Original-Research: INDUS Holding AG (von Parmantier & Cie. GmbH): Buy

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

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17.11.2025 / 12:55 CET/CEST

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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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https://eqs-cockpit.com/c/fncls.ssp?u=13670542ae6478eb9ee7baa8fca9977a

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