal year 2025 is to avoid 1,000 tons of greenhouse gas emissions through the implementation of measures. This target includes not only NORMA Group's production sites but also its distribution centers. Furthermore, the figure of 1,000 tons of GHG emissions refers to both Scope 1 and Scope 2 emissions combined.

Future development of NORMA Group T061

Key performance indicator			Value 2024 Forecast for fiscal year 20251
Group sales	EUR million		1,155.1 In the range of around EUR 1.1 billion and around EUR 1.2 billion
Adjusted EBIT margin	%		8.0 In the range of around 6% to around 8%
Net operating cash flow	EUR million		105.4 In the range of around EUR 75 million to around EUR 95 million
NORMA Value Added (NOVA)	EUR million		-38.8 In the range of around EUR -40 million to around EUR -20 million
CO2 emissions2, 3	t CO2eq	4,171	Avoidance of 1,000 tons of CO2 equivalents of emissions emitted at NORMA Group sites

1_This forecast is based on the Group structure valid as at December 31, 2024.

2_The CO2 emissions for the target value were reported in the management system up to the end of the 2024 financial year based on the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 only includes emissions from natural gas and liquid gas and Scope 2 emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites were taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energy sources at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value.

3_The methodology described in footnote 2 was used in the management system until the end of 2024 based on the forecast for CO2 emissions of "below 9,600 tons of CO2 equivalents" issued in fiscal year 2024. The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. This means that in future annual reports, the emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in the Scope 1 to Scope 3 categories for all locations worldwide in the management system.

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Risk and Opportunity Report

NORMA Group is exposed to a wide variety of risks and opportunities that can have a positive or negative shortterm or long-term impact on its earnings, assets and financial position. For this reason, opportunity and risk management represents an integral component of corporate management for NORMA Group, at both the Group management level and at the level of the individual companies and functional areas. Due to the fact that all of the Company's activities are associated with risks and opportunities, NORMA Group considers identifying, assessing, and managing opportunities and risks to be a fundamental component of executing its strategy, securing the short and long-term success of the Company and sustainably increasing shareholder value. In order to achieve this over the long-term, NORMA Group encourages its employees in all areas of the Company to remain conscious of risks

Risk and opportunity management system

and opportunities.

NORMA Group defines opportunities and risks as possible future developments or events that could have a positive or negative impact on the Group's forecasts or targets. The focus with regard to possible deviations is on a period of three years for concrete opportunities and risks. Opportunities and risks that could have an impact on the Company's success beyond this period of time are recorded and managed at the Group management level and taken into consideration in the corporate strategy. The assessment of the individual opportunity and risk categories takes a period of up to three years into account, unless a different period is specified in the individual categories. NORMA Group assesses the opportunities and risks it identifies using systematic evaluation procedures and quantifies them in terms of both their financial impact – i. e. gross and net impact on the planned earnings figures – and their probability of occurrence. NORMA Group's risk management system is generally based on the regulatory requirements of the "Audit Standard 340 new version" of the Institute of Public Auditors in Germany (IDW PS 340 as amended). Opportunities are considered and documented in a process that is separate from NORMA Group's risk management system.

The Management Board of NORMA Group is responsible for maintaining an effective risk and opportunity management system. The Supervisory Board is responsible for monitoring the effectiveness of the Group's risk management system. Compliance with the Group's risk management policy in the individual companies and functional areas is subject to the internal audit department's periodic reviews. The Management Board is not aware of any circumstances from dealing with the risk management system that argue against the appropriateness and effectiveness of the implemented risk management system.⁹

⁹ The Management Board's assessment of the appropriateness and effectiveness of the internal control and risk management system is made in accordance with the German Corporate Governance Code ("GCGC") and exceeds the legal requirement for the Condensed Management Report. In this respect, the disclosure is excluded from the substantive examination of the Condensed Management Report by the auditor.

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Risk management process

The risk management process at NORMA Group includes the core elements of risk identification, risk assessment and controlling and monitoring risks and is coordinated by the Risk Management department at Group level. The risk management process is fully depicted in an integrated software solution. The risk managers at all organizational levels of NORMA Group record the risks that are identified and assessed in this software. For all risks, a review and approval of the respective risks is carried out by the risk or functional managers at Group level. The process of identifying, evaluating and controlling risks is accompanied by continuous monitoring and communication of the reported risks by the respective risk managers.

Risk identification is carried out bottom-up by the individual companies as well as top-down by the individuals responsible for functions at the regional and Group levels. Various methods that correspond to the structure of the organization are used to identify risks. Such methods include interdisciplinary workshops, interviews and checklists, but also market and competitive analyses. In certain cases, analyses of the process workflows as well as results from internal and external audit reports are used. Risk managers are responsible for verifying on a regular basis whether all material risks have been recorded.

As part of the risk assessment process, the risks identified are evaluated using systematic assessment procedures and quantified in terms of both their financial impact (on earnings and liquidity) and their probability of occurrence. This involves recording those risks that can be specified and substantiated and that exceed a defined threshold in terms of the potential amount of damage. Risks are generally assessed taking possible scenarios into account in order to be able to present a risk assessment that is as realistic as possible.

As part of risk controlling, the appropriate risk mitigating measures are developed and implemented, and their implementation is monitored. These include, in particular, strategies to avoid, reduce and hedge against risks. Risks are managed in accordance with the principles of the risk management system as described in the Group risk management policy.

Risk reporting

Group-wide recording and assessment of risks as well as their reporting to the functional managers and individual companies by functional areas, the management of the segments, the Management Board and the Supervisory Board took place on a quarterly basis. In addition, risks that are identified within a quarter and whose expected value could have a significant impact on the results of the Group are reported ad hoc to the Management Board and, if necessary, to the Supervisory Board.

In order to analyze NORMA Group's overall risk situation and initiate appropriate countermeasures, all recorded and assessed risks are aggregated into a risk portfolio. For this purpose, statistically reliable methods are applied in the risk management software in operation. Here, the scope of consolidation for risk management corresponds to the scope of consolidation in the Consolidated Financial Statements. In this context, the overall risk position determined in relation to NORMA Group's risk-bearing capacity for the period under review is monitored regularly by the Management Board for developments that could potentially jeopardize the Company's continued existence. In addition, NORMA Group categorizes risks according to type and the functional area they affect. This makes it possible to aggregate individual risks into risk groups in a structured manner. This aggregation enables NORMA Group to identify and manage not only individual risks, but also trends, and thus sustainably influence and reduce the risk factors with certain types of risks. If not indicated differently, the risk assessment applies for all regional segments.

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Opportunity management process

Operational opportunities are identified, documented and analyzed in monthly meetings at the local and regional level and by the Management Board. In addition, measures aimed at capitalizing on strategic and operational opportunities through local and regional projects are approved at these meetings. The identification and success of the implementation of potential opportunities are tracked and reviewed by producing regular forecasts as part of periodic reporting. Strategic opportunities are recorded and evaluated as part of annual planning. Significant opportunities are presented in NORMA Group's Annual Report after the fiscal year has ended.

Internal control system of NORMA Group

The internal control system as the totality of all systematically defined controls and monitoring activities aims to ensure the security and efficiency of business processes, the reliability of financial reporting and the compliance of all activities with laws and guidelines. An effective and efficient internal control system is crucial to successfully manage risks in our business processes. In its design, NORMA Group's internal control system therefore fundamentally considers all material business processes of Group-wide activities, whereby the design of the internal control system falls under the responsibility of the Management Board.

NORMA Group SE – Annual Report 2024 213

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As part of their regular audits and monitoring activities in the course of the year, the operating companies and the regional management of NORMA Group confirm the status of implementation of the internal control system for the respective areas of responsibility in a structured process at the end of each quarter. In addition, to ensure the effectiveness of the internal control system, regular reviews of relevant processes and controls by Internal Audit are carried out. The Management Board is not aware of any circumstances in dealing with the internal control system – based, among other things, on regular reporting by the individual companies and regions – that argue against the appropriateness and effectiveness of the internal control system.¹⁰

Internal control and risk management system with regard to the Group accounting process

NORMA Group's internal control and risk management system with regard to the Group accounting process can be described as follows. The system is geared towards identifying, analyzing, assessing and managing risks as well as monitoring these activities. The Management Board is responsible for ensuring that this system meets the Company's specific requirements. Based on the allocation of responsibilities within the Company, the CFO is responsible for the Finance and Accounting divisions. These functional areas define and review the Group-wide accounting standards within the Group and compile the information used to prepare the Consolidated Financial Statements. The need to provide accurate and complete information within predefined timeframes represents a significant risk for the accounting process. Because of this, requirements must be communicated clearly, and the respective units must be put in a position to meet these requirements.

Risks that could affect the accounting process arise, for example, from the late or incorrect entry of business transactions or non-compliance with accounting rules. The failure to enter business transactions also represents a potential risk. In order to avoid errors, the accounting process is based on the separation of duties and functions or responsibilities as well as plausibility checks as part of the reporting process. Both the preparation of the financial statements of the Group companies included in the Consolidated Financial Statements and the consolidation measures based on these are characterized by consistent observance of the "dual control principle." Comprehensive and detailed checklists must be completed before the respective reporting deadlines. The accounting process is fully integrated into NORMA Group's risk management system. This ensures that accounting risks are identified at an early stage and that measures to prevent and avert risks can be implemented without delay.

The internal control system ensures the accuracy of NORMA Group's financial reporting with respect to its accounting process. The internal audit department also reviews the accounting processes on a regular basis to ensure that the internal control and risk management system is effective. External specialists also support these efforts.

The IFRS accounting standards as they are to be applied in the European Union are summarized in an accounting manual that includes an account assignment guideline (IFRS Accounting Manual). All companies in the Group must base their accounting processes on the standards described in the Accounting Manual. Important accounting and valuation standards, such as the recognition and measurement of fixed assets, inventories and receivables, as well as provisions and liabilities, are defined in a binding manner. Furthermore, "IFRS Instruction Letters" are sent to all Group companies before the start of the respective closing process and key accounting requirements are explained again. Tax issues and responsibilities are regulated in a Group tax guideline. The Group also has systemsupported reporting mechanisms to ensure that identical situations are handled in a uniform manner across the Group.

¹⁰ The Management Board's assessment of the appropriateness and effectiveness of the internal control and risk management system is made in accordance with the German Corporate Governance Code ("GCGC") and exceeds the legal requirement for the Condensed Management Report. In this respect, the disclosure is excluded from the substantive examination of the Condensed Management Report by the auditor.

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The Consolidated Financial Statements and Condensed Management Report are prepared according to a uniform time schedule for all companies. Each company in the Group prepares its separate financial statements in accordance with the applicable local accounting guidelines and IFRS. Intra-Group deliveries and services are recorded in separately designated accounts by the Group companies. The net balances of Intra-Group offsetting accounts are reconciled on the basis of defined guidelines and schedules by means of balance confirmations. The companies in the Group use a central reporting system for financial reporting. In accordance with NORMA Group's regional segmentation, technical responsibility for the financial area is shared by both the financial officers in the Group companies as well as by the regional CFO for the respective segment. They are involved in the quality assurance of the financial statements of the Group companies included in the Consolidated Financial Statements. The comprehensive quality assurance of the financial statements of the Group companies included in the Consolidated Financial Statements is carried out by Group Accounting, Tax & Reporting, which is responsible for preparing the Consolidated Financial Statements. The preparation of the Condensed Management Report is the responsibility of the Investor Relations department, which reports directly to the member of the Management Board of NORMA Group responsible for finance, the CFO. In addition, the data and disclosures of the Group companies as well as the consolidation measures for the preparation of the Consolidated Financial Statements as well as the disclosures in the Condensed Management Report are verified by the external auditor, taking into account the associated risks, as part of the risk-oriented audit of the Consolidated Financial Statements and the Condensed Management Report.

The financial accounting systems used by the NORMA Group companies will continue to be successively standardized to the Group standard. All systems have structured access authorizations. The respective management decides on the type, design and allocation practices of the access authorizations in consultation with the central specialist departments.

Risk and opportunity profile of NORMA Group

As part of the preparation and monitoring of its risk and opportunities profile, NORMA Group assesses risks and opportunities based on their financial impact and their probability of occurrence. The financial impact of opportunities and risks is assessed based on the effect on the Group's earnings or liquidity. The following four categories are used to determine the potential maximum average annual impact in the period under review of the risk management system.

Low: up to EUR 5 million effect on earnings or liquidity
Moderate: more than EUR 5 million and up to EUR 15 million effect on earnings and or liquidity
Significant: more than EUR 15 million and up to EUR 30 million effect on earnings or liquidity
High: more than EUR 30 million effect on earnings or liquidity

The probability of individual risks and opportunities occurring is quantified based on the following four categories. In order to make the assessment of probabilities of occurrence easier to understand, the names of the categories used have been revised compared to the last Annual Report:

Very unlikely: up to 5% probability of occurrence (previously: "unlikely")
Unlikely: more than 5% and up to 25% probability of occurrence (previously: "possible")
Possible: more than 25% and up to 50% probability of occurrence (previously: "probable")
Probable: more than 50% probability of occurrence (previously: "very probable")

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The main areas of risk and opportunity related to NORMA Group's business model are described below. Unless stated otherwise, the risk and opportunity profile represents the assessment of the management of NORMA Group as of the reporting date December 31, 2024. The financial effects and probabilities of occurrence are presented as net effects, i. e. taking countermeasures already initiated into account.

Financial risks and opportunities

NORMA Group is exposed to various financial risks, including default, liquidity and market risks. The Group's financial risk management strategy concentrates on the identification, assessment and mitigation of risks, focusing on minimizing the potential negative impact on the Company's earnings, assets and financial position. Derivative financial instruments are also used to hedge certain risk items. Financial risk management is performed by the Group Treasury & Insurance department (Group Treasury). Group Management defines the areas of responsibility and necessary controls related to the risk management strategy. Group Treasury is responsible for identifying, assessing and hedging financial risks in close consultation with the Group's operating units. In this context, various processes and organizational structures work together to measure and assess opportunities and risks on a regular basis and to initiate appropriate measures if necessary. Group Treasury regularly conducts analyses of default, interest rate, currency and liquidity risks. The results are then discussed internally, and actions are defined. Group Treasury also informs the senior managers of the relevant departments of significant risks in a committee that meets twice a month and discusses how to deal with these risks and their potential impact on NORMA Group. 4 NOTES

Capital risk management

NORMA Group's objective when it comes to managing its capital is primarily the long-term servicing of its debts and remaining financially stable. As of December 31, 2024, NORMA Group is not subject to the obligation to comply with a financial covenant in any of its financing agreements. Only the financing costs of the individual financing agreements depend on the level of the financial covenant total net debt cover (debt in relation to adjusted Group EBITDA). The level of this key figure is continuously monitored, as is the level of net debt and the maturity structure of financial liabilities. Changes in the value of the parameters included in this financial indicator are limited by employing long-term hedging strategies. Other financial covenants exist only as part of a syndicated bank loan negotiated in 2019 and are tested only in advance of possible M&A transactions without providing the creditor banks with grounds to terminate the loan.

Default risks

Default risks are risks that contractual partners of NORMA Group fail to meet their obligations arising from business activities and financial transactions. Due to the nature of the respective assets and business relationships as well as the soundness of its current banking partners, default risks with respect to deposits and other transactions concluded with credit and financial institutions currently do not represent a major risk category for NORMA Group. Nevertheless, the creditworthiness of the contract partners is continuously monitored and discussed at regular senior management meetings.

Relevant default risks can arise, however, with respect to business relationships with customers and relate to outstanding receivables and committed transactions. NORMA Group reviews the creditworthiness of new customers to minimize the risk of default on trade receivables. In addition, the Company generally only supplies to customers whose creditworthiness does not meet the Group's requirements or who have defaulted on payment if they pay in advance. In addition, a diversified customer portfolio reduces the financial repercussions of default

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risks. Despite the above-mentioned measures, the probability of occurrence of default risks is estimated to be "possible", especially since it is still not possible to fully assess the future effects of economic and economic developments on potential insolvencies of individual customers 4 ECONOMIC AND ECONOMIC RISKS. However, the potential financial effects of default risks is classified as "low", as in the previous year, in view of the relevant factors, such as bad debt losses experienced in the past, and due to the countermeasures taken.

Liquidity risks and opportunities

Prudent liquidity risk management requires holding sufficient cash funds or marketable securities, having sufficient financing from committed lines of credit and being able to close out market positions. Due to the dynamic nature of NORMA Group's business, Group Treasury seeks to ensure flexibility in financing by keeping committed credit lines available. Therefore, NORMA Group's primary objective is to ensure the uninterrupted solvency of all Group companies. Group Treasury is responsible for liquidity management and thus for minimizing liquidity risks. As at December 31, 2024, cash and cash equivalents amounted to EUR 127.4 million (2023: EUR 165.2 million). In addition, NORMA Group has a high level of financial flexibility thanks to a committed revolving credit line with national and international credit institutions in the amount of EUR 100 million. As at December 31, 2024, the committed credit line was not drawn (previous year: EUR 0 million). In addition, NORMA Group launched a commercial paper program with a total volume of EUR 300 million in 2019, which can be used flexibly to cover short-term liquidity requirements. These money market papers, which are equivalent to bearer bonds, are issued on a revolving basis for a short-term period of 1 to 52 weeks and thus allow for the Group's own liquidity to be managed in line with requirements. As at 31 December 2024, the commercial paper program with a volume of EUR 0 million (2023: EUR 0 million) was used as a source of refinancing.

NORMA Group sees financial opportunities, among other areas, in its good creditworthiness as well as its solid asset, financial and earnings positions, which will facilitate capital costs in line with the market. Accordingly, the financing concluded in 2019 is characterized by an increase in the committed degrees of freedom and lower interest costs. This bank loan of EUR 250 million also includes a sustainability component linked to an external rating. In 2024, as in the previous year, NORMA Group achieved a corresponding sustainability scoring, which enabled savings in the external credit margin to be realized. The liquidity-based opportunities are still regarded as "possible" despite the current uncertain global economic and business situation (cf. 4 ECONOMIC AND CYCLICAL RISKS AND OPPORTUNITIES), in particular due to the stable business relationship with banking partners and the resulting reputation on the capital markets. After a phase of rising interest rates, which peaked in 2023, monetary policy began to be eased in mid-2024, leading to interest rate cuts. The opportunities of this interest rate turnaround for more favorable financing options are considered "possible", although the financial impact is assessed as "low". 4 FINANCIAL POSITION

The Group's financing agreements do not currently contain any standard market credit terms (financial covenants). Although these are part of the financing agreements, they are only due to a link to the amount of the financing costs. As a result, compliance with financial covenants due to a possible increase in interest rates has only a minor financial impact and the risk is still considered very unlikely due to the current profitability and Cash flow from operating activities. Irrespective of the scope of financial covenants, compliance with them is continuously monitored in order to be able to take appropriate measures at an early stage if necessary and to avoid any worsening of the conditions. NORMA Group uses rolling hedging transactions if necessary to hedge balance sheet items in foreign currencies whose valuation leads to fluctuations in the profit and loss account. Group Treasury ensures that sufficient liquidity or granted credit lines are available at all times to cover any possible cash outflows related to these hedging measures. This is continuously monitored by means of risk simulation and discussed in senior management meetings. The probability of liquidity risks having a negative impact on NORMA Group's

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activities is considered unlikely due to the high financial flexibility provided by committed and not yet fully utilized bank credit lines. In the event of (short-term) increased liquidity requirements that exceed currently negotiated lines, the possibilities of raising funds at market conditions, by issuing new bonds on the commercial paper market, for example, are considered to be good, as in the previous year.

Exchange rate developments

As an internationally operating company, NORMA Group is active in more than 100 countries and therefore exposed to foreign currency risks. The US dollar, British pound, Swiss franc, Chinese renminbi, Polish złoty, Swedish krona, Czech koruna, Singapore dollar, Indian rupee, Serbian dinar and the Mexican peso are considered to be the main risk prone currency positions.

Foreign currency risks that cannot be offset against each other are hedged if necessary by using futures contracts. The high volatility of many major currencies and the particular influence of the US dollar on the Group's earnings, assets and financial position represent a considerable risk that can only be hedged in part and only for a short period of time. In the medium term, NORMA Group will strive to counteract currency risk by increasingly producing locally. 4 PRODUCTION AND LOGISTICS

Because the Group's subsidiaries operate in key countries with currencies other than the euro, it has sufficient cash-in and cash-out capabilities to absorb short-term exchange rate fluctuations via targeted income and expenditure management. Existing financing arrangements also provide for utilization in different currencies (e.g. US dollar and euro tranches). The remaining foreign currency risks are continuously monitored in the Group and, in the event that risk limits are exceeded, transferred to the euro on a rolling basis using derivative hedging instruments. Translation risks are continuously monitored by Group Treasury. Nevertheless, items in the Statement of Financial Position and the Statement of Comprehensive Income of subsidiaries in foreign currency areas inevitably result in translation effects when they are translated into euros.

As in the previous year, the potential financial effects of opportunities and risks related to exchange rate changes are considered to be "low" based on the sensitivity analyses that have been performed. As in the previous year, the probability of these opportunities and risks occurring is considered to be "probable" with regard to the further development of the relevant exchange rates.

Changes in interest rates

Changes in global market interest rates affect future interest payments for variable interest liabilities and can therefore have an adverse effect on the Group's earnings, assets and financial position. NORMA Group's interest change risk arises in particular from long-term loans.

Some of the current loans have fixed interest rates and are therefore not subject to interest rate risk. 4 FINANCIAL AND LIQUIDITY MANAGEMENT GOALS AND STRATEGIES

Loans that initially had variable interest rates were partly synthetically converted into fixed interest rate positions using derivative instruments. NORMA Group has hedged around 60% of its variable interest rate loans in USD valued at USD 67 million in total. The remaining USD floating rate loans are unsecured and continuously monitored by Group Treasury. On the other hand, variable rate loans denominated in euros in the amount of EUR 169 million are unhedged. Due to the Group's internal interest rate expectations, this item is deliberately not hedged. In the event of an increase in interest rates, Group Treasury would limit the interest rate risk by using appropriate hedging measures.

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After the interest rate turnaround in summer 2024, NORMA Group classifies the risk of interest rate hikes in the eurozone as "very unlikely" in the short term (previous year: "unlikely") and "very unlikely" in the medium term, as in the previous year. In view of the current interest rate level in the eurozone, the chances of an interest rate cut are assessed as "possible" in the short term (previous year: "probable") and "unlikely" in the medium term (previous year: "probable"). In the US dollar area, interest rate cuts are considered possible (previous year: "probable"), which could lead to corresponding opportunities for NORMA Group. As in the previous year, NORMA Group considers the risk of rising US interest rates to be "unlikely". In light of the measures already implemented to optimize the financing structures, the financial effects associated with these risks and opportunities are assessed as "low".

In summary, NORMA Group assesses the opportunities from interest rate changes as "possible" (previous year: "probable"), while risks from interest rate changes are "very unlikely" (previous year: "unlikely"). The possible effects are classified as "moderate", as in the previous year, in all scenarios.

Economic and cyclical risks and opportunities

NORMA Group's success largely depends on the macroeconomic trends on its sales markets and its customers' sales markets. Therefore, important indicators of economic development worldwide are taken into account both in planning and in risk and opportunity management. In order to gauge the macroeconomic trend, NORMA Group relies, among other sources, on the forecasts of widely regarded institutions such as the IMF, the Bundesbank and reputable economic research institutes.

In the past fiscal year, economic development was significantly influenced by the Russia-Ukraine war, inflationary trends and global tendencies towards political and economic fragmentation. According to the IMF, global growth in 2024 amounted to 3.2%.

For the current fiscal year, the overall economic development continues to be regarded as a significant risk factor for NORMA Group's business activities, with future interest rate developments and the level of inflation in conjunction with the development of demand acting as key influencing factors. Existing and potentially new geopolitical conflicts and trends towards economic fragmentation and their potential impact on global value chains act as significant risk factors. In particular, economic policy measures by the US government, such as punitive tariffs on goods imports for individual countries or selected product groups (e.g. steel and aluminum), could have a significant impact on overall economic development. Although renowned economic research institutes do not expect a global recession in the 2025 fiscal year, they do expect economic growth to remain weak overall at 3.3% due to the tense economic situation.

In its assessment of the possible macroeconomic consequences of these developments, NORMA Group has come to the conclusion that a negative development of the global economy compared to the planning assumptions is currently classified as "possible" (previous year: "unlikely"), taking these risks into account. Should these factors lead to an impairment of global demand, the financial deviations compared to the planning are estimated to be "moderate". A positive development of the global economy that extends beyond the planning assumptions would represent an opportunity for NORMA Group. The Company still considers it "unlikely" that the global economic situation and thus NORMA Group's earnings will improve beyond the planning assumptions. In the overall view of the current macroeconomic climate and the prospects based on it, the potential financial impact of these opportunities is also considered "moderate", as in the previous year.

Industry-specific and technological risks and opportunities

Industry-specific and technological risks and opportunities for NORMA Group are closely linked to the conditions and developments in the respective customer industries. 4 PRODUCTS AND END MARKETS It should be borne in mind, however, that the customer industries in the regions relevant to NORMA Group, EMEA, the Americas and Asia-Pacific, have partly specific characteristics and challenges.

Industry Applications and Water Management are important sectors for NORMA Group. In particular, the current global megatrends in many fields and areas of application and the resulting potential for opening up new sales markets present entrepreneurial opportunities. In the Industry Applications segment, NORMA Group sees significant opportunities in the development of additional markets and industries, the establishment of additional, customer-specific product solutions and the use of new sales channels. With regard to new sales channels, NORMA Group sees particular opportunities in the expansion of project business with original equipment manufacturers (direct business). Furthermore, new approaches, such as the planned establishment of a comprehensive service business, offer very good growth opportunities from the Group's perspective. NORMA Group also continues to see further opportunities in the area of Water Management due to the need for responsible use of the important resource of water on the one hand and the increasing number of heavy rainfall events in the various regions of the world and the associated rise in demand for corresponding product solutions on the other. From NORMA Group's perspective, there are growth opportunities here, especially in the APAC and EMEA regions, not least supported by stricter regulation due to the effects of climate change.

Business activities with OEMs for passenger cars and commercial vehicles as well as customers in the aftermarket segment continue to represent the most important end markets for NORMA Group in terms of sales. In this area, the increasingly strict emission standards worldwide and the growing use of more environmentally friendly drive technologies in particular represent a development that is associated with various opportunities and risks for NORMA Group. NORMA Group's current product portfolio includes a wide variety of product solutions that help reduce emissions from passenger cars and commercial vehicles with combustion engines, including hybrid vehicles, and thus help customers meet ever-stricter emission requirements.

NORMA Group is also well positioned for the growth market of electromobility thanks to its future-oriented product portfolio. Accordingly, research and development activities relating to purely battery-powered electric vehicles and hybrid vehicles represent a strategic focus, as part of which new product solutions are being developed and current products constantly enhanced. Regulatory measures such as stricter exhaust gas standards and the resulting increased demand for environmentally-friendly products and technologies therefore open up a variety of opportunities for NORMA Group in the fields of Mobility & New Energy. NORMA Group continues to systematically analyze market developments in the area of future technologies and consistently develops new products based on these. Products have been successfully placed on the market since 2018, particularly in the area of fuel cellpowered vehicles. NORMA Group will continue to focus part of its development capacities on the area of fuel cellpowered commercial vehicles in the future, as high demand is expected in all regions. 4 RESEARCH AND DEVELOPMENT

On the other hand, the ongoing discussion about compliance with emission standards for vehicles with combustion engines poses risks for NORMA Group in the Mobility & New Energy business unit. In particular, high volatility in demand can still be observed in the market due to the uncertainties surrounding new regulations and technologies. Furthermore, declines in vehicle production due to the market environment could lead to lower sales for NORMA Group. Last but not least, increased competition among manufacturers can be observed in the Mobility & New Energy unit, especially in the APAC region, which could lead to an overall reduction in production and sales for established automotive manufacturers – and the associated reduction in sales for NORMA Group customers.

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NORMA Group's strong customer diversification in various customer industries is a significant risk-reducing factor with regard to the existing risks. NORMA Group counters long-term industry-specific opportunities and risks through a consistent innovation policy and regular market analyses, which provide the best possible support for the targeted identification of and focus on high-growth future markets.

In summary, the sector-specific and technological opportunities and risks are assessed as "possible" (previous year: "unlikely") with a "moderate" financial impact.¹¹

Risks and opportunities associated with company strategy

NORMA Group's strategic goal is to achieve a sustained increase in the Company's value. In view of this goal, NORMA Group is pursuing the strategy of profitably expanding its business activities through organic growth as well as selective value-enhancing acquisitions and achieving broad diversification with respect to its products, regions and end markets, in order to become less dependent on individual products, regions and end markets. This goes hand in hand with NORMA Group's aspiration to grow in current end markets and tap into new end markets with innovations, superior product quality and strong brands, as well as to continuously improve the efficiency of its business processes in all functional areas and regions. 4 STRATEGY AND GOALS Furthermore, NORMA Group addresses sustainability issues such as climate change as well as water and resource scarcity with its strategic orientation and pursues corresponding activities as part of the company-wide CSR program. The resulting opportunities and risks are evaluated on a regular basis. 4 CLIMATE CHANGE

Besides the Company's strategic activities aimed at continuing to develop the business organically, NORMA Group sees considerable opportunities to sustainably increase the Group's financial result, particularly through its strategy of profitably expanding its business activities by making selective, value-adding acquisitions. Based on this strategy, NORMA Group has repeatedly made acquisitions in the past. If, however, in individual cases, the development of the acquired companies falls behind the expectations at the time of acquisition or if integration progresses more difficultly than assumed, risks could also arise from acquisitions for NORMA Group. However, NORMA Group believes that the Company's goals for the profitability of potential acquisitions, careful due diligence measures in advance of the acquisition, and well-coordinated integration plans form the basis for mitigating these risks accordingly. At the same time, the management continuously reviews all strategic options with an open mind in order to increase the value of the Company. In addition to acquisitions, this also includes the possibility of (partial) sales of active business units. The structural adjustment of the global production and distribution network is also being examined on an ongoing basis as one of the optional measures. Against this background, the Management Board decided and announced on November 28, 2024 that it would initiate a process to sell the global business activities of the Water Management strategic business unit. The concentration of business activities on NORMA Group's core industrial business associated with the spin-off of the international water business is intended to make considerable financial and human resources and capacities available to expand the market position in the Industry Applications strategic business unit and to strengthen the Mobility & New Energy business unit. Overall, NORMA Group therefore expects significant opportunities for the profitable expansion of its core business in the medium term. At the same time, the process is associated with risks, which could include transaction, integration and possible restructuring costs, for example.

¹¹ This takes into account corporate strategy risks and opportunities of ongoing business operations based on the Group structure valid as at December 31, 2024. Effects from potential company acquisitions or disposals - as one-off effects - will be successively sharpened in the course of the planned sale of the water business.

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In addition, opportunities for NORMA Group to achieve its financial targets arise from the broad diversification with regard to its products, regions and end markets. Should demand in individual regions and end markets or demand for individual products temporarily lag behind planning, NORMA Group still has the chance to compensate for this by turning to other regions, end markets or products. Nevertheless, such broad diversification with regard to products, regions and end markets also implies a certain degree of complexity, which can be associated with risks for NORMA Group. Because NORMA Group's diversification efforts are being carried out step by step with regard to the regions and end markets as well as its products, these risks can be limited appropriately by adapting the organization to the changed circumstances. Accordingly, NORMA Group is continuously addressing the reduction of complexity and streamlining of its current product portfolio.

With respect to the efficiency of its business processes, NORMA Group's global orientation enables the Company to set up production processes that require more manual assembly work in countries with lower labor costs and thus secure or further increase its profitability. However, these types of decisions on the locations for sites and the related investments are inevitably associated with risks if key assumptions made at the time of the investment decision prove to be incorrect. This relates, for example, to additional costs due to operational delays in the implementation of relocations or efficiency increases or cost reductions that have not been fully realized. NORMA Group addresses the respective risks by conducting careful analyses in advance of investment decisions and uses graded approval procedures. Risks from site decisions already made are evaluated across all regions and taken into account when taking decisions to optimize site capacities.

Due to the operational problems of the past, NORMA Group also introduced and implemented extensive measures in the past fiscal year to further stabilize and increase efficiency. These are aimed at both minimizing avoidable additional costs and further optimizing productivity. Despite the established activities, a residual risk remains, but this is continuously addressed by implemented measures – for example as part of the "Step Up" program initiated in spring 2023. 4 GROWTH AND EFFICIENCY PROGRAM "STEP UP"

In the context of NORMA Group's corporate strategy initiatives – and in particular taking into account the sharpening of the strategic focus with the initiated sale of the water business and the focus on expanding the market position in Industry Applications while strengthening the Mobility & New Energy business unit – the financial impact of the opportunities associated with NORMA Group's corporate strategy is assessed as "high" (previous year: "moderate") and a positive deviation from the plan as "probable" (previous year: "unlikely"). The probability of strategic risks occurring is assessed as "possible" (previous year: "very unlikely"), while the potential financial impact of corporate strategy risks is classified as "high" (previous year: "moderate")¹² .

¹² This takes into account corporate strategy risks and opportunities of ongoing business operations based on the Group structure valid as at December 31, 2024. Effects from potential company acquisitions or disposals – as one-off effects – will be successively sharpened in the course of the planned sale of the water business. In view of the planned sale of the global Water Management business, considerable cash inflows are expected, which will significantly exceed EUR 30 million. At the same time, the process is associated with risks that are classified as "high", which could include transaction, integration and possible restructuring costs, for example.

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Operational risks and opportunities

Commodity prices

The materials NORMA Group uses, in particular the raw materials steel and plastics, are subject to the risk of price fluctuations. The price trend is also influenced indirectly by the further development of the global economic situation as well as by institutional investors. NORMA Group limits the risk of rising purchase prices through systematic material and supplier risk management. Thanks to a powerful global Group purchasing structure, economies of scale are being used to purchase the most important commodity groups as competitively as possible. This Group purchasing structure also enables NORMA Group to balance out the risks of individual segments with each other. NORMA Group also constantly strives to secure permanently competitive procurement prices by continuously optimizing its selection of suppliers and applying the best-landed-cost approach. The Company also tries to reduce dependency on individual materials through constant technological advances and testing of alternative materials. NORMA Group protects itself against commodity price volatility by concluding procurement contracts with a term of up to 24 months, depending on the market situation, whereby material supply risks are minimized and price fluctuations can be calculated more accurately.

NORMA Group was able to achieve price reductions in many areas in fiscal year 2024. Details on the individual areas are provided in the 4 PURCHASING AND SUPPLIER MANAGEMENT section.

Taking into account NORMA Group's procurement portfolio and the current global market situation, price increases or material price fluctuations for raw materials are considered "probable" overall (previous year: "possible"). Due to implemented measures, such as medium-term framework agreements and regular price monitoring, the associated financial impact beyond NORMA Group's planning assumptions is estimated to be "moderate" (previous year: "low"). The opportunities arising from potentially falling commodity prices are classified as "moderate" in terms of their financial impact beyond the planning assumptions. Against the backdrop of the complete procurement spectrum and taking into account the prevailing volatility on the commodity markets, price reductions are considered "unlikely" overall.

Suppliers and dependencies on key suppliers

The loss of suppliers and dependencies on individual suppliers can lead to material bottlenecks and thus have negative effects on the Group's business activities. In order to minimize this risk, NORMA Group works exclusively with reliable, progressive suppliers who meet its high-quality requirements. All main and strategically important suppliers are visited regularly and assessed as part of quality management. If there are any indications of supplier defaults, alternative options are evaluated immediately. Risks arising from the insolvency of key suppliers, lack of delivery reliability and quality problems are also addressed by the established supplier monitoring system. In addition, the existing sourcing strategies and regular material risk analyses help reduce risks. In addition, NORMA Group has opportunities to reduce risks through the use of the operational risk management tool. This is based on artificial intelligence, which provides continuous information about external events and risks relating to suppliers, NORMA Group locations and the associated supply chains and enables immediate action to be taken. Risks from supplier dependencies are considered "possible" (previous year: "unlikely"), particularly as a result of the continued global increase and relevance of unforeseeable external events (e.g. geopolitical conflicts). Taking into account the measures taken, the potential financial impact is estimated to be "moderate" (previous year: "low").

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However, NORMA Group also sees opportunities in this area as a result of its proactive approach both in terms of current supplier relationships as well as identification of new suppliers and raw materials. As in the previous year, the resulting positive effects in comparison to planning are considered "unlikely" with a low financial impact.

Quality and processes

NORMA Group's products are often mission critical with respect to the quality, performance and reliability of the final product. Quality defects can lead to legal disputes, liability for damages or the loss of a customer. Therefore, the reliable guarantee of product quality is a key factor to ensuring NORMA Group's long-term success, so that its products provide crucial added value for its customers. Maintaining the right balance between cost leadership and quality assurance is a constant challenge. To reduce this risk, far-reaching quality assurance measures and uniform Group-wide quality standards are used-Furthermore, NORMA Group focuses on innovative and valueadded joining solutions tailored to meet customer requirements. The probability of occurrence of significant quality risks is therefore assessed as "unlikely", while the potential financial impact is classified as "low" due to existing insurance against loss events.

NORMA Group always strives to realize cost advantages and thereby strengthen its competitive position, and generally expects positive impulses from the relevant activities. In particular, this includes the continuous development and implementation of initiatives relating to cost discipline, the improvement of processes in all functions and regions and, in particular, the optimization of supply chain management and manufacturing processes. 4 PRODUCTION AND LOGISTICS As NORMA Group pursues a continuous improvement process, this creates opportunities for positive deviations beyond the planning stage. The overall probability of cost reductions and efficiency improvements is assessed as "possible" (previous year: "unlikely"). Since planning already allows for continuous optimization of production processes, and NORMA Group's processes are already extremely efficient, the short-term financial impact of a deviation from the plan as a result of improved production processes is estimated as "low". Due to extensive, Group-wide activities to track planned cost savings and process improvements, the probability that these will not be achieved is assessed as "possible" (previous year: "unlikely") and with a low financial impact.

Customers

Customer risks result from being overly dependent on important customers with whom the Group generates a rather significant share of its sales. These customers could take advantage of their bargaining power, which could lead to increased pressure on the Company's margins. Declines in demand or the loss of these customers could also have a negative impact on NORMA Group's earnings, with significant risks arising in particular from order fluctuation or reductions among customers in the automotive sector. For this reason, NORMA Group continuously monitors incoming orders and customer behavior so as to identify customer risks early. The financial repercussions of customer risks are reduced by its diversified customer portfolio. Accordingly, no single customer accounted for more than 4% of direct sales in fiscal year 2024. Overall, the risk of customer risks having a negative impact on business activities is assessed as "possible" (previous year: "unlikely"). The potential financial impact is still considered to be "moderate", particularly in light of volatile demand in the Industry Applications and Mobility & New Energy sectors.

Based on the strategy and the objective to further expand the relevant markets as well as through an attractive product range and innovative solutions, new business could be won for NORMA Group products in all regions. The opportunities for positive deviations from plan resulting from this new business are therefore assessed overall as "possible" (previous year: "unlikely"), but with a "low" effect on earnings.

Risks and opportunities of personnel management

NORMA Group's success is largely dependent on its employees' enthusiasm, commitment to innovation, expertise and integrity. The Group's human resources work is therefore aimed at developing and expanding these core competencies, among other skills. The departures of employees with vital skills as well as a shortage of trained workers could have a negative impact on NORMA Group's operations. Furthermore, competition for the most talented employees as a result of demographic developments and the shortage of skilled labor in Western industrial nations of particular importance to NORMA Group is becoming more and more intense.

NORMA Group counters these risks with far-reaching programs and activities aimed at increasing its attractiveness as an employer. Besides establishing and expanding further education, training and support programs as well as competitive remuneration systems, variable remuneration systems in particular are aimed at promoting the alignment of the workforce with the Company's success. In return, NORMA Group's employees contribute to its continuous further development by participating in employee surveys and improvement initiatives. Extensive personnel planning activities as well as a distribution of tasks that is geared towards interdisciplinary cooperation protect NORMA Group against risks that could arise if an employee leaves despite an efficient organizational structure. When identifying potential new employees who can make a crucial contribution to performance, NORMA Group also seeks the advice of external human relations advisors.

The probability of occurrence of personnel risks for NORMA Group is assessed overall as "possible" (previous year: "unlikely"), while the potential financial impact is considered "low" due to a sustainable personnel policy.

In addition, opportunities arise from the consistent further development of employees. NORMA Group fosters its employees and offers them incentives to develop their personal expertise even further through educational and training opportunities as well as the targeted search for talent within the Group. NORMA Group also offers its employees flexible and family-friendly working time models. Through the above-mentioned measures, NORMA Group actively supports the retention of knowledge and thus also ensures the development of knowledge within the Company, which will thus offer opportunities for the future development of NORMA Group. The occurrence of these opportunities is considered possible, whereby the associated financial success is considered to be low.

IT-related risks and opportunities

The use of functional and high-performance IT systems is of key importance for an innovative and global company like NORMA Group with regard to the effectiveness and efficiency of its business processes. In this context, it is critical for the Company's success to support NORMA Group's business processes, some of which are organized across company and national borders, along the value chain with stable and high-performance IT systems that provide the management at all levels of the Company with the necessary information in a timely manner and allow for workflows to be organized efficiently. IT solutions that are precisely tailored and linked to the respective ERP systems are also of immense importance for the exchange of information with NORMA Group's customers and suppliers. With regard to this business-critical IT infrastructure, there is a risk that a widespread failure of these systems, for example due to technical malfunctions of the systems or cyberattacks, could lead to serious disruptions to business operations. In particular, there continues to be a general increase in the threat of potential cyberattacks.

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In addition, NORMA Group sees the risk that external parties could gain unauthorized access to sensitive Company information and make improper use of it. In this context, unauthorized access to information on production processes, financial, customer and employee data in particular could have negative consequences for the Company.

In response to these risks, NORMA Group has implemented a number of measures that are embedded in the IT risk management process and are continuously adapted to changing conditions. For example, NORMA Group counters the IT risks that are identified by arranging for redundant provision of business-critical applications and databases via physically separated data center areas, using decentralized data storage and outsourced data archiving to a certified external provider, and by using state-of-the-art firewalls and e-mail filters and security monitoring by the dedicated Security Operations Center (SOC). Employee access to sensitive information is controlled by using authorization systems customized for the respective positions, taking into account the principle of segregation of duties. Finally, training courses for employees and awareness campaigns on aspects of information security are held on a regular basis. Furthermore, strategic cybersecurity models to protect the digital company infrastructure and digital services (e. g., private and public clouds, SaaS applications) are being gradually implemented. The gradual transfer of old ERP systems to new, uniform Group systems, which was continued in 2024, also harbors risks. During the necessary process changes at the respective plants and distribution centers, adjustment problems could arise at the process level that could result in additional shifts or special freight requirements, for example. Redundant internal and external resources are kept available to mitigate these risks, if necessary. Furthermore, delays in the individual implementation projects can possibly lead to higher implementation costs.

The probability of IT-related risks occurring is still assessed as "possible" in all regions and the potential financial impact is still considered to be "moderate", despite the countermeasures in place and in particular against the backdrop of a generally high threat level for cyber risks.

The risks arising from the migration from the old ERP systems to uniform new systems for the entire Group are also likely to be offset in the medium term by opportunities arising primarily from the potential for process standardization and optimization across all companies in NORMA Group. The opportunities that could result from this standardization are considered "possible". The related financial effects are expected to be "low".

Legal risks and opportunities

Risks related to standards and contracts

Future changes in laws and regulations, especially in liability law, environmental law, tax law and labor law, but also increasing requirements in the area of ESG and EU taxonomy as well as all associated changes in standards may have a negative impact on NORMA Group's development. Violations of laws and regulations, but also of contractual agreements, can lead to penalties, regulatory requirements or claims from injured parties. Conversely, NORMA Group can be adversely affected by legal or contractual breaches by third parties. In addition, defective products could result in legal disputes and liability for damages. Likewise, the results of tax audits can lead to tax payments, including penalties and interest.

As in the previous year, most of the legal disputes related to labor law issues. Other focal points were disputes with customers regarding purchase price claims or alleged product defects and with suppliers. In addition, NORMA Group conducted administrative legal proceedings due to the infringement of its own or third-party IP rights and customs proceedings, among other things.

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The compliance and risk management systems in place are used to monitor adherence to the continuously changing laws and regulations. In addition, it is ensured that contractual obligations are complied with. In particular, compliance with sanctions in connection with the war in Ukraine is ensured through continuous training and information measures as well as ongoing monitoring. NORMA Group counters the risk of product defects with its Group-wide quality assurance program. In addition, NORMA Group is also insured against claims arising from certain defective products.

NORMA Group is exposed to tax risks in particular due to the significant changes in international tax law currently being observed (e. g. the OECD BEPS initiatives), which in some cases give rise to unresolved legal issues, and due to the increased intensity of tax audits in many countries.

Overall, the probability of occurrence of risks in connection with standards and contracts is still assessed as "unlikely". The extent of the potential financial impact of these risks is assessed as "moderate", however, due to the risk management measures in place.

Known legal risks to which NORMA Group is exposed and whose occurrence is sufficiently specified are adequately taken into account by provisions in the Consolidated Financial Statements.

Social and environmental standards

Violating social and environmental standards could damage the reputation of NORMA Group and result in restrictions, claims for damages or disposal obligations. NORMA Group has therefore implemented Corporate Responsibility as an integral part of the Group strategy. In this context, a systematic Environmental Management System was introduced at NORMA Group so that company decisions can always be evaluated also considering the goal of avoiding emissions and conserving resources. The Company also invests in the area of occupational health and safety for its continuous improvement. 4 WORKFORCE

The probability of occurrence of negative developments due to social and environmental risks continues to be assessed as "unlikely" and their potential financial impact as "low".

Investments in the area of Corporate Responsibility serve not only to ward off risks, however. The measures and initiatives are also seen as having the potential to positively impact both the business environment as well as NORMA Group and its stakeholders. Nevertheless, the opportunities in this area are still classified as "unlikely". Overall, the measures and initiatives are expected to have a minor impact on planning.

Intellectual property

Violations of intellectual property rights could lead to lost sales and reputation. For this reason, the Company ensures that its technologies and innovations are legally protected. NORMA Group also minimizes the potential impact by developing customer-specific solutions and through its speed of innovation. At the same time, it is also possible for NORMA Group to violate the intellectual property of third parties. Therefore, developments are reviewed for potential patent violations at an early stage. Despite these measures, there is still a risk of using thirdparty intellectual property. The probability of infringements of intellectual property is therefore assessed as "possible". However, the potential impact of IP-related disputes and other possible infringements is considered to be "low" as in the previous year. In addition, the consistent protection of intellectual property and the development of legally unique selling points are also seen as unlikely opportunities that could lead to a minor deviation compared to planning.

