Publications

Annual Report 2025

Dr.-Ing. Johannes Schmidt, CEO, INDUS
“As expected, our portfolio companies expanded their businesses over the course of the year. 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.”

Financial Key Figures 2025

Dashboard
Revenue
1.74
EUR billion
Adjusted EBITA
147.8
EUR million
Adjusted EBITA margin
8.5
% of revenue
Earnings per share
2.77
EUR
Dividend per share*
1.30
EUR
Dividend yield**
4.6
%

  • *subject to approval by the Annual Shareholders' Meeting on June 3, 2026
    **based on the closing price as of December 31, 2025

    INDUS Group

    Highlights

    • Revenue up slightly to EUR 1.74 billion despite tense market environment

    • Adjusted EBITA of EUR 147.8 million within latest guidance

    • Adjusted EBITA margin of 8.5% within expectations

    • Incoming orders +15.1% and order backlog at year-end +10.9% on previous year

    • Free cash flow of EUR 124.0 million with target of over EUR 90 million

    • Earnings per share up to EUR 2.77, dividend proposal of EUR 1.30

    • Five add-on acquisitions and one growth acquisition signed in 2025

    The Segments

    Engineering

    • Increase of 26.9% in new orders, buoyed by long-term engineering contracts
    • Revenue of EUR 583.0 million only slightly down on previous year, despite weak economy
    • Adjusted EBITA reaches EUR 53.7 million after strong Q4
    • Acquisitions of HBS, with SUNBELT, and METFAB and signing of PRO VIDEO purchase agreement

    Infrastructure

    • Portfolio companies held their ground in diffcult market
    • Revenue (EUR 597.2 million) +6.7%
    • Organic revenue growth +4.3%
    • Adjusted EBITA margin of 10.4%
    • Engineering competence expanded
    with new acquisitions KETTLER,
    ELECTRO TRADING and TRIGOSYS

    Materials Solutions

    • Revenue of EUR 554.5 million during challenging financial year
    • Rising earnings contributions in the second half-year from selective recovery in demand, orders drawn forward and consistent cost management
    • Adjusted EBITA up 4% to EUR 51.9 million
    • Sharp rise in prices of primary materials due to Chinese export controls

    Guidance

    • Market uncertainty remains high due to protectionist trade policies and geopolitical crises

    • Revenue and earnings guidance: EUR 1.80 to 1.95 billion, adjusted EBITA EUR 150 to 170 million

    • Slight increase in revenue predicted in the Engineering segment from modest business upturn

    • Positive price and volume effects expected in the Infrastructure segment

    • In Materials Solutions segment, revenue and earnings in 2026 affected by very sharp rise in material costs; significant increase in working capital expected

    EMPOWERING MITTELSTAND: first interim assessment after one year

    Interview with the Board of Management

    It is a year since INDUS launched its new strategy. The Group has now found its new rhythm. In this interview, the Board of Management gives its first interim assessment and looks ahead to the coming year.

    Growth drivers

    To achieve growth, we have defined three main drivers:

    Growth through acquisitions

    By 2030 we intend to invest around EUR 500 million in corporate acquisitions to generate additional annual revenue of some EUR 600 million.
    For growth acquisitions, i.e. purchases at portfolio level, we will concentrate on larger targets. They should have the potential to strategically supplement existing technology fields or form the basis for a new technology one.
    Targeted add-on acquisitions further strengthen the impact of the existing portfolio companies and technology fields.

    We grow through international expansion

    We have defined three action areas for our global growth. For growth acquisitions for our portfolio we have expanded our search to Europe. We are open to worldwide prospects for add-on acquisitions.
    For the organic growth of our existing portfolio companies, we will be concentrating on further international growth and invest accordingly. The establishment of pro-duction sites abroad plays an important role in an environment that is increasingly dominated by protectionist tendencies.

    We grow with our engineering competence

    We love technology and have a high level of engineering competence in our Board of Management.
    We are firmly convinced that technical understanding and close partnerships with our portfolio companies as they move into a digital future are a key success factor for our Group. Identifying and investing in innovative technologies is a fundamental prerequisite for the future success and growth of the INDUS Group.

    The key highlights of the Supervisory Board’s work in 2025

    Report of the Supervisory Board

    The Supervisory Board fulfilled all of the tasks required of it by law and according to the Articles of Incorporation in the reporting year. It consistently advised the Board of Management, monitored their management of the company, and confirmed the lawfulness, expedience and correctness of their actions.

    INDUS Share: Upward Trend and Strong Finish

    INDUS Share

    The INDUS share performed very well in 2025. The closing price on December 30, 2025 was EUR 28.20, or 38.9% higher than the previous year.

    Share price perfomance

    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.