Indus Holding Ag · XETR:INH
Indus — H1 2025 Earnings Presentation
58 slides from Indus's earnings presentation, Aug 12, 2025
Slide 1: Presentation of H1 2025 results
Presentation of H1 2025 results Bergisch Gladbach, 12 August 2025 1
Slide 2: Agenda
Agenda 01 Business & Financial Performance H1 2025 02 Performance of Business Segments H1 2025 03 Guidance confirmed 04 Strategy update: EMPOWERING MITTELSTAND 05 Appendix: Segment and Group Overview by Quarter For further reading 06 Who we are 07 What sets us apart 08 Empowering M&A
Slide 3: Business and Financial Performance H1 2025
01 Business and Financial Performance H1 2025 3
Slide 4: Sales on previous year's level despite economic uncertainty
Sales on previous year‘s level despite economic uncertainty Highlights INDUS Group H1 2025 • Five add-on acquisitions in 2025, thereof four in H1 25 • H1 sales (EUR 836.6 million) almost at previous year's level despite continuing weak economy • Q2 sales (EUR 434.2 million) stronger than in the prev
Slide 5: Growing incoming orders in difficult markets
Growing incoming orders in difficult markets INDUS Group H1 2025 Incoming orders Order backlog (EUR million) (EUR million) +9% +4.5% 901.4 636.6 665.2 827.8 +3% +16% 443.3 455.1 446.3 384.5 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 31.12.2024 30.06.2025 5
Slide 6: Gradually improving market dynamics expected in H2
Gradually improving market dynamics expected in H2 INDUS Group H1 2025 Sales Outlook 2025 (EUR million) (EUR million) -0.3% 1,721.8 1.7 – 1.85 bn 839.1 836.6 EUR -1.9% +1.2% 410.1 402.4 429.0 434.2 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY 2024 FY 2025 6
Slide 7: Gradually improving market dynamics expected in H2
Gradually improving market dynamics expected in H2 INDUS Group H1 2025 adj. EBITA Outlook adj. EBITA 2025 (EUR million) (EUR million) / (%) -24.1% 153.7 73.9 130 – 165 -26.4% -21.0% 56.1 42.4 31.5 31.2 8,9% 7.5 – 9.0 % 24.9 9,9% 8,8% 7,7% 6,2% 7,2% 6,7% Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY 202
Slide 8: Lower earnings and Working Capital dynamics affecting Free Cash Flow
Lower earnings and Working Capital dynamics affecting Free Cash Flow Free Cash Flow INDUS Group H1 2025 • Increasing operational results and +63.5 seasonal Working Capital dynamics will have an increasing effect on Free Cash Outlook > 90 m EUR Flow in the second half of 2025 +30.7 H1 H1 +35.1 2025 2
Slide 9: Solid balance sheet for future growth
Solid balance sheet for future growth Free Cash Flow, net debt and equity ratio Free Cash Flow Net debt Equity ratio (EUR million) (EUR million) (%) +93.7 -0.9 635.1 38.7 37.8 541.4 <-100% 41.2 -7.9 H1 2024 H1 2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 9
Slide 10: Performance of Business Segments
02 Performance of Business Segments 10
Slide 11: Challenging macro trends persist
Challenging macro trends persist Industry trend Engineering • Challenging macro environment: Persistent geopolitical tensions, weak global demand and structural issues continue to weigh on the German engineering sector in H1 2025; exports of machinery and equipment down by 1.4 % in Q1 vs. prior year
Slide 12: Significant upturn in Engineering in Q2
Significant upturn in Engineering in Q2 Engineering segment – order development Incoming orders Order backlog (EUR million) (EUR million) +25% +12.3% 330.7 394.0 350.7 +19% +32% 264.1 171.2 159.5 143.3 120.8 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 31.12.2024 30.06.2025 12
Slide 13: Gradually improving market dynamics expected in H2
Gradually improving market dynamics expected in H2 Engineering segment – Sales Sales Outlook 2025 (EUR million) (EUR million) -2.4% 596.7 Slightly 266.1 259.7 increasing -4.8% -0.1% 129.4 136.7 136.5 123.2 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY 2024 FY 2025 13
Slide 14: Gradually improving market dynamics expected in H2
Gradually improving market dynamics expected in H2 Engineering segment – Earnings adj. EBITA Outlook adj. EBITA 2025 (EUR million) (EUR million) / (%) -18.9% 57.7 Consistent 19.6 -37.3% +1.1% 15.9 10.2 9.4 9.5 9,7% 9 -11 % 6.4 7,9% 6,9% 7,0% 7,4% 6,1% 5,2% Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY
