Classification of NuWays AG to INDUS Holding AG

Company Name:	INDUS Holding AG
ISIN:	DE0006200108
Reason for the research:	Update
Recommendation:	BUY
from:	30.12.2025
Target price:	EUR 34.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Ending the year on a high note; PT Up

Last week, INDUS signed another acquisition, meeting market expectations of one additional dealbefore the end of the year. In detail:

PRO VIDEO is to strengthen Engineering from 2026 onwards. 80% of shares in the leadingsupplier of professional media solutions for audiovisual large-scale projects in Germany with an annual revenue of about € 24m were signed for now.

Closing and consolidation may be expected to follow upon receiving regulatory approval from theGerman Federal Cartel Office. Mind you, this approval process has two phases, with phase twounlikely to apply in this case and being conditional on concerns raised in phase one. We expect PROVIDEO contributions from Q2 2026 onwards.

Taking a closer look at PRO VIDEO, the company specializes in providing safe and complexcommunication rooms for companies (i.e. Microsoft, BASF, Bertelsmann), government-relatedentities and educational facilities, such as universities. Although information revealed so far is limited,this target is likely a particularly attractive addition to INDUS, due to high margins implied by its highrevenue/FTE ratio, typically low maintenance CAPEX associated with commonly asset-lightstructures in the conference room solutions markets, low overlap with the residual engineeringportfolio and possible company-internal use cases which should allow for efficiency gains and crossselling opportunities. Market research indicates that conference room solutions should grow at aCAGR of more than 10% until 2032, vastly outpacing most other media niche markets.

Expected PRO VIDEO contributions to INDUS in FY26e looks set to be € 16-18m in revenuewith an EBITDA margin of around 15% (eNuW), assuming consolidation from Q2 2026 onwards.With this, the acquisition does not only look strategically sensible but also value accretive, inour view.

Spending spree to last. Next year, INDUS plans to spend up to € 100m (eNuW), which would be inline with the company’s spending targets announced at its CMD last year. Mind you, INDUS plans tospend a total of € 500m until the end of 2030 on M&A. With an average acquisition multiple of 7-7.5xEV/EBITA, the company could add at least € 70m of EBITA during the next five years (vs FY24).

Looking ahead, we maintain our FY25e revenue estimate of € 1.74bn and raise our top-lineassumptions for FY26e to 1.85bn, leading to an increased PT of € 34.5 (old: € 34) , based onFCFY26e. At the same time, we reiterate our BUY rating.

You can download the research here: indus-holding-ag-2025-12-30-update-en-340ee
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++