Reviewed listing: XETR:NOEJ · Analysis dated Oct 30, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
NORMA Group sells connectors and tubing that industrial companies and vehicle manufacturers use to securely connect components or fluids. These include, for example, clamps and parts for fluid systems.
What supports the business?
In the first half of 2026, adjusted operating income before interest and taxes rose to 14.0 million euros, compared with 2.1 million euros a year earlier. Among other items, restructuring costs and amortization from prior acquisitions were excluded.
What could improve?
Further savings and growing demand in the industrial business could strengthen earnings power. That would be less likely if weakness in the automotive business persists or the restructuring does not proceed as planned.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 15.66 euros, the price cannot be reliably classified as cheap or expensive: reported operating earnings remain weak, and the recovery depends on demand and the transformation. The company’s forecast is contingent on favorable market conditions and execution of the measures.
What is the main risk?
Group revenue fell 3.2 percent in the first half. For 2026, NORMA expects 10 to 20 million euros in cash from operations, compared with 95.8 million euros for full-year 2025; however, the sale of the water business changes the scope of the group and limits comparability.
What is the overall assessment?
NORMA Group is making progress with its restructuring and had net cash after selling its water business. However, declining revenue and negative cash flow from operating activities—for 2026, 10 to 20 million euros is expected, compared with 95.8 million euros in 2025—make a recovery at 15.66 euros still appear uncertain; annual figures are not directly comparable because of the sale.
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