Indus Holding Ag · XETR:INH
Indus — Investor Day (March 2025)
96 slides from Indus's investor day presentation, Mar 25, 2025
Slide 1: Capital Markets Day
Capital Markets Day Frankfurt, 25 March 2025 1
Slide 2: INDUS Board of Management
INDUS Board of Management Bundled expertise SEGMENT MANAGEMENT CENTRAL FUNCTIONS COO COO MATERIALS COO ENGINEERING CEO CFO INFRASTRUCTURE SOLUTIONS Axel Meyer Dr. Jörn Großmann Gudrun Degenhart Dr.–Ing. Johannes Rudolf Weichert Schmidt CONFIDENTIAL 2
Slide 3: Today's schedule
Today‘s schedule 09:30 Arrival of the participants & check-in 10:00 Welcome 10:15 Business and Financial Performance 2024, Guidance 2025 11:15 Q&A session I 11:45 EMPOWERING MITTELSTAND – Growth Strategy 2030 13:00 Q&A session II 13:30 Lunch 3
Slide 4: Agenda
Agenda 01 Key Takeaways 02 Business and Financial Performance 2024 03 Performance of Business Segments 04 Performance Sustainability 05 Q&A 06 INDUS Purpose 07 Growth strategy 08 Growth strategy for Business Segment 09 Ambition 2030 10 Investment Case 11 Q&A
Slide 5: Key Takeaways
01 Key Takeaways
Slide 6: Our Strategy
INDUS – EMPOWERING MITTELSTAND 01 Strong and Profitable Growth By 2030, we want to grow significantly to EUR 3 billion in sales and Our over EUR 330 million in adjusted EBITA. 02 Internationalization We are pursuing a focused growth strategy at portfolio and investment Strategy level – in Europe and
Slide 7: Business and Financial Performance 2024
Business and Financial Performance 2024 7
Slide 8: Resilient in difficult market environment
Resilient in difficult market environment Highlights INDUS Group FY 2024 Revenue and EBIT in line with expectations due to improved H2 performance in a challenging economic environment Four acquisitions completed with a revenue contribution of EUR 18.4 million in 2024 Free cash flow above targ
Slide 9: Acquisitions in 2024 strengthen our engineering capabilities
Acquisitions in 2024 strengthen our engineering capabilities Active M&A-Pipeline Growth Add-on Four acquisitions made in 2024 GESTALT COLSON X-CEL, UK Approx. EUR 18.4 million AUTOMATION revenue contribution in 2024 AI-based solutions for Industrial valves for control industrial automation of liquid
Slide 10: Already three add-on acquisitions in 2025
Already three add-on acquisitions in 2025 Active M&A-Pipeline KETTLER HBS GROUP INFRASTRUCTURE Segment ENGINEERING Segment Manufacturer of components Developer and producer of and spindle extensions for stud welding equipment pipe systems including control systems and power electronics ELECTRO TRADI
Slide 11: Solid incoming orders in a difficult market
Solid incoming orders in a difficult market Incoming orders Order backlog (EUR million) (EUR million) -3.7% -10.4% In 2024, order intake amounted to EUR 1,611.3 million, down 3.7% 1,673.2 710.8 on the previous year's figure 1,611.3 636.6 (EUR 1,673.2 million) As of December 31, 2024, the order b
Slide 12: Resilient in challenging times
Resilient in challenging times Overview Sales EBIT (EUR million) Adj. EBITA (EUR million) (EUR million) EBIT margin (%) Adj. EBITA margin (%) -4.5% (-80.6) 1,802.4 1,721.8 10.4% 8.9% 8.3% 7.4% -15.3% -18.3% (-22.9) (-34.4) 149.6 126.7 188.1 153.7 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Lates
Slide 13: Stable development in Engineering segment
Stable development in Engineering segment Group Sales by segment 2024 Engineering Infrastructure Materials (EUR million) (EUR million) (EUR million) -0.5% -8.9% -3.9% (-2.9) (-55.1) (-22.7) 599.6 596.7 619.9 582.2 559.5 564.8 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Latest Guidance: Slighty d
Slide 14: Growing sales outside of the EU
Growing sales outside of the EU Sales by region 2024 Germany (EUR million) EU (EUR million) Rest of World (EUR million) -8.2% 906.0 832.0 +2.0% -4.5% 542.0 552.0 354.0 338.0 2023 2024 2023 2024 2023 2024 EU Rest of World 14
Slide 15: EBIT-Margin increase in the Infrastructure segment
EBIT-Margin increase in the Infrastructure segment EBIT and EBIT margin per segment 2024 Engineering Infrastructure Materials (EUR million) (EUR million) (EUR million) -19.8% -19.5% (-11.3) +6.1% (-11.2) (+3.0) 57.0 57.3 52.3 49.3 45.7 46.1 9.5% 9.3% 9.2% 7.6% 8.5% 8.2% FY 2023 FY 2024 FY 2023 FY 20
Slide 16: Adj. EBITA-Margin increase in the Infrastructure segment
Adj. EBITA-Margin increase in the Infrastructure segment Adj. EBITA (EUR million) and adj. EBITA margin (%) per segment 2024 Engineering Infrastructure Materials (EUR million) (EUR million) (EUR million) -21.5% (-15.8) +2.9% -25.2% (+1.8) (-16.8) 73.5 63.6 66.7 5.1 61.8 57.7 6.7 7.5 5.2 49.9 1.5 10.