Slide 15: Mixed outlook for construction industry
Mixed outlook for construction industry Industry trend Infrastructure • Diverging trends in construction: Residential construction still in contraction, with 48% of firms reporting insufficient order volumes as of June 2025; in contrast, strong growth in civil engineering • Permits and activity weak
Slide 16: Stable incoming orders
Stable incoming orders Infrastructure segment – order development Incoming orders Order backlog (EUR million) (EUR million) +1% -8.0% 282.9 285.2 165.7 152.5 -8% +10% 149.5 137.8 147.4 133.4 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 31.12.2024 30.06.2025 16
Slide 17: Market demand expected to improve in H2
Market demand expected to improve in H2 Infrastructure segment – Sales Sales Outlook 2025 (EUR million) (EUR million) +5.5% 559.5 Moderatly 292.1 276.8 increasing +7.5% +3.4% 144.9 155.7 131.9 136.4 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY 2024 FY 2025 17
Slide 18: Intense competition and price pressure burdens segment result
Intense competition and price pressure burdens segment result Infrastructure segment – earnings adj. EBITA / adj. EBITA-margin Outlook 2025 (EUR million / %) (EUR million) / (%) -18.7% 63.6 Moderatly 32.6 increasing -16.7% 26.5 -21.9% 19.8 16.5 11,4% 10 -12 % 12.8 10.0 13,7% 10,6% 11,8% 9,7% 9,1% 7,
Slide 19: Low volumes and material shortages persisting
Low volumes and material shortages persisting Industry trend Materials Solutions • Materials sector: Still under pressure with industrial activity and export volumes staying below pre-crisis levels; weak dollar and weak global demand limiting recovery; specialized sectors hit hard, construction equi
Slide 20: Incoming orders increased
Incoming orders increased Materials Solutions segment – order development Incoming orders Order backlog (EUR million) (EUR million) +2% -1.2% 280.8 285.5 120.2 118.7 -3% +7% 150.6 146.2 139.3 130.2 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 31.12.2024 30.06.2025 20
Slide 21: Improved supply situation for tungsten carbide
Improved supply situation for tungsten carbide Materials Solutions segment – Sales Sales Outlook 2025 (EUR million) (EUR million) -3.9% 564.8 slightly 295.8 284.4 decreasing -3.8% -3.9% 148.6 143.0 147.2 141.4 Q1 24 Q1 25 Q2 24 Q2 25 H1 2024 H1 2025 FY 2024 FY 2025 21
Slide 22: Earnings burdened by tariffs and material shortages
Earnings burdened by tariffs and material shortages Materials Solutions segment – earnings adj. EBITA Outlook 2025 (EUR million) (EUR million) / (%) -20.3% 49.9 29.0 Strongly -38.0% decreasing +2.4% 23.1 16.6 12.4 12.7 5,5 – 7,5 % 10.3 8,8% 11,3% 9,8% 8,3% 8,9% 7,3% 8,1% Q1 24 Q1 25 Q2 24 Q2 25 H1 2
Slide 23: Guidance confirmed
03 iNDUS Guidance confirmed ; \ Ny) q
Slide 24: Persisting global uncertainty and Germany still weak
Persisting global uncertainty and Germany still weak Economic Outlook – July 2025 • Global economy remaining weak with persisting uncertainty GDP Growth Forecast for 2025 Pending new trade deals, whith updated forecasts still forthcoming. • Global Economy +3.0% • Germany with signs of stabilization
Slide 25: Mixed signals for second half of 2025
Mixed signals for second half of 2025 Segment expectations for second half of 2025 Engineering Infrastructure Materials Solutions • Q2 2025 already showing a • Market demand and • BETEK: significant improvement in productivity expected Export licenses for limited amounts adjusted EBITA as compared t
Slide 26: Materials Solutions improved, Engineering slightly weaker
Materials Solutions improved, Engineering slightly weaker Updated FY 2025 guidance for the segments Segment Engineering Infrastructure Materials Solutions 2024 Guidance 2025 2024 Guidance 2025 2024 Guidance 2025 Sales 596.7 Slightly increasing 559.5 Moderatly increasing 564.8 Slightly decreasing (EU
Slide 27: Group guidance confirmed
Group guidance confirmed FY 2025 guidance for the group Group 2024 Guidance 2025 Sales 1.72 1.70 to 1.85 (EUR bn) Adj. EBITA 153.7 130 to 165 (EUR million) Adj. EBITA margin 8.9 7.5 to 9.0 (%) Free Cash Flow 135.4 > 90 (EUR million) 27
