Interim report
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05 February 2026 Q3 2025/26 Interim Statement
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GROUP OVERVIEW Alternative Performance Measures (APMs) for the first nine months of financial year 2025/26 In accordance with the European Securities and Mar - kets Authority (ESMA) guidelines on Alternative Perfor- mance Measures, the Group provides a definition, the rationale for use and a reconciliation of APMs used. The Group uses the APMs shown in the following table. The definitions and required disclosures of all APMs are provided in the glossary of this Interim Statement. All mentioned APMs are used to track the Group’s operating performance. It is neither required by nor presented in accordance with IFRS Accounting Stand- ards. It is also not a measure of financial performance under IFRS Accounting Standards and should not be considered as an alternative to other indicators of oper- ating performance, cash flow or any other measure of performance derived in accordance with IFRS Account- ing Standards. Key results in € million Q3 2024/25 Q3 2025/26 YTD 2024/25 YTD 2025/26 Income statement Revenue 124.0 117.9 403.5 372.4 Adj. EBIT 10.0 6.8 36.2 22.2 Adj. EBIT margin (%) 8.1% 5.8% 9.0% 6.0% Adj. EBITDA 18.0 14.4 60.2 45.5 Adj. EBITDA margin (%) 14.5% 12.2% 14.9% 12.2% Cash flow Capital expenditure 3.5 3.6 13.0 7.9 Capital expenditure as % of revenue 2.8% 3.0% 3.2% 2.1% Free cash flow 1.3 21.3 1.9 38.5 in € million 31 Mar 25 31 Dec 25 Balance sheet Trade working capital 34.7 45.6 Total working capital 123.8 126.8 Net financial debt 148.2 120.6 Net leverage (x Adj. EBITDA) 1.8x 1.8x NOVEM Q3 2025/26 INTERIM STATEMENT 2 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Q3 2025/26 key events Stable revenue Series offset by postponed Tooling business In the first nine months of financial year 2025/26, rev- enue amounted to €372.4 million and decreased by €-31.1 million or -7.7% compared to the same period prior year. While revenue Series remained broadly sta- ble, recording a slight decrease of -1.8% compared to last year, revenue Tooling lagged significantly behind previous year’s figure by -44.1%. Tooling business was impacted by a different project phasing and remained the main driver of the decline in revenue. Additionally, unfavourable FX effects weighed on top line. Adjusted for currency effects, revenue would have been higher by 4.0% or €14.9 million. As a result of the weaker top line, Adj. EBIT of €22.2 million dropped by €-14.0 mil - lion and translated into a profit margin of 6.0% for the reporting period under review. Continued cost control initiatives could only partially offset the negative rev - enue development. Additional restructuring initiatives, such as voluntary severance schemes in Germany, were introduced to support profitability. For the first three quarters, Novem generated a strong free cash flow of €38.5 million, lifted by a remarkable Q3 con - tributing €21.3 million, surpassing last year’s figure by €36.6 million. Greenhouse gas neutrality in Germany Novem achieved greenhouse gas neutrality in Germany by the end of calendar year 2025 and fully delivered on its climate commitment. By continuously reducing and offsetting emissions, Novem aims to achieve green - house gas neutrality in Europe by 2030 and worldwide by 2035. Further business with existing customers Novem secured the new Macan, underlining Porsche’s continued trust in Novem. Additionally, new business with a major US premium EV carmaker was success - fully acquired despite the continued adverse market sentiment. NOVEM Q3 2025/26 INTERIM STATEMENT 3 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in € million Q3 2024/25 Q3 2025/26 YTD 2024/25 YTD 2025/26 Revenue 124.0 117.9 403.5 372.4 Increase or decrease in finished goods and work in process 3.1 1.9 5.6 2.4 Total operating performance 127.2 119.8 409.1 374.7 Other operating income 6.5 0.9 11.8 5.9 Cost of materials -64.3 -60.4 -204.4 -186.7 Personnel expenses -37.4 -40.1 -112.5 -113.2 Depreciation, amortisation and impairment -8.0 -7.6 -24.0 -23.3 Other operating expenses -14.2 -13.0 -46.8 -44.0 Operating result (EBIT) 9.8 -0.4 33.1 13.4 Finance income 1.2 3.0 3.7 22.0 Finance costs -14.2 -3.9 -24.9 -12.1 Financial result -13.0 -0.9 -21.2 9.9 Income taxes -4.4 -1.6 -9.0 -4.8 Deferred taxes 5.3 1.9 5.9 -1.2 Income tax result 0.8 0.3 -3.0 -5.9 Profit for the period attributable to the shareholders -2.4 -1.0 8.8 17.4 Differences from currency translation 9.7 -0.4 -1.0 -16.8 Items that may subsequently be reclassified to consolidated profit or loss 9.7 -0.4 -1.0 -16.8 Actuarial gains and losses from pensions and similar obligations (before taxes) - - - - Taxes on actuarial gains and losses from pensions and similar obligations - - - - Items that will not subsequently be reclassified to consolidated profit or loss - - - - Other comprehensive income/loss, net of tax 9.7 -0.4 -1.0 -16.8 Total comprehensive income/loss for the period attributable to the shareholders 7.3 -1.4 7.9 0.6 Earnings per share attributable to the equity holders of the parent (in €) basic -0.06 -0.02 0.21 0.40 diluted -0.06 -0.02 0.21 0.40 NOVEM Q3 2025/26 INTERIM STATEMENT 4 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Revenue Total revenue of €372.4 million after the third quarter of the financial year 2025/26 decreased by €-31.1 million or -7.7% compared to the same reporting period last year. Based on prior year (constant) exchange rates, revenue would have been higher by 4.0%. This currency impact was mainly driven by the US Dollar and Chinese Renminbi. On a segmental basis, revenue in the first nine months of 2025/26 was generated in Americas (€190.5 million), followed by Europe (€145.5 million) and Asia (€36.4 million). Revenue development in € million YTD 2024/25 YTD 2025/26 % change Revenue Series 347.3 341.0 -1.8% Revenue Tooling 56.2 31.4 -44.1% Revenue 403.5 372.4 -7.7% Revenue Series Revenue Series decreased slightly in the first three quarters of financial year 2025/26 to €341.0 million and therefore came in -1.8% lower than prior year (€347.3 million). Revenue Series accounted for 91.6% of total revenue and remained the key pillar of the business. Revenue Tooling Revenue Tooling contributed €31.4 million to total rev- enue in the period from April to December 2025. This resulted in a year-on-year decrease of €-24.8 million (-44.1%), predominantly driven by a different project phasing. Change in finished goods and work in process Change of finished goods and work in process decreased by €-3.2 million (-57.3%) from €5.6 million last year to €2.4 million in the same period of the cur- rent financial year 2025/26 due to lower finished goods (€-2.5 million), lower tooling inventories (€-1.3 million) and lower profit in stock elimination (€-0.1 million); partly offset by higher work in process (€+0.7 million). Other operating income Other income decreased by €-5.9 million from €11.8 million in the first three quarters of financial year 2024/25 to €5.9 million in the first nine months of finan- cial year 2025/26. This decline was mainly driven by lower income from release of accruals of €-4.7 million and lower income from exchange gains of €-1.1 million. Cost of materials Cost of materials decreased from €-204.4 million in the first nine months of financial year 2024/25 to €-186.7 million in the first three quarters of financial year 2025/26, resulting in a year-on-year change of -8.7%. As a result, the cost of materials to output (total operat- ing performance) ratio decreased by -0.2 percentage points to 49.8%. Personnel expenses Personnel expenses recorded at €-113.2 million in the period from April to December 2025, up by €-0.8 million or 0.7% compared to the same reporting period last year (YTD 2024/25: €-112.5 million). As a percentage of total operating performance, personnel expenses increased by 2.7 percentage points year-on-year to 30.2%. The deviation was largely driven by costs related to additional restructuring measures, including a volun- tary severance scheme in Germany. Depreciation, amortisation and impairment Depreciation, amortisation and impairment recorded at €-23.3 million in the first nine months of financial year 2025/26, resulting in a decrease of €0.7 million or -3.0% compared to previous year. This development was mainly driven by lower depreciation