Indus Holding Ag · XETR:INH
Indus — Q1 2026 Earnings Presentation
41 slides from Indus's earnings presentation, May 12, 2026
Slide 1: Bergisch Gladbach, 12 May 2026
Bergisch Gladbach, 12 May 2026
Slide 2: Agenda
Agenda Agenda 01 Business and financial performance Q1 2026 02 Outlook and guidance 03 Share and dividend 04 Appendix
Slide 3: Business and financial performance Q1 2026
Business and financial performance Q1 2026
Slide 4: Significant rise in revenue and income in Q1 2026
Financial highlights Significant rise in revenue and income in Q1 2026 Financial highlights • Revenue growth yoy: organic 7.5%; inorganic 2.2% • Adjusted EBITA margin: 9.6% (+3.4 pp yoy) • Revenue increase in all three segments • Earnings per share on par with prior year Revenue Adjusted EBITA Adjus
Slide 5: Initial signs of recovery despite uncertainties
Economic conditions Q1 2026 Initial signs of recovery despite uncertainties Economic conditions Q1 2026 • Despite challenging economic conditions, German economic output is expected to have increased by +0.3% sequentially. • Geopolitical tensions in the Middle East led to energy price shock; oil pri
Slide 6: Significant rise in revenue mainly driven by extreme price effect
Consolidated revenue Q1 2026 Significant rise in revenue mainly driven by extreme price effect Consolidated revenue Q1 2026 Revenue • Revenue growth 9.7% yoy: (EUR million) Organic: +7.5% 1.85 – 2.05 1,721.8 1,735.4 EUR billion Inorganic: +2.2% • Revenue increase in all three segments +9.7% • St
Slide 7: Adjusted EBITA EUR 17.6 million above prior year’s figure
Consolidated earnings Q1 2026 Adjusted EBITA EUR 17.6 million above prior year’s figure Consolidated earnings Q1 2026 Adj. EBITA / adj. EBITA margin • Adjusted EBITA is calculated (EUR million / %) 160 – 190 from operating EBIT plus 153.7 EUR million impairments and PPA 147.8 amortization, less impa
Slide 8: Higher working capital weighing on operating cash flow
Working capital, CAPEX & investments Higher working capital weighing on operating cash flow Working capital, CAPEX & investments • Significant increase in working capital largely due to extreme price increase for tungsten carbide • Cash outflow for investments in intangible assets and in property, p
Slide 9: Free cash flow down yoy
Free cash flow Free cash flow down yoy Free cash flow +63.5 +65.3 • Free cash flow is the sum of operating cash flow and cash flow from investing activities, adjusted for cash outflow for investments in shares of fully +30.7 consolidated companies +66.6 • Significant working capital increase, largel
Slide 10: Financial position of INDUS Group
Consolidated balance sheet Q1 2026 Financial position of INDUS Group Consolidated balance sheet Q1 2026 Financial position • Equity up EUR 19.5 million resulting from the total comprehensive income generated • Increase in net financial liabilities primarily due to the use 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 92.2 2.7 2.7 2.7 38.7 38.8 37.8 38.4 38.7 87.1 2.5 37.4 77.3 83.0 81.5 2.4 ~ 40.0 74.4 < 2.5 <
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: Persistent headwinds for German engineering
Engineering industrial environment Persistent headwinds for German engineering Engineering Industrial Environment • In the engineering sector, sentiment took a turn for the worse in the first quarter. • Price-adjusted machine production declined 0.7% in January. • Capacity utilization remained low a
Slide 14: Revenue up through organic growth and acquisition
Engineering revenue Q1 2026 Revenue up through organic growth and acquisition Engineering revenue Q1 2026 Revenue (EUR million) 596.7 moderate 583.0 • PRO VIDEO acquisition increase finalized in Q1 2026 • Revenue growth 6.1% yoy: Organic: +2.3% Inorganic: +3.8% 178.1 184.8 • As expected, first-q
Slide 15: As expected, lower adj. EBITA and margin in Q1
Engineering earnings Q1 2026 As expected, lower adj. EBITA and margin in Q1 Engineering earnings Q1 2026 Adj. EBITA / adj. EBITA margin (EUR million / %) 57.7 moderate • Successive, noticeable uptick 53.7 increase in business activities anticipated over the course of the year, backed by high order b
Slide 16: Solid Q1 order intake and all-time high backlog
Engineering order development Q1 2026 Solid Q1 order intake and all-time high backlog Engineering order development Q1 2026 Incoming orders / Book-to-bill Ratio (EUR million) / (x) Ratio 667.3 525.9 • Good order intake despite bad industry sentiment • As of March 31, 2026, the order backlog -3.9% 20
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: Mixed construction market trends in early 2026
Infrastructure industrial environment Mixed construction market trends in early 2026 Infrastructure Industrial Environment • The construction industry suffered in early 2026 as a result of the unfavorable weather. • Tighter lending and the ongoing rise in prices dampened demand. • Construction costs
Slide 19: Revenue stable qoq, solid growth yoy
Infrastructure revenue Q1 2026 Revenue stable qoq, solid growth yoy Infrastructure revenue Q1 2026 Revenue (EUR million) 597.2 moderate • Revenue growth 5.1% yoy: increase 559.5 Organic: +1.8% Inorganic: +3.3% • Inorganic revenue growth from acquisitions of KETTLER, ELECTRO TRADING and +5.1% 155
Slide 20: Segment earnings in line with expectations