Slide 28: Strategy update: EMPOWERING MITTELSTAND
04 Strategy update: EMPOWERING MITTELSTAND
Slide 29: Our strategy comprises three growth drivers
Our strategy comprises three growth drivers EMPOWERING EMPOWERING EMPOWERING INTERNATIONALIZATION M&A TECHNOLOGY Expanding our M&A scope Investing around Formation of technology internationally EUR 500 million fields to leverage in acquisitions until 2030 growth opportunities Driving AI and Digitiza
Slide 30: International growth to enhance our resilience
International growth to enhance our resilience Empowering Internationalization in H1 2025 • Expansion of manufacturing capacities in the US through acquisitions of METFAB and HBS’ subsidiary SUNBELT • Expansion of presence in Scandinavian markets through acquisition of ELECTRO TRADING in Sweden • Ex
Slide 31: Already five add-on acquisitions in 2025
Already five add-on acquisitions in 2025 Empowering M&A in H1 2025 KETTLER, Infrastructure Segment HBS GROUP, Engineering Segment Germany Germany and USA Manufacturer of components Developer and producer of and spindle extensions for stud welding equipment pipe systems including control systems and
Slide 32: Expertise to support innovation and performance improvement
Expertise to support innovation and performance improvement Empowering Technology – experts at INDUS • Closer cooperation among portfolio companies in technology fields strengthens the technological expertise of the group − Integration of vibration testing specialist M+P into measurement and testing
Slide 33: Appendix
INDUS Appendix
Slide 34: Segment and Group Overview by Quarter
Appendix Segment and Group Overview by Quarter INDUS-Group Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Revenue with external third 416.5 469.9 458.8 459.0 1,804.1 450.8 453.3 459.7 438.6 1,802.4 410.1
Slide 35: Segment and Group Overview by Quarter: Engineering
Appendix Segment and Group Overview by Quarter ENGINEERING Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Revenue with external third 120.4 149.4 144.2 167.2 580.9 142.1 138.6 153.4 165.5 599.6 129.4 136
Slide 36: Segment and Group Overview by Quarter: Infrastructure
Appendix Segment and Group Overview by Quarter INFRASTRUCTURE Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Revenue with external third 139.5 154.5 152.5 139.5 586.0 141.5 149.8 153.4 137.5 582.2 131.9
Slide 37: Segment and Group Overview by Quarter: Materials Solutions
Appendix Segment and Group Overview by Quarter MATERIALS SOLUTIONS Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 (in EUR million) 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 Revenue with external third 156.5 165.8 162.1 152.4 636.8 166.8 164.7 152.8 135.6 619.9 1
Slide 38: Segment Engineering
Segment Engineering At a glance 17 Companies Technology Fields • Automation & Assembly Technology • Conveyor Technology • Flow Technology • Machine & Equipment Technology • Measuring & Surveillance Technology • Process Technology 38 CONFIDENT
Slide 39: Infrastructure
Infrastructure At a glance 17 Companies Technology Fields • Cable and Building Entries & Infrastructure • Mobile HVAC Systems • Civil Engineering & Concrete • Building Components • Air Conditioning & Ventilation Technology • Construction Chemistry
Slide 40: Materials Solutions
• 13 Companies in the Segment Materials Solutions At a glance 13 Companies Technology Fields • Carbide Tools & Wear-Resistant Solutions • Components & Assembly Solutions • Surface & Enclosure Solutions • Medical & Rehabilitation Solutions • New Materials & Process Technologies 40
Slide 41: For further reading
INDUS For further reading
Slide 42: What sets us apart
06 What sets us apart | : AF =
Slide 43: Buy & grow
Buy & grow Succession solutions for Mittelstand companies for 40 years • With our track record of finding tailored succession solutions for family-owned businesses, we have become a respected partner for owner-entrepreneurs . • The sellers often stay on board as minority shareholders to facilitate t
Slide 44: Buy & grow
