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Original-Research: INDUS Holding AG - from NuWays AG

13.11.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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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

Target price on sight of: 12 month

Last rating change:

Analyst: Christian Sandherr

Q3 results surprise with significantly stronger bottom-line

INDUS reported Q3 results with a surprisingly strong adj. EBITA. Here are

the key takeaways:

Sales in Q3 came at EUR 437.4m, down 1% yoy (eNuW: EUR 456m, eCons: EUR 448.1m).

Key drivers were the weak performance in Engineering and Material Solutions,

which Infrastructure largely compensated for. EUR 8.4m were attributable to

first-time consolidation of acquisitions. A positive surprise was adj. EBITA

of EUR 48.1m rising by 10% yoy, well above expectations (eNuW: 36.4m, eCons. EUR

37.1m) despite a significant raw material headwind, especially tungsten.

This led to a particularly strong increase in EBIT of 36% yoy to EUR 43.3m,

implying a 9.9% margin (eNuW 31m, eCons. EUR31.1m). Currency effect

contributed costs of EUR 2.2m, due to the continued dollar weakness.

Engineering sales declined to EUR 138.5m (-9.2% yoy, eNuW: EUR 147m), due to a

combination of significant end market weakness in mechanical engineering

concerning plant equipment demand as anticipated VDMA data. New acquisition

HBS and METFAB contributed positively to the segment's performance. The

segment's adjusted EBITA of EUR 12.4m (8.9% margin) was down 26% yoy.

Material Solutions recorded a 3.3% yoy sales decline to EUR 137.4m (eNuW: EUR

152m). This decrease is mainly associated with a higher comparable base

including revenues of EUR 13.5m from discontinued IMECO. Tungsten availability

is confirmed to be restored now (for the time being), yet negative impact

on margins were unavoidable. Strict cost measures compensated for the

negative effects. Adjusted EBITA rose 30% to EUR 16.4m.

Infrastructure sales growth of 8.8% yoy to EUR 161.4m (eNuW: EUR157m) was driven

by strong results in almost all portfolio companies of the segment and

positive pricing effects. The new acquisitions supported with excellent

results. The Q3 adjusted EBITA contribution of EUR 22.3m, up 8.8% and with a

13.8% margin, significantly supported the group's bottom line. The

comparable base included a positive one-off effect of EUR 2.6 m from the sale

of a BETOMAX subsidiary, without which the increase would have been 12% yoy.

The company generated substantial FCF of EUR 66.6m in Q3, due to a notably

higher operating cash flow (better op. performance and less working

capital). 9m FCF stood at EUR 58.7m and should further increase with the

seasonally Q4. Mind you, management confirmed to outlook of >EUR 90m for FY25.

This is more than sufficient to fund further acquisitions. As indicated in

the report, further signings in Q4 2025 are a possibility.

9m order intake grew 17.2% yoy, mainly due to a 35.5% yoy higher order

intake in Engineering, which should positively impact the segment's top-line

in 2027/28. Infrastructure and Materials Solutions also recorded increased

demand with 9m order intake up 10% and 6.4% respectively.

FY 25 Guidance of EUR 1.7-1.85bn revenue and EUR 130-165m adjusted EBITA wa

confirmed. Taking into account the 9m results, a seasonally strong

Engineering business in Q4 and a solid result for Materials Solutions, the

lower end of the FY revenue guidance and the mid-point of the adjusted EBITA

guidance should be in reach, in our view. BUY with an unchanged EUR 34.0 PT

based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=59908cbc2bf19b80273f21e4a5b5f086

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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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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