on other equip- ment (€+0.5 million) and lower depreciation on build - ings (€+0.2 million). Other operating expenses In the first three quarters of financial year 2025/26, other operating expenses of €-44.0 million recorded €2.8 million below €-46.8 million in the first nine months of 2024/25. This positive deviation was mainly driven by lower order-related expenses and lower loss allow- ances on receivables; negatively affected by higher legal and advisory fees. NOVEM Q3 2025/26 INTERIM STATEMENT 5 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Finance income and costs The financial result stood at €9.9 million in the first nine months of financial year 2025/26 compared to €-21.2 million in the first nine months of financial year 2024/25. Novem reported finance income of €22.0 million in the first three quarters of 2025/26 and recorded €18.3 million above the respective period last year. This devia- tion was predominantly driven by favourable currency translation effects but negatively affected by lower interest income. Finance costs amounted to €-12.1 million in the period from April to December 2025, a substantial decrease of €12.8 million compared to €-24.9 million in the first nine months of 2024/25. This deviation was mainly attribut- able to lower foreign currency translation effects as well as lower bank interests compared to previous year. Income tax result Despite a decline in EBIT, the positive financial result led to an overall increase in earnings before taxes. Conse- quently, the income tax expense rose from €-3.0 million last year to €-5.9 million in the first nine months of the current financial year 2025/26. NOVEM Q3 2025/26 INTERIM STATEMENT 6 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Adjustments Adj. EBIT Adj. EBIT represents the operating result adjusted for exceptional non-recurring items. As such, Novem adjusts certain one-off effects to better show the underlying operating performance of the Group. The adjustments made follow a pre-defined and transpar - ent approach and form part of the regular monthly closing and reporting routines. Adjustments Adjustments of €8.8 million in the first three quarters of the financial year 2025/26 were €5.7 million higher than prior year and contained €7.9 million restructuring costs for downsizing the footprint in Europe and Asia as well as €0.8 million project costs. The Adj. EBIT margin of 6.0% for the first nine months of 2025/26 fell short of last year’s figure of 9.0% by -3.0 percentage points. Therefore, the Adj. EBITDA margin of 12.2% also decreased compared to prior year’s mar- gin of 14.9%. in € million Q3 2024/25 Q3 2025/26 YTD 2024/25 YTD 2025/26 Revenue 124.0 117.9 403.5 372.4 EBIT 9.8 -0.4 33.1 13.4 EBIT margin 7.9% -0.3% 8.2% 3.6% Restructuring 0.0 6.6 0.0 7.9 Single impairments - - 2.6 - Others 0.2 0.5 0.5 0.8 Exceptional items 0.2 0.5 3.1 0.8 Discontinued operations - - - - Adjustments 0.2 7.2 3.1 8.8 Adj. EBIT 10.0 6.8 36.2 22.2 Adj. EBIT margin 8.1% 5.8% 9.0% 6.0% Depreciation and amortisation 8.0 7.6 24.0 23.3 Adj. EBITDA 18.0 14.4 60.2 45.5 Adj. EBITDA margin 14.5% 12.2% 14.9% 12.2% NOVEM Q3 2025/26 INTERIM STATEMENT 7 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION in € million 31 Mar 25 31 Dec 25 Intangible assets 3.0 2.6 Property, plant and equipment 171.4 155.8 Trade receivables 45.1 39.3 Other non-current assets 17.1 19.9 Deferred tax assets 5.3 5.1 Total non-current assets 241.9 222.6 Inventories 95.3 96.0 Trade receivables 37.2 27.0 Other receivables 28.3 14.3 Other current assets 15.3 12.4 Cash and cash equivalents 150.1 169.9 Total current assets 326.2 319.7 Assets 568.1 542.3 in € million 31 Mar 25 31 Dec 25 Share capital 0.4 0.4 Capital reserves 539.6 539.6 Retained earnings/accumulated losses -446.5 -429.2 Currency translation reserve 0.4 -16.3 Total equity 93.9 94.5 Pensions and similar obligations 26.3 26.6 Other provisions 2.3 3.0 Financial liabilities 249.3 - Other liabilities 46.4 39.1 Deferred tax liabilities 1.7 2.9 Total non-current liabilities 326.0 71.7 Tax liabilities 1.1 2.4 Other provisions 29.2 32.5 Financial liabilities 1.0 250.7 Trade payables 49.1 24.0 Other liabilities 67.9 66.4 Total current liabilities 