INDUS Holding AG INDUS Holding AG raises its guidance for the 2026 financial year

INDUS Holding AG raises its guidance for the 2026 financial year

Bergisch Gladbach, July 29, 2026 – Against the backdrop of the ongoing exceptional performance in the Materials Solutions segment, the Board of Management of INDUS Holding AG today raised its guidance for financial year 2026. The continued global supply shortage of tungsten carbide and the resulting extreme increase in material prices led to an even stronger rise in revenue than previously expected at the segment’s largest portfolio company. As a result, the INDUS Board of Management has raised the guidance ranges for consolidated revenue, adjusted EBITA, and the adjusted EBITA margin.

Against the backdrop of this exceptional development, the Board of Management now expects the following for the INDUS Group in financial year 2026:

• Revenue: EUR 1.90 to 2.10 billion (previously: EUR 1.85 to 2.05 billion)
• Adjusted EBITA: EUR 220 to 260 million (previously: EUR 160 to 190 million)
• Adjusted EBITA margin: 11.0 to 13.0% (previously: 8.0 to 10.0%)

Despite the very high prices of tungsten carbide, the Board of Management has made the conscious decision to maintain the supply capacity of the affected portfolio company. This enabled the company to fulfill high-margin additional orders across all application areas, gain market share, and strengthen the company’s market position as a reliable business partner. As expected, this resulted in a significant increase in working capital. The increase was financed through additional borrowing, improved earnings, and, to a lesser extent, support from customers. The Board of Management is maintaining its guidance for free cash flow in 2026 at at least break-even.

For the Materials Solutions segment, INDUS continues to expect a strong increase in revenue and, now, a very strong increase in segment earnings (previously: strong increase). The margin range is now expected to be between 15.0% and 17.0% (previously: 8.0% to 10.0%).

The effects of these developments will be clearly reflected in the key figures for the first half of 2026, which remain preliminary at the time of this announcement:

• Revenue: 965.2 million EUR (H1 2025: 836.6 million EUR)
• Adjusted EBITA: EUR 123.5 million (H1 2025: EUR 56.1 million)
• Adjusted EBITA margin: 12.8% (H1 2025: 6.7%)

Compared to the year-end 2025 level, working capital increased significantly and more strongly than usual. This was partly attributable to customary seasonal effects, and partly due to the rise in tungsten carbide prices. Nevertheless, free cash flow was positive in the second quarter of 2026 and amounted to -36.9 million EUR for the first half of 2026 (H1 2025: -7.9 million EUR).

The Engineering and Infrastructure segments performed in line with expectations.

It is currently not foreseeable when and at what level prices for tungsten carbide will normalize. For the remainder of the financial year, persistently high material costs and a further increase in working capital are expected. The margin level of the Materials Solutions segment will subside over the course of the year due to the delayed strong rise in material costs. In addition, high price levels and renewed competition from Chinese suppliers could dampen demand and customers’ willingness to pay in certain industries, which may adversely affect revenue and earnings.

The interim report for the first half of 2026 will be published as planned on August 12, 2026.

Adjusted EBITA is calculated by adding back PPA amortization and impairment to EBIT, and subtracting any reversals of impairment losses. For further details, please refer to page 58 of INDUS’s 2025 Annual Report.

Note:

This announcement contains forward-looking statements. These statements are based on the current views, expectations, and assumptions of the management of INDUS Holding AG and involve known and unknown risks and uncertainties that could cause actual results, outcomes, or events to differ materially from the express or implied statements contained herein. INDUS Holding AG assumes no obligation to update forward-looking statements.

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