Original-Research: INDUS Holding AG (von NuWays AG): BUY

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Original-Research: INDUS Holding AG - from NuWays AG

13.08.2026 / 09:00 CET/CEST
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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 41
Target price on sight of: 12 months
Last rating change:
Analyst: Sarah Hellemann

Q2 26: Broad-based growth accelerated by tungsten catalyst

Yesterday, INDUS released its H1 26 report. As outlined by preliminary
figures published end of July, Q2 came in exceptionally strong. In detail:

Strong order intake across segments. Order intake rose by 29.7% yoy, led by
pricing related higher order values at BETEK and broad improvements across
portfolio companies. The backlog rose by 18.6% yoy to EUR 789m and H1
book-to-bill to 1.14x (eNuW: 1.07x; H1'25 1.03x).

Strong Q2 performance. Sales grew by 20.6% yoy to EUR 524m. This was mainly
driven by an exceptional Materials Solutions performance especially
supported by portfolio company BETEK. This included 2pp of inorganic growth
from acquisitions. Adj. EBITA soared by 160% yoy to EUR 81.1m, mainly driven
by significantly stronger margins in Material Solutions orders. The adj.
EBITA margin expanded by 8.3pp to 15.5%.

Materials Solutions soared from tungsten special situation. Sales surged by
47.4% yoy to EUR 209m (eNuW: EUR 202m), mainly driven by pricing effects in
tungsten products of portfolio company BETEK, but also volume and market
share gains. Notably, other portfolio companies in the segment also
cumulatively contributed positively. Adj. EBITA expanded by 441% yoy to EUR
56.3m (eNuW: EUR 55.3m), largely driven by higher margins on BETEK orders. The
adj. EBITA margin more than tripled, up 19.6pp to 26.9%.

Engineering proved resilient in a challenging market environment. The
segment grew by 9.1% yoy to EUR 149m (eNuW: EUR 147m) in sales, partially driven
by inorganic growth of 5.5% yoy, but also higher organic growth compared to
the German engineering sector. Adj. EBITA improved 10.5% yoy to EUR 10.5m
(eNuW: EUR 8.1m), slightly disproportionate to revenue growth. The segment
slightly raised its adj. EBITA margin by 0.1pp yoy to 7.1%.

Infrastructure benefitted from above-average temperatures. Sales rose by
6.3% yoy to EUR 166m yet came in slightly behind our estimate of EUR 175m, as
both regular growth and the warm-June effect were less pronounced than
assumed. In June, above-average temperatures had caused an upturn in
building inlet and sealing systems business as well as air-conditioning
devices. Inorganic growth contributed 1.8% from acquisitions made in 2025.
Adj. EBITA strengthened by 26.7% yoy to EUR 20.9m (eNuW: EUR 18.7m), supported
by a mix of higher demand disproportionately reflecting on the bottom-line
and positive product mix-effects. The adj. EBITA margin rose by 2pp yoy to
12.6%.

FCF improved by EUR 37.2m to EUR -36.9m at end of Q2, compared to the FCF in Q1,
which had been impacted by high working capital investments. The improvement
was significantly above the + EUR 15.7m in Q2 2025, as the operating CF
strengthened by 57.6% yoy to EUR 44.6m.

Special situation reflects in strong EPS contribution. INDUS delivered a Q2
EPS contribution of EUR 1.85/share (up 270% yoy; eNuW EUR 1.91), bringing total
YTD EPS to EUR 2.49 (+ 119.5% yoy). In our view further strong EPS development
in H2 26 could provide potential for accelerated inorganic growth (in
addition to only EUR 16.6m of the EUR 50m cash budget spent so far) and/or
higher-than-usual shareholder returns. Reiterating BUY at an unchanged PT of
EUR 41.

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=747652652384d80309a5599e1cdb2015
For additional information visit our website:
https://www.nuways-ag.com/research

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
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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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2382046 13.08.2026 CET/CEST

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