Slide 17: Higher investments in existing portfolio
Higher investments in existing portfolio Working Capital Investments (EUR million) (EUR million) +0.8% Working Capital increased by 0.8% in line with expectations 466.9 470.7 80.3 70.8 Investments in intangible assets 8.9 29.4 and property, plant, and equipment totaled EUR 50.9 million (previous
Slide 18: Working capital in line with expectations
Working capital in line with expectations Working Capital (EUR million) Cash contribution from the change -6% in working capital was lower this year (-29.8) +1% (+3.8) Seasonal working capital pattern 536.8 558.0 538.3 with less volatility than in the previous 496.7 481.4 494.1 505.6 466.9 470.7
Slide 19: Planned reduction of high cash position from previous year
Planned reduction of high cash position from previous year Statement of financial position (EUR million) Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities +143.7 6.9 -65.3 -50.1 -11.6 -199.9 -27.6 226.1 -51.7 15.8 -29.4 171.3 -41.7 -31.0 -99.
Slide 20: Free cash flow above expectations
Free cash flow above expectations (EUR million) In the financial year 2024, the INDUS Group generated a free cash flow 2024 2023 of EUR 135.4 million Operating cash flow from continuing 171.3 240.1 (previous year: EUR 198.9 million) business areas Cash flow from investing activities -65.3 -50.1
Slide 21: Strong balance sheet for future growth
Strong balance sheet for future growth Cash flow, net debt and equity Free Cash Flow Net debt (EUR million) Equity ratio (EUR million) Net debt/EBITDA ratio (%) (%) -31.9% +7.0% +1.4 pp 198.9 541.4 37.3 38.7 506.2 135.4 2.4 2,0 FY 2023 FY 2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 Latest Guida
Slide 22: Sharebuybacks successfully completed
Sharebuybacks successfully completed Details Shares Share Price (EUR) Total Sum Share buyback February 2024 1,100,000 23.00 25,300,000.00 Share buyback November 2024 700,000 21.65 15,155,000.00 Share buyback program Nov 2024 200,000 21.195 4,239,012.21 Cancellation 1,095,559 EUR 44.7 million* on Sha
Slide 23: Attractive and sustainable dividend policy
Attractive and sustainable 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 in EUR Dividend* Dividend Yield Ba
Slide 24: Performance of Business Segments
Performance of Business Segments 24
Slide 25: Industry Trend Engineering
Industry Trend Engineering Challenging conditions for German mechanical engineering in 2025 with ongoing economic uncertainty. VDMA forecasts a 2 % production decline due to order shortages and political and economic instability. Mixed sector performance: Growth in thermal process technology and
Slide 26: Stable revenues compared to previous year
Stable revenues compared to previous year Engineering segment – sales and earnings Sales EBIT (EUR million) Adj. EBITA (EUR million) (EUR million) EBIT margin (%) Adj. EBITA margin (%) -2.9 599.6 596.7 12.3% 9.5% 9.7% 7.7% 73.5 57.0 57.7 45.7 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 PPA depre
Slide 27: Order book still muted
Order book still muted Engineering segment – order development Incoming orders Order backlog (EUR million) (EUR million) -5.1% -34.7 Incoming orders of EUR 525.9 million in 2024 554.1 385.4 after EUR 554.1 million in the 525.9 350.7 previous year Order backlog of EUR 350.7 million as at 31 Decem
Slide 28: Returning to growth in 2025
Returning to growth in 2025 Engineering segment – Guidance 2025 Sales Guidance 2025 Adjusted EBITA (EUR million) Guidance 2025 (EUR million) Adjusted EBITA margin (%) -0.5% 599.6 Slightly increasing 596.7 12.3% 9.0% - 11.0% 9.7% 73.5 Moderatly increasing 57.7 2023 2024 2025 2023 2024 2025 PPA deprec
Slide 29: Industry trend Infrastructure
Industry trend Infrastructure Current Industry trend Construction sector under pressure in 2025 but showing early signs of stabilization. HCOB Construction Index (PMI) reached a 20-month high at 42.5 points but remains below the growth threshold HDB forecasts a 1.4 % revenue decline (improving f
Slide 30: Good margin development despite lower sales
Good margin development despite lower sales Infrastructure segment – sales and earnings Sales EBIT (EUR million) Adj. EBITA (EUR million) (EUR million) EBIT margin (%) Adj. EBITA margin (%) -3.9% 582.2 559.5 11.4% 10.6% 9.3% 8.5% 61.8 63.6 49.3 52.3 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 PP
Slide 31: Increase in order intake
