<pre>    ^
Original-Research: INDUS Holding AG - from NuWays AG

08.10.2026 / 09:00 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
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invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to INDUS Holding AG

     Company Name:                INDUS Holding AG
     ISIN:                        DE0006200108

     Reason for the research:     Update
     Recommendation:              HOLD
     Target price:                EUR 41
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Sarah Hellemann

Conference feedback: Focus on tungsten, growth drivers and M&amp;A

We hosted INDUS CFO and IR at our annual Paris conference. With the tungsten
situation under control, the company should re-focus on its M&amp;A strategy. At
the same time Infrastructure and Engineering should continue to see
operational improvements. In detail:

  * Tungsten carbide special situation. Mind you, the price of tungsten
    carbide had risen significantly since early 2025 following Chinese
    export controls, introduced as a countermeasure to the US tariffs. BETEK
    has managed the resulting price increases successfully, driving a
    significant uplift in Materials Solutions' profitability (windfall
    profits). The segment reported an adj. EBITA margin of 22.4% in H1 26,
    up 14.3pp and the segments' adj. EBITA jumped to EUR 84.5m compared to EUR
    23.1m in H1 25. This was mainly driven by pricing but also to some
    extent also by higher volumes.

  * Looking ahead, uncertainty around the development of tungsten carbide
    spot prices remains. Management views prices to have peaked for now.
    While the material remains in high demand for defence purposes and we
    consider a rapid price decline in FY27e rather unlikely. Yet, sharply
    falling prices could expose the company to margin risk (current
    inventory based on currently high prices). A gradual decline should be
    manageable and lead to normalizing margins, in our view. Importantly,
    BETEK has proven itself a reliable supplier for its customers and hence
    looks well positioned to retain its raised market shares.

  * Favorable growth backdrop for Engineering and Infrastructure. With
    German and European GDP growth accelerating, the business climate
    improving and positive German construction output development visible
    (Trading Economics), the baseline for economic development has been
    slowly improving in recent months. This combined with order intake
    growth in H1 26 and solid orderbooks in both segments (Engineering
    book-to-bill-ratio at 1.22x and Infrastructure book-to-bill-ratio at
    1.14x at H1 26) supports our expectation of continued strong growth in
    H2 26.

  * Further M&amp;A activity anticipated. Management confirmed our view of at
    least one more acquisition in FY26e. This should involve either bolt-on
    acquisitions to its existing technology clusters or something sizeable
    enough to open up a new technology cluster. To recap, INDUS already
    added two companies to its Engineering segment in H1. Due to the
    uncertainty around Working Capital requirements in BETEK and the
    holding's financial backing committed, the deal flow was temporarily
    decelerated. With the situation under control, we view the strategic
    focus returning to acquisitions.

Down to HOLD, PT unchanged at EUR 41. Following a share price rally of c. 60%
since July, INDUS now trades in line with our price target, which is based
on FY27e FCF yield. The downgrade is purely valuation-driven, and our
conviction in the investment case remains intact. Further upside would
require developments beyond our current estimates, namely (1) an
acceleration of M&amp;A activity, (2) margin gains from internal optimization,
(3) a further sharp rise in tungsten prices and (4) a stronger-than-expected
improvement in the macroeconomic environment.

You can download the research here:</pre>
<p>https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&amp;u=b43fcd31e0bc3a416febc8a50b864b5d</p>
<pre>For additional information visit our website:
https://www.nuways-ag.com/research

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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2412216 08.10.2026 CET/CEST

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Original-Research: INDUS Holding AG (von NuWays AG): HOLD

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