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Assessment of the overall profile of risks and opportunities by the Management Board

The Group's overall situation results from the aggregation of individual risks and opportunities from all categories of the business units and functions. After assessing the likelihood of risks occurring and their potential financial impact as well as in light of the current business outlook, NORMA Group's Management Board does not believe that there is any individual risk or group of risks with the potential to jeopardize the continued existence of the Group or individual Group companies as a going concern. Taking the aggregated opportunities into account, NORMA Group is, in the opinion of the Management Board, in a very good position with respect to both the medium and long terms to further expand its market position and grow globally. This assessment is reinforced by its strong ability to cover its financing requirements. Therefore, NORMA Group has not made any effort to obtain an official rating from a leading rating agency.

General economic risks remain for NORMA Group in all areas, which is why setbacks on the way to long-term realization of the growth and profitability targets cannot be ruled out. In contrast, there are clear opportunities that NORMA Group is taking advantage of through its strategy and consistent opportunity management, so that it is possible that the Company could even exceed its profitability targets.

In summary, the changes in the individual opportunities and risks shown in the overview have no significant impact on NORMA Group's overall risk profile-NORMA Group has therefore concluded that the Group's overall profile has not changed significantly compared to the previous year.

1 INTRODUCTION		Risk and opportunity profile of Norma Group1										T062
			Probability of occurrence					Financial impact
2 TO OUR SHAREHOLDERS									Moderate (> EUR	Significant (> EUR 15
3 CONDENSED MANAGEMENT REPORT			Very unlikely	Unlikely (> 5 and	Possible (> 25 and	Probable	Change compared	Low (≤ EUR	5 million and ≤ EUR	million and ≤ EUR 30	High (> EUR 30	Change compared
			(≤ 5%)	≤ 25%)	≤ 50%)	(> 50%)	to 2023	5 million)	15 million)	million)	million)	to 2023
46 PRINCIPLES OF THE		Financial risks and opportunities					4	■				4
GROUP	Default risk	Risks	■		■		4	■				4
69 ECONOMIC REPORT	Liquidity	Opportunities			■	■	4 4	■ ■				4 4
	Currency	Risks Opportunities				■	4	■				4
194 MANAGEMENT REPORT		Risks	■				6		■			4
OF NORMA GROUP SE	Change in interest rates	Opportunities					6		■			4
(HGB)		Economic and cyclical risks and opportunities			■
202 FORECAST REPORT		Risks					5		■			4
		Opportunities		■	■		4		■			4
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REPORT		Risks					5		■			4
		Opportunities			■ ■		5		■			4
229 REMUNERATION REPORT		Strategic corporate opportunities and risks2
2024		Risks			■		5				■	5
		Opportunities				■	5				■	5
252 TAKEOVER-RELEVANT		Operational risks and opportunities
INFORMATION		Risks				■	5		■			5
254 REPORT ON	Commodity pricing	Opportunities		■			4		■			4
TRANSACTIONS WITH		Risks					5		■			5
RELATED PARTIES	Suppliers	Opportunities		■	■		4	■				4
	Quality	Risks		■			4	■				4
4 CONSOLIDATED		Risks			■		5	■				4
FINANCIAL STATEMENTS	Processes	Opportunities			■		5	■				4
		Risks			■		5		■			4
5 FURTHER INFORMATION	Customers	Opportunities			■		5	■				4
		Risks and opportunities of personnel management
		Risks			■		5	■				4
		Opportunities			■		4	■				4
		IT-related risks and opportunities
		Risks					4		■			4
		Opportunities			■		4	■				4
	Legal risks and opportunities				■

	Standards and contracts	Risks		■			4		■			4
	Social and	Risks		■			4	■				4
	environmental standards	Opportunities		■			4	■				4
		Risks			■		4	■				4
	Property rights	Opportunities		■			4	■				4

1_Unless otherwise stated, the risk assessment applies to all three regional segments.

2_With regard to the planned sale of the global Water Management business, considerable cash inflows are expected, which will significantly exceed EUR 30 million. At the same time, the process is associated with risks classified as "high", which could include transaction, integration and possible restructuring costs, for example.

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Remuneration Report 2024

This Remuneration Report describes the basic principles of the remuneration system for the members of the Management Board and the Supervisory Board of NORMA Group SE. It provides individualized information, broken down by components, on the remuneration granted and owed to members of the Executive Board and Supervisory Board in the 2024 fiscal year. In addition, the Remuneration Report contains an individualized breakdown by components of the remuneration of former members of the Management Board and Supervisory Board. The report complies with the requirements of the German Stock Corporation Act (Section 162).

The Annual General Meeting of NORMA Group SE approved the Remuneration Report 2023 on May 16, 2024 with a very good approval result of 96.04%. The Supervisory Board is therefore of the opinion that the structure and type and scope of the content of this remuneration report can remain unchanged compared to the previous year.

Review of fiscal year 2024

The market environment in the 2024 fiscal year was characterized by numerous challenges. This included the economic slowdown in Europe and Germany in particular over the course of the reporting year. Negative signs were set by subdued global industrial production, declining production figures in the automotive industry and a persistently stagnant situation in the European and Chinese construction sectors. The ongoing armed conflicts in Ukraine and the Middle East as well as political uncertainties in several European countries also had a negative impact on markets and companies. On the other hand, the overall lower energy prices compared to the previous year and the interest rate turnaround initiated by central banks worldwide had a supporting effect. In this market environment, NORMA Group generated consolidated sales of EUR 1,155.1 million in fiscal year 2024, a decrease of 5.5% compared to the previous year. Adjusted EBIT fell by 5.3% to EUR 92.3 million. The adjusted EBIT margin was 8.0% (2023: 8.0%).

Remuneration system for Management Board members

In accordance with Section 87a German Stock Corporation Act (AktG), the Supervisory Board has adopted a clear and comprehensible system for the remuneration of Management Board members, on the basis of which the specific remuneration of the individual Management Board members is determined. The remuneration system is designed to promote sustainable, long-term value creation and the implementation of the business strategy.

The Remuneration Report is based on the remuneration system approved by the ordinary virtual Annual General Meeting on June 30, 2020 with a majority of 99.80% of the votes in accordance with Section 120a (1) German Stock Corporation Act (AktG) (the "2020 Remuneration System"). The full text of the 2020 remuneration system is available on the website. : REMUNERATION SYSTEM

In accordance with Section 120a (1) Sentence 1 German Stock Corporation Act (AktG), the Supervisory Board is obliged to review the remuneration system for Management Board members and submit it to the Annual General Meeting for approval every four years at the latest; after 2020, a submission had to be made to the Annual General Meeting in 2024. The Supervisory Board submitted a new remuneration system to the Annual General Meeting on May 16, 2024 for approval, which takes into account the current requirements of corporate governance and is in line with the times. The 2024 Annual General Meeting approved the new remuneration system with 94.18% of the votes (the "2024 Remuneration System"). The new remuneration system will apply from January 1, 2025 for all Management Board members whose employment contracts are newly concluded or extended from May 16, 2024 (date of approval of the remuneration system by the Annual General Meeting). The Supervisory Board also has the

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option of applying the new remuneration system to the active members of the Management Board from the 2025 fiscal year in agreement with them. : REMUNERATION SYSTEM

The 2020 remuneration system applied in 2024 consists of fixed and variable remuneration components. The fixed non-performance related remuneration consists of the fixed annual salary, the company pension scheme and fringe benefits. The variable, performance-based remuneration consists of the Short-Term Incentive (STI) and the Long-Term Incentive (LTI). The LTI, however, consists of the NOVA-LTI and the ESG-LTI. Both NOVA-LTI and ESG-LTI are linked to a share purchase and share holding obligation. These oblige the Management Board members to acquire and hold a significant LTI bonus portion of NORMA Group shares. The goal of the share purchase and share retention obligation is to align the actions of the members of the Management Board more closely with the Company's creation of added value. 4 FIGURE G024 illustrates the components of the remuneration system 2020.

The following key points of the remuneration system are to be emphasized in particular:

The components of the variable remuneration (Short-Term Incentive and Long-Term Incentive) are based on the results that are actually achieved, transparently comprehensible and audited.
The Short-Term Incentive (STI) depends on an absolute performance factor, the adjusted EBIT (earnings before interest and taxes) of NORMA Group, i.e. adjusted for acquisition effects. On the other hand, the STI depends on a relative performance factor (relative Total Shareholder Return (TSR)). For the TSR of NORMA Group SE, a comparison is made with the TSR of a previously defined group of listed companies that is explained below. Depending on NORMA Group SE's ranking within the comparison group, the payment amount from the STI increases or decreases by up to 20%. The minimum payment is EUR 0 and the maximum payment is limited to 180% of the fixed annual salary.
The Long-Term Incentive (LTI) is broken down into two components:
- The first component is a backward-looking LTI with an assessment period of three years. The first incentivizes the entrepreneurial success of NORMA Group and corresponds to a share of the adjusted EBIT above the cost of capital after taxes (NORMA-Value-Added-LTI, NOVA-LTI for short). The minimum payment is EUR 0 and the maximum payment is limited to 200% of the fixed annual salary.

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The second component is a forward-looking LTI with an assessment period of four years. It incentivizes the sustainable development of NORMA Group by meeting measurable sustainability goals, e.g. the reduction of CO2 emissions (Environment, Social and Governance-LTI, ESG-LTI for short) with a maximum amount of 20% of the fixed annual salary). The minimum payment is EUR 0 and the maximum payment is limited to 20% of the fixed annual salary. CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 includes only emissions from natural gas and liquefied petroleum gas (LPG), while Scope 2 covers emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energies at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value. (ESRS [GOV-3-29a-e])<<¹³
Upon payment, both LTIs oblige the Management Board members to acquire and hold shares in NORMA Group SE. With the obligation to purchase and hold shares, NORMA Group SE follows the recommendation of the German Corporate Governance Code. The members of the Management Board must invest 75% of the payout amount from the NOVA-LTI and 100% of the payout amount from the ESG-LTI in shares of NORMA Group SE. The Company is free to settle the payment amount in whole or in part in shares of NORMA Group SE. As a result, more than 50% of the target amount of the variable remuneration is either invested by the members of the Management Board in shares of NORMA Group SE or granted by NORMA Group SE on a share basis. If no bonus is paid out, there is no obligation to purchase shares. The NOVA-LTI includes a four-year share ownership obligation. The ESGLTI is four years forward and provides for a one-year retention period.
The performance criteria for the STI and LTI are set out in the 2020 remuneration system. The Supervisory Board determines the performance criteria and target values for the ESG LTI before the start of the fiscal year. The respective payment amounts are calculated after the end of the fiscal year based on the achievement of targets. The Supervisory Board only has the opportunity to adjust the conditions of the STI and the LTI at its reasonable discretion in the event of extraordinary events-Otherwise, the Supervisory Board has no discretion when determining the payment amounts from the STI and the LTI.
The contracts of the Management Board members in office at the end of 2024 do not contain a change of control clause.
The members of the Management Board in office at the end of 2024 will receive a standard defined contribution pension commitment on a reinsurance basis. There are no benefit commitments under the company pension scheme for the Management Board members in office at the end of 2024.
The variable remuneration components are subject to the possibility of being reclaimed ("clawback") if the audited Consolidated Financial Statements and/or the basis for determining other targets on which the calculation of the variable remuneration is based subsequently turn out to be objectively incorrect and therefore need to be corrected and the error has led to a miscalculation of the variable remuneration.

The table below provides an overview of the components of the remuneration system for the members of the Management Board applicable to fiscal year 2024. The table also provides an overview of the structure of the individual remuneration components and explains their objectives, particularly with regard to how the remuneration promotes the long-term development of NORMA Group.

¹³ This section is part of NORMA Group's Consolidated Non-financial Statement for the fiscal year from January 1, 2024 to December 31, 2024.

					1 INTRODUCTION
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252 TAKEOVER-RELEVANT
INFORMATION

Fixed non-performance dependent remuneration components, design, reference to the strategy T063

Remuneration component	Design	Reference to the strategy
Fixed annual salary	The members of the Management Board receive a fixed annual salary in twelve monthly instalments, which are paid at the end of each month. Its amount is based on the tasks and strategic and operational responsibility of the individual member of the Management Board.	The fixed remuneration components, consisting of the fixed annual salary, fringe benefits and the pension commitment, are intended, on the one hand, to attract globally available candidates for the development and implementation of the strategy, as well as for the management of NORMA Group and, on the other hand, to prevent them from taking inappropriate risks by offering them financial security.
Fringe benefits	The Company provides each member of the Management Board with a company car for private use. Limitation of total monthly vehicle costs to EUR 2,000 for the Chairman of the Management Board and EUR 1,850 for the ordinary members of the Management Board. The Company also takes out accident insurance (private and occupational accidents) for the members of the Management Board at its own expense.
Company pension scheme	NORMA Group grants the active members of the Management Board a defined contribution company pension plan with reinsurance. The Company is required to make contributions to an external provider each year under the defined contribution plan. The amount of the contributions corresponds to current market practice. All three members of the Management Board in office at the end of 2024 will participate in this plan.

Variable performance dependent remuneration components, design, reference to the strategy T064

Remuneration component	Design	Reference to the strategy
Short-Term Incentive (STI, short-term variable remuneration)	The STI is a performance dependent bonus consisting of two components. In the first step, the Chairman of the Management Board is awarded 0.33% and the ordinary members of the Management Board 0.22% of average EBIT adjusted for acquisitions in fiscal years 2022, 2023 and 2024. In the next step, this amount is adjusted by the relative share yield compared to the peer group industrial companies below in a range of 0.8 to 1.2. A relative stock return (rTSR) below the 25th percentile results in an adjustment factor of 0.8 and a stock return above the 75th percentile results in an adjustment factor of 1.2. Linear interpolation is applied in between.	The STI sets ambitious incentives for maximizing NORMA Group's financial success measured as NORMA Group EBIT adjusted for acquisitions. This key performance indicator measures profitability, which is the basis of the long-term company strategy and sustainable value creation. In order to adjust earnings for macroeconomic influences, the amount of the payout from adjusted EBIT is adjusted by the
	In total, the amount of the STI is limited to 180% of the fixed annual salary. There is no guaranteed base amount in the STI and the minimum payout is EUR 0. Payment is made in cash in the month following the month in which the Consolidated Financial Statements for the respective fiscal year were approved.	relative performance of the return on shares. The stock return acts as an external benchmark compared with selected peers.

1 INTRODUCTION	Variable performance dependent remuneration components, design, reference to the strategy (continued)
2 TO OUR SHAREHOLDERS	Long-Term Incentive (LTI, long-term variable	Multi-year variable remuneration is divided into two independent components and consists of an LTI based on NORMA Value Added	The LTI serves to promote the longterm and sustainable development of the Company. For this purpose, the LTI includes on the one hand a value appreciation bonus based on the economic performance of NORMA Group (NOVA-LTI) and on the other hand an ESG-LTI, which acts as an incentive for the sustainable and responsible development of NORMA Group.
3 CONDENSED MANAGEMENT REPORT	remuneration)	(NOVA-LTI) and the ESG-LTI. The NOVA-LTI is a backward-looking performance cash plan supplemented by a forward-looking share purchase and share retention
46 PRINCIPLES OF THE GROUP		obligation. NOVA is calculated as the difference between adjusted EBIT for the fiscal year multiplied by 1 minus the average corporate tax rate minus WACC (Weighted Average Cost of Capital) multiplied by invested capital
69 ECONOMIC REPORT		at the beginning of the fiscal year. For the NOVA-LTI 2024, the performance period represents the fiscal years 2022, 2023 and 2024.
194 MANAGEMENT REPORT OF NORMA GROUP SE (HGB)		The payout amount of the NOVA-LTI is limited to a maximum of 200% of the fixed annual salary. Regardless of whether the Company makes the payout from the NOVA-LTI in cash or in shares, 75% of the net payout amount from the NOVA-LTI must be invested in shares of the Company and be held in ownership for at least four years.
202 FORECAST REPORT		The ESG LTI is a forward-looking performance cash plan with a performance period of 4 years.
210 RISK AND OPPORTUNITY REPORT		The target amount for the ESG-LTI 2024 is 20% of the fixed annual salary for fiscal year 2024, and the payout is limited to a maximum of 100% of
> REMUNERATION REPORT 2024		this target amount. Regardless of whether the Company pays out the ESGLTI in cash or shares, 100% of the net payout amount from the ESG LTI must be invested in shares of the Company and be held in ownership for at least one year.
252 TAKEOVER-RELEVANT INFORMATION		There are no guaranteed base amounts in the LTI, neither in the NOVA LTI, nor in the ESG LTI, and the minimum payout for all LTI components is EUR 0.
254 REPORT ON TRANSACTIONS WITH	Other remuneration arrangements
RELATED PARTIES 4 CONSOLIDATED	Clawback control	The variable compensation components are subject to a clawback.	If there are subsequent changes to the annual financial statements, the bonus is adjusted to the corrected financial figures.
FINANCIAL STATEMENTS	Maximum remuneration	The maximum remuneration for the Chairman of the Management Board is	The maximum remuneration ensures
5 FURTHER INFORMATION		EUR 3,900,000 and for the other members of the Management Board EUR 2,500,000. Irrespective of the specified maximum remuneration, the payment amounts of the individual variable remuneration components are also limited in relation to the fixed annual salary. For the Chairman of the Management Board as well as the other members of the Management Board, these caps are 180 % for the STI, 200% for the NOVA-LTI, and 20% of the fixed annual salary for the ESG-LTI.	that the remuneration of the members of the Management Board is not unreasonably high, even taking the comparative environment into account, so that disproportionate risks and costs for NORMA Group are avoided.
	Share purchase and shareholding obligations	The payout from the LTI can be made in shares or cash. In total, 75% of the net payout amount of the NOVA LTI must be invested in shares of NORMA Group and held as property for at least four years. In addition, 100% of the payout amount of the ESG-LTI must be invested in shares of NORMA Group and held as property for at least one year.	The share acquisition and shareholding rules promote an alignment of interests between the Management Board and shareholders and provide additional incentives to promote the business strategy and long-term development of NORMA Group.

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Compliance with the remuneration system

The Supervisory Board applied the remuneration system applicable to the members of the Management Board without deviation in the 2024 fiscal year. As part of the contractual agreements, the amount paid out under the ESG LTI 2020-2023 was reclaimed in 2024. The corresponding amounts were repaid to the Company in September and October 2024.

Variable Remuneration Components

The performance indicators used to measure the short-term and long-term variable remuneration components are derived from NORMA Group's company strategy and are based on a three- or four-year observation period. The variable remuneration of the Management Board consists of the following components:

Short-term variable remuneration (Short-Term Incentive, STI)

The STI is a performance-related bonus which, on the one hand, reflects the absolute performance figure adjusted EBIT (earnings before interest and taxes, adjusted for acquisitions) of NORMA Group and, on the other hand, the relative return on shares (Total Shareholder Return, TSR for short) of NORMA Group SE in relation to a comparison group. The payout amount of the STI is calculated from a starting value and an adjustment to the target achievement of the TSR in the grant year. The calculation is shown in the following formula:

Payout amount = Baseline (= average adjusted EBIT x STI percentage) x TSR adjustment

The baseline figure results from multiplying the average adjusted EBIT, i.e. adjusted for acquisitions, in the fiscal year for which the STI is granted and the two fiscal years preceding the fiscal year in which the STI is granted (arithmetic mean) by the STI percentage, which is 0.33% for the Chairman of the Management Board and 0.22% for the other board members. In a second step, this initial value is then multiplied by the TSR adjustment factor and the result represents the payout amount. The TSR is defined as the percentage change in the stock market price during the grant year, including notionally reinvested dividends and all capital measures. In other words, the TSR is a measure of how the value of a share commitment has developed over a period of time and takes into account both dividends accrued during the period and any share price increases that may have occurred. In the current remuneration system, the share yield is taken into account as a relative performance factor. The TSR adjustment factor is determined by measuring the TSR development (share price and dividend development) of NORMA Group SE in relation to the TSR development of the peer group companies during the granting fiscal year. Depending on the results of the comparison, the initial value of the STI is adjusted upwards by 20% when a position in the comparison group is reached above the 75th percentile and downwards by 20% below the 25th percentile; the TSR adjustment factor is, therefore, limited to the range of 0.8 to 1.2. The peer group for 2024 consists of the industrial companies shown in table T065. Compared to 2023, Leoni AG, which is no longer listed on the stock exchange, is no longer included. The Supervisory Board is entitled to adjust the peer group for future assessment periods before the beginning of the respective assessment period. For 2025, the inclusion of JOST Werke AG will bring the peer group back up to 15 companies.

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TSR comparison group
Bertrandt AG	Deutz AG	DMG Mori AG	ElringKlinger AG	Gerresheimer AG
Jungheinrich AG	König & Bauer AG	SAF-Holland SE	Schaeffler AG	SGL Carbon AG
Stabilus SE	Vossloh AG	Wacker Neuson SE	WashTec AG

The following graphic illustrates the calculation of the target remuneration of the STI:

The payout amount (= initial value x TSR adjustment factor) is limited to a maximum of 180% of annual base salary; the initial value (= average adjusted EBIT x STI percentage) is limited to a maximum of 150% of the fixed annual salary. The short-term variable remuneration for the past fiscal year is to be paid out in the following year after approval of the Consolidated Financial Statements by the Supervisory Board. If the member of the Management Board did not work for the Company for a full twelve months in a fiscal year, the annual bonus will be reduced accordingly.

All claims to the STI from a current fiscal year expire without replacement or compensation if the employment contract of the member of the Management Board is terminated by the Company for an important reason for which the member of the Management Board is responsible pursuant to Section 626 of the German Civil Code (BGB), the appointment of the member of the Board is revoked due to a gross breach of duty and/or the appointment of the member of the Board ends as a result of resignation without the resignation being caused by a breach of duty by the Company or health impairments of the member of the Board or health impairments of a close family member ("bad leaver cases"). In the event of extraordinary events or developments, the acquisition or sale of a part of a company, for example, the Supervisory Board is entitled to temporarily and appropriately adjust the plan conditions of the STI at its reasonable discretion. The same applies if changes in the accounting regulations applicable to the Company have a significant impact on the parameters used to calculate the STI and in the event that a fiscal year comprises less than twelve months (short fiscal year).

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254 REPORT ON TRANSACTIONS WITH RELATED PARTIES

4 FIGURE G026 provides a detailed overview of the calculation of the target amount of the STI for fiscal year 2024:

The TSR factor for the 2024 fiscal year was calculated by an external remuneration consultant at 0.95, as the 44th percentile in the peer group was reached in 2024.

For fiscal year 2024, NORMA Group generated an adjusted average EBIT of EUR 96.2 million in 2022, 2023 and 2024, which, in combination with the achieved TSR factor of 0.95, results in a payout amount for the STI 2024 of EUR 301,759 for Chairman of the Management Board Guido Grandi. For CFO Annette Stieve and COO Dr. Daniel Heymann, this results in a payout amount for the STI 2024 of EUR 201,173. The payout amounts comply with the payout cap of 180% of the fixed annual salary.

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Long-term variable remuneration (Long-Term Incentive, LTI)

The long-term variable remuneration consists of two components, the NORMA Value Added-LTI (NOVA-LTI for short) and the Environmental, Social and Governance-LTI (ESG-LTI for short).

• NOVA LTI

The NOVA-LTI is granted in the form of a backward-looking performance cash plan in annual tranches, which is supplemented by a forward-looking share purchase and share retention obligation. The members of the Management Board are granted a tranche from the performance cash plan on January 1 of each grant fiscal year. Each tranche of the performance cash plan has a term of three years and considers the granting fiscal year and the two fiscal years preceding the granting fiscal year ("performance period"). The main success criterion for the LTI is the average NORMA Value Added ("NOVA") during the three-year performance period. The payout amount from the LTI is calculated by multiplying the LTI percentage by the average adjusted NOVA during the performance period. The LTI percentage for the Chairman of the Management Board is 1.5% and for full members of the Board 1.0%.

The annual increase in value is calculated using to the following formula:

NORMA Value Added = (adjusted EBIT x (1 – s)) – (WACC x invested capital)

The calculation of the first component is based on the adjusted Group earnings before interest and taxes (adjusted NORMA Group EBIT) for the fiscal year and the average adjusted corporate tax rate. The second component is calculated from NORMA Group's cost of capital (WACC) multiplied by the capital employed. The assumptions for the Group's cost of capital (WACC) are shown in the table below.

Assumptions for the calculation of the weighted average cost of capital		T066
in %	2024	2023
Risk-free interest rate	2.50	2.75
Market risk premium	7.50	7.50
Beta factor of NORMA Group	1.55	1.65
Cost of equity	15.03	16.04
Borrowing cost rate after taxes	2.70	3.04
Weighted average cost of capital after taxes	9.00	9.55

The base interest rate (risk-free interest rate) is derived from the interest rate structure data of the Deutsche Bundesbank (three-month average: October 1 to December 31, 2024). The market risk premium represents the difference between the expected return on a risky market portfolio and the risk-free interest rate. NORMA Group uses the recommendation of the Institute of Public Auditors in Germany (IDW) to determine this. The beta factor represents the individual risk of a share compared to a market index. It is first determined as the average value of the unindebted beta factors of the peer group and subsequently adjusted to NORMA Group's individual capital structure. The cost of equity is the sum of the following three components: the risk-free interest rate, the weighted country risk of NORMA Group, the product of the market risk premium and leveraged beta factor of the peer group. The credit spread used to calculate the cost of debt was determined on the basis of the terms of the current external financing of NORMA Group. Invested capital is calculated from consolidated equity plus net financial liabilities as of January 1 of the fiscal year.

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4 FIGURE G027 clarifies the timing of the NOVA-LTI, in particular, the performance period and the obligation to purchase and retain shares of four years.

The NOVA-LTI is limited to a maximum of 200% of the fixed annual salary for all Management Board members. The Company may pay the payout amount in cash or in shares of NORMA Group SE. In the case of a cash payment, the members of the Management Board are obliged to purchase shares of the Company for an amount equal to 75% of the net amount paid out and to retain ownership of these for a period of four years (obligation to purchase and retain shares). The Company's Supervisory Board may decide at its reasonable discretion to issue shares in the Company in whole or in part in lieu of a cash payment. If the Company issues shares in the Company in lieu of a cash payment, the members of the Management Board are also required to retain ownership of 75% of the shares issued for a period of four years. Independently of whether the Company makes the payout amount in cash or in shares, 75% of the net payout amount from the NOVA-LTI must be invested in shares of the Company and be held for a period of four years. Irrespective of the type of payment (cash or in shares in the Company), the NOVA-LTI is paid out in the following year after approval of the Consolidated Financial Statements by the Supervisory Board. After the end of the employment contract, the retention obligation generally lasts for a period of twelve months after the legal end of the employment contract, unless the four-year retention period has expired earlier.

The cases described with regard to the STI for a resignation during an ongoing performance period apply accordingly. In the event of extraordinary events or developments, the acquisition or sale of a part of a Company, for example, the Supervisory Board is entitled to temporarily and appropriately adjust the plan conditions of the LTI at its reasonable discretion. The same applies if changes in the accounting regulations applicable to the Company have a significant impact on the parameters used to calculate the LTI and in the event that a fiscal year is less than twelve months long (short fiscal year).

4 FIGURE G028 provides an overview of the target amounts and payout amounts of the NOVA-LTI for fiscal year 2024:

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The calculation of the NOVA figure is explained in the following table:

Calculation of the NOVA figure					T067
Year	Adjusted EBIT in EUR thousands	Tax rate in %	WACC in %	Invested capital in EUR thousands	Annual increase in value in EUR thousands
2022	98,964	35.2	9.25	987,069	-27,146
2023	97,481	41.3	9.55	1,055,128	-43,607
2024	92,320	40.8	9.00	1,038,861	-38,810
Ø					-36,521

The amount paid out for the NOVA-LTI 2024 for the Chairman of the Management Board and other members of the Management Board is EUR 0.00.

• ESG-LTI

In addition to the NOVA-LTI, the ESG-LTI represents the second component of long-term variable remuneration. The ESG-LTI is a variable remuneration element in the form of a forward-looking performance cash plan in annual tranches, which is supplemented by an obligation of members of the Board to purchase and hold shares. Each tranche of the ESG-LTI has a term of four years. A tranche begins on January 1 of the granting fiscal year and ends at the end of December 31 of the third year following the granting fiscal year ("ESG performance period"). In the 2024 remuneration report, the ESG LTI with the ESG performance period 2021-2024 is regarded as remuneration granted. The Company understands the term "grant" in Section 162 German Stock Corporation Act (AktG) to mean that the ESG LTI is to be reported whose ESG performance period has expired in the fiscal year and which was therefore fully earned at the end of the fiscal year.

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The amount paid out from the ESG-LTI depends on the achievement of environmental, social and prudent corporate governance goals, so-called "ESG goals." ESG objectives can be, for example: Reducing greenhouse gas emissions, increasing workforce satisfaction, increasing customer satisfaction, reducing workplace accidents, and increasing sustainability. For the ESG-LTI 2021–2024 to be reported in this Remuneration Report, the Supervisory Board has set the following targets: a reduction in CO2 emissions from 50,455 tons in 2020 to 42,000 tons in 2024 for the years 2021, 2022, and 2023. CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 includes only emissions from natural gas and liquefied petroleum gas (LPG), while Scope 2 covers emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energies at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value.

Through the purchase of Energy Attribute Certificates (EACs), CO2 emissions were reduced to the respective target values of CO2 equivalents, thus achieving 100% of the target for 2021, 2022, and 2023. The reduction target of 42,000 tons of CO2 equivalents by 2024 was achieved ahead of schedule. For the 2024 tranche, the Supervisory Board has therefore reformulated the ESG target: reducing local CO2 emissions emitted at NORMA Group sites by around 1,000 tons of CO2 equivalents (equivalent to approximately 2%) through energy-saving measures and the installation of solar systems. This target was achieved, primarily through the installation of five solar systems. This means that the target achievement in 2024 will be 100%.

The target amount of the ESG-LTI is 20% of the fixed annual salary. The payout amount is limited to a maximum of 100% of the target amount. The payout amount from the ESG-LTI is due for payment at the end of the month following the month in which the Supervisory Board approved the Company's Consolidated Financial Statements for the granting fiscal year. The Company can pay out the payout amount from the ESG-LTI in cash or in shares in the Company. In the case of a cash payment, the members of the Management Board are obliged to purchase shares in the Company for the entire net amount paid out and to retain ownership of these for a period of one year ("obligation to purchase and retain shares"). The Company's Supervisory Board may decide at its reasonable discretion to issue shares in the Company in whole or in part in lieu of a cash payment. In this case, the members of the Management Board are also obliged to hold 100% of the shares issued for a period of one year. As a result, 100% of the net payout amount from the ESG bonus must be invested in shares of the Company and be held for a period of one year. Figure G029 clarifies the mechanism of the ESG-LTI.

The cases described with regard to the STI for a resignation during an ongoing performance period apply accordingly. In the event of extraordinary events or developments, the acquisition or sale of a part of a company, for example, the Supervisory Board is entitled to temporarily and appropriately adjust the plan conditions of the ESG-LTI at its reasonable discretion. The same applies if changes in the accounting regulations applicable to the Company have a significant impact on the parameters relevant for the calculation of the ESG-LTI and in the event that a fiscal year is less than twelve months long (short fiscal year).

The ESG LTI 2021-2024 resulted in a payout of EUR 79 thousand for CFO Annette Stieve and EUR 75 thousand for the former Management Board members Dr. Michael Schneider and EUR 59 thousand for Dr. Friedrich Klein. Chairman of the Management Board Guido Grandi and COO Dr. Daniel Heymann have not yet participated in the ESG-LTI 2021-2024. Management Board members are obliged under the terms of the plan to invest 100% of the payout amount from the ESG LTI in shares in the Company.

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4 CONSOLIDATED FINANCIAL STATEMENTS
5 FURTHER INFORMATION

Disclosure of shares and share options granted or promised within the meaning of Section 162 (1) No. 3 German Stock Corporation Act (AktG) as part of the long-term incentives (LTI)

The following table provides an overview of the shares held by the members of the Management Board as a result of the purchase obligation in previous years:

NOVA-Bonus / LTI						T068
		Balance at the beginning of the fiscal year	Shares granted in the fiscal year	Retention period expired in the fiscal year	Balance at the end of the fiscal year	Duration of the existing holding period until
Guido Grandi	NOVA-LTI 2021–2023 (payout in 2024)	–	–		–	–
Dr. Daniel Heymann	NOVA-LTI 2021–2023 (payout in 2024)	–	–		–	–
Annette Stieve	NOVA-LTI 2018–2020 (payout in 2021)	153	–	–	153	July 2025
	NOVA-LTI 2019–2021 (payout in 2022)	–	–	–	–
	NOVA-LTI 2020–2022 (payout in 2023)	–	–	–	–
	NOVA-LTI 2021-2023 (payout in 2024)	–	–		–	–
	ESG-LTI 2020-2023 (payout in2024)	–	–		–	–
Dr. Michael Schneider	NOVA-LTI 2017–2019 (payout in 2020)	2,158		2,158		–
	NOVA-LTI 2018–2020 (payout in 2021)	852			852	May 2025
	NOVA-LTI 2019–2021 (payout in 2022)	–	–		–	–
	NOVA-LTI 2020–2022 (payout in 2023)	–	–		–	–
	NOVA-LTI 2021-2023 (payout in 2024)	–	–		–	–
	ESG-LTI 2020–2023 (payout in 2024)	–	–		–	–
Dr. Friedrich Klein	NOVA-LTI 2017–2019 (payout in 2020)	1,175		1,175		–
	NOVA-LTI 2018–2020 (payout in 2021)	810			810	May 2025
	NOVA-LTI 2019–2021 (payout in 2022)	–	–		–	–
	NOVA-LTI 2020–2022 (payout in 2023)	–	–		–	–
	NOVA-LTI 2021-2023 (payout in 2024)	–	–		–	–
	ESG-LTI 2020–2023 (payout in 2024)	–	–		–	–

The net payout from the ESG LTI 2020-2023 made in 2024 should have been used to acquire shares in Norma Group SE. As this acquisition did not take place, the Supervisory Board demanded repayment of the corresponding payments.

The acquisition of shares from the ESG-LTI 2021-2024 will only take place in the future; therefore these shares will only be shown in the future.

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Maximum Remuneration and Compliance with Maximum Remuneration

The total remuneration to be granted for a fiscal year (total of all remuneration amounts granted for the fiscal year in question, including the fixed annual salary, variable remuneration components, pension expenses (service costs) and fringe benefits) of the members of the Management Board – regardless of whether it is paid out in this fiscal year or at a later date – is capped in absolute terms ("maximum remuneration"). The maximum remuneration pursuant to Section 87a (1) 1 Sentence 2 No. 1 German Stock Corporation Act (AktG) is EUR 3,900,000 for the Chairman of the Management Board and EUR 2,500,000 for each of the other Management Board members. If the total remuneration calculated for a fiscal year exceeds the maximum remuneration, the payout amount from the LTI is reduced so that the maximum remuneration is observed. If necessary, the Supervisory Board is permitted, at its due discretion, to reduce other remuneration components or demand reimbursement of remuneration already paid. Irrespective of the specified maximum remuneration, the payment amounts of the individual variable remuneration components are also limited in relation to the fixed annual salary.

The remuneration granted for fiscal year 2024 remained within the target and the maximum payout is below the maximum remuneration.

Reclaiming variable remuneration components in the reporting year

The Company is entitled to adjust and reclaim the payment amounts from the variable remuneration at its due discretion if the audited Consolidated Financial Statements and/or the basis for determining other targets on which the calculation of the variable remuneration is based need to be corrected retrospectively because they prove to be objectively incorrect, and the error has led to an incorrect calculation of the variable remuneration ("Performance Clawback") In the 2024 fiscal year, the Supervisory Board did not reclaim any remuneration due to a performance clawback.

In addition to the possibility of claiming a performance clawback, the Supervisory Board is obliged to reclaim payments from the LTI and/or ESG LTI if Management Board members do not comply with the obligation to purchase shares from the NOVA LTI and/or ESG LTI. In the 2024 fiscal year, the Supervisory Board had to reclaim all net payout amounts paid out on the basis of the ESG LTI 2020-2023, as the Management Board members who received a payout amount from the ESG LTI 2020-2023 had not complied with the share purchase obligation in good time. The total amount recovered was EUR 139 thousand.

The assertion of claims for damages in accordance with Section 93 German Stock Corporation Act (AktG) remains unaffected by a clawback case.

Remuneration of the Management Board in fiscal year 2024

In accordance with Section 162 (1) Sentence 1 German Stock Corporation Act (AktG), the remuneration report must report on the remuneration granted and owed to each individual member of the Management Board in the last fiscal year. The terms are based on the following understanding:

The term "granted" covers "the actual inflow of the remuneration component."
The term "owed" covers "all legally existing liabilities for remuneration components that are due but have not yet been fulfilled."

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The following table shows the actual remuneration paid to the Management Board members in the 2024 fiscal year. Accordingly, in the 2024 fiscal year

the basic salary paid in the 2024 fiscal year,
the fringe benefits
the STI to be paid out at the beginning of the 2025 fiscal year for the 2024 fiscal year for which the underlying activity has been fully performed,
the NOVA LTI to be paid out at the beginning of the 2025 fiscal year for the 2024 fiscal year for which the underlying activity has been fully performed, and
the ESG LTI paid out at the beginning of the fiscal year 2025 for the 2021-2024 performance period for which the underlying activity has been fully performed,

shall be granted as remuneration.

As the Company was not in arrears with the payment of remuneration components, no remuneration owed is shown in the table.

The relative proportions shown in the table relate to the remuneration components "granted and owed" in the respective fiscal year in accordance with Section 162 (1) Sentence 2 German Stock Corporation Act (AktG).

Remuneration of the active members of the Management Board for the fiscal year 2024 in accordance with Section 162 German Stock Corporation Act (AktG)

The remuneration granted and owed to the active members of the Management Board is made up as follows:

Management Board remuneration granted and owed pursuant to Sec. 162 (1) sentence 2 no. 1 German Stock Corporation Act (AktG)

Type of remuneration Guido Grandi (since June 1, 2023) Dr. Daniel Heymann (since May 1, 2023) Annette Stieve¹ Total 2024 2023 2024 2023 2024 2023 2024 2023 in EUR thousands in % in EUR thousands in % in EUR thousands in % in EUR thousands in % in EUR thousands in % in EUR thousands in % in EUR thousands in EUR thousands Fixed remuneration 550 62.4 321 63.6 360 61.1 240 62.3 450 59.4 410 59.3 1.360 971 Fringe benefits 30 3.4 17 3.4 28 4.8 18 4.7 28 3.7 26 3.8 86 61 Total 580 65.8 338 66.9 388 65.9 258 67.0 478 63.1 436 63.1 1.446 1.032 One-year variable remuneration (STI) 302 34.2 167 33.1 201 34.1 127 33.0 201 26.5 191 27.6 704 485 Multi-year variable remuneration: NOVA-LTI – – – – – – – – – – – – – 0 ESG-LTI – – – – – – – – 79 10.4 64 9.3 79 64 Total 302 34.2 167 33.1 201 34.1 127 33.0 280 36.9 255 36.9 783 549 Total remuneration 882 100.0 505 100.0 589 100.0 385 100.0 758 100.0 691 100.0 2.229 1.581

1_Annette Stieve repaid the net payout amount from the ESG-LTI 2020–2023 to the company because she did not fulfill the share purchase obligation under the ESG-LTI in a timely manner.

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> REMUNERATION REPORT 2024

The benefits that have been promised to the members of the Management Board in the event of the regular termination of their activity (cf. Section 162 [2] No. 3 German Stock Corporation Act [AktG]) are distributed among the individual Management Board members as shown in the following table.

Overview of the promised pensions of the Board members T070

	Guido Grandi (since June 1, 2023)		Dr. Daniel Heymann (since May 1, 2023)		Annette Stieve		Miguel Ángel López Borrego (January 1 until May 31,2023)1		Dr. Friedrich Klein (until April 30,2023)		Dr. Michael Schneider (until Dec 31, 2022)		Total
in EUR thousands	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Present value of pension	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Expended amount	180	105	120	80	165	165	–	–	–	69	–	–	465	419

1_Interim CEO activity from 1 January to 31 May 2023; the office as a member of the Supervisory Board was suspended during this period.

The defined benefit obligation of pension commitments to prior members of the Management Board and their dependents was EUR 7,106 thousand as of December 31, 2024 (2023: EUR 7,186 thousand).

NORMA Group SE – Annual Report 2024 246

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Remuneration of former members of the Management Board for the fiscal year 2024 in accordance with Section 162 German Stock Corporation Act (AktG)

The variable remuneration (STI, NOVA-LTI and ESG-LTI) is presented – as for the members of the Management Board active at the end of the fiscal year – as remuneration granted and owed in the fiscal year in which the activity on which the remuneration is based was performed in full in accordance with Section 162 (1) Sentence 2 No. 1 German Stock Corporation Act (AktG).

The remuneration granted and owed to former members of the Management Board is made up as follows:

Management Board remuneration granted and owed pursuant to Sec. 162 (1) sentence 2 no. 1 German Stock Corporation Act (AktG)

	Miguel Ángel López Borrego (January 1 until May 31, 2023)1					Dr. Friedrich Klein (until April 30, 2023)2				Dr. Michael Schneider (until Dec 31, 2022)	Total
	2024			2023		2024		2023		2024	2023		2024	2023
Type of remuneration	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in EUR thou sands
Fixed remuneration	–	–	250	65.6	–	–	396	58.7	–	–	300	52.4	–	946
Fringe benefits	–	–	12	3.1	–	–	9	1.3	–	–	24	4.2	–	45
Total	–	–	262	68.8	–	–	405	60.0	–	–	324	56.6	–	991
One-year variable remuneration (STI)	–	–	119	31.2	–	–	191	28.3	–	–	143	25.0	–	453
Multi-year variable remuneration:
NOVA-LTI	–	–	–	–	–	–	–	–	–	–	–	–	–	–
ESG-LTI	–	–	–	–	59	100.0	793	11.7	75	100.0	1054	18.4	134	184
Total	–	–	119	31.2	59	100.0	270	40.0	75	100.0	248	43.4	134	637
Total remuneration	–	–	381	100.0	59	100.0	675	100.0	75	100.0	572	100.0	134	1.628

1_Interim CEO activity from January 1 to May 31, 2023; the office as a member of the Supervisory Board was suspended during this time.

2_Dr. Klein: The table above contains the compensation for the period from January 1, 2023, to April 30, 2023; for the period from May 1, 2023, to December 31, 2023, the total compensation amounts to EUR 410,000 and is broken down as follows:

fixed compensation of EUR 264,000, fringe benefits of EUR 6,000, one-year variable compensation of EUR 127,000, and multi-year variable compensation of EUR 13,000.

3_Dr. Klein repaid the net payout amount from the ESG-LTI 2020–2023 to the company because he did not fulfill the share purchase obligation under the ESG-LTI in a timely manner.

4_Dr. Schneider repaid the net payout amount from the ESG-LTI 2020–2023 to the company because he did not fulfill the share purchase obligation under the ESG-LTI in a timely manner.

Verification of the appropriateness of Management Board remuneration

The Supervisory Board reviews the appropriateness of Management Board remuneration at relevant decision-making times, in particular, with regard to whether the amount of Management Board remuneration is appropriate from a legal perspective within the meaning of Section 87 (1) German Stock Corporation Act (AktG). The Supervisory Board also seeks external advice to assess the appropriateness of Management Board remuneration and pensions. From a Company-external perspective, the relationship between the amount and structure of Management Board remuneration and the remuneration of senior management and the workforce as a whole is evaluated (vertical comparison). In addition to a status quo consideration, the vertical comparison also takes the development of remuneration ratios over time into account. On the other hand, the amount and structure of remuneration are evaluated based on the positioning of NORMA Group in a peer group (horizontal comparison). In addition to the fixed remuneration, the horizontal comparison also includes the short and long-term remuneration components as well as the amount of the fringe benefits and company pension scheme. The peer group was carefully chosen by the Supervisory Board to avoid an automatic upward trend in remuneration.

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Remuneration of the Supervisory Board

Remuneration system for the members of the Supervisory Board

The remuneration system for the members of the Supervisory Board was approved by the Annual General Meeting on May 20, 2021, in accordance with Section 113 (2) Sentences 1 and 2 German Stock Corporation Act (AktG) by receiving 100.00% of the votes. The remuneration system is intended to contribute to promoting the business strategy and the long-term development of NORMA Group. The remuneration of the Supervisory Board takes both the structure and the amount of the requirements for the office of a member of the Supervisory Board of NORMA Group SE into account, in particular the associated time expenditure and the associated responsibility.

The aim of the remuneration system is to provide remuneration that is commensurate with the tasks of the Supervisory Board members and the situation of NORMA Group. It should also be comparable in amount to the remuneration of Supervisory Board members of comparable listed companies. The remuneration makes it possible to find suitable and qualified candidates for the position as a member of the Supervisory Board. The remuneration of the Supervisory Board thus contributes to the Supervisory Board being able to carry out its duties of monitoring and advising the Management Board properly and competently. The restriction to fixed remuneration also takes these tasks of the Supervisory Board into account. The restriction creates an incentive for the members of the Supervisory Board to appropriately question the management by the Management Board when performing their monitoring and advisory tasks, without focusing primarily on the development of operational indicators. Together with the Management Board, the Supervisory Board thus promotes the business strategy and the long-term development of NORMA Group. The restriction to a fixed salary also corresponds to suggestion G.18 sentence 1 of the German Corporate Governance Code in the version of April 28, 2022.

Remuneration components

The members of the Supervisory Board receive fixed remuneration, an attendance fee and a committee remuneration.

Fixed remuneration

The remuneration of the Supervisory Board members consists of a fixed remuneration; this amounts to EUR 50,000 per fiscal year for each Supervisory Board member, EUR 75,000 for the Deputy Chairwoman of the Supervisory Board and EUR 100,000 for the Chairman of the Supervisory Board. The fixed annual remuneration is reduced pro rata temporis if a member does not belong to the Supervisory Board for the full fiscal year or does not hold the position of Chair or Deputy Chair for the full fiscal year.

Remuneration for serving on a committee of the Supervisory Board

In addition, the chairpersons of the Audit, General and Nomination committees each receive remuneration of EUR 25,000 per fiscal year, and the chairpersons of another committee receive EUR 15,000. Members of a Supervisory Board committee receive additional annual remuneration of EUR 10,000 per committee, capped at EUR 20,000 per fiscal year ("maximum amount") for committee members only. This maximum amount does not take the remuneration for chairing committees into account. Committee membership remuneration is in addition to any committee chair remuneration. Against this backdrop, the remuneration of the members of the Supervisory Board also corresponds to recommendation G. 17 of the German Corporate Governance

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Code in the version of April 28, 2022, according to which the higher time required for the Chairman and the Deputy Chairman of the Supervisory Board as well as the Chairman and the members of committees should be appropriately taken into account. The fixed annual remuneration is reduced pro rata temporis if a member does not serve on a committee for the full fiscal year or does not serve as chair or vice-chair for the full fiscal year.

