Märkte & Kurse

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

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.



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This research report ('Investment Recommendation') was prepared by
Parmantier & Cie. Research, with contributions from Mr. Grossjohann, and is
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2231028 17.11.2025 CET/CEST

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