148.2 376.1 Equity and liabilities 568.1 542.3 Assets Equity and liabilities NOVEM Q3 2025/26 INTERIM STATEMENT 8 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Total assets Total assets amounted to €542.3 million as of 31 December 2025, representing a decrease of €-25.8 million or -4.5% compared to the end of last financial year 2024/25 (31 March 2025: €568.1 million). Non-current assets Non-current assets decreased from €241.9 million as of 31 March 2025 by -8.0% to €222.6 million as of 31 December 2025. This movement resulted primar - ily from a decline in property, plant and equipment of €-15.7 million or -9.1%, mainly due to the depreciation effect in the reporting period, followed by a decline in trade receivables (€-5.8 million). Current assets Current assets decreased to €319.7 million compared to the previous balance sheet date (31 March 2025: €326.2 million), down €-6.5 million or -2.0%. This change was mainly driven by lower other receivables of €-14.1 million or -49.6% (31 March 2025: €28.3 mil- lion) due to lower VAT receivables, followed by lower trade receivables (€-10.1 million). The higher cash posi- tion had an offsetting effect of €19.8 million. Through non-recourse factoring, Novem sold €36.0 million trade receivables as of 31 December 2025, falling below the volume of €41.2 million as of 31 March 2025 by €-5.2 million. Working capital in € million 31 Mar 25 31 Dec 25 % change Inventories 53.2 50.8 -4.5% Trade receivables 25.3 18.1 -28.5% Trade payables -43.8 -23.3 -46.7% Trade working capital 34.7 45.6 31.2% Tooling net 74.8 66.8 -10.8% Contract assets 14.3 14.4 1.0% Total working capital 123.8 126.8 2.4% Total working capital slightly increased to €126.8 mil - lion as of 31 December 2025, up 2.4% from €123.8 mil- lion as of 31 March 2025. This increase was primarily driven by significantly lower trade payables, partly off- set by a reduction in trade receivables and a decrease in the tooling net position. The most significant changes in tooling net were attributable to a decline in tooling trade receivables of €-8.8 million, a reduction in tooling-related deferred income of €6.7 million due to project closures and the switch to series production, partially offset by lower tooling-related trade payables of €4.6 million and higher tooling inventories of €3.5 million. Consequently, total working capital in % of L TM revenue increased by 1.9% percentage points to 24.8% (31 March 2025: 22.9%). Equity As of 31 December 2025, the equity position slightly improved to €94.5 million from €93.9 million at the end of the last financial year 2024/25. The increase was attributable to the profit generated in the first nine months of 2025/26 (€+17.4 million), partially offset by the drop in the currency translation reserve, which fell by €-16.8 million to €-16.3 million as of 31 December 2025 (31 March 2025: €0.4 million). Non-current liabilities Non-current liabilities declined from €326.0 million as of 31 March 2025 by €-254.3 million to €71.7 million as of 31 December 2025. The significant reduction was primarily due to the reclassification of financial liabilities to current liabilities, as the term loan has a remaining maturity of less than one year, maturing in July 2026. Net financial debt in € million 31 Mar 25 31 Dec 25 % change Liabilities to banks 250.3 250.7 0.2% Lease liabilities 48.1 39.8 -17.1% Gross financial debt 298.3 290.5 -2.6% Cash and cash equivalents -150.1 -169.9 13.2% Net financial debt 148.2 120.6 -18.6% Gross financial debt as of 31 December 2025 amounted to €290.5 million and therefore recorded a decline of €-7.8 million, mainly attributable to the decrease in lease liabilities of €-8.3 million. Cash and cash equiva- lents increased by €19.8 million compared to the end NOVEM Q3 2025/26 INTERIM STATEMENT 9 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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of the previous financial year 2024/25. Both effects contributed to the decrease in the net financial debt position by €-27.6 million. Net leverage in € million 31 Mar 25 31 Dec 25 Net financial debt 148.2 120.6 L TM Adj. EBITDA 81.0 66.3 Net leverage ratio 1.8x 1.8x The net leverage ratio is