INDUS (INH) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered record revenue of €437.4 million and a 17% year-over-year increase in incoming orders, despite a weak German industrial environment and stagnant GDP.

• Adjusted EBITA margin reached 11.0% in Q3, with adjusted EBITA up 10% to €48.1 million and earnings per share rising to €2.46, up 30% year-over-year.

• Free cash flow in Q3 surged by €67 million, with 9M 2025 free cash flow at €135.4 million.

• Five acquisitions were completed in 2025, expanding international presence, especially in the US and Sweden.

• Earnings after taxes for 9M 2025 reached €61.9 million, up 23.8% year-over-year.

Financial highlights

• 9M 2025 revenue was €1,274.0 million, nearly flat year-over-year (–0.6%).

• Adjusted EBITA for 9M 2025 was €104.2 million, down 11.4% from the prior year.

• Q3 adjusted EBITA: €48.1 million (+10.1% year-over-year).

• Free cash flow for 9M 2025: €135.4 million; Q3 free cash flow: €66.6 million.

• Equity ratio at Q3 end: 37.4%.

Outlook and guidance

• Full-year 2025 guidance confirmed: revenue €1.70–1.85 billion, adjusted EBITA €130–165 million, free cash flow above €90 million.

• Engineering expects slightly decreasing revenue and moderately decreasing EBITA; Infrastructure expects moderately increasing revenue and consistent EBITA; Materials Solutions expects slightly decreasing revenue and moderately decreasing EBITA.

• German economic recovery not expected before 2026; 2025 GDP growth forecast at 0.1–0.3%.