Attendance fee

In addition, the members of the Supervisory Board receive an attendance fee of EUR 1,000 for each meeting of the Supervisory Board that they attend. Committee members also receive an attendance fee of EUR 1,000 for each meeting they attend. For several meetings of the same body (the plenary session or the respective committee of the Supervisory Board) that take place on one day, the attendance fee is only paid once.

Procedures for determining, implementing and reviewing the remuneration system

The Annual General Meeting determines the remuneration of the Supervisory Board based on a proposal by the Management Board and the Supervisory Board in the Articles of Association or by resolution. The remuneration of the Supervisory Board was determined by resolution of the Annual General Meeting on May 20, 2022.

Pursuant to Section 113 (3) German Stock Corporation Act (AktG) as amended by ARUG II, the Annual General Meeting must decide on the remuneration system for the members of the Supervisory Board at least every four years. In preparation for the resolution of the Annual General Meeting, the Management Board and Supervisory Board each examine whether the Supervisory Board remuneration, in particular with regard to its amount and structure, continues to be in the interest of NORMA Group SE and is appropriate. To this end, the Supervisory Board can also carry out a horizontal market comparison. If necessary, the Management Board and Supervisory Board will propose a suitable adjustment to the remuneration at the Annual General Meeting. The General and Nomination Committee can prepare the deliberations and resolutions of the Supervisory Board on Supervisory Board remuneration.

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46 PRINCIPLES OF THE GROUP		Mark Wilhelms				Erika Schulte						Dr. Markus Distelhoff (since May 12, 2023)		Rita Forst
69 ECONOMIC REPORT		2024			2023		2024		2023		2024	2023		2024		2023
194 MANAGEMENT REPORT OF NORMA GROUP SE	Type of remuneration	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %
(HGB)	Fixed remuneration	145	88,4	127	88,2	95	86,4	95	87,2	60	85,7	38	86,4	85	85,0	81	86,2
	Attendance fees	19	11,6	17	11,8	15	13,6	14	12,8	10	14,3	6	13,6	15	15,0	13	13,8
202 FORECAST REPORT	Total remuneration	164	100,0	144	100,0	110	100,0	109	100,0	70	100,0	44	100,0	100	100,0	94	100,0
210 RISK AND OPPORTUNITY REPORT		Denise Koopmans (since 12. Mai 2023)			Kerstin Müller-Kirchhofs (since September 9, 2024)1			Miguel Ángel López Borrego (June 1, 2023 - June 16, 2024)1				Günter Hauptmann (until May 11, 2023)
> REMUNERATION REPORT 2024		2024		2023		2024			2023	2024		2023		2024		2023
252 TAKEOVER-RELEVANT INFORMATION	Type of remuneration	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %	in EUR thou sands	in %
254 REPORT ON TRANSACTIONS WITH RELATED PARTIES	Fixed remuneration	60	82,2	38	84,4	25	86,2	–	–	39	86,7	50	87,7	–	–	48	88,9
	Attendance fees	13	17,8	7	15,6	4	13,8	–	–	6	13,3	7	12,3	–	–	6	11,1
	Total remuneration	73	100,0	45	100,0	29	100,0	–	–	45	100,0	57	100,0	–	–	54	100,0
4 CONSOLIDATED FINANCIAL STATEMENTS	1_Court-appointed since September 9, 2024.

Remuneration of the Supervisory Board for fiscal year 2024

Dr. Knut J. Michelberger

Fixed remuneration – – 25 73,5 509 502

in EUR thousands in %

(until May 11, 2023) Total 2024 2023 2024 2023

The remuneration for Supervisory Board work for fiscal year 2024 will be paid on the day after the 2025 Annual General Meeting as follows:

Remuneration granted and owed pursuant to Section 162 (1) sentence 2 No. 1 German Stock Corporation Act (AktG) T072

Attendance fees – – 9 26,5 82 79 Total remuneration – – 34 100,0 591 581

Type of remuneration

The figures in the "2023" columns relate to the remuneration for fiscal year 2023, which was paid in fiscal year 2024.

in EUR thousands

In fiscal year 2024, no remuneration was paid to members of the Supervisory Board for services rendered personally (in particular consulting and brokerage services). In addition, the Supervisory Board is reimbursed for travel expenses incurred in connection with the fulfillment of its official duties for the Company.

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Comparative presentation of the annual change within the meaning of Section 162 (1) Sentence 2 No. 2 German Stock Corporation Act (AktG) ("vertical comparison")

The provision of Section 162 (1) Sentence 2 No. 2 German Stock Corporation Act (AktG) requires a comparative presentation of the annual change in the remuneration of the Management Board and the Supervisory Board, the development of earnings of the Company and the average remuneration of the employees on a full-time equivalent basis. The annual change was determined as follows:

The earnings development of the Company was based on the annual result according to the profit and loss account. Since NORMA Group SE is the parent company of the Group and the variable remuneration of the Management Board is based, among other aspects, on Group earnings figures (e.g. adjusted Group EBIT), this figure was also included in the comparative presentation.
The determination of the change in the average remuneration of employees on a full-time equivalent basis was based on the entire workforce in Germany (excluding the Management Board) on the one hand and on the collectively bargained employees in Germany on the other, since this data is comparable with the other remuneration due to the legal and social security framework.
For the sake of completeness, it should be mentioned that the remuneration data for 2020 was influenced by both short-time work and executive pay cuts.

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The annual changes for the years 2021 to 2024 are as follows:

Comparative presentation of the annual change (so-called vertical comparison) pursuant to Section 162 (1) sentence 2 No. 2 German Stock Corporation Act (AktG)

T073

Group of persons / yield variables	Change 2024 to 2023	Change 2023 to 2022	Change 2022 to 2021	Change 2021 to 2020
Members of governing bodies in office as of Dec 31, 2024
a) Management Board
Guido Grandi (since June 1, 2023 until February 17, 2025)1	74.1 %	n/a	n/a	n/a
Dr. Daniel Heymann (since May 1,2023)	52.5 %	n/a	n/a	n/a
Annette Stieve (since October 1, 2020)	7.8 %	17.7 %	-2.0 %	243.5 %
b) Aufsichtsrat
Mark Wilhelms2	13.8 %	48.0 %	20.2 %	29.6 %
Erika Schulte	0.9 %	-6.8 %	12.5 %	9.5 %
Dr. Markus Distelhoff (since May 12, 2023)	57.4 %	n/a	n/a	n/a
Rita Forst	5.9 %	11.1 %	4.9 %	27.0 %
Denise Koopmans (since May 12, 2023)	60.6 %	n/a	n/a	n/a
Kerstin Müller-Kirchhofs (since September 9, 2024)3	n/a	n/a	n/a	n/a
Former Board members
a) Management Board
Miguel Ángel López Borrego (January 1 until May 31, 2023)4	n/a	n/a	n/a	n/a
Dr. Friedrich Klein (until April 30, 2023)	-93.3 %	-66.9 %	3.1 %	-8.1 %
Dr. Michael Schneider (until December 31, 2022)	-86.9 %	-67.5 %	2.0 %	-20.6 %
b) Supervisory Board
Miguel Ángel López Borrego (since March 16, 2021)	-20.8 %	-26.2 %	36.5 %	k. A.
Günter Hauptmann (until May 11, 2023)	n/a	-64.9 %	17.1 %	38.8 %
Dr. Knut J. Michelberger (until May 11, 2023)	n/a	-70.0 %	7.2 %	11.6 %
Earnings indicators
Annual result for NORMA Group SE	288.4 %	-41.5 %	– 46.8 %	698.9 %
Adjusted EBIT NORMA Group [Group]	-5.3 %	-1.5 %	– 13.0 %	151.3 %
Average remuneration of employees on a full-time equivalent basis
Total workforce in Germany (excluding the Management Board)	1.3 %	5.3 %	5.6 %	8.4 %
Pay scale employees in Germany	-2.9 %	7.2 %	5.6 %	8.9 %

1_Mr. Guido Grandi resigned from his position as Chairman of the Management Board and Chairman of the Management Board effective February 17, 2025.

2_Assumption of interim CEO duties effective February 18, 2025; his previous Supervisory Board mandate will be suspended during his interim CEO duties for a maximum transitional period of one year until February 17, 2026.

3_Court-appointed member of the Supervisory Board effective September 9, 2024; member and Chair of the Audit Committee since September 20, 2024; interim Chair of the Supervisory Board since February 18, 2025.

4_Interim CEO duties.

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> TAKEOVER-RELEVANT INFORMATION

Takeover-relevant information

An overview of the information required under Section 315a (1) and Section 289a (1) German Commercial Code (HGB) is presented below:

NORMA Group SE's share capital totaled EUR 31,862,400.00 on December 31, 2024. It is divided into 31,862,400 shares with no par value and a notional value of EUR 1. Each share entitles the bearer to one vote. There are no other classes of shares. NORMA Group SE holds no treasury shares.

The Management Board of NORMA Group SE is not aware of any restrictions affecting voting rights or the transfer of shares or any agreements between shareholders which could result in such restrictions.

There are no direct or indirect capital holdings exceeding one tenth of the voting rights other than those voting rights listed in the Notes to the Consolidated Financial Statements.

There are no shares in NORMA Group SE that confer special control rights to the holder.

There are no employee share plans through which employees can acquire shares of NORMA Group SE. Employees with shareholdings in NORMA Group SE exercise control rights in the same way as other shareholders in accordance with applicable legislation and the Articles of Association.

Management Board members are appointed and dismissed in accordance with Section 84 et seq. of the German Stock Corporation Act (AktG). The Articles of Association of NORMA Group SE do not contain any provisions related to this issue that contradict the applicable legislation. The Supervisory Board is responsible for determining the concrete number of members on the Management Board. It can nominate a Chairman and Vice Chairman of the Management Board or a Management Board spokesperson and a deputy spokesperson.

Changes to the Articles of Association are to be decided on by the Annual General Meeting in accordance with Section 179 (1) German Stock Corporation Act (AktG). In accordance with Section 179 (1) Sentence 2 German Stock Corporation Act (AktG), the Annual General Meeting can authorize the Supervisory Board to make changes which affect only the wording of the Articles of Association. The Annual General Meeting of NORMA Group SE has made use of this option: In accordance with Section 14 (2) of the Articles of Association, the Supervisory Board is authorized to adopt amendments to the Articles of Association that only affect their wording. In accordance with Article 20 sentence 3 of the Articles of Association, a simple majority of votes submitted is sufficient for a resolution on changing the Articles of Association if at least half of the share capital is represented when the resolution is adopted and a different majority is not required under the law.

The Supervisory Board is authorized to amend the wording of sections 4 and 5 of the Articles of Association in line with the issue of new shares from Authorized Capital 2020 and, if Authorized Capital 2020 has not been used or not used in full by June 29, 2025, after expiry of the authorization.

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The Supervisory Board is authorized to amend the wording of Articles 4 and 6 of the Articles of Association to reflect the issue of new shares from the Authorized Capital 2020. The same shall apply insofar as the authorization to issue convertible bonds, bonds with warrants and / or profit participation rights with or without conversion or option rights or conversion or option obligations in accordance with the resolution of the Annual General Meeting of June 30, 2020 is not exercised during the term of the authorization or the corresponding option or conversion rights or option or conversion obligations lapse due to the expiry of exercise periods or in any other way.

Shares may be redeemed without the redemption or its implementation requiring a further resolution by the Annual General Meeting. The retirement of shares generally leads to a reduction in capital. However, the Management Board may, in derogation of this, determine that the capital stock shall remain unchanged upon redemption and that instead the redemption shall increase the proportion of the capital stock represented by the remaining shares in accordance with Sentence 8 (3) German Stock Corporation Act (AktG). In this case, the Management Board and Supervisory Board are authorized to adjust the number of shares stated in the Articles of Association.

Authorized capital

In accordance with the resolution passed at the Annual General Meeting on June 30, 2020, the Management Board is authorized, with the Supervisory Board's consent, to increase the Company's share capital once or repeatedly by up to a total of EUR 3,186,240 on or before June 29, 2025 (including that day) by issuing up to 3,186,240 new registered shares against cash and/or non-cash contributions (Authorized Capital 2020). The Management Board is authorized, with the Supervisory Board's consent, to exclude shareholders' subscription rights wholly or in part, once or repeatedly, in certain cases for capital increases under the Authorized Capital.

Conditional capital

In accordance with the resolution passed by the Annual General Meeting on June 30, 2020, the Management Board is authorized, with the Supervisory Board's consent, to issue once or repeatedly on or before June 29, 2025 (including that day) bearer or registered convertible bonds and / or bonds with warrants and / or participation rights carrying a conversion or option right and / or conversion or option obligation (or a combination of these instruments) in a total nominal amount of up to EUR 200,000,000 with or without a limited maturity term (hereinafter collectively referred to as "bonds" and to grant the creditors of bonds conversion / option rights and / or conversion / option obligations to subscribe to a total of up to 3,186,240 new registered shares of NORMA Group SE with a pro rata amount of the share capital of a total of up to EUR 3,186,240 in accordance with the terms and conditions of the bonds.

The share capital of the Company is conditionally increased by up to EUR 3,186,240 through the issuance of up to 3,186,240 new registered shares (Conditional Capital 2020). The purpose of the Conditional Capital 2020 is to issue shares to the creditors of convertible bonds and / or bonds with warrants and / or participation rights carrying a conversion / option right and / or a conversion / option obligation, which will be issued based on the authorizations granted by the Annual General Meeting of the Company on June 30, 2020, by NORMA Group SE or companies in which NORMA Group SE directly or indirectly holds a majority of the votes and the capital.

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> REPORT ON TRANSACTIONS WITH RELATED PARTIES

Authorization to acquire treasury shares

Pursuant to the resolution of the Annual General Meeting on June 30, 2020, NORMA Group SE is authorized to acquire up to a total of 10% of the share capital of NORMA Group SE at the time at which the resolution is adopted or – in the event that this value is lower – at the time that the authorization is exercised, for any permissible purpose by June 29, 2025 (including that day). The Management Board is authorized to use shares of the Company for any legal purpose. The shareholders' acquisition right to these treasury shares is thereby excluded in certain cases.

NORMA Group SE is authorized to acquire its own shares also by using derivatives such as put options, call options, forward purchases or a combination of these instruments and to conduct corresponding derivative transactions. The acquisition of shares using derivatives is limited to a number of shares that does not exceed a proportionate amount of 5% of the share capital existing at the time of the resolution.

NORMA Group's financing agreements, including the contracts for the promissory notes, include the typical Change of Control Clause. In the event of a takeover by a third party, the possibility that NORMA Group would not be able to finance itself at similarly favorable terms and conditions cannot be ruled out.

Report on Transactions with Related Parties

In fiscal year 2024, there were no reportable transactions with related parties.

TP Flex tubes are made of thermoplastic elastomer. They are lightweight and flexible. Their material and design properties reduce the pressure loss of the fluid. This makes TP Flex suitable for use in the thermal management systems of electric vehicles.

Solutions for Electromobility

NORMA Group's joining technology in the Mobility & New Energy business unit is used in vehicles of all drive types. The specifics vary depending on the type. NORMA Group addresses diverse customer requirements with its comprehensive product portfolio. For example, in electric vehicles, automobile manufacturers are focusing primarily on weight reduction through the use of lightweight components. – The goal is an optimized range.

CONSOLIDATED FINANCIAL STATEMENTS

256 Consolidated Statement of Comprehensive Income 257 Consolidated Statement of Financial Position 259 Consolidated Statement of Cash Flows 260 Consolidated Statement of Changes in Equity 261 Notes to the consolidated financial statement 373 Appendix to the Notes to the Consolidated Financial Statements
377 Assurance of Legal Representatives
378 Independent Auditor's Report

1 INTRODUCTION

> CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the fiscal year from January 1 to December 31, 2024

			T074
in EUR thousands	Note	2024	2023
Revenue	(8)	1,155,128	1,222,781
Changes in inventories of finished goods and work in progress		6,194	-8,166
Other own work capitalized		6,562	3,011
Raw materials and consumables used	(9)	-500,031	-549,646
Gross profit		667,853	667,980
Other operating income	(10)	17,579	19,608
Other operating expenses	(11)	-194,435	-211,799
Employee benefits expense	(12)	-337,930	-321,750
Depreciation and amortization	(18, 19)	-95,750	-77,916
Operating profit (EBIT)		57,317	76,123
Financial income		3,640	4,194
Financial costs		-26,939	-26,864
Financial costs – net	(13)	-23,299	-22,670
Profit before income tax		34,018	53,453
Income taxes	(16)	-19,227	-25,537
PROFIT FOR THE PERIOD		14,791	27,916
Other comprehensive income for the period, net of tax
Other comprehensive income that can be reclassified to profit or loss, net of tax		27,522	-22,483
Exchange differences on translation of foreign operations	(24)	28,668	-21,281
Cash flow hedges, net of tax	(21, 24)	-1,146	-1,202
Other comprehensive income that cannot be reclassified to profit or loss, net of tax		-73	-87
Remeasurements of post-employment benefit obligations, net of tax	(24, 26)	-73	-87
Other comprehensive income for the period, net of tax		27,449	-22,570
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		42,240	5,346
Profit attributable to
Shareholders of the parent		14,696	27,832
Non-controlling interests		95	84
Total comprehensive income attributable to
Shareholders of the parent		42,159	5,293
Non-controlling interests		81	53
(Un)diluted earnings per share (in EUR)	(15)	0.46	0.87

1 INTRODUCTION

4 CONSOLIDATED FINANCIAL STATEMENTS

> CONSOLIDATED STATEMENT OF FINANCIAL POSITION

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets			T075
in EUR thousands	Note	Dec 31, 2024	Dec 31, 2023
Non-current assets
Goodwill	(18)	410,403	394,750
Other intangible assets	(18)	150,455	168,990
Property, plant and equipment	(19)	319,013	308,354
Other non-financial assets	(23)	1,431	1,453
Other financial assets	(21)	1,091	911
Contract assets		87	89
Derivative financial assets	(21)	4,142	4,638
Income tax assets		274	231
Deferred income tax assets	(17)	13,830	11,468
		900,726	890,884
Current assets
Inventories	(22)	219,941	220,096
Other non-financial assets	(23)	20,000	25,324
Other financial assets	(21)	6,099	2,312
Derivative financial assets	(21)	844	335
Income tax assets		2,073	4,606
Trade and other receivables	(21)	159,434	184,507
Contract assets	(8)	381	7
Cash and cash equivalents	(29)	127,130	165,207
		535,902	602,394
Total assets		1,436,628	1,493,278

NORMA Group SE – Annual Report 2024 258

1 INTRODUCTION	Equity and Liabilities			T076
2 TO OUR SHAREHOLDERS	in EUR thousands	Note	Dec 31, 2024	Dec 31, 2023
	Equity
3 CONDENSED	Subscribed capital		31,862	31,862
MANAGEMENT REPORT	Capital reserve		210,323	210,323
4 CONSOLIDATED	Other reserves		33,190	5,654
FINANCIAL STATEMENTS	Retained earnings		445,619	445,263
	Equity attributable to shareholders		720,994	693,102
256 CONSOLIDATED STATEMENT OF	Non-controlling interests		376	338
COMPREHENSIVE INCOME	Total equity	(24)	721,370	693,440
	Liabilities
> CONSOLIDATED STATEMENT OF	Non-current liabilities
FINANCIAL POSITION	Retirement benefit obligations	(26)	9,870	9,319
	Provisions	(27)	6,306	4,367
259 CONSOLIDATED STATEMENT OF	Borrowings	(21)	370,283	437,313
CASH FLOWS	Other non-financial liabilities	(28)	1,226	686
260 CONSOLIDATED	Contract liabilities	(8)	29	0
STATEMENT OF	Lease liabilities	(20)	31,044	32,508
CHANGES IN EQUITY	Deferred income tax liabilities	(17)	36,999	40,132
261 NOTES TO THE			455,757	524,325
CONSOLIDATED	Current liabilities
FINANCIAL STATEMENT	Provisions	(27)	9,147	14,589
373 APPENDIX TO THE NOTES	Borrowings	(21)	30,243	21,431
TO THE CONSOLIDATED	Other non-financial liabilities	(28)	44,912	38,607
FINANCIAL STATEMENTS	Contract liabilities	(8)	854	1,052
377 ASSURANCE OF LEGAL	Lease liabilities	(20)	11,387	10,108
REPRESENTATIVES	Other financial liabilities	(21)	12,572	8,724
	Derivative financial liabilities	(21)	755	544
378 INDEPENDENT	Income tax liabilities		6,795	6,799
AUDITOR'S REPORT	Trade and other payables	(21)	142,836	173,659
5 FURTHER INFORMATION			259,501	275,513
	Total liabilities		715,258	799,838
	Total equity and liabilities		1,436,628	1,493,278

1 INTRODUCTION

4 CONSOLIDATED FINANCIAL STATEMENTS

> CONSOLIDATED STATEMENT OF CASH FLOWS

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CASH FLOWS

for the fiscal year from January 1 to December 31, 2024

			T077
in EUR thousands	Note	2024	2023
Operating activities
Profit for the period		14,791	27,916
Depreciation and amortization	(18, 19)	95,750	77,916
Gain (-) / loss (+) on disposal of property, plant and equipment		214	484
Change in provisions	(26, 27)	-2,695	436
Change in deferred taxes	(17)	-8,306	-2,432
Change in inventories, trade account receivables and other receivables, which are not attributable to investing or financing activities	(21, 22, 23)	44,664	23,366
Change in trade and other payables, which are not attributable to investing or financing activities	(21, 28)	-26,670	-27,329
Change in reverse factoring liabilities		-3,219	-3,918
Payments for share-based payments		-901	-530
Interest expenses in the period		23,500	22,021
Income (-) / expenses (+) due to measurement of derivatives		-1,302	1,036
Other non-cash expenses (+) / income (-)	(29)	1,159	-54
Cash flow from operating activities		136,985	118,912
thereof interest received		2,307	1,552
thereof income taxes		-24,621	-28,324
Investing activities
Investments in property, plant and equipment and intangible assets	(18, 19)	-54,919	-60,707
Payments for acquisitions of subsidiaries, net	(29)	-9,042	0
Proceeds from the sale of property, plant and equipment		511	946
Cash flow from investing activities		-63,450	-59,761
Financing activities
Interest paid		-23,689	-19,570
Dividends paid to shareholders	(24)	-14,338	-17,524
Dividends paid to non-controlling interests		-43	0
Proceeds from borrowings	(21)	21,396	119,400
Repayment of borrowings	(21)	-84,796	-126,120
Repayment of derivatives		-67	-1,862
Repayment of lease liabilities		-12,584	-12,268
Cash flow from financing activities	(29)	-114,121	-57,944
Net change in cash and cash equivalents		-40,586	1,207
Cash and cash equivalents at the beginning of the year		165,207	168,670
Effect of foreign exchange rates on cash and cash equivalents		2,509	-4,670
Cash and cash equivalents at the end of the year		127,130	165,207

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> CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

T078

				Attributable to equity holders of the parent
in EUR thousands	Note	Subscribed capital	Capital reserve	Other reserves	Retained earnings	Total	Non controlling interests	Total equity
Balance as of Jan 1, 2023		31,862	210,323	28,106	434,780	705,071	285	705,356
Result for the period					27,832	27,832	84	27,916
Exchange differences on translation of foreign operations				-21,250		-21,250	-31	-21,281
Cash flow hedges, net of tax	(21)			-1,202		-1,202		-1,202
Remeasurements of post-employment benefit obligations, net of tax	(24, 26)				-87	-87		-87
Total comprehensive income for the period
Share-based payment transactions	(25)				262	262		262
Dividends paid	(24)				-17,524	-17,524		-17,524
Total transactions with owners for the period
Balance as of Dec 31, 2023		31,862	210,323	5,654	445,263	693,102	338	693,440
Balance as of Jan 1, 2024		31,862	210,323	5,654	445,263	693,102	338	693,440
Result for the period					14,696	14,696	95	14,791
Exchange differences on translation of foreign operations				28,682		28,682	-14	28,668
Cash flow hedges, net of tax	(21)			-1,146		-1,146		-1,146
Remeasurements of post-employment benefit obligations, net of tax	(24, 26)				-73	-73		-73
Total comprehensive income for the period
Share-based payment transactions	(25)				71	71		71
Dividends paid	(24)				-14,338	-14,338		-14,338
Dividends paid to non-controlling interests							-43	-43
Total transactions with owners for the period
Balance as of Dec 31, 2024		31,862	210,323	33,190	445,619	720,994	376	721,370

1 INTRODUCTION

4 CONSOLIDATED FINANCIAL STATEMENTS

256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
257 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
259 CONSOLIDATED STATEMENT OF CASH FLOWS
260 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
377 ASSURANCE OF LEGAL REPRESENTATIVES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

General information

1. Group information

NORMA Group SE is the ultimate parent company of NORMA Group. Its headquarters are located at 63477 Maintal, Edisonstrasse 4, in the vicinity of Frankfurt, Germany, and the Company is registered in the commercial register of Hanau under the number HRB 94473. NORMA Group SE and its affiliated Group subsidiaries operate in the market as 'NORMA Group'.

NORMA Group SE has been listed in the Prime Standard of Frankfurt Stock Exchange's Regulated Market since April 8, 2011. For a detailed overview of NORMA Group SE shareholdings, please refer to the 4 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS: VOTING RIGHTS NOTIFICATIONS.

NORMA Group was established in 2006 as a result of the merger of Rasmussen GmbH and the ABA Group. Rasmussen was founded in 1949 as Rasmussen GmbH in Germany. It manufactured connecting and retaining elements as well as fluid conveying conduits such as monolayer and multilayer tubes and corrugated tubes. All products were marketed globally under the NORMA brand. ABA Group was founded in 1896 in Sweden. The Group has since developed into a leading multinational company specializing in the design and production of hose and pipe clamps, as well as connectors for many worldwide applications.

In past decades, NORMA Group has, driven by its successful acquisitions and continuous technological innovation with products and operations, developed into a Group of companies of global importance.

As of December 31, 2024, NORMA Group's business activities were divided into the three customer industries: Industry Applications, Water Management and Mobility & New Energy:

Industry Applications (formerly primarily part of the Standardized Joining Technology (SJT) distribution channels)
Water Management (formerly primarily part of the Standardized Joining Technology (SJT) distribution channel)
Mobility & New Energy (primarily corresponds to the Engineered Joining Technology (EJT) distribution channels reported in the previous year)

NORMA Group markets a broad portfolio of high-quality, standardized branded products in the Industry Applications and Water Management customer industries. In addition to joining components for infrastructure solutions and products for the sustainable energy industry and renewable energies, this also includes numerous solutions in the field of stormwater management and landscape irrigation. In recent years, the Group has primarily used sales representatives, dealers and importers as multipliers in addition to its own global sales network. NORMA Group's customers include distributors, specialized wholesalers, do-it-yourself (DIY) stores and applications in smaller industries, and also OEM customers.

1 INTRODUCTION

3 CONDENSED MANAGEMENT REPORT
4 CONSOLIDATED FINANCIAL STATEMENTS
- 256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
- 257 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
- 259 CONSOLIDATED STATEMENT OF CASH FLOWS
- 260 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
- > NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT
- 373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
- 377 ASSURANCE OF LEGAL REPRESENTATIVES
- 378 INDEPENDENT AUDITOR'S REPORT

Mobility & New Energy includes sophisticated, individually customized joining technology and is particularly characterized by close development partnerships with OEMs (original equipment manufacturers). NORMA Group's central development departments and local resident engineers work together with the customer during multi-year project phases to develop solutions for specific industrial challenges.

2. Basis of preparation

The principal accounting policies applied in the preparation of these Consolidated Financial Statements for the fiscal year from January 1, to December 31, 2024 are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The Consolidated Financial Statements have been prepared in euros. The exchange rates used by the Group for foreign currency translation are as follows:

Exchange rates				T079
	Spot rate		Average rate
per EUR	Dec 31, 2024	Dec 31, 2023	2024	2023
Australian dollar	1.6772	1.6263	1.6399	1.6288
Brazilian real	6.4253	5.3618	5.8274	5.4018
Chinese renminbi yuan	7.5833	7.8509	7.7861	7.6587
Swiss franc	0.9412	0.9260	0.9527	0.9716
Czech koruna	25.1850	24.7240	25.1193	24.0044
British pound sterling	0.8292	0.8691	0.8466	0.8698
Indian rupee	88.9335	91.9045	90.5401	89.3040
Japanese yen	163.0600	156.3300	163.8529	151.9021
South Korean won	1,532.1500	1,433.6600	1,475.4529	1,413.2366
Malaysian ringgit	4.6454	5.0775	4.9496	4.9310
Mexican peso	21.5504	18.7231	19.8091	19.1894
Polish złoty	4.2750	4.3395	4.3053	4.5418
Serbian dinar	116.4004	116.8120	116.6771	116.8522
Russian ruble	114.9650	99.9080	100.3838	92.3323
Swedish krona	11.4590	11.0960	11.4350	11.4736
Singapore dollar	1.4164	1.4591	1.4457	1.4522
Thai baht	35.6760	37.9730	38.1682	37.6218
Turkish lira	36.7372	32.6531	35.5724	25.7628
US dollar	1.0389	1.1050	1.0821	1.0815

Unless indicated otherwise, all amounts are stated in thousands of euros (EUR thousands). All amounts have been rounded. Therefore, in individual cases, differences in the order of 1 thousand euros may arise when adding individual values to the total value.

The Consolidated Financial Statements of NORMA Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and the supplementary interpretations as applicable in the EU as well as

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

with the regulations under commercial law as set forth in Section 315e of the German Commercial Code [Handelsgesetzbuch, HGB for the fiscal year ended December 31, 2024.

The Consolidated Statement of Comprehensive Income has been prepared in accordance with the total cost method.

The Consolidated Financial Statements of NORMA Group SE were prepared by the Management Board on March 18, 2025 released for publication and forwarded to the Supervisory Board for review and approval.

The Consolidated Financial Statements of NORMA Group are being filed and published in the Company Register.

The preparation of financial statements in conformity with IFRS (EU) requires the Management Board to use certain accounting estimates. It is also required to exercise its judgment in the process of applying the Group's accounting policies. Disclosures regarding areas involving a higher degree of judgment or complexity and areas in which assumptions and estimates play a material role in the Consolidated Financial Statements can be found in 4 NOTE 6 ACCOUNTING ESTIMATES AND JUDGMENTS.

Accounting standards applied for the first time in the current fiscal year

The Group has applied the following standards and amendments for the first time: None of the standards and amendments applied for the first time in the current fiscal year had a material impact on the Consolidated Financial Statements.

Accounting standards applied for the first time in the current financial year		T080
	First-time application	Adopted by the EU Commission
IFRS pronouncement (published on)
IAS 1 "Presentation of Financial Statements" - Classification of Liabilities as Current or Non-current (23. January 2020 and postponement of effective date (15. July 2020))	1.1.2024	Yes
IAS 1 "Presentation of Financial Statements" - Non-current Liabilities with Covenants (31. October 2022)	1.1.2024	Yes
IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures:" - Supplier Finance Arrangements (25. May 2023)	1.1.2024	Yes
IFRS 16 "Lease" - Lease Liability in a Sale and Leaseback (22. September 2022)	1.1.2024	Yes

Standards, amendments and interpretations to existing standards that are not yet effective and have not been applied early by the Group

The IASB has published the following pronouncements, which have not yet come into force. The Group currently assumes that these recently implemented accounting pronouncements and pronouncements that have not yet come into force will not have a material impact on NORMA Group's Consolidated Financial Statements.

Pronouncements published by the IASB in the current financial year T081

	First-time application	Adopted by the EU Commission
IFRS pronouncement (published on)
IAS 21 "The Effects of Changes in Foreign Exchange Rates" - Lack of Exchangeability (15. August	1.1.2025	Yes
2023) Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (30. May 2024)	1.1.2026	No
Annual Improvements Volume 11 — Band 11 (18. July 2024)	1.1.2026	No
Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (18. December 2024)	1.1.2026	No
IFRS 18 "Presentation and Disclosure in Financial Statements" (09. April 2024)	1.1.2027	No
IFRS 19 "Subsidiaries without Public Accountability: Disclosures" (09. May 2024)	1.1.2027	No

3. Summary of significant accounting policies

Consolidation

(a) Subsidiaries

Subsidiaries are all entities over which NORMA Group has control. NORMA Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of an investee begins on the date on which the Group obtains control over the company. It ends when the Group loses control over the investee.

Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

The Group uses the acquisition method of accounting to account for business combinations. The initial value for the acquisition of a subsidiary is recognized at fair value of the assets transferred, the liabilities incurred on the acquisition date and the equity interests issued by the Group. The initial value recognized includes the fair value of any asset or liability resulting from a contingent consideration arrangement. On the acquisition date, the fair value of the contingent consideration is recognized as part of the consideration transferred in exchange for the acquiree. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the acquisition date. In accordance with IFRS 3, for every business combination there is an option to measure all non-controlling interests in the acquired company either at fair value, i.e.

i.e. including the goodwill attributable to these interests ("fair value option"), or at the corresponding proportion of the identifiable net assets of the acquired company. The Group measures the non-controlling interest in the acquiree at the non-controlling interest's proportionate share of the acquiree's net assets.

1 INTRODUCTION

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> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT

373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group's share of the identifiable net assets acquired, is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized in profit or loss immediately in the Consolidated Statement of Comprehensive Income.

In a business combination achieved in stages, the Group remeasures its previously held equity interest in the acquiree at its acquisition-date fair value and recognizes the resulting gain or loss, if any, in profit or loss.

(b) Non-controlling interests

Non-controlling interests have a share in the earnings of the reporting period. Their interests in the shareholders' equity of subsidiaries are reported separately from the equity of the Group.

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity.

(c) Disposal of subsidiaries

When the Group ceases to have control, any retained interest in the subsidiary is remeasured at its fair value, with the change in the carrying amount recognized in profit or loss. The initial carrying amount is the fair value for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that an amount previously recognized in the currency translation reserve is reclassified to profit or loss as part of the gain or loss on disposal. In the case of only partial disposal without loss of control of a subsidiary that includes a foreign operation, the corresponding portion of the cumulative translation difference is allocated to non-controlling interests.

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Valuation methods

The following table shows the most important valuation methods that form the basis for the preparation of the Consolidated Financial Statements:

Valuation methods	T082
Position	Valuation method
Assets
Goodwill	Acquisition costs less potential impairment
Other intangible assets – finite useful lives	Amortized costs
Other intangible assets – indefinite useful lives	Acquisition costs less potential impairment
Property, plant and equipment	Amortized costs
Derivative financial assets:
Classified as cash flow hedge	According to the rules for hedge accounting
Classified as fair value hedge	According to the rules for hedge accounting
Without hedge accounting	At fair value through profit or loss
Inventories	Lower of cost or net realizable value
Other non-financial assets	Amortized costs
Other financial assets	Amortized costs
Trade and other receivables	Amortized costs
Trade receivables, available for sale	At fair value through profit or loss
Contract assets	Input method less potential impairment
Cash and cash equivalents	Nominal amount/ Amortized costs
Liabilities
Pensions	Projected unit credit method
Other provisions	(Present) value of future settlement amount
Borrowings	Amortized costs
Other non-financial liabilities	Amortized costs
Lease liabilities	Valuation based on IFRS 16.36
Other financial liabilities:
Financial liabilities at cost (FLAC)	Amortized costs
Derivative financial liabilities:
Classified as cash flow hedge	According to the rules for hedge accounting
Classified as fair value hedge	According to the rules for hedge accounting
Without hedge accounting	At fair value through profit or loss
Contingent consideration	At fair value through profit or loss
Trade and other payables	Amortized costs

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Fair value estimation

For financial instruments that are measured in the Statement of Financial Position at fair value in accordance with IFRS 13, IFRS 7 requires a disclosure of fair value measurements by level using the following fair value measurement hierarchy: This comprises three levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities,

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as a price) or indirectly (i.e. derived from prices)

Level 3: Inputs for measuring the asset or liability that are not based on observable market data (unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorized in total is determined on the basis of the lowest level input that is significant to the fair value measurement in total. The different hierarchy levels demand different amounts of disclosure.

Foreign currency translation

(a) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The Consolidated Financial Statements are prepared in 'euros' (EUR), which is NORMA Group SE's functional and the Group's presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the actual exchange rates on the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in profit or loss within 'financial income / costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income / expenses'.

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(c) Group companies

The earnings, assets and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Assets and liabilities for each Consolidated Statement of Financial Position presented are translated at the closing rate on the date of that Consolidated Statement of Financial Position;
Income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the actual rate on the dates of the transactions); and
All resulting exchange differences are recognized as a separate component of equity.

Goodwill and fair value adjustments arising through the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Intangible assets

(a) Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiary on the date of acquisition. Goodwill on acquisitions of subsidiaries is included in 'intangible assets'. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose.

(b) Development costs

Costs of research activities undertaken with the prospect of gaining new scientific or technical knowledge and understanding are expensed as incurred.

Costs for development activities, whereby research findings are applied to a plan or design for the production of new or substantially improved products and processes, are capitalized if

development costs can be measured reliably,
the product or process is technically and commercially feasible, and
future economic benefits are probable.

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Furthermore, NORMA Group intends, and has sufficient resources, to complete development and use or sell the asset. The costs capitalized include the cost of materials, direct labor and other directly attributable expenditure that serves to prepare the asset for use. Such capitalized costs are included in profit or loss in 'own work capitalized'. Capitalized development costs are stated at cost less accumulated amortization and impairment losses with an amortization period of generally three to five years. Development costs which did not meet the requirements are expensed as incurred.

(c) Other intangible assets

Separately acquired other intangible assets are shown at cost less accumulated amortization. Intangible assets acquired in a business combination are recognized at fair value on the acquisition date. Other intangible assets which have a finite useful life will be amortized over their estimated useful life. Amortization is calculated using the straight-line method to allocate their cost. Other intangible assets which are determined to have indefinite useful lives as well as intangible assets not yet available for use are not amortized, but instead tested for impairment at least annually. Furthermore, other intangible assets which are determined to have indefinite useful lives and therefore are not amortized will be reviewed each period to determine whether events and circumstances continue to support an indefinite useful life assessment for these assets

In general, the Group's other intangibles are not qualifying assets in accordance with IAS 23 and borrowing costs eligible for capitalization therefore do not exist.

The useful lives of other intangible assets acquired in a business combination are estimates based on the economics of each specific asset, which were determined in the process of the purchase price allocation. The major part of these assets are brand names and customer lists.

Other intangible assets with indefinite useful lives are primarily brand names, for which the end of usability is not foreseeable and therefore indeterminable. These brand names result from acquisitions-For these brand names, an indefinite useful life is assumed-Based on a market perspective, there are no clear indications for a definite useful life of these brand names as they have been well-established in the market for many years.

Property, plant and equipment

All property, plant and equipment are stated at cost less depreciation and impairment loss, if applicable. The acquisition or production costs include the costs directly attributable to the acquisition or production of the property, plant and equipment as well as appropriate portions of the production-related overheads. Also included, if available, is the present value of the estimated costs of demolition and removal of the item and restoration of the site on which it is located. Borrowing costs eligible for capitalization in the sense of IAS 23 were not available.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is foreseeable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. Costs of major overhauls that meet certain recognition criteria are capitalized as a component of property, plant and equipment or right-of-use assets and depreciated over the appropriate maintenance cycle. All other repairs and maintenance expenses are charged to profit or loss during the financial period in which they are incurred.

Land is not depreciated. Depreciation of other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives.

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The assets' residual values and useful lives are reviewed and adjusted, if appropriate, on each reporting date.

Leasing activities of the Group and their accounting treatment

Leases are recognized as rights of use and corresponding lease liabilities at the time when the leased asset is available for use by the Group. In doing so, each lease payment is divided into repayment and financing expenses. The financing costs are recognized in profit or loss over the term of the lease. The right-of-use asset is amortized on a straight-line basis over the shorter of the useful life and the lease term.

Right-of-use asset and lease liabilities are initially recognized at present value. The lease liabilities generally include the present value of the following lease payments:

fixed payments (including de facto fixed payments, less any leasing incentives to be received)
variable lease payments linked to an index or interest rate
expected residual value payments from residual value guarantees of the lessee
the exercise price of a purchase option, if it is sufficiently certain that the lessee will exercise it
penalties for terminating the lease, if the lease term takes into account that the lessee will exercise a termination option

Lease payments are discounted at the interest rate underlying the lease if this can be determined. Otherwise, they are discounted at the lessee's incremental borrowing rate. Right-of-use assets are measured at cost, which is comprised as follows:

amount of the initial measurement of the lease liability
all leasing payments made at or before the commencement date, less any lease incentives received
all initial direct costs incurred by the lessee, and
the estimated costs incurred by the lessee in dismantling or removing the underlying asset, restoring the site on which it is located, or returning the underlying asset to the condition required by the lease agreement.

Exceptions in the form of accounting options exist for short-term leases (minimum term of a maximum of twelve months if no purchase option has been agreed) and for low-value assets. The lease payments resulting from these leases are therefore to continue to be included in operating expenses in the future. Furthermore, lessees are granted an accounting option not to separate lease and non-lease components.

i. Extension and termination options

In determining the term of leases, all facts and circumstances that provide an economic incentive to exercise extension options or not to exercise termination options are taken into account. Changes to the term of the lease resulting from the exercise of extension and termination options are only included in the term of the lease if an extension or non-exercise of a termination option is reasonably certain.

The following considerations are taken into account when determining the term of the leases or the inclusion or non-inclusion of extension and termination options:

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Contract-related

existence of renewal or purchase options and their conditions,
an obligation to dismantle installations or return them to their original condition,
amount of lease payments (including all variable payments) for an optional period compared to customary market payments.

Asset-based / Company-based

the existence of significant leasehold improvements that would be lost in the event of (premature) termination or non-extension of the contract,
costs in connection with a loss of production upon termination of the lease,
costs associated with the acquisition of an alternative asset,
dependence of the business activity (core business) on the continued use of the asset,
financial consequences of the extension or termination of the lease,
nature of the leased asset (specific vs. generic / general leased asset; extent to which the leased asset is critical to the lessee's operations).

Market-related

legal and local regulations to be observed for the (permanent) obligation,
alternative lease payments for comparable assets.

The assessment will be reviewed if a material event or material change in circumstances occurs that could influence the previous assessment, provided this is within the lessee's control.

Impairment of non-financial assets

(a) Assets with finite useful lives

An impairment test must be carried out for assets with a determinable useful life if there are indications of a possible impairment. If there are any such indications, the amortized carrying amount of the asset is compared with the recoverable amount, which represents the higher of fair value less costs to sell and value in use. The value in use is equivalent to the present value of the future cash flows expected from the continuing use of the asset. To test for impairment, assets are grouped into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows from other assets or cash-generating units. In the event of impairment, the difference between the amortized carrying amount and the lower recoverable amount is recognized as an expense. The impairment loss is reversed as soon as there are indications that the reasons for impairment no longer exist. These may not exceed the amortized cost of acquisition.

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(b) Goodwill and other assets with an indefinite useful life

Other intangible assets with an indefinite useful life, other intangible assets not yet ready for use or advance payments on such assets as well as goodwill must be tested for impairment annually. A test is also performed whenever there is any indication that an asset might be impaired. Where the reasons for an impairment no longer exist, the impairment loss is reversed, except in the case of goodwill. The recoverable amount is determined for each individual asset unless an asset generates cash inflows that are not largely independent of those from other assets or other groups of assets or cash-generating units. In these cases, the impairment test is performed at the relevant level of cash-generating units to which the asset is attributable.

Goodwill acquired in a business combination is allocated at the acquisition date to the cash-generating unit or group of cash-generating units that are expected to profit from the synergies deriving from the business combination. This also represents the lowest level at which goodwill is monitored for internal management purposes. These are the operating and reportable segments EMEA, Americas and Asia-Pacific.

The Group normally determines the recoverable amount using measurement methods based on discounted cash flows.

Brand names with indefinite useful lives acquired in business combinations are tested for impairment at the level at which there is a recoverable amount. This is based on the fair value less the costs of sale, which is determined using the relief-from-royalty method.

For cash-generating units, NORMA Group first determines the relevant recoverable amount as fair value less costs to sell, which it compares with the respective carrying amounts, including allocated goodwill in the case of impairment tests on goodwill. For further information regarding the calculation of the fair value less the costs of sale and the underlying key assumptions, please refer to 4 NOTE 18 GOODWILL AND OTHER INTANGIBLE ASSETS.

Inventories

Inventories are stated at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated necessary selling costs. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises design costs as well as raw materials, direct labor, other direct costs and related production overheads (based on normal operating capacity). Inventories of the Group are not qualifying assets in accordance with IAS 23, so the costs do not include capitalized borrowing costs.

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Financial instruments

(a) Financial assets

Classification

The Group classifies its financial assets in the following measurement categories:

Debt instruments measured at amortized cost (AC);
Debt instruments measured at fair value (FVOCI), with cumulative gains and losses reclassified to the income statement when the financial asset is derecognized;
Debt, derivative and equity instruments measured at fair value through profit or loss (FVTPL);
Equity instruments classified as FVOCI, with gains and losses remaining in other comprehensive income (OCI) (without reclassification).

The classification of debt instruments depends on the business model NORMA Group uses to manage its financial assets and the characteristics of the contractual cash flows of these financial assets.

NORMA Group reclassifies debt instruments only when the business model for managing such financial assets changes.

Recognition and derecognition

Regular purchases and sales of financial assets are recognized on the trade date – the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows have expired or been transferred and the Group has transferred substantially all risks and rewards of ownership.

Measurement

Financial assets are initially recognized at fair value plus transaction costs for all financial assets not measured at fair value through profit or loss.

Debt instruments

The subsequent measurement of debt instruments depends on the Group's business model for managing the financial asset and the cash flow characteristics of the financial asset.

A debt instrument is measured at amortized cost if the objective of the business model is to hold the financial asset in order to collect the contractual cash flows and the contractual cash flows from the financial asset represent only principal and interest payments and the fair value option is not exercised at inception. Interest income from these financial assets is recognized in financial income using the effective interest method. Gains and losses from derecognition, impairment and currency translation are recognized directly in the Consolidated Statement of Comprehensive Income and reported in other operating income / expenses.

