INDUS (INH) Q2 2026 earnings summary

Executive summary

• Revenue rose 15.4% year-over-year to €965.2 million in H1 2026, with all three segments contributing and Materials Solutions benefiting from extraordinary tungsten carbide market conditions.

• Adjusted EBITA more than doubled to €123.5 million, with margin up to 12.8% from 6.7% YoY.

• Earnings per share increased to €2.49, up from €1.13 in H1 2025.

• Incoming orders rose 22.5% to €1,104.0 million, with order backlog at €789.1 million and a book-to-bill ratio of 1.14.

• Free cash flow was negative in H1 due to working capital build-up but turned positive in Q2.

Financial highlights

• Revenue: €965.2 million (+15.4% YoY); organic growth +13.3%, inorganic +2.1%.

• Adjusted EBITA: €123.5 million (+120.1% YoY); margin 12.8% (+6.1 pp YoY).

• Earnings after taxes: €62.2 million (+120.4% YoY); EPS at €2.49.

• Net financial liabilities increased to €665.8 million, mainly due to reduced cash and higher working capital.

• Equity ratio stood at 37.8% as of June 30, 2026.

Outlook and guidance

• 2026 revenue guidance raised to €1.90–2.10 billion; adjusted EBITA expected at €220–260 million, margin at 11.0–13.0%.

• Free cash flow guidance reaffirmed at least break-even.

• Segment guidance: Engineering and Infrastructure expect moderate increases; Materials Solutions upgraded to very strong increase.