Increase in order intake Infrastructure segment – order development Incoming orders Order backlog (EUR million) (EUR million) -1.2% Incoming orders of EUR 552.4 -3.7% million in 2024 after EUR 558.9 million in the previous year 558.9 552.4 172.1 165.7 Order backlog of EUR 165.7 million as at 31
Slide 32: Returning to growth in 2025
Returning to growth in 2025 Infrastructure segment – Guidance 2025 Sales Guidance 2025 Adjusted EBITA (EUR million) Guidance 2025 (EUR million) Adjusted EBITA margin (%) -3.9% 582.2 Slightly Increasing 11.4% 10% - 12% 10.6% 559.5 Moderatly increasing 61.8 63.6 2023 2024 2025 2023 2024 2025 PPA depre
Slide 33: Industry trend Materials
Industry trend Materials Current Industry trend Gesamtmetall remains cautious for 2025 as weak investments and exports weigh on the M+E industry. The ifo business climate index improved slightly but remains in recession territory. Rising exports and production hint at stabilization, though order b
Slide 34: Declining EBIT margin
Declining EBIT margin Materials segment – sales and earnings Sales EBIT (EUR million) Adj. EBITA (EUR million) (EUR million) EBIT margin (%) Adj. EBITA margin (%) -8.9% 619.9 10.8% 9.2% 8.8% 564.8 8.2% 57.3 66.7 46.1 49.9 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 PPA depreciation Impairments 3
Slide 35: Incoming orders decreased
Incoming orders decreased Materials Solutions segment – order development Incoming orders Order backlog (EUR million) (EUR million) -4.9% -21.6% Incoming orders of EUR 533.0 million in 2024 after 560.2 153.3 EUR 560.2 million in the 533.0 previous year 120.2 Order backlog of EUR 120.2 million as
Slide 36: Slight increase in sales expected
Slight increase in sales expected Materials Solutions segment – guidance 2025 Sales Guidance 2025 Adjusted EBITA (EUR million) Guidance 2025 (EUR million) -8.9% Adjusted EBITA margin (%) 619.9 10.8% Slightly increasing 8.8% 7.0% - 9.0% 564.8 66.7 Slightly decreasing 49.9 2023 2024 2025 2023 2024 202
Slide 37: Outlook 2025 for the segments
Outlook 2025 for the segments Segment Engineering Infrastructure Materials 2024 Guidance 2025 2024 Guidance 2025 2024 Guidance 2025 Sales 596.7 Slightly increasing 559.5 Slightly increasing 564.8 Slightly increasing (EUR million) Adj. EBITA 57.7 Moderatly increasing 63.6 Moderatly increasing 49.9 Sl
Slide 38: Outlook 2025 for the Group
Outlook 2025 for the Group Group 2024 Guidance 2025 Sales 1.72 1.75 to 1.85 (EUR bn) Adj. EBITA 153.7 150 to 175 < NEW > (EUR million) Adj. EBITA margin 8.9 8.5 to 10.0 < NEW > (%) Free Cashflow 135.4 > 90 (EUR million) 38
Slide 39: Outlook 2025 for the Group
Outlook 2025 for the Group Group 2024 Ambition 2025 Annualized adjusted EBITA acquired through acquisitions EUR 8 to 9 million < NEW > Investments in tangible and intangible Assets EUR 50.9 million EUR 75 to 85 million Greenhouse gas emissions (GHG-E Scope 1 +2) 17,4 t CO2 /Sales (EUR million) Reduc
Slide 40: Performance Sustainability
Performance Sustainability 40
Slide 41: We act on Sustainability
We act on Sustainability „Striving for Sustainability“ as integral part of the INDUS working routine nvironment Strong support for the initiative from the Supervisory Board throught its „Strategy and ESG Comittee“, established in 2023 Importance of ESG reflected in the remuneration system for
Slide 42: On track for climate neutrality by 2045
On track for climate neutrality by 2045 Focus on reducing greenhouse gas emissions Emission intensity GHG Emissions Scope 1+2 / Sales (t CO2e / EUR million) 50 Climate neutrality by 2045 as key strategic goal 40 Detailed action plans at the subsidiary level Financial support for portfolio companies
Slide 43: Positive impact from continous ESG work
Positive impact from continous ESG work Top position in the ISS ESG rating for the tenth time in a row ISS ESG S&P Current Rating (2025) Prime C+ 33.0 Previous Rating Prime C+ 26.0 (2024) Explanations Top position in the Improvement resulting from international peer group methodological changes and
Slide 44: Q&A
INDUS Q&A
Slide 45: INDUS Purpose
INDUS INDUS Purpose
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: Mittelstand
Mittelstand At INDUS we know how to grow the power of Mittelstand. Building on 40 years of experience in succession solutions for familiy owned businesses Focusing on industrial companies that deliver above average returns Investing in a diversified portfolio for greater resilience Specialis
