Birgit Seeger
CEO & Chairman of Management Board

Very warm welcome to all of you. Good afternoon, good morning to this year’s earnings call 2025 for NORMA Group. With me today, I have Okan Celiker, our acting Group CFO. Very warm welcome to you, Okan. It’s Okan’s second day. So I’m convinced Okan will present the financials in a very good manner and will ask your — and answer your questions. Please be patient with Okan. So today, we will include basically 3 points. We will review our results 2025. We will provide the outlook for 2026. And we will, number three, give a sneak preview for our strategy for the new NORMA Group. So on the next page, you see our usual disclaimer. One important thing to note is that we have continuing and discontinued operations due to our divestment of the Water business, and we have marked this clearly as former NORMA or new NORMA in the presentation going ahead. So we will see here a summary of our achievements in 2025.

So basically, we see the closing of the water management, the divestment on the top right corner, which really marks a milestone for us at NORMA Group, where we achieved EUR 650 million of net proceeds, and this is a great enabler to build new NORMA. We will propose a dividend of EUR 0.14 per share at the next AGM this year. Also, we delivered on our guidance. However, it was a very tough and challenging year for new Norma, what we will review shortly. We have conducted this public share buyback. You are aware, and

This article was written by

Follow

SYDNEY — Australia’s retail heart continues beating strongly in Sydney, where the 10 biggest shopping malls by gross leasable area (GLA) are delivering robust sales performance and attracting millions of visitors annually as of early 2026, even as industry-wide productivity gains and targeted redevelopments reshape the sector.

Westfield Parramatta leads the pack in New South Wales as the state’s largest shopping centre, with approximately 140,070 square meters of GLA, according to updated industry compilations. The western Sydney destination houses around 500 stores, including major anchors like David Jones, Myer, Kmart, Target, Coles, Woolworths and Event Cinemas, serving a broad suburban catchment.

Macquarie Centre in Macquarie Park follows closely with about 138,500 square meters of GLA, making it one of the largest enclosed malls in the greater Sydney region. Owned through a partnership involving superannuation funds after a 2025 transaction, the centre features Myer, Big W, Kmart, Coles, Woolworths and Event Cinemas. Its convenient Metro access from Chatswood and Epping has helped sustain high foot traffic.

Westfield Warringah Mall in Brookvale ranks third among Sydney centres with roughly 132,102 square meters. The northern beaches landmark maintains an open-air feel while offering David Jones, Myer, Big W, Target and a strong mix of specialty retailers. Scentre Group has explored rezoning options that could integrate residential towers in future stages, reflecting broader trends of mixed-use development around major malls.

Westfield Bondi Junction, a premium eastern suburbs destination, comes in with approximately 126,895 square meters of GLA. Known for its luxury and fashion focus, it recorded strong sales in 2025 and ranked as the highest-performing NSW centre in national turnover lists. Recent redevelopment stages have enhanced its offering, including refreshed department store spaces.

Westfield Miranda in the south, often called Westfield Miranda, spans around 124,000 square meters. Anchored by Myer, David Jones, Big W, Kmart and Target, it serves southern Sydney residents and continues to perform solidly within Scentre Group’s portfolio.

Other notable large centres include Westfield Burwood and Stockland Green Hills, both of which posted some of the highest year-on-year productivity growth (MAT per square meter) in the 2026 Big Guns report by Shopping Centre News, with increases of 13.2% and 13.5% respectively for the 2025 reporting period.

Westfield Sydney in the central business district, while smaller in pure GLA at around 91,765 to 97,453 square meters depending on measurement, punches above its weight in sales productivity. It achieved specialty MAT per square meter of $26,949 in 2025 data — second only to Chadstone nationally — and welcomed an additional 6,000 square meters of luxury retail in 2025, including new boutiques for Chanel, Moncler and Omega. The centre recorded about $1.157 billion in total annual retail sales and 34.9 million customer visits.

In January 2026, Australian Retirement Trust acquired a 19.9% stake in Westfield Sydney for A$864 million, underscoring institutional confidence in prime CBD retail assets.

