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

Original-Research: INDUS Holding AG - from Parmantier & Cie.

GmbH



25.02.2026 / 15:43 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.



---------------------------------------------------------------------------



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:                EUR 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 (EUR1.74 billion; guidance: EUR1.7 billion to EUR1.85
billion; PCR: EUR1.74 billion) and met our expectations. Adjusted EBITA (EUR147
million; guidance: EUR130 million to EUR165 million) also met expectations, even
though we had anticipated this figure to be slightly higher (EUR155 million).
This makes it all the more gratifying that the free cash flow target
(target: EUR90 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 EUR24
million. The acquisition of Italian biodecontamination specialist AMIRA (EUR7
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:
https://eqs-cockpit.com/c/fncls.ssp?u=04b5e43e889c53414b401f0f4d1f7676



Contact for questions:
PARMANTIER & Cie. GmbH
[e-mail]



---------------------------------------------------------------------------



The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=3af78665-1256-11f1-8534-027f3c38b923&lang=en



---------------------------------------------------------------------------



2281596 25.02.2026 CET/CEST