INDUS Holding AG Adjusts 2026 Financial Guidance Amid Tungsten Carbide Market Shifts

INDUS Holding AG has revised its 2026 financial forecast due to remarkable developments in its Materials Solutions segment. A persistent supply squeeze and high demand have tripled tungsten carbide prices. This has prompted INDUS to predict increased Group revenue and adjusted EBITA, now expected to be between EUR 1.85 and 2.05 billion and EUR 160 to 190 million respectively.

To maintain supply, INDUS faces a rise in working capital, impacting free cash flow projections, adjusted to breakeven from a prior EUR 70 million surplus. The company expects a strong revenue and income boost in the Materials Solutions segment, contrary to previous forecasts of moderate revenue growth and declining income.

The performance of Engineering and Infrastructure divisions remains stable, aligning with previous guidance. The company notes that ongoing fluctuations in the tungsten carbide market could lead to financial adjustments later in the year.