Indus Holding Ag · XETR:INH
Indus — H1 2026 Earnings Presentation
43 slides from Indus's earnings presentation, Aug 12, 2026
Slide 1: Presentation of H1/Q2 2026 results
Presentation of H1/Q2 2026 results Bergisch Gladbach, 12 August 2026
Slide 2: Agenda
Agenda Agenda 01 Business and Financial Performance H1/Q2 2026 02 Outlook and Guidance 03 Update: EMPOWERING MITTELSTAND 04 Appendix
Slide 3: Business and Financial Performance H1/Q2 2026
Business and Financial Performance H1/Q2 2026 Business and Financial Performance H1/Q2 2026
Slide 4: Revenue growth across all three segments
Financial highlights H1 2026 Revenue growth across all three segments Financial highlights H1 2026 • Revenue increased 15.4% YoY to 965.2 EUR million • Adjusted EBITA* margin: 12.8% (+6.1 pp YoY) • Adjusted EBITA* more than doubled YoY to 123.5 EUR million • Earnings per share: 2.49 EUR Revenue Adju
Slide 5: German economy proved resilient despite adverse conditions
Economic conditions H1/Q2 2026 German economy proved resilient despite adverse conditions Economic conditions H1/Q2 2026 • German GDP rose in both Q1 (+0.4%) and Q2 (+0.2%) sequentially • Inflationary pressures eased markedly in Q2, with inflation falling from 2.9% in April to 2.3% in June • Product
Slide 6: Revenue significantly higher than previous year
Consolidated revenue H1/Q2 2026 Revenue significantly higher than previous year Consolidated revenue H1/Q2 2026 Revenue • Revenue increased in all three (EUR million) segments, reaching EUR 965.2 1.9 – 2.1 million (+15.4% YoY): EUR bn Organic: +13.3%, mainly 1,735.4 driven by exceptional tungsten
Slide 7: Group earnings more than doubled YoY
Consolidated earnings H1/Q2 2026, adjusted EBITA* Group earnings more than doubled YoY Consolidated earnings H1/Q2 2026, adjusted EBITA Adj. EBITA / adj. EBITA margin • Adj. EBITA up EUR 67.4 million (EUR million / %) 220 – 260 amounting to EUR 123.5 EUR million million in H1 2026 • Adj. EBITA margi
Slide 8: Increase in working capital weighing on cash flow
Working capital, CAPEX & investments Increase in working capital weighing on cash flow Working capital, CAPEX & investments • Strong increase in working capital, driven by seasonal effects and, in particular, by the sharp increase in tungsten carbide costs • Capex totaled EUR 17.8 million in H1 2026
Slide 9: Free cash flow down in H1 YoY, but positive in Q2 2026
Free cash flow Free cash flow down in H1 YoY, but positive in Q2 2026 Free cash flow* • Operating cash flow in H1 +63.5 2026 was below the prior-year +65.3 level, primarily due to a substantial working capital build-up, resulting in free cash +30.7 flow of EUR -36.9 million +66.6 +35.1 135.4 124.0 •
Slide 10: Total assets increased, driven by higher working capital
Consolidated statement of financial position Total assets increased, driven by higher working capital Consolidated statement of financial position • Total assets increased by EUR 117.0 million, primarily attributable to higher working capital, partly offset by a reduction of cash and cash equivalent
Slide 11: Financial strength upholds an investment-grade position
Investment-grade key indicators Financial strength upholds an investment-grade position Investment-grade key indicators Net debt / EBITDA Equity ratio (%) Net debt / equity ratio (%) (EBITDA rolling 12 month) 3.0 38.7 38.8 37.8 37.4 38.4 38.7 37.8 92.2 87.1 87.1 2.7 2.7 2.5 2.7 ~40 77.3 83.0 81.5 74
Slide 12: Engineering – at a glance
Engineering – at a glance Engineering At a glance • Automation & Assembly Technology • Conveyor Technology • Flow Technology • Machine & Equipment Technology • Measuring, Surveillance & Media Technology • Process Technology 12
Slide 13: German engineering sector still lacking broad-based upturn
Engineering industrial environment German engineering sector still lacking broad-based upturn Engineering industrial environment • Production fell by 2.6% in real terms between January and April • Mixed picture within the sector, with individual sub-sectors such as machine tools and conveyor technol
Slide 14: Revenue up despite persistently challenging economic situation
