Original-Research: INDUS Holding AG (von NuWays AG): BUY 
Mo, 16.02.26 09:00· Quelle: dpa-AFX

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Original-Research: INDUS Holding AG - from NuWays AG

16.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to INDUS Holding AG

     Company Name:                INDUS Holding AG
     ISIN:                        DE0006200108

     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.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=38d04ece3e4cffe8237cb13504b31753
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2276640 16.02.2026 CET/CEST

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