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

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Original-Research: INDUS Holding AG - from NuWays AG

29.10.2026 / 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: HOLD

Target price: EUR 41

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Q3e 26: Tungsten tailwind to persist, M&A the next catalyst

INDUS will report its Q3 figures on November 12th. These should reflect

another strong quarter driven by the tungsten special situation positively

impacting BETEK. Here is what to expect:

Total sales in Q3 to grow 20.2% yoy to EUR 526m (eNuW). Growth should again be

mainly driven by Materials Solutions, supported by continued effects of the

tungsten special situation. Further growth acceleration is seen to come from

Infrastructure, carried by strong order intake in H1 and an improving

environment.

Adj. EBITA is seen to rise by 49.5% yoy in Q3 to EUR 72m (eNuW), mainly driven

by a strong contribution from portfolio company BETEK in Materials Solutions

and to be supported by improved capacity utilization in Engineering. The

adj. EBITA margin is expected to rise by 3pp yoy to 13.7%.

Materials Solutions should remain the key driver. We expect to see 44% yoy

sales growth to EUR 198m (eNuW), mainly driven by pricing while the adj. EBITA

margin should rise 5pp yoy to 17% (eNuW), leading to an adj. EBITA

contribution of EUR 33.6m, doubling yoy.

Infrastructure to deliver strong growth in Q3. With the underlying

environment for construction improving, in particular in Germany (Trading

Economics) and order intake up 23.3% yoy in H1, segment sales are seen to

rise by 9.5% yoy to EUR 177m (eNuW). The adj. EBITA margin is to rise by 0.1pp

yoy to 13.9% and the segment is to contribute EUR 24.6m (eNuW) in adj. EBITA,

up 10.2% yoy.

Engineering to show margin improvements. We expect to see 9.1% yoy sales

growth to EUR 151m (eNuW), driven partially by organic growth reflecting a

mixed, but improved environment (VDMA) and by some EUR 7.8m (eNuW) inorganic

growth from the acquisitions of PRO VIDEO and AMIRA. This compares to a weak

Q3 25 base impacted by end market weakness in mechanical engineering

concerning plant equipment demand. The adj. EBITA margin should improve by

0.8pp yoy to 9.8% (eNuW) with higher capacity utilization and higher margin

contributions from the acquisitions made. This is seen to result in an adj.

EBITA of EUR 14.8m (eNuW).

M&A acceleration in Q4 26e in line with expectations. In October 26, INDUS

sold minor portfolio company MEWESTA in Materials Solutions (c. EUR 5m annual

revenue) as part of its active portfolio management. This was followed by

the add-on acquisition of BNB (70% stake, c. EUR 7m annual revenue) to

portfolio company BETOMAX and INDUS's concrete technology field. With two

months remaining and further deals in pipeline confirmed in the CEO's recent

interview, one additional acquisition in Q4 remains possible.

Adjusting our forecast. To reflect the divestment and acquisition made, we

adjust our estimates. While we expect no material impact on FY26e, we

slightly raise our sales and adj. EBITA estimates from FY27e. For FY26e, we

now project EUR 2.03bn in sales and EUR 247m in adj. EBITA pointing to INDUS

reaching the mid of its FY26e sales guidance of EUR 1.9-2.1bn and the upper

half of its adj. EBITA guidance of EUR 220-260m. Maintaining HOLD with an

unchanged PT of EUR 41, based on FCFY27e.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=9339b045fee4d8227d4cd074c6f6a9fe

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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2424282 29.10.2026 CET/CEST

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