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

26.03.2026 / 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 34.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

FY26 guidance: Good op. performance despite headwinds; chg.

INDUS reported FY25 results with a solid FY 26 guidance reflecting the current challenges. In detail:

Management reaffirmed its strategy "Empowering Mittelstand". Five acquisitions made in 2025 were followed by PRO VIDEO and Amira so far. We expect INDUS to continue its portfolio growth with at least two further acquisitions (eNuW) in FY26e. Smaller divestments of nonperforming assets (total 1-2% group sales) look possible.

INDUS met its FY25 guidance of EUR 1.7bn to 1.85bn revenue and EUR 130m to 165m adj. EBITA with group revenue of EUR 1.74bn (up 0.8% yoy, +2.1% inorganic growth yoy) and group adj. EBITA of EUR 147.8m (down 3.8% yoy). The implied adj. EBITA margin of 8.5% was pressured by numerous economic and tariff related challenges.

Material Solutions outperformed expectations with EUR 554.5m revenue (vs. EUR 542.2m), despite a 1.8% decline from the IMECO discontinuation, and grew adj. EBITA 4% yoy to EUR 51.9m. Infrastructure was as expected, delivering 6.7% revenue growth to EUR 597.2m and adj. EBITA of EUR 62.1m (slightly down yoy but above forecasts, supported by a EUR 2.6m one-off gain). Engineering lagged on revenue (EUR 583m vs. EUR 602m expected, -2.3% yoy) in a weak macro environment, though adj. EBITA of EUR 53.7m still exceeded expectations.

Q4 was strong, with revenue up 5% yoy to EUR 461.5m and adj. EBITA up 20.8% to EUR 43.6m. Infrastructure led growth, while Material Solutions posted the strongest EBITA increase (+53% yoy) due to the absence of prior-year one-offs. Engineering showed modest revenue growth but weaker-than-expected seasonality, while profitability improved on higher capacity utilization.

Free Cash Flow beat the target of EUR 90m at EUR 124m, despite falling 8.4% yoy. EPS came in at + 33.8% yoy, EUR 2.77/share, due to positive tax effects. INDUS announced a dividend of EUR 1.3/share to be paid in 2026, exceeding the previous dividend of EUR 1.2/share. Order intake rose by 15.1% in FY25 and backlog was up 10.9% yoy at EUR 706m thanks to several larger orders from US customers (2-3 years deliverables).

Management issued a FY26 guidance of EUR 1.8bn to EUR 1.95bn revenue and EUR 150m to EUR 170m adj. EBITA. Free Cash Flow is targeted at EUR 70m, as steep raw material price increased are seen to materially hike w/c. The segment guidance indicates engineering to continue to perform weaker than originally expected by us. We hence slightly reduce our revenue estimates to EUR 1.83bn. With a tight cost control, efficiency measures and without acquisition costs incurred in FY 25, adj. EBITA should rise to EUR 166.8m (eNuW) despite significant headwinds from Material Solutions (largely Tungsten).

In sum, INDUS should retain its role as successful serial acquirer for the German Mittelstand. A solid operational performance during a challenging macro environment underpins to upside once the cycle turns. BUY with a EUR 34.5 PT (old: EUR 35.5).

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=6a3363f9ac4a8f2e31f3fe83844bcb5f 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2298100 26.03.2026 CET/CEST

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Quelle: dpa-Afx