Märkte & Kurse

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Original-Research: INDUS Holding AG - from NuWays AG

28.07.2026 / 09:00 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
     Target price:                EUR 37
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

Material momentum: double-digit Q2 ahead

INDUS is scheduled to release its H1 report on August 12th. We expect strong
growth on top- and bottom-line for Q2. In detail:

Double-digit Q2 sales growth (eNuW: +12% yoy), leading to EUR 486m (eNuW) is
anticipated, based on a temporarily boosted Material Solutions performance
due to continued tungsten supply shortage caused by Chinese export controls
and seasonally stronger Infrastructure benefitting from rising construction
output and excellent weather. A combination of organic and inorganic growth
should support a yoy outperformance of Engineering.

Q2 adj. EBITA is expected to rise by 20.6% yoy to EUR 37.6m (eNuW). Revenue
growth and improved capacity utilization are to outweigh elevated material
costs from the tungsten special situation. The implied adj. EBITA margin is
seen to expand by 0.5pp yoy to 7.6% (eNuW).

Engineering should contribute 7.5% yoy revenue growth to EUR 147m (eNuW),
outperforming its sector based on recent quarters strong order intake
bringing the book-to-bill to 1.26x (Q1 26) and inorganic growth from FY26
acquisitions. Despite the top-line growth, we anticipate a 1.5pp yoy drop in
adj. EBITA margin to 5.5% (eNuW) as the challenging mechanical engineering
environment (VDMA economists lowering their growth projection for FY 26 from
1% to 0%; Source: VDMA) poses pricing pressure risks. The adj. EBITA
contribution is to fall by 15.1% yoy to EUR 8.1m (eNuW).

Infrastructure is seen to grow 12.2% yoy to EUR 175m sales (eNuW), carried by
construction growth picking up (i. e. German construction up 3.5% yoy in
May; Source: Federal Statistical Office) and above average seasonally on a
count of a particular warm and sunny Q2. This strong growth should raise
adj. EBITA by 13.3% yoy to EUR 18.7m (eNuW), implying a double-digit margin of
10.7% (eNuW; +0.1pp yoy).

Material Solutions is expected to continue benefiting strongly from tungsten
supply shortages through BETEK (51% of Material Solutions revenue in FY25).
BETEK's proactive management of the situation - securing tungsten supply and
implementing significant price increases - already drove a 7.9pp yoy margin
expansion in Q1 2026 through favorable pricing and volume effects. We
conservatively forecast 16% yoy sales growth to EUR 164.6m (eNuW) and a 4.7pp
yoy increase in the adj. EBITA margin to 12.0% (eNuW), implying adj. EBITA
of EUR 19.8m (eNuW), up 90% yoy.

FY26e on track. Overall, the FY26 guidance of EUR 1.85-2.05bn in sales and
adj. EBITA: EUR 160-190m, at an implied adj. EBITA margin of 8-10% continues
to look achievable. At the current expected run-rate, INDUS should be well
positioned to delivering the mid- to upper range of its guidance. We project
EUR 1.92 bn in sales (eNuW) and EUR 179m (eNuW) in adj. EBITA on an implied
margin of 9.3% (eNuW). Effects from higher German Infrastructure spending
and a stronger-than-anticipated Material Solutions performance continue to
provide further upside potential.

Confirming BUY at a PT of EUR 37, based on FCFY 26e.



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Web: www.nuways-ag.com
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2372370 28.07.2026 CET/CEST

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