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

25.02.2026 / 15:43 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 25.02.2026
Target price: EUR 35.00
Target price on sight of: 12 month
Last rating change: none
Analyst: Daniel Großjohann & Thomas Schießle

2025 within expectations, free cash flow significantly above target

The preliminary figures reported by INDUS Holding were within the target
range for 2025 revenue (EUR1.74 billion; guidance: EUR1.7 billion to EUR1.85
billion; PCR: EUR1.74 billion) and met our expectations. Adjusted EBITA (EUR147
million; guidance: EUR130 million to EUR165 million) also met expectations, even
though we had anticipated this figure to be slightly higher (EUR155 million).
This makes it all the more gratifying that the free cash flow target
(target: EUR90 million) was significantly exceeded. Based on our estimates,
INDUS shares are trading at a 2026 P/E ratio of 8.5 and thus remain
fundamentally favourable - especially if a slow economic recovery is
assumed.

The Engineering segment was strengthened in 2025 by two acquisitions. Sales
and segment earnings increased every quarter despite the difficult
environment. The Infrastructure segment increased sales compared with the
previous year, and the adjusted EBITA margin met expectations. A total of
three acquisitions further strengthened the existing investments in
HAUFF-TECHNIK and BETOMAX. The Materials Solutions segment was hardest hit
by market turmoil (US tariffs, Chinese export controls, rising material
prices). Sales declined over the year as a whole, but measures taken ensured
that the contribution to earnings increased in H2. Segment earnings and the
adjusted EBITA margin exceeded the previous year's figures.

Since our last update (11/25), INDUS has made two acquisitions: PRO VIDEO
(Engineering segment; 80% stake) is a leading provider of large-scale
audiovisual projects with renowned references. Annual sales are around EUR24
million. The acquisition of Italian biodecontamination specialist AMIRA (EUR7
million in annual sales) strengthens the subsidiary MBRAUN with a
complementary product and opens up synergies in project planning and sales.

Outlook: INDUS will publish a forecast for the 2026 financial year with the
presentation of its annual report on 24 March 2026.

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.

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existing contractual
relationship (e.g., financial advisory services), Parmantier & Cie.
Research's liability is limited to cases of
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recommendation does not constitute an offer or solicitation to buy or sell
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Contact for questions:
PARMANTIER & Cie. GmbH
info@parmantiercie.com

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2281596 25.02.2026 CET/CEST

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