Indus Holding: Q2 26 - broad-based growth accelerated by tungsten catalyst - NuWays AG Research
Yesterday, INDUS released its H1 26 report. As outlined by preliminary figures published end of July, Q2 came in exceptionally strong. In detail:
ANNONS
Strong order intake across segments. Order intake rose by 29.7% yoy, led by pricing related higher
order values at BETEK and broad improvements across portfolio companies. The backlog rose by
18.6% yoy to € 789m and H1 book-to-bill to 1.14x (eNuW: 1.07x; H1'25 1.03x).
Strong Q2 performance. Sales grew by 20.6% yoy to € 524m. This was mainly driven by an
exceptional Materials Solutions performance especially supported by portfolio company BETEK.
This included 2pp of inorganic growth from acquisitions. Adj. EBITA soared by 160% yoy to € 81.1m, mainly driven by significantly stronger margins in Material Solutions orders. The adj. EBITA margin expanded by 8.3pp to 15.5%.
