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Bergisch Gladbach, 14 May 2025

INDUS Group generates sales of EUR 402.4 million and adjusted EBITA of EUR 24.9 million in Q1 2025

- Solid order intake driven in particular by the Engineering segment
- Three add-on acquisitions: HBS, KETTLER and ELECTRO TRADING
- Earnings per share at EUR 0.63
- Sales forecast of between EUR 1.70 billion and EUR 1.85 billion, adjusted EBITA margin of between 7.5% and 9%

The portfolio companies of INDUS Group generated sales of EUR 402.4 million in the first three months of 2025 (previous year: EUR 410.1 million). Adjusted EBITA, which is calculated from EBIT by eliminating amortization and impairment losses on intangible assets from purchase price allocations, amounted to EUR 24.9 million (previous year: EUR 31.5 million). The adjusted EBITA margin was 6.2% (previous year: 7.7%).

Infrastructure: Rising sales and positive outlook

Sales in the Infrastructure segment rose to EUR 136.4 million (previous year: EUR 131.9 million). Adjusted EBITA amounted to EUR 10.0 million (previous year: EUR 12.8 million). Higher personnel costs and intense competition in the still weak market environment had an impact on earnings. INDUS expects market demand and productivity to improve over the course of the year. INDUS now expects a moderate increase in segment sales for the current financial year. INDUS further strengthened the Infrastructure segment in the first quarter by acquiring KETTLER, a manufacturer of components and spindle extensions for pipe systems, and the Swedish distributor ELECTRO TRADING.

Engineering: Noticeable investment restraint in Q1, significant increase in order intake

Sales in the Engineering segment, which is strong in exports, reached EUR 123.2 million (previous year: EUR 129.4 million). Adjusted EBITA stood at EUR 6.4 million (previous year: EUR 10.2 million). This subdued performance reflects the anticipated general reluctance to invest as a result of the international trade conflicts. With a solid order backlog and a partial recovery in demand, INDUS expects a gradual improvement throughout the year, with a very strong fourth quarter. Order intake rose by 19.5% in the first quarter, confirming a long-term positive trend. At the beginning of the year, INDUS acquired the stud welding specialist HBS for the Engineering segment.

Material Solutions: Adjusted EBITA up on previous year despite slight decline in sales

Sales in the Materials Solutions segment amounted to EUR 142.5 million. In the previous year, segment sales (EUR 148.6 million) still included the sales of the INDUS portfolio company IMECO. Adjusted EBITA increased slightly to EUR 12.7 million (previous year: EUR 12.4 million). Order intake rose, in particular at the metal processing companies. However, several companies in this segment had to lower their expectations for the following quarters due to US tariff policy. In addition, Chinese export controls on tungsten compounds pose a supply risk for a portfolio company that manufactures carbide tools. Due to these effects, INDUS now anticipates a moderate drop in sales and a significant decline in adjusted EBITA for the year overall.

Dr. Johannes Schmidt, Chairman of INDUS Group’s Board of Management: “The disruptive US tariff policy and international trade conflicts have significantly heightened the overall market uncertainty. In the first quarter, our portfolio companies adapted flexibly to these challenges. The rising order intake, especially in the Engineering segment, and the positive sales trend in the Infrastructure segment are notable highlights.”

Earnings per share at EUR 0.63

Earnings after taxes came in at EUR 16.1 million (previous year: EUR 10.3 million). This includes non-periodic tax income of over EUR 8 million. Earnings per share stood at EUR 0.63 (previous year: EUR 0.38).

Equity ratio rises slightly to 38.8%

Free cash flow amounted to EUR -23.6 million in the first quarter. In the previous year, free cash flow was EUR 6.1 million, as the typical seasonal increase in working capital was lower in the same period of the previous year. Free cash flow of over EUR 90 million is still expected for the year as a whole.
The equity ratio rose slightly to 38.8% as of 31 March 2025 (31 December 2024: 38.7%), even though the share buyback program completed on 4 March 2025 reduced equity by EUR 3 million in the quarter under review.