Buy & grow We buy and grow businesses with unique engineering capabilities and develop them further • We understand technology in more detail than others, even when they are niche technologies We are engineers at heart. This is why we invest in companies with excellent products, processes and servic
Slide 45: Who we are
INDUS Who we are
Slide 46: Our Purpose
Our Purpose • At INDUS we know how to grow the power of Mittelstand. • We believe in entrepreneurs and lead our investments successfully, values-based and reliably. • We love engineering and only invest in companies with excellent products, processes and services. • We trust our people to contribute
Slide 47: We invest in the development of Mittelstand companies
We invest in the development of Mittelstand companies – with the people who shape it. INDUS GROUP • Evergreen financial investor, listed on German SDAX • Succession of SMEs (small and medium-sized enterprises), often in family hands, with a joint transition period • The transition period can be more
Slide 48: The Board of Management of INDUS
The Board of Management of INDUS Broad industrial expertise Segmentmanagement Central functions COO COO Engineering COO Infrastructure CEO CFO Materials Solutions Axel Meyer Dr. Jörn Großmann Gudrun Degenhart Dr.–Ing. Johannes Rudolf Weichert Schmidt 48 CONFIDENTIAL
Slide 49: Our passion is technology. We focus on three segments
Our passion is technology. We focus on three segments: Engineering Infrastructure Materials Solutions From software solutions From building components From micro optics to mechanical engineering to structural solutions to wear tools
Slide 50: Investing in a driving force of Mittelstand
Investing in a driving force of Mittelstand INDUS Investment Case A diversified portfolio of medium- Strengthening portfolio resilience Growth through a dynamic sized companies with a focus on with international expansion acquisition program and organic sophisticated industrial engineering through a
Slide 51: Continuity in attractive dividend policy
Continuity in attractive dividend policy 79,0% 5,9% 5,4% 60,0% 51,9% ᴓ 3,8 % ᴓ 48,8 % 3,2% 3,6% 38,7% 38,4% ᴓ 0,98 € 2,5% 24,6% 2,1% 0,80 0,80 1,05 0,80 1,20 1,20 79,6 35,8 54,4 27,2 80,8 77,9 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Dividend* Dividend yield INDUS Holding AG profi
Slide 52: Anchor shareholders support the company's long-term course
Anchor shareholders support the company's long-term course Current shareholder structure Sharholder Structure as at 11 March 2025 (%) WKN/ISIN 620010/EN 000 620 010 8 Foundation/IPO 1986/1995 3.10 2.8 3.12 Financial year 1 Jan. to 31 Dec. 3.5 3.8 Share capital EUR 69.9 million 5.6 Number of shares 2
Slide 53: Empowering M&A
08 iNDUS Empowering M&A J} ) p)
Slide 54: Acquisitions on two levels
Acquisitions on two levels Growth or Add-on acquisitions GROWTH ACQUISITIONS ADD-ON ACQUISITIONS Acquisition by Acquisition by INDUS Holding AG INDUS portfolio company (first level) (second level) Expansion of the INDUS portfolio Strengthening portfolio companies with new capabilities and products t
Slide 55: Empowering M&A with growth acquisitions in Europe
Empowering M&A with growth acquisitions in Europe Investment criteria Financial Criteria • Sales: EUR 20–100 million • Adj. EBITA above 4 million EUR per year • Equity ratio > 30% • Cash flow orientation • Low level/no liabilities to banks Industrial Criteria • Broadly diversified customer base • N
Slide 56: Empowering M&A with add-on acquisitions worldwide
Empowering M&A with add-on acquisitions worldwide Investment criteria • Greater leeway in investment criteria • Strengthening existing portfolio companies through − complementary products − presence in other regions • Creation of technology fields within a segment by combining the competences of the
Slide 57: Contact
Contact Contact Name: Dafne Sanac Department: Investor Relations Phone: +49 (0) 2204/40 00-32 Email: investor.relations@indus.de 57
Slide 58: Disclaimer
INDUS HOLDING AG Disclaimer This presentation was prepared by INDUS Holding AG (herein INDUS) and is intended for information purposes only. It constitutes neither an offer nor a solicitation to buy or sell securities and cannot be deemed a sufficient or suitable basis for making any decision. All i