Indus Holding Ag · XETR:INH
Indus — Investor Presentation (September 2025)
40 slides from Indus's investor presentation, September 2025
Slide 1: INDUS Empowering Mittelstand
INDUS EMPOWERING MITTELSTAND Investor Presentation, August/September 2025 1
Slide 2: Who we are
INDUS Who we are
Slide 3: At a glance
INDUS At a glance • Evergreen financial investor, listed on German SDAX • Succession of SMEs (small and medium-sized enterprises), often in family hands, with a joint transition period INDUS Group (December 31, 2024) • The transition period can be more than pure succession, it also allows for a long
Slide 4: The Board of Management of INDUS
The Board of Management of INDUS Broad industrial expertise Segment Management Central functions COO COO Engineering COO Infrastructure CEO CFO Materials Solutions Axel Meyer Dr. Jörn Großmann Gudrun Degenhart Dr.–Ing. Johannes Rudolf Weichert Schmidt CONFIDENTIAL4
Slide 5: Engineering
Engineering The segment companies are established names in the specialized field of machinery and equipment construction, and niche suppliers for automation and robotics, sensor technology “The sales process with the experts from INDUS and measuring/control engineering. was characterized by partners
Slide 6: Infrastructure
Infrastructure The companies harness their stable positioning to develop their ranges and focus on current needs – in the fields of construction and building technology, telecommunications “The mutual trust and consistency during the infrastructure, and air-conditioning technology. transition years
Slide 7: Materials Solutions
Materials Solutions The segment companies currently specialize in metal production and processing, component manufacturing, medical products and aids. Growth potential lies in innovative materials such as composites, high- performance plastics and textiles, as well as in specific manufacturing “The
Slide 8: Strategy update: Empowering Mittelstand
Strategy update: EMPOWERING MITTELSTAND
Slide 9: 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 10: 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 11: 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 12: 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 13: Business and Financial Performance H1 2025
Business and Financial Performance H1 2025 13
Slide 14: 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 15: 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 15
Slide 16: 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 16
Slide 17: 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 18: 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 19: 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 19
Slide 20: Guidance confirmed
04 INDUS Guidance confirmed
Slide 21: 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 22: 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 23: 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 24: 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) 24
Slide 25: The INDUS share
INDUS The INDUS share
Slide 26: 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 27: 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 28: Appendix: Performance of Business Segments
Appendix: Performance of Business Segments 28
Slide 29: 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 30: 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 30
Slide 31: 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 31
Slide 32: 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 33: 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 34: 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 34
Slide 35: 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 35
Slide 36: 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 37: 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 38: 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 38
Slide 39: 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 39
Slide 40: 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
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