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

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 35.5
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

FY25p: Adj. EBITA ahead of expectations, Est. & PT up

On 24th of February 2026, INDUS presented its preliminary full year figures. These indicated a successful FY25, amidst a difficult economic environment. In detail:

Q4 sales rose by 6% yoy to € 466.1m, largely in line with expectations (eNuW: € 466.6m, eCons.
€ 457.5), driven by an expected strong quarter in Engineering with double-digit growth and moderate growth in Infrastructure. Q4 adj. EBITA soared by 20.8% yoy to € 43.6m (eNuW: € 38.1m, eCons. € 44.5m). Pending divisional details to be released with the annual report on 24th of March, the company indicated margin support largely through a comprehensive package of measures applied in Material Solutions to counter input cost inflation, leading to an adj. EBITA margin of 9.4%.

FY 25 sales came in at € 1.74m, in line with expectations (eNuW: € 1.74, eCons. € 1.73). The company delivered 1.1% yoy top-line growth, thanks to their acquisitions made and support from solid developments in Infrastructure. Engineering encountered challenges relating to geopolitical uncertainty in H1 but improved towards the end of the year. Material Solutions was challenged by Chinese export controls on tungsten supply, but potential negative effects were largely mitigated by measures taken. Adj. EBITA came in significantly ahead of our expectations at € 147.8m (eNuW: €142.8m, eCons. € 150.2m), largely due to the effectiveness in countering input cost inflation with measures taken in Material Solutions. The adj. EBITA margin stood at 8.5% (previously 8.9%).

The acquisitions accelerated in 2025, with one more deal signed than originally expected. In January it acquired HBS for Engineering and for Infrastructure, it acquired KETTLER and ELECTRO TRADING. Engineering was further strengthened in June by the acquisition of METFAB and in July TRIGOSYS was added to Infrastructure. With 5 deals expected for FY 25 prior to Q4, INDUS surprised positively with its acquisition of Pro Video in December 2025.

On 23 February 2026, INDUS announced the acquisition of Amira S.r.l., an Italian specialist in vaporized hydrogen peroxide (V-PHP) bio decontamination solutions, the most effective and least harmful chemical method currently available for achieving a high degree of sterilization. The transaction is complementary to glove-box solutions already contained in INDUS’s portfolio and strengthens its position in mechanical engineering for pharmaceutical production and life sciences, characterized by significant technological and regulatory entry barriers and higher margins. Assuming consolidation applies from April 2026 onwards, we assume a revenue contribution of € 5.3m (eNuW) for FY 2026 and an adj. EBITA contribution of € 1m (eNuW). We expect to see at least two more signings this year.

Although INDUS has not released order intake figures yet (to be released with FY results on 24th of March), we expect them to confirm building order momentum visible in previous quarters. Based on these expectations and estimates on the new acquisition made, we raise FY 26 expectations on revenue growth by 0.4% to 6.4%, translating to € 1.85bn (eNuW) and our adj. EBITA estimate to € 167.8m (eNuW), implying a 9.6% margin. Based on our updated estimates and undemanding valuation multiples, we reiterate our BUY recommendation and raise our PT to € 35.5 (previously € 34.5).

 

You can download the research here: indus-holding-ag-2026-02-25-update-en-77c1d
For additional information visit our website: https://www.nuways-ag.com/research-feed

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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