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Bergisch Gladbach, 12 November 2025

INDUS records strong third quarter

• Earnings (adjusted EBITA) up 10% to EUR 48.1 million
• Quarterly margin reaches 11.0%
• Incoming orders for 2025 up 17% from previous year
• Forecast confirmed

INDUS Group increased its revenue and earnings through the course of 2025. In the third quarter, revenue reached EUR 437.4 million, marking the highest quarterly total in the 2025 financial year and coming in only slightly below the previous year’s figure (EUR 443.1 million). Earnings (adjusted EBITA) were up 10.1% year over year, reaching EUR 48.1 million (previous year: EUR 43.7 million). The adjusted EBITA margin rose to 11.0%, clearly outperforming the previous year’s 9.9%. EBIT increased as well, reaching EUR 43.3 million in the third quarter (previous year: EUR 31.8 million). The annual impairment test as of 30 September 2025 resulted in only minor goodwill impairments totaling EUR 1.4 million (previous year: EUR 6.7 million).

“Our Group gained significant momentum in the third quarter of 2025 – despite the persistent challenges in the macroeconomic environment,” said Dr. Johannes Schmidt, Chairman of the INDUS Group’s Board of Management. “Our cost management efforts are delivering results: our quarterly earnings reached their highest level since the beginning of 2024. We are confident that we will close 2025 as expected.”

At EUR 1.274 billion, the listed investment company’s revenu after nine months was nearly level with the previous year (EUR 1.282 billion), despite difficult market conditions. Incoming orders increased by 17.2% year over year. Adjusted EBITA for the period was EUR 104.2 million, with an adjusted EBITA margin of 8.2% (previous year: EUR 117.6 million and 9.2%). EBIT totaled EUR 88.7 million (previous year: EUR 95.9 million).

Earnings per share rise to EUR 2.46

Earnings after taxes rose to EUR 61.9 million (previous year: EUR 50.0 million), including around EUR 8 million in non-recurring tax income that was already reported in the first quarter. As a result, earnings per share climbed to EUR 2.46, significantly higher than the previous year’s EUR 1.89.

Rising results in all three segments

Earnings developed positively across all three segments during the year. The Engineering segment companies increased incoming orders in the first three quarters by 35.5% compared to the previous year, with notable orders for long-term plant engineering projects In a generally difficult market environment, business picked up in the third quarter, with quarterly earnings (adjusted EBITA) reaching EUR 12.4 million (previous year: EUR 16.8 million). Segment revenue for the first nine months was EUR 398.2 million (previous year: EUR 418.6 million). Segment earnings (adjusted EBITA) amounted to EUR 28.3 million (previous year: EUR 36.4 million). The segment was further strengthened in 2025 by the acquisition of stud welding specialist HBS and its US subsidiary SUNBELT, as well as US precision metal manufacturer METFAB.

Defying the market trend, revenue in the Infrastructure segment rose to EUR 453.5 million in the first nine months (previous year: EUR 425.2 million). Segment earnings (adjusted EBITA) amounted to EUR 48.8 million (previous year: EUR 53.2 million). In the third quarter, both revenue (EUR 161.4 million) and quarterly earnings (EUR 22.3 million) increased 8.8% over the previous year (EUR 148.4 million and EUR 20.5 million, respectively). The adjusted EBITA margin in the third quarter was 13.8%, matching the previous year’s level. In July, INDUS announced the acquisition of formwork specialist TRIGOSYS, marking the segment’s third acquisition this year. The transaction was completed with closing on 31 October 2025.

The Materials Solutions segment also showed a clear upward trend in the third quarter. At 16.4 million, segment earnings (adjusted EBITA) in the quarter were significantly up on the previous year (EUR 12.6 million). The adjusted EBITA margin rose to 11.9% (previous year: 8.9%). For the first nine months, segment earnings totaled EUR 39.5 million (previous year: EUR 41.5 million), with revenue at EUR 421.8 million (previous year: EUR 437.8 million). Chinese export controls caused significant delays and, in some cases, stopped deliveries of tungsten carbide feedstock at portfolio company BETEK. However, a comprehensive and costly set of measures ensured the supply for ongoing production.

Free cash flow increased by around EUR 67 million in Q3

In the first nine months of the year, INDUS Group generated free cash flow of EUR 58.7 million (previous year: EUR 71.9 million). In the third quarter, free cash flow increased by EUR 66.6 million (previous year: EUR 30.7 million). The equity ratio stood at 37.4% as of 30 September 2025 (31 December 2024: 38.7%).

Positive outlook for the year as a whole

For the full year 2025, the Board of Management continues to project Group revenue between EUR 1.70 billion and EUR 1.85 billion and earnings (adjusted EBITA) in the range of EUR 130 million to EUR 165 million. The adjusted EBITA margin is still expected to remain between 7.5% and 9.0%. The Board of Management continues to project free cash flow in excess of EUR 90 million for the full year.

Schmidt: “The complex political and macroeconomic environment is demanding a lot from all of us. We are pleased that our portfolio companies overall are managing these challenges well. It is also a positive sign that international revenue is rising both in absolute and relative terms – now accounting for 52% of total revenue.”

With its EMPOWERING MITTELSTAND strategy, INDUS has defined internationalization, acquisitions and engineering competence as key growth drivers. INDUS has added five acquisitions to its portfolio so far in 2025, including deals in Sweden and the United States. “We currently expect to complete more transactions by year-end. The M&A market is particularly attractive for buyers right now.”

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 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.