Märkte & Kurse

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Original-Research: INDUS Holding AG - from NuWays AG

30.12.2025 / 09:26 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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
     from:                        30.12.2025
     Target price:                EUR 34.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Ending the year on a high note; PT Up

Last week, INDUS signed another acquisition, meeting market expectations of
one additional dealbefore the end of the year. In detail:

PRO VIDEO is to strengthen Engineering from 2026 onwards. 80% of shares in
the leadingsupplier of professional media solutions for audiovisual
large-scale projects in Germany with an annual revenue of about EUR 24m were
signed for now.

Closing and consolidation may be expected to follow upon receiving
regulatory approval from theGerman Federal Cartel Office. Mind you, this
approval process has two phases, with phase twounlikely to apply in this
case and being conditional on concerns raised in phase one. We expect
PROVIDEO contributions from Q2 2026 onwards.

Taking a closer look at PRO VIDEO, the company specializes in providing safe
and complexcommunication rooms for companies (i.e. Microsoft, BASF,
Bertelsmann), government-relatedentities and educational facilities, such as
universities. Although information revealed so far is limited,this target is
likely a particularly attractive addition to INDUS, due to high margins
implied by its highrevenue/FTE ratio, typically low maintenance CAPEX
associated with commonly asset-lightstructures in the conference room
solutions markets, low overlap with the residual engineeringportfolio and
possible company-internal use cases which should allow for efficiency gains
and crossselling opportunities. Market research indicates that conference
room solutions should grow at aCAGR of more than 10% until 2032, vastly
outpacing most other media niche markets.

Expected PRO VIDEO contributions to INDUS in FY26e looks set to be EUR 16-18m
in revenuewith an EBITDA margin of around 15% (eNuW), assuming consolidation
from Q2 2026 onwards.With this, the acquisition does not only look
strategically sensible but also value accretive, inour view.

Spending spree to last. Next year, INDUS plans to spend up to EUR 100m (eNuW),
which would be inline with the company's spending targets announced at its
CMD last year. Mind you, INDUS plans tospend a total of EUR 500m until the end
of 2030 on M&A. With an average acquisition multiple of 7-7.5xEV/EBITA, the
company could add at least EUR 70m of EBITA during the next five years (vs
FY24).

Looking ahead, we maintain our FY25e revenue estimate of EUR 1.74bn and raise
our top-lineassumptions for FY26e to 1.85bn, leading to an increased PT of EUR
34.5 (old: EUR 34) , based onFCFY26e. At the same time, we reiterate our BUY
rating.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f3003b8f5cfd188665014ea538c98e6e
For additional information visit our website:
https://www.nuways-ag.com/research-feed

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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2252592 30.12.2025 CET/CEST

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