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A debt instrument that is held in a business model in which both the contractual cash flows of financial assets are received and financial assets are sold, and in which the contractual cash flows include only principal and interest payments, is measured at fair value with no effect on income, unless the fair value option is exercised upon initial recognition. Changes in the carrying amount are recognized in other comprehensive income, except for impairment gains or losses, interest income and gains and losses on currency translation, which are recognized directly in the Consolidated Statement of Comprehensive Income. When the financial asset is derecognized, the cumulative gain or loss recognized in other comprehensive income is reclassified from equity to the Consolidated Statement of Comprehensive Income. Interest income from these financial assets is recognized in financial income using the effective interest method. Gains and losses from currency translation are recognized directly in the Consolidated Statement of Comprehensive Income and reported in other operating income / expenses.

The impairment losses recognized in the Consolidated Statement of Comprehensive Income are disclosed separately in the section "Notes to the Consolidated Statement of Financial Position."

All other debt instruments that do not meet these two conditions must be measured at fair value through profit or loss (FVTPL).

Equity instruments

All equity instruments are subsequently measured at fair value. If an equity instrument is not held for trading purposes, NORMA Group may, at the time of initial recognition, make the irrevocable decision to measure it at fair value with recognition of changes in value in other comprehensive income (FVTOCI), whereby only income from dividends is recognized in profit or loss for the period unless it represents a capital repayment.

Changes in the fair value of financial assets at fair value through profit or loss are recognized in the Consolidated Statement of Comprehensive Income under other operating income / expenses.

Impairments

NORMA Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments, which are measured at amortized cost or at fair value with no effect on income.

The Group has three types of financial assets subject to this model:

Trade receivables from the sale of goods and the rendering of services,
Contract assets from research and development activities; and
Other debt instruments measured at amortized cost.

In the case of trade receivables, NORMA Group applies the simplified approach provided for in IFRS 9, which requires the recognition of expected credit losses over the term of the receivables from their initial recognition; further details can be found in 4 NOTE 21 (A) TRADE AND OTHER RECEIVABLES.

Receivables which are significantly overdue, which can be more than 180 days due to the customer structure, or those whose debtors were subject to insolvency or similar proceedings, are individually tested for impairment.

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The criteria that the Group uses to determine if there is objective evidence of an impairment loss include:

A breach of contract, such as a default or delinquency in interest or principal payments;
The Group, for economic or legal reasons relating to the borrower's financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;
It becomes probable that the borrower will enter bankruptcy or other financial reorganization.

Receivables that are not reasonably expected to be realizable in full or in part are written down accordingly, thus directly reducing the gross carrying amount. For cash and cash equivalents, other debt instruments measured at amortized cost such as receivables from the ABS program and factoring (both from purchase price retentions) and other receivables, mainly from banker's acceptance bills for trade receivables, NORMA Group applies the general impairment approach. As it is our policy to only invest in high-quality assets of issuers with a minimum rating of at least investment grade so as to minimize the risk of credit losses, we use the low credit risk exception. Thus, these assets are always allocated to stage 1 of the three-stage credit loss model and, if material, a loss allowance for an amount equal to 12-month expected credit losses will be recorded. This loss allowance is calculated based on our exposure as of the respective reporting date, the loss given default for this exposure, and the credit default swap spread as a measure of the probability of default. Although NORMA Group only invests in assets with at least an investment grade rating, the development of credit default swap premiums as a measure of a debtor's credit rating is monitored by market participants. In this way, changing risk structures among contractual partners can be identified and any changes can be responded to promptly.

(b) Financial liabilities

Financial liabilities primarily include trade payables, liabilities to banks, derivative financial liabilities and other liabilities.

Financial liabilities that are measured at amortized cost

After initial recognition, financial liabilities are carried at amortized cost using the effective interest method. Trade payables, liabilities to banks and other financial liabilities, in particular, are assigned to this category

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include derivative financial instruments and contingent purchase price liabilities. Gains or losses on financial liabilities that are measured at fair value through profit or loss are included in profit or loss.

(c) Derivative financial instruments and hedging activities

Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

Derivative financial instruments not designated as hedges

Gains and losses from derivatives that are not designated as hedges (trading derivatives) are recognized in profit or loss. Trading derivatives are classified as non-current assets or liabilities in accordance with IAS 1.68 and IAS 1.71 if they have a remaining term of more than one year; otherwise, they are classified as current.

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Derivative financial instruments designated as hedges Derivatives included in hedge accounting are generally designated as either:

Hedges of the fair value of recognized assets or liabilities or firm commitments (fair value hedge);
Hedges of a particular risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge); or
Hedges of a net investment in a foreign operation (net investment hedge).

At the inception of the transaction, NORMA Group documents the relationship between the hedging instruments and the hedged item, including whether changes in the cash flows of the hedging instruments offset changes in the cash flows of the hedged item. The Group documents the risk management objectives and strategies for undertaking the hedging transaction.

Further information on the hedging instruments used by the Group can be found in 4 NOTE 5 FINANCIAL RISK MANAGEMENT and 4 NOTE 21 (F) DERIVATIVE FINANCIAL INSTRUMENTS.

The development of the hedging reserve in equity can be found in 4 NOTE 21 (F) DERIVATIVE FINANCIAL INSTRUMENTS.

(d) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the Consolidated Statement of Financial Position when there is a legally enforceable right to offset the recognized amounts and an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. At NORMA Group, arrangements exist which do not meet the criteria for netting in the Consolidated Statement of Financial Position according to IAS 32.42, as they allow netting only in the case of future events such as default or insolvency on the part of the Group or the counterparty.

Current and deferred income tax

The tax expenses for the period are comprised of current and deferred tax-Tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted on the reporting date in the countries where the Group's subsidiaries operate. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The amount of the expected tax liability or tax receivable reflects the amount that represents the best estimate, taking into account tax uncertainties, if any.

Deferred income tax is recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements and on tax losses carried forward and tax credits not yet used. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.

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Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. A surplus of deferred income tax assets is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

For taxable temporary differences arising on investments in subsidiaries and associates, deferred tax liabilities are recognized, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

The Group applies the temporary simplification rules with regard to the tax calculation method resulting from the introduction of global minimum taxation. The calculated tax expense for the supplementary tax in connection with the global minimum taxation, which will be payable for 2024, therefore amounts to EUR 0 thousand.

Employee benefits

(a) Pension obligations

Group companies operate different pension schemes. NORMA Group has both defined benefit and defined contribution plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The major defined benefit plan is the German benefit plan, which defines the amount of pension benefit that an employee will receive on retirement to depend on years of service and remuneration.

The liability recognized in the Consolidated Statement of Financial Position with respect to defined benefit pension plans is the present value of the defined benefit obligation on the reporting date less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates for high-quality fixed-rate corporate bonds denominated in the currency in which the benefits will be paid and whose remaining maturities approximate the maturities of the related pension obligations.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions, as well as returns on plan assets, which are not included within the net interest on the defined benefit liability, are recognized within retained earnings in other comprehensive income (OCI).

Past service costs are recognized fully in the period of the related plan amendment.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefits expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.

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(b) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits as a liability and expense on the earlier date of: (a) when the entity can no longer withdraw the offer of those benefits; or (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. If material, benefits due more than twelve months after the reporting date are discounted to their present value.

(c) Short-term employee benefits

Employee benefits with short-term payment dates include wages and salaries, social security contributions, vacation pay and sickness benefits and are recognized as liabilities at the repayment amount as soon as the associated job has been performed.

(d) Provisions for other long-term employee benefits

Provisions for obligations similar to pensions (such as anniversary allowances) are comprised of the present value of future payment obligations to the employee less any associated assets measured at fair value. The amount of provisions is determined on the basis of actuarial opinions in line with IAS 19. Gains and losses from the remeasurement are recognized in profit or loss in the period in which they are incurred.

Share-based payments

Share-based remuneration plans issued at NORMA Group are accounted for in accordance with IFRS 2: 'Sharebased remuneration' is reported under this item. In accordance with IFRS 2, NORMA Group in principle distinguishes between equity-settled and cash-settled plans. The financial interest from equity-settled plans granted on the grant date is generally allocated over the expected vesting period against equity until the exit event occurs. Expenses from cash-settled plans are generally also allocated over the expected vesting period until the exit event occurs, but against accruals. For the plans existing on the reporting date, please refer to 4 NOTE 25 SHARE-BASED PAYMENTS.

Provisions

Provisions are recognized when the Group has a present legal or constructive obligation to third parties as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

If the interest effect is material, the obligations are recognized at the present value of the expected expenses.

In addition to the expected amount of cash outflows, uncertainties also exist regarding the time of outflows. If it is expected that the outflows will take place within one year, the relevant amounts are reported in the short-term provisions.

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When the Group is virtually certain to receive a refund for a provision, this refund is recognized in accordance with IAS

37.53 as a separate asset. If the refund is in a close economic relationship with the provision, the expenses from the provision obligation are netted with the income from the corresponding refund in the Statement of Profit or Loss.

Income from the release of non-utilized provisions from prior years is recorded within other operating income.

Revenues from contracts with customers (revenue recognition)

NORMA Group recognizes revenue when or as control over distinct goods or services is transferred to the customer, i.e., when the customer is able to direct the use of the transferred goods or services and obtains substantially all of the remaining benefits. The prerequisite for this is that a contract with enforceable rights and obligations exists and, among other things, the receipt of the consideration – taking into account the customer's creditworthiness – is probable. Revenue is the transaction price NORMA Group expects to be entitled to. Variable consideration is included in the transaction price if it is highly probable that a significant reversal of revenue will not occur once associated uncertainties are resolved. The amount of variable consideration is calculated by either using the expected value or the most likely amount depending on which is expected to better predict the amount of variable consideration. Consideration is adjusted for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds twelve months and there is a significant financing benefit either to the customer or NORMA Group. If a contract contains more than one distinct good or service, the transaction price is allocated to each performance obligation based on relative stand-alone selling prices. If standalone selling prices are not observable, NORMA Group reasonably estimates those. Revenue is recognized for each performance obligation either at a point in time or over time.

NORMA Group makes use of the relief provisions of IFRS 15 and no disclosure is made with regard to performance obligations not yet fulfilled as of the reporting date, as the outstanding performance obligations are part of a contract with an original term of up to twelve months.

(a) Sale of goods

Revenue is recognized at the time when control is transferred to the acquirer in accordance with the agreed Incoterms and no unfulfilled obligations exist. Invoices are issued at that point in time and are usually payable within 30 to 90 days. For the sale of goods, retrospective volume discounts, which usually apply to a calendar year, are often agreed. Revenue from these sales is recognized at the amount of the consideration set in the contract less the estimated volume discounts. The estimate of the refund liabilities recognized for these volume rebates is based on experience and revenue recognized in the fiscal year.

(b) Provision of engineering services

Revenue in connection with engineering services is not recognized on a straight-line basis, but is based on the ratio of costs already incurred to the estimated total costs. The determination of the percentage of completion is crucial and also includes estimates regarding the scope of delivery and services as well as the total contract costs, revenues and risks, including technical risks.

Invoices are issued in accordance with the contractual conditions, whereby a payment period of 30 to 90 days after invoicing usually applies.

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Contract assets, contract liabilities, refund liabilities and considerations payable to a customer

When either party to a contract with customers has performed, NORMA Group presents a contract asset, a contract liability or a trade receivable depending on the relationship between NORMA's performance and the customer's payment.

A contract asset represents NORMA Group's right to consideration in exchange for goods or services that have been transferred to the customer. The impairment of contract assets is measured, presented and reported on the same basis as for financial assets within the scope of IFRS 9.

Trade receivables are recognized when the right to receive the consideration is no longer subject to a condition (unconditional claim).

Considerations received, which are expected to be reimbursed to the customer are shown as refund liabilities. These liabilities are included in the Statement of Financial Position in the item "Trade and other payables." These amounts typically relate to expected volume discounts and annual customer bonuses.

Considerations payable to a customer that cannot be directly allocated to a service or good received by NORMA Group are recognized as a reduction of the transaction price. If this reduction relates to future revenue, this part is recognized in other non-financial assets as consideration payable to a customer.

Government grants

Government grants are not recognized until there is reasonable assurance that the conditions attached to them are complied with and that the grants will be received.

Government grants for the compensation of expenses incurred are recognized in profit or loss as part of the other operating income on a systematic basis over the periods in which the related costs are expensed that the grants are intended to compensate for.

Grants related to non-depreciable assets are recognized in profit or loss as part of the other operating income over the periods that bear the cost of meeting the obligations.

Grants related to depreciable assets are recognized in profit or loss over the periods that bear the expense related to the depreciation of the underlying assets and are recognized as deferred income in the Statement of Financial Position. The deferred income is recognized in profit or loss on a straight-line basis over the expected useful life of the underlying asset and reported as part of other operating income.

Dividends paid

Dividends are recognized as a financial liability in the Statement of Financial Position at the time the shareholders approve the resolution to distribute them. At the same time, they are recognized in equity as a profit distribution from retained earnings.

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4. Scope of consolidation

Along with NORMA Group SE, the Consolidated Financial Statements contain all domestic and foreign companies which NORMA Group SE controls directly or indirectly.

The Consolidated Financial Statements for fiscal year 2024 include five domestic (Dec 31, 2023: five) and 43 foreign (Dec 31, 2023: 42) companies.

The composition of the Group changed as follows:

Change in Scope of Consolidation T083
		2024		2023
	Total	Domestic	Foreign	Total	Domestic	Foreign
as of January 1	47	5	42	49	6	43
Additions	2		2
of which acquired	2		2
Disposals	1		1	2	1	1
of which no longer consolidated	1		1
of which mergers				2	1	1
as of December 31	48	5	43	47	5	42

In 2024, the two companies Teco S.r.l., Italy, and Teco Irrigation USA Inc. (hereinafter both referred to as "Teco") were acquired. Information on the acquisition of the two companies can be found in 4 NOTE 33 – BUSINESS COMBINATIONS.

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The list of NORMA Group companies is shown in detail in the following table:

List of Group companies of NORMA Group as of Dec 31, 2024 according to § 313(2) HGB T084

				Share in %
No.	Company	Registered address	held by	Direct parent company	of NORMA Group SE
	Central Functions
1	NORMA Group SE	Maintal, Germany
2	NORMA Group Holding GmbH	Maintal, Germany	1	100	100
	Segment EMEA
3	NORMA Distribution Center GmbH	Marsberg, Germany	2	100	100
4	NORMA Germany GmbH	Maintal, Germany	2	100	100
5	NORMA Verwaltungs GmbH	Maintal, Germany	2	100	100
6	DNL France SAS	Briey, France	2	100	100
7	NORMA Autoline France SAS	Guichen, France	6	100	100
8	NORMA Distribution France SAS	Croissy Beaubourg, France	6	100	100
9	NORMA France SAS	Briey, France	6	100	100
10	DNL UK Ltd.	Newbury, Great Britain	2	100	100
11	NORMA UK Ltd.	Newbury, Great Britain	10	100	100
12	NORMA Italia SpA	Gavardo, Italy	2	100	100
13	Groen Bevestigingsmaterialen B.V.	Purmerend, Netherlands	2	100	100
14	NORMA Polska Sp. z o.o.	Slawniów, Poland	2	100	100
15	NORMA Group Distribution Polska Sp. z.o.o.	Slawniów, Poland	14	100	100
16	NORMA Portugal, Lda.	Águeda, Portugal	2	99.99	100
17	NORMA Group CIS LLC	Togliatti, Russian Federation	2	99.96	100
18	NORMA Sweden AB	Gislaved, Sweden	2	100	100
19	Connectors Verbindungstechnik AG	Wallisellen, Switzerland	2	100	100
20	NORMA Grupa Jugoistocna Evropa d.o.o.	Subotica, Serbia	2	100	100
21	Fijaciones NORMA, S.A.U.	L'Hospitalet de Llobregat, Spain	2	100	100
22	NORMA Czech, s.r.o.	Hustopece, Czech Republic	2	100	100
23	NORMA Turkey Bağlantı ve Birleştirme Teknolojileri Sanayi ve Ticaret Limited Şirketi	Kartal-Istanbul, Turkey	5	100	100
24	Kimplas Limited	Newbury, Great Britain	43	100	100
25	Teco S.r.l.	Trany, Italy	12	100	100
26	Teco Irrigation USA, Inc.	Campbell, CA, USA	25	100	100

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		List of Group companies of NORMA Group as of Dec 31, 2024 according to § 313 (2) HGB (continued)

				Share in %
No.	Company	Registered address	held by	Direct parent company	of NORMA Group SE
	Segment Americas
27	NORMA do Brasil Sistemas De Conexão Ltda.	Atibaia, Brazil	35	100	100
28	NORMA Group México S. de R.L. de C.V.	Monterrey, Mexico	34	99.4	100
29	NORMA Distribution and Services, S. de R.L. de C.V.	Juarez, Mexico	34	99	100
30	Craig Assembly Inc.	Auburn Hills, MI, USA	35	100	100
31	National Diversified Sales, Inc.	Woodland Hills, CA, USA	35	100	100
32	NG AM FINSRV I, LLC	Auburn Hills, MI, USA	34	70	100
33	NORMA MANUFACTURING NA SW, LLC	Auburn Hills, MI, USA	34	100	100
34	NORMA Michigan, Inc.	Auburn Hills, MI, USA	35	100	100
35	NORMA Pennsylvania, Inc.	Auburn Hills, MI, USA	1	100	100
36	NORMA U.S. Holding LLC	Auburn Hills, MI, USA	35	100	100
37	R.G. RAY Corporation	Auburn Hills, MI, USA	35	100	100
	Segment Asia-Pacific
38	NORMA Pacific Pty. Ltd.	Dandenong South, Victoria, Australia	47	100	100
39	NORMA China Co., Ltd.	Qingdao, China	2	100	100
40	NORMA EJT (Changzhou) Co., Ltd.	Changzhou, China	47	100	100
41	NORMA EJT (Wuxi) Co., Ltd.	Wuxi, China	47	100	100
42	NORMA Group Products India Pvt. Ltd.	Pune, India	47	99.99	100
43	KIMPLAS PIPING SYSTEMS PRIVATE LTD	Nashik, Maharashtra, India	47	100	100
44	NORMA Japan Inc.	Tokyo, Japan	47	60	60
45	NORMA Products Malaysia Sdn. Bhd.	Ipoh, Malaysia	47	100	100
46	NORMA Korea Inc.	Seoul, Republic of Korea	47	100	100
47	NORMA Group Asia Pacific Holding Pte. Ltd.	Singapore, Singapore	1	100	100
48	NORMA Pacific (Thailand) Ltd.	Chonburi, Thailand	47	99.99	100

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5. Financial risk management

Financial risk factors

Due to its business activities, NORMA Group is exposed to a variety of financial risks, including market, credit and liquidity risks. NORMA Group's financial risk management focuses on the unpredictability of the financial markets and is designed to mitigate potential adverse effects on the Group's earnings position. The Group uses derivative financial instruments to hedge certain exposures.

Overview of financial risks			T085
Risk	Risks from	Assessment	Management
Market risk – foreign currency risk	Future transactions and recognized financial assets and liabilities	Cash flow projections and sensitivity analysis	Forward exchange contracts and natural hedges
Market risk – interest rate risk	Long-term borrowings at variable interest rates	Sensitivity analysis	Interest rate swaps
Default risk	Cash and cash equivalents, derivative financial instruments, trade receivables and contractual assets	Age structure analysis and credit rating	Diversification of bank balances, credit limits and letters of credit
Liquidity risk	Payment obligations arising from borrowings and other liabilities	Rolling cash flow forecasts	Availability of committed credit lines and facilities, liquidity as well as trade working capital management and cash items

Financial risk management is performed by the Group Treasury & Insurance department (Group Treasury). The responsibility and necessary controls related to risk management are defined by NORMA Group's management. Group Treasury is responsible for identifying and assessing financial risks in close consultation with the Group's operating units. Furthermore, Group Treasury acts as the first point of contact for the subsidiaries. In a close dialogue, Group Treasury informs and trains the companies and technically handles the internal and external hedging processes. The principles established by NORMA Group's management apply to the use of derivative and non-derivative financial instruments and to the investment of liquidity surpluses.

(a) Market risk

Foreign exchange risk

As a Company that operates internationally, NORMA Group is active in 100 different countries and is exposed to the currency risk resulting from various foreign currency positions with regard to the most important currencies, the US dollar, British pound, Chinese renminbi, Indian rupee, Polish złoty, Swedish krona, Czech koruna, Serbian dinar, Singapore dollar and Mexican peso.

Taking into account the respective risk-bearing capacity of the subsidiaries, Treasury Risk Management seeks to achieve a reasonable hedging level of net foreign currency risks (as a result of taking foreign currency inflows and outflows into account). Highly volatile net foreign currency risks are thus hedged with increased hedging ratios.

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The Group uses forward exchange contracts to hedge the foreign currency risk arising from its operating activities. The risk arises from a possible change in future cash flows from an expected and highly probable transaction in a non-functional currency, where the change is due to a change or fluctuation in the exchange rate. The hedging relationship is designated as a cash flow hedge. NORMA Group designates only the spot component as a hedging element. Gains or losses on the effective portion of the change in the spot component of the forward contract are recognized in the hedging reserve as a component of equity. Changes in the forward component of the hedging instrument that relate to the hedged item ("aligned forward element") are recognized in other comprehensive income in the hedging reserve as a component of equity.

Furthermore, forward exchange contracts are used to hedge intracompany financing transactions that involve foreign exchange risks arising from loans between Group companies in non-functional currencies. The Group designates such loans and hedging instruments as fair value hedges in order to achieve the offsetting effects of hedged items and hedges in the same income statement line item. The Group designates only the spot component as the hedging element. Gains or losses on the effective portion of the change in the spot component of the forward transaction are recognized in the financial result, analogous to those on the hedged item. The changes in the forward component of the hedging instrument that relate to the hedged item ("aligned forward element") are also recognized in this item.

For further information on the instruments used by the Group to hedge foreign currency risk, please refer to 4 NOTE 21 (F) DERIVATIVE FINANCIAL INSTRUMENTS.

In accordance with the Group guideline, the main contractual conditions of the forward transactions for all hedging relationships must correspond to the hedged underlying transactions.

The effects of changes in the exchange rates of financial assets and financial liabilities denominated in foreign currencies are presented below.

NORMA Group SE – Annual Report 2024 286

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		Dec 31, 2024	Dec 31, 2023
in EUR thousands	+10%	-10%	+10%	-10 %
Currency relation
EUR / USD
Profit before tax	-955	1,167	-920	1,125
EUR / GBP
Profit before tax	-168	205	145	-178
EUR / CNY
Profit before tax	137	-167	-142	174
EUR / INR
Profit before tax	-140	172	-118	144
EUR / PLN
Profit before tax	628	-767	473	-578
EUR / SEK
Profit before tax	266	-326	630	-770
EUR / CHF
Profit before tax	33	-40	67	-82
EUR / CZK
Profit before tax	1,072	-1,310	1,062	-1,298
EUR / RSD
Profit before tax	-982	1,200	-783	957
EUR / SGD
Profit before tax	-8	10	-18	22

Foreign exchange risk T086

Interest rate risk

NORMA Group's interest rate risk arises from borrowings with variable interest rates. These expose the Group to a cash-flow-related interest rate risk, which is partly offset by hedging transactions (interest rate swaps). As monetary policy in the Eurozone has recently been correspondingly more restrictive, NORMA Group considers the risk of further interest rate hikes for the euro to be very unlikely in the short term. In the medium and longer term, the risk of interest rate increases is also assessed as very unlikely. In view of the current interest rate level in the Eurozone, the opportunities that could arise from a falling interest rate level are assessed as possible, on the other hand.

Interest rate cuts are considered possible in the USD area, which would lead to corresponding opportunities for NORMA Group. Against the backdrop of the measures already implemented to optimize financing, the financial impact associated with these opportunities is assessed as low. In fiscal year 2023, NORMA Group converted financial instruments that referenced USD LIBOR as interest rate to a successor reference interest rate (Term SOFR). This did not result in any significant balance sheet effects.

Currently existing swaps cover around 24% (2023: 24%) of the outstanding variable-interest loans. In the variable rate USD loans, the comparable hedge ratio is 57% (2023: 55%). Further information on the instruments used by the Group to hedge interest rate risk can be found in 4 NOTE 21 (F) DERIVATIVE FINANCIAL INSTRUMENTS.

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The effects of changes in interest rates on liabilities to banks with variable interest rates and on interest rate swaps used in hedge accounting are explained in more detail below. Borrowings with fixed interest rates are not included in this analysis.

If the interest rates of euro- and US dollar-denominated borrowings in fiscal year 2024 had been 100 basis points lower (ceteris paribus), NORMA Group's profit before taxes for fiscal year 2024 would have been EUR 2,632 thousand higher (2023: 2,322 thousand lower) and other comprehensive income EUR 980 thousand higher (2023: EUR 1,427 thousand higher).

If the interest rates of euro- and US dollar-denominated borrowings in fiscal year 2024 had been 100 basis points lower (ceteris paribus), NORMA Group's profit before taxes for fiscal year 2024 would have been EUR 2,632 thousand higher (2023: EUR 2,322 thousand higher). Other comprehensive income would have been EUR 1,007 thousand lower (2023: EUR 1,488 thousand lower).

Other price risks

NORMA Group is exposed to other economic price risks. For further information, please refer to the 4 RISK AND OPPORTUNITY REPORT.

(b) Credit risk

The Group's exposure to credit risk arises from the possibility that counterparties will fail to meet their obligations arising from their operating and financing activities. Credit risk arises from cash and cash equivalents, from deposits with banks and financial institutions and from customer default risk, including outstanding receivables and committed transactions.

Credit risk is monitored at the Group level. To minimize credit risk from business activities and financial transactions, each contractual partner is assigned a credit line, the use of which is monitored on a regular basis.

In order to reduce the credit risk arising from the Company's investment activities and derivative financial assets, it is its internal policy to enter into all transactions only with recognized, large financial institutions and issuers, each with high external credit ratings.

In the operating business, default risks are monitored continuously.

The aggregate carrying amounts of financial assets represent the maximum default risk. Due to the Group's heterogeneous customer structure, there is no concentration of risk.

As of December 31, 2024 the credit risk position for the gross carrying amounts of cash and cash equivalents and other financial assets was as follows:

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Credit risk exposure from cash and cash equivalents and other financial assets T087

as of Dec 31, 2024
in EUR thousands	External rating	Gross carrying amount not credit-impaired	Gross carrying amount credit-impaired
Risk class 1 – low risk	AA – BBB+	144,310
as of Dec 31, 2023
in EUR thousands	External rating	Gross carrying amount not credit-impaired	Gross carrying amount credit-impaired
Risk class 1 – low risk	AA – BBB+	179,707

Further details on the credit risk positions for trade receivables can be found at 4 NOTE 21 (A) TRADE AND OTHER RECEIVABLES.

(c) Liquidity risk

Prudent liquidity risk management requires the holding of sufficient cash and marketable securities, the availability of funding through committed credit lines at appropriate levels, and the ability to close out market positions. Due to the dynamic nature of the underlying business, Group Treasury seeks to maintain flexibility in funding by maintaining the availability of committed credit lines.

The remaining promissory note loans from 2014, 2016 and 2023 (outstanding volume Dec. 31, 2024: EUR 188.5 million) were issued in three-, five-, seven- and ten-year EUR tranches. Scheduled repayments of the promissory note loans from 2013 and 2014 in the amount of EUR 18 million were made in the fiscal year 2024. In August 2023, NORMA Group successfully issued a new promissory note loan of EUR 120.0 million for general corporate financing and to refinance maturing financial liabilities.

In 2021, an additional revolving committed credit line of a further EUR 50.0 million was established via the accordion facility. This has a maturity similar to the existing syndicated bank loan, which was extended by one additional year, through the end of 2026, as part of the expansion of the credit line. Both committed revolving credit lines in the total amount of now EUR 100.0 million were not drawn down as of December 31, 2024.

In addition, the syndicated bank loan and the promissory note from 2023 contain a sustainability component. This links the financing conditions to NORMA Group's commitment in the area of corporate responsibility. This commitment is measured by a rating from an external service provider. In 2024, NORMA Group – as in the previous year – achieved a corresponding sustainability rating, which enabled savings to be made in the external credit margin of the syndicated bank loan and the promissory note. The agreed interest margin for the syndicated bank loan and the promissory note could therefore also be kept at a lower level in the current year. Failure to meet the sustainability targets would increase the future interest burden.

The Commercial Paper program launched in fiscal year 2019 with a total volume of up to EUR 300 million consists of short-term (1 – 52 weeks) bearer bonds. The revolving issuance of such short-term debt securities enables the Group to manage and optimize its short-term financing requirements even more flexibly via the money and capital markets in addition to its current credit lines with various banks. The commercial paper program had not been used as at the reporting date of December 31, 2024 (December 31, 2023: EUR 0 million).

NORMA Group SE – Annual Report 2024 289

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NORMA Group also participates in a reverse factoring program. Further general information and the impacts of this agreement on the Group's liquidity risk can be found in the following sections:

Note 6 Accounting Estimates and Judgments
Note 21 e) i) Trade And Other Payables

The liquidity situation is constantly monitored with regard to business development, investments planned and the repayment of loans.

The following table contains the contractually agreed, undiscounted future payments. Financial liabilities denominated in foreign currencies are translated in the Consolidated Statement of Financial Position at the closing rate. Interest payments on financial instruments with variable interest rates are determined on the basis of the interest rates on the reporting date.

Maturity structure of non-derivative financial liabilities				T088
as of Dec 31, 2024
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Borrowings	46,658	303,226	67,213	28,060
Trade and other payables	142,836
Other financial liabilities	12,572
	202,066	303,226	67,213	28,060
as of Dec 31, 2023
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Borrowings	42,735	47,845	413,832	29,768
Trade and other payables	173,659
Other financial liabilities	8,725
	225,119	47,845	413,832	29,768

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			The maturity structure of the derivative financial instruments based on cash flows is as follows:

Maturity structure of derivative financial instruments				T089
as of Dec 31, 2024
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Derivative receivables - gross settlement
Cash outflows	-39,379	-25,337
Cash inflows	40,257	25,289
Derivative liabilities - gross settlement
Cash outflows
Cash inflows
Derivative receivables - net settlement
Cash inflows	1,985	1,752
Derivative liabilities - net settlement
Cash inflows	-819
	2,044	1,704
as of Dec 31, 2023
in EUR thousand	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Derivative receivables - gross settlement
Cash outflows	-25,436		-25,808
Cash inflows	25,743		25,289
Derivative liabilities - gross settlement
Cash outflows	-15,996
Cash inflows	15,385
Derivative receivables - net settlement
Cash inflows	2,352	1,271	1,114
	2,048	1,271	595

Capital risk management

NORMA Group's objectives in managing its capital are to continue to be able to service its debt and to remain financially stable.

At the end of the 2024 fiscal year, the Group's financing agreements did not contain a standard financial covenant requiring compliance with the total net debt cover (debt in relation to adjusted Group EBITDA). However, as it is linked to the level of financing costs, this standard market indicator is still part of the financing agreements and is continuously monitored. In the fiscal year 2024, the value of the key figure was 2.1.

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6. Accounting estimates and judgments

Estimates with regard to the future and discretionary decisions are continuously assessed by the Group and are based on empirical values and assumptions that are deemed appropriate under the given circumstances.

The resulting accounting estimates will, by definition, seldom equal the respective actual results.

According to scientific findings, global climate change will impact the global economy in many ways. Business models and competitive advantages can be sustainably influenced by climate change. Due to increasingly tightly interconnected global supply and value chains, the industry is particularly affected by potential risks and damage.

In order to take account of the resulting economic uncertainties and volatilities, NORMA Group conducts an analysis of potential opportunities and risks for its company structure and future sales markets and takes these considerations into account when preparing the Consolidated Financial Statements.

Risks and uncertainties arising from climate change could affect the following areas of the Consolidated Financial Statements in particular:

Impairment of non-financial assets: The uncertainties related to climate change could result in changes in cash flow projections or the level of risk associated with achieving those cash flows.
Useful lives of assets: Climate-change-related factors could result in assets becoming physically unusable or commercially obsolete sooner than anticipated.
Realization of deferred tax assets: The uncertainties related to climate change could lead to changes in projected future taxable profits.

The impact of the ongoing war in Ukraine, the conflict in the Middle East and the other macroeconomic risks (e.g., from inflation, the economy, interest rate policy, supply chain problems) on NORMA Group is complex and results mainly from the increase in energy and raw material prices as well as supply bottlenecks. The escalation of these conflicts would further increase the risk of a global economic downturn, which in combination with continued inflation and rising interest rates could lead to a significant decline in consumption.

The risks and uncertainties arising from the war in Ukraine and the other macroeconomic risks could have the following impacts:

Volatility on the raw material markets
Margin reductions to the extent that price increases cannot be passed on immediately to customers
Changes in interest rates in various countries
Growing volatility of foreign currency exchange rates
Declining and volatile share prices
Deteriorating creditworthiness, payment defaults or late payments

These factors can impact the fair value and carrying amount of assets and liabilities as well as cash flow forecasts, the measurement of pension provisions, the discount rate for goodwill impairment testing purposes and the recoverability of deferred tax assets.

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Material accounting-related estimates

Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fiscal year were not identified.

Significant discretionary decisions

Income taxes

The Group is subject to income taxes in numerous jurisdictions. Significant judgments are required in determining the worldwide liabilities for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters differs from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period in which such determination is made. As at December 31, 2024, income tax liabilities amounted to EUR 6,795 thousand (Dec 31, 2023: EUR 6,799 thousand) and deferred tax liabilities amounted to EUR 36,999 thousand (Dec 31, 2023: EUR 40,132 thousand). Deferred tax assets are recognized if sufficient taxable income is available in the future. Among other factors, the planned results from operating activities, the effects on earnings from the reversal of taxable temporary differences and possible tax strategies that NORMA Group would pursue are taken into account. Based on the taxable income generated in past periods and the planned future taxable income, NORMA Group assesses the recoverability of deferred tax assets at each reporting date. Since future business developments are uncertain and partly beyond NORMA Group's control, assumptions are required to estimate future taxable income and the timing of the realization of deferred tax assets. Estimates are adjusted in the period in which there are sufficient indications for an adjustment.

Reverse factoring agreements – presentation of amounts in connection with the supply chain financing agreement in the Statement of Financial Position and Statement of Cash Flows

The Group participates in a supply chain financing agreement (SCF) under which suppliers can choose to receive earlier payment of their invoices from a bank by selling their receivables from the Group (factoring). In this agreement, the bank agrees to pay invoice amounts owed by the Group to participating suppliers and to receive compensation from the Group at a later date. The purpose of this agreement is to facilitate efficient payment processes and to enable willing suppliers to sell their receivables from the Group to a bank before the due date. The Group has not derecognized the original liabilities subject to this agreement, as neither a legal exemption was obtained nor was the liability significantly changed by entering into the agreement. The amounts factored by suppliers are reported under trade payables, as the nature and function of the financial liability correspond to other trade payables. 4 NOTE 21 (e) i – TRADE AND OTHER PAYABLES

The cash flows to the bank from the reverse factoring programs for the settlement of the original trade accounts payable are presented under the cash flow from operating activities, as this corresponds to the economic substance of the transactions. 4 NOTE 29 INFORMATION ON THE CONSOLIDATED STATEMENT OF CASH FLOWS

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7. Adjustments

Management adjusts the result for the financial year for certain expenses and income in connection with realized

M&A transactions in order to manage the Group's operations. Adjustments are made in accordance with the management approach in segment reporting. Hence, the following results, which are adjusted by these expenses, reflect the Management Board's perspective.

Acquisition-related expenses and income as part of realized M&A transactions are adjusted. These may include, for example, costs for legal advice, due diligence, auditing, expert opinions, travel expenses and similar. In addition, integration expenses are adjusted following acquisitions within the first twelve months. This includes all forms of external consulting, severance costs, IT connection and other external implementation and integration costs.

In addition, effects from the purchase price allocation (PPA), such as expenses from depreciation, amortization and impairments of property, plant and equipment and intangible assets from revaluation effects, so-called step-up effects, are adjusted over time.

The following table shows the reconciliation for the adjusted result.

Profit and loss net of adjustments T090

in EUR thousands	2024 unadjusted	Integration costs	Step-up effects from purchase price allocations	Total adjustments	2024 adjusted
Revenue	1,155,128				1,155,128
Changes in inventories of finished goods and work in progress	6,194				6,194
Other own work capitalized	6,562				6,562
Raw materials and consumables used	-500,031		302	302	-499,729
Gross profit	667,853		302	302	668,155
Other operating income and expenses	-176,856	116		116	-176,740
Employee benefits expense	-337,930				-337,930
EBITDA	153,067	116	302	418	153,485
Depreciation	-57,955		758	758	-57,197
EBITA	95,112	116	1,060	1,176	96,288
Amortization	-37,795		33,827	33,827	-3,968
Operating profit (EBIT)	57,317	116	34,887	35,003	92,320
Financial costs - net	-23,299				-23,299
Profit before income tax	34,018	116	34,887	35,003	69,021
Income taxes	-19,227	-35	-8,871	-8,906	-28,133
Profit for the period	14,791	81	26,016	26,097	40,888
Non-controlling interests	95				95
Profit attributable to shareholders of the parent	14,696	81	26,016	26,097	40,793
Earnings per share (in EUR)	0.46	0.00	0.82	0.82	1.28

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in EUR thousands	2023 unadjusted	M&A related costs	Step-up effects from purchase price allocations	Total adjustments	2023 adjusted
Revenue	1,222,781				1,222,781
Changes in inventories of finished goods and work in progress	-8,166				-8,166
Other own work capitalized	3,011				3,011
Raw materials and consumables used	-549,646				-549,646
Gross profit	667,980				667,980
Other operating income and expenses	-192,191	188		188	-192,003
Employee benefits expense	-321,750				-321,750
EBITDA	154,039	188		188	154,227
Depreciation	-53,334		846	846	-52,488
EBITA	100,705	188	846	1,034	101,739
Amortization	-24,582		20,324	20,324	-4,258
Operating profit (EBIT)	76,123	188	21,170	21,358	97,481
Financial costs - net	-22,670				-22,670
Profit before income tax	53,453	188	21,170	21,358	74,811
Income taxes	-25,537	-57	-5,325	-5,382	-30,919
Profit for the period	27,916	131	15,845	15,976	43,892
Non-controlling interests	84				84
Profit attributable to shareholders of the parent	27,832	131	15,845	15,976	43,808

Earnings per share (in EUR) 0.87 0.00 0.50 0.50 1.37

Profit and loss net of adjustments (continued)

In the fiscal year 2024, expenses of EUR 302 thousand were adjusted within EBITDA (earnings before interest, taxes, depreciation of property, plant and equipment and amortization of intangible assets). These relate to the cost of materials resulting from the valuation of the inventories acquired as part of the purchase price allocation for the acquisition of Teco. In addition, acquisition costs/integration costs in the amount of EUR 116 thousand were adjusted.

In the 2023 fiscal year, acquisition-related expenses in the amount of EUR 188 thousand were adjusted within EBITDA. These relate to expenses in connection with the agreement to acquire the Italian company Teco Srl. There were no integration costs to be adjusted in the 2023 fiscal year.

As in the previous year, depreciation on property, plant and equipment from purchase price allocations in fiscal year 2024 in the amount of EUR 758 thousand (2023: EUR 846 thousand) were adjusted within EBITA (earnings before interest, taxes and amortization of intangible assets) as well as amortization and impairment of intangible assets from purchase price allocations in the amount of EUR 33,827 thousand (2023: EUR 20,324 thousand) within EBIT. The adjustments for amortization and impairment of intangible assets in fiscal year 2024 include impairment losses in the amount of EUR 13,584 thousand (2023: EUR 0 thousand).

The theoretical taxes resulting from the adjustments are calculated using the respective tax rate of each Group entity and are taken into consideration in adjusted earnings after taxes.

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Notes to the Consolidated Statement of Comprehensive Income

8. Revenue from contracts with customers

Revenue recognized during the period related to the following:

Revenues by customer industries								T091
	EMEA		Americas		Asia-Pacific			Consolidated Group
in EUR thousands	2024	2023	2024	2023	2024	2023	2024	2023
Mobility & New Energy (MNE)	354,810	390,550	192,753	201,917	101,872	120,648	649,435	713,115
Industry Application (IA)	116,678	121,635	70,975	74,466	18,955	24,637	206,608	220,738
Water Management (WM)	5,830	2,466	266,649	258,124	26,606	28,338	299,085	288,928
	477,318	514,651	530,377	534,507	147,433		173,623 1,155,128 1,222,781

Since the fiscal year of 2024, NORMA Group has reported revenues by customer industry: Mobility & New Energy (MNE), Industry Applications (IA) and Water Management (WM). Until the 2023 fiscal year, revenue was reported according to the Engineered Joining Technology (EJT) and Standardized Joining Technology (SJT) distribution channels. The customer industry MNE primarily corresponds to the distribution channel EJT reported in the previous year. The SJT distribution channel reported in the previous year is split into the IA and WM customer industries. The other revenues reported in the previous year, which were not allocated to any distribution channels, were primarily divided between the two customer industries MNE and IA.

Revenue is broken down into the following categories:

Revenue by category								T092
		EMEA	Americas			Asia-Pacific		Consolidated Group
in EUR thousands	2024	2023	2024	2023	2024	2023	2024	2023
Revenues from the sale of goods	473,509	509,487	528,567	533,008	146,469		172,635 1,148,545 1,215,130
Other revenues	3,809	5,164	1,810	1,499	964	988	6,583	7,651
	477,318	514,651	530,377	534,507	147,433		173,623 1,155,128 1,222,781

Other revenue mainly consists of revenue from the sale of production residues in metal production.

Revenue in 2024 includes 'income' from the reversal of reimbursement liabilities recognized in the previous period of EUR 1,783 thousand (2023: EUR 1,982 thousand).The reversals represent the difference between the recognized expected volume discounts and annual bonuses for customers in the previous period and the actual payment in the fiscal year as well as the differences from recognized deferred revenues from price negotiations with customers of NORMA Group that were not concluded in the previous year.

An analysis of revenues by region can be found in 4 NOTE 30 SEGMENT REPORTING.

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Contract assets and liabilities

Contract assets represent revenues from development services rendered, which were realized based on the ratio of costs already incurred to the estimated total costs. The contract liabilities represent advance payments received for goods to be supplied by NORMA Group. Of the contract assets and liabilities, EUR 381 thousand and EUR 854 thousand (2023: EUR 7 thousand and EUR 1,052 thousand respectively) are expected to be realized or fulfilled within the next twelve months. The contract liabilities from advance payments received of EUR 1,052 thousand recognized as of January 1, 2024, were recognized as revenue in the fiscal year, net of any sales taxes.

9. Materials and consumables used

Raw materials and consumables used comprised the following:

Raw materials and consumables used		T093
in EUR thousands	2024	2023
Cost of raw materials, consumables and supplies	-454,592	-499,174
Cost of purchased services	-45,439	-50,472
	-500,031	-549,646

10. Other operating income

Other operating income comprised the following:

Other operating income		T094
in EUR thousands	2024	2023
Currency gains operational	7,381	8,672
Reversal of accruals	3,462	3,717
Reversal of provisions	3,440	1,819
Reimbursement of vehicle costs	1,017	862
Refund other taxes	779	1,116
Cost recharges from suppliers	441	851
Other income from disposal of fixed assets	267	433
Government grants	253	957
Foreign exchange derivatives	41	24
Refund custom duties	39	265
Grants related to employee benefits expense	11	140
Others	448	752
	17,579	19,608

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11. Other operating expenses

Other operating expenses comprised the following:

Other operating expenses		T095
in EUR thousands	2024	2023
Expenses for temporary workforce and other personnel-related costs	-47,400	-54,676
Freights	-29,346	-39,341
IT and telecommunications	-28,704	-25,213
Consulting and marketing	-19,057	-21,194
Other administrative expenses	-10,600	-10,020
Rentals and other building costs	-9,488	-9,033
Travel and entertainment	-8,885	-8,610
Currency losses operational	-6,630	-9,704
Insurances	-6,351	-5,689
Commission payable	-5,225	-5,069
Non-income-related taxes	-4,468	-4,017
Vehicle costs	-3,135	-3,070
Guarantees and penalties	-3,113	-3,603
Office supplies and services	-2,872	-2,893
Research & development	-2,615	-1,849
Maintenance	-2,487	-3,028
Write-offs and impairment losses on trade accounts receivable	-1,934	-890
Others	-2,125	-3,900
	-194,435	-211,799

12. Employee benefits expense

Employee benefits expense comprised the following:

Employee benefits expense		T096
in EUR thousands	2024	2023
Wages and salaries and other benefits	-276,911	-263,886
Social security costs	-48,765	-44,919
Pension costs - defined contribution plans	-11,424	-11,933
Pension costs - defined benefit plans	-830	-1,012
	-337,930	-321,750

In 2024, the average headcount was 6,087 (2023: 6,094).

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13. Financial income and costs

Financial income and costs comprised the following:

Financial income and costs		T097
in EUR thousands	2024	2023
Financial costs
Interest expenses
Bank borrowings	-23,912	-22,268
Hedging instruments		2,626 2,527
Leases	-1,651	-1,457
Expenses for interest accrued on provisions		-124 -77
Expenses for interest accrued on pensions		-237 -278
Foreign exchange losses on financing activities	-1,588	-3,037
Expenses from valuation of derivatives
Other financial cost	-2,053	-2,273
	-26,939	-26,864
Financial income
Interest income on short-term bank deposits		2,307 1,552
Foreign exchange result on financing activities		1,333 2,605
Income from valuation of derivatives
Other financial income
		3,640 4,194
Net financial cost	-23,299	-22,670

The increase in interest expenses compared to the previous year is due to the higher average reference interest rate in the past fiscal year and the new financing of a promissory note loan with higher interest conditions compared to the repaid loan liabilities. 4 NOTE 5 FINANCIAL RISK MANAGEMENT

Transaction costs in connection with financing are netted with the bank borrowings. They are amortized over the financing period of the respective debt using the effective interest method, and are included in the interest expense item. The remaining amount to be allocated to the remaining terms of the financing as of December 31, 2024, amounted to EUR 449 thousand (2023: EUR 747 thousand).

The items foreign exchange losses and foreign exchange gains on financing activities contain the effects of the translation of external and intragroup foreign currency loans and the effects of foreign currency derivatives used to hedge these loans. The hedging relationship was classified as a hedge of fair value changes, as a result of which the effects from the measurement of the derivatives and from the measurement or translation of the financial liabilities are reflected in the financial result. The net effect is shown within 4 NOTE 14 NET FOREIGN EXCHANGE GAINS / LOSSES. Furthermore, effects from the translation of bank balances in foreign currencies are included in these items.