Rounding out a typical top 10 list of Sydney-area malls by size are centres such as Westfield Penrith (around 92,000 square meters) in the west and others like Top Ryde City or Broadway Sydney, which excel in productivity or niche offerings despite varying GLA figures.

The 2026 Big Guns report highlighted continued strength in Australia’s major shopping centres, with record numbers achieving billion-dollar moving annual turnover (MAT) figures for 2025. While national leaders like Chadstone ($2.7 billion MAT) dominate overall rankings, Sydney centres such as Westfield Bondi Junction, Westfield Sydney, Westfield Miranda and Westfield Parramatta consistently featured in the national top 10 for sales performance.

Industry analysts attribute the resilience to a combination of experiential retail, luxury and fashion offerings, and convenient locations. Physical retail has rebounded strongly post-pandemic, with big malls benefiting from omnichannel strategies where online research leads to in-store purchases.

Data centre and infrastructure demands linked to broader economic trends, including AI adoption, have indirectly supported retail through increased employment in surrounding areas, though malls themselves focus on consumer spending.

Challenges persist. Rising construction costs and planning hurdles have slowed some expansions, while online competition and cost-of-living pressures affect discretionary spending. However, centres with strong anchors and entertainment options — cinemas, dining precincts and events — have weathered these conditions better.

Scentre Group, owner-operator of most Westfield malls in Sydney, continues investing in reconfigurations. At Westfield Bondi Junction and others, department store spaces are being repurposed for more productive uses, including additional specialty retail and experiential zones.

Smaller but iconic destinations like the Queen Victoria Building (QVB), The Galeries, World Square and Pitt Street Mall complement the big-box malls. These CBD and heritage sites draw tourists and locals for high-end and specialty shopping, with Pitt Street Mall remaining one of Australia’s most expensive retail strips.

The Sydney Outlet Village in Liverpool represents a newer addition to the retail landscape, focusing on outlet-style bargains rather than traditional enclosed mall formats.

Looking ahead in 2026, analysts expect modest GLA growth through infill developments and reconfigurations rather than entirely new mega-malls. Mixed-use projects incorporating residential towers above or beside retail — as proposed at Warringah Mall — could become more common as governments push housing supply near transport hubs.

Sustainability features, such as improved energy efficiency and EV charging, are increasingly standard in mall upgrades to appeal to environmentally conscious shoppers.

Visitor numbers remain high. Westfield Sydney alone sees tens of millions of annual visits, while suburban centres benefit from being community hubs with medical, banking and government services co-located.

Retail employment in these large centres supports thousands of jobs directly and indirectly, contributing to Sydney’s economy amid broader productivity discussions around technology adoption.

For shoppers, the variety is vast: luxury fashion in Westfield Sydney and Bondi Junction, everyday essentials and family entertainment in Parramatta or Macquarie Centre, and beach lifestyle vibes at Warringah Mall.

Tourists often combine mall visits with nearby attractions — Sydney Tower at Westfield Sydney, beaches near Bondi Junction, or parklands around northern and western centres.

Parking remains a key consideration, with most large malls offering thousands of spaces, though public transport access via train, bus and Metro is promoted to reduce congestion.

As Sydney’s population grows, particularly in western and southwestern corridors, demand for quality retail space is expected to rise, potentially supporting further investment in existing assets.

The strong 2025 sales figures released in the 2026 Big Guns analysis suggest confidence is returning, with big malls proving their enduring appeal in an era of digital disruption.

Whether seeking high fashion, household goods or a family day out, Sydney’s top 10 shopping malls by size continue to anchor the city’s retail scene, blending scale with evolving consumer experiences.

