Norma Group (NOEJ) Q2 2026 earnings summary

Executive summary

• Profitability improved significantly in Q2 and H1 2026, driven by transformation initiatives, cost discipline, and operational excellence, resulting in a positive net cash position and strengthened balance sheet.

• Major new orders were secured in both Industry Applications and Mobility & New Energy, including the largest project in company history.

• Strategic realignment advanced with the sale of the Water Management business, focusing on core segments and generating significant net liquidity.

• Shareholder returns prioritized via share buybacks, dividend payments, and planned capital reduction.

• Outlook for FY 2026 confirmed, with a strategy update scheduled for October 19, 2026.

Financial highlights

• Q2 2026 net sales: EUR 211.8 million, down 0.6% year-over-year; H1 2026 net sales: EUR 420.5 million, down 3.2% year-over-year.

• Adjusted EBIT: EUR 7.6 million in Q2 (3.6% margin), EUR 14.0 million in H1 (3.3% margin), both up sharply year-over-year.

• Adjusted net profit for H1: EUR 5.0 million; adjusted EPS: EUR 0.16.

• Net operating cash flow in Q2: EUR 6.6 million; H1: EUR -13.1 million, impacted by divestment effects.

• Net liquidity as of June 30, 2026: EUR 303.9 million, a swing from net debt at year-end 2025.

Outlook and guidance

• FY 2026 guidance confirmed: net sales growth of 0%-2%, adjusted EBIT margin of 2%-4%, net operating cash flow EUR 10–20 million.

• Transformation-related adjustments expected at EUR 24 million on EBITDA and EUR 29 million on EBIT for 2026.

• Positive net cash position of EUR 70–90 million expected at year-end after capital allocation measures.

• Transformation program expected to deliver EUR 15 million positive EBIT effect in FY 2026.

• Market environment expected to remain challenging, especially in automotive; industrial demand stable.