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14. Net foreign exchange gains / losses

The foreign currency gains and losses of NORMA Group are as follows:

Net foreign exchange gains / losses			T098
in EUR thousands	Note	2024	2023
Currency gains operational	(10)	7,381	8,672
Currency losses operational	(11)	-6,630	-9,704
Foreign exchange result on financing activities	(13)	-255	-432
Result from foreign exchange rate derivatives	(10, 13, 21)		25
		496	-1,439

15. (EPS)

Earnings per share are calculated by dividing net income for the period attributable to NORMA Group's shareholders by the weighted average number of shares issued during the reporting period. NORMA Group has only issued common shares.

As of December 31, 2024, and 2023, there were no dilutive effects on earnings per share.

Earnings per share in 2024 and 2023 were as follows:

Earnings per share		T099
	2024	2023
Profit attributable to shareholders of the parent (in EUR thousands)	14,696	27,832
Number of weighted shares	31,862,400	31,862,400
Earnings per share (un)diluted (in EUR)	0.46	0.87

16. Income taxes

The breakdown of income taxes is as follows:

Income taxes		T100
in EUR thousands	2024	2023
Current tax expenses	-27,519	-27,925
Deferred tax income	8,292	2,388
Total income taxes	-19,227	-25,537

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The combined income tax rate for the domestic companies was 30.1% in the 2024 fiscal year (2023: 30.1%) and comprised a corporation tax rate of 15%, a solidarity surcharge of 5.5% on corporation tax and an average trade tax rate of 14.2%. The taxation of the foreign subsidiaries is calculated on the basis of the tax rate applicable in the respective country of domicile. Deferred taxes, calculated using the tax rates which apply respectively, are expected to apply in the various countries at the time of realization.

The income tax expense of the Group actually reported differs from the theoretical income tax expense based on the total German income tax rate for the 2024 fiscal year as follows:

Tax reconciliation		T101
in EUR thousands	2024	2023
Profit before tax	34,018	53,453
Group tax rate	30.1%	30.1%
Expected income taxes	-10,239	-16,089
Tax effects of:
Tax losses and tax credits from the actual year for which no deferred income tax is recognized	-9,759	-9,504
Effects from the deviation of the Group tax rate resulting mainly from different foreign tax rates	2,918	3,743
Non-deductible expenses for tax purposes	-2,154	-282
Other tax-free income	573	525
Non-deductible withholding tax	-2,088	-2,021
Income taxes related to prior years	441	631
In the current fiscal year impaired deferred tax assets from loss carryforward related to the previous year	-1,530	-3,145
In the current fiscal year recognized deferred tax assets from loss carryforward related to the previous year	2,788	843
Impairment of other tax assets	-174
Other	-3	-238
Income taxes	-19,227	-25,537

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The amount of income taxes directly charged or credited to other comprehensive income is broken down as follows:

Income tax charged / credited to other comprehensive income
2024
in EUR thousands	Before tax amount	Tax charge/ credit	Net of tax amount
Cash flow hedges gains/losses	-1,566	420	-1,146
Remeasurements of post-employment benefit obligations	-62	-11	-73
Other comprehensive income	-1,628	409	-1,219
2023
in EUR thousands	Before tax amount	Tax charge/ credit	Net of tax amount
Cash flow hedges gains/losses	-1,696	494	-1,202
Remeasurements of post-employment benefit obligations	-282	195	-87
Other comprehensive income	-1,978	689	-1,289

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Additional Information on the Consolidated Statement of Financial Position

17. Deferred income tax

Deferred income tax assets and liabilities developed as follows in the fiscal year:

Movement in deferred tax assets and liabilities		T103
in EUR thousands	2024	2023
Deferred tax liabilities (net) - as of Jan 1	28,664	33,033
Deferred tax income	-8,292	-2,388
Tax charged to other comprehensive income	-409	-689
Foreign exchange rate differences	1,883	-1,292
Acquisition of subsidiaries	1,323
Deferred tax liabilities (net) - as of Dec 31	23,169	28,664

The cumulative impact from the recognition of deferred tax liabilities from cash flow hedges recognized in other reserves amounted to EUR 880 thousand at December 31, 2024 (December 31, 2023: EUR 1,300 thousand). The cumulative effects recognized in retained earnings from the recognition of deferred tax liabilities from pension remeasurements amounted to EUR 508 thousand (Dec. 31, 2023: EUR 498 thousand):

Deferred income tax assets and liabilities (excluding offsetting within individual tax jurisdictions) are as follows:

Deferred income tax assets		T104
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Intangible assets	4,437	3,235
Property, plant and equipment	1,395	1,135
Other assets	2,231	2,177
Inventories	5,735	4,581
Trade receivables	3,955	3,595
Retirement benefit obligations/pension liabilities	1,289	1,309
Provisions	609	574
Borrowings	2,896	557
Other liabilities, incl. derivatives	13,043	13,321
Trade and other payables	1,162	898
Tax loss carry forward and tax credits	8,238	9,892
Deferred tax assets (before offsetting)	44,990	41,274
Offsetting effects	-31,160	-29,806
Deferred tax assets	13,830	11,468

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in EUR thousands	Dec 31, 2024	Dec 31, 2023
Intangible assets	33,203	36,229
Property, plant and equipment	22,262	21,761
Other assets	5,630	4,395
Inventories	79	80
Trade receivables	724	635
Retirement benefit obligations/pension liabilities	610	591
Borrowings	181	181
Provisions	427	366
Other liabilities, incl. derivatives	2,514	3,057
Trade and other payables		67
Untaxed reserves	2,529	2,576
Deferred tax liabilities (before offsetting)	68,159	69,938
Offsetting effects	-31,160	-29,806
Deferred tax liabilities	36,999	40,132
Deferred tax liabilities (net)	23,169	28,664

Deferred income tax liabilities T105

Deferred income tax assets are recognized for all deductible temporary differences between the carrying amounts of assets and liabilities in the Consolidated Statement of Financial Position and their tax bases to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. In the current fiscal year, deductible temporary differences for which a deferred income tax asset was recognized in previous years had to be partially written down due to insufficient taxable future earnings.

The Group recorded tax losses in some subsidiaries in 2024 and in previous years. In total, the recognized deferred income tax assets on temporary differences and tax loss carryforwards for subsidiaries that have incurred tax losses in the current or previous fiscal year amount to EUR 3,398 thousand (2023: EUR 10,238 thousand). Essentially, the deferred tax assets relate to loss carryforwards which can be carried forward indefinitely and have not expired.

The increase in deferred income tax liabilities in the item "Borrowings" compared to the previous year is primarily due to the exchange rate development of foreign currency liabilities.

The increase in deferred income tax liabilities in the item "Other assets" compared to the previous year mainly resulted from the exchange rate development of foreign currency receivables.

Deferred tax assets are recognized for tax loss carry forwards to the extent that it is probable that the tax assets will be realized in the foreseeable future. The usability of tax loss carry forwards over time is as follows:

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	Temporary usability of tax loss carry forwards	T106

in EUR thousands	Dec 31, 2024	Dec 31, 2023
up to 1 year	1,271	1,396
> 1 year up to 5 years	1,271	13,868
> 5 years	5,529	3,951
Unlimited carry forward	168,129	144,879
Total	176,200	164,094

The tax loss carry forwards amounted to EUR 176,200 thousand as at December 31, 2024 (Dec 31, 2023: EUR 164,094 thousand). Of this amount, EUR 74,699 thousand is attributable to German corporate income tax loss carryforwards (Dec. 31, 2023: EUR 64,072 thousand) and EUR 67,473 thousand to German trade tax loss carryforwards (Dec. 31, 2023: 59,027).

The usability of unrecognized tax loss carry forwards over time is as follows:

Temporary usability of unrecognized tax loss carry forwards		T107
in EUR thousands	Dec 31, 2024	Dec 31, 2023
> 1 year up to 5 years		4,198
> 5 years	3,840
Unlimited carry forward	132,281	97,554
Total	136,121	101,752

The tax loss carry forwards for which no deferred tax assets were recognized amounted to EUR 136,121 thousand as of December 31, 2024 (Dec 31, 2023: EUR 101,752 thousand). Of this amount, EUR 63,923 thousand is attributable to German corporation tax loss carry forwards (Dec. 31, 2023: EUR 49,968 thousand) and EUR 56,696 thousand on German trade tax loss carryforwards (Dec 31, 2023: EUR 29,398 thousand).

The interest carried forward for tax purposes amounted to EUR 25,546 thousand as at December 31, 2024 (Dec 31, 2023: EUR 10,619 thousand). These are attributable to the intragroup refinancing of the previous year. No deferred income tax assets were recognized on the tax interest carry forwards, as they are not expected to be realized in the foreseeable future.

Tax liabilities may arise in connection with shares in subsidiaries. However, these tax liabilities were not recognized in the 2024 fiscal year, as the Group can determine the dividend policy of the subsidiaries. The Group can therefore control the reversal of temporary differences in connection with investments in subsidiaries. The Management Board assumes that there will be no reversals in the foreseeable future.

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18. Goodwill and other intangible assets

The acquisition costs as well as accumulated amortization and impairment of intangible assets consist of the following:

Development of goodwill and other intangible assets							T108
in EUR thousands	As of Jan, 1 2024	Additions	Deductions	Transfers	Changes in consolidation	Currency effects	As of Dec 31, 2024
Acquisition costs
Goodwill	430,096				3,189	14,165	447,450
Customer lists	279,792	97	-463	20	4,107	14,256	297,809
Licenses, rights	1,855	34	-66		10	15	1,848
Software acquired externally	42,843	241	-3,081	385	9	424	40,821
Trademarks	57,588				818	3,415	61,821
Patents & technology	73,036	445				2,358	75,839
Internally generated intangible assets	37,623	4,154	-3	-313		1,635	43,096
Intangible assets, other	9,344	595		-92	7	-50	9,804
Total	932,177	5,566	-3,613	0	8,140	36,218	978,488
Accumulated amortization and impairment
Goodwill	35,346					1,701	37,047
Customer lists	171,259	24,279	-442			8,452	203,548
Licenses, rights	1,716	12	-66			12	1,674
Software acquired externally	41,429	840	-3,081	189	5	206	39,588
Trademarks	21,047	2,320				1,205	24,572
Patents & technology	57,800	7,824				2,171	67,795
Internally generated intangible assets	31,754	2,408	-3	-189		1,307	35,277
Intangible assets, other	8,086	112			-1	-68	8,129
Total	368,437	37,795	-3,592	0	4	14,986	417,630

(Continued) Development of goodwill and other intangible assets
in EUR thousands	As of Jan 1, 2023	Additions	Deductions	Transfers	Currency effects	As of Dec 31, 2023
Acquisition costs
Goodwill	438,579				-8,483	430,096
Customer lists	288,333				-8,541	279,792
Licenses, rights	1,879	5	-23	10	-16	1,855
Software acquired externally	44,069	662	-1,332	2	-558	42,843
Trademarks	59,536				-1,948	57,588
Patents & technology	74,627	445	-496		-1,540	73,036
Internally generated intangible assets	38,103	2,286	-2,057		-709	37,623
Intangible assets, other	9,107	213	-1	-12	37	9,344
Total	954,233	3,611	-3,909	0	-21,758	932,177
Accumulated amortization and impairment
Goodwill	36,309				-963	35,346
Customer lists	160,089	15,535			-4,365	171,259
Licenses, rights	1,752	5	-23		-18	1,716
Software acquired externally	42,627	736	-1,332		-602	41,429
Trademarks	20,163	1,498			-614	21,047
Patents & technology	55,538	3,977	-496		-1,219	57,800
Internally generated intangible assets	32,122	2,218	-2,054		-532	31,754
Intangible assets, other	7,419	613	-1		55	8,086
Total	356,019	24,582	-3,906	0	-8,258	368,437

The carrying amounts for intangible assets as of December 31, 2024, and 2023, were as follows:

Goodwill and other intangible assets – carrying amounts T109

	Carrying amounts
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Goodwill	410,403	394,750
Customer lists	94,261	108,533
Licenses, rights	174	139
Software acquired externally	1,233	1,414
Trademarks	37,249	36,541
Patents & technology	8,044	15,236
Internally generated intangible assets	7,819	5,869
Intangible assets, other	1,675	1,258
Total	560,858	563,740

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As at December 31, 2024, the "Patents and technology" item consisted of patents in the amount of EUR 726 thousand (Dec 31, 2023: EUR 2,169 thousand) and technology in the amount of EUR 7,318 thousand (Dec 31, 2023: EUR 13,067 thousand). Unpatented technologies contain specific process know-how in the production process identified in the course of company acquisitions.

Internally generated intangible assets include development costs for internally generated technologies in the amount of EUR 7,474 thousand (Dec 31, 2023: EUR 5,401 thousand) and for internally developed software in the amount of EUR 345 thousand (Dec 31, 2023: EUR 470 thousand).

The item 'Intangible assets, other' consists mainly of prepayments.

Significant individual intangible asset			T110
	Carrying amounts
			Remaining useful life (in
in EUR thousands	Dec 31, 2024	Dec 31, 2023	years)
NDS - Customer lists	78,707	81,524	10

In addition to additions and disposals and scheduled amortization, the changes in intangible assets also resulted from positive exchange rate effects, in particular from the US dollar region.

The estimated useful lives for other intangible assets are as follows:

Patents: 5 to 10 years
Customer lists: 4 to 20 years
Technology: 10 to 20 years
Licenses, rights: 3 to 5 years
Trademarks: indefinite or 20 years
Software: 3 to 5 years

The change in goodwill is summarized as follows:

Change in goodwill	T111
in EUR thousands
Balance as of Jan 1, 2024	394,750
Currency effect	12,464
Changes in consolidation	3,189
Balance as of Dec 31, 2024	410,403

In addition to goodwill, there are intangible assets with indefinite useful lives in the area of brands in the amount of EUR 30,706 thousand (2023: EUR 28,869 thousand) which resulted from the acquisition of NDS in 2014. From a market perspective, NORMA Group assumed an indefinite useful life for these acquired trademarks, which mainly include the corporate brand NDS® , because these brands have been established in the market for a number of

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years and there is no foreseeable end to their useful life, therefore useful lives are indefinite. Trademarks with indefinite useful lives are fully allocated to the cash-generating unit (CGU) Americas.

Brands with indefinite useful lives are subject to an annual impairment test in accordance with IAS 36 on the basis of the recoverable amount in accordance with the procedure described in 4 NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – IMPAIRMENT OF NON-FINANCIAL ASSETS. As part of the application of the license price analogy, the fair value of the brands is determined using a notional license payment based on the respective brand-relevant sales derived from the planning. The assumption of future sales is based on the expectations of local management. For the NDS brand, a discount rate of 8.9% (2023: 7.0%) and a growth rate of 1.0% (2023: 1.0%) were taken into account in the detailed planning period of five years. With regard to the impairment test of the NDS brand, there were no indications of impairment.

On December 31, 2024, and 2023, the intangible assets were unsecured.

Impairment tests for goodwill

Goodwill is allocated to the Group's cash-generating units (CGUs) identified according to geographical areas. A summary of the goodwill allocation is presented below:

Goodwill allocation per segment
in EUR thousands	Dec 31, 2024	Dec 31, 2023
CGU EMEA	182,850	179,802
CGU Americas	194,672	183,028
CGU Asia-Pacific	32,881	31,920
Consolidated Group	410,403	394,750

The change in goodwill is the result of currency effects and the acquisition of Teco.

The recoverable amount of a CGU for which goodwill is recognized is determined based on fair value less costs to dispose, which is calculated by discounting projected cash flows. In view of the input factors used for this valuation technique, the fair values determined are to be classified as level 3 fair values 4 NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – DETERMINATION OF FAIR VALUES. The determination of future cash flows is based on internal corporate planning, which is prepared with the "bottom-up" method using certain uniform Group-wide assumptions and covers a period of five years. The underlying parameters, such as sales growth and margins, are determined on the basis of expertise gained in the past, current economic results, and forecasts by external industry experts such as the VDMA industry association, the German Association of the Automotive Industry (VDA), and the LMC Automotive (LMCA). The average growth rates of revenues in the detailed planning period for CGU EMEA is 5.7% (2023: 6.7%), for the Americas CGU 10.2% (2023: 8.1%) and for the Asia-Pacific CGU 10.3% (2023: 13.6%). In terms of the average EBIT margin in the same planning period, this results in a ratio of 9.6% (2023: 10.3%) for the EMEA CGU, 10.4% (2023: 11.4%) for the Americas CGU and 9.6% (2023: 11.6%) for the Asia-Pacific CGU.

For the extrapolation of cash flows beyond this five-year period, the estimated growth rates given below are used. NORMA Group believes that these growth rates do not exceed the long-term average growth rate for the geographical area of the respective CGU.

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The discount rates used are after-tax rates and reflect the specific risk of each CGU. The corresponding pre-tax interest rates for the EMEA CGU are 12.9% (2023: 13.6%) for the CGU Americas 11.7% (2023: 11.6%) and for the CGU Asia-Pacific 13.3% (2023: 14.0%).

The fair value less costs to sell is mainly determined by the terminal value (present value of the perpetual annuity), which is particularly sensitive to changes in the assumptions for the long-term growth rate and the discount rate. Both assumptions are determined individually for each cash-generating unit. The discount rates are based on the concept of Weighted Average Cost of Capital (WACC).

The further key assumptions used for fair value less costs to sell calculations are as follows:

Goodwill per segment – further key assumptions			T113
Dec 31, 2024	CGU EMEA	CGU Americas	CGU Asia-Pacific
Terminal value growth rate	1.0%	1.0%	1.0%
Discount rate (after tax)	10.1%	9.1%	10.2%
Dec 31, 2023	CGU EMEA	CGU Americas	CGU Asia-Pacific
Terminal value growth rate	1.0%	1.0%	1.0%
Discount rate (after tax)	10.9%	9.2%	10.9%

The aforementioned assumptions relate to the goodwill impairment test performed as part of the annual impairment test regularly carried out as of September 30.

A sensitivity analysis for each CGU considers possible changes in key assumptions. The sensitivity analysis was performed in isolation for all significant factors, i.e., a change in the fair value of a cash-generating unit is only caused by a decrease or increase in the respective factor. No impairment was required for any of the identified sensitivities.

An impairment test was carried out for the CGU Kimplas Piping Systems Ltd. (legal company) due to the continued negative business development.

As part of this review, the recoverable amount was determined on the basis of the value in use. The value in use is equivalent to the present value of the future cash flows (discounted cashflow) generated from the continuing use of the asset.

Impairments	T114
in EUR thousand	2024
Customer lists	8,744
Trademarks	806
Patents and technologies	4,034
Total	13,584

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The impairments were recorded in the statement of comprehensive income under the item "Depreciation and amortisation".

The recoverable amount of the CGU as at December 31, 2024, was EUR 7,377 thousand, based on an after-tax discount rate of 11.2%.

Impairment of other intangible assets

No further material impairment losses or reversals of impairment losses on intangible assets were recognized in the fiscal year of 2024.

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- 256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
- 257 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

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19. Property, plant and equipment

The acquisition and manufacturing costs as well as accumulated depreciation of property, plant and equipment consist of the following:

Development of property, plant and equipment							T115
in EUR thousands	As of Jan 1, 2024	Additions	Deductions	Transfers	Change in Consolidation	Currency effects	As of Dec 31, 2024
Acquisition costs
Land and buildings	130,560	736	-181	2,753	32	1,715	135,615
Machinery and tools	483,652	5,345	-8,127	36,286	2,635	12,923	532,714
Other equipment	78,747	1,884	-4,927	5,035	39	986	81,764
Assets under construction	35,470	39,934	-108	-44,074		960	32,182
Right-of-use assets
Land and buildings	88,237	6,133	-1,757		343	4,164	97,120
Machinery and tools	327	44	-268				103
Forklifts and warehouse	4,902	2,357	-387			119	6,991
Office and IT equipment	1,130	431	-336			6	1,231
Company cars	5,066	2,163	-1,989			-23	5,217
Total	828,091	59,027	-18,080	0	3,049	20,850	892,937
Accumulated depreciation and impairment
Land and buildings	65,251	4,291	-172		10	452	69,832
Machinery and tools	337,098	34,488	-7,416	29	1,424	7,749	373,372
Other equipment	62,374	5,795	-4,782	48	40	616	64,091
Assets under construction	168	381	-55	-77		-40	377
Right-of-use assets
Land and buildings	48,839	10,022	-1,557		247	2,589	60,140
Machinery and tools	260	26	-266				20
Forklifts and warehouse	2,277	1,265	-359			52	3,235
Office and IT equipment	459	242	-333			2	370
Company cars	3,011	1,445	-1,955			-14	2,487
Total	519,737	57,955	-16,895	0	1,721	11,406	573,924

NORMA Group SE – Annual Report 2024 312

1 INTRODUCTION	(Continued) Development of property, plant and equipment
2 TO OUR SHAREHOLDERS	in EUR thousands	As of Jan 1, 2023	Additions	Deductions	Transfers	Currency effects	As of Dec 31, 2023
3 CONDENSED	Acquisition costs
MANAGEMENT REPORT	Land and buildings	119,634	518	-438	12,004	-1,158	130,560
	Machinery and tools	456,866	6,960	-4,545	30,525	-6,154	483,652
	Other equipment	73,898	2,104	-1,686	4,602	-171	78,747
	Assets under construction	35,154	48,146	-22	-47,131	-677	35,470
256 CONSOLIDATED	Right-of-use assets
	Land and buildings	85,859	12,146	-7,612		-2,156	88,237
	Machinery and tools	337	80	-89		-1	327
257 CONSOLIDATED	Forklifts and warehouse	4,012	1,698	-808			4,902
	Office and IT equipment	543	681	-91		-3	1,130
	Company cars	4,923	1,371	-1,208		-20	5,066
259 CONSOLIDATED STATEMENT OF CASH FLOWS	Total	781,226	73,704	-16,499	0	-10,340	828,091
	Accumulated depreciation and impairment
4 CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION 260 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY > NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT 373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 377 ASSURANCE OF LEGAL REPRESENTATIVES	Land and buildings	62,019	4,103	-443	4	-432	65,251
	Machinery and tools	312,482	30,900	-3,242	-16	-3,026	337,098
	Other equipment	58,419	5,750	-1,626	12	-181	62,374
	Assets under construction	175				-7	168
	Right-of-use assets
	Land and buildings	46,983	9,872	-7,049		-967	48,839
	Machinery and tools	306	43	-89			260
	Forklifts and warehouse	2,048	1,015	-771		-15	2,277
	Office and IT equipment	300	243	-82		-2	459
	Company cars	2,653	1,408	-1,042		-8	3,011
	Total	485,385	53,334	-14,344	0	-4,638	519,737

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The carrying amounts of property, plant and equipment excluding rights of use are as follows:

Property, plant and equipment – carrying amounts T116

	Carrying amounts
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Land and buildings	65,783	65,309
Machinery and tools	159,342	146,554
Other equipment	17,673	16,373
Assets under construction	31,805	35,302
Total	274,603	263,538

The estimated useful lives for property, plant and equipment (excluding rights of use under IFRS 16) are as follows:

Buildings: 8 to 40 years
Machinery and technical equipment: 3 to 18 years
Tools: 3 to 10 years
Other equipment: 2 to 20 years

The item "Machinery" included tools in the amount of EUR 21,391 thousand as at December 31, 2024 (Dec 31, 2023: EUR 20,847 thousand).

As of December 31, 2024, and 2023, property, plant and equipment were unsecured.

20. Leases

(i) Right-of-use assets – Leasing

NORMA Group has significant leases for the rental of land and buildings. In addition, the Group maintains leases for various company cars and technical equipment under non-cancellable lease agreements. Besides the usual extension options, the leases include, to a minor extent, purchase and termination options that are not taken into account. The lease terms per asset class are as follows:

Right-of-use assets land and buildings: 2 months to 78 years
Right-of-use assets machinery and tools: 1 to 6 years
Right-of-use assets forklifts and warehouse: 1 to 11 years
Rights of use assets office and IT equipment: 1 to 10 years
Rights of use assets company cars: 1 to 7 years

The Group's leases generally do not contain credit terms.

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(ii) Recognition exemptions

NORMA Group has made use of accounting options for short-term leases (minimum term of no more than twelve months if no purchase option has been agreed) as well as for low-value assets as the lessee and has not recognized these as a right-of-use/lease liability but rather as a current expense – with the exception of leased assets attributable to the asset class 'Right-of-use assets – land and buildings'. Furthermore, lessees are granted an accounting option not to separate leasing and non-leasing components, which NORMA Group has made use of, except for the 'Right-of-use assets – land and buildings' and 'Right-of-use assets – company cars' asset classes.

(iii) Extension and termination options

Several of NORMA Group's real estate leasing contracts contain renewal options. Termination options are included to a minor extent in the area of real estate leasing. Such contract terms are used to give the Group operational flexibility with regard to the contract portfolio. The majority of the existing renewal and termination options can only be exercised by the Group and not by the respective lessor.

As at December 31, 2024, potential additional cash outflows from extension options in the amount of EUR 26,185 thousand (Dec 31, 2023: EUR 21,865 thousand) were not included in the lease liability as it is not reasonably certain that the leases will be extended. As of December 31, 2024, and 2023, there were no potential reduced cash outflows from termination options.

Changes in estimates of the term and amount of expected lease payments (index-based payments) resulted in increases in the right-of-use assets and lease liabilities of EUR 612 thousand. As of December 31, 2024, there were no changes in estimates resulting in decreases in the right-of-use assets and lease liabilities.

(iv) Amounts recognized in the Consolidated Statement of Financial Position

The following items related to leases are shown in the Consolidated Statement of Financial Position:

Right-of-use assets – carrying amounts		T117
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Land and buildings	36,980	39,398
Machinery and tools	83	67
Forklifts and warehouse	3,756	2,625
Office and IT equipment	861	671
Company cars	2,730	2,055
Total	44,410	44,816

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The maturities of the nominal values and the carrying amounts of the lease liabilities are as follows:

Maturity of lease liabilities as of Dec 31, 2024			T118
in EUR thousands	up to 1 year	> 1 year up to 5 years	> 5 years
Lease liabilities – nominal value	12,840	24,933	10,166
Lease liabilities – carrying amount	11,387	22,019	9,025

Maturity of lease liabilities as of Dec 31, 2023 T119

in EUR thousands up to 1 year > 1 year up to 5 years > 5 years Lease liabilities – nominal value 11,572 25,740 11,262 Lease liabilities – carrying amount 10,108 22,652 9,856

(v) Amounts recognized in the Statement of Profit or Loss

The following amounts relating to leases are recognized in the Statement of Profit or Loss:

Leases in the statement of profit or loss		T120
in EUR thousands	2024	2023
Depreciation charge of right-of-use assets	13,000	12,581
Land and buildings	10,022	9,872
Machinery and technical equipment	26	43
Forklifts and warehouse equipment	1,265	1,015
Office and IT equipment	242	243
Company cars	1,445	1,408
Finance costs	-1,644	-1,390
Interest expenses	-1,651	-1,457
Currency gains/-losses	7	67
Other operating expenses	2,298	2,088
Expenses relating to short-term leases for which no RoU asset was recorded	1,786	1,652
Expenses relating to leases of low-value assets that are not shown above as short-term leases	512	436

(vi) Amounts recognized in the Consolidated Statement of Cash Flows

The Consolidated Statement of Cash Flows includes a total of EUR 16,533 thousand for lease payments (2023: EUR 15,813 thousand). Of these, payments in the amount of EUR 14,235 thousand were made within the cash outflow/cash inflow from financing activities (2023: EUR 13,725 thousand) and payments of EUR 2,298 thousand were recognized within the cash inflow from operating activities (2023: EUR 2,088 thousand).

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21. Financial instruments

The following disclosures provide an overview of the financial instruments held by the Group, detailed information about each type of financial instrument held and information about the accounting policies used. Financial instruments according to classes and categories were as follows:

Financial instruments – classes and categories T121

					Measurement basis IFRS 9
in EUR thousands	Notes	Category IFRS 7.8 according to IFRS 9	Carrying amount Dec 31, 2024	Amortized cost	Fair value through profit or loss	Derivatives used for hedging	Measurement basis IFRS 16	Fair value Dec 31, 2024
Financial assets
Derivative financial instruments - hedge accounting	21. (f)
Interest rate swaps - cash flow hedges		n / a	3,571			3,571		3,571
Foreign exchange derivatives - fair value hedges		n / a	1,415			1,415		1,415
Trade and other receivables	21. (a)	Amortized Cost	141,007	141,007				141,007
Trade receivables - ABS/Factoring program (mandatorily measured at FVTPL)	21. (b)	FVTPL	18,427		18,427			18,427
Other financial assets	21. (d)	Amortized Cost	7,190	7,190				7,190
Cash and cash equivalents	21. (c)	Amortized Cost	127,130	127,130				127,130
Financial liabilities
Borrowings	21. (e)	FLAC	400,526	400,526				403,673
Derivative financial instruments - hedge accounting	21. (f)
Foreign exchange derivatives - cash flow hedges		n / a	671			671		671
Foreign exchange derivatives - fair value hedges		n / a	84			84		84
Trade and other payables	21. (e)	FLAC	142,836	142,836				142,836
Lease liabilities	20	n / a	42,431				42,431	n / a
Other financial liabilities	21. (e)	FLAC	12,572	12,572				12,572
Total per category
Financial assets at amortized cost			275,327	275,327				275,327
Financial assets at fair value through profit or loss (FVTPL)			18,427		18,427			18,427
Financial liabilities at amortized cost (FLAC)			555,934	555,934				559,081

Financial instruments – classes and categories (continued)

		Measurement basis IFRS 9 Category
in EUR thousands	Notes	IFRS 7.8 according to IFRS 9	Carrying amount Dec 31, 2023	Amortized cost	Fair value through profit or loss	Derivatives used for hedging	Measurement basis IFRS 16	Fair value Dec 31, 2023
Financial assets
Derivative financial instruments - held for trading	21. (f)
Foreign exchange derivatives		FVTPL
Derivative financial instruments - hedge accounting	21. (f)
Interest rate swaps - cash flow hedges		n / a	4,466			4,466		4,466
Foreign exchange derivatives - fair value hedges		n / a	507			507		507
Trade and other receivables	21. (a)	Amortized Cost	151,825	151,825				151,825
Trade receivables - ABS/Factoring program (mandatorily measured at FVTPL)	21. (b)	FVTPL	32,682		32,682			32,682
Other financial assets	21. (d)	Amortized Cost	3,223	3,223				3,223
Cash and cash equivalents	21. (c)	Amortized Cost	165,207	165,207				165,207
Financial liabilities
Borrowings	21. (e)	FLAC	458,744	458,744				460,550
Derivative financial instruments - held for trading
Foreign exchange derivatives		FVTPL
Derivative financial instruments - hedge accounting	21. (f)
Foreign exchange derivatives - fair value hedges		n / a	544			544		544
Trade and other payables	21. (e)	FLAC	173,659	173,659				173,659
Lease liabilities	20	n / a	42,616				42,616	n / a
Other financial liabilities	21. (e)	FLAC	8,724	8,724				8,724
Totals per category
Financial assets at amortized cost			320,255	320,255				320,255
Financial assets at fair value through profit or loss (FVTPL)			32,682		32,682			32,682
Financial liabilities at amortized cost (FLAC)			641,127	641,127				642,933
Financial liabilities at fair value through profit or loss (FVTPL)			—					—

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21. (a) Trade and other receivables

i. Accounting policies for trade and other receivables

Trade receivables are amounts payable by customers for goods sold or services rendered in the ordinary course of business. If the receivables are expected to be settled within twelve months, they are classified as current assets. If this is exceptionally not the case, they are reported as non-current assets. Trade receivables are classified in accordance with IFRS 9. They are generally required to collect the contractual cash flows and are allocated to the "hold" business model accordingly. They are recognized initially at the amount of the unconditional consideration and are subsequently carried at amortized cost using the effective interest method less any impairment losses. If trade receivables contain a significant financing component, they are initially recognized at fair value.

Other receivables mainly include bills of exchange guaranteed by banks (so-called "banker's acceptance bills") from trade receivables for customers in China. These financial assets are generally held to collect the contractual cash flows and are therefore classified under the "hold" business model. They are initially recognized at fair value plus transaction costs and are subsequently carried at amortized cost using the effective interest method less impairment.

For trade receivables, the simplified approach, which is based on the expected credit losses over the respective terms, is used. Loss rates calculated on the basis of historical and forecast data are used, taking into account the business model, the respective customer and the economic environment of the geographical region. For this purpose, NORMA Group considers in particular the credit default swaps of the respective client's home countries as well as industry-specific default probabilities derived from external sources. In addition, loss rates from customer-specific credit default swaps (CDS) are used, if available.

Impairment losses on trade receivables, together with impairment losses on contract assets, are recognized in operating profit as net impairment losses. Unused amounts reversed are included in the same line item.

Losses on the disposal of trade receivables through write-offs are recognized in operating profit as impairment losses, net. Unused amounts reversed are included in the same line item.

ii. Disclosures on trade receivables

Trade and other receivables are as follows:

Trade and other receivables		T122
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Trade receivables	154,430	178,203
Other receivables	5,004	6,304
	159,434	184,507

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						On the reporting date, trade receivables were as follows:
--	--	--	--	--	--	-----------------------------------------------------------	--	--	--

Trade receivables		T123
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Trade receivables	156,473	179,974
Less allowances for doubtful accounts	-2,043	-1,771
	154,430	178,203

iii. Disclosures on valuation allowances on trade receivables

The valuation adjustments with respect to trade receivables that are not measured at fair value through profit or loss were determined as follows as of December 31, 2024:

Credit risk on trade receivables				T124
as of Dec 31, 2024
in EUR thousands	Credit loss rate < 1%	Credit loss rate > 1% < 2.5%	Credit loss rate > 2.5%	Total
Trade receivables - before allowances	69,589	65,381	3,076	138,046
ECL allowance	922	995	126	2,043
Trade receivables - after allowances	68,667	64,386	2,950	136,003
as of Dec 31, 2023
in EUR thousands	Credit loss rate < 1%	Credit loss rate > 1% < 2.5%	Credit loss rate > 2.5%	Total
Trade receivables - before allowances	45,829	99,202	2,261	147,292
ECL allowance	470	1,175	125	1,771
Trade receivables - after allowances	45,359	98,027	2,136	145,521

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Impairment losses for trade receivables developed as follows from the opening balance as of January 1, 2024, to the closing balance as of December 31, 2024:

Impairment reconciliation	T125
in EUR thousands	Impairments on trade receivables
Impairment allowance as of Jan 1, 2024	1,771
Additions	1,854
Reversals	-1,616
Consumption	-21
Translation effect	55
Impairment allowance as of Dec 31, 2024	2,043

The net expense from impairment losses recognized in the fiscal year 2024 amounted to EUR 238 thousand (2023: net income in the amount of EUR 164 thousand).

The following losses from the write-off of trade receivables arose in the fiscal year:

Gains/losses arising from derecognition IFRS 7.20A			T126
in EUR thousands	2024	2023	Reasons for derecognition
Losses arising from derecognition	3,689	2,594	Write-off (IFRS 9.5.4.4)

iv. Fair value of trade receivables

Trade receivables have short-term maturities, therefore the carrying amounts on the reporting date correspond to their fair values, as the effects of discounting are not material.

21. (b) Trade receivables transferred or available for transfer

i. Transferred trade receivables

Subsidiaries of NORMA Group in the EMEA and Americas segments transfer trade receivables to external purchasers as part of factoring and ABS transactions. The details and effects of the respective programs are presented below.

a) Factoring transactions

In the factoring agreement concluded in fiscal year 2017 with a maximum receivables volume of EUR 10 million, NORMA Group subsidiaries in Germany, Poland and France sell trade receivables directly to the external buyers. Under this factoring program, receivables in the amount of EUR 4.3 million were sold as of December 31, 2024, (Dec 31, 2023: EUR 7.1 million), of which EUR 0.4 million was not paid out as purchase price retentions held as hedging reserves and recognized under other financial assets (Dec. 31, 2023: Due to a temporary agreement, the payments under these disposals were made in full as of December 31, 2024). The requirements for derecognition

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of receivables in accordance with IFRS 9.3.2.1 are met, as the receivables are transferred in accordance with IFRS 9.3.2.4 a). The audit of IFRS 9.3.2.6 shows that almost all opportunities and risks have neither been transferred nor retained. In accordance with IFRS 9.3.2.16, NORMA Group must therefore recognize the remaining continuing involvement. NORMA Group continues to service the receivables sold. Although NORMA Group is not entitled to dispose of the receivables sold in any other way than within the framework of receivables management, the Company retains control over the receivables sold as the buyers do not have the actual ability to resell the acquired receivables. NORMA Group is continuing to recognize the sold trade receivables to the extent of its continuing involvement, i.e., at the maximum amount to which it continues to be liable for the late payment risk inherent in the receivables sold. Hence, NORMA Group is recognizing a corresponding financial liability. The continuing involvement in the amount of EUR 45 thousand (Dec 31, 2023: EUR 74 thousand) was recognized under other financial liabilities and considers the maximum potential loss for NORMA Group resulting from the late payment risk of receivables sold as of the reporting date. The fair value of the guarantee / interest payments to be assumed has been recognized at 4 thousand (Dec 31, 2023: EUR 6 thousand).

In 2018, NORMA Group established a further factoring program. In the factoring agreement concluded in December 2018 with a maximum receivables volume of USD 27.5 million (2023: USD 27.5 million), a subsidiary of NORMA Group in the U.S. sold trade receivables directly to the external buyers. Under this factoring program, receivables in the amount of EUR 17.3 million were sold as of December 31, 2024 (Dec 31, 2023: EUR 12.3 million). Due to a temporary agreement, the payments under these disposals were made in full as of December 31, 2024, and December 31, 2023, of which EUR 3.5 million were not paid out as purchase price retentions held as security reserves and were recognized as other financial assets (December 31, 2023: Due to a temporary agreement, the payments for these disposals were made in full as of December 31, 2023). The requirements for derecognition of receivables in accordance with IFRS 9.3.2.1 are met, as the receivables are transferred in accordance with IFRS 9.3.2.4 a). The examination of IFRS 9.3.2.6 shows that primarily all opportunities and risks have been transferred. NORMA Group continues to service the receivables sold. Although NORMA Group is not entitled to dispose of the receivables sold in any other way than within the framework of receivables management, the Company retains control over the receivables sold as the buyers do not have the actual ability to resell the acquired receivables.

b) ABS transactions

NORMA Group concluded a revolving receivables purchase agreement with Weinberg Capital Ltd. (special purpose entity) in the fiscal year 2014. The agreed structure provides for the sale of trade receivables of NORMA Group as part of an ABS transaction and was successfully initiated in December 2014. The receivables are sold to a special purpose entity by NORMA Group. As part of this asset-backed securities (ABS) program with a volume of up to EUR 20.0 million domestic NORMA Group companies sold receivables in the amount of EUR 8.6 million as of December 31, 2024 (Dec 31, 2023: EUR 9.5 million), of which EUR 0.4 million (Dec 31, 2023: EUR 0.5 million) as purchase price retentions, which are held as security reserves, were not paid out and were recognized under other financial assets. The basis for the transaction is the assignment of trade receivables of individual NORMA Group companies to a program special purpose entity as part of a silent assignment. According to IFRS 10, this program special purpose entity is not to be consolidated, as NORMA Group is not assigned any decision-making power, nor is there any material self-interest or link between decision-making power and the variability of returns from the program special purpose entity. The requirements for derecognition of receivables in accordance with IFRS 9.3.2.1 are met, as the receivables are transferred in accordance with IFRS 9.3.2.4 a). The audit of IFRS 9.3.2.6 shows that almost all opportunities and risks have neither been transferred nor retained. In accordance with IFRS 9.3.2.16, NORMA Group must therefore recognize the remaining continuing involvement.

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A continuing involvement in the amount of EUR 166 thousand (Dec 31, 2023: EUR 188 thousand) was recognized under other financial liabilities and comprises the maximum amount that NORMA Group might have to repay under the assumed default guarantee and the expected interest payments until receipt of payment in respect of the carrying amount of the receivables transferred. The fair value of the guarantee or of the interest payments to be assumed was included in the carrying amount and recognized in profit or loss under other liabilities in the amount of EUR 138 thousand (Dec 31, 2023: EUR 152 thousand).

NORMA Group entered into another revolving receivables purchase agreement (RPA) with Weinberg Capital Ltd. (program special purpose entity) in fiscal year 2018 for the sale of trade receivables. The agreed structure provides for the sale of trade receivables of NORMA Group as part of an ABS transaction and was successfully initiated in December 2018. The receivables are sold to a special purpose entity by NORMA Group. As part of this ABS program with a volume of up to USD 20.0 million, US NORMA Group companies sold receivables in the amount of EUR 11.7 million as of December 31, 2024 (Dec 31, 2023: EUR 11.4 million), of which EUR 0.6 million (Dec 31, 2023: EUR 0.7 million) were not paid out as purchase price retentions, but rather held as security reserves million (December 31, 2023: EUR 0.7 million) as purchase price retentions, which are held as security reserves, were not paid out and were recognized under other financial assets. The basis for the transaction is the assignment of trade receivables of individual NORMA Group companies to a program special purpose entity as part of a silent assignment. According to IFRS 10, this program special purpose entity is not to be consolidated, as NORMA Group is not assigned any decision-making power, nor is there any material self-interest or link between decision-making power and the variability of returns from the program special purpose entity.

The requirements for derecognition of receivables in accordance with IFRS 9.3.2.1 are met, as the receivables are transferred in accordance with IFRS 9.3.2.4 a). The audit of IFRS 9.3.2.6 shows that almost all opportunities and risks have neither been transferred nor retained. In accordance with IFRS 9.3.2.16, NORMA Group must therefore recognize the remaining continuing involvement.

A continuing involvement in the amount of EUR 682 thousand (Dec 31, 2023: EUR 750 thousand) was recognized under other financial liabilities and comprises the maximum amount that NORMA Group may have to repay under the assumed default guarantee and the expected interest payments until receipt of payment in respect of the carrying amount of the receivables transferred. The fair value of the guarantee or of the interest payments to be assumed was included in the carrying amount and recognized under other liabilities in the amount of EUR 194 thousand (Dec 31, 2023: EUR 190 thousand).

ii. Trade receivables available for transfer

In the opinion of the Group, trade receivables included in these programs but not yet disposed of at the end of the reporting period cannot be allocated to either the "hold" or the "hold and sell" business models. They are therefore included in the fair value through profit and loss (FVTPL) category.

Trade receivables held for sale as part of the factoring and ABS transaction and measured at fair value through profit or loss have short-term maturities. In addition, the calculated credit risk of the counterparty is not material, therefore the carrying amounts at the reporting date correspond to their fair values.

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21. (c) Cash and cash equivalents

Cash and cash equivalents are measured at their nominal value and include cash in hand, deposits held at call with banks, and other short-term highly liquid investments with remaining maturities of three months or less which are subject only to insignificant risks of change in value. Bank overdrafts are shown within borrowings in current liabilities in the Consolidated Statement of Financial Position.

21. (d) Other financial assets

Other financial assets were as follows:

Other financial assets		T127
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Receivables from ABS program	989	1,214
Receivables from Factoring	3,882
Rental and other deposit	1,515	804
Other assets	804	1,205
	7,190	3,223

The receivables from the ABS program and those from factoring are each purchase price retentions for the trade receivables sold. 4 NOTE 21 (B) TRADE RECEIVABLES TRANSFERRED OR AVAILABLE FOR TRANSFER. Other financial assets are generally required to collect the contractual cash flows and are accordingly allocated to the "hold" business model. They are initially recognized at fair value plus transaction costs and are subsequently carried at amortized cost using the effective interest method less impairment. As at December 31, 2024, and 2023,other financial assets included in particular deposits for building leases and guarantees.

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21. (e) Financial liabilities and net debt

i. Trade and other liabilities

Trade and other payables are as follows:

Trade and other payables		T128
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Trade payables and other payables	107,396	136,182
Reverse factoring liabilities	15,401	18,620
Refund liabilities	20,039	18,857
	142,836	173,659

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Liabilities from reverse factoring programs

The following table contains further information on reverse factoring programs. Programs with the same payment conditions are aggregated accordingly:

Overview of Supply Chain Financing Agreements (SCF) as of December 31, 2024			T129
Carrying amount (in EUR thousand)	For which supplier has received payments (in EUR thousand)	Currency	Ranges of payment due dates after invoice dates	Ranges of payment due dates for similar Trade Payables	Ranges of interest rates
14,125	13,894	EUR	120 - 180	30 - 60	EURIBOR + NORMA Spread
1,276	1,222	USD	90-180	30 - 60	SOFR + NORMA Spread
15,401	15,116

No guarantees or collateral were issued on liabilities from reverse factoring programs as at December 31, 2024 or December 31, 2023. There were no cash-effective transfers from trade payables to financial liabilities as at December 31, 2024 and 2023.

All trade payables are due to third parties within one year. As a result, these have short-term maturities, therefore the carrying amounts on the reporting date correspond to their fair values, as the impacts of discounting are not material.