• Westfield Parramatta (Parramatta) — Approximately 140,070 m² GLA. Features around 425–500 retailers including David Jones, Myer, Kmart, Target, Coles, Woolworths, and Event Cinemas. It ranks as NSW’s largest shopping centre and recorded strong annual sales exceeding A$1 billion.
• Macquarie Centre (Macquarie Park) — Approximately 138,500 m² GLA. Anchored by Myer, Big W, Kmart, Coles, Woolworths, and Event Cinemas. Well-served by Metro and popular with northern suburbs shoppers.
• Westfield Warringah Mall (Brookvale) — Approximately 132,102 m² GLA. Offers David Jones, Myer, Big W, Target, and a mix of specialty stores with an open-air vibe on the northern beaches.
• Westfield Bondi Junction (Bondi Junction) — Approximately 126,895–131,510 m² GLA. A premium eastern suburbs destination known for luxury and fashion, with strong sales performance and recent redevelopments.
• Westfield Miranda (Miranda) — Approximately 124,000 m² GLA. Serves southern Sydney with anchors including Myer, David Jones, Big W, Kmart, and Target.
• Westfield Burwood (Burwood) — One of the high-productivity centres in Sydney’s inner west, noted for strong year-on-year sales growth in 2025 data.
• Westfield Sydney (Sydney CBD) — Approximately 91,765–97,453 m² GLA (smaller in size but exceptionally high productivity). Recorded specialty MAT per square metre of around $26,949 in 2025, with luxury additions and over 34 million annual visits.
• Westfield Penrith (Penrith) — Approximately 92,000 m² GLA. Major western Sydney hub with Myer, Big W, Target, and broad retail offering.
• Top Ryde City (Ryde) — A growing centre in the northern suburbs with solid GLA and convenient location.
• Broadway Sydney (Ultimo/Glebe) — High productivity performer despite more compact size, popular for its urban mix of retail, dining, and entertainment near the University of Technology Sydney.

This article was written by

Follow

Two months after 84-year-old Nancy Guthrie vanished from her home in the Catalina Foothills north of Tucson, authorities say they still have no arrests, no named suspects and no clear motive in what they describe as her forcible abduction from bed in the dark of night. The case, which has captivated the nation because of her daughter Savannah Guthrie’s prominence as co-anchor of NBC’s “Today” show, continues to baffle investigators despite thousands of tips, extensive searches and the release of chilling doorbell camera footage showing a masked, armed individual at her doorstep.

Guthrie was last seen alive around 9:45 p.m. on Saturday, Jan. 31, 2026, when her son-in-law Tommaso Cioni drove her home after a family dinner at the nearby residence of her older daughter, Annie Guthrie. She had taken an Uber to the dinner earlier that evening. The next morning, Sunday, Feb. 1, Guthrie failed to appear at a friend’s house for a virtual church service she had planned to watch. Family members grew concerned and went to check on her, discovering she was gone.

Pima County Sheriff’s Office deputies responding to the home found what appeared to be small blood droplets near the front door. Security systems had been disabled, and later reports indicated the back doors were found propped open. Investigators quickly shifted from an initial belief that the elderly woman might have wandered off — a common assumption in cases involving seniors — to treating the disappearance as a criminal abduction.

Sheriff Chris Nanos announced early in the investigation that evidence pointed to Guthrie being “taken against her will.” The FBI joined the probe, and the case was elevated to a federal kidnapping investigation. On Feb. 2, authorities publicly stated they believed she had been kidnapped.

The FBI released night-vision footage from Guthrie’s Google Nest doorbell camera showing a masked and gloved individual, appearing armed, standing at her front door in the hours after she returned home. Additional surveillance images recovered from the property have been analyzed, but officials say they have yielded limited new leads. A glove found near the home and DNA evidence recovered from the scene did not match entries in the FBI’s Combined DNA Index System database.

As the search entered its third month on April 1, questions have mounted about the handling of the investigation. Law enforcement sources told NewsNation that initial responders may have lacked extensive homicide or major crimes experience, with one supervisor reportedly never having led a homicide case before. Critics, including retired Pima County officials, have pointed to possible missteps, such as an early focus on the wandering theory despite evidence of forced entry indicators. Sheriff Nanos has defended the department’s efforts, saying hundreds of investigators have logged thousands of hours and sifted through tens of thousands of tips.

The Guthrie family has been vocal in their pleas for information. Savannah Guthrie, who has largely stayed behind the scenes but appeared in emotional segments, posted a video offering a $1 million family reward for information leading to her mother’s recovery, payable only upon Nancy’s safe return or recovery consistent with FBI guidelines. The family emphasized that “someone knows how to find our mom and bring her home” and urged anyone with even small details to come forward anonymously via the FBI tip line at 1-800-CALL-FBI.

