INDUS Holding AG (von Parmantier & Cie. GmbH): Buy

Original-Research: INDUS Holding AG - from Parmantier & Cie. GmbH 17.11.2025 / 12:55 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of Parmantier & Cie. GmbH to INDUS Holding AG

Company Name:	INDUS Holding AG
ISIN:	DE0006200108
Reason for the research:	Update
Recommendation:	Buy
from:	17.11.2025
Target price:	35.00 Euro
Target price on sight of:	12 month
Last rating change:	none
Analyst:	Daniel Großjohann, Thomas Schießle

Q3: Adjusted EBITA exceeds market expectations, market environment remains challenging – Group outlook for 2025 confirmed

The Q3 figures (sales: €437.4 million (-1.3%); adj. EBITA: €48.1 million (+10%)) significantly exceeded market expectations in terms of earnings. This was due to consistent cost management. We expect INDUS to continue the trend shown during the year. While we are slightly reducing our revenue forecast for 2025, we are raising the adjusted EBITA margin slightly. Both key figures remain within the confirmed guidance. INDUS shares are currently trading at a P/E ratio of 9.1, and the dividend yield is above 5% – we confirm our buy recommendation.