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Refund liabilities

Reimbursement liabilities are recognized for volume discounts and similar bonus agreements payable to customers. These arise from retrospective volume rebates or similar agreements that are based on total sales or on a specific product sale of a twelve-month or shorter period. Refund liabilities are recognized for discounts expected to be payable to the customer for sales completed by the end of the reporting period. Further details can be found in 4 NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES. All reimbursement liabilities are due to third parties within one year. The carrying amounts on the reporting date therefore correspond to their fair values, as the impacts of discounting are not material.

ii. Bank borrowings

NORMA Group's borrowings were as follows as at the reporting date:

Borrowings		T130
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Non-current
Bank borrowings	370,283	437,313
	370,283	437,313
Current
Bank borrowings	30,243	21,431
	30,243	21,431
Total borrowings	400,526	458,744

Borrowings are recognized initially at fair value, net of directly attributable transaction costs incurred. In subsequent measurement, borrowings are measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent that there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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The maturities of the long-term syndicated loans, promissory notes and other loans are as follows:

Maturity bank borrowings 2024				T131
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Syndicated bank facilities, net		208,432
Promissory note, net	27,000	79,500	55,500	26,500
Other loans		157	642
Total	27,000	288,089	56,142	26,500

Maturity bank borrowings 2023				T132
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Syndicated bank facilities, net			249,548
Promissory note, net	18,000	27,000	135,000	26,500
Total	18,000	27,000	384,548	26,500

The loan obligations existing as at December 31, 2024, and 2023, have the following conditions:

Loan conditions as of Dec 31, 2024 T133

	Currency	Nominal amount	Nominal interest rate	Carrying amount in EUR thousands
Syndicated bank facilities	EUR thousands	91,000	variable	91,000
Syndicated bank facilities	USD thousands	122,000	variable	117,431
Promissory note	EUR thousands	188,500	2% - 5.96%	188,500
Promissory note	EUR thousands	800	2% - 5.87%	800
Total				397,731

Loan conditions as of Dec 31, 2023 T134

Total				456,048
Promissory note	EUR thousands	77,500	variable	77,500
Promissory note	EUR thousands	129,000	2% - 5.46%	129,000
Syndicated bank facilities	USD thousands	122,000	variable	110,407
Syndicated bank facilities	EUR thousands	139,141	variable	139,141
	Currency	Nominal amount	Nominal interest rate	Carrying amount in EUR thousands

NORMA Group SE – Annual Report 2024 327

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a) Fair value of bank borrowings

The fair value calculation of the fixed-interest promissory note, which is recognized at amortized cost and for which the fair value is stated in the notes, was based on the market yield curve according to the zero coupon method considering credit spreads (Level 2). Interest accrued on the reporting date is included.

iii. Other financial liabilities

Other financial liabilities were as follows:

Other financial liabilities		T135
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Current
Liabilities from ABS and factoring	12,320	8,632
Other liabilities	252	92
Total other financial liabilities	12,572	8,724

a) Liabilities from the ABS and factoring

The liabilities from ABS and factoring include liabilities from continuing involvement recognized as part of the ABS and factoring programs in the amount of EUR 892 thousand (Dec 31, 2023: EUR 1,012 thousand), liabilities from recognized fair values of default and interest rate guarantees in the amount of EUR 336 thousand (Dec 31, 2023: EUR 348 thousand) as well as liabilities from payments received from customers for receivables already sold within the ABS and factoring programs as part of the accounts receivable/receivables management carried out by NORMA Group in the amount of EUR 11,089 thousand (Dec 31, 2023: EUR 7,272 thousand.

iv. Maturity of financial liabilities

The financial liabilities of NORMA Group have the following maturities:

Maturity of financial liabilities				T136
Dec 31, 2024
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Borrowings	30,243	287,641	56,142	26,500
Trade and other payables	142,836
Other financial liabilities	12,572
	185,651	287,641	56,142	26,500
Dec 31, 2023
in EUR thousands	up to 1 year	> 1 year up to 2 years	> 2 years up to 5 years	> 5 years
Borrowings	21,431	26,544	384,301	26,468
Trade and other payables	173,659
Other financial liabilities	8,724
	203,814	26,544	384,301	26,468

v. Net debt

Net debt of NORMA Group is as follows:

Net debt	T137
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Bank borrowings, net	400,526	458,744
Derivative financial liabilities - hedge accounting	755	544
Lease liabilities	42,431	42,616
Other financial liabilities	12,572	8,724
Financial debt	456,284	510,628
Cash and cash equivalents	127,130	165,207
Net debt	329,154	345,421

NORMA Group's financial liabilities are 10.6% lower than on December 31, 2023.The decrease in loan liabilities is due to the net repayment in the 2024 fiscal year.

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In the past fiscal year 2024, repayments were made in the amount of EUR 66,796 thousand. These primarily relate to the scheduled repayment of promissory note loans in the amount of EUR 18,000 thousand and the unscheduled repayment of syndicated loans of EUR 48,100 thousand. Positive currency effects had the opposite impact.

Lease liabilities slightly decreased compared to the end of 2023, the changes due to repayments (payment of lease installments), the additions from rights of use, reassessments of extension options and contract amendments, and interest effects led to a net decrease; exchange rate effects mainly on liabilities in US dollars – of subsidiaries in the United States – had an increasing impact.

The increase in other financial liabilities resulted mainly from the increase in liabilities from ABS and factoring.

Net debt decreased by EUR 16,267 thousand, or 4.7%, as of December 31, 2024.

Current interest expenses in the fiscal year and additions to lease liabilities as part of newly concluded leases had an increasing effect on net debt.

This development was offset by net cash inflows from the sum of cash inflows from operating activities to EUR 136,985 thousand, net cash outflows from investing activities amounting to 63,450 thousand and the payment of dividends amounting to EUR 14,338 thousand.

Cash-neutral net currency effects from foreign-currency loans, cash and cash equivalents, and lease liabilities and other financial liabilities had an increasing impact on net debt.

21. (f) Derivative financial instruments

The derivative financial instruments are as follows:

Derivative financial instruments T138

		Dec 31, 2024	Dec 31, 2023
in EUR thousands	Assets	Liabilities	Assets	Liabilities
Interest rate swaps – cash flow hedges	3,571		4,466
Foreign exchange derivatives – cash flow hedges		671
Foreign exchange derivatives – fair value hedges	1,415	84	507	544
Total	4,986	755	4,973	544
Less non-current portion
Foreign exchange derivatives – cash flow hedges			172
Foreign exchange derivatives – fair value hedges	571
Interest rate swaps – cash flow hedges	3,571		4,466
Non-current portion	4,142		4,638
Current portion	844	755	335	544

Further details on the use of hedging instruments can be found in 4 NOTE 5 FINANCIAL RISK MANAGEMENT.

NORMA Group SE – Annual Report 2024 330

Change in fair value of the

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256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 257 CONSOLIDATED	in EUR thousands	Net book value as of Dec 31, 2024 (Derivative financial assets [+] / Derivative financial liabilities [-])	Nominal amount	Average hedging rate in %	Hedging ratio1	Maturity	Change in fair value of the hedging item since Jan 1	hedged item used as the basis for recognizing hedge ineffectiveness for the period	Book value of hedged item as of Dec 31, 2024
STATEMENT OF FINANCIAL POSITION	Hedging interest rate risk - interest rate swap		67,379				-896	896	67,379
259 CONSOLIDATED	Interest rate swap
STATEMENT OF	USD	3,571	67,379	1.41	1:1	2026	-896	896
CASH FLOWS
260 CONSOLIDATED								Change in fair
STATEMENT OF								value of the hedged item used
CHANGES IN EQUITY		Net book value as of Dec 31, 2023					Change in fair	as the basis for recognizing
> NOTES TO THE		(Derivative financial		Average			value of the	hedge	Book value of
CONSOLIDATED		assets [+] / Derivative	Nominal	hedging rate in			hedging item	ineffectiveness	hedged item as of
FINANCIAL STATEMENT	in EUR thousands	financial liabilities [-])	amount	%	Hedging ratio1	Maturity	since Jan 1	for the period	Dec 31, 2023
373 APPENDIX TO THE NOTES TO THE CONSOLIDATED	Hedging interest rate risk - interest rate swap	4,466	63,348				-1,696	1,696	63,348
FINANCIAL STATEMENTS	Interest rate swap USD	4,466	63,348	1.41	1:1	2026	-1,696	1,696

1_The forward foreign exchange contracts are denominated in the same currency as the highly probable future transactions, therefore the hedge ratio is 1:1.

AUDITOR'S REPORT

i. Impacts of accounting for cash flow hedges on the earnings, assets and financial position

The impacts of foreign currency and interest rate-related hedging instruments on the earnings, assets and financial position are as follows:

The effects of cash flow hedge accounting on financial position and performance T139

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Hedging currency rate risks through cash flow hedges T140

		Net book value as of Dec 31, 2024			Other comprehensive income		Balance sheet
in EUR thousands	Nominal amount	Assets	Liabilities	Balance sheet item that contains a hedging instrument	Changes in the value of the hedging instrument	Costs of hedging	Amount reclassified from the reserve to the cost of inventories	Hedging costs reclassified from the reserve to the cost of inventories
Foreign exchange risk
Forward exchange contracts - Hedging of production costs for inventories	11,268		671	Derivative financial liabilities	-1,084	299	-160	46

The effective part as well as the accrued and recognized costs of hedging recognized in other comprehensive income excluding taxes developed as follows:

Change in hedging reserve before tax T141

	Reserve for costs of	Spot component of foreign exchange
in EUR thousands	hedging		derivatives Interest rate swaps	Total
Balance as of Jan 1, 2023			6,162	6,162
Reclassification to profit or loss			-2,527	-2,527
Net fair value changes			831	831
Balance as of Dec 31, 2023			4,466	4,466
Reclassification to profit or loss			-2,626	-2,626
Reclassification to cost of sales for inventories	-46	160		114
Net fair value changes	299	-1,084	1,731	946
Balance as of Dec 31, 2024	253	-924	3,571	2,900

Amounts due to interest rate swaps recognized in the hedging reserve in equity will be released in profit or loss before the repayment of the loans. The gains and losses from foreign currency derivatives recognized in the hedge reserve in equity are short-term and are effectively recognized in profit or loss within one year.

In fiscal years 2024 and 2023, no ineffective portion of cash flow hedges relating to foreign exchange derivatives and interest rate swaps was recognized in profit or loss.

2026 584 -584

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							ii. Impacts of accounting for fair value hedges on the earnings, assets and financial position
--	--	--	--	--	--	--	------------------------------------------------------------------------------------------------

The impacts of foreign currency-related hedging instruments on the earnings, assets and financial position were as follows:

The effects of fair value hedge accounting on financial position and performance T142

Currency forwards

in EUR thousands	Net book value as of Dec 31, 2024 (Derivative financial assets [+] / Derivative financial liabilities [-])	Nominal amount (+ Buy / - Sell)	Average hedging rate	Hedging ratio	Maturity	Change in fair value of the hedging item since Jan 1	Change in fair value of the hedged item used as the basis for recognizing hedge ineffectiveness for the period
Currency risk hedging FVH
Currency forwards JPY – SGD	-10	153	107.87	1:11	≤ 1 year	-4	4
Currency forwards CZK – EUR	-14	-1,985	25.44	1:12	≤ 1 year	-8	8
Currency forwards SGD – EUR	79	2,541	1.,45	1:12	≤ 1 year	86	-86
Currency forwards SGD – EUR	628	24,569	1.46	1:12	≤ 1 year	595	-595
Currency forwards SEK – EUR	-59	4,320	11.3	1:12	≤ 1 year	-52	52
Currency forwards SEK – EUR	-2	6,981	11.39	1:12	≤ 1 year	3	-3
Currency forwards GBP– EUR	133	12,060	0.84	1:12	≤ 1 year	108	-108
Currency forwards CHF – EUR	5	-1,062	0.92	1:12	≤ 1 year	—	—

1_The foreign exchange forward contracts for USD-EUR hedging are denominated in the same currency and have the same volume as the hedged net foreign exchange risk from external USD loans and intra-group monetary items in USD, therefore the hedge ratio is 1:1.

2_The forward exchange contracts are denominated in the same currency and volume as the hedged risk from intra-group monetary items, therefore the hedge ratio is 1:1.

CZK – EUR 571 -25,337 25.23 1:1²

MANAGEMENT REPORT

FINANCIAL STATEMENTS 256 CONSOLIDATED STATEMENT OF

259 CONSOLIDATED STATEMENT OF CASH FLOWS 260 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

> NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT 373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4 CONSOLIDATED

The effects of fair value hedge accounting on financial position and performance T143

T	14	1.1

in EUR thousands	Net book value as of Dec 31, 2023 (Derivative financial assets [+] / Derivative financial liabilities [-])	Nominal amount (+ Buy / - Sell)	Average hedging rate	Hedging ratio	Maturity	Change in fair value of the hedging item since Jan 1	Change in fair value of the hedged item used as the basis for recognizing hedge ineffectiveness for the period
Currency risk hedging FVH
Currency forwards JPY – SGD	-16	160	96.6	1:11	≤ 1 year	-10	10
Currency forwards CZK – EUR	35	-2,022	24.47	1:12	≤ 1 year	81	-81
Currency forwards SGD – EUR	77	6,854	1.47	1:12	≤ 1 year	31	-31
Currency forwards SGD – EUR	52	3,084	1.48	1:12	≤ 1 year	44	-44
Currency forwards SGD – EUR	35	6,716	1.46	1:12	≤ 1 year	26	-26
Currency forwards SGD – EUR	-38	7,196	1.45	1:12	≤ 1 year	-52	52
Currency forwards SEK – EUR	71	3,154	11.36	1:12	≤ 1 year	67	-67
Currency forwards SEK – EUR	22	2,163	11.22	1:12	≤ 1 year	18	-18
Currency forwards PLN – EUR	-460	-7,489	4.67	1:12	≤ 1 year	-606	606
Currency forwards PLN – EUR	43	1,728	4.49	1:12	≤ 1 year	36	-36
Currency forwards CHF – EUR	-29	-1,080	0.94	1:12	≤ 1 year	-39	39
Currency forwards CZK – EUR	172	-25,809	25.23	1:12	2026	124	-124

2_The forward exchange contracts are denominated in the same currency and volume as the hedged risk from intra-group monetary items, therefore the hedge ratio is 1:1.

An overview of the gains and losses arising from the hedging of fair value changes that were recognized in the financial result is shown below:

Gains and losses fair value hedges		T144
in EUR thousands	2024	2023
Losses (-) / Gains (+) on hedged items	-1,379	503
Losses (-) / Gains (+) on hedging instruments	1,342	-1,786
	-37	-1,283

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21. (g) Financial instruments measured in the Statement of Financial Position at fair value

The tables below provide an overview of the classification of financial assets and liabilities of NORMA Group measured at fair value in the fair value hierarchy under IFRS 13 as of December 31, 2024, as well as December 31, 2023:

Financial instruments - fair value hierarchy				T145
in EUR thousands	Level 1 1	Level 2 2	Level 3 3	Total as of Dec 31, 2024
Recurring fair value measurements
Assets
Interest rate swaps – cash flow hedges		3,571		3,571
Foreign exchange derivatives - fair value hedges		1,415		1,415
Trade receivables - ABS/Factoring program (mandatorily measured at FVTPL)		18,427		18,427
Total		23,413		23,413
Liabilities
Foreign exchange derivatives - cash flow hedges		671		671
Foreign exchange derivatives - fair value hedges		84		84
Total		755		755

Financial instruments - fair value hierarchy (continued)

in EUR thousands	Level 2 2	Total as of Dec 31, 2023
Recurring fair value measurements
Assets
Foreign exchange derivatives - held for trading
Interest rate swaps - cash flow hedges	4,466	4,466
Foreign exchange derivatives - fair value hedges	507	507
Trade receivables - ABS/Factoring program (mandatorily measured at FVTPL)	32,682	32,682
Total	37,655	37,655
Liabilities
Foreign exchange derivatives - held for trading
Foreign exchange derivatives - fair value hedges	544	544
Total	544	544

1_Fair value measurement based on quoted prices (unadjusted) in active markets for these or identical assets or liabilities.

2_Fair value measurement for the asset or liability based on inputs that are observable on active markets either directly (i.e., as priced) or indirectly (i. e., derived from prices).

3_Fair value measurement for the asset or liability based on inputs that are not observable market data.

As in the previous year, there were no transfers between the individual levels of the fair value hierarchies. The fair value of interest swaps is calculated as the present value of estimated future cash flows. The fair value of the

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foreign currency derivatives is calculated using the forward exchange rate on the reporting date and the result is then presented at the discounted present value.

21. (h) Net gains and losses on financial instruments

The net gains or losses on financial instruments (by measurement category) in accordance with IFRS 7.20 (a) were as follows:

Financial instruments - net gains and losses		T146
in EUR thousands	2024	2023
Net gains or net losses on financial assets
Measured at amortized costs	356	662
Net gains or net losses on financial liabilities
Measured at amortized costs	-24,639	-23,122
Net gains or net losses on Derivatives
Measured at FVPL		25
	-24,283	-22,435

Net gains and losses on financial assets measured at amortized cost include impairment losses on trade receivables and interest income from short-term deposits with banks. Net gains and losses on financial liabilities measured at cost include interest expenses and fees from loans and borrowings. Currency effects from the translation of financial assets and liabilities according to IAS 21 are recognized under 4 NOTE 14 NET FOREIGN EXCHANGE GAINS / LOSSES.

21. (i) Total interest income and expense from financial instruments

Interest expenses/income from financial assets and liabilities (IFRS 7.20(b))		T147
in EUR thousands	2024	2023
Interest income
Financial assets at costs	2,290	1,552
Interest expenses
Financial liabilities at costs	-24,519	-22,745

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21. (j) Offsetting

The following table presents the gross and net amounts as of December 31, 2024, and 2023, of financial instruments that have been offset or that are subject to an enforceable global netting arrangement or similar agreement but have not been netted:

Offsetting of financial instruments T148

in EUR thousands	Gross amounts of financial assets / financial liabilities	Gross amounts of financial assets / financial liabilities offset in the Statement of Financial Position	Net amounts recognized in the Statement of Financial Position	Amounts that are not offset in the Statement of Financial Position Financial instruments	Net amount
Dec 31, 2024
Financial assets
Derivative financial instruments (b)	4,986		4,986	-746	5,732
Trade and other receivables (a)	161,240	1,806	159,434		159,434
Other financial assets	7,190		7,190		7,190
Cash and cash equivalents	127,130		127,130		127,130
Total	300,546	1,806	298,740	-746	299,486
Financial liabilities
Borrowings	400,526		400,526		400,526
Derivative financial instruments (b)	755		755	-746	1,501
Trade and other payables (a)	144,642	1,806	142,836		142,836
Other financial liabilities	12,572		12,572		12,572
Total	558,495	1,806	556,689	-746	557,435
Dec 31, 2023
Financial assets
Derivative financial instruments (b)	4,973		4,973	43	4,930
Trade and other receivables (a)	188,956	4,449	184,507		184,507
Other financial assets	3,223		3,223		3,223
Cash and cash equivalents	165,207		165,207		165,207
Total	362,359	4,449	357,910	43	357,867
Financial liabilities
Borrowings	458,744		458,744		458,744
Derivative financial instruments (b)	544		544	43	501
Trade and other payables (a)	178,108	4,449	173,659		173,659
Other financial liabilities	8,724		8,724		8,724
Total	646,120	4,449	641,671	43	641,628

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(a) Offsetting arrangements

NORMA Group grants volume-based discounts to its customers. According to the terms of the supply agreements and the applicable GTC, these amounts are offset against the trade receivables payable to NORMA Group from these customers and only the respective net amounts are settled. The respective amounts are thus shown as net amounts in NORMA Group's Consolidated Statement of Financial Position.

(b) Master netting arrangements – not currently enforceable

NORMA Group enters into derivative transactions in accordance with the global netting agreements (master agreement) of the International Swaps and Derivatives Association (ISDA) and other corresponding national master agreements ("German Master Agreement," for example). These agreements do not meet the criteria for offsetting as they only grant the right to offset in the event of future events, such as the default or insolvency of the Group or counterparties. The 4 TABLE T148: OFFSETTING OF FINANCIAL INSTRUMENTS shows the possible financial impacts of offsetting in accordance with the existing global netting agreements.

22. Inventories

Inventories were as follows:

Inventories		T149
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Raw materials, consumables and supplies	54,546	63,966
Work in progress	32,007	28,708
Finished goods and goods for resale	133,388	127,422
	219,941	220,096

As at December 31, 2024, impairment losses in the amount of EUR 8,271 thousand (Dec 31, 2023: EUR 6,043 thousand) on inventories are recognized in the Statement of Profit or Loss.

On December 31, 2024, and 2023, the inventories were not collateralized with the exception of the customary business reservations of title.

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23. Other non-financial assets

Other non-financial assets were as follows:

Other non-financial assets		T150
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Deferred costs	6,490	7,621
VAT assets	9,116	12,896
Prepayments	2,981	2,667
Consideration payable to a customer	1,567	2,172
Other assets	1,277	1,421
	21,431	26,777

24. Equity

Subscribed Capital

The subscribed capital of the Company on December 31, 2024, and December 31, 2023, amounted to EUR 31,862 thousand and was fully paid in. It is divided into 31,862,400 no-par value registered shares, which entitle the shareholders to the dividend resolved in each case and to one vote per share at the Company's Annual General Meetings. The subscribed capital is the capital to which the liability of the shareholders for the Company's liabilities to creditors is limited. The company's assets required to maintain the subscribed capital may not be paid out to the shareholders. The company's assets required to maintain the subscribed capital may not be paid out to the shareholders.

Authorized and Conditional Capital

The Management Board is entitled to increase the share capital by up to EUR 3,186,240 until June 29, 2025, by issuing up to 3,186,240 new no-par-value registered shares in exchange for cash and / or contributions in kind either once or several times by resolution of the Annual General Meeting held on June 30, 2020, with the approval of the Supervisory Board, whereby the subscription rights of shareholders may be restricted (Authorized Capital 2020).

By resolution of the Annual General Meeting on June 30, 2020, the share capital of the Company is conditionally increased by up to EUR 3,186,240 by issuing up to 3,186,240 new no-par-value registered shares for the purpose of granting convertible bonds and / or bonds with warrants (Conditional Capital 2020).

Capital Reserve

The capital reserve contains:

amounts (premiums) received for the issuance of shares,
premiums paid by shareholders in exchange for the granting of a preference for their shares,
amounts from other additional payments made by shareholders into equity.

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in EUR thousands Retained earnings Remeasurements of postemployment benefit obligations Share-based payments IPO costs directly netted with equity Reimbursement of IPO costs by shareholders Acquisition of noncontrolling interest Effects from the application of IAS 19R Effects of FRS 9 Effects of IFRS 16 Total Balance as of Jan 1, 2023 441,609 879 404 -4,640 4,681 -6,359 839 -600 -2,033 434,780 Profit for the year 27,832 27,832 Dividends paid -17,524 -17,524 Stock options 262 262 Effect before taxes -282 -282 Tax effect 195 195 Balance as of Dec 31, 2023 451,917 792 666 -4,640 4,681 -6,359 839 -600 -2,033 445,263 Balance as of Jan 1, 2024 451,917 792 666 -4,640 4,681 -6,359 839 -600 -2,033 445,263 Profit for the year 14,696 14,696 Dividends paid -14,338 -14,338 Share-based payment transactions 71 71 Effect before taxes -62 -62 Tax effect -11 -11 Balance as of Dec 31, 2024 452,275 719 737 -4,640 4,681 -6,359 839 -600 -2,033 445,619 4 CONSOLIDATED FINANCIAL STATEMENTS 256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 257 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 259 CONSOLIDATED STATEMENT OF CASH FLOWS 260 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY > NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT 373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 377 ASSURANCE OF LEGAL

A dividend of EUR 14,338 thousand (EUR 0.45 per share) was paid to the shareholders of NORMA Group after the Annual General Meeting in May 2024.

Development of retained earnings T151

REPRESENTATIVES

AUDITOR'S REPORT

Retained Earnings

Retained earnings changed as follows during the reporting period:

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Other Reserves

Other reserves consisted of the following:

Development of other reserves	T152

in EUR thousands	Cash flow hedges	Foreign exchange rate differences on translating foreign operations	Total
Balance as of Jan 1, 2023	4,361	23,745	28,106
Change for the year - Effect before taxes	-1,696	-21,250	-22,946
Change for the year - Tax effect	494		494
Balance as of Dec 31, 2023	3,159	2,495	5,654
Change for the year - Effect before taxes	-1,566	28,682	27,116
Change for the year - Tax effect	420		420
Balance as of Dec 31, 2024	2,013	31,177	33,190

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25. Share-based remuneration

Management incentive schemes

a) Long-Term Incentive, LTI

With effect from January 1, 2020, the LTI for the members of the Management Board consists of two different long-term variable remuneration components, the NORMA Value Added LTI (NOVA-LTI in short) and the Environmental, Social and Governance Bonus (ESG-LTI in short).

i. NOVA-LTI -210 210

The NOVA-Bonus is defined at the beginning of the fiscal year and corresponds to the percentage of the average increase in value of the grant fiscal year and the three previous fiscal years. The annual increase in value is calculated using the following formula:

NORMA Value Added = (adjusted EBIT × (1 – s)) – (WACC × invested capital)

The calculation of the first component is based on the consolidated earnings before interest and taxes (Group EBIT) for the fiscal year and the average corporate tax rate (t). The second component is calculated from the Group cost of capital (WACC) multiplied by the capital invested. The Group's weighted average cost of capital (WACC) is derived from the base interest rate, the market risk premium and the beta factor. The base interest rate is derived from the interest rate structure data of Deutsche Bundesbank (three-month average from October 1 to December 31). The market risk premium represents the difference between the expected return of a risky market portfolio and the risk-free interest rate. NORMA uses the recommendation of the Institut der Wirtschaftsprüfer (IDW) to determine this market risk premium. The beta factor represents the individual risk of a share compared to a market index. It is first determined as the average value of the unindebted beta factors of the peer group and then adjusted to NORMA's individual capital structure. The cost of equity is calculated by adding the risk-free interest rate and the weighted country risk of NORMA Group to the product of the market risk premium and the indebted beta factor of the peer group. The credit spread used to calculate the cost of debt was determined on the basis of the terms of the current external financing of NORMA Group. Invested capital is calculated from consolidated equity plus net financial liabilities as of January 1 of the fiscal year. The NOVA-Bonus is limited to a maximum of 200% of the annual salary. The Company may pay the payout amount in cash or in shares of NORMA Group SE. If paid out in cash, the Management Board obligates itself to use 75% of the net payout amount to purchase shares of NORMA Group SE. The Company's Supervisory Board may decide at its reasonable discretion to issue shares in the Company in whole or in part in lieu of a cash payment. Regardless of whether the Company pays the amount due in cash or shares, 75% of the NOVA-Bonus' net payout must be invested in shares of NORMA Group SE.

The member of the Management Board may not dispose of the shares for four years. Dividends and subscription rights will be made freely available to the member of the Management Board. If a member of the Management Board enters the Company's service in the current fiscal year or does not work for the Company for a full twelve months in a fiscal year, the LTI is reduced on a pro rata basis. Upon termination of the employment contract, a member of the Management Board may dispose of their shares only after twelve months of leaving the Company. With the termination of the executive position upon request of the Management Board or for an important reason, future claims for the variable part of the LTI are no longer valid.

NORMA Group SE – Annual Report 2024 342

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NORMA Group classifies the remuneration as a whole as share-based remuneration. Due to the past practice of cash payment in connection with the current lack of a legal possibility to use this remuneration to acquire own shares or to perform a conditional capital increase, NORMA Group classifies the share of the remuneration that is not subject to the share acquisition and holding obligation, i.e., 25% of the NOVA-LTI, as a cash-settled sharebased payment. The remaining 75% of the remuneration is classified as an equity-settled share-based payment because the beneficiaries will ultimately receive shares of NORMA Group due to the share purchase and holding obligation.

The resulting personnel expenses are recognized pro rata over the respective three-year performance period, taking the employment period into account. For tranches not yet allocated, the fiscal years for which performance has already been rendered are already taken into account. This means recognition of the expense already begins two years prior to allocation.

The employee benefits expense for the 75% of the NOVA-LTI classified as equity-settled is transferred to retained earnings. For the remaining 25%, the employee benefits expense is recognized with the formation of a corresponding provision.

Fair value

The fair value of each tranche is determined at the beginning of the performance period on the basis of expected increases in value and adjusted on an ongoing basis. Internal company planning data is used for this purpose. It is based on financial plans approved by the management for a five-year period.

The NOVA-Bonus developed as follows in the fiscal years 2024 and 2023:

Development of NOVA-LTI			T153
	NOVA-LTI 2024	NOVA-LTI 2025	NOVA-LTI 2026
Duration until exercise in years	0.50	1.50	2.50
Fair value in EUR as of Dec 31, 2024	0	0	0
Proportional fair value in EUR as of Dec 31, 2024	0	0	0

Development of NOVA-LTI			T154
	NOVA-LTI 2023	NOVA-LTI 2024	NOVA-LTI 2025
Duration until exercise in years	0.50	1.50	2.50
Fair value in EUR as of Dec 31, 2023	0	0	0
Proportional fair value in EUR as of Dec 31, 2023	0	0	0

In total, the provision for the NOVA-LTI amounted to EUR 0 thousand as of December 31, 2024 (Dec 31, 2023: EUR 0 thousand). The fair values of the current 2023 tranche and the future 2024 and 2025 tranches are EUR 0 thousand due to the targets achieved and planned, meaning that the expected vesting for these future tranches is also EUR 0 thousand.

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ii. ESG-LTI

The ESG-Bonus was adopted in fiscal year 2020 for the first time. It is granted in annual tranches. Each tranche has a term of four years. A tranche begins on January 1 of the granting fiscal year and ends at the end of December 31 of the third year following the granting fiscal year (ESG performance period). The amount paid out under the ESG-Bonus depends on the achievement of environmental, social and governance targets. The reduction of CO2 emissions has been defined as the target for the tranches granted to date. The target amount of the ESG-Bonus is 20% of the fixed annual salary. The payout amount is limited to a maximum of 100% of the target amount. The Company can pay out the ESG-Bonus in cash or in company shares. In the case of cash payment, the members of the Management Board are obligated to purchase shares in the Company for the entire net amount paid out and to hold these shares for a period of one year (obligation to purchase and hold shares). The Company's Supervisory Board may decide at its reasonable discretion to issue shares in the Company in whole or in part in lieu of a cash payment. In this case, the members of the Management Board are also obligated to hold 100% of the shares issued for a period of one year. If a member of the Management Board enters the Company's service in the current fiscal year or does not work for the Company for a full twelve months in a fiscal year, the LTI is reduced on a pro rata basis.

NORMA Group classifies the remuneration (ESG-LTI) as share-based payment. The remuneration is classified as equity-settled due to the obligation to purchase and hold shares.

The resulting personnel expenses are recognized pro rata over the respective four-year performance period, taking the employment period into account, and are allocated to retained earnings.

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Fair value

The fair value of each tranche is determined at the beginning of the performance period based on expected target achievement and adjusted on an ongoing basis. Internal company planning data is used for this purpose. It is based on financial plans approved by the management for a five-year period.

The ESG-LTI developed as follows in the fiscal years 2024 and 2023:

Development of ESG-LTI				T155
	Tranche 2021	Tranche 2022	Tranche 2023	Tranche 2024
Duration until exercise in years	0.50	1.50	2.50	3.50
Fair value in EUR as of Dec 31, 2024	213,600	163,800	301,842	272,000
Proportional fair value in EUR as of Dec 31, 2024	213,000	144,000	167,000	69,000
Development of ESG-LTI				T156
	Tranche 2020	Tranche 2021	Tranche 2022	Tranche 2023
Duration until exercise in years	0.50	1.50	2.50	3.50
Fair value in EUR as of Dec 31, 2023	248,550	213,600	163,800	301,842

A gross payment from the 2020 ESG LTI tranche in the amount of EUR 106 thousand will be made in the 2024 fiscal year (2023: no payment).

Proportional fair value in EUR as of Dec 31, 2023 248,550 193,400 124,600 97,841

b) Short-Term Incentive, STI

The STI is a performance-based bonus that takes into account the absolute performance indicator adjusted EBIT (earnings before interest and taxes, adjusted for acquisitions) of NORMA Group, on the one hand, and, on the other hand, the relative total shareholder return (TSR) of NORMA Group SE in relation to a peer group. The payout amount of the STI is calculated from a starting value and an adjustment to the target achievement of the TSR in the grant year. The calculation is shown in the following formula:

Amount paid out = initial value (= average adjusted EBIT x individual STI percentage) x TSR adjustment factor

The initial value results from multiplying the average EBIT, adjusted for acquisitions, in the fiscal year for which the STI is granted and the two fiscal years preceding the grant year (arithmetic mean) by the individual STI percentage specified in the service contract. The individual STI percentage is 0.33% for the Chairman of the Management Board and 0.22% for the other members of the Management Board. In a second step, this initial value is then multiplied by the TSR adjustment factor, and the result represents the payout amount. The TSR is defined as the percentage change in the stock market price during the grant year, including notionally reinvested dividends and all capital measures. In other words, the TSR is a measure of how the value of a share commitment has developed over a period of time and takes into account both dividends accrued during the period and any share price increases that may have occurred. In the current remuneration system, the share yield is taken into account as a

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relative performance factor. The TSR adjustment factor is determined by measuring the TSR development (share price and dividend development) of NORMA Group SE in relation to the TSR development of the peer group companies during the granting fiscal year. Depending on the results of the comparison, the initial STI value is adjusted upwards by 20% if a position in the comparison group is reached above the 75th percentile and downwards by 20% if a position is reached below the 25th percentile; the TSR adjustment factor is, therefore, limited to the range of 0.8 to 1.2. The comparison group currently consists of the following 14 listed companies of comparable size, structure and industry sector to NORMA Group. Bertrandt AG, Deutz AG, DMG Mori AG, ElringKlinger AG, Gerresheimer AG, Jungheinrich AG, König & Bauer AG, SAF-Holland S. A., Schaeffler AG, SGL Carbon SE, Stabilus S. A., Vossloh AG, Wacker Neuson SE and Washtec AG. The Supervisory Board is entitled in this regard to adjust the peer group for future assessment periods before the beginning of the respective assessment period. The payment amount (= base value x TSR adjustment factor) is limited to a maximum of 180% of the basic annual salary; the initial value (= average adjusted EBIT x individual STI percentage) is limited to a maximum of 150% of the fixed annual salary. The short-term variable remuneration for the past fiscal year is to be paid out in the following year after approval of the Consolidated Financial Statements by the Supervisory Board. If the member of the Management Board did not work for the Company for a full twelve months in a fiscal year, the annual bonus will be reduced accordingly.

NORMA Group classifies the remuneration as a cash-settled share-based payment. The expense from the remuneration is recognized in employee benefits expenses with the creation of a corresponding provision.

In total, the provision for the STI amounted to EUR 704 thousand as of December 31, 2024 (December 31, 2023: EUR 795 thousand), of which EUR 704 thousand will be paid out in fiscal year 2025 (2024: EUR 795 thousand).

c) Long-Term Incentive Plan

In the fiscal year 2013, NORMA Group installed a share-based, long-term, variable remuneration component for executives and certain other groups of employees (Long-Term Incentive Plan).

The Long-Term Incentive Plan (LTI) is share-based remuneration, cash-settled plan that takes into account both the performance of the Company and the share price development.

The participants receive a preliminary number of share units (virtual shares) at the start of the performance period based on a percentage of the respective basic salary multiplied by a conversion rate. The conversion rate is determined based on the average share price of the previous 60 trading days of the calendar year prior to the grant date. Once four years have elapsed, the number of share units granted at the start of the performance period is adjusted based on the performance the Company has achieved, incorporating both the targets defined during the performance period and the company / regional factor:

The target achievement factor measured by the adjusted EBITA for the 2013–2019 tranches, the NOVA for the 2020–2023 tranches and the adjusted EBIT for the tranches from 2024 onwards, as well as the corporate factor and the regional factor are used as performance targets. The goal achievement factor is based on the adjusted EBITA of NORMA Group. The absolute adjusted EBITA target is determined for every year of the performance period based on the budgeted value. After conclusion of the four-year period, the yearly recorded adjusted values are defined as a percentage in relation to the target values and averaged out over the four years. Allocation occurs above a goal achievement ratio of 90%. Between 90% and 100% goal achievement, every percentage point amounts to 10 percentage points of goal achievement factor. Between 100% and 200% goal achievement, the goal achievement factor grows by 1.5 percentage points per percentage point of goal achievement.

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The company factor is determined by the Group Senior Management based on the Company's development, as well as the development in relation to comparable companies. In addition to this, the development of free cash flows is taken into account when determining the factor. At the discretion of the Group Senior Management, unanticipated developments can also be taken into account and the company factor corrected either downward or upward accordingly. The factor can assume values between 0.5 and 1.5.

The factor takes into account the results of the region as well as the region-specific characteristics and is used as an adjustment factor for plan participants with regional responsibility.

The value of the share units is then determined at the end of the fourth calendar year based on the average share price of the last 60 days of trading in this fourth year. In case the calculated Long-Term Incentive pay-out exceeds 250% of the initial grant value, the maximum pay-out is capped at 250%. The value determined is paid out to the participants in cash in May of the fifth year.

Thus, the LTI is a Group-wide and global remuneration instrument with a long-term orientation. Due to the coupling to the development not only of the stock price, but also the Company's performance, the LTI provides an additional incentive to create value through value-based action, aligned with the goals of NORMA Group.

The determination of fair value, which is the basis for determining the pro rata provision on the reporting date, was performed using a Monte Carlo simulation. Due to the cash settlement of the virtual share units, the fair value is measured on each reporting date and the resulting changes in the fair value are recognized in profit or loss. The allocation of the expenses is made on a prorated basis over the performance period.

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The share units granted under the LTI changed as follows in the fiscal years 2023 and 2024:

Development of LTI					T157
	Tranche LTI 2020	Tranche LTI 2021	Tranche LTI 2022	Tranche LTI 2023	Tranche LTI 2024
Expected duration until exercise in years	n / a	n / a	1.00	2.00	3.00
Fair value per 'share unit' in EUR as of Dec 31, 2024	n / a	0.00	8.78	11.44	13.47
Share price when granted in EUR	35.62	33.57	35.33	16.31	15.95
Balance as of Dec 31, 2023	45,315	49,817	51,784	127,577	0
Tentatively granted 'share units'					143,692
Exercised
Lapsed	45,315	0	2,095
Balance as of Dec 31, 2024	0	49,817	49,689	127,577	143,692
	Tranche LTI 2019	Tranche LTI 2020	Tranche LTI 2021	Tranche LTI 2022	Tranche LTI 2023
Expected duration until exercise in years	n / a	n / a	1.00	2.00	3.00
Fair value per 'share unit' in EUR as of Dec 31, 2023	n / a	0	0	12.30	14.68
Share price when granted in EUR	48.25	35.62	33.57	35.33	16.31
Balance as of Dec 31, 2022	32,794	45,731	50,120	54,723	0
Tentatively granted 'share units'					127,577
Exercised
Lapsed	32,794	416	303	2,939
Balance as of Dec 31, 2023	0	45,315	49,817	51,784	127,577

No payment was made from the LTI program in fiscal year 2024 (2023: no payment).

In total, the provision for the LTI amounts to EUR 1,981 thousand as of December 31, 2024 (December 31, 2023: EUR 1,018 thousand. As of December 31, 2024, there were no options exercisable under the LTI (December 31, 2023: none).

d) Expenses from share-based remuneration

The net expense / income from share-based remuneration recognized in employee benefit expenses in the fiscal year was as follows:

Expense from share-based payment transactions		T158
in EUR thousands	2024	2023
Net expenses (+) / income (-) from cash-settled share-based payment transactions:
LTI - Management	968	-688
STI - Board Members	704	795
	1,672	107
Net expenses (+) / income (-) from equity-settled share-based payment transactions:
ESG-LTI	177	262
	177	262

26. Retirement benefit obligations/pension liabilities

Retirement benefit obligations result mainly from two German pension plans and a Swiss post-employment benefit plan.

The German defined benefit pension plan for NORMA Group employees was closed for new entrants in 1990 and provides benefits in case of retirement, disability, and death as life-long pension payments. The benefit entitlements depend on years of service and salary. The portion of salary that is above the income threshold for social security contribution leads to higher benefit entitlements compared to the portion of the salary up to that threshold. Even if no further benefits can be earned from these old commitments, NORMA Group is still exposed to certain actuarial risks associated with defined benefit plans, such as longevity and remuneration increases. Due to the amount of the obligation and the composition of the plan participants, approximately 96% pensioners, a significant change in the actuarial assumptions would have no significant impacts on NORMA Group.

Employees hired after 1990 are eligible under a defined contribution scheme. The contributions are paid into an insurance contract providing lump sum payments in case of retirements and deaths.

Furthermore, a plan for members of the Management Board was established in fiscal year 2015. This second German defined benefit plan is based on a direct commitment to an annual retirement payment for members of the Management Board of NORMA Group when having joined before fiscal year 2020. The annual retirement payment is measured as a percentage of the pensionable income. The pension entitlement arises when the contract has expired, but not before reaching the age of 65 or if incapacity for work arises. The percentage depends on the number of years of service as a member of the Management Board. The percentage amounts to 4% of the last fixed annual salary prior to leaving for each completed year of service. The percentage can increase to a maximum of 55%. Furthermore, a survivor's pension will be provided as well.

The obligations arising from the plan are subject to certain actuarial risks associated with defined benefit plans, such as longevity and remuneration increases. Please see the Remuneration Report for further details with regard to this plan 4 REMUNERATION REPORT.

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Besides the German plans, there is a further benefit plan in Switzerland resulting from the Swiss 'Berufliches Vorsorgegesetz' law (BVG). According to the BVG, each employer has to grant post-employment benefits for qualifying employees. The plan is a capital-based plan under which the Company has to make contributions equivalent to at least the limits specified in the plan conditions for employee contributions. These plans are administered by foundations that are legally separated from the entity and subject to the BVG. The Group has outsourced the investment process to a foundation, which sets the strategic asset allocation in its group life portfolio [KollektivLeben-Portfolio]. All regulatory granted obligations out of the plan are reinsured by an insurance company. This covers risks of disability, death and longevity. Furthermore, there is a 100% capital and interest guarantee for the retirement assets invested. In the case of a shortfall, the employer and plan participants' contribution may be increased based on the decisions of the relevant foundation board. Strategies of the foundation boards to make up for potential shortfalls are subject to approval by the regulator.

Besides the plans described in Germany and Switzerland, NORMA Group also participates in a multi-employer pension plan in the US for the benefit of employees of one of its US-based plants. NORMA Group's obligation to participate in the fund arises from the agreement with the employees' labor organization. The Plan is governed by U.S. federal law, under which the Plan is administered in trust on behalf of contributing employers and employee beneficiaries. The multi-employer pension plan is a defined benefit plan and would normally be treated as such based on its associated actuarial estimates; however, the plan trustees do not provide the participating employers with sufficient information to individually account for the plan (or their portioned participation therein) as a defined benefit plan. For this reason, the plan is being treated in accordance with the rules for defined contribution pension plans (IAS 19.34). The share of contributions that NORMA Group paid to the pension schemes in the previous fiscal year amounted to EUR 1.4 million (2023: EUR 1.5 million). Contributions to the plan are recognized directly in employee benefits expenses for the period. Future changes to the contributions, if any, would be determined through negotiations with the workers' organization or as they may be slightly modified from time to time by regulation. Apart from the agreed contributions, NORMA Group has no firm commitment to this plan. Conditionally, in the unlikely event that NORMA Group withdraws from the fund or a significant employer in the fund experiences a major solvency event, additional future contribution payment obligations could arise. The funded status of the multi-employer plan is reported annually by the US Department of Labor, and is influenced by various factors, including fund assets, investment performance, inflation, changes in demographics and changes in the participants' levels of performance.

In the immediately preceding years, the plan was significantly underfunded and was in a "critical and declining" state. NORMA Group (and the other contributing employers) bore a combined potential future payment obligation corresponding to this underfunding. In 2023, the plan received a "special grant" of USD 994 million from the US government under the American Rescue Plan Act of 2021 ("ARPA"). It is currently assumed that the plan will be fully financed by 2051. Under the terms of the ARPA, the potential future payment obligation of NORMA and the other contributing employers will not be reduced immediately by USD 994 million accordingly, but the USD 994 million will be used pro rata temporis over a period of ten years to reduce the unfunded vested rights of the plan. ARPA also requires the plan to use a lower interest rate to value its unfunded vested benefits for the period in which the \$994 million is phased in, which may offset the direct benefit of the \$994 million grant in calculating a particular employer's potential future payment obligation.

The expected employer contributions to the pension schemes for the following year 2025 amount to EUR 1.4 million.

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Reconciliation of defined benefit obligations (DBO) and plan assets

The amounts included in the Group's Consolidated Financial Statements arising from its post-employment defined benefit plans are as follows:

Components pension liability T159
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Present value of obligations	16,485	16,162
Fair value of plan assets	6,615	6,843
Liability in the balance sheet	9,870	9,319

The reconciliation of the net defined benefit liability (liability in the Statement of Financial Position) is as follows:

Reconciliation of the net defined benefit liability		T160
in EUR thousands	2024	2023
as of Jan 1	9,319	9,174
Current service cost	687	1,032
Past service cost	143	-20
Administration costs	12	-15
Interest expenses	237	278
Remeasurements:
Return on plan assets excluding amounts included in net interest expenses	-285	48
Actuarial (gains) losses from changes in demographic assumptions	185	-13
Actuarial (gains) losses from changes in financial assumptions	-23	973
Experience (gains) losses	185	-726
Employer contributions	-110	-793
Benefits paid	-593	-729
Settlement payments	-49	86
Business combinations, disposals and other	104
Foreign currency translation effects	58	24
as of Dec 31	9,870	9,319

Reconciliation of the changes in the DBO		T161

in EUR thousands	2024	2023
as of Jan 1	16,162	15,044
Current service cost	687	1,032
Past service cost	143	-20
Administration costs	12	-15
Interest expenses	422	483
Remeasurements:
Actuarial (gains) losses from changes in demographic assumptions	185	-13
Actuarial (gains) losses from changes in financial assumptions	-23	973
Experience (gains) losses	185	-726
Plan participants contribution	59	64
Benefits paid	-1,419	-797
Settlement payments	-49	-26
Business combinations, disposals and other	104	0
Foreign currency translation effects	17	163
as of Dec 31	16,485	16,162

The total defined benefit obligation at the end of the past fiscal year includes EUR 4,193 thousand for active employees, EUR 5,538 thousand for former employees with vested benefits and EUR 6,754 thousand for retirees and surviving dependents.

The slight increase in pension obligations mainly resulted from the Group-wide adjustment of the discount factor of the liabilities due to the slightly lower interest rate level in Germany, Poland and Switzerland. This change is reflected in the actuarial gains and losses from financial assumptions.

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A detailed reconciliation of the changes in the DBO is provided in the following table:

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A detailed reconciliation of the changes in the fair value of plan assets is provided in the following table:

Reconciliation of changes in the fair value of plan assets	T162
in EUR thousands	2024	2023
as of Jan 1	6,843	5,870
Interest income	185	205
Remeasurements:
Return on plan assets excluding amounts included in net interest expenses	285	-48
Employer contributions	110	793
Plan participants contributions	59	64
Benefits paid	-826	-68
Settlement payments		-112
Foreign currency translation effects	-41	139
as of Dec 31	6,615	6,843

From fiscal year 2022 on, the partial reinsurance of pension obligations under the plan for members of the Management Board was effected by taking out corresponding reinsurance policies. The payments for these are included under the item "Employer contributions."

Breakdown of plan assets

The breakdown of the plan assets of the benefit plans is as follows:

Breakdown of plan assets	T163
in EUR thousands	2024	2023
Asset class
Insurance contracts	6,570	6,796
Cash deposit	31	35
Equity securities	14	12
Total	6,615	6,843

Cash deposits and equity securities have quoted prices in active markets. The values for insurance contracts represent their fair value. No quoted prices in an active market are available for these.

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Actuarial assumptions

The principal actuarial assumptions are as follows:

Actuarial assumptions		T164
in %	2024	2023
Discount rate	3.00	3.12
Inflation rate	1.84	1.97
Future salary increases	1.41	1.43
Future pension increases	1.44	1.61

The biometric assumptions are based on the 2018 G Heubeck life-expectancy tables for the German plan and on the life-expectancy tables of the BVG 2020 G for the Swiss plan. The tables are generation tables and hence differ according to gender, status and year of birth.

