Original-Research: INDUS Holding AG – from Parmantier & Cie. GmbH
25.02.2026 / 15:43 CET/CEST
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Classification of Parmantier & Cie. GmbH to INDUS Holding AG
Company Name:INDUS Holding AGISIN:DE0006200108 Reason for the research:UpdateRecommendation:Buyfrom:25.02.2026Target price:€ 35.00Target price on sight of:12 monthLast rating change:noneAnalyst: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 (€1.74 billion; guidance: €1.7 billion to €1.85 billion; PCR: €1.74 billion) and met our expectations. Adjusted EBITA (€147 million; guidance: €130 million to €165 million) also met expectations, even though we had anticipated this figure to be slightly higher (€155 million). This makes it all the more gratifying that the free cash flow target (target: €90 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 €24 million. The acquisition of Italian biodecontamination specialist AMIRA (€7 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.
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You can download the research here: INDUS_PCR_Update_2026_02_25_en_final
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