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

Classification of Parmantier & Cie. GmbH to INDUS Holding AG

Company Name:	INDUS Holding AG
ISIN:	DE0006200108
Reason for the research:	Update
Recommendation:	Buy
from:	25.02.2026
Target price:	€ 35.00
Target price on sight of:	12 month
Last rating change:	none
Analyst:	Daniel Großjohann & Thomas Schießle

2025 within expectations, free cash flow significantly above target The preliminary figures reported by INDUS Holding were within the target range for 2025 revenue (€1.74 billion; guidance: €1.7 billion to €1.85 billion; PCR: €1.74 billion) and met our expectations. Adjusted EBITA (€147 million; guidance: €130 million to €165 million) also met expectations, even though we had anticipated this figure to be slightly higher (€155 million). This makes it all the more gratifying that the free cash flow target (target: €90 million) was significantly exceeded. Based on our estimates, INDUS shares are trading at a 2026 P/E ratio of 8.5 and thus remain fundamentally favourable – especially if a slow economic recovery is assumed. The Engineering segment was strengthened in 2025 by two acquisitions. Sales and segment earnings increased every quarter despite the difficult environment. The Infrastructure segment increased sales compared with the previous year, and the adjusted EBITA margin met expectations. A total of three acquisitions further strengthened the existing investments in HAUFF-TECHNIK and BETOMAX. The Materials Solutions segment was hardest hit by market turmoil (US tariffs, Chinese export controls, rising material prices). Sales declined over the year as a whole, but measures taken ensured that the contribution to earnings increased in H2. Segment earnings and the adjusted EBITA margin exceeded the previous year's figures. Since our last update (11/25), INDUS has made two acquisitions: PRO VIDEO (Engineering segment; 80% stake) is a leading provider of large-scale audiovisual projects with renowned references. Annual sales are around €24 million. The acquisition of Italian biodecontamination specialist AMIRA (€7 million in annual sales) strengthens the subsidiary MBRAUN with a complementary product and opens up synergies in project planning and sales. Outlook: INDUS will publish a forecast for the 2026 financial year with the presentation of its annual report on 24 March 2026. 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: INDUS_PCR_Update_2026_02_25_en_final Contact for questions: PARMANTIER & Cie. GmbH info@parmantiercie.com