Sensitivity analysis

If the discount rate were to differ by 0.25% upwards or 0.25% downwards from the interest rate recognized on the reporting date, the carrying amount of the pension obligation would be an estimated EUR 384 thousand lower or EUR 411 thousand higher. If the pension trend were to differ by 0.25% upwards or downwards from management's estimates, the carrying amount of the pension obligation would be an estimated EUR 262 thousand higher or EUR 253 thousand lower. The reduction / increase in the mortality rates by 10% results in an increase / deduction in life expectancy depending on the individual age of each beneficiary. That means, for example, that the life expectancy of a male NORMA Group employee age 55 years as of December 31, 2024, increases / decreases by approximately one year. In order to determine the longevity sensitivity, the mortality rates were reduced / increased by 10% for all beneficiaries. The effect on DBO as of December 31, 2024, due to a 10% reduction / increase in mortality rates would result in an increase of EUR 302 thousand or a decrease of EUR 342 thousand.

When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method) has been applied as when calculating the post-employment benefit obligation recognized in the Consolidated Statement of Financial Position. Increases and decreases in the discount rate or rate of pension progression which are used in determining the DBO do not have a symmetrical effect on the DBO due to the compound interest effect created when determining the net present value of the future benefit. If more than one of the assumptions are changed simultaneously, the combined impact due to the changes would not necessarily be the same as the sum of the individual effects due to the changes. If the assumptions change at a different level, the impact on the DBO is not necessarily in a linear relation.

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Future cash flows

Employer contributions expected to be paid to the post-employment defined benefit plans in fiscal year 2025 amount to EUR 245 thousand (2023: EUR 263 thousand).

The expected payments from the plans for post-employment benefits are distributed as follows for the next 10 fiscal years, whereby the last 5 years are shown as a total:

Expected payments from post-employment benefit plans	T165
in EUR thousands	2024
Expected benefit payments
2025	790
2026	819
2027	797
2028	938
2029	984
2030–2033	5,485

in EUR thousands	2023
Expected benefit payments
2024	661
2025	700
2026	748
2027	897
2028	1,052
2029–2032	5,809

The weighted average duration of the defined benefit obligation is 12.30 years (2023: 12.78 years).

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AUDITOR'S REPORT

4 CONSOLIDATED FINANCIAL STATEMENTS	in EUR thousands	As of Jan 1, 2024	Additions	Amounts used	Unused amounts reversed	Interest accrued	Transfers	Foreign currency translation	As of Dec 31, 2024
256 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Guarantees	6,581	1,301	-1,970	-465			251	5,698
	Severance	178	147	-139				7	193
	Early retirement	2,845	916	-570		99		-2	3,288
257 CONSOLIDATED STATEMENT OF FINANCIAL POSITION	Other personnel-related obligations	3,472	1,802	-1,035	-110			28	4,157
	Outstanding invoices	1,467	757	-1,449				-10	765
259 CONSOLIDATED STATEMENT OF	Others	4,413	568	-906	-2,865	25		117	1,352
	Total provisions	18,956	5,491	-6,069	-3,440	124	0	391	15,453

Total provisions	19,218	9,080	-7,277	-1,819	77	0	-323	18,956
Others	3,985	1,055	-253	-242			-132	4,413
Outstanding invoices	1,560	1,399	-1,484	-2			-6	1,467
Other personnel-related obligations	3,552	2,011	-911	-1,127		-19	-34	3,472
Early retirement	2,203	2,201	-1,636		77			2,845
Severance	420	128	-389			19		178
Guarantees	7,498	2,286	-2,604	-448			-151	6,581
in EUR thousands	As of Jan 1, 2023	Additions	Amounts used	Unused amounts reversed	Interest accrued	Transfers	Foreign currency translation	As of Dec 31, 2023

Development of provisions T166

Provisions – split current / non-current T167

27. Provisions

The development of provisions is as follows:

	Dec 31, 2024
in EUR thousands	Total	thereof current	thereof non-current	Total	thereof current	thereof non-current
Guarantees	5,698	5,009	689	6,581	6,224	357
Severance	193	193		178	178	0
Early retirement	3,288	1,434	1,854	2,845	1,251	1,594
Other personnel-related obligations	4,157	1,200	2,957	3,472	1,566	1,906
Outstanding invoices	765	765		1,467	1,467	0
Others	1,352	546	806	4,413	3,903	510
Total provisions	15,453	9,147	6,306	18,956	14,589	4,367

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Provisions for guarantees

Provisions for guarantees include provisions due to circumstances where a final agreement has not yet been reached and provisions based on experience (customer claim quota, amount of damage, etc.). Future price increases are considered if material.

Provisions for restructuring

Provisions for restructuring are recognized in the amount of the expected future cash outflows. Provisions are recognized when a detailed restructuring plan, which has been approved by management and publicly announced or communicated to employees or their representatives, is available. Only expenses directly attributable to the restructuring measures are used to measure the amount of the provision. Expenses related to future operating business are not taken into account.

The additions to provisions for restructuring in the prior fiscal years result from the measures under the 'Get on track' program. No provisions for restructuring were recognized as at December 31, 2024.

Provisions for severance payments include expected severance payments for NORMA Group employees due to circumstances where a final agreement has not yet been reached. The provisions will be paid out in the following fiscal year and are therefore reported under current provisions.

Provisions for partial retirement

Employees at NORMA Group in Germany can in general engage in an early retirement contract ('Altersteilzeit'). In the first phase, the employee works 100% ('Arbeitsphase'). In the second phase, he / she is exempt from work ('Freistellungsphase'). This is the so-called block model. The employees receive half of their pay for the total early retirement phase as well as top-up payments (including social security costs paid by the employer). The duration of the early retirement is a maximum of six years.

The provisions for partial retirement are measured on the basis of an interest rate of 2.76% p. a. (2023: 3.41% p. a.) and on the basis of the 2018 G mortality tables of Prof. Dr. Klaus Heubeck in accordance with actuarial principles. For signed early retirement contracts, a liability has been recognized. The liability includes top-up payments ('Aufstockungsbeträge') as well as deferred salary payments ('Erfüllungsrückstände'). The expected payments out of the early retirement provisions amount to EUR 1,434 thousand for fiscal year 2025.

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Other personnel-related provisions

Other personnel-related provisions are as follows:

Provisions – other personnel-related T168

		Dec 31, 2024		Dec 31, 2023
in EUR thousands	Note	Total	thereof current	thereof non-current	Total	thereof current	thereof non-current
STI - Board Members	(25)	704	704		795	795
LTI - Management	(25)	1,981		1,981	1,018		1,018
Anniversary provisions		741		741	724		724
Other personnel-related		731	496	235	935	771	164
		4,157	1,200	2,957	3,472	1,566	1,906

The STI for member of the Management Boards is a share price-based variable remuneration and is explained in more detail under 4 NOTE 25 SHARE-BASED PAYMENTS.

The LTI management provision consists of share-based variable remuneration and is explained in more detail at 4 NOTE 25 SHARE-BASED PAYMENTS.

Provisions for anniversaries were measured on the basis of an actuarial interest rate of 3.26% p. a. (2023: 3.22% p. a.) and on the basis of the 2018 G mortality tables of Prof. Dr. Klaus Heubeck in accordance with actuarial principles.

Other personnel-related provisions mainly include payable income tax and social security contributions in foreign countries.

Other non-personnel-related provisions

Provisions for outstanding invoices include expected obligations for the audit and advisory services. There are uncertainties regarding the amount and timing of the outflows. However, it is expected that this results in payments within a year.

Other provisions include provisions for legal disputes and obligations from other taxes.

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28. Other non-financial liabilities

Other non-financial liabilities are as follows:

Other non-financial liabilities		T169
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Non-current
Government grants	274	296
Other liabilities	952	389
	1,226	685
Current
Government grants	102	234
Non-income tax liabilities	3,273	3,243
Social liabilities	5,581	4,468
Personnel-related liabilities (e.g., vacation, bonuses, premiums)	35,514	30,158
Other liabilities	442	505
	44,912	38,608
Total other non-financial liabilities	46,138	39,293

The personnel-related liabilities fall within the scope of IAS 19, 'Employee Benefits', and also include bonuses in connection with short-term profit-sharing schemes. These are based on the achievement of corporate targets (earnings targets (e. g., EBIT), cash flow targets, sales growth) and on personal targets of the respective employee.

The increase in personnel-related liabilities is primarily due to the increase in liabilities from expected bonus payments for employees.

NORMA Group received government grants, whereby EUR 376 thousand have not been received yet. They consist of grants in cash as well as land.he grants are tied, among other things, to investments, the hiring of employees, and the provision of equity to the affected local companies. Potential repayments of the grants received would arise if the subsidized investments were sold early.

NORMA Group recognizes the government grants as income over the period in which related expenses occur. Income of EUR 253 thousand was thus recognized in fiscal year 2024 (2023: EUR 957 thousand), which also resulted from government grants in connection with the reimbursement of personnel expenses and export subsidies.

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Other Notes

29. Information on the Consolidated Statement of Cash Flows

In the Statement of Cash Flows, a distinction is made between cash flows from operating activities, investing activities and financing activities.

Net cash provided by operating activities is derived indirectly from profit for the period. The profit for the period is adjusted to eliminate non-cash expenses such as depreciation and amortization as well as expenses and payments for which the cash effects are investing or financing cash flows and to eliminate other non-cash expenses and income. The cash inflow from operating activities in the amount of EUR 136,985 thousand (2023: EUR 118,912 thousand) shows the changes in assets (excluding assets related to financing activities), provisions and liabilities (excluding liabilities related to financing activities).

As in the prior year, the Group participates in a reverse factoring program, a factoring program and an ABS program. Liabilities in the reverse factoring program are reported under trade and other payables. As at December 31, 2024, liabilities in the amount of EUR 15,401 thousand (Dec 31, 2023: EUR 18,620 thousand) were recognized from reverse factoring programs 4 NOTE 21 (E) FINANCIAL LIABILITIES AND NET DEBT. The cash flows from the trade receivables sold as part of the factoring and ABS programs are shown under the cash flow from operating activities as this corresponds to the economic substance of the transactions.

The cash flows from the reverse factoring programs for the settlement of the original trade accounts payable are presented under cash flow from operating activities, as this corresponds to the economic substance of the transactions.

Interest payments in the amount of EUR 748 thousand (2023: EUR 1,602 thousand) in connection with the factoring, ABS and reverse factoring programs are included in cash flows from financing activities.

The total amount of trade receivables sold within the factoring programs and the ABS program can be found in 4 NOTE 21. (B) TRADE RECEIVABLES AVAILABLE FOR TRANSFER.

The cash inflow from operating activities includes payments for share-based payments in the amount of EUR 901 thousand (2023: EUR 530 thousand), resulting from the payment from the STI and ESG LTI for the Management Board of NORMA Group in the current fiscal year (2023: payment from the STI for the Management Board).

The correction included in the cash inflow from operating activities for expenses from the measurement of hedging derivatives in the amount of EUR -1,302 thousand (2023: expenses in the amount of EUR 1,036 thousand) relates to the change in the fair value of foreign currency derivatives recognized in profit or loss, which are allocated to financing activities.

The adjusted other non-cash income (−)/expenses (+) include expenses from the currency translation of external financing liabilities and intra-group monetary items amounting to EUR 709 thousand (2023: income of EUR 643 thousand).

Furthermore, non-cash (-) income/expenses (+) in the fiscal year 2024 include non-cash interest expenses from the application of the effective interest method in the amount of EUR 299 thousand (2023: EUR 240 thousand) and non-cash effects from share-based payments in the amount of EUR 180 thousand (2023: EUR 261 thousand).

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Cash flows resulting from interest paid are disclosed as cash flows from financing activities.

Cash flows from investing activities include net cash outflows from the acquisition and disposal of non-current assets amounting to EUR 63,450 thousand (2023: net cash outflows in the amount of EUR 59,761 thousand).

Of the investments made in property, plant and equipment and intangible assets in the fiscal year in the amount of EUR 53,466 thousand (2023: EUR 61,335 thousand), EUR 21,346 thousand (2023: EUR 40,823 thousand) relate to expenses for the expansion of operating capacity and EUR 32,119 thousand (2023: EUR 20,512 thousand) to expenses for the maintenance and improvement of operating capacity and processes.

Cash flows from investing activities also include net payments for the acquisition of Teco, which are as follows:

Net cash outflows for acquisitions	T170
in EUR thousands	2024
Consideration	9,400
Cash and cash equivalents acquired	-354
Net cash outflows for acquisitions	9,046

Cash flows from financing activities include payments for dividends to the shareholders of NORMA Group SE in the amount of EUR 14,338 thousand (2023: EUR 17,524 thousand), for interest 23,689 thousand (2023: EUR 19,570 thousand) and repayments from derivatives in the amount of EUR 67 thousand (2023: repayments in the amount of EUR 1,862 thousand).

In addition, net loan disbursements in the amount of EUR 66,796 thousand (2023: Net payments in the amount of EUR 5,176 thousand) 4 NOTE 5 (C) LIQUIDITY RISK, cash inflows from liabilities from ABS and factoring in the amount of EUR 3,396 thousand (2023: repayments in the amount of EUR 1,544 thousand) and the repayment of lease liabilities in the amount of EUR 12,584 thousand (2023: EUR 12,268 thousand) were recognized under cash flow from financing activities. 4 NOTE 20 LEASES and 4 NOTE 21 (E) FINANCIAL LIABILITIES AND NET DEBT

The changes in Statement of Financial Position items that are presented in the Consolidated Statement of Cash Flows cannot be derived directly from the Statement of Financial Position, as the effects of currency translation are non-cash transactions and changes in the consolidated group are shown directly in the net cash used in investing activities.

As at December 31, 2024, cash and cash equivalents comprised cash and demand deposits in the amount of EUR 114,185 thousand (Dec 31, 2023: EUR 161,485 thousand) and cash equivalents in the amount of EUR 12,946 thousand (Dec 31, 2023: EUR 3,722 thousand).

Cash in Serbia, China, India, Russia, Brazil, South Korea, Thailand and Malaysia (Dec 31, 2024: EUR 40,581 thousand, Dec 31, 2023: EUR 41,121 thousand) cannot currently be distributed due to capital movement restrictions.

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256 CONSOLIDATED
STATEMENT OF
COMPREHENSIVE INCOME

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation of debt movements to cash flows from financing activities

The following table represents the reconciliation from the opening Statement of Financial Position values of the financial statements of debt arising from financing activities for the relevant closing Statement of Financial Position items and which led to changes in equity.

Reconciliation of changes in assets and liabilities to cash flows from financing activities T171

				Financial liabilities	Derivatives held to hedge financial liabilities (assets (-) / liabilities (+))
in EUR thousands	Note	Short term loans payable	Long-term loans payable	Borrowings from the ABS/ factoring programs	Lease liabilities	Interest rate swaps – cash flow hedge	Foreign currency deriva tives – fair value hedge	Retained earnings	Other Reserves	Non control ling interests	Total
Balance as of Jan 1, 2023		21,431	437,313	7,271	42,616	-4,466	37	445,263	5,654	338	955,457
Changes in cash flow from financing activities
Loan proceeds	(21. (e))	18,000		3,396							21,396
Loan repayments	(21. (e))	-36,696	-48,100								-84,796
Inflow (+) / outflow (-) from hedging derivatives	(21. (f))						-67				-67
Interest paid		-23,802			-1,651	2,626					-22,827
Repayment of debts from leases	(21. (e))				-12,584						-12,584
Dividends paid	(24)							-14,338		-43	-14,381
Total change in cash flow from the financing activities	(29)	-42,498	-48,100	3,396	-14,235	2,626	-67	-14,338		-43	-113,259

Reconciliation of changes in assets and liabilities to cash flows from financing activities (continued)

2 TO OUR SHAREHOLDERS					Financial liabilities		Derivatives held to hedge financial liabilities (assets (-) / liabilities (+))			Equity
3 CONDENSED MANAGEMENT REPORT					Borrowings		Interest	Foreign currency
4 CONSOLIDATED FINANCIAL STATEMENTS	in EUR thousands	Note	Short term loans payable	Long term loans payable	from the ABS/ factoring programs	Lease liabilities	rate swaps – cash flow hedge	deriva tives – fair value hedge	Retained earnings	Other Reserves	Non control ling interests	Total
256 CONSOLIDATED STATEMENT OF	Effects of changes in exchange rates			6,971	422	1,551					-14	8,930
COMPREHENSIVE INCOME	Changes in the fair value						-1,731	-1,301		1,731		-1,301
257 CONSOLIDATED	Other changes
STATEMENT OF FINANCIAL POSITION	Based on debt
	Interest expense		23,627	299		1,651			n / a	-2,626		n / a 22,951
259 CONSOLIDATED STATEMENT OF	Derecognition of lease liabilities					-280						-280
CASH FLOWS	New leases					11,128			n / a	n / a		n / a 11,128
260 CONSOLIDATED	Transfer		27,000	-27,000					n / a	n / a	n / a	0
STATEMENT OF CHANGES IN EQUITY	Business combinations	(33)	683	800					n / a	n / a	n / a	1,483
> NOTES TO THE CONSOLIDATED	Other changes related to debt		51,310	-25,901	—	12,499	—			n / a -2,626		n / a 35,282
FINANCIAL STATEMENT	Other changes related to equity	(24)	n / a	n / a	n / a	n / a	n / a		n / a 14,694	28,431	95	43,220
373 APPENDIX TO THE NOTES TO THE CONSOLIDATED	Balance as of Dec 31, 2024		30,243	370,283	11,089	42,431	-3,571	-1,331	445,619	33,190	376	928,329
FINANCIAL STATEMENTS

Reconciliation of changes in assets and liabilities to cash flows from financing activities T172

			Financial liabilities				Derivatives held to hedge financial liabilities (assets (-) / liabilities (+))
in EUR thousands	Note	Short term loans payable	Long-term loans payable	Borrowings from the ABS/ factoring programs	Lease liabilities	Interest rate swaps – cash flow hedge	Foreign currency derivati ves – fair value hedge	Retained earnings	Other Reserves	Non control ling interests	Total
Balance as of Jan 1, 2023		125,899	339,679	8,959	40,749	-6,162	865	434,780	28,106	285	973,160
Changes in cash flow from financing activities
Loan proceeds	(21. (e))		119,400								119,400
Loan repayments	(21. (e))	-124,576		-1,544							-126,120
Inflow (+) / outflow (-) from hedging derivatives	(21. (f))						-1,862				-1,862
Interest paid		-19,578			-1,457	2,527					-18,508
Repayment of debts from leases	(21. (e))				-12,268						-12,268
Dividends paid	(24)							-17,524			-17,524
Total change in cash flow from the financing activities	(29)	-144,154	119,400	-1,544	-13,725	2,527	-1,862	-17,524			-56,882

1 INTRODUCTION

3 CONDENSED

4 CONSOLIDATED

2 TO OUR SHAREHOLDERS

MANAGEMENT REPORT

FINANCIAL STATEMENTS 256 CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME 257 CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

3 CONDENSED
MANAGEMENT REPORT

4 CONSOLIDATED FINANCIAL STATEMENTS

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NORMA Group SE – Annual Report 2024 364
-----------------------------------------	--

Reconciliation of changes in assets and liabilities to cash flows from financing activities (continued)

				Financial liabilities			Derivatives held to hedge financial liabilities (assets (-) / liabilities (+))	Equity
in EUR thousands	Note	Short term loans payable	Long term loans payable	Borrowings from the ABS/ factoring programs	Lease liabilities	Interest rate swaps – cash flow hedge	Foreign currency derivati ves – fair value hedge	Retained earnings	Other Reserves	Non control ling interests	Total
Effects of changes in exchange rates		-342	-4,006	-144	-1,164					-31	-5,687
Changes in the fair value						-831	1,034		831		1,034
Other changes
Based on debt
Interest expense		22,028	240		1,457			n / a	-2,527		n / a 21,198
Derecognition of lease liabilities					-677						-677
New leases					15,976			n / a	n / a		n / a 15,976
Transfer		18,000	-18,000					n / a	n / a	n / a	0
Other changes related to debt		40,028	-17,760	0	16,756	0	0		n / a -2,527		n / a 36,497
Other changes related to equity	(24)	n / a	n / a	n / a	n / a	n / a		n / a 28,007	-20,756	84	7,335
Balance as of Dec 31, 2023		21,431	437,313	7,271	42,616	-4,466	37	445,263	5,654	338	955,457

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	EMEA			Americas		Asia-Pacific		Total segments	Central functions		Consolidation/ Reclassification		Consolidated Group
in EUR thousands	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Total revenue	505,616	546,604	537,728	543,792	161,662	185,063	1,205,006	1,275,459	44,848	41,865	-94,726	-94,543	1,155,128	1,222,781
thereof inter segment revenue	28,298	31,953	7,351	9,285	14,229	11,440	49,878	52,678	44,848	41,865	-94,726	-94,543
Revenue from external customers	477,318	514,651	530,377	534,507	147,433	173,623	1,155,128	1,222,781	0	0	0	0	1,155,128	1,222,781
Contribution to consolidated Group sales	41.3%	42.1%	45.9%	43.7%	12.8%	14.2%	100.0%	100.0%
Adjusted gross profit1	273,793	277,885	315,511	300,409	80,645	90,903	669,949	669,197	n / a	n / a	-1,794	-1,217	668,155	667,980
Adjusted employee benefits expense	-170,193	-167,326	-148,397	-142,059	-34,948	-36,436	-353,538	-345,821	-22,334	-21,592	37,942	45,663	-337,930	-321,750
Adjusted other operating expenses	-84,562	-88,992	-81,939	-82,581	-25,256	-28,065	-191,757	-199,638	-58,864	-55,892	56,302	43,919	-194,319	-211,611
Adjusted EBITDA1	44,816	46,114	94,423	86,627	24,277	30,234	163,516	162,975	-10,046	-8,575	15	-173	153,485	154,227
Adjusted EBITDA margin1, 2	8.9%	8.4%	17.6%	15.9%	15.0%	16.3%							13.3%	12.6%
Depreciation without PPA depreciation3	-22,475	-20,184	-24,206	-21,522	-9,977	-10,046	-56,658	-51,752	-573	-811	34	75	-57,197	-52,488
Amortization without PPA amortization3	-1,447	-1,681	-1,891	-1,971	-248	-260	-3,586	-3,912	-388	-346	6		-3,968	-4,258
Adjusted EBIT1	20,894	24,250	68,326	63,133	14,052	19,927	103,272	107,310	-11,007	-9,732	55	-97	92,320	97,481
Adjusted EBIT margin1, 2	4.1%	4.4%	12.7%	11.6%	8.7%	10.8%							8.0%	8.0%
Assets4	622,672	640,501	663,566	670,149	243,312	258,452	1,529,550	1,569,102	246,123	251,815	-339,045	-327,639	1,436,628	1,493,278
Liabilities5	196,151	216,871	258,865	255,898	41,494	48,387	496,510	521,156	528,616	574,513	-309,868	-295,831	715,258	799,838
CAPEX6	25,477	25,103	24,600	27,357	7,436	11,960	57,513	64,420	1,172	928	-224	-183	58,461	65,165
Number of employees7	3,321	3,279	1,456	1,446	1,177	1,236	5,954	5,961	133	133	n / a	n / a	6,087	6,094

1_For details regarding the adjustments, refer to 4 NOTE 7.

2_Based on segment sales.

3_Depreciation from purchase price allocations.

30. Segment reporting

4_Including allocated goodwill, taxes are shown in the column 'consolidation.'

5_Taxes are shown in the column 'consolidation.'

6_Including capitalization for right-of-use assets related to movable assets 7_Number of employees (average headcount).

Segment reporting T173

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NORMA Group segments the Group at a regional level. The reportable segments of NORMA Group are EMEA, the Americas and Asia-Pacific. NORMA Group's vision includes regional growth targets. Regional and local priorities are set in the distribution channels. EMEA, the Americas and Asia-Pacific have linked regional intercompany organizations with different functions. As a result, the Group's management reporting and controlling system has a regional focus. The product portfolio does not vary significantly between these segments.

Revenues are generated across all segments from the sale of products in the three product categories metallic fastening clips and fasteners (FASTEN), fluid systems and connectors (FLUID), and water management applications (WATER).

NORMA Group measures its segments mainly on the basis of the financial performance indicator 'adjusted EBIT'. An overview of the adjustments and a reconciliation of reported to adjusted consolidated earnings can be found in 4 NOTE 7 ADJUSTMENTS.

The adjusted employee benefits and adjusted other operating expenses reported in segment reporting correspond to the management view and do not represent the items reported in the Consolidated Statement of Comprehensive Income for the Group and in the result adjusted for special items for each segment. Within the segments, expenses for temporary workers are allocated to expenses for employee benefits. In addition, operating currency gains/losses are not included in the adjusted other operating expenses. A reconciliation of the items to the "Group" is included in the "Consolidation/reclassification" column.

'Adjusted EBITDA' comprises revenue, changes in inventories of finished goods and work in progress, other own work capitalized, raw materials and consumables used, other operating income and expenses, and employee benefits expense, adjusted for material one-time effects.

'Adjusted EBIT' comprises adjusted EBITA less amortization of intangible assets.

Inter-segment revenue is generally recorded at values that approximate third-party selling prices.

Segment assets comprise all assets less (current and deferred) income tax assets-Taxes are shown in the reconciliation. Taxes are shown within the consolidated segment reporting. Assets of the 'Central Functions' include mainly cash and intercompany receivables.

Segment liabilities comprise all liabilities less (current and deferred) income tax liabilities. Taxes are shown within the consolidated segment reporting. Segment assets and liabilities are measured in a manner consistent with that used in the Consolidated Statement of Financial Position. Liabilities of the 'Central Functions' include mainly borrowings.

Capex equals additions to non-current assets (property, plant and equipment and other intangible assets including additions for leases for moveable assets).

The deferred and actual income taxes are reported in the segment reporting within the consolidation, as they were not regularly reported to the management and thus not included in the assessment of the profit and loss of the individual segments. As at December 31, 2024, the assets amounted to EUR 16,177 thousand (Dec 31, 2023: EUR 16,305 thousand) and in liabilities EUR 43,794 thousand (Dec 31, 2023: EUR 46,931 thousand).

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External sales per country, measured according to the place of domicile of the company which manufactures the products, are as follows:

External sales per country		T174
in EUR thousands	2024	2023
Germany	118,006	144,514
USA	484,188	486,923
China	89,791	109,852
Poland	101,731	109,059
Other countries	361,412	372,433
	1,155,128	1,222,781

Non-current assets by country comprise non-current assets less deferred and current tax assets and derivative financial instruments and are presented below:

Non-current assets per country		T175
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Germany	108,240	105,271
USA	420,232	404,278
China	54,616	56,662
India	36,588	50,945
Sweden	47,111	46,759
Other countries	215,967	210,863
	882,754	874,778

31. Contingent liabilities

The Group has contingent liabilities in respect of legal claims arising in the ordinary course of business (e. g., warranty obligations).

NORMA Group does not believe that any of these contingent liabilities will have a material adverse effect on its business or any material liabilities will arise from contingent liabilities.

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32. Other financial obligations

Commitments

Capital expenditure (nominal value) contracted for on the reporting date but not yet incurred is as follows:

Commitments	T176
in EUR thousands	Dec 31, 2024	Dec 31, 2023
Property, plant and equipment	10,915	10,594
	10,915	10,594

As in the previous year, there are no material commitments concerning intangible assets.

33. Business Combinations

As of 29 February 2024, NORMA Group had acquired all shares (100%) in Teco S.r.l., based in Italy, and its subsidiary Teco Irrigation USA Inc., based in the U.S., for a purchase price of EUR 9,400 thousand, which was paid in cash. The impact of this transaction on the earnings, assets and financial position are immaterial for the Consolidated Financial Statements of NORMA Group. The purchase price allocation resulted in other intangible assets in the amount of EUR 4,935 thousand and goodwill in the amount of EUR 3,189 thousand, which comprises the expansion of the market position, the expertise of the employees and expected synergies.

Due to the strategic importance of the acquisition for growth in the area of Water Management in Europe, extended qualitative information on the acquired company is provided below in addition to the quantitative data.

Teco is a specialist in irrigation products for gardening, landscaping and agriculture. Teco, headquartered in Trani in Apulia, has around 20 years of experience in product development and the sale of micro-irrigation solutions. The Company offers around 800 products, including drippers, sprayers, valves and connecting elements. Its customers include wholesalers and manufacturers of water management systems. In the 2023 fiscal year, Teco generated revenue of around EUR 4.8 million.

The U.S. site acts as a warehouse to meet demand in the U.S. market quickly and efficiently.

The acquisition of Teco represents an important step for NORMA Group to further drive growth in the Water Management sector in Europe.

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34. Related party transactions

Remuneration of members of the Management Board

Remuneration of the members of the Management Board according to IFRS is as follows:

Remuneration of members of the Management Board (IFRS)		T177
in EUR thousands	2024	2023
Short-term benefits	1,446	1,385
Post-employment benefits	465	419
Termination benefits		607
Share-based payment	883	813
Total remuneration according to IFRS	2,794	3,224

Provisions for the remuneration of the members of the Management Board are as follows:

Provisions / liabilities for remuneration of the Management Board members			T178
in EUR thousands	Note	Dec 31, 2024	Dec 31, 2023
Share-based payments	(25)	704	795
Termination Benefits			160
Total		704	955

Details regarding the individual provisions can be found in the respective notes.

Details on the remuneration of the members of the Management Board can be found in the 4 REMUNERATION REPORT.

The total remuneration of the members of the Supervisory Board of NORMA Group SE for short-term employee benefits including the meeting fees paid to them amounted to EUR 591 thousand in the fiscal year 2024 (2023: EUR 581 thousand).

NORMA Group SE – Annual Report 2024 370

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35. Additional disclosures pursuant to Section 315e (1) of the German Commercial Code (HGB)

Total remuneration of the executive bodies

The amounts presented below for the remuneration of the Management Board and the Supervisory Board of NORMA Group SE result from the valuation principles defined in the German GAAP (HGB) and may differ from the amounts recognized in the IFRS Consolidated Financial Statements.

The remuneration of the Management Board and Supervisory Board was as follows:

Remuneration of Management Board members		T179
in EUR thousands	2024	2023
Member of the Management Board	2,692	2,807
thereof non-performance-related cash remuneration of the Management Board	1,446	1,385
thereof fair value of share-based payment allocated to the Management Board in the fiscal year as of allocation date	1,246	1,422
Total remuneration of former members of the Management Board	134	288
Compensation of the Supervisory Board	591	581

The defined benefit obligation of pension commitments to prior members of the Management Board and their dependents was EUR 7,106 thousand as of December 31, 2024 (2023: EUR 7,196 thousand).

Further information on the remuneration of the members of the Management Board of NORMA Group SE can be found in the 4 REMUNERATION REPORT.

Fees for the auditor

In the fiscal year of 2024, fees for the auditor, KPMG Wirtschaftsprüfungsgesellschaft, Frankfurt/Main, were expensed as follows:

Fees for the auditor		T180
in EUR thousands	2024	2023
Auditing services	713	573
Other confirmation services	213	152
Other services	46	17
	972	742

The fee for auditing services provided by KPMG AG Wirtschaftsprüfungsgesellschaft relates to the audit of the Consolidated Financial Statements and the Annual Financial Statements together with the Condensed Management Report of NORMA Group SE as well as various audits of the annual financial statements of its subsidiaries in Germany.

NORMA Group SE – Annual Report 2024 371

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The other assurance services relate to the audit of the non-financial statement and assurance services for financial covenants.

Fees for other services relate to audits in connection with regulatory requirements.

Headcount

The average headcount breaks down as follows:

Average headcount		T181
Number	2024	2023
Direct labor	2,874	2,930
Indirect labor	1,087	1,033
Salaried	2,126	2,131
	6,087	6,094

The category 'direct labor' consists of employees who are directly engaged in the production process. The numbers fluctuate according to the level of output. Indirect employees are not directly involved in the production process, but only in a supporting role. Salary recipients are employees who work in administrative and general functions or in sales.

Scope of consolidation

The names and registered offices as well as their share in the subsidiaries, i.e. the companies included in the Consolidated Financial Statements in accordance with Section 313 (2) No. 1 HGB are listed in 4 NOTE 4 SCOPE OF CONSOLIDATION.

Proposal for the distribution of the earnings

The Management Board of NORMA Group SE proposes to the Annual General Meeting to pay a dividend of EUR 0.40 per share to the shareholders. The total dividend payment would thus amount to EUR 12,744,960.

Declaration of Compliance with the German Corporate Governance Code (Section 161 AktG)

The Management Board and Supervisory Board have issued a Corporate Governance Declaration pursuant to section 161 of the German Stock Corporation Act (Aktiengesetz) and made it available to shareholders on the website of NORMA Group.

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36. Exceptions under Section 264, (3) of the German Commercial Code (HGB)

In the fiscal year of 2024, the following German subsidiaries made use of disclosure exemptions pursuant to Section 264 (3) HGB:

NORMA Group Holding GmbH, Maintal
NORMA Distribution Center GmbH, Marsberg
NORMA Germany GmbH, Maintal
NORMA Verwaltungs GmbH, Maintal

37. Events after the reporting date

Up until March 18, 2025, there were no events or developments that would have resulted in a material change in the recognition or measurement of the individual assets and liabilities as of December 31, 2024.

> APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Voting rights notifications

According to Section 160 (1) No. 8 AktG, information regarding voting rights that have been notified to the Company pursuant to Section 33 (1) or (2) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) must be disclosed.

The following table presents an overview of all voting rights notifications that have been sent to the Company as of March 18, 2025. It contains the information of the last notification of each shareholder. The percentage and number of shares may have changed in the meantime.

All notifications of shareholder voting rights in the year under review and beyond are available on the : WEBSITE OF NORMA GROUP.

Voting rights notification				T182
Notifying party	Achievement of voting rights	Touched or exceeded reporting threshold	Share in %	Shares	Pursuant to WpHG
Amiral Gestion, Paris, France	Mar. 11,2025	less than 3%	2.92	930,669	§§ 33, 34
The Capital Group Companies, Inc., Los Angeles, USA	Nov. 29, 2024	less than 5%	0.00	0	§§ 33, 34
SMALLCAP World Fund, Inc., Lutherville Timonium, USA	Nov. 29, 2024	less than 5%	0.00	0	§§ 33, 34
Schroders plc, London, UK	Oct. 9, 2024	less than 3%	2.99	952,394	§§ 33, 34
Igor Kuzniar 1	Sep. 26, 2024	more than 20%	20.98	6,684,879	§§ 33, 34
Tweedy, Browne Company LLC, Wilmington/ Delaware, USA	Sep. 24, 2024	less than 3%	2.69	858,465	§§ 33, 34
La Financière de l'Echiquier	Sep. 18, 2024	less than 3%	1.52	482,996	§§ 33, 34
Janus Henderson Group Plc, St. Helier, Jersey, UK	Sep. 9, 2024	less than 3%	2.88	917,418	§§ 33, 34
Lazard Frères Gestion SAS, Paris, France	May 10, 2024	more than 3%	3.03	964,500	§§ 33, 34

1_In the consideration of the entire corporate chain, Igor Kuzniar holds 20.98% via Teleios Capital Partners LLC (Zug, Switzerland).

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Corporate Bodies of NORMA Group SE

Members of the Management Boards

Mark Wilhelms14,15 Chief Executive Officer (Interim-CEO) Graduate Industrial Engineer and Graduate Engineer in Process Engineering Member of the Management Board since February 18, 2025

Dr. Daniel Heymann Chief Operating Officer (COO) Doctorate in Engineering Member of the Management Board since May 1, 2023

• No mandates in supervisory boards or comparable supervisory bodies outside NORMA Group

Annette Stieve Chief Financial Officer (CFO) Degree in Business Administration Member of the Management Board since October 1, 2020

• No mandates in supervisory boards or comparable supervisory bodies outside NORMA Group

Guido Grandi¹⁶ Chief Executive Officer (CEO) Graduate Engineer Member of the Management Board from June 1, 2023 to February 17, 2025

• No mandates in supervisory boards or comparable supervisory bodies outside NORMA Group

¹⁴ Assumption of the interim CEO role with effect from February 18, 2025; the previous Supervisory Board mandate is suspended during the interim CEO role for the transition period of a maximum of one year until February 17, 2026.

¹⁵ Until August 2024 Member of the Supervisory Board of Novem Group SA, Luxembourg/Vorbach, Luxembourg/Germany (listed company).

¹⁶ Mr. Guido Grandi resigned from his position on the Management Board and as Chief Executive Officer at the end of February 17, 2025.

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Supervisory Board members, exercised profession

Kerstin Müller-Kirchhofs¹⁷ Interim Chair of the Supervisory Board Graduate Economist, Consultant Court-appointed member as of September 9, 2024 until the end of the 2025 General Annual Meeting

• No other mandates in supervisory boards or comparable bodies

Erika Schulte Deputy Chair of the Supervisory Board Managing director of Brueder Grimm Berufsakademie Hanau GmbH and Freelance Consultant¹⁸ Member since 2013

• No other mandates in supervisory boards or comparable bodies

Rita Forst¹⁹ Consultant Member since 2018

Member of the Board of Directors (Non-Executive Director) of AerCap Holdings N.V., Dublin, Ireland (listed company)
Member of the Supervisory Board (Non-Executive Director) of Johnson Matthey PLC, London, UK (listed company)

Denise Koopmans²⁰ Consultant Member since 2023

Member of the Board of Directors (Non-Executive Director) of Cicor Technologies AG, Boudry, Switzerland (listed company)
Member of the Supervisory Board of Royal BAM Group NV, Bunnik, Netherlands (listed company)
Member of the Board of Directors (Non-Executive Director) of Die Schweizerische Post AG, Bern, Switzerland (not listed)

Dr. Markus Distelhoff Member of the Management Board of REHAU Management SE, Rehau Member since 2023

• No other mandates in supervisory boards or comparable bodies

¹⁷ Court-appointed member of the Supervisory Board with effect from September 9, 2024; Member and Chairwoman of the Audit Committee since September 20, 2024; Interim Chairwoman of the Supervisory Board since February 18, 2025.

¹⁸ Until December 31, 2024 also managing director of Hanau Wirtschaftsfoerderung GmbH.

¹⁹ Until December 31, 2024, member of the Advisory Board of iwis SE & Co. KG (formerly Joh. Winklhofer Beteiligungs GmbH & Co. KG), Munich, Germany (not listed on the stock exchange).

²⁰ Until April 30, 2024 also Member of the Board of Directors (Non-Executive Director) of Sanoma Corporation, Helsinki, Finland (listed company).

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Mark Wilhelms21,22 Consultant Member since 2018 (office dormant since February 18, 2025)

Supervisory Board members who were in office during the fiscal year 2024

Miguel Ángel López Borrego Chief Excecutive Officer of thyssenkrupp AG, Essen, Germany Member from 2021 until June 16, 2024²³

Member of the Supervisory Board of thyssenkrupp Nucera AG & Co. KGaA, Dortmund, Germany
Member of the Supervisory Board of thyssenkrupp Nucera Management AG, Dortmund, Germany
Member of the Supervisory Board of thyssenkrupp Steel, Europe AG, Duisburg, Germany

Maintal, March 18, 2025

NORMA Group SE

Mark Wilhelms Chief Executive Officer (Interim CEO)

Annette Stieve Member of the Management Board (CFO)

Dr. Daniel Heymann Member of the Management Board (COO)

²¹ Chairman of the Supervisory Board in 2024 and until the end of February 17, 2025; assumption of the interim CEO role with effect from February 18, 2025; the Supervisory Board mandate is suspended during the interim CEO role for a transitional period of a maximum of one year until February 17, 2026.

²² Until August 2024 Member of the Supervisory Board of Novem Group SA, Luxembourg/Vorbach, Luxembourg/Germany (listed company).

²³ Mandate suspended due to interim CEO activity from January 1 to May 31, 2023.

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> ASSURANCE OF LEGAL REPRESENTATIVES

ASSURANCE OF LEGAL REPRESENTATIVES

To the best of our knowledge, and in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the earnings, assets and financial position of the Group, and the Consolidated Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Maintal, March 18, 2025

NORMA Group SE

The Management Board

Mark Wilhelms Chief Executive Officer (Interim CEO)

Annette Stieve Member of the Management Board (CFO)

Dr. Daniel Heymann Member of the Management Board (COO)

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> INDEPENDENT AUDITOR'S REPORT

INDEPENDENT AUDITOR'S REPORT

To NORMA Group SE, Maintal

Report on the Audit of the Consolidated Financial Statements and of the Condensed Management Report

Opinions

We have audited the consolidated financial statements of NORMA Group SE and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2024, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the financial year from 1 January to 31 December 2024, and notes to the consolidated financial statements, including a summary of significant accounting policies. In addition, we have audited the management report of the Company and the Group ("condensed management report") of NORMA Group SE including the remuneration report included in the section "Remuneration Report 2024" of the condensed management report, together with the related disclosures, for the financial year from 1 January to 31 December 2024.

In accordance with German legal requirements, we have not audited the content of those components of the condensed management report specified in the "Other Information" section of our auditor's report.

The condensed management report contains cross-references marked as unaudited that are not required by law. In accordance with German legal requirements, we have not audited these cross-references or the information to which the cross-references refer.

In our opinion, on the basis of the knowledge obtained in the audit

the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to Section 315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as at 31 December 2024, and of its financial performance for the financial year from 1 January to 31 December 2024, and
the accompanying condensed management report as a whole provides an appropriate view of the Group's position. In all material respects, this condensed management report is consistent with the consolidated financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the condensed management report does not cover the content of those components of the condensed management report specified in the "Other Information" section of the auditor´s report. The condensed management report contains cross-references marked as unaudited that are not required by law. Our opinion does not cover these cross-references or the information to which the crossreferences refer.

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Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the consolidated financial statements and of the condensed management report.

Basis for the Opinions

We conducted our audit of the consolidated financial statements and of the condensed management report in accordance with Section 317 HGB and the EU Audit Regulation No. 537/2014 (referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Condensed Management Report" section of our auditor's report. We are independent of the group entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) (f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial statements and on the condensed management report.

Key Audit Matters in the Audit of the Consolidated Financial Statements

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the financial year from 1 January to 31 December 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters.

Recoverability of Goodwill

For information on the accounting policies applied, please refer to Note 3 with the subsections "Intangible assets" and "Impairment of non-financial assets" in the notes to the consolidated financial statements. The assumptions underlying the valuation and disclosures on the amount of goodwill are included in Note 18 of the notes to the consolidated financial statements. Information on the economic development of the EMEA, Americas and Asia-Pacific operating segments can be found in the condensed management report in the section "Development of sales and earnings in the segments".

THE FINANCIAL STATEMENT RISK

Goodwill amounted to EUR 410,4 million as at 31 December, 2024 and represents a significant proportion of assets at 29% of total assets.

Goodwill is tested for impairment annually at the level of the EMEA, Americas and Asia-Pacific groups of cashgenerating units (CGUs), irrespective of any indications of impairment. If there are indications of a need for impairment during the year, an impairment test is also carried out on an ad hoc basis. For this purpose, the carrying amount is compared with the recoverable amount of the respective CGU. The recoverable amount is the higher of the fair value less costs of disposal and the value in use of the CGU. NORMA Group SE determines the recoverable amount as the fair value less costs of disposal on the basis of a discounted cash flow model for each CGU. If the carrying amount is higher than the fair value less costs of disposal, an impairment loss must be recognized if the carrying amount is not covered by the value in use. The reporting date for the impairment test is 30 September, 2024.

NORMA Group SE – Annual Report 2024 380

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Impairment testing of goodwill is complex and is based on a number of discretionary assumptions. These include the expected business and earnings development of the respective CGU for the next five years prepared by the Board of Management of NORMA Group SE and approved by the Supervisory Board, the assumed long-term growth rate in perpetuity and the discount rates used. Based on the values determined, there was no need for impairment.

There is a risk for the consolidated financial statements that an impairment existing on the reporting date was not recognized. There is also a risk that the related disclosures in the notes are not appropriate.

OUR AUDIT APPROACH

With the involvement of our valuation specialists, we assessed, among other things, the appropriateness of the key assumptions and the Company's calculation method. For this purpose, we discussed the expected business and earnings development per CGU as well as the assumed long-term growth rate with those responsible for planning.

We also examined whether the planning on which the valuation is based is consistent with the budgets prepared by the Board of Management and approved by the Supervisory Board with regard to the expected business and earnings development. In addition, we assessed the consistency of the assumptions with external market assessments. Our audit of the appropriateness of the key assumptions of the approved budgets also included an assessment of the quality of the Company's forecasts to date by comparing forecasts from previous financial years with the results actually achieved and analyzing deviations. Based on forecast deviations in the past, we examined how those responsible for planning reacted to the forecast deviations when preparing the budget.

We compared the assumptions and data underlying the discount rate, in particular the risk-free interest rate, the market risk premium and the beta factor, with our own assumptions and publicly available data. In order to assess the methodologically and mathematically appropriate implementation of the valuation method, we verified the valuation performed by the company using our own calculations and analyzed deviations.

In order to take into account the existing and, due to the economic environment, increased forecasting uncertainty, we also examined the effects of possible changes in the discount rate and the expected cash flows on the recoverable amount by calculating alternative scenarios and comparing them with the Company's values (sensitivity analysis).

Finally, we assessed whether the disclosures in the notes on the recoverability of goodwill are appropriate.

OUR OBSERVATIONS

The procedure underlying the goodwill impairment testing is appropriate and in line with the valuation principles.

The assumptions and data of the Company on which the valuation is based are appropriate. The related disclosures in the notes are appropriate.

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Other Information

The Board of Management respectively Supervisory Board are responsible for the other information. The other information comprises the following components of the condensed management report, whose content was not audited:

the Group's nonfinancial statement, which is referred to in the condensed management report,
the combined corporate governance statement for the Company and the Group which is referred to in the condensed management report, and,
the information extraneous to management reports and marked as unaudited.

The other Information includes also the remaining parts of the annual report. The other Information does not include the consolidated financial statements, the condensed management report information audited for content and our auditor's report thereon.

Our opinions on the consolidated financial statements and on the condensed management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the above-mentioned other information and, in so doing, to consider whether the other information

is materially inconsistent with the consolidated financial statements, with the condensed management report information audited for content or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.

Responsibilities of the Board of Management and of the Supervisory Board for the Consolidated Financial Statements and the Condensed Management Report

The Board of Management is responsible for the preparation of the consolidated financial statements that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition, management is responsible for such internal control as they have determined necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the consolidated financial statements, the Board of Management is responsible for assessing the Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.

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Furthermore, the Board of Management is responsible for the preparation of the condensed management report that, as a whole, provides an appropriate view of the Group's position and is, in all material respects, consistent with the consolidated financial statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future development. In addition, the Board of Management is responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a condensed management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the condensed management report.

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the preparation of the consolidated financial statements and of the condensed management report.

