INDUS (INH) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 18.5% YoY to €1,509.5m; adjusted EBITA more than doubled to €218.5m, with growth across all three segments.

• Earnings after taxes rose 66.1% to €102.8m and EPS increased to €4.11.

• Tungsten carbide price effects were an exceptional earnings driver; FY guidance was confirmed with significant Q4 weakening of the effect expected.

• Incoming orders increased 14.8% to €1,639.9m; book-to-bill was 1.09 and order backlog reached €776.9m.

Financial highlights

• 9M revenue was €1,509.5m versus €1,274.0m; adjusted EBITA was €218.5m versus €104.2m, and EBIT was €182.3m versus €88.7m.

• Q3 revenue was €544.3m, up 24.4%; adjusted EBITA reached €95.0m and EBIT €70.6m.

• EBITDA was €276.1m, or 18.3% of revenue, versus €158.4m and 12.4% in 9M 2025.

• Operating cash flow was €63.7m and free cash flow €38.0m for 9M; Q3 free cash flow was €74.9m.

Outlook and guidance

• FY 2026 guidance confirmed: revenue €1.90–2.10bn, adjusted EBITA €220–260m, margin 11–13%, and free cash flow at least break-even.

• Engineering expects moderate revenue growth, a slight adjusted EBITA increase and an 8–10% margin; Q4 is expected to deliver the segment’s highest revenue and earnings contribution.

• Infrastructure expects moderate revenue growth, strong adjusted EBITA growth and a 10–12% margin.

• Materials Solutions expects strong revenue and very strong adjusted EBITA growth; margin guidance rose to 18–20% from 15–17%, factoring in Q4 tungsten carbide-related weakening.