Redeye provides its initial take on Indutrade’s Q3 2025 report, which beat our profit estimates despite a soft top line. We judge order intake started to hint at improving demand this quarter, and acquired growth ramped after a timid H1 2025. Combined with favourable gross margin development, we judge Indutrade should realise solid operating leverage as sales rebound. While short-term uncertainty remains, we believe it is a question of when, not if, Indutrade’s top and bottom lines will return to decent growth.
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