Infrastructure earnings Q1 2026 Segment earnings in line with expectations Infrastructure earnings Q1 2026 Adj. EBITA / adj. EBITA margin (EUR million / %) strong 63.6 • Adj. EBITA up 36.0% to EUR 62.1 increase 13.6 million • Key drivers of earnings improvement: 22.3 successful repositioning of on
Slide 21: Strong order intake with book-to-bill ratio of 1.2
Infrastructure order development Q1 2026 Strong order intake with book-to-bill ratio of 1.2 Infrastructure order development Q1 2026 Incoming orders / Book-to-bill Ratio (EUR million) / (x) Ratio 608.1 552.4 • Incoming orders increased yoy by EUR 35.1 million (+25.5%) +25.5% • The order backlog amou
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: Metals & materials sector facing ongoing pressure
Materials Solutions industrial environment Metals & materials sector facing ongoing pressure Materials Solutions Industrial Environment • Production in metals and electronics declined for the third consecutive month in February 2026. • Carried by major orders, revenue in the metals and electronics i
Slide 24: High contribution to Group revenue
Materials Solutions revenue Q1 2026 High contribution to Group revenue Materials Solutions revenue Q1 2026 Revenue (EUR million) • Revenue increase mainly 564.8 strong 554.5 driven by price increases increase (approx. two thirds), supported by volume growth (approx. one third) +17.5% • Currently sec
Slide 25: Strong increase in earnings
Materials Solutions earnings Q1 2026 Strong increase in earnings Materials Solutions earnings Q1 2026 Adj. EBITA / adj. EBITA margin (EUR million / %) strong 51.9 increase 49.9 • Improvement in earnings largely due to a unique development resulting from the sharp rise in the cost of +122.0% raw mate
Slide 26: High incoming orders backed by current supply capacity
Materials Solutions order development Q1 2026 High incoming orders backed by current supply capacity Materials Solutions order development Q1 2026 Incoming orders / Book-to-bill Ratio (EUR million) / (x) Ratio 578.9 533.0 • Incoming orders rose to EUR 187.6 million in Q1 2026 +28.3% (+28.3% yoy) 187
Slide 27: Comparative performance of segments – Revenue
Comparative performance - Revenue Comparative performance of segments Revenue (EUR million) 0.0 -0.2 • Engineering: delivering organic and 25.0 inorganic growth despite challenging market 2.5 0.0 4.4 • Infrastructure: 2.9 4.6 delivering organic and 441.6 inorganic growth as expected 402.4 • Material
Slide 28: Comparative performance of segments – adj. EBITA
Comparative performance – adj. EBITA Comparative performance of segments Adjusted EBITA 0.0 -0.2 (EUR million) • Engineering: lower adj. EBITA following 15.5 a softer start to the year • Infrastructure: adj. EBITA in line with 0.0 42.5 expectation 0.1 3.1 -1.4 0.5 • Materials Solutions: high adj. EB
Slide 29: Outlook and Guidance
02 _ Outlook and Guidance
Slide 30: Guidance for the Group
Guidance for the Group Guidance for the Group in EUR million Actual 2025 Guidance – March 2026 Adjusted guidance – April 30, 2026 INDUS Group Revenue EUR 1.74 billion EUR 1.80 to 1.95 billion EUR 1.85 to 2.05 billion Adjusted EBITA EUR 147.8 million EUR 150 to 170 million EUR 160 to 190 million Adju
Slide 31: Segment guidance
Guidance for the segments Segment guidance in EUR million Actual 2025 Guidance – March 2026 Adjusted guidance – April 30, 2026 Engineering Revenue EUR 583.0 million Slightly increasing Moderately increasing Adjusted EBITA EUR 53.7 million Moderately increasing Moderately increasing Adjusted EBITA ma
Slide 32: Share and Dividend
03 ™ Share and Dividend
Slide 33: Anchor shareholders support the company's long-term course
Current shareholder structure Anchor shareholders support the company's long-term course Current shareholder structure Shareholder Structure as of February 27, 2026 (%) WKN/ISIN 620010 / EN 000 620 010 8 Foundation / IPO 1989 / 1995 3.1 3.1 2.8 Financial year 1 Jan. to 31 Dec. 3.5 Share capital EUR
Slide 34: Attractive and sustainable dividend policy
Dividend policy Attractive and sustainable dividend policy 5.9% 79.0% 5.4% 4.6% 60.0% Ø 4.2% 51.9% 47.7% 3.6% Ø 52.6% 3.2% 38.7% 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 35: Appendix
04 _ Appendix
Slide 36: Segment and Group overview by quarter - INDUS-Group
Segment and 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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Revenue with external third parties 450.8 453.3 459.7
Slide 37: Segment and Group overview by quarter - Engineering
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Revenue with external third parties 142.1 138.6 153.4
Slide 38: Segment and Group overview by quarter - Infrastructure
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Revenue with external third parties 141.5 149.8
Slide 39: Segment and Group overview by quarter - Materials Solutions
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 2023 2024 2025 (in EUR million) 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 Revenue with external third parties 1
Slide 40: Contact
Contact Contact Name: Bianca Yijin Li Department: Investor Relations Officer Phone: +49 (0) 2204/40 00-32 Email: investor.relations@indus.de 40
Slide 41: Disclaimer
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 deci