INDUS Group reported substantial earnings growth in the third quarter of 2025, with adjusted EBITA increasing 10.1% year-over-year to EUR 48.1 million despite facing persistent macroeconomic challenges. The company achieved its highest quarterly revenue of the year at EUR 437.4 million, nearly matching the previous year's EUR 443.1 million, while the adjusted EBITA margin improved significantly to 11.0% from 9.9% in the same period last year.
Dr. Johannes Schmidt, Chairman of the INDUS Group's Board of Management, stated that the Group gained significant momentum in the third quarter, with quarterly earnings reaching their highest level since the beginning of 2024. The company's cost management efforts are delivering measurable results, allowing INDUS to proceed according to plan despite the complex political and macroeconomic environment.
The positive performance extended across all three business segments. The Engineering segment saw incoming orders increase by 35.5% in the first three quarters compared to the previous year, driven by notable orders for long-term plant engineering projects. The segment was further strengthened by strategic acquisitions including stud welding specialist HBS and its US subsidiary SUNBELT, as well as US precision metal manufacturer METFAB. More information about the company's strategy can be found at https://www.indus.eu.
Infrastructure segment revenue defied market trends, rising to EUR 453.5 million in the first nine months, with both revenue and quarterly earnings increasing 8.8% in the third quarter. The segment completed its third acquisition this year with formwork specialist TRIGOSYS, finalized on October 31, 2025. The Materials Solutions segment also showed a clear upward trend, with quarterly earnings significantly higher than the previous year despite challenges from Chinese export controls that affected tungsten carbide feedstock deliveries at portfolio company BETEK.
Financial metrics showed strong improvement, with earnings per share climbing to EUR 2.46 from EUR 1.89 in the previous year, and free cash flow increasing by approximately EUR 67 million in the third quarter. The company's international revenue now accounts for 52% of total revenue, reflecting successful execution of its EMPOWERING MITTELSTAND strategy that emphasizes internationalization, acquisitions, and engineering competence as key growth drivers.
INDUS has added five acquisitions to its portfolio in 2025, including deals in Sweden and the United States, with expectations for additional transactions by year-end. The company confirmed its full-year guidance, projecting Group revenue between EUR 1.70 billion and EUR 1.85 billion and earnings between EUR 130 million and EUR 165 million. The Board of Management continues to project free cash flow in excess of EUR 90 million for the full year, maintaining an equity ratio of 37.4% as of September 30, 2025.