Engineering revenue H1/Q2 2026 Revenue up despite persistently challenging economic situation Engineering revenue H1/Q2 2026 Revenue • Revenue increased to (EUR million) EUR 279.6 million (+7.7% YoY) despite the persistently challenging economic environment moderate 583.0 increase Inorganic growth
Slide 15: Sequential improvement in segment earnings
Engineering earnings H1/Q2 2026 Sequential improvement in segment earnings Engineering earnings H1/Q2 2026 Adj. EBITA / adj. EBITA margin • Adjusted EBITA at EUR 15.6 (EUR million / %) million (vs. EUR 15.9 million in PY) in H1 2026 due to moderate weaker Q1 2026 53.7 increase • Adjusted EBITA impro
Slide 16: Business continues to pick up, order backlog reaches new high
Engineering order development H1/Q2 2026 Business continues to pick up, order backlog reaches new high Engineering order development H1/Q2 2026 Incoming orders / Book-to-bill ratio Incoming orders Order backlog • Incoming orders amounted to (EUR million) / (x) Ratio (EUR million) (EUR million) EUR 3
Slide 17: Infrastructure – at a glance
Infrastructure – at a glance Infrastructure At a glance • Cable and Building Entries & Infrastructure • Mobile HVAC Systems • Civil Engineering & Concrete • Building Components • Air Conditioning & Ventilation Technology • Construction Chemistry 17
Slide 18: Construction sector recovery remains subdued
Engineering industrial environment Construction sector recovery remains subdued Infrastructure industrial environment • Capacity utilization rebounded following a weather-related slump at the start of the year • Real Production in the construction sector rose by 0.9% MoM in May • Real revenue was do
Slide 19: H1 Revenue up 5.7% YoY; seasonally stronger Q2
Infrastructure revenue H1/Q2 2026 H1 Revenue up 5.7% YoY; seasonally stronger Q2 Infrastructure revenue H1/Q2 2026 Revenue • H1 Revenue growth 5.7% YoY: (EUR million) Organic: +3.9% Inorganic: +1.8% moderate 597.2 increase • Organic growth driven by recovery in building systems +5.7% and increas
Slide 20: Q2 adjusted EBITA margin climbs to 12.6%
Infrastructure earnings H1/Q2 2026 Q2 adjusted EBITA margin climbs to 12.6% Infrastructure earnings H1/Q2 2026 Adj. EBITA / adj. EBITA margin • H1 adj. EBITA up 30.2% (EUR million / %) to EUR 34.5 million strong increase • Double-digit adj. EBITA 62.1 margin in Q2 and H1 2026 driven by sustained dem
Slide 21: Strong order intake with book-to-bill ratio of 1.1
Infrastructure order development H1/Q2 2026 Strong order intake with book-to-bill ratio of 1.1 Infrastructure order development H1/Q2 2026 Incoming orders / Book-to-bill ratio Incoming orders Order backlog • Incoming orders rose by (EUR million) / (x) Ratio (EUR million) (EUR million) EUR 66.6 milli
Slide 22: Materials Solutions – at a glance
Materials Solutions – at a glance Materials Solutions At a glance • Carbide Tools & Wear-Resistant Solutions • Components & Assembly Solutions • Surface & Enclosure Solutions • Medical & Rehabilitation Solutions • New Materials & Process Technologies 22
Slide 23: Materials processing industry remains under pressure
Engineering industrial environment Materials processing industry remains under pressure Materials Solutions industrial environment • Metals sector remained in recession in 2026 • Real Production among German metalworking and electronics firms fell by 2.6% YoY in the first five months • Real revenue
Slide 24: Significantly higher revenue
Materials Solutions revenue H1/Q2 2026 Significantly higher revenue Materials Solutions revenue H1/Q2 2026 Revenue • Revenue grew by 32.4% to (EUR million) EUR 376.6 million in H1 2026, strong driven predominantly by increase tungsten carbide price effects, 554.5 while higher sales volumes +32.4% al
Slide 25: High margin supported by maintained delivery capacity
Materials Solutions earnings H1/Q2 2026 High margin supported by maintained delivery capacity Materials Solutions earnings H1/Q2 2026 Adj. EBITA / adj. EBITA margin • Adj. EBITA rose significantly in (EUR million / %) Q2 2026, driving adj. EBITA Very strong margins above 20% in Q2 and increase H1 20
Slide 26: Sequential order growth with book-to-bill ratio of 1.1
