Original-Research: INDUS Holding AG (von Parmantier & Cie. GmbH): Buy

Classification of Parmantier & Cie. GmbH to INDUS Holding AG

Company Name:	INDUS Holding AG
ISIN:	DE0006200108
Reason for the research:	Update
Recommendation:	Buy
from:	17.11.2025
Target price:	35.00 Euro
Target price on sight of:	12 month
Last rating change:	none
Analyst:	Daniel Großjohann, Thomas Schießle

Q3: Adjusted EBITA exceeds market expectations, market environment remains challenging – Group outlook for 2025 confirmed

The Q3 figures (sales: €437.4 million (-1.3%); adj. EBITA: €48.1 million (+10%)) significantly exceeded market expectations in terms of earnings. This was due to consistent cost management. We expect INDUS to continue the trend shown during the year. While we are slightly reducing our revenue forecast for 2025, we are raising the adjusted EBITA margin slightly. Both key figures remain within the confirmed guidance. INDUS shares are currently trading at a P/E ratio of 9.1, and the dividend yield is above 5% – we confirm our buy recommendation.

P&L. Although revenue in Q3 2025 was slightly below the previous year’s figure at €437.4 million (-1.3%), EBIT (€43.3 million; +36.2%) and EPS (€1.33; +95.6%) significantly exceeded the Q3 2024 figures. This is due, among other things, to consistent cost management. The lower tax rate after nine months (15.9% vs. 34.9%) – with slightly lower EBT (€73.6 million; - 4.2%) – resulted in EPS of €2.46 (+30.1%), which is already significantly higher than the previous year’s EPS.

Order intake. Nine-month group order intake (€1,429 million) grew by 17.2% compared with the same period last year. Once again, the most significant increase was in the Engineering segment (+35.5%), but order intake in the other two segments, Infrastructure (+10%) and Materials Solutions (+6.5%), also improved compared with the same period last year. The Group book-to-bill ratio was 1.12. However, it should be noted that some of the major orders won in plant engineering will not be recognised as revenue until 2027 and 2028.

Group outlook: For the 2025 financial year, INDUS continues to forecast sales of between €1.70 billion and €1.85 billion, with adjusted EBITA expected to be between €130 million and €165 million. This corresponds to an adjusted EBITA margin of between 7.5% and 9%. Free cash flow is expected to exceed €90 million.



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