Slide 48: Entrepreneurs
Entrepreneurs We believe in entrepreneurs and lead our investments successfully, values-based and reliable. Seeking entrepreneurs to lead our portfolio companies Creating the freedom for entrepreneurial leaders to develop their businesses successfully Encouraging … courage, creativity, trust
Slide 49: Engineering
Engineering We love engineering and only invest in companies with excellent products, processes and services. Focusing on specialised industrial technologies in attractive market niches Supporting portfolio companies to drive innovation in products, processes and services Providing support to
Slide 50: Sustained Growth
Sustained Growth As international investors we generate sustained growth and offer a long term, above average value-perspective for our shareholders. Working closely with our portfolio companies to drive their growth Supporting our portfolio companies to expand internationally Providing contin
Slide 51: Growth strategy
07 ™ Growth strategy
Slide 52: 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 53: International growth to enhance our resilience
International growth to enhance our resilience Empowering Internationalization • Expanding M&A scope to Europe for growth acquisitions at portfolio level INDUS HOLDING AG • Expanding M&A scope globally for add-on acquisitions. • Promoting international Core market growth of our existing portfolio Gr
Slide 54: M&A program with investments of around EUR 500 million
M&A program with investments of around EUR 500 million Empowering M&A Increasing investments y-o-y from around EUR 50 million in 2025 to over EUR 100 million by 2030 M&A Budget (2025-2030) Growth acquisitions (portfolio level) EUR 500 million focused on larger targets each acquisition to con
Slide 55: Huge market potential for succession in Europe
Huge market potential for succession in Europe Midcap market opportunities Huge potential for succession solutions 90% (lack of internal successors) of family businesses see an external Industry challenges for SMEs investor as a succession option (labor shortages & geopolitical risks, investment
Slide 56: Huge market potential for succession in Germany
Huge market potential for succession in Germany KfW Research Study on Mittelstand in Germany until 231,000 business owners are looking for succession 2028 per year or checking closure until 2025. By 2028, approximately 106,000 business owners approx. 106,000 will search for a successor each year
Slide 57: Growing businesses with unique engineering capabilities
Growing businesses with unique engineering capabilities Empowering Technology – segment management Active portfolio management with regular review of ENGINEERING the segment portfolio, including identification of potential candidates for sale Axel Meyer Establishing and expanding technology fiel
Slide 58: Huge market potential in promising technology fields
Huge market potential in promising technology fields (McKinsey Study 2024) Global market volume 2035 relevant for INDUS Advanced New energies Internet of Things New battery technology Robotics materials Decarbonization E-Mobility Compatibility* technologies Biotechnology Nanosatellites Modular const
Slide 59: Implementing AI use cases
Implementing AI use cases Empowering Technology Initiative to promote the use of Artificial Intelligence by portfolio companies Identification and implementation of use cases supported by INDUS innovation development bank Increasing efficiency Process optimization Simplifying product portfolio Ana
Slide 60: Expertise to support innovation and performance improvement
Expertise to support innovation and performance improvement Empowering Technology – experts at INDUS Status check: Systematic recording of the current status and identification of improvements Knowledge: Training programmes, e.g. lean management Networks: Establishment of networks between portfolio
Slide 61: Growth strategy for Business Segments
Growth strategy for Business Segments 61
Slide 62: Engineering
Engineering At a glance Technology Fields 17 Companies in the Segment in the Engineering Segment Automation & Assembly Technology Conveyor Technology Flow Technology Machine & Equipment Technology Measuring & Surveillance Technology Process Technology 62
Slide 63: Technology fields enabling international growth
