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 [email protected] ————————————————————————— 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