defined as net financial debt divided by Adj. EBITDA for the last 12 months. The ratio remained stable at 1.8x Adj. EBITDA as of 31 December 2025 compared to the end of the last finan- cial year 2024/25. The reduction in net financial debt was broadly in line with the decline in L TM Adj. EBITDA, keeping the ratio unchanged. Current liabilities Current liabilities amounted to €376.1 million as of 31 December 2025, up by €227.9 million compared to 31 March 2025 (€148.2 million). The increase was mainly attributable to higher financial liabilities of €249.7 mil- lion due to the reclassification of the term loan from non-current to current liabilities. The €-25.0 million decrease in trade payables had an offsetting effect. NOVEM Q3 2025/26 INTERIM STATEMENT 10 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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CONSOLIDATED STATEMENT OF CASH FLOWS in € million Q3 2024/25 Q3 2025/26 Profit for the period -2.4 -1.0 Income tax expense (+)/income (-) 4.4 1.6 Financial result (+)/(-) net 13.0 0.9 Depreciation, amortisation and impairment (+) 8.0 7.6 Other non-cash expenses (+)/income (-) -12.0 0.5 Increase (-)/decrease (+) in inventories 5.0 -1.6 Increase (-)/decrease (+) in trade receivables -0.7 17.7 Increase (-)/decrease (+) in other assets 2.9 5.3 Increase (-)/decrease (+) in deferred taxes -5.3 -1.9 Increase (-)/decrease (+) in prepaid expenses/deferred income 1.1 -3.7 Increase (+)/decrease (-) in provisions 0.5 4.7 Increase (+)/decrease (-) in trade payables -3.4 -9.9 Increase (+)/decrease (-) in other liabilities 0.0 5.0 Gain (-)/loss (+) on disposals of non-current assets - -0.0 Cash received (+) from/cash paid (-) for income taxes -7.8 -1.6 Cash flow from operating activities 3.6 23.6 Cash received (+) from disposals of property, plant and equipment - 0.0 Cash paid (-) for investments in intangible assets -0.2 -0.1 Cash paid (-) for investments in property, plant and equipment -3.3 -3.5 Interest received (+) 1.1 1.2 Cash flow from investing activities -2.3 -2.3 in € million Q3 2024/25 Q3 2025/26 Cash paid (-) for lease liabilities -0.2 -1.9 Interest paid (-) -4.0 -3.1 Cash flow from financing activities -4.2 -5.0 Net increase (+)/decrease (-) in cash and cash equivalents -2.9 16.3 Effect of exchange rate fluctuations on cash and cash equivalents 0.8 0.3 Cash and cash equivalents at the beginning of the reporting period 132.4 153.4 Cash and cash equivalents at the end of the reporting period 130.4 169.9 NOVEM Q3 2025/26 INTERIM STATEMENT 11 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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in € million YTD 2024/25 YTD 2025/26 Profit for the period 8.8 17.4 Income tax expense (+)/income (-) 9.0 4.8 Financial result (+)/(-) net 21.2 -9.9 Depreciation, amortisation and impairment (+) 24.0 23.3 Other non-cash expenses (+)/income (-) -3.9 16.3 Increase (-)/decrease (+) in inventories 0.4 -2.5 Increase (-)/decrease (+) in trade receivables 3.0 14.2 Increase (-)/decrease (+) in other assets 5.2 7.1 Increase (-)/decrease (+) in deferred taxes -5.9 1.2 Increase (-)/decrease (+) in prepaid expenses/deferred income 2.2 -0.7 Increase (+)/decrease (-) in provisions -9.1 6.6 Increase (+)/decrease (-) in trade payables -12.0 -39.3 Increase (+)/decrease (-) in other liabilities -13.0 3.0 Gain (-)/loss (+) on disposals of non-current assets 0.0 0.0 Cash received (+) from/cash paid (-) for income taxes -18.7 1.7 Cash flow from operating activities 11.2 43.2 Cash received (+) from disposals of property, plant and equipment 0.0 0.1 Cash paid (-) for investments in intangible assets -0.5 -0.1 Cash paid (-) for investments in property, plant and equipment -12.5 -7.7 Interest received (+) 3.7 3.0 Cash flow from investing activities -9.3 -4.8 in € million YTD 2024/25 YTD 2025/26 Cash paid (-) for lease liabilities 0.8 -8.4 Interest paid (-) -13.1 -9.7 Cash flow from financing activities -12.3 -18.1 Net increase (+)/decrease (-) in cash and cash equivalents -10.5 20.3 Effect of exchange rate fluctuations on cash and cash equivalents -0.7 -0.5 Cash and cash equivalents at the beginning of the reporting period 141.5 150.1 Cash and cash equivalents at the end of