^ Original-Research: INDUS Holding AG – from NuWays AG
16.02.2026 / 09:00 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.
Reason for the research: Update Recommendation: BUY Target price: EUR 34.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr
Outlook 2026: INDUS set to build on market momentum in 2026
INDUS to have a good start into 2026, amongst others, supported by its acquisition of Pro Video at the end of last year. In detail:
For 2026 group top-line growth of 6.1% yoy to EUR 1.85bn (eNuW) is expected. 4.9% organic growth (eNuW) is to be driven by favorable end market developments in Engineering and Infrastructure. First-time consolidated revenue of EUR 4.6m (eNuW) from 2025 acquisitions and EUR 16-18m (eNuW) from the announced Pro Video deal are included in the forecast. With a EUR 100m acquisition budget (eNuW), we expect to see 3 more deals in 2026, potentially contributing EUR 25-30m in revenue. If completed early in the year, the deal count may rise in H2.
Adj. EBITA margin is to rise by 0.9 pp yoy to 9.1% in FY 26e (eNuW), largely driven by decreasing pricing pressure in engineering and infrastructure, as well as ongoing cost control. A prudent cost approach and own recycling capacities could support mitigating cost increases from an increasing reliance on the tungsten spot markets in the months to come. Adj. EBITA should grow by 37% yoy to EUR 167m, including EUR 2.4 – 2.7m (eNuW) contributed by Pro Video.
Engineering should grow by 7% yoy to EUR 660m (eNuW) in revenue, including 3% growth from Pro Video. Real German machinery production is expected to return to growth in 2026, following -5% yoy in 2025 (source: VDMA). INDUS seems to have maintained growth of 0.5% (eNuW) in 2025 and we expect it to continue outperform the industry benchmark due to its niche applications. Assuming fading pricing pressure across end markets, the adj. EBITA margin should improve from 7% (eNuW) in 2025 to 8.7% (eNuW) in 2026.
Infrastructure revenue is to rise by 10.5% yoy to EUR 662m (eNuW). Construction should pick up with a higher number of German building permits issued in the months following March 2025 compared to the previous year and German construction output growing for the first time in nine months by 0.4% yoy in October 2025. The adj. EBITA margin should climb from 9% (eNuW) in 2025 to 10.6% (eNuW) in 2026.
Materials Solutions will have to navigate ongoing tight supply of tungsten while attempting to preserve margins. We expect this to remain difficult, but solvable for H1, while visibility on H2 is limited. Conservatively estimated, we anticipate negative sales growth of 3% yoy (eNuW: EUR 526m) for 2026, with an adj. EBITA-margin of 7.6% (eNuW) against a projected 8.6% margin in 2025 (eNuW).
Acquisitions are to remain key strategic focus. In Engineering-related niche segments valuations remain attractive on comparably low order books, yet 10-11% CAGR until 2030 are feasible. In Materials Solutions and Infrastructure, we expect INDUS to seek further diversification with companies in respective fields of interest indicated to grow by 7-8% CAGR until 2030.
We expect solid operational performance in gradually improving end markets, enhanced by the company’s buy-and-build strategy. Pledged EUR 500bn of German infrastructure spending may provide another tailwind. Confirming BUY at EUR 34.5 based on FCFY 2026e.
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