Forecast for the financial year 2025

As already communicated on 7 May 2025, INDUS anticipates Group sales of EUR 1.70 billion to EUR 1.85 billion for the current financial year. The Board of Management expects adjusted EBITA of EUR 130 million to EUR 165 million. The forecast for the adjusted EBITA margin is 7.5% to 9%.

Click here for the full interim report of INDUS Holding AG.

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.

Axel Meyer

COO Engineering
Axel Meyer (German citizen, born 1968) has been a member of the INDUS Board of Management since October 2017.

Until joining INDUS, he held various management positions at Schuler AG, most recently as Managing Director of Schuler Pressen and Head of the Service Division of the Schuler Group, Goeppingen, Germany.

Previously, Axel Meyer worked as a member of the Board of Management of the international management consultancy IMAGIN Prof. Bochmann AG, Eppstein im Taunus, Germany. He started his professional career in the Schuler Groups’ Solid Forming Division, initially in global sales and later as Division Manager.

Axel Meyer studied industrial engineering in Germany and the USA and earned a Master of Mergers & Acquisitions (LL.M.) at the Frankfurt School of Finance & Management while working. 

Gudrun Degenhart

COO Materials Solutions
Gudrun Degenhart (German citizen, born 1970) has been a member of the Board of Management of INDUS since October 2023.

She has more than 20 years of experience in the management and development of portfolio companies in Europe, the USA and the Asia-Pacific regions.

Prior to joining INDUS, she served as the CEO of the German portfolio companies of the international service group ISS. She previously worked for the thyssenkrupp Group, serving as the CEO of the international business unit for special lifts, as well as the CEO of Materials Western Europe and Asia-Pacific . She gained experience in medium-sized companies as a board member of the construction technology company Schöck.

A graduate in business administration, she began her career by building up the Central and Eastern European operations of the construction specialist Lindner Group.

Dr. Jörn Großmann

COO Infrastructure
Dr. Jörn Großmann (German citizen, born 1968) has been a member of the INDUS Board of Management since January 2019.

Up until joining INDUS, he worked for the Dutch group Aalberts Industries, with his last position being the sole managing director of Impreglon, Lüneburg, Germany.

He previously held various positions at the Georgsmarienhütte Group, initially becoming managing director of Mannstaedt, Troisdorf, Germany and later managing director of GMH Edelstahl Service Center Burg and GMH Engineering. Before Dr. Großmann became the managing director of Buderus Feinguss, Moers, Germany, he worked as a development engineer and as a technical director for Doncasters Precision Castings, Bochum, Germany.

He studied material sciences and earned a doctorate in the field of natural sciences.

Dr. -Ing. Johannes Schmidt

CEO
Dr. -Ing. Johannes Schmidt (German citizen, born 1961) has been a member of the Board of Management of INDUS since January 2006. He has held the position of CEO since July 2018.

Dr. -Ing. Schmidt was previously the sole managing director of ebm-papst Landshut, Germany, a manufacturer of ventilation motors and fans. During his tenure there, his main achievements included advancing the development of new product platforms and the internationalization of production sites.

Dr. -Ing. Schmidt began his career at Richard Bergner, a manufacturer of electrical instruments from Schwabach, Germany. He initially led product development before rising to the position of managing director during his 12 years at the company.

Schmidt, who studied mathematics, gained an engineering doctorate in mechanics from the Technical University of Darmstadt. 

Rudolf Weichert

CFO
Rudolf Weichert (German citizen, born 1963) is the CFO of INDUS.

Before joining the INDUS Board of Management in June 2012, he was a Partner at KPMG for nine years. He spent three of those years in Detroit, Michigan, United States, where he worked mainly with companies in the engineering and materials trading industries.

Mr. Weichert, who holds a masters degree in business administration, worked for KPMG for about 20 years, primarily in the firm’s Duesseldorf office, where he worked mainly with multinational manufacturing corporations.