^ Original-Research: INDUS Holding AG - from Parmantier & Cie. GmbH

17.11.2025 / 12:55 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 Parmantier & Cie. GmbH to INDUS Holding AG

Company Name: INDUS Holding AG ISIN: DE0006200108

Reason for the research: Update Recommendation: Buy from: 17.11.2025 Target price: 35.00 Euro Target price on sight of: 12 month Last rating change: none Analyst: Daniel Großjohann, Thomas Schießle

Q3: Adjusted EBITA exceeds market expectations, market environment remains challenging - Group outlook for 2025 confirmed

The Q3 figures (sales: EUR437.4 million (-1.3%); adj. EBITA: EUR48.1 million (+10%)) significantly exceeded market expectations in terms of earnings. This was due to consistent cost management. We expect INDUS to continue the trend shown during the year. While we are slightly reducing our revenue forecast for 2025, we are raising the adjusted EBITA margin slightly. Both key figures remain within the confirmed guidance. INDUS shares are currently trading at a P/E ratio of 9.1, and the dividend yield is above 5% - we confirm our buy recommendation.

P&L. Although revenue in Q3 2025 was slightly below the previous year's figure at EUR437.4 million (-1.3%), EBIT (EUR43.3 million; +36.2%) and EPS (EUR1.33; +95.6%) significantly exceeded the Q3 2024 figures. This is due, among other things, to consistent cost management. The lower tax rate after nine months (15.9% vs. 34.9%) - with slightly lower EBT (EUR73.6 million; - 4.2%) - resulted in EPS of EUR2.46 (+30.1%), which is already significantly higher than the previous year's EPS.

Order intake. Nine-month group order intake (EUR1,429 million) grew by 17.2% compared with the same period last year. Once again, the most significant increase was in the Engineering segment (+35.5%), but order intake in the other two segments, Infrastructure (+10%) and Materials Solutions (+6.5%), also improved compared with the same period last year. The Group book-to-bill ratio was 1.12. However, it should be noted that some of the major orders won in plant engineering will not be recognised as revenue until 2027 and 2028.

Group outlook: For the 2025 financial year, INDUS continues to forecast sales of between EUR1.70 billion and EUR1.85 billion, with adjusted EBITA expected to be between EUR130 million and EUR165 million. This corresponds to an adjusted EBITA margin of between 7.5% and 9%. Free cash flow is expected to exceed EUR90 million.

DISCLAIMER LEGAL NOTICE This research report ('Investment Recommendation') was prepared by Parmantier & Cie. Research, with contributions from Mr. Grossjohann, and is distributed solely by Parmantier & Cie. Research. It is intended only for the recipient and may not be shared with other entities, even if they are part of the same corporate group, without prior written consent. The report contains selected information and makes no claim to completeness. The investment recommendation is based on publicly available information ('Information'), which is considered correct and complete. However, Parmantier & Cie. Research does not verify or guarantee the accuracy or completeness of this information. Any potential errors or omissions do not create liability for Parmantier & Cie. Research, which assumes no liability for direct, indirect, or consequential damages. In particular, Parmantier & Cie. Research accepts no responsibility for the accuracy of statements, forecasts, or other content in this investment recommendation concerning the analyzed companies, their subsidiaries, strategies, economic conditions, market and competitive positions, regulatory frameworks, and similar factors. While care has been taken in preparing this report, errors or omissions cannot be excluded. Parmantier & Cie. Research, including its partners and employees, accepts no liability for the accuracy or completeness of statements, estimates, or conclusions derived from the provided information in this investment recommendation. To the extent this investment recommendation is provided as part of an existing contractual relationship (e.g., financial advisory services), Parmantier & Cie. Research's liability is limited to cases of gross negligence or intentional misconduct. In cases of breach of essential obligations, liability is limited to simple negligence but is restricted to foreseeable and typical damages in all cases. This investment recommendation does not constitute an offer or solicitation to buy or sell securities. Partners, managing directors, or employees of Parmantier & Cie. Research or its subsidiaries may hold responsible positions, such as supervisory board mandates, in the companies mentioned in this report. The opinions expressed in this investment recommendation may change without notice and reflect the personal view of the research analyst. Unless otherwise stated, no part of the research analyst's compensation is directly or indirectly related to the recommendations or opinions contained in this report. All rights reserved.

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Contact for questions: PARMANTIER & Cie. GmbH info@parmantiercie.com

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2231028 17.11.2025 CET/CEST

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Quelle: dpa-Afx