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Bergisch Gladbach, August 12, 2026

INDUS H1: Growth across all three segments

• Revenue up 15.4% at the six-month mark, adjusted EBITA rises to EUR 123.5 million
• Adjusted EBITA margin increases significantly to 12.8%
• Special effect from ongoing extraordinary development in Materials Solutions segment
• Higher incoming orders in all segments
• Guidance raised

Revenue and earnings of the INDUS Group increased significantly in the first half of 2026: Group revenue rose by 15.4% to EUR 965.2 million (H1 2025: EUR 836.6 million). Adjusted EBITA increased to EUR 123.5 million (H1 2025: EUR 56.1 million). The adjusted EBITA margin reached 12.8% (H1 2025: 6.7%). Earnings per share amounted to EUR 2.49 (H1 2025: EUR 1.13).

Business performance gained further momentum, particularly in the second quarter. In addition to the special effect in the Materials Solutions segment, all three segments posted significant growth during the quarter. Group revenue rose to EUR 523.6 million (Q2 2025: EUR 434.2 million), while adjusted EBITA climbed to EUR 81.1 million (Q2 2025: EUR 31.2 million). The adjusted EBITA margin increased to 15.5% (Q2 2025: 7.2%). 

“Our Materials Solutions segment developed particularly dynamically,” says Dr. Johannes Schmidt, Chairman of the Board of Management of INDUS Holding AG. “This reflects the continued extraordinary market conditions for tungsten carbide: the tight global supply situation and the sharp increase in tungsten carbide feedstock prices generated much stronger sales momentum than we had expected at the beginning of the year. In close coordination with our largest customers and system partners, we decided at an early stage to maintain our portfolio company’s ability to deliver – even under difficult market conditions. This enabled us to continue serving the market and strengthen our position. Irrespective of this development, many other portfolio companies also successfully expanded their business in their respective niche markets and contributed to the Group’s growth.”

Incoming orders significantly up year on year

Supported by positive trends in all three segments, incoming orders at Group level increased by 22.5% to EUR 1,104.0 million (H1 2025: EUR 901.4 million). The book-to-bill ratio was 1.14. Schmidt: “Our portfolio is well positioned. Overall demand for the products and solutions of our portfolio companies is increasing.”

Engineering segment expands business in the second quarter as expected

Revenue in the Engineering segment rose by 7.7% to EUR 279.6 million in the first six months (H1 2025: EUR 259.7 million), despite the continued weak economy. At EUR 15.6 million, segment earnings (adjusted EBITA) nearly reached the previous year’s level (EUR 15.9 million). The adjusted EBITA margin stood at 5.6% (H1 2025: 6.1%). As planned, revenue (+9.1%) and earnings (+10.5%) at the portfolio companies in this segment increased significantly year on year in the second quarter. At 7.1%, the adjusted EBITA margin was slightly above the prior-year quarter (7.0%). Incoming orders rose to EUR 340.6 million in the first six months (H1 2025: EUR 330.7 million). In the second quarter, INDUS completed the acquisition of Italian decontamination specialist AMIRA. It also acquired the remaining shares in DECKMA and additional shares in MESUTRONIC.

Infrastructure segment increases earnings by around 30%

The companies in the Infrastructure segment continued to improve their performance in the first half of 2026: revenue rose by 5.7% to EUR 308.8 million (H1 2025: EUR 292.1 million), while segment earnings surged by 30.2% to EUR 34.5 million (H1 2025: EUR 26.5 million). The adjusted EBITA margin increased to 11.2% (H1 2025: 9.1%). In the second quarter, the segment’s adjusted EBITA margin improved to 12.6% (Q2 2025: 10.6%). Driven primarily by the digital infrastructure sector, incoming orders increased in the first half of the year to EUR 351.8 million (H1 2025: EUR 285.2 million).

Materials Solutions segment benefits from continued extraordinary development

Revenue in the Materials Solutions segment increased to EUR 376.6 million (H1 2025: EUR 284.4 million). Segment earnings (adjusted EBITA) reached EUR 84.5 million (H1 2025: EUR 23.1 million). This positive trend was driven in particular by the continued extraordinary market development for tungsten carbide feedstock. Schmidt: “We know that this is not the new normal. When and at what level the price of tungsten carbide will settle is currently unpredictable. We expect a further increase in material costs this year, as a result of which the margin in this sector may decline. I would like to stress that the other portfolio companies in this segment, which do not benefit from this extraordinary development, also increased their revenue and earnings.”

Positive free cash flow in the second quarter

Working capital increased to EUR 627.0 million as of 30 June 2026 (31 December 2025: EUR 461.5 million), primarily due to seasonal effects and the sharp increase in tungsten carbide prices. Free cash flow amounted to EUR -36.9 million (H1 2025: EUR -7.9 million). In the second quarter, free cash flow was EUR 37.2 million (Q2 2025: EUR 15.7 million). The equity ratio was 37.8% as of 30 June 2026 (31 December 2025: 38.4%). 

“As expected, the higher level of funds tied up in working capital is affecting cash flow performance,” says Chief Financial Officer Rudolf Weichert. “This makes it all the more encouraging that we achieved clearly positive free cash flow in the second quarter, supported by positive earnings performance.”

Guidance for 2026 raised

In view of the positive overall business performance and the extraordinary development in the Materials Solutions segment, INDUS raised its guidance for the financial year 2026 at the end of July. The Board of Management now expects revenue of between EUR 1.90 billion and EUR 2.10 billion (previously: between EUR 1.85 billion and EUR 2.05 billion) and adjusted EBITA of between EUR 220 million and EUR 260 million (previously: between EUR 160 million and EUR 190 million). An adjusted EBITA margin of between 11.0% and 13.0% is forecast (previously: between 8.0% and 10.0%). Free cash flow is still expected to at least break-even. 

Schmidt: “We have demonstrated that our portfolio is strong and adaptable – and that we are able to seize our opportunities. We can build on this going forward and systematically increase the value of our Group.”

The full interim report can be found here.

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 and deputy Chair of the Board of Management 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.