INDUS confirms a solid financial year 2025 – Proposed dividend of EUR 1.30 exceeds previous year

INDUS confirms a solid financial year 2025 – Proposed dividend of EUR 1.30 exceeds previous year

• Adjusted EBITA margin at 8.5%
• Free cash flow totals EUR 124.0 million
• Incoming orders up 15.1%, order backlog up 10.9% year-on-year
• Earnings per share rise to EUR 2.77
• Guidance 2026: revenue of EUR 1.80 to 1.95 billion, adjusted EBITA of EUR 150 to 170 million

Bergisch Gladbach, 24 March 2026 – The INDUS Group concluded the financial year 2025 on a solid note in an overall challenging economic environment. Revenue reached EUR 1,735.4 million, slightly above the previous year’s figure (EUR 1,721.8 million) and in line with the latest guidance of EUR 1.70 to 1.85 billion. Adjusted EBITA amounted to EUR 147.8 million (latest guidance: EUR 130 to 165 million; previous year: EUR 153.7 million). The adjusted EBITA margin was 8.5% (previous year: 8.9%), putting it in the upper half of the guidance range of 7.5% to 9.0%. Incoming orders rose 15.1% in 2025 to EUR 1,854.3 million (previous year: EUR 1,611 million). At year-end, the order backlog stood at EUR 705.9 million, also significantly above the previous year’s level (EUR 636.6 million).

“As expected, our portfolio companies expanded their businesses over the course of the year. In the third quarter, we achieved our strongest earnings throughout the year, and in the fourth quarter, we posted our highest revenue,” says Dr.-Ing. Johannes Schmidt, Chairman of the Board of Management of the INDUS Group. “The economic environment has been uncomfortable for several years now. Nonetheless, I remain optimistic about INDUS. In turbulent times, it is especially SMEs like those in our Group that consistently find new ways to reach their goals.”

EBIT came in at EUR 127.0 million, slightly higher than the previous year’s EUR 126.7 million. Earnings after taxes rose to EUR 69.8 million (previous year: EUR 54.7 million). Earnings per share increased to EUR 2.77 (previous year: EUR 2.07), with tax expenses in 2025 being lower than in previous years due to one-time effects. With higher operating cash flow of EUR 177.3 million (previous year: EUR 171.3 million) and improved working capital (EUR 461.5 million, previous year: EUR 470.7 million), free cash flow rose substantially during the year. It totaled EUR 124.0 million (previous year: EUR 135.4 million), well above the target of over EUR 90 million. In addition to five add-on acquisitions, INDUS invested EUR 60.6 million in property, plant and equipment and intangible assets (previous year: EUR 50.9 million). At year-end, the equity ratio stood at 38.4% (previous year: 38.7%). Cash and cash equivalents totaled EUR 217.6 million (previous year: EUR 145.2 million). Net debt remained almost unchanged at EUR 544.0 million (previous year: EUR 541.4 million). As planned, the debt repayment period, that is, the ratio of net debt to EBITDA, was 2.5 years (previous year: 2.4 years).

“We see that our EMPOWERING MITTELSTAND strategy is guiding us through challenging times exactly as intended,” says Rudolf Weichert, INDUS’ Chief Financial Officer and Deputy Chairman of the Board of Management. “With our strong free cash flow this financial year and stable balance sheet ratios, we remain in a comfortable position. Once again, we will pay a reliable dividend this year.”

INDUS’ dividend policy provides for the distribution of up to 50% of INDUS Holding AG’s profits. For the financial year 2025, the Board of Management and the Supervisory Board will propose a dividend of EUR 1.30 per share (previous year: EUR 1.20) to the Annual Shareholders’ Meeting on 3 June 2026. This represents a dividend yield of 4.6% based on the 2025 year-end closing price (previous year: 5.9%).

Sharp increase in incoming orders in the Engineering segment

Despite a sluggish global industrial economy, revenue in the export-oriented Engineering segment reached EUR 583.0 million, only slightly less than the previous year’s EUR 596.7 million. After a strong fourth quarter, segment earnings (adjusted EBITA) for the full year amounted to EUR 53.7 million (previous year: EUR 57.7 million). The adjusted EBITA margin stood at 9.2% (previous year: 9.7%). Order intake jumped 26.9% to EUR 667.3 million (previous year: EUR 525.9 million), driven mainly by long-term plant engineering projects. With the acquisitions of HBS (including SUNBELT) and METFAB, and the expansion of its US operations, INDUS further boosted the segment’s technological expertise and manufacturing depth in 2025.

