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

04.05.2026 / 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 37.0 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr

Material Solutions surprises in Q1, FY26 guidance up

INDUS published its Q1 prelims on Thursday, surprising with a performance beat in Material Solutions related to the ongoing special situation affecting tungsten-related products of BETEK. In detail:

Q1p revenue rose 9.7% yoy to EUR 442m (eNuW: EUR 425m), driven mainly by significant price increases in Material Solutions. To recap, BETEK (51% of Material Solutions sales in FY25) had already proven largely resilient to the tungsten supply situation in H2 25, with a dynamic and proactive mitigation approach. Infrastructure and Engineering developed in line with guidance. We view Infrastructure to have grown moderately yoy, due to favorable weather conditions. In Engineering positive first-time revenue consolidation effects are seen to mitigate continued underlying demand softness, while typical seasonality holds. From acquisitions, we estimate inorganic first-time group revenue at approx. EUR 8.7m (eNuW).

Q1p adj. EBITA nearly doubled to EUR 42.5m (eNuW: EUR 25.7m). The adj. EBITA margin improved by 3.4pp yoy to 9.6%. Here, the price increases in Material Solutions clearly outweighed the raw material cost increases recorded in the quarter. In our view, this was supported by minor margin improvements in Engineering (eNuW: +3bp) and Infrastructure (eNuW: +3bp) as well as cautious cost management and operational excellence measures across the group. The Free Cash Flow decreased by EUR 50.5m to EUR -74.1m, due to raised Working Capital.

Seizing the opportunity and seeking a larger market share in tungsten products. Currently, some of BETEKs smaller competitors are signaling quiet retreats from tungsten products, opening up opportunities. BETEK and larger competitors are signaling their commitment to maintaining in the market. This could reflect in volume increases, despite delays and cancellations from some customers. We view the decision of INDUS to maintain supply capacity as sensible. Risen Working Capital is seen as a temporary fallout from this decision. Although part of the increase is also related to seasonal factors (i.e. Infrastructure ramping up for stronger performance in the summer).

FY26 guidance raised. FY26 revenue is to come in between EUR 1.85bn and EUR 2.05bn (previously EUR 1.8bn to 1.95bn). Adj. EBITA margins are expected to come in higher between 8-10% (previously 7.5% to 9.5%), resulting in FY 26 adj. EBITA of EUR 160m to EUR 190m (previously: EUR 150m to EUR 170m). We view this raised guidance as realistic, given the strong price-driven momentum in Materials Solutions and adjust our own estimates in line of the aforementioned developments to EUR 1.92bn in revenue (eNuW; previously EUR 1.83bn) and EUR 179m (eNuW; previously EUR 167m), implying an adj. EBITA margin of 9.3%.

INDUS clearly proves dynamic and resilient amid current special situations. Despite geopolitical developments having raised general macro uncertainty once again, a somewhat soft industry data backdrop in mechanical engineering outlined by VDMA as well as seasonal patterns influencing developments, INDUS performed strong in Q1 26. Net positive effects from volume and pricing provide short-term positive catalysts for Material Solutions. Maintaining BUY while raising PT to EUR 37.0 (previously EUR 34.5), based on FCFY 26e.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=3b7105da050e4d0a65da5dc6e415f91a 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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2320040 04.05.2026 CET/CEST

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Quelle: dpa-Afx