INDUS Holding AG: Positive Outlook Amidst Challenges

INDUS Holding AG has received a "Buy" recommendation from Parmantier & Cie. GmbH, despite facing a challenging economic environment. The company reported a slight increase in revenue and a decline in adjusted EBITA for 2025. However, earnings after taxes and earnings per share saw significant growth, aided by one-off tax benefits.

The economic landscape in 2026 remains uncertain, particularly due to geopolitical tensions. Nevertheless, INDUS expects to increase both revenue and adjusted EBITA. The company is targeting a revenue range of €1.8 billion to €1.95 billion and an adjusted EBITA between €150 million and €170 million in the upcoming year.

Segment-wise, the Infrastructure and Engineering segments are poised for growth. Rising raw material costs challenge the Materials Solutions segment, though this could potentially thin competition. INDUS projects free cash flow to exceed €70 million, but rising costs may impact this figure.