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Bergisch Gladbach, May 12, 2026

INDUS Q1: Significant increase in revenue and income

• Revenue (EUR 441.6 million) and adjusted EBITA (EUR 42.5 million) significantly above the previous year’s figures
• Adjusted EBITA margin reaches 9.6%
• Overall business performance across the portfolio as expected
• Additional positive impact on revenue and earnings due to exceptional market development in the Materials Solutions segment
• Two acquisitions in the Engineering segment

In a market environment that continues to be challenging, the INDUS Group’s business largely performed according to plan in the first quarter of 2026. However, a unique development at the largest company in the Materials Solutions segment led to a higher-than-anticipated increase in both revenue and earnings. The sharp increase in the price of tungsten carbide feedstock resulted in a substantial price effect on revenue. Regardless of this, the other portfolio companies across all three segments also increased revenue as planned. Incoming orders (EUR 525.1 million) continued their positive trend in the first quarter (previous year: EUR 455.1 million). Group revenue rose by 9.7% to EUR 441.6 million (previous year: EUR 402.4 million). Adjusted EBITA increased to EUR 42.5 million (previous year: EUR 24.9 million). At 9.6%, the adjusted EBITA margin was above the previous year’s 6.2%. EBIT improved to EUR 36.0 million (previous year: EUR 19.6 million).

“Despite the continued challenging environment, we had a strong start to 2026. This demonstrates that our portfolio is robustly positioned and that the EMPOWERING MITTELSTAND strategy is delivering results,” said Dr. Johannes Schmidt, Chairman of the INDUS Group’s Board of Management. “The exceptional market development in the Materials Solutions segment provided additional momentum. The decisive factor is that we seize opportunities purposefully and responsibly.”

Earnings after taxes totaled EUR 16.0 million, remaining nearly unchanged from the previous year (EUR 16.1 million). In the first quarter of 2025, positive non-recurring tax income was recognized. Earnings per share reached EUR 0.64 in the first quarter of 2026 (previous year: EUR 0.63).

Continued strong incoming orders in the Engineering segment

In January 2026, INDUS finalized its acquisition of PRO VIDEO, a media technology specialist. In February, the purchase agreement for the acquisition of the Italian decontamination specialist AMIRA was signed, with the closing taking place in April. While revenue in the Engineering segment was relatively low in the first quarter, as is typical for this time of year, it still increased to EUR 130.7 million, exceeding last year’s EUR 123.2 million. Segment earnings (adjusted EBITA) amounted to EUR 5.1 million (previous year: EUR 6.4 million). Incoming orders remained strong at EUR 164.6 million after EUR 171.2 million in the previous year, supporting the expectation of a business upturn during the year. Order backlog reached a record high of EUR 472.1 million. For the full year, INDUS now expects a moderate increase in revenue and maintains its outlook for a moderate increase in income.

Infrastructure companies expand revenue and earnings as planned

Despite unfavorable weather, revenue in the Infrastructure segment rose to EUR 143.3 million in the first quarter of 2026 (previous year: EUR 136.4 million). Incoming orders also developed well, reaching EUR 172.9 million (previous year: EUR 137.8 million). Segment earnings (adjusted EBITA) increased significantly to EUR 13.6 million (previous year: EUR 10.0 million). For the full year, INDUS continues to anticipate a moderate increase in revenue and a strong increase in segment earnings.

Exceptional market development boosts revenue and earnings in Materials Solutions

Revenue in the Materials Solutions segment rose to EUR 167.5 million (previous year: EUR 142.5 million), and adjusted EBITA increased to EUR 28.2 million (previous year: EUR 12.7 million). The revenue growth is primarily the result of the extreme price trend for the strategic raw material tungsten carbide, but with just under one-third of the revenue increase at the affected segment company attributable to higher volumes. Anticipated effects on income due to long procurement and throughput times for tungsten-containing materials also had an impact. Incoming orders in the first quarter increased to EUR 187.6 million (previous year: EUR 146.2 million). As material prices are expected to remain high, INDUS now anticipates strong increase in both revenue and segment earnings for the full year.

Extreme rise in tungsten carbide material drives up working capital, free cash flow significantly below previous year

Because of the much higher procurement costs for tungsten carbide feedstock, working capital rose well above typical seasonal levels and stood at EUR 557.8 million at the end of March (31 December 2025: EUR 461.5 million). Additional advance financing is needed to secure the raw material supply. This effect is the main reason for the decline in free cash flow to EUR - 74.1 million (previous year: EUR -23.6 million). The equity ratio stood at 38.7% as of 31 March (31 December 2025: 38.4%).

“In close coordination with the largest customers and system partners of our portfolio company, we consciously chose to support the affected company’s ability to deliver within our financial capacity,” says INDUS CFO Rudolf Weichert. “This helps us to further strengthen our strong market position. The price adjustments that were absolutely necessary reflect the maintaining of our ability to deliver and were successfully implemented.”

Full-year revenue and earnings guidance raised, free cash flow guidance adjusted

As already announced on 30 April 2026, INDUS now expects Group revenue for the current financial year to range from EUR 1.85 billion to EUR 2.05 billion. The Board of Management anticipates adjusted EBITA of EUR 160 million to EUR 190 million. The adjusted EBITA margin is forecast at 8.0% to 10.0%. Free cash flow is expected to be at least break-even for the full year.

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.