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

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

31.03.2026 / 15:00 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: 30.03.2026
Target price: EUR 35.00
Target price on sight of: 12 months
Last rating change: none
Analyst: Daniel Großjohann & Thomas Schießle

Strong Q4 and record order book - despite a challenging environment, INDUS
will be able to increase revenue and adjusted EBITA in 2026

Revenue (EUR1.735 billion; +0.8%) and adjusted EBITA (EUR147.8 million; -3.8%)
for 2025 had already been provisionally reported. EAT (EUR69.8 million; +28%)
and EPS (2.77; +34%) increased disproportionately. However, this success was
aided by one-off effects that had a positive impact on the tax rate. The
overall economic environment in 2026 remains challenging and difficult to
predict (war in Iran). We expect INDUS to succeed in expanding revenue in
2026 and also increasing adjusted EBITA. Q1, however, could be weaker than
the same quarter last year. Based on our estimates, the INDUS share remains
attractively valued with a 2026 P/E ratio of 9.4 and a dividend yield of
just under 5%.

All three segments are expected to contribute to revenue growth in 2026. In
the Infrastructure segment, INDUS anticipates a moderate rise in revenue,
accompanied by a sharp increase in earnings. For the Engineering segment, a
slight rise in revenue is expected alongside a moderate increase in
earnings; the record-high segment order book will only have an impact in the
medium term (large-scale plant construction projects in the US). In
Materials Solutions in particular, rising raw material prices (which are
largely passed on to customers) play a key role in the expected moderate
rise in revenue, although margins here will decline.

As rising raw material prices (particularly metals) will lead to higher
working capital (inventories), free cash flow in 2026 is expected to be
lower than in 2025. However, this challenge also presents an opportunity for
INDUS, as smaller competitors unable to bear these costs could consequently
exit the market.

Group outlook: For the 2026 financial year, INDUS is forecasting revenue of
between EUR1.8 billion and EUR1.95 billion, with adjusted EBITA expected to be
between EUR150 million and EUR170 million. This corresponds to an adjusted EBITA
margin of between 7.5% and 9.5%. FCF is expected to exceed EUR70 million.

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=9685abb197963415f9fb3c991c559f67

Contact for questions:
PARMANTIER & Cie. GmbH
info@parmantiercie.com

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2301524 31.03.2026 CET/CEST

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Quelle: dpa-AFX