Infrastructure companies hold their own in a challenging market

The companies in the Infrastructure segment managed to increase revenue by 6.7% to EUR 597.2 million (previous year: EUR 559.5 million) in a market environment that remained challenging. Organic growth amounted to 4.3%. Adjusted EBITA was unchanged from the previous year at EUR 62.1 million (previous year: EUR 63.6 million). The adjusted EBITA margin stood at 10.4% (previous year: 11.4%). The strategic acquisitions of KETTLER, ELECTRO TRADING and TRIGOSYS enabled a targeted expansion of the product portfolio.

Despite market pressures and rising material costs: segment earnings for Materials Solutions slightly above previous year

In 2025, the Materials Solutions segment generated revenue of EUR 554.5 million (previous year: EUR 564.8 million). The previous year’s figure included EUR 13.7 million in revenue from IMECO, a portfolio company that has since wound down its operations. Extensive measures improved operating performance throughout the year, even as supply conditions remained volatile and raw material prices increased significantly. Segment earnings (adjusted EBITA) rose to EUR 51.9 million (previous year: EUR 49.9 million), with the adjusted EBITA margin improving to 9.4% (previous year: 8.8%). Efficiency programs, signs of recovery in the agricultural technology sector, and front-loaded purchases in anticipation of higher tariffs and rising material costs all made positive contributions.

Sustainability remains part of INDUS’ DNA

In 2025, INDUS exceeded its target of reducing greenhouse gas emissions intensity by at least 6%: gross emissions intensity (Scope 1 and 2) decreased by 7.5% to 16.1 tons of CO2 per EUR million in revenue (previous year: 17.4 tons).

Outlook for 2026: INDUS staying on course

For the current financial year, INDUS expects moderate growth. The Board of Management is projecting revenue between EUR 1.80 and 1.95 billion and adjusted EBITA of EUR 150 to 170 million. The adjusted EBITA margin is forecast at 7.5% to 9.5%.

The guidance is based on the assumption that, despite the geopolitical risks in the Near and Middle East, there will be no prolonged structural constraints on supply security along with sustained increases in raw material and energy prices.

In the Engineering segment, INDUS expects business activity to pick up slightly in 2026. The Infrastructure companies should also benefit from positive price and volume effects, even though the construction market for new industrial and residential buildings is still developing at a measured pace. By contrast, in the Materials Solutions segment, revenue and earnings this year are likely to be affected by sharply rising material costs and ongoing volatility in the supply conditions. Consequently, the Board of Management expects a significant increase in working capital for the segment.

“Even though the overall situation does not warrant excessive optimism, we are confident that we will see moderate growth in 2026. There are still major uncertainties in the market due to protectionist trade policies and geopolitical crises. But we are doing our homework and staying the course through these times with solid margins,” says Schmidt. “The order backlog at the end of the year was substantially higher than in the previous year. That is already a positive sign.”

Strong start to the new year with acquisitions

In January 2026, INDUS finalized its acquisition of media technology specialist PRO VIDEO. In addition, with the signing of a purchase agreement for the Italian biodecontamination specialist AMIRA at the start of 2026, INDUS expanded its presence in Southern Europe and strengthened the MBRAUN Group’s access to the promising pharmaceuticals and life sciences market.

Click here for the full Annual Report of INDUS Holding AG.

About INDUS

Since 1989, INDUS has delivered sustained growth with a diversified portfolio of Mittelstand companies. The investment company focuses on acquiring family-owned businesses with unique engineering capabilities and on growing them internationally. INDUS ensures that the Group’s management teams act as true entrepreneurs to grow their businesses. They can rely on the stability and perspective of a long-term investor. Rooted in the German-speaking Mittelstand, INDUS today fully owns and successfully manages more than 40 portfolio companies with activities around the world. The SME Group has been listed on the Frankfurt Stock Exchange (SDAX) since 1995. For more information, visit www.indus.eu.

Note:

This press release contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of INDUS Holding AG and comprise known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. INDUS Holding AG assumes no obligation to update forward-looking statements.