INDUS (INH) Q2 2025 earnings summary

Executive summary

• H1 2025 sales nearly matched the prior year at €836.6 million despite economic headwinds, with Q2 sales exceeding last year’s Q2.

• Five acquisitions were completed or announced, with four in H1 and one in July, expanding the international presence.

• Order intake surged, especially in Q2 (+16% YoY), and the book-to-bill ratio remained above one.

• Adjusted EBITA/EBITDA declined to €56.1 million, impacted by US tariffs, Chinese export controls, and a weak dollar.

• Earnings per share stood at €1.13, with a positive tax impact in Q1.

Financial highlights

• H1 sales: €836.6m, 47% of full-year guidance; organic sales declined 2.6%, acquisitions contributed +2.3%.

• Adjusted EBITDA H1: €56.1m (38% of full-year guidance), margin 6.2%, below last year.

• Free cash flow: -€7.9m at H1, target above €90m for FY; expected to improve with higher H2 earnings and working capital reversal.

• Net debt: €635m, expected to fall to €580–590m by year-end; equity ratio at 37.8%.

• Promissory note loan of €125 million placed to support growth.

Outlook and guidance

• Full-year guidance confirmed: sales €1.7–1.85bn, adjusted EBITDA/EBITA €130–165m, margin 7.5–9%, free cash flow above €90m.

• H2 expected to be significantly stronger in both sales and earnings, especially Q4.

• Segment guidance: Engineering slightly lowered, Material Solutions slightly raised or strongly decreasing, Infrastructure moderately increasing.