INDUS H1: Growth across all three segments

INDUS H1: Growth across all three segments

• Revenue up 15.4% at the six-month mark, adjusted EBITA rises to EUR 123.5 million
• Adjusted EBITA margin increases significantly to 12.8%
• Special effect from ongoing extraordinary development in Materials Solutions segment
• Higher incoming orders in all segments
• Guidance raised

Bergisch Gladbach, 12 August 2026 – Revenue and earnings of the INDUS Group increased significantly in the first half of 2026: Group revenue rose by 15.4% to EUR 965.2 million (H1 2025: EUR 836.6 million). Adjusted EBITA increased to EUR 123.5 million (H1 2025: EUR 56.1 million). The adjusted EBITA margin reached 12.8% (H1 2025: 6.7%). Earnings per share amounted to EUR 2.49 (H1 2025: EUR 1.13).

Business performance gained further momentum, particularly in the second quarter. In addition to the special effect in the Materials Solutions segment, all three segments posted significant growth during the quarter. Group revenue rose to EUR 523.6 million (Q2 2025: EUR 434.2 million), while adjusted EBITA climbed to EUR 81.1 million (Q2 2025: EUR 31.2 million). The adjusted EBITA margin increased to 15.5% (Q2 2025: 7.2%).

“Our Materials Solutions segment developed particularly dynamically,” says Dr. Johannes Schmidt, Chairman of the Board of Management of INDUS Holding AG. “This reflects the continued extraordinary market conditions for tungsten carbide: the tight global supply situation and the sharp increase in tungsten carbide feedstock prices generated much stronger sales momentum than we had expected at the beginning of the year. In close coordination with our largest customers and system partners, we decided at an early stage to maintain our portfolio company’s ability to deliver – even under difficult market conditions. This enabled us to continue serving the market and strengthen our position. Irrespective of this development, many other portfolio companies also successfully expanded their business in their respective niche markets and contributed to the Group’s growth.”

Incoming orders significantly up year on year

Supported by positive trends in all three segments, incoming orders at Group level increased by 22.5% to EUR 1,104.0 million (H1 2025: EUR 901.4 million). The book-to-bill ratio was 1.14.

Schmidt: “Our portfolio is well positioned. Overall demand for the products and solutions of our portfolio companies is increasing.”

Engineering segment expands business in the second quarter as expected

Revenue in the Engineering segment rose by 7.7% to EUR 279.6 million in the first six months (H1 2025: EUR 259.7 million), despite the continued weak economy. At EUR 15.6 million, segment earnings (adjusted EBITA) nearly reached the previous year’s level (EUR 15.9 million). The adjusted EBITA margin stood at 5.6% (H1 2025: 6.1%). As planned, revenue (+9.1%) and earnings (+10.5%) at the portfolio companies in this segment increased significantly year on year in the second quarter. At 7.1%, the adjusted EBITA margin was slightly above the prior-year quarter (7.0%). Incoming orders rose to EUR 340.6 million in the first six months (H1 2025: EUR 330.7 million). In the second quarter, INDUS completed the acquisition of Italian decontamination specialist AMIRA. It also acquired the remaining shares in DECKMA and additional shares in MESUTRONIC.

Infrastructure segment increases earnings by around 30%

The companies in the Infrastructure segment continued to improve their performance in the first half of 2026: revenue rose by 5.7% to EUR 308.8 million (H1 2025: EUR 292.1 million), while segment earnings surged by 30.2% to EUR 34.5 million (H1 2025: EUR 26.5 million). The adjusted EBITA margin increased to 11.2% (H1 2025: 9.1%). In the second quarter, the segment’s adjusted EBITA margin improved to 12.6% (Q2 2025: 10.6%). Driven primarily by the digital infrastructure sector, incoming orders increased in the first half of the year to EUR 351.8 million (H1 2025: EUR 285.2 million).

Materials Solutions segment benefits from continued extraordinary development

Revenue in the Materials Solutions segment increased to EUR 376.6 million (H1 2025: EUR 284.4 million). Segment earnings (adjusted EBITA) reached EUR 84.5 million (H1 2025: EUR 23.1 million). This positive trend was driven in particular by the continued extraordinary market development for tungsten carbide feedstock. Schmidt: “We know that this is not the new normal. When and at what level the price of tungsten carbide will settle is currently unpredictable. We expect a further increase in material costs this year, as a result of which the margin in this sector may decline. I would like to stress that the other portfolio companies in this segment, which do not benefit from this extraordinary development, also increased their revenue and earnings.”

Positive free cash flow in the second quarter

Working capital increased to EUR 627.0 million as of 30 June 2026 (31 December 2025: EUR 461.5 million), primarily due to seasonal effects and the sharp increase in tungsten carbide prices. Free cash flow amounted to EUR -36.9 million (H1 2025: EUR -7.9 million). In the second quarter, free cash flow was EUR 37.2 million (Q2 2025: EUR 15.7 million). The equity ratio was 37.8% as of 30 June 2026 (31 December 2025: 38.4%).

“As expected, the higher level of funds tied up in working capital is affecting cash flow performance,” says Chief Financial Officer Rudolf Weichert. “This makes it all the more encouraging that we achieved clearly positive free cash flow in the second quarter, supported by positive earnings performance.”

Guidance for 2026 raised

In view of the positive overall business performance and the extraordinary development in the Materials Solutions segment, INDUS raised its guidance for the financial year 2026 at the end of July. The Board of Management now expects revenue of between EUR 1.90 billion and EUR 2.10 billion (previously: between EUR 1.85 billion and EUR 2.05 billion) and adjusted EBITA of between EUR 220 million and EUR 260 million (previously: between EUR 160 million and EUR 190 million). An adjusted EBITA margin of between 11.0% and 13.0% is forecast (previously: between 8.0% and 10.0%). Free cash flow is still expected to at least break-even.

Schmidt: “We have demonstrated that our portfolio is strong and adaptable – and that we are able to seize our opportunities. We can build on this going forward and systematically increase the value of our Group.”

The full interim report can be found here.

About INDUS

Since 1989, INDUS has delivered sustained growth with a diversified portfolio of Mittelstand companies. The investment company focuses on acquiring family-owned businesses with unique engineering capabilities and on growing them internationally. INDUS ensures that the Group’s management teams act as true entrepreneurs to grow their businesses. They can rely on the stability and perspective of a long-term investor. Rooted in the German-speaking Mittelstand, INDUS today fully owns and successfully manages more than 40 portfolio companies with activities around the world. The SME Group has been listed on the Frankfurt Stock Exchange (SDAX) since 1995. For more information, visit www.indus.eu.

Note:

This press release contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of INDUS Holding AG and comprise known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. INDUS Holding AG assumes no obligation to update forward-looking statements.

Contact:
Nina Wolf
Corporate Communications
INDUS Holding AG
Kölner Straße 32
51429 Bergisch Gladbach
Germany
Phone: +49 (0) 22 04 / 40 00-73
Email: communications@indus.de
www.indus.eu