the reporting period 130.4 169.9 NOVEM Q3 2025/26 INTERIM STATEMENT 12 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Cash flow from operating activities Cash flow from operating activities showed the largest deviation and developed positively from €11.2 million in the corresponding period last year by €32.0 million to €43.2 million in the first nine months of financial year 2025/26. The development was mainly attribut - able to a year-on-year improvement of €20.4 million in cash flows related to income taxes, driven both by tax refunds and lower advance tax payments compared to previous year. Further positive effects resulted from higher other liabilities (€16.0 million), provisions (€15.8 million) and deferred taxes (€7.1 million). The above- mentioned effects were partly offset by a higher cash out-flow for trade payables of €-27.2 million. Cash flow from investing activities Cash out-flow for investing activities reached €-4.8 million in the current nine months of the financial year 2025/26 (PY: €-9.3 million). The cash flow was char - acterised by lower investments in property, plant and equipment in the amount of €4.8 million. Cash flow from financing activities Cash out-flow for financing activities increased by €-5.8 million to €-18.1 million in the financial year 2025/26 (PY: €-12.3 million). Lease liabilities saw a slight cash- effective reduction of €0.4 million compared to last year, while cumulative currency translation effects of €-9.6 million year-on-year were the main driver of the deviation. This was partially offset by a lower cash out- flow for interests of €3.4 million. NOVEM Q3 2025/26 INTERIM STATEMENT 13 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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SEGMENT REPORTING Europe Americas Asia Total segments Other/consolidation Group in € million Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 External revenue 50.7 48.7 60.3 60.5 13.0 8.7 124.0 117.9 - - 124.0 117.9 Revenue between segments 8.1 3.7 14.6 20.7 3.2 3.4 25.9 27.9 -25.9 -27.9 - - Total revenue 58.8 52.4 74.8 81.3 16.2 12.1 149.9 145.8 -25.9 -27.9 124.0 117.9 Adj. income/expenses from operations (except revenue and depreciation and amortisation) -53.4 -55.0 -63.6 -66.7 -15.0 -9.7 -131.9 -131.4 25.9 27.9 -106.0 -103.5 Adj. EBITDA 5.5 -2.6 11.3 14.5 1.3 2.4 18.0 14.4 - - 18.0 14.4 Depreciation and amortisation -3.7 -3.5 -2.8 -2.8 -1.5 -1.2 -8.0 -7.6 - - -8.0 -7.6 Adj. EBIT 1.7 -6.1 8.5 11.7 -0.2 1.2 10.0 6.8 - - 10.0 6.8 Adjustments -0.2 -6.3 - - - -0.9 -0.2 -7.2 - - -0.2 -7.2 Operating result (EBIT) 1.5 -12.4 8.5 11.7 -0.2 0.3 9.8 -0.4 - - 9.8 -0.4 Europe Americas Asia Total segments Other/consolidation Group in € million YTD 2024/25 YTD 2025/26 YTD 2024/25 YTD 2025/26 YTD 2024/25 YTD 2025/26 YTD 2024/25 YTD 2025/26 YTD 2024/25 YTD 2025/26 YTD 2024/25 YTD 2025/26 External revenue 148.8 145.5 210.7 190.5 44.0 36.4 403.5 372.4 - - 403.5 372.4 Revenue between segments 34.7 13.0 50.6 65.0 12.7 11.5 98.0 89.5 -98.0 -89.5 - - Total revenue 183.5 158.6 261.3 255.5 56.7 47.9 501.5 461.9 -98.0 -89.5 403.5 372.4 Adj. income/expenses from operations (except revenue and depreciation and amortisation) -178.6 -164.3 -212.4 -209.8 -50.3 -42.4 -441.3 -416.4 98.0 89.5 -343.3 -326.9 Adj. EBITDA 4.9 -5.7 48.9 45.7 6.4 5.5 60.2 45.5 - - 60.2 45.5 Depreciation and amortisation -11.3 -11.0 -8.4 -8.6 -4.4 -3.7 -24.0 -23.3 - - -24.0 -23.3 Adj. EBIT -6.3 -16.7 40.5 37.1 2.0 1.8 36.2 22.2 - - 36.2 22.2 Adjustments -3.1 -7.9 - - - -0.9 -3.1 -8.8 - - -3.1 -8.8 Operating result (EBIT) -9.4 -24.6 40.5 37.1 2.0 0.9 33.1 13.4 - - 33.1 13.4 NOVEM Q3 2025/26 INTERIM STATEMENT 14 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Europe External revenue in Europe fell short from €148.8 mil - lion in the first three quarters of 2024/25 to €145.5 million in the first nine months of 2025/26, down by -2.2% or €-3.3 million compared to prior year. Revenue from Europe accounted for 39.1% of total revenue in the first nine months of 2025/26 (PY: 36.9%). In Europe, Adj. EBIT amounted to €-16.7 million for the first three quarters of 2025/26, reflecting a year -on-year decline of >100% (PY: €-6.3 million). Consequently, the Adj. EBIT