^ Original-Research: INDUS Holding AG - from NuWays AG

13.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to INDUS Holding AG

Company Name: INDUS Holding AG ISIN: DE0006200108

Reason for the research: Update Recommendation: BUY Target price: EUR 34 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Q3 results surprise with significantly stronger bottom-line

INDUS reported Q3 results with a surprisingly strong adj. EBITA. Here are the key takeaways:

Sales in Q3 came at EUR 437.4m, down 1% yoy (eNuW: EUR 456m, eCons: EUR 448.1m). Key drivers were the weak performance in Engineering and Material Solutions, which Infrastructure largely compensated for. EUR 8.4m were attributable to first-time consolidation of acquisitions. A positive surprise was adj. EBITA of EUR 48.1m rising by 10% yoy, well above expectations (eNuW: 36.4m, eCons. EUR 37.1m) despite a significant raw material headwind, especially tungsten. This led to a particularly strong increase in EBIT of 36% yoy to EUR 43.3m, implying a 9.9% margin (eNuW 31m, eCons. EUR31.1m). Currency effects contributed costs of EUR 2.2m, due to the continued dollar weakness.

Engineering sales declined to EUR 138.5m (-9.2% yoy, eNuW: EUR 147m), due to a combination of significant end market weakness in mechanical engineering concerning plant equipment demand as anticipated VDMA data. New acquisitions HBS and METFAB contributed positively to the segment's performance. The segment's adjusted EBITA of EUR 12.4m (8.9% margin) was down 26% yoy.

Material Solutions recorded a 3.3% yoy sales decline to EUR 137.4m (eNuW: EUR 152m). This decrease is mainly associated with a higher comparable base including revenues of EUR 13.5m from discontinued IMECO. Tungsten availability is confirmed to be restored now (for the time being), yet negative impacts on margins were unavoidable. Strict cost measures compensated for the negative effects. Adjusted EBITA rose 30% to EUR 16.4m.

Infrastructure sales growth of 8.8% yoy to EUR 161.4m (eNuW: EUR157m) was driven by strong results in almost all portfolio companies of the segment and positive pricing effects. The new acquisitions supported with excellent results. The Q3 adjusted EBITA contribution of EUR 22.3m, up 8.8% and with a 13.8% margin, significantly supported the group's bottom line. The comparable base included a positive one-off effect of EUR 2.6 m from the sale of a BETOMAX subsidiary, without which the increase would have been 12% yoy.

The company generated substantial FCF of EUR 66.6m in Q3, due to a notably higher operating cash flow (better op. performance and less working capital). 9m FCF stood at EUR 58.7m and should further increase with the seasonally Q4. Mind you, management confirmed to outlook of >EUR 90m for FY25. This is more than sufficient to fund further acquisitions. As indicated in the report, further signings in Q4 2025 are a possibility. 9m order intake grew 17.2% yoy, mainly due to a 35.5% yoy higher order intake in Engineering, which should positively impact the segment's top-line in 2027/28. Infrastructure and Materials Solutions also recorded increased demand with 9m order intake up 10% and 6.4% respectively. FY 25 Guidance of EUR 1.7-1.85bn revenue and EUR 130-165m adjusted EBITA was confirmed. Taking into account the 9m results, a seasonally strong Engineering business in Q4 and a solid result for Materials Solutions, the lower end of the FY revenue guidance and the mid-point of the adjusted EBITA guidance should be in reach, in our view. BUY with an unchanged EUR 34.0 PT based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=59908cbc2bf19b80273f21e4a5b5f086 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2229032 13.11.2025 CET/CEST

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Quelle: dpa-Afx