Furthermore, the Board of Management and the Supervisory Board are responsible for the preparation of the remuneration report included in a separate section of the condensed management report, including the related disclosures, in accordance with the requirements of Section 162 German Stock Corporation Act (AktG). In addition, they are responsible for the internal controls that they deem necessary, in order to enable the preparation of a remuneration report, including the related disclosures, that is free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements and of the Condensed Management Report

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the condensed management report as a whole provides an appropriate view of the Group's position and, in all material respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the consolidated financial statements and on the condensed management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements and this condensed management report.

We exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements and of the condensed management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of arrangements and measures (systems) relevant to the audit of the condensed management report in order

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to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of these systems.

Evaluate the appropriateness of accounting policies used by the Board of Management and the reasonableness of estimates made by the Board of Management and related disclosures.
Conclude on the appropriateness of the Board of Management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the consolidated financial statements and in the condensed management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to be able to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e (1) HGB.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express opinions on the consolidated financial statements and on the condensed management report. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our opinions.
Evaluate the consistency of the condensed management report with the consolidated financial statements, its conformity with [German] law, and the view of the Group's position it provides.
Perform audit procedures on the prospective information presented by the Board of Management in the condensed management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the Board of Management as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards applied to eliminate independence threats.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless laws or regulation precludes public disclosure about the matter.

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Other legal and regulatory requirements

Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the Condensed Management Report Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB

We have performed assurance work in accordance with Section 317 (3a) HGB to obtain reasonable assurance about whether the rendering of the consolidated financial statements and the condensed management report (hereinafter the "ESEF documents") contained in the electronic file "normagroup-2024-12-31-de (7).zip" (SHA256- Hashwert: 7486fc2a5a10fe2121c656dfa620c5e37ba38d7da17a0444bccc1f2368fe45a4) made available and prepared for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the consolidated financial statements and the condensed management report into the ESEF format and therefore relates neither to the information contained in these renderings nor to any other information contained in the file identified above.

In our opinion, the rendering of the consolidated financial statements and the condensed management report contained in the aforementioned electronic file and made available, for publication purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial statements and the accompanying condensed management report for the financial year from 1 January to 31 December 2024 contained in the "Report on the Audit of the Consolidated Financial Statements and the Condensed Management Report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

We conducted our assurance work on the rendering of the consolidated financial statements and the condensed management report contained in the file made available and identified above in accordance with Section 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with Section 317 (3a) HGB (IDW AsS 410 (06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is further described below. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in Audit Firms (IDW QMS 1(09.2022)).

The Company's Board of Management is responsible for the preparation of the ESEF documents including the electronic rendering of the consolidated financial statements and the condensed management report in accordance with Section 328 (1) sentence 4 item 1 HGB and for the tagging of the consolidated financial statements in accordance with Section 328 (1) sentence 4 item 2 HGB.

In addition, the company's Board of Management is responsible for such internal control that they have considered necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB for the electronic reporting format.

The Supervisory Board is responsible for overseeing the process of preparing the ESEF documents as part of the financial reporting process.

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise professional judgement and maintain professional scepticism throughout the assurance work. We also:

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Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
Evaluate the technical validity of the ESEF documents, i.e. whether the file made available containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815, as amended as at the reporting date, on the technical specification for this electronic file.
Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated financial statements and the audited condensed management report.
Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, as amended as at the reporting date, enables an appropriate and complete machine-readable XBRL copy of the XHTML rendering.

Further Information pursuant to Article 10 of the EU Audit Regulation

We were elected as group auditor at the annual general meeting on 16 May 2024. We were engaged by the Supervisory Board on 19 November 2024. We have been the group auditor of the NORMA Group SE since financial year 2023.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).

Other matter – Use of the Auditor's Report

Our auditor's report must always be read together with the audited consolidated financial statements and the audited condensed management report as well as the examined ESEF documents. The consolidated financial statements and condensed management report converted to the ESEF format – including the versions to be entered in the company register – are merely electronic renderings of the audited consolidated financial statements and the audited condensed management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the examined ESEF documents made available in electronic form.

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German Public Auditor Responsible for the Engagement

The German Public Auditor responsible for the engagement is Matthias Forstreuter.

Frankfurt am Main, March 18, 2025

KPMG AG Wirtschaftsprüfungsgesellschaft

[Original German version signed by:]

Forstreuter Kraus

Wirtschaftsprüfer Wirtschaftsprüfer

[German Public Auditor] [German Public Auditor]

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373 APPENDIX TO THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Auditor`s Report

Assurance report of the independent German Public Auditor on a limited assurance engagement in relation to the combined non-financial statement included in the combined management report.

To the NORMA Group SE, Maintal

Assurance Conclusion

We have conducted a limited assurance engagement on the combined non-financial statement of NORMA Group SE for the financial year from 1. January to 31. December 2024, included in section "Combined Non-financial Statement" of the combined management report, prepared to fulfil the requirements of Sections 315b and 315c of the HGB [Handelsgesetzbuch: German Commercial Code] for a consolidated non-financial statement and Sections §§ 289b to 289e of the HGB for a non-financial statement of the company, including the information contained in this combined non-financial statement to fulfill the requirements of Article 8 of Regulation (EU) 2020/852 (hereinafter the "consolidated non-financial reporting").

Not subject to our assurance engagement are the external sources of documentation mentioned in the consolidated non-financial reporting which are marked as unassured.

Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the accompanying consolidated non-financial reporting for the financial year from 1. January to 31. December 2024 is not prepared, in all material respects, in accordance with Sections 315b and 315c HGB for a consolidated non-financial statement, Sections §§ 289b to 289e of the HGB for a non-financial statement of the company, the requirements of Article 8 of Regulation (EU) 2020/852 and the supplementary criteria presented by the executive directors of the Company.

We do not express an assurance conclusion on the external sources of documentation mentioned in the consolidated non-financial reporting which are marked as unassured.

Basis for the Assurance Conclusion

We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board (IAASB).

The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our responsibilities under ISAE 3000 (Revised) are further described in the section "German Public Auditor's Responsibilities for the Assurance Engagement on the consolidated non-financial reporting".

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We are independent of the entity in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements. Our audit firm has applied the requirements for a system of quality control as set forth in the IDW Quality Management Standard issued by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW): Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)) and International Standard on Quality Management (ISQM) 1 issued by the IAASB. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion.

Emphasis of Matter – Principles for the preparation of the consolidated non-financial reporting

Without modifying our audit opinion, we refer to the disclosures in the consolidated non-financial reporting, which describe the principles for the preparation of the consolidated non-financial reporting. Accordingly, the Company has applied the European Sustainability Reporting Standards (ESRS) to the extent specified in Section "Consolidated Non-financial Statement – General Disclosures" of the consolidated non-financial reporting.

Responsibilities of the Executive Directors and the Supervisory Board for the consolidated non-financial reporting

The executive directors are responsible for the preparation of the consolidated non-financial reporting in accordance with the applicable German legal and other European requirements as well as with the supplementary criteria presented by the executive directors of the Company and for designing, implementing and maintaining such internal control that they have considered necessary to enable the preparation of a consolidated nonfinancial reporting in accordance with these requirements that is free from material misstatement, whether due to fraud (i.e., fraudulent sustainability reporting in the consolidated non-financial reporting) or error.

This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting and applying appropriate reporting policies for preparing the consolidated non-financial reporting, as well as making assumptions and estimates and ascertaining forward-looking information for individual sustainability-related disclosures.

The Supervisory Board is responsible for overseeing the process for the preparation of the consolidated nonfinancial reporting.

Inherent Limitations in Preparing the consolidated non-financial reporting

The CSRD and the applicable German legal and other European requirements contain wording and terms that are subject to considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been published. As such wording and terms may be interpreted differently by regulators or courts, the legality of measurements or evaluations of sustainability matters based on these interpretations is uncertain. As further set forth in sections "Turnover KPI (Key Performance Indicator) definition", "Capex KPI definition", "OpEx KPI definition" regarding the EU Taxonomy, as well as section "E5-4 Resource inflows - Products and materials" of the consolidated non-financial reporting, the quantification of the non-financial performance indicators, especially regarding EU Taxonomy eligible turnover, CapEx and OpEx, as well as secondary materials is also subject to inherent uncertainties due to restricted availability of data and the necessity of estimations.

These inherent limitations also affect the assurance engagement on the consolidated non-financial reporting.

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German Public Auditor's Responsibilities for the Assurance Engagement on the consolidated non-financial reporting

Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether any matters have come to our attention that cause us to believe that the consolidated non-financial reporting has not been prepared, in all material respects, in accordance with the applicable German legal and other European requirements and the supplementary criteria presented by the company's executive directors, and to issue an assurance report that includes our assurance conclusion on the consolidated non-financial reporting.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and maintain professional skepticism. We also:

obtain an understanding of the process used to prepare the consolidated non-financial reporting, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the consolidated non-financial reporting.
identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. In addition, the risk of not detecting a material misstatement in information obtained from sources not within the entity's control (value chain information) is ordinarily higher than the risk of not detecting a material misstatement in information obtained from sources within the entity's control, as both the entity's executive directors t and we as practitioners are ordinarily subject to restrictions on direct access to the sources of the value chain information.
consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial unavoidable risk that future events will differ materially from the forward-looking information.

Summary of the Procedures Performed by the German Public Auditor

A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability information. The nature, timing and extent of the selected procedures are subject to our professional judgment.

In performing our limited assurance engagement, we among others:

evaluated the suitability of the criteria as a whole presented by the executive directors in the consolidated nonfinancial reporting
inquired of the executive directors and relevant employees involved in the preparation of the consolidated nonfinancial reporting about the preparation process, including the materiality assessment process carried out by the entity to identify the disclosures to be reported in the consolidated non-financial reporting, and about the internal controls relating to this process
evaluated the reporting policies used by the executive directors to prepare the consolidated non-financial reporting
evaluated the reasonableness of the estimates and related information provided by the executive directors.
performed analytical procedures and made inquiries in relation to selected information in the consolidated nonfinancial reporting
conducted site visits
considered the presentation of the information in the consolidated non-financial reporting
considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclosures in the consolidated non-financial reporting.

NORMA Group SE – Annual Report 2024 390

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Restriction of Use / Clause on General Engagement Term

This assurance report is solely addressed to NORMA Group SE.

The engagement, in the performance of which we have provided the services described above on behalf of NORMA Group SE, was carried out on the basis of the General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften (Allgemeine Auftragsbedingungen für Wirtschaftsprüferinnen, Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) dated as of January 1, 2024 (www. kpmg.de/AAB_2024). By taking note of and using the information as contained in our report each recipient confirms to have taken note of the terms and conditions stipulated in the aforementioned General Engagement Terms (including the liability limitations specified in item No. 9 included therein) and acknowledges their validity in relation to us.

Mannheim, March 18th, 2025

KPMG AG

Wirtschaftsprüfungsgesellschaft

Forstreuter Beyer

German Public Auditor German Public Auditor

Teco's Testa Roja quick-closing valves are easy to install and simple to use to control the water flow of irrigation systems.

Water Management²⁴ : Developments in 2024

NORMA Group completed the acquisition of Teco Srl on February 29, 2024, laying the ground for the expansion of its water business in Europe. Teco is an Italian supplier of irrigation products for the gardening, landscaping and agricultural sectors. Its customers include wholesalers as well as manufacturers of water management systems.

FURTHER ²⁴ INFORMATION

392	Glossary
400	List of Graphics
401	List of Tables
406	Overview by Quarters
407	10-Year Overview
409	Financial Calendar, Contact and Imprint

²⁴On November 28, 2024, NORMA Group announced the initiation of the sale process for the global business activities of Water Management.

5 FURTHER INFORMATION

> GLOSSARY

FURTHER INFORMATION

Glossary

5S Methodology

5S is a method for organizing a work space for efficiency and effectiveness in order to reduce industrial accidents.

Aftermarket segment

The market concerned with the maintenance/repair of investment goods or long-life final goods (e.g. vehicles) or the sale of replacement parts or complementary parts for the goods. This involves the sale of services and / or parts that are directly related to the previous sale of the goods.

Asset-backed securities (ABS) program

A specific way of converting payment claims into negotiable securities with a financing company.

Best-landed cost approach

Assessment of the total costs of a product including the price of the product as well as the charges for shipping, taxes and/or duties.

BEV

BEV is the abbreviation for "Battery Electric Vehicle". This refers to an automobile that uses at least one electric motor for propulsion.

Bubble assignment

Short-term exchange program for employees to promote internal knowledge transfer, intercultural awareness, the development of networks and the individual development of participants.

CDP

Formerly "Carbon Disclosure Project," non-governmental organization focusing on environmental reporting in the areas of climate, water and forests.

Circular economy

The circular economy corresponds to a regenerative economic system in which the use of resources, waste production, emissions as well as energy consumption are minimized. The basis for this is formed by long-lasting and closed material and energy cycles.

CO2 equivalents

CO2 equivalents illustrate the global warming potential of various gases that are harmful to the climate and show how much a specific quantity of a greenhouse gas contributes to the greenhouse effect. The comparative value used here is carbon dioxide (CO2). The index thus expresses the warming effect of a greenhouse gas over a clearly defined period of time compared to that of CO2.

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

Code of Conduct

A set of policies that can and should be applied in a wide range of contexts and environments depending on the situation. In contrast to a rule, the target audience is not obliged to always comply with the Code of Conduct. A Code of Conduct is more of a personal commitment to follow or abstain from certain patterns of behavior, ensuring that nobody gains an unfair advantage by circumventing these patterns.

Commercial Paper

A Commercial Paper (CP) is a short-term bond issue with a money market character.

Compliance

Conforming to rules: a company and its employees adhering to Codes of Conduct, laws and guidelines.

Conflict minerals

Natural resources whose deposits are largely located in conflict regions (especially the Democratic Republic of Congo), where they are mined and traded in some cases in serious violation of international law; especially tin, tantalum, tungsten and gold.

Corporate governance

A set of all international and national rules, regulations, values and principles that apply to companies and determine how these companies are to be managed and monitored.

Corporate responsibility

A form of corporate self-regulation integrated into a business model by taking societal and environmental aspects into account.

Corporate Volunteering

Corporate volunteering refers to the voluntary, employer-sponsored sponsored by the employer of employees in social or ecological areas and activities.

Covenants

Covenants is a collective term for additional contractual clauses or ancillary agreements in loan agreements or bond conditions. They contain future obligations on the part of the borrower or bond debtor to perform or refrain from performing a certain act.

Coverage

The regular assessment of the economic and financial situation of a listed company by banks or financial research institutions.

Cross-selling effects

The action or practice of selling an additional product or service to an existing customer.

CSRD

The Corporate Sustainability Reporting Directive (CSRD) is a further development of the previously applicable Non-Financial Reporting Directive (NFRD). The CSRD stipulates that the EU-member states must transpose the requirements into national law. However, as the necessary implementing legislation has not yet been passed in Germany, the CSRD does not yet apply in Germany for the 2024 financial year. However, the new directive will significantly extend the reporting obligation.

NORMA Group SE – Annual Report 2024 394

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

CSR-RUG

German CSR Directive Implementation Law.

Diversity Management

Diversity management is a central element of human resources policy, which diversity of employees in terms of gender, age, ethnic origin, religious beliefs ethical background, religious beliefs, sexual identity or possible disabilities for the success of the company.

Due Diligence

Refers to the examination and analysis of a company with "due diligence", especially with regard to economic, legal, tax and financial circumstances.

Earnings before interest, taxes and amortization (EBITA)

EBITA describes earnings before interest, taxes and amortization of intangible assets. For long-term comparison and a better understanding of business development, NORMA Group adjusts the EBITA for certain one-time expenses. 4 NOTES

Earnings before interest, taxes, depreciation and amortization (EBITDA)

Earnings before interest, taxes, depreciation (of property, plant and equipment) and amortization (of intangible assets). It is a measure of a company's operating performance before investment expenses. For long-term comparison and a better understanding of its business development, NORMA Group adjusts the EBITDA for certain one-time expenses. 4 NOTES

EBITA margin (adjusted)

The adjusted EBITA margin is calculated from the ratio of adjusted EBITA to sales and is an indicator of the profitability of NORMA Group's business activities.

EBITDA margin (adjusted)

The adjusted EBITDA margin is calculated from the ratio of adjusted EBITDA to sales.

Economies of scale

Describes the ratio of production volume to the factors of production factors. In the case of positive economies of scale increases with the intensification of the production factors the quantity of output also increases.

Elastomers

Stable but elastic plastics that are used at a temperature above their glass transition temperature. The plastics can deform under tensile or compressive load, but then return to their original shape.

EMEA

Abbreviation for the economic area of Europe (comprising Western and Eastern Europe), the Middle East and Africa.

Engineered Joining Technology (EJT)

One of NORMA Group's two ways to market. It provides customized, highly Engineered Joining Technology products primarily, but not exclusively, for industrial OEM customers.

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

409 FINANCIAL CALENDAR, CONTACT AND IMPRINT ESG stands for Environmental, Social and Governance. The abbreviation refers to the commitment of companies in the areas of environment, social affairs and corporate governance.

ESRS

ESG

European Sustainability Reporting Standards; standards for CSR reporting according to CSRD.

Equity ratio Equity in relation to total assets.

EU Taxonomy

The EU Taxonomy represents a detailed classification system designed to provide the greatest possible transparency to the capital market in order to encourage investment in environmentally sustainable activities. It also establishes, for the first time, a link between financial and non-financial issues in order to provide an objective and consistent assessment of the sustainability of economic activities. The EU Taxonomy was originally designed by the European Commission as part of its climate policy positioning following the Paris Climate Agreement in 2019. It is based on the European Green Deal and aims to establish reporting requirements that increase the informative value of companies' non-financial reporting.

Fair value

Fair value is the amount for which an asset could be exchanged, or a liability settled, between market participants in an arm's length transaction at the measurement date. In principle, it is a value concept for the measurement of assets or liabilities. Fair value is used in particular for the measurement IAS 40 in conjunction with IFRS 13.

FAO

Food and Agriculture Organization of the United Nations.

Foresight management

Long-term strategic planning based on an analysis of changing environmental conditions (e.g. technology trends and changes in the market environment).

Free cash flow

Indicates the amount of money that is available to pay dividends to shareholders and / or repay loans.

Gearing

Gearing is a measure of a company's debt level. Gearing is calculated from the ratio of net debt to equity.

Gemba walk

Daily walk through production halls, inspecting individual processes in the opposite order of workflow and analyzing potential opportunities for improvement.

GRI – Global Reporting Initiative

Initiative that sets standards for sustainability reporting.

IATF 16949

An international standard that combines the existing general demands on quality management systems of the (mostly North American and European) automotive industry.

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

IDW

The Institute of Auditors in Germany (Institut der Wirtschaftsprüfer in Deutschland e. V.)

Initial public offering (IPO)

First offering of shares of a company on the regulated capital market.

Innovation roadmapping

Systematic approach to adapt company-specific product innovations to future market and technological developments.

Innovation scouting

Structured observation of changes, potentials and relevant knowledge of technological developments and processes.

International securities identification number (ISIN)

12-digit alphanumerical code used to identify a security traded on the stock market.

International Labour Organization (ILO)

The ILO was founded in 1919 and has its headquarters in Geneva. The aim of the ILO is to the improvement of the working and living conditions of all people, the world peace by improving the working and living conditions of all people. To this end, legally binding agreement and conventions as well as labor and social standards has been defined.

ISO 9001

International standard that defines the minimum requirements that quality management systems must meet.

ISO 14001

An international environmental management standard that specifies the internationally accepted requirements for an environmental management system.

ISO 45001

Health and Safety Management that replaces the current Occupational Health and Safety Assessment Series 18001 (OHSAS 18001)

Lean manufacturing

A systematic method for the elimination of waste within a manufacturing process. An integrated socio-technical system reduces or minimizes supply-side, customer-side and internal fluctuations.

Leverage

Leverage is a measure of a company's debt and is calculated as the ratio of net debt (without hedging instruments) to adjusted EBITDA over the last 12 months (LTM). For the purpose of a better comparison, adjusted EBITDA LTM includes the companies acquired during the year.

Lockout-tagout

Safety procedure used to ensure that dangerous machines are properly shut off and not able to be started up again prior to the completion of maintenance or repair work.

1 INTRODUCTION

> GLOSSARY

Long-term assignment

Long-term exchange program for employees to promote internal knowledge transfer, intercultural awareness, the development of networks and the individual development of participants.

Long-term incentive plan (LTI)

Multi-year variable compensation in the form of stock rights for executives and other specific employee groups, representing a cash-settled share-based compensation plan in the form of virtual shares. It takes into account both the development of the company as well as that of the share price.

Material cost ratio

The material cost ratio of NORMA Group results from the ratio of material expenses to sales.

MHEV

MHEV is the abbreviation for Mild Hybrid Electric Vehicle. An MHEV is a vehicle that is powered by an internal combustion engine and also has a small electric motor. The electric motor supports the combustion engine in certain energy-intensive situations, for example when starting off and accelerating. The battery does not need to be charged from an external power source; instead, the kinetic energy of the vehicle is converted into electricity, for example when braking. By recovering the energy, fuel consumption can be reduced.

Net debt

Net debt is the sum of financial liabilities less cash and cash equivalents. Financial liabilities also include liabilities from derivative financial instruments that are held for trading purposes or as hedging instruments.

Net operating cash flow

Net operating cash flow is calculated on the basis of EBITDA plus changes in working capital less investments from operating activities. Net operating cash flow is a key financial control figure for NORMA Group and serves as a measure for the Group's liquidity.

NEV

NEV stands for "New Energy Vehicle" and is the collective term for vehicles that can be charged from the power grid. These include battery-powered electric vehicles (BEV), plug-in hybrids (PHEV) and fuel cell vehicles (FCEV).

NORMA Value Added (Nova)

A key financial control figure for NORMA Group that serves as a measure for the annual rise in corporate value.

OHSAS 18001

Occupational Health and Safety Assessment Series; certification of occupational health and safety management systems.

Original equipment manufacturer (OEM)

A company that retails products under its own name.

Peugeot Société Anonyme PSA

A French car manufacturer group that includes the Citroen, DS, Opel, Peugeot and Vauxhall brands.

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

400 LIST OF GRAPHICS

PHEV

PHEV is the abbreviation for Plug-in Hybrid Electric Vehicle. A PHEV is a hybrid electric vehicle with a battery that can be charged by plugging a charging cable into an external power source. The battery can also be charged internally on board by the combustion engine's generator.

Prime standard

A segment of the regulated stock market with higher inclusion requirements than the General Standard. It is the private law segment of the Frankfurt Stock Exchange with the highest transparency standards. All companies listed in the DAX, MDAX, TecDAX and SDAX must be included in the Prime Standard.

Reverse factoring

A financing solution initiated by the ordering party in order to help its suppliers finance their receivables more easily and at a lower interest rate than they would normally be offered.

Roadshow

Series of corporate presentations made to investors by an issuer at various financial locations to attract investment in the company.

ROCE

ROCE is the abbreviation for return on capital employed.

SBU

Abbreviation for "Strategic Business Unit".

Science-based targets initiative (SBTi)

Initiative that sets climate targets that support the Paris Climate Agreement and meet the goal of limiting global warming to well below two degrees Celsius.

Scope 1, 2, 3

Method for differentiating greenhouse gases. Scope 1: Emissions from emission sources within the company's boundaries. Scope 2: Emissions from the generation of energy procured from outside the boundaries (especially electricity and heat). Scope 3: All other emissions caused by the company's activities but not under its control, for example from suppliers, service providers or employees.

Securities ID number (WKN)

A six-character combination of numbers and letters used in Germany to identify securities.

Selective catalytic reduction (SCR)

Selective catalytic reduction is a method used to reduce particle and nitric oxide emissions.

SMED (Single Minute Exchange of Die)

Optimization of set up times of processes through both organizational and technical measures.

Societas europaea (SE)

Legal form for stock companies in the European Union and the European Economic Area. With the SE, the EU started allowing for companies to be founded in accordance with a largely uniform legal framework at the end of 2004.

1 INTRODUCTION

5 FURTHER INFORMATION

> GLOSSARY

Stakeholder approach

The stakeholder approach is an extension of the shareholder value approach often found in business management. However, the stakeholder approach attempts to grasp the company in its entire context and to reconcile the needs of different groups. In addition to shareholders, stakeholders include employees, customers, suppliers and the general public.

Standardized Joining Technology (SJT)

One of NORMA Group's two distribution channels with a wide range of high-quality, standardized connection products for different application areas and end customers. This distribution channel was known as Distribution Services (DS) until 2019.

Step Up

Medium-term growth and efficiency program aimed at making the operating business of NORMA Group even more efficient and productive in order to achieve further profitable growth in the three strategic business units "Industrial Applications", "Water Management" and "Mobility & New Energies".

Sustainable Development Goals (SDGs)

The Sustainable Development Goals (SDGs) were adopted by the United Nations General Assembly in 2015. They cover economic, environmental and social aspects and consist of individual indicators that make implementation measurable.

Thermoplasts (also known as plastomers)

Plastics that become elastic (thermoplastic) in a particular temperature range, whereby this process is reversible.

UN Global Compact

United Nations initiative for corporate responsibility.

Weighted average cost of capital (WACC)

The weighted average cost of capital (WACC) represents a company's total costs of capital for liabilities and equity depending on the individual capital structure.

Working capital

Trade working capital describes the Group's current net operating assets and is calculated as the sum of inventories and trade receivables minus trade payables.

Xetra

An electronic trading system operated by Deutsche Börse AG for the spot market.

1 INTRODUCTION

> LIST OF GRAPHICS

	List of Graphics

Graphic		Page
Introduction
G001	NORMA Group worldwide	9
To Our Shareholders
G002	Index-based comparison of NORMA Group's share price performance in 2024 with DAX, MDAX and SDAX	15
G003	Share price development of the NORMA Group share since the IPO in 2011 compared to the SDAX	16
G004	Distribution of trading activity in 2024	17
G005	Free float by region	20
G006	Analyst recommendations	21
	Condensed Management Report
G007	NORMA Group (simplified structure under company law)	48
G008	Simplified matrix organizational structure as at December 31, 2024	50
G009	Strategic Business Units	51
G010	Strategic goals of NORMA Group	57
G011	Important financial control parameters	61
G012	Development of 2024 sales	81
G013	Sales by segment	88
G014	Asset and capital structure	89
G015	Maturity profile by financial instrument	93
G016	Maturity profile by currency	93
G017	Development of nickel prices and the alloy surcharge 1.4301	100
G018	Development of alloy surcharges 1.4016	101
G019	Purchasing turnover in 2024 by material groups	102
G020	Development of personnel figures	105
G021	Breakdown of employees by group	106
G022	Marketing expenses in 2024 by segment	108
G023	Risk management system of NORMA Group	212
G024	Components of the 2020 remuneration system	230
G025	Mechanism of the STI	235
G026	Target amounts and payout amounts of the STI	236
G027	Temporal sequence of the NOVA-LTI	238
G028	Target amounts and payout amounts of the NOVA-LTI	239
G029	Mechanism of the ESG-LTI	241

1 INTRODUCTION

> LIST OF TABLES

List of Tables

Table		Page
Introduction
T001	Financial figures	5
T002	Non-financial figures	6
To our Shareholders
T003	Significant voting rights	17
T004	Analysts covering NORMA Group	20
T005	Key figures for the NORMA-Group share	22
T006	Meeting attendance 2024	27
T007	Responsibilities of the Management Board	34
T008	Competence profile of the Supervisory Board members and qualification matrix	37
T009	Other mandates of the Supervisory Board members	40
	Condensed Management Report
T010	NORMA Value Added (NOVA)	62
T011	Capital employed	62
T012	Assumptions for the calculation of WACC	63
T013	Financial control parameters	64
T014	Non-financial control parameters	64
T015	R&D Figures	68
T016	GDP growth rates (real) in %	70
T017	Engineering: Real change in industry sales	72
T018	Automotive Industry: Global production and development of sales	73
T019	Construction Industry: Development of European construction output	74
T020	Comparison of target and actual values	78
T021	Adjustments	80
T022	Effects on Group sales	82
T023	Development of important customer industries	83
T024	Return on capital employed (ROCE)	83
T025	Development of segments	88
T026	Key investments in 2024	96
T027	Workforce by regions	105
T028	References to the Management Report and Remuneration Report	111
T029	GOV-1-21 Sustainability expertise on the Supervisory Board	112
T030	Statement on due diligence	115
T031	Material IROs	123
T032	Data points in relation to EU legislation	132
T033	Energy consumption and mix	139
T034	Total energy consumption per net revenue (in MWh/EUR thousands)	140

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Table (continued)

> LIST OF TABLES

T035	GHG emissions (in tCO2eq)	141
T036	Calculation methods for determining Scope 3 emissions	143
T037	Excluded Scope 3 emissions	145
T038	GHG emissions intensity per net revenue	145
T039	Microplastics (in t)	148
T040	Information on resource inflows	151
T041	Total waste volume (in t)	152
T042	Proportion of turnover / Total turnover	159
T043	Turnover-Key-Performance-Indicator (KPI)	160
T044	Turnover-Key-Performance-Indicator (KPI)	161
T045	Proportion of CapEx / Total CapEx	163
T046	CapEx-Key-Performance-Indicator (KPI)	164
T047	CapEx-Key-Performance-Indicator (KPI)	165
T048	Proportion of OpEx / Total OpEx	167
T049	OpEx-Key-Performance-Indicator (KPI)	168
T050	OpEx-Key-Performance-Indicator (KPI)	169
T051	Collective bargaining coverage and social dialog	172
T052	Contents of the consolidated non-financial statement	193
T053	Income statement for the period from January 1 to December 31, 2023	195
T054	Sales by Region	195
T055	Assets	197
T056	Equity and liabilities	197
T057	Forecast for GDP growth (real)	203
T058	Engineering: real change in industry sales	204
T059	Automotive industry: global production and development of sales	205
T060	Construction industry: development of European construction output	206
T061	Future development of NORMA Group	209
T062	Risk and opportunity profile of Norma Group	228
T063	Fixed non-performance dependent remuneration components, design, reference to the strategy	232
T064	Variable performance dependent remuneration components, design, reference to the strategy	232
T065	TSR comparison group	235
T066	Assumptions for the calculation of the weighted average cost of capital	237
T067	Calculation of the NOVA figure	239
T068	NOVA-Bonus / LTI	242
T069	Management Board remuneration granted and owed pursuant to Sec. 162 (1) sentence 2 no. 1 German Stock Corporation Act (AktG)	244
T070	Overview of the promised pensions of the Board members	245
T071	Gewährte und geschuldete Vergütung gemäß § 162 Absatz 1 Satz 2 Nummer 1 AktG	246
T072	Remuneration granted and owed pursuant to Sec. 162 (1) sentence 2 no. 1 German Stock Corporation Act (AktG)	249

NORMA Group SE – Annual Report 2024 403

1 INTRODUCTION	Table (continued)
2 TO OUR SHAREHOLDERS	T073	Comparative presentation of the annual change (so-called vertical comparison) pursuant to Section 162 (1) sentence 2 No. 2 German Stock Corporation Act (AktG)	251
3 CONDENSED		Consolidated Financial Statements
MANAGEMENT REPORT	T074	Consolidated Statement of Comprehensive Income	256
	T075	Assets	257
4 CONSOLIDATED	T076	Equity and Liabilities	258
FINANCIAL STATEMENTS	T077	Consolidated Statement of Cash Flows	259
5 FURTHER INFORMATION	T078	Consolidated Statement of Changes in Equity	260
	T079	Exchange rates	262
392 GLOSSARY	T080	Accounting standards applied for the first time in the current financial year	263
	T081	Pronouncements published by the IASB in the current financial year	264
400 LIST OF GRAPHICS	T082	Valuation methods	266
> LIST OF TABLES	T083	Change in Scope of Consolidation	281
	T084	List of Group companies of NORMA Group as of Dec 31, 2024 according to § 313(2) HGB	282
406 OVERVIEW BY QUARTERS	T085	Overview of financial risks	284
	T086	Foreign exchange risk	286
407 10-YEAR OVERVIEW	T087	Credit risk exposure from cash and cash equivalents and other financial assets	288
409 FINANCIAL CALENDAR,	T088	Maturity structure of non-derivative financial liabilities	289
CONTACT AND IMPRINT	T089	Maturity structure of derivative financial instruments	290
	T090	Profit and loss net of adjustments	293
	T091	Revenues by customer industries	295
	T092	Revenue by category	295
	T093	Raw materials and consumables used	296
	T094	Other operating income	296
	T095	Other operating expenses	297
	T096	Employee benefits expense	297
	T097	Financial income and costs	298
	T098	Net foreign exchange gains / losses	299
	T099	Earnings per share	299
	T100	Income taxes	299
	T101	Tax reconciliation	300
	T102	Income tax charged / credited to other comprehensive income	301
	T103	Movement in deferred tax assets and liabilities	302
	T104	Deferred income tax assets	302
	T105	Deferred income tax liabilities	303
	T106	Temporary usability of tax loss carry forwards	304
	T107	Temporary usability of unrecognized tax loss carry forwards	304
	T108	Development of goodwill and other intangible assets	305
	T109	Goodwill and other intangible assets – carrying amounts	306
	T110	Significant individual intangible asset	307

1 INTRODUCTION

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Table (continued)

T112 Goodwill allocation per segment 308 T113 Goodwill per segment – further key assumptions 309 T114 309 Impairments T115 311 Development of property, plant and equipment T116 313 Property, plant and equipment – carrying amounts T117 314 Right-of-use assets – carrying amounts T118 Maturity of lease liabilities as of Dec 31, 2024 315 T119 Maturity of lease liabilities as of Dec 31, 2023 315 T120 Leases in the statement of profit or loss 315 T121 Financial instruments – classes and categories 316 T122 318 Trade and other receivables T123 Trade receivables 319 T124 Credit risk on trade receivables 319 T125 Impairment reconciliation 320 T126 Gains/losses arising from derecognition IFRS 7.20A 320 T127 Other financial assets 323 T128 Trade and other payables 324 T129 Overview of Supply Chain Financing Agreements (SCF) as of December 31, 2024 324 T130 Borrowings 325 T131 Maturity bank borrowings 2024 326 T132 Maturity bank borrowings 2023 326 T133 Loan conditions as of Dec 31, 2024 326 T134 Loan conditions as of Dec 31, 2023 326 T135 Other financial liabilities 327 T136 Maturity of financial liabilities 328 T137 Net debt 328 T138 Derivative financial instruments 329 T139 The effects of cash flow hedge accounting on financial position and performance 330 T140 Hedging currency risks through cash flow hedges 331 T141 Change in hedging reserve before tax 331 T142 The effects of fair value hedge accounting on financial position and performance 332 T143 The effects of fair value hedge accounting on financial position and performance 333 T144 Gains and losses fair value hedges 333 T145 Financial instruments - fair value hierarchy 334 T146 Financial instruments - net gains and losses 335 T147 Interest expenses/income from financial assets and liabilities (IFRS 7.20(b)) 335 T148 Offsetting of financial instruments 336 T149 Inventories 337 T150 Other non-financial assets 338	T111	Change in goodwill	307

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> LIST OF TABLES

Table (continued)
T151	Development of retained earnings	339
T152	Development of other reserves	340
T153	Development of NOVA-LTI	342
T154	Development of NOVA-LTI	342
T155	Development of ESG-LTI	344
T156	Development of ESG-LTI	344
T157	Development of LTI	347
T158	Expense from share-based payment transactions	348
T159	Components pension liability	350
T160	Reconciliation of the net defined benefit liability	350
T161	Reconciliation of the changes in the DBO	351
T162	Reconciliation of changes in the fair value of plan assets	352
T163	Breakdown of plan assets	352
T164	Actuarial assumptions	353
T165	Expected payments from post-employment benefit plans	354
T166	Development of provisions	355
T167	Provisions – split current / non-current	355
T168	Provisions – other personnel-related	357
T169	Other non-financial liabilities	358
T170	Net cash outflows for acquisitions	360
T171	Reconciliation of changes in assets and liabilities to cash flows from financing activities	361
T172	Reconciliation of changes in assets and liabilities to cash flows from financing activities	363
T173	Segment reporting	365
T174	External sales per country	367
T175	Non-current assets per country	367
T176	Commitments	368
T177	Remuneration of members of the Management Board (IFRS)	369
T178	Provisions / liabilities for remuneration of the Management Board members	369
T179	Remuneration of Management Board members	370
T180	Fees for the auditor	370
T181	Average headcount	371
T182	Voting rights notification	373
Further Information
T183	Overview by Quarters	406
T184	10-Year Overview	407
T185	Financial calendar 2025	409

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2 TO OUR SHAREHOLDERS

> OVERVIEW BY QUARTERS

Overview by Quarters¹

					T183
		Q1 2024	Q2 2024	Q3 2024	Q4 2024
Income statement
Group sales	EUR millions	308.5	306.3	273.6	266.8
Adjusted EBIT2	EUR millions	25.7	26.1	20.9	19.5
Adjusted EBIT margin2	%	8.3	8.5	7.7	7.3
EBIT	EUR millions	20.4	20.5	15.5	0.9
EBIT margin	%	6.6	6.7	5.7	0.3
Adjusted profit for the period2	EUR millions	12.4	10.7	10.2	7.6
Adjusted earnings per share2	EUR	0.39	0.34	0.32	0.24
Profit for the period	EUR millions	8.5	6.5	6.1	-6.3
Earnings per share	EUR	0.26	0.20	0.19	-0.20
Balance sheet3
Total assets	EUR millions	1,515.5	1,508.8	1,440.9	1,436.6
Equity	EUR millions	711.6	708.5	693.4	721.4
Equity ratio	%	47.0	47.0	48.1	50.2
Net debt	EUR millions	378.2	367.6	337.9	329.2
Cash flow
Cash flow from operating activities	EUR millions	0.3	46.7	43.9	46.0
Cash flow from investing activities	EUR millions	-19.8	-12.7	-10.7	-20.3
Cash flow from financing activities	EUR millions	-1.4	-28.1	-29.6	-55.1
Net operating cash flow	EUR millions	-2.3	43.6	28.2	36.0

1_Minor deviations may occur due to commercial rounding for the full year compared with the summation of the corresponding quarterly amounts.

2_Adjusted exclusively for expenses related to acquisitions.

3_Figures as at balance sheet date end of quarter.

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

3 CONDENSED
MANAGEMENT REPORT

10-Year Overview

5 FURTHER INFORMATION

> 10-YEAR OVERVIEW

											T184
		2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Order situation
Order book1	EUR millions	473,2	530.0	569.6	508.4	391.3	358.3	379.2	329.1	302.4	295.8
Income statement
Revenue	EUR millions	1,155.1	1,222.8	1,243.0	1,091.9	952.2	1,100.1	1,084.1	1,017.1	894.9	889.6
thereof EMEA	EUR millions	477.3	514.7	489.2	462.4	409.5	486.0	494.8	485.9	432.0	416.0
thereof Americas	EUR millions	530.4	534.5	574.2	456.8	385.5	450.8	441.5	411.3	381.6	395.3
thereof Asia-Pacific	EUR millions	147.4	173.6	179.6	172.8	157.2	163.4	147.8	119.9	81.3	78.2
Cost of materials ratio	%	43.3	45.0	48.0	45.8	43.8	43.4	43.6	41.2	39.4	40.8
Personnel cost ratio	%	29.3	26.3	24.9	26.1	31.3	27.5	25.9	26.5	27.3	26.3
Adjusted EBIT2	EUR millions	92.3	97.5	99.0	113.8	45.3	136.1	164.5	166.0	147.7	147.9
Adjusted EBIT margin2	%	8.0	8.0	8.0	10.4	4.8	12.4	15.2	16.3	16.5	16.6
EBIT	EUR millions	57.3	76.1	76.5	92.1	20.1	96.7	133.5	137.8	120.0	124.8
EBIT margin	%	5.0	6.2	6.2	8.4	2.1	8.8	12.3	13.5	13.4	14.0
Financial result	EUR millions	-23.3	-22.7	-12.6	-12.4	– 14.8	– 15.5	– 11.7	– 16.1	– 14.6	– 17.2
Adjusted tax rate2	%	40.8	41.3	35.2	28.6	20.3	27.1	24.9	30.0	28.9	32.1
Adjusted profit for the period2	EUR millions	40.9	43.9	56.0	72.3	24.3	87.8	114.8	105.0	94.6	88.7
Adjusted EPS2	EUR	1.28	1.37	1.75	2.27	0.77	2.76	3.61	3.29	2.96	2.78
Profit for the period	EUR millions	14.8	27.9	39.2	56.1	5.5	58.4	91.8	119.8	75.9	73.8
EPS	EUR	0.46	0.87	1.23	1.76	0.18	1.83	2.88	3.76	2.38	2.31
NORMA Value Added (NOVA)	EUR millions	-38.8	-43.6	-27.1	16.0	– 46.4	17.3	60.8	54.9	53.1	48.3
Return on Capital Employed (ROCE)3	%	8.8	9.3	9.7	11.9	4.6	13.0	17.2	18.9	17.7	19.3
R&D expense	EUR millions	50.8	44.3	40.6	38.0	29.0	31.2	30.5	29.4	28.8	25.4
R&D ration (related to sales)4	%	4.4	3.6	3.3	3.5	3.1	4.7	4.5	4.6	5.4	4.7
Investment ratio in relation to sales (without acquisitions)	%	4.6	5.0	4.3	4.3	4.3	5.0	5.8	4.7	5.4	4.7

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

5 FURTHER INFORMATION

> 10-YEAR OVERVIEW

		2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet1
Total assets	EUR millions	1,436.6	1,493.3	1,560.7	1,498.2	1,414.7	1,514.3	1,471.7	1,312.0	1,337.7	1,167.9
Equity	EUR millions	721.4	693.4	705.4	668.6	589.5	629.5	602.4	534.3	483.6	429.8
Equity ratio	%	50.2	46.4	45.2	44.6	41.7	41.6	40.6	40.7	36.2	36.8
Net debt	EUR millions	329.2	345.4	349.8	318.5	338.4	420.8	400.3	344.9	394.2	360.9
Working capital	EUR millions	236.5	230.9	230.4	189.5	160.8	192.5	179.2	158.2	144.5	151.9
Working capital ratio	%	20.5	18.9	18.5	17.4	16.9	17.5	16.5	15.6	16.1	17.1
Cash flow
from operating activities	EUR millions	137.0	118.9	76.6	108.4	133.5	137.1	130.8	146.0	149.2	128.2
from investing activities	EUR millions	-63.5	-59.8	-44.5	-45.2	– 39.1	– 57.0	– 129.5	– 70.8	-133.8	– 44.5
from financing activities	EUR millions	-114.1	-57.9	-54.5	-71.1	– 81.0	– 93.2	31.3	– 77.7	49.6	– 70.4
Net operating cash flow	EUR millions	105.4	87.3	65.3	99.8	78.3	122.9	124.4	132.9	148.5	134.7
Non financial figures
Core workforce1	Number	6,041	5,994	6,175	6,191	6,635	6,523	6,901	6,115	5,450	5,121
Temporary workers1	Number	1,553	2,011	2,532	2,012	2,155	1,998	1,964	1,552	1,214	1,185
Total workforce1	Number	7,594	8,005	8,707	8,203	8,790	8,521	8,865	7,667	6,664	6,306
Invention applications5	Number	25	20	21	25	22	22	32	33	n/a	n/a
Accepted customer complaints	Month per P/D10	2.8	3.9	3.7	5.1	4.7	6.4	7.0	9.0	8.0	n/a
CO2 emissions (Scope 1 and 2)6,7	t CO2 eq	4,171	5,064	4,879	43,449	49,875	54,494	51,018	n/a	n/a	n/a
Share data
Last price1,8	EUR	14,94	16.03	17.00	33.88	41.90	38.00	43.20	56.00	40.60	51.20
Market capitalization1,8	EUR millions	476	511	542	1,079	1,334	1,211	1,376	1,783	1,292	1,630
Dividend9	EUR	0.40	0.45	0.55	0.75	0.70	0.04	1.10	1.05	0.95	0.90
Payout ratio9	%	31.2	32.7	31.3	33.0	91.7	1.5	30.5	31.9	32.0	32.3
Price-earnings ratio at year end		32.5	18.4	13.8	19.3	232.7	20.8	15.0	14.9	17.0	22.1
Number of shares issued		31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400	31,862,400

1_Figures as of balance sheet date Dec 31.

2_Since 2020: Adjusted exclusively for certain expenses related to realized acquisitions; Details regarding the adjustments can be found in the corresponding Annual Reports.

3_Adjusted EBIT in relation to the average capital employed.

10-Year Overview (continued)

4_Up to and including 2019 in relation to sales of the former EJT sales channel. since 2020 in relation to total sales.

5_The number of invention disclosures has served as a key figure for measuring the Group's innovative capacity since mid-2016, replacing the number of new patent applications, which had become less meaningful due to the change in patent strategy. No comparative figures are available for previous years.

6_The CO2 emissions for the target value are reported in accordance with the GHG Protocol (market-based, Scope 1 and Scope 2). Scope 1 includes only emissions from natural gas and liquid gas and Scope 2 emissions from purchased electricity and district heating. When recording emissions, only emissions relating to the production sites are taken into account. Since January 2022, NORMA Group has purchased electricity from renewable energy sources at all production sites. NORMA Group purchases "Energy Attribute Certificates" for this purpose. These are also included in the target value.

7_ The methodology described in footnote 6 was used in the management system until the end of 2024 based on the forecast for CO2 emissions of "below 9,600 tons of CO2 equivalents" issued in fiscal year 2024. The change in the calculation basis in connection with the first-time application of the European Sustainability Reporting Standards (ESRS) will be included in the 2025 Annual Report. As a result, emissions from the greenhouse gas balance in accordance with the Greenhouse Gas (GHG) Protocol initiative will be reported in future annual reports in the management system in the Scope 1 to Scope 3 categories for all locations worldwide.

8_Xetra price.

9_Subject to approval by the Annual General Meeting.

10_Accepted customer complaints per month per production/distribution location.

1 INTRODUCTION

2 TO OUR SHAREHOLDERS

5 FURTHER INFORMATION

> FINANCIAL CALENDAR, CONTACT AND IMPRINT

Financial Calendar, Contact and Imprint

Financial calendar 2025 T185 Date Event May 6, 2025 Publication of Interim Statement Q1 2025 May 13, 2025 Ordinary Annual General Meeting 2025, Frankfurt / Main Aug 12, 2025 Publication of Interim Report Q2 2025 Nov 4, 2025 Publication of Interim Statement Q3 2025

The financial calendar is constantly updated. Please visit the Investor Relations section on the company website : WWW.NORMAGROUP.COM

Editor

NORMA Group SE Edisonstraße 4 D-63477 Maintal Phone: +49 6181 6102-740 E-mail: [email protected] Internet: www.normagroup.com

1 INTRODUCTION

5 FURTHER INFORMATION