In a recent statement, the family noted: “No detail is too small.” They visited a makeshift memorial near their mother’s home in early March, joined by Savannah, Annie and other relatives. Savannah has described her mother as a deeply religious woman who was active in her church community despite mobility challenges in her later years.

Unverified ransom notes reportedly sent to media outlets, some demanding Bitcoin payments in the millions, have surfaced in media reports but authorities have not confirmed their authenticity or linked them directly to the abductor. Such notes have added to the mystery without producing breakthroughs.

The affluent Catalina Foothills neighborhood, known for its upscale homes nestled among saguaros and mesquite trees with views of Tucson below, has been scoured by search teams, including the use of cadaver dogs at times, though that effort was later paused. Ground searches, aerial surveillance and reviews of extensive neighborhood camera footage have turned up little concrete evidence of where Guthrie might have been taken.

Experts note the case is unusual for several reasons. Abductions of elderly individuals from their homes are rare, particularly without an obvious motive like robbery or immediate family conflict. Guthrie’s family members, including her daughters and son-in-law, were quickly cleared as suspects after interviews and alibis were verified.

The disappearance has drawn parallels to other unsolved cases in the Tucson area, where some families have waited decades for answers about missing loved ones. It has also sparked online speculation and true-crime discussions, with some pointing to similarities with other suspicious vanishings, though authorities caution against unsubstantiated theories.

Nancy Guthrie, née Long, was widowed since 1988 after the death of her husband Charles. She raised three children, including Savannah, who has spoken warmly of her mother’s faith and family devotion. At 84, she lived independently but relied on family nearby for support. She was described as vibrant and engaged in her community despite her age.

As of early April 2026, the investigation remains active with the Pima County Sheriff’s Office and FBI continuing to pursue leads. No arrests have been made, and officials say they are still evaluating evidence, including potential digital footprints and witness statements. A body found in a Scottsdale canal was ruled unrelated to the case.

Public scrutiny of the sheriff’s office has intensified, with some questioning resource allocation and early decisions in a high-profile case that has brought national media attention to Pima County. Sheriff Nanos faces upcoming public hearings that may touch on the Guthrie investigation alongside other departmental issues.

For the Guthrie family, the wait has been agonizing. Savannah Guthrie told co-host Hoda Kotb in a recent interview that the uncertainty is the hardest part, describing how the family found the back doors propped open when they first checked the home. She has urged continued public vigilance, saying even the smallest observation could break the case.

Law enforcement continues to ask the public for help. Anyone with information is encouraged to contact the FBI or Pima County Sheriff’s Office. Tips can remain anonymous, and the substantial reward remains in place.

The case highlights broader challenges in missing persons investigations involving the elderly, where initial assumptions can delay recognition of foul play. It also underscores the emotional toll on families when a loved one vanishes without trace from what should be the safety of their own home.

As the calendar turns deeper into spring, with Easter having just passed on April 5, the Guthrie family and investigators persist in their search for answers. Nancy Guthrie remains missing, her whereabouts and condition unknown more than 60 days after she was last seen. The hope that she is still alive endures, even as the passage of time makes the odds more daunting.

The investigation shows no signs of slowing, but with more questions than answers two months in, the baffling abduction of Nancy Guthrie stands as one of the most perplexing missing persons cases in recent memory — a stark reminder that even in quiet, secure neighborhoods, danger can strike without warning.

More than 3.1 million bottles of over-the-counter eye drops sold at major retailers including Walgreens, CVS, Kroger and others have been recalled due to a lack of assurance of sterility during manufacturing, federal health officials said Friday.

The voluntary recall, initiated by Pomona, California-based K.C. Pharmaceuticals, Inc., covers approximately 3,111,072 bottles of various lubricant and redness-relief eye drops distributed nationwide. The U.S. Food and Drug Administration classified the action as a Class II recall, meaning use of the products may cause temporary or medically reversible adverse health consequences, or the probability of serious adverse health consequences is remote.