Technology fields enabling international growth Measuring and Surveillance Technology + Significant Synergies Measuring specialists IPETRONIK and Global market cultivation with m+p now growing together broad international presence m+p as standalone company part of the Coordinated management
Slide 64: Integration and M&A enabling international growth
Integration and M&A enabling international growth Machine & Equipment Technology Integration of KÖSTER in PEISELER Group Acquisition of HBS (Jan 2025) KÖSTER to be legally assigned as part of the PEISELER High industrial logic with complementary welding group within 2025; economic assignment alr
Slide 65: Leveraging Expertise and Sales Networks
Leveraging Expertise and Sales Networks Flow Technology Strategic Cooperation GSR and HORN Group Both benefiting from strong technical expertise for sophisticated applications in often the same market segments Joint development for complex new technological requirements, like e. g. for hydrogen
Slide 66: New business model driving growth of HORN Group
New business model driving growth of HORN Group Flow Technology Air pressure control and air filling for tires Pay per use (customer) & revenue share model (operator) instead of traditional product sales Two Eezy-branded completely new products: Eezy Air Only and Eezy 3in1 Highly digitalized p
Slide 67: Infrastructure
Infrastructure At a glance Technology Fields 14 Companies in the segment in the Infrastructure Segment Cable and Building Entries & Infrastructure Mobile HVAC Systems Civil Engineering & Concrete Building Components Air Conditioning & Ventilation Technology Construction Chemistry 67
Slide 68: Key drivers and market trends in Infrastructure
Key drivers and market trends in Infrastructure Digitization and electrification Restoration and prolonged use of existing buildings Revamp of public infrastructure Green energy and sustainability 68
Slide 69: Accelerated growth through internationalization
Accelerated growth through internationalization New facilities in North America New US production facilities Hauff-Technik & FS/BF to establish production facilities in North America in 2025 Synergies across the segment: AURORA NA acts as enabler to establish production facilities in Grand Rapid
Slide 70: Accelerated growth through organic and inorganic growth
Accelerated growth through organic and inorganic growth HAUFF-Technik Group as showcase Target Clear growth path >200 Add-on acquisitions to participate in growth of 30-40 fibre-optic networks (GRIDCOM) 20-30 GRIDCOM to enlarge product range and services (KETTLER) 123 20 40-60 UNITED KINGDOM M
Slide 71: Accelerated growth through innovation
Accelerated growth through innovation Innovation across all the segment „The Modular heat Curve“ pump Fibre-optic Comax X building entries 71
Slide 72: Accelerated growth through use of new technologies
Accelerated growth through use of new technologies AI applications – strongly promoted through “INDUS AI–Sprint“ Similarity via Product Specification – illustrative Fast and successful entry into AI applications: MIGUA significantly reduces product portfolio by more than 40% through AI approaches
Slide 73: Materials Solutions
Materials Solutions At a glance Technology Fields 13 Companies in the Segment in the Materials Solutions Segment Carbide Tools & Wear-Resistant Solutions Components & Assembly Solutions Surface & Enclosure Solutions Medical & Rehabilitation Solutions New Materials & Process Technologies 73
Slide 74: Materials, production and distribution expertise
Materials, production and distribution expertise Key strength of Materials segment Materials DNA Companies with strong material Companies with high process expertise develop, manufacture and expertise manufacture and market market innovative products and innovative components and assemblies product
Slide 75: Materials segment today
Materials segment today Key characteristics Materials Business Model End markets Metals Contract manufacturing Construction Equipment Textiles / Nonwovens Products / components Agricultural machinery Glass with own design / IP Mechanical Engineering Supply chain solutions Mining
Slide 76: Targeted excellence initiatives for profitability and growth
Targeted excellence initiatives for profitability and growth Selected projects of portfolio companies Strategy process and Innovation operational excellence New material development with Expanding US business through partner nanotechnology (PROMATRIX®) with large distribution network Next gene
