INDUS (INH) Q1 2026 earnings summary

Executive summary

• Revenue rose 9.7% year-over-year to EUR 441.6 million in Q1 2026, with all segments contributing and Materials Solutions showing the strongest increase.

• Adjusted EBITA increased 70.7% to EUR 42.5 million, with margin up to 9.6%, driven by exceptional market conditions in Materials Solutions.

• Earnings per share remained stable at EUR 0.64.

• Working capital and net financial liabilities increased sharply due to higher raw material costs, especially tungsten carbide.

• Two acquisitions completed: PRO VIDEO (consolidated from February 2026) and AMIRA (closed in April 2026).

Financial highlights

• EBIT rose to EUR 36.0 million (prior year: EUR 19.6 million), with EBIT margin improving to 8.2%.

• EBITDA increased 44.2% to EUR 61.3 million; EBITDA margin improved to 13.9%.

• Free cash flow declined to EUR -74.1 million from EUR -23.6 million year-over-year due to higher working capital and inventory build-up.

• Equity increased by EUR 19.5 million to EUR 750.2 million, with equity ratio at 38.7%.

• Cash and cash equivalents decreased to EUR 119.8 million (Dec 2025: EUR 217.6 million).

Outlook and guidance

• Group revenue guidance for 2026 raised to EUR 1.85–2.05 billion (previously EUR 1.80–1.95 billion).

• Adjusted EBITA guidance increased to EUR 160–190 million, margin expected at 8.0–10.0%.

• Free cash flow guidance revised to at least break-even (previously above EUR 70 million).

• Segment guidance: Engineering and Infrastructure expect moderate to strong increases; Materials Solutions now expects strong increases in both revenue and earnings.