No illnesses or injuries have been reported in connection with the recall, according to FDA records posted March 31. The agency emphasized that the issue involves a failure to meet sterility standards in production rather than confirmed contamination in the finished products. Still, officials urged consumers to immediately stop using the affected drops and return them to the place of purchase for a refund or proper disposal.

The recalled eye drops were sold under dozens of store-brand and private-label names, including CVS Health, Walgreens, Kroger, Rite Aid, H-E-B, Harris Teeter, Dollar General, Leader, Good Sense and others. They were also distributed through Cardinal Health, military exchanges and additional outlets. Products include artificial tears, advanced relief formulas, redness relief drops and sterile eye drops in 0.5 fluid ounce (15 mL) bottles.

Specific quantities include 378,144 bottles of Sterile Eye Drops Original Formula containing tetrahydrozoline HCl 0.05%, along with hundreds of thousands of bottles each of Sterile Eye Drops AC, Eye Drops Advanced Relief and other variants. Lot codes and expiration dates vary, with many products carrying dates into 2026. Consumers should check the lot number and expiration on the bottle carton or label against the full list available on the FDA website.

Eye drops are considered sterile drug products, and any breach in manufacturing controls can introduce risk of bacterial or other microbial contamination. Such contamination could potentially lead to eye infections, irritation, vision problems or, in rare severe cases, more serious complications, particularly for people with compromised immune systems or pre-existing eye conditions.

Health experts advise anyone experiencing symptoms such as eye pain, redness that worsens, discharge, blurred vision or sensitivity to light after using these products to contact a healthcare provider promptly. The FDA recommends discarding unused portions rather than attempting to return opened bottles in some cases, though retailers may provide specific instructions.

This recall comes amid heightened scrutiny of over-the-counter ophthalmic products following several high-profile eye drop contamination incidents in recent years. Previous recalls involved bacterial and fungal outbreaks linked to certain imported artificial tears, prompting stricter oversight of manufacturing facilities.

K.C. Pharmaceuticals has not publicly detailed the specific manufacturing lapse that triggered the recall. The company initiated the action on or around March 3, with the FDA formally posting the enforcement report on March 31. Retailers began pulling affected inventory from shelves in recent weeks.

Walgreens and CVS, two of the largest pharmacy chains in the United States, confirmed they are cooperating fully with the recall. Spokespeople for both companies said they are notifying customers who purchased the products through loyalty programs or online and facilitating returns. Similar statements came from Kroger and other affected retailers.

Consumers with questions can contact K.C. Pharmaceuticals or check the FDA’s MedWatch website for updates. The agency maintains a searchable database of recalls and provides detailed product photos and lot information to help identify affected items.

The scale of the recall — more than 3 million bottles — underscores the widespread popularity of affordable store-brand eye drops. Millions of Americans rely on these products daily for dry eye relief, allergy symptoms or minor irritation caused by screen time, contact lenses or environmental factors.

Ophthalmologists note that while most people tolerate minor manufacturing variations without issue, sterility is non-negotiable for products applied directly to the eyes. The eye’s surface is particularly vulnerable because it lacks the robust immune defenses found in other parts of the body.

Dr. Elena Ramirez, a spokesperson for the American Academy of Ophthalmology, said in a statement that patients should err on the side of caution with any recalled medication. “If in doubt, throw it out,” she advised. “There are many safe alternatives on the market, including preservative-free single-use vials that reduce contamination risk.”

The recall does not affect prescription eye drops or major national brands produced under different manufacturing processes. Name-brand products from companies such as Refresh, Systane or Visine are not included unless specifically listed in the FDA notice.

Retail analysts said the financial impact on manufacturers and stores is likely significant but contained, given the voluntary nature and the ability to replace inventory quickly. Share prices for major pharmacy chains showed little movement Friday amid broader market activity.

For consumers, the practical steps are straightforward: examine medicine cabinets and bathroom drawers for any eye drop bottles purchased in recent months. Compare lot numbers and expiration dates against the FDA list. Return unaffected-looking but recalled products to the retailer. Consult a doctor or pharmacist if symptoms appear or if the drops were used regularly.