Slide 77: AI Incubator for INDUS
AI Incubator for INDUS Inhouse AI initiatives by SIMON Group across the entire value chain AI Powered Global AI Optimized Power Electrical Consumption Consumption HIP Prognosis furnaces AI Controlled Spray Tower Powder Supply Chain Production Customer AI Knowledge Management System based on Open-Sou
Slide 78: M&A Scope for Materials Segment defined
M&A Scope for Materials Segment defined Add new materials, process technology and end markets Add product and solution driven Add attractive materials businesses Metals NEW Components processing and assemblies NEW Polymers with specific IP / Know How / Footprint NEW Ceramics NEW Products /
Slide 79: Focused buy-side M&A approach for Materials Segment
Focused buy-side M&A approach for Materials Segment Targeted market screening for anorganic growth started Screening and targeting Investment criteria Technologies Customers Markets Locations Advanced materials Financials Niche positioning within the industrials space Materials (own brand, IP or
Slide 80: Materials to become Materials Solutions
Materials to become Materials Solutions Repositioning for profitable growth Materials Solutions KEEP Materials DNA ADD Growth Levers Companies with high material expertise New advanced materials develop, manufacture and market innovative products and product components. New solutions competences Com
Slide 81: Ambition 2030
INDUS Ambition 2030
Slide 82: Committed to a strong and profitable growth path
Committed to a strong and profitable growth path Ambition 2030 Increasing + Empowering + Empowering = Value Creation internationalization M&A Technology Growth acquisitions in Acquisition programme Formation of technology EUR 3 billion Europe with a volume of around fields to leverage in gro
Slide 83: Healthy growth through financial strength
Healthy growth through financial strength Stable balance sheet ratios secure investment grade Free cash flow Fueling Net Equity growth Debt/EBITDA ratio < 2,5 > 40 % Additional debt capital No capital increases needed for growth path 83
Slide 84: Continuity in dividend policy
Continuity in dividend policy INDUS share to remain a reliable dividend-paying stock Up to 50% of profits distributed At least 50% of profits retained to strengthen the company Regular participation of shareholders in business success 84
Slide 85: Ambition
Strong Sales growth to drive Earnings per Shares ~ EUR 500 million Ambition Investments in acquisitions EUR 3 billion 2030 Group sales EUR 330+ million Adjusted EBITA EUR 4,50+ Earnings per share <2.5x Leverage 85
Slide 86: Investment Case
10 ™ Investment Case
Slide 87: Investing in a driving force of Mittelstand
Investing in a driving force of Mittelstand INDUS Investment Case A diversified portfolio of medium- Accelerating international expansion Growth through a dynamic sized companies with a focus on unlocks new growth opportunities acquisition program and organic sophisticated industrial engineering and
Slide 88: 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 89: Q&A
INDUS Q&A
Slide 90: Contact
Contact Contact Name: Dafne Sanac Department: Investor Relations Phone: +49 (0) 2204/40 00-32 Email: investor.relations@indus.de 90
Slide 91: Appendix
INDUS Appendix
Slide 92: 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 Ni
Slide 93: 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 94: Segment Engineering
Segment Engineering Revenue per portfolio company Revenue 2024 Company in EUR million ASS Maschinenbau 15.1 M. BRAUN 96.4 BUDDE Fördertechnik 60.0 DECKMA 4.6 eltherm 42.0 GESTALT 0.7 GSR Ventiltechnik 28.6 HEIBER + SCHRÖDER 19.5 HELD-Gruppe 23.9 HORNGROUP 68.1 IEF-Werner 16.4 IPETRONIK 61.3 JUNGMANN
Slide 95: Segment Infrastructure
Segment Infrastructure Revenue per portfolio company Revenue 2024 Company in EUR million ANCOTECH Group 49.6 AURORA Konrad G. Schulz 72.9 BETOMAX systems 24.9 FS-BF 39.3 Hauff-Technik 107,6 H. HEITZ 34.1 MIGUA 15.0 OBUK 22.6 REMKO 69.7 SCHUSTER 15.6 TSN 9.0 WEIGAND Bau 35.9 WEINISCH 6.1 WIRUS Fenste
Slide 96: Segment Materials
Segment Materials Revenue per portfolio company Revenue 2024 Company in EUR million BETEK 272.9 BILSTEIN & SIEKERMANN 15.0 DSG 8.3 HAKAMA 13.7 IMECO (shut down Aug 2024) 13.7 MEWESTA 5.7 MIKROP 20.4 OFA Bamberg 78.9 PLANETROLL 5.0 RAGUSE 15.9 ROLKO 31.8 Helmut RÜBSAMEN 41.3 Karl SIMON 14.5 VULKAN In