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Original-Research: INDUS Holding AG - from NuWays AG

25.02.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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 35.5
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr

FY25p: Adj. EBITA ahead of expectations, Est. & PT up

On 24th of February 2026, INDUS presented its preliminary full year figures.
These indicated a successful FY25, amidst a difficult economic environment.
In detail:

Q4 sales rose by 6% yoy to EUR 466.1m, largely in line with expectations
(eNuW: EUR 466.6m, eCons.
EUR 457.5), driven by an expected strong quarter in Engineering with
double-digit growth and moderate growth in Infrastructure. Q4 adj. EBITA
soared by 20.8% yoy to EUR 43.6m (eNuW: EUR 38.1m, eCons. EUR 44.5m). Pending
divisional details to be released with the annual report on 24th of March,
the company indicated margin support largely through a comprehensive package
of measures applied in Material Solutions to counter input cost inflation,
leading to an adj. EBITA margin of 9.4%.

FY 25 sales came in at EUR 1.74m, in line with expectations (eNuW: EUR 1.74,
eCons. EUR 1.73). The company delivered 1.1% yoy top-line growth, thanks to
their acquisitions made and support from solid developments in
Infrastructure. Engineering encountered challenges relating to geopolitical
uncertainty in H1 but improved towards the end of the year. Material
Solutions was challenged by Chinese export controls on tungsten supply, but
potential negative effects were largely mitigated by measures taken. Adj.
EBITA came in significantly ahead of our expectations at EUR 147.8m (eNuW:
EUR142.8m, eCons. EUR 150.2m), largely due to the effectiveness in countering
input cost inflation with measures taken in Material Solutions. The adj.
EBITA margin stood at 8.5% (previously 8.9%).

The acquisitions accelerated in 2025, with one more deal signed than
originally expected. In January it acquired HBS for Engineering and for
Infrastructure, it acquired KETTLER and ELECTRO TRADING. Engineering was
further strengthened in June by the acquisition of METFAB and in July
TRIGOSYS was added to Infrastructure. With 5 deals expected for FY 25 prior
to Q4, INDUS surprised positively with its acquisition of Pro Video in
December 2025.

On 23 February 2026, INDUS announced the acquisition of Amira S.r.l., an
Italian specialist in vaporized hydrogen peroxide (V-PHP) bio
decontamination solutions, the most effective and least harmful chemical
method currently available for achieving a high degree of sterilization. The
transaction is complementary to glove-box solutions already contained in
INDUS's portfolio and strengthens its position in mechanical engineering for
pharmaceutical production and life sciences, characterized by significant
technological and regulatory entry barriers and higher margins. Assuming
consolidation applies from April 2026 onwards, we assume a revenue
contribution of EUR 5.3m (eNuW) for FY 2026 and an adj. EBITA contribution of
EUR 1m (eNuW). We expect to see at least two more signings this year.

Although INDUS has not released order intake figures yet (to be released
with FY results on 24th of March), we expect them to confirm building order
momentum visible in previous quarters. Based on these expectations and
estimates on the new acquisition made, we raise FY 26 expectations on
revenue growth by 0.4% to 6.4%, translating to EUR 1.85bn (eNuW) and our adj.
EBITA estimate to EUR 167.8m (eNuW), implying a 9.6% margin. Based on our
updated estimates and undemanding valuation multiples, we reiterate our BUY
recommendation and raise our PT to EUR 35.5 (previously EUR 34.5).

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fb064fcb0321381e1e4c2015e0f03335
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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2281118 25.02.2026 CET/CEST

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