Materials Solutions order development H1/Q2 2026 Sequential order growth with book-to-bill ratio of 1.1 Materials Solutions order development H1/Q2 2026 Incoming orders / Book-to-bill ratio Incoming orders Order backlog • Both incoming orders and the (EUR million) / (x) Ratio (EUR million) (EUR mill
Slide 27: Outlook and Guidance
Outlook and Guidance Outlook and Guidance
Slide 28: Guidance for the Group
Guidance for the Group Guidance for the Group in EUR million Actual 2025 Guidance – April 30, 2026 Latest guidance – July 29, 2026 INDUS Group Revenue EUR 1.74 billion EUR 1.85 to 2.05 billion EUR 1.90 to 2.10 billion Adjusted EBITA EUR 147.8 million EUR 160 to 190 million EUR 220 to 260 million Adj
Slide 29: Segment guidance
Guidance for the segments Segment guidance in EUR million Actual 2025 Guidance – April 30, 2026 Latest guidance – July 29, 2026 Engineering Revenue EUR 583.0 million Moderate increase Moderate increase Adjusted EBITA EUR 53.7 million Moderate increase Moderate increase Adjusted EBITA margin 9.2% 8.5
Slide 30: Update EMPOWERING MITTELSTAND
Update EMPOWERING MITTELSTAND Update EMPOWERING MITTELSTAND
Slide 31: EMPOWERING MITTELSTAND
EMPOWERING MITTELSTAND EMPOWERING MITTELSTAND INTERNATIO- ENGINEERING ACQUISITIONS NALIZATION COMPETENCE Investing around EUR 500m International growth Formation of technology fields in acquisitions until 2030 organically and through M&A Innovation, AI and digitalization Sound financial structure an
Slide 32: Acquisitions: Active pipeline with more to come
Acquisitions: Active pipeline with more to come Acquisitions: Active pipeline with more to come EMPOWERING MITTELSTAND AMIRA January 2026 Closing MBRAUN PRO VIDEO February 2026 April 2026 Initial consolidation Closing May 2026 Initial consolidation June 2026 MESUTRONIC DECKMA June 2026 Acquisition o
Slide 33: Internationalization: Global expansion in production & sales
Internationalization: Global expansion in production & sales Internationalization: Global expansion in production & sales EMPOWERING MITTELSTAND BETOMAX's UK subsidiary COMAX commenced ROLKO production in Q2 2026 USA OFA Japan JST Switzer- land and MIGUA Austria Arabian MIKROP expands Serbian AURORA
Slide 34: Engineering competence: Excellence through holding support
Engineering competence: Excellence through holding support Engineering competence: Excellence through holding support EMPOWERING MITTELSTAND Advanced Flow 6 AI sprints and 3 further portfolio companies engaged with Technologies 3 Innovation sprints Venture Clienting (AFT) was formed Innovation, 2 Pr
Slide 35: Appendix
Appendix Appendix
Slide 36: Overview by quarter - INDUS Group
overview by quarter - INDUS-Group Appendix Segment and Group overview by quarter INDUS Group Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 450.8 453.3 459.7 438.6 1,802.4 410.1 429.0 443.1 439.6
Slide 37: Overview by quarter - Engineering
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 142.1 138.6 153.4 165.5 599.6 129.4 136.7 152.5 178.1 5
Slide 38: Overview by quarter - Infrastructure
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue 141.5 149.8 153.4 137.5 582.2 131.9 144.9 148.4 1
Slide 39: Overview by quarter - Materials Solutions
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Revenue with external third 166.8 164.7 152.8 1
Slide 40: Current shareholder structure
Current shareholder structure Anchor shareholders support the company's long-term course Current shareholder structure Shareholder Structure as of July 09, 2026 (%) WKN/ISIN 620010 / EN 000 620 010 8 Foundation / IPO 1989 / 1995 H.J. Selzer et al. 5,8% Financial year January 01 to December 31 Versic
Slide 41: Attractive and sustainable dividend policy
Dividend policy Attractive and sustainable dividend policy 5.9% 5.4% 79.0% 4.6% 60.0% 51.9% 47.7% 3.6% Ø 4.2% 3.2% 38.7% Ø 52.6% 38.4% EUR Ø 1.06 2.5% 1.20 1.20 1.30 1.05 0.80 0.80 35.8 54.4 27.2 80.8 77.9 67.9 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Dividend in EUR Dividend yiel
Slide 42: Contact
Contact Contact Bianca Yijin Li Investor Relations Officer +49 (0) 2204/40 00-32 investor.relations@indus.de 42
Slide 43: Disclaimer
Disclaimer 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 informa