margin also dropped to -10.5% from -3.5% previous year. Operating performance in Europe was again affected by poor top line development, while fixed costs could not be scaled down in line with the decline in revenue. Further cost control initiatives, such as a voluntary severance program in Germany, were implemented. Moreover, operational result was negatively affected by an unfavourable development in income from oth - ers, while favourable commercial items helped support bottom line. Americas External revenue in Americas dropped by -9.6% or €-20.2 million from €210.7 million in the first three quarters of 2024/25 to €190.5 million in the first nine months of 2025/26. The currency translation impact totalled €-12.5 million. Americas contributed 51.2% of total revenue in the first three quarters of 2025/26 (PY: 52.2%). Adj. EBIT in Americas stood at €37.1 million for the first nine months of 2025/26, which shows a drop of -8.4% year-on-year (PY: €40.5 million). As a consequence, the Adj. EBIT margin also decreased from 15.5% last year to 14.5%. Shortfall in Americas was mainly driven by the drop in revenue. The revenue development was predominantly attributable to weaker Tooling business, while revenue Series remained stable at prior year’s level. The operat- ing result was negatively impacted by the unfavourable project phasing in Tooling and a negative FX effect, positively affected by favourable commercial items. Asia External revenue in Asia declined from €44.0 million to €36.4 million in the first three quarters of 2025/26, a decrease compared to prior year by -17.3% or €-7.6 million. The effect of currency translation amounted to €-2.4 million. Revenue from Asia equalled 9.8% of total revenue in the first nine months of financial year 2025/26 (PY: 10.9%). Adj. EBIT in Asia amounted to €1.8 million in the first three quarters of 2025/26, which shows a decrease of -12.6% (PY: €2.0 million). On the other hand, Adj. EBIT margin rose from 3.5% last year to 3.7%. Revenue in Asia was negatively affected by Series busi- ness as a consequence of persistently weak call-offs in an overall highly competitive automotive market. However, Adj. EBIT benefited from consistent fix cost management and lower input costs. in € million YTD 2024/25 YTD 2025/26 % change External revenue 148.8 145.5 -2.2% Revenue between segments 34.7 13.0 -62.5% Total revenue 183.5 158.6 -13.6% Adj. EBIT -6.3 -16.7 >100.0% Adj. EBIT margin -3.5% -10.5% in € million YTD 2024/25 YTD 2025/26 % change External revenue 210.7 190.5 -9.6% Revenue between segments 50.6 65.0 28.4% Total revenue 261.3 255.5 -2.2% Adj. EBIT 40.5 37.1 -8.4% Adj. EBIT margin 15.5% 14.5% in € million YTD 2024/25 YTD 2025/26 % change External revenue 44.0 36.4 -17.3% Revenue between segments 12.7 11.5 -9.4% Total revenue 56.7 47.9 -15.6% Adj. EBIT 2.0 1.8 -12.6% Adj. EBIT margin 3.5% 3.7% NOVEM Q3 2025/26 INTERIM STATEMENT 15 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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ADDITIONAL INFORMATION Subsequent events There were no events or developments in the period from the balance sheet date as of 31 December 2025 to the publication date on 5 February 2026 that would have materially affected the recognition or measure - ment of Novem’s assets and liabilities. Risks and opportunities An assessment of risks and opportunities for Novem showed no significant changes to the risk-related disclosures as of and for the financial year ended 31 March 2025. Herewith reference is being made to the Annual Finan- cial Report 2024/25 on risks and opportunities, which can be accessed on the Investor Relations website of Novem in the section Reports & Presentations. NOVEM Q3 2025/26 INTERIM STATEMENT 16 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Financial calendar All information is constantly updated and available. Please visit the investor section on the Company website: https://ir.novem.com Contact Investor Relations investor.relations@novem.com Date of publication 05 February 2026 28 May 2026 FY 2025/26 Preliminary Results 25 June 2026 Annual Report 2025/26 NOVEM Q3 2025/26 INTERIM STATEMENT 17 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Glossary