INDUS Group Reports Strong Q3 2025 Performance with 10% Earnings Growth and Confirmed Full-Year Guidance

INDUS Group increased its revenue and earnings through the course of 2025, with the third quarter showing particularly strong performance. Revenue reached €437.4 million in the third quarter, marking the highest quarterly total in the 2025 financial year and coming in only slightly below the previous year's figure of €443.1 million. Earnings measured by adjusted EBITA were up 10.1% year over year, reaching €48.1 million compared to €43.7 million in the previous year. The adjusted EBITA margin rose to 11.0%, clearly outperforming the previous year's 9.9%.

Dr. Johannes Schmidt, Chairman of the INDUS Group's Board of Management, noted that the Group gained significant momentum in the third quarter of 2025 despite persistent challenges in the macroeconomic environment. The company's cost management efforts are delivering results, with quarterly earnings reaching their highest level since the beginning of 2024. At €1.274 billion, the listed investment company's revenue after nine months was nearly level with the previous year's €1.282 billion, despite difficult market conditions.

Incoming orders increased by 17.2% year over year, indicating strong future performance. Adjusted EBITA for the nine-month period was €104.2 million, with an adjusted EBITA margin of 8.2%. Earnings after taxes rose to €61.9 million compared to €50.0 million in the previous year, including approximately €8 million in non-recurring tax income that was already reported in the first quarter. As a result, earnings per share climbed to €2.46, significantly higher than the previous year's €1.89.

Earnings developed positively across all three segments during the year. The Engineering segment companies increased incoming orders in the first three quarters by 35.5% compared to the previous year, with notable orders for long-term plant engineering projects. The segment was further strengthened in 2025 by the acquisition of stud welding specialist HBS and its US subsidiary SUNBELT, as well as US precision metal manufacturer METFAB. Revenue in the Infrastructure segment rose to €453.5 million in the first nine months compared to €425.2 million in the previous year, defying market trends. In July, INDUS announced the acquisition of formwork specialist TRIGOSYS, marking the segment's third acquisition this year, with the transaction completed on 31 October 2025.

The Materials Solutions segment also showed a clear upward trend in the third quarter, with segment earnings of €16.4 million significantly up from the previous year's €12.6 million. The adjusted EBITA margin rose to 11.9% from 8.9% in the previous year. Chinese export controls caused significant delays and, in some cases, stopped deliveries of tungsten carbide feedstock at portfolio company BETEK, but a comprehensive set of measures ensured supply for ongoing production. Free cash flow increased by approximately €67 million in the third quarter, reaching €58.7 million for the first nine months.

For the full year 2025, the Board of Management continues to project Group revenue between €1.70 billion and €1.85 billion and earnings in the range of €130 million to €165 million. The adjusted EBITA margin is still expected to be between 7.5% and 9.0%, with free cash flow projected to exceed €90 million for the full year. Schmidt emphasized that the complex political and macroeconomic environment is demanding, but portfolio companies are managing these challenges well, with international revenue now accounting for 52% of total revenue. With its EMPOWERING MITTELSTAND strategy, INDUS has defined internationalization, acquisitions and engineering competence as key growth drivers, having added five acquisitions to its portfolio so far in 2025, including deals in Sweden and the United States.