INDUS (INH) Q4 2025 earnings summary

Executive summary

• Revenue increased 0.8% year-over-year to EUR 1,735.4 million, slightly above the previous year and within guidance.

• Adjusted EBITA declined 3.8% to EUR 147.8 million, with a margin of 8.5% in the upper half of the guidance range.

• Earnings per share rose 33.8% to EUR 2.77, aided by lower tax expenses due to one-time effects.

• Free cash flow reached EUR 124.0 million, exceeding guidance and the target of over EUR 90 million.

• Proposed dividend of EUR 1.30 per share, up from EUR 1.20, with a yield of 4.6%.

Financial highlights

• Revenue: EUR 1,735.4 million (+0.8% year-over-year).

• Adjusted EBITA: EUR 147.8 million (-3.8% year-over-year); margin 8.5%.

• Earnings per share: EUR 2.77 (+33.8% year-over-year).

• Free cash flow: EUR 124.0 million, covering dividends, interest, acquisitions, and lease repayments.

• Equity ratio: 38.4%; Net debt/EBITDA: 2.5x; order backlog at year-end EUR 705.9 million, up 10.9%.

Outlook and guidance

• 2026 revenue guidance: EUR 1.80–1.95 billion; adjusted EBITA EUR 150–170 million; margin 7.5–9.5%.

• Free cash flow expected above EUR 70 million.

• Guidance assumes no prolonged supply disruptions or sustained increases in raw material and energy prices.

• Key risks: geopolitical uncertainty, protectionist trade policies, volatile supply chains.

• Moderate growth anticipated for 2026, with segment-specific expectations outlined.