Adj. EBIT is defined as EBIT adjusted for certain adjust- ments which management considers to be non-recur- ring in nature, as Novem believes such items are not reflective of the ongoing performance of the business. Adj. EBIT margin is defined as Adj. EBIT divided by revenue. Adj. EBITDA is defined as profit for the year before income tax result, financial result and amortisation, depreciation and write-downs as adjusted for certain adjustments which management considers to be non- recurring in nature, as Novem believes such items are not reflective of the ongoing performance of the business. Adj. EBITDA margin is defined as Adj. EBITDA divided by revenue. Capital expenditure is defined as the sum of cash paid for investments in property, plant and equipment and cash paid for investments in intangible assets exclud- ing currency translation effects. EBIT is defined as profit for the year before income tax result and financial result. EBITDA is defined as profit for the year before income tax result, financial result and amortisation and depreciation. Free cash flow is defined as the sum of cash flow from operating and investing activities. Gross financial debt is defined as the sum of liabilities to banks and lease liabilities. Net financial debt is defined as gross financial debt less cash and cash equivalents. Net leverage ratio is defined as the ratio of net financial debt to Adj. EBITDA. Tooling net is defined as all costs and revenue related to tools, tool development and prototypes as well as pre-series business. Total operating performance is defined as the sum of revenue and increase or decrease in finished goods. Total working capital is defined as the sum of inven - tories, trade receivables and contract assets excluding expected losses less trade payables, tooling advance payments received and other provisions related to tooling. Trade working capital is defined as the sum of inven- tories non-tooling and trade receivables related to non- tooling less trade payables related to non-tooling. NOVEM Q3 2025/26 INTERIM STATEMENT 18 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Disclaimer Novem Group S.A. (the “Company”) has prepared this statement solely for your information. It should not be treated as giving investment advice. Neither the Com- pany, nor any of its directors, officers, employees, direct or indirect shareholders and advisors nor any other per- son shall have any liability whatsoever for any direct or indirect losses arising from any use of this statement. While the Company has taken all reasonable care to ensure that the facts stated in this statement are accurate and that the opinions contained in it are fair and reasonable, this statement is selective in nature. Any opinions expressed in this statement are subject to change without notice and neither the Company nor any other person is under any obligation to update or keep current the information contained in this state - ment. Where this statement quotes any information or statistics from any external source, you should not interpret that the Company has adopted or endorsed such information or statistics as being accurate. This statement contains forward-looking statements, which involve risks, uncertainties and assumptions that could cause actual results, performance or events to differ materially from those described in, or expressed or implied by, such statements. These statements reflect the Company’s current knowledge and its expectations and projections about future events and may be identi- fied by the context of such statements or words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project” and “target”. No obligation is assumed to update any such statement. Numbers were rounded to one decimal. Due to rounding, the numbers pre - sented may not add up precisely to the totals provided. NOVEM Q3 2025/26 INTERIM STATEMENT 19 1 GROUP OVERVIEW 2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONSOLIDATED STATEMENT OF CASH FLOWS 5 SEGMENT REPORTING 6 ADDITIONAL INFORMATION
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Novem Group S.A. 19, rue Edmond Reuter | 5326 Contern | Luxembourg Email: investor.relations@novem.com www.novem.com