The FDA continues to monitor the situation and has not ruled out additional recalls or enforcement actions if further issues surface at the manufacturing facility. Officials stressed that proactive recalls like this one help prevent potential harm before problems escalate.

In the meantime, health authorities recommend proper storage and handling of all eye care products. Bottles should be kept tightly closed, stored at room temperature away from direct sunlight and never shared between users to minimize cross-contamination risks.

This latest development serves as a reminder of the importance of rigorous quality control in pharmaceutical manufacturing, even for seemingly simple over-the-counter items. As millions of bottles make their way back from store shelves and medicine cabinets, regulators and industry players will likely face renewed calls for enhanced inspection protocols.

Consumers seeking replacements should look for products labeled as sterile and check expiration dates carefully. Single-dose, preservative-free options may provide extra peace of mind for those concerned about contamination.

The full list of affected products, lot codes and distribution details remains available on the FDA’s website under enforcement report event number 98533. Regular updates will be posted as retailers complete their returns and the investigation into the manufacturing process continues.

As spring allergy season ramps up and more people reach for relief, officials urged vigilance. With Easter weekend just passed and many families traveling or stocking up on household essentials, the timing of the public notice aims to reach as many consumers as possible before additional use occurs.

In summary, while the risk to any individual user appears low, the widespread distribution of these 3.1 million bottles warrants immediate action. Checking your eye drops today could prevent unnecessary discomfort or more serious issues tomorrow.

United Airlines is rolling out a new feature to its app that will provide users with estimated TSA security wait times as airport congestion intensifies during a partial Department of Homeland Security shutdown that has strained screening operations.

The feature is launching in a pilot phase at several of the airline’s largest U.S. hub airports, including Chicago, Denver, Los Angeles and Newark, with broader expansion possible if successful.

A nearly seven-week partial shutdown of the DHS has disrupted airport operations, contributing to long security lines and unpredictable wait times. Staffing shortages at the Transportation Security Administration have driven absenteeism above 10% at times, worsening delays at checkpoints.

DELTA SUSPENDS VIP SERVICES FOR CONGRESS MEMBERS AMID DHS SHUTDOWN, TSA DELAYS

Travelers wait in line at a TSA checkpoint at Hartsfield-Jackson Atlanta International Airport in Atlanta, Georgia, on March 27, 2026.  (Elijah Nouvelage/Bloomberg via Getty Images)

Within the United app’s “Travel” section, users can view estimated wait times for TSA screening throughout the day, broken down by lane type, including standard screening and TSA PreCheck.

UNITED AIRLINES CHECKED BAG FEES CLIMBS $10-50 AS FUEL PRICES NEARLY DOUBLE SINCE IRAN WAR

The move reflects a broader push by airlines to provide real-time information as travel demand remains elevated, and airport systems face strain. Security wait times, which can fluctuate widely, have historically been difficult for passengers to predict.

People wait in line to pass through security at George Bush Intercontinental Airport on March 28, 2026, in Houston, Texas.  (Danielle Villasana/Getty Images)

Access to wait time estimates could influence when travelers arrive at the airport, which screening lane they choose and how they manage tight departure windows.

United has been expanding its mobile app capabilities as part of a wider effort to shift more of the travel experience onto digital platforms, including baggage tracking with Apple AirTag integration, automated rebooking during disruptions, connection guidance and real-time weather alerts.

FRUSTRATED PASSENGERS LASH OUT AT LONG TSA LINES; GOP MESSAGES TO ‘THANK A DEMOCRAT’

Travelers wait in line at a Transportation Security Administration (TSA) checkpoint at John F. Kennedy International Airport (JFK) in New York, US, on Friday, March 27, 2026. (Michael Nagle/Bloomberg via Getty Images)

The rollout underscores how airlines are attempting to fill information gaps as operational challenges – including staffing disruptions tied to the DHS funding standoff – continue to affect airport performance.

CLICK HERE TO GET FOX BUSINESS ON THE GO

As travel demand remains high, tools that help passengers navigate delays and congestion more efficiently may become increasingly central to airline competition.

United shares are up more than 53% over the past year and down 17.5% year to date.