INDUS Group Reports Strong Q3 2025 Performance with 10% Earnings Growth and Robust Order Intake
INDUS Holding AG demonstrated resilient financial performance in the third quarter of 2025, achieving significant earnings growth and margin expansion despite challenging market conditions, while maintaining positive guidance for the full year.
INDUS Group delivered strong third quarter results for 2025, with earnings showing substantial improvement and incoming orders indicating positive momentum for future growth. The German investment company reported adjusted EBITA of EUR 48.1 million in the third quarter, representing a 10.1% increase compared to the previous year's EUR 43.7 million. This performance pushed the quarterly adjusted EBITA margin to 11.0%, significantly outperforming the previous year's 9.9% margin.
Revenue for the third quarter reached EUR 437.4 million, marking the highest quarterly total in the 2025 financial year, though slightly below the previous year's EUR 443.1 million. The company's EBIT showed even stronger growth, reaching EUR 43.3 million compared to EUR 31.8 million in the same period last year. Dr. Johannes Schmidt, Chairman of the INDUS Group's Board of Management, attributed the positive results to effective cost management efforts, noting that quarterly earnings reached their highest level since early 2024.
The company's order intake provided particularly encouraging signals for future performance, with incoming orders for 2025 increasing by 17.2% year over year. This robust order growth suggests sustained demand across INDUS's business segments despite the challenging macroeconomic environment. The full interim report detailing these results can be found at https://www.indus.eu.
Across INDUS's three business segments, earnings showed positive development. The Engineering segment companies demonstrated particularly strong performance in order intake, with incoming orders increasing by 35.5% in the first three quarters compared to the previous year. The segment was further strengthened by strategic acquisitions including stud welding specialist HBS and its US subsidiary SUNBELT, as well as US precision metal manufacturer METFAB.
The Infrastructure segment defied market trends with revenue rising to EUR 453.5 million in the first nine months, up from EUR 425.2 million in the previous year. The segment completed its third acquisition this year with the purchase of formwork specialist TRIGOSYS, which closed on October 31, 2025. The Materials Solutions segment also showed clear improvement in the third quarter, with segment earnings of EUR 16.4 million significantly exceeding the previous year's EUR 12.6 million, despite challenges from Chinese export controls affecting tungsten carbide feedstock supplies.
Financial stability remained strong, with free cash flow increasing by approximately EUR 67 million in the third quarter to EUR 66.6 million. The company maintained a solid equity ratio of 37.4% as of September 30, 2025. Earnings per share climbed to EUR 2.46, substantially higher than the previous year's EUR 1.89, reflecting the overall improvement in profitability.
Looking ahead, the Board of Management confirmed its full-year guidance, projecting Group revenue between EUR 1.70 billion and EUR 1.85 billion and earnings between EUR 130 million and EUR 165 million. The company's international revenue now accounts for 52% of total revenue, supporting its EMPOWERING MITTELSTAND strategy that emphasizes internationalization, acquisitions, and engineering competence as key growth drivers. INDUS has added five acquisitions to its portfolio in 2025, including deals in Sweden and the United States, with expectations for additional transactions by year-end.