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

Original-Research: INDUS Holding AG - from NuWays AG

13.08.2026 / 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: BUY

Target price: EUR 41

Target price on sight of: 12 months

Last rating change:

Analyst: Sarah Hellemann

Q2 26: Broad-based growth accelerated by tungsten catalyst

Yesterday, INDUS released its H1 26 report. As outlined by preliminary

figures published end of July, Q2 came in exceptionally strong. In detail:

Strong order intake across segments. Order intake rose by 29.7% yoy, led by

pricing related higher order values at BETEK and broad improvements across

portfolio companies. The backlog rose by 18.6% yoy to EUR 789m and H1

book-to-bill to 1.14x (eNuW: 1.07x; H1'25 1.03x).

Strong Q2 performance. Sales grew by 20.6% yoy to EUR 524m. This was mainly

driven by an exceptional Materials Solutions performance especially

supported by portfolio company BETEK. This included 2pp of inorganic growth

from acquisitions. Adj. EBITA soared by 160% yoy to EUR 81.1m, mainly driven

by significantly stronger margins in Material Solutions orders. The adj.

EBITA margin expanded by 8.3pp to 15.5%.

Materials Solutions soared from tungsten special situation. Sales surged by

47.4% yoy to EUR 209m (eNuW: EUR 202m), mainly driven by pricing effects in

tungsten products of portfolio company BETEK, but also volume and market

share gains. Notably, other portfolio companies in the segment also

cumulatively contributed positively. Adj. EBITA expanded by 441% yoy to EUR

56.3m (eNuW: EUR 55.3m), largely driven by higher margins on BETEK orders. The

adj. EBITA margin more than tripled, up 19.6pp to 26.9%.

Engineering proved resilient in a challenging market environment. The

segment grew by 9.1% yoy to EUR 149m (eNuW: EUR 147m) in sales, partially driven

by inorganic growth of 5.5% yoy, but also higher organic growth compared to

the German engineering sector. Adj. EBITA improved 10.5% yoy to EUR 10.5m

(eNuW: EUR 8.1m), slightly disproportionate to revenue growth. The segment

slightly raised its adj. EBITA margin by 0.1pp yoy to 7.1%.

Infrastructure benefitted from above-average temperatures. Sales rose by

6.3% yoy to EUR 166m yet came in slightly behind our estimate of EUR 175m, as

both regular growth and the warm-June effect were less pronounced than

assumed. In June, above-average temperatures had caused an upturn in

building inlet and sealing systems business as well as air-conditioning

devices. Inorganic growth contributed 1.8% from acquisitions made in 2025.

Adj. EBITA strengthened by 26.7% yoy to EUR 20.9m (eNuW: EUR 18.7m), supported

by a mix of higher demand disproportionately reflecting on the bottom-line

and positive product mix-effects. The adj. EBITA margin rose by 2pp yoy to

12.6%.

FCF improved by EUR 37.2m to EUR -36.9m at end of Q2, compared to the FCF in Q1,

which had been impacted by high working capital investments. The improvement

was significantly above the + EUR 15.7m in Q2 2025, as the operating CF

strengthened by 57.6% yoy to EUR 44.6m.

Special situation reflects in strong EPS contribution. INDUS delivered a Q2

EPS contribution of EUR 1.85/share (up 270% yoy; eNuW EUR 1.91), bringing total

YTD EPS to EUR 2.49 (+ 119.5% yoy). In our view further strong EPS development

in H2 26 could provide potential for accelerated inorganic growth (in

addition to only EUR 16.6m of the EUR 50m cash budget spent so far) and/or

higher-than-usual shareholder returns. Reiterating BUY at an unchanged PT of

EUR 41.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=747652652384d80309a5599e1cdb2015

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