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

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

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25.02.2026 / 15:43 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: 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.

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.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=04b5e43e889c53414b401f0f4d1f7676

Contact for questions:

PARMANTIER & Cie. GmbH

[email protected]

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