INDUS HOLDING AG

INTERIM REPORT Q1 2026

INDUS

INDUS INTERIM REPORT Q1 2026

Key Figures

INDUS Group

in EUR million	Q1 2026	Q1 2025
Revenue	441.6	402.4
EBITDA	61.3	42.5
in % of revenue	13.9	10.6
Adjusted EBITA	42.5	24.9
in % of revenue	9.6	6.2
EBIT	36.0	19.6
in % of revenue	8.2	4.9
Earnings after taxes	16.0	16.1
Earnings per share	0.64	0.63
Operating cash flow	-63.7	-15.1
Cash flow from operating activities	-69.7	-18.2
Cash flow from investing activities	-24.2	-19.7
Cash flow from financing activities	-4.6	8.7
Free cash flow	-74.1	-23.6
	March 31, 2026	December 31, 2025
Total assets	1,939.1	1,904.3
Equity	750.2	730.7
Equity ratio (in %)	38.7	38.4
Working capital	557.8	461.5
Net financial liabilities	653.3	544.0
Cash and cash equivalents	119.8	217.6

Segments

Engineering	Q1 2026	Q1 2025
Revenue with third parties	130.7	123.2
Adjusted EBITA	5.1	6.4
in % of revenue	3.9	5.2
EBIT	1.7	3.2
in % of revenue	1.3	2.6
Infrastructure	Q1 2026	Q1 2025
Revenue with third parties	143.3	136.4
Adjusted EBITA	13.6	10.0
in % of revenue	9.5	7.3
EBIT	11.8	8.4
in % of revenue	8.2	6.2
Materials Solutions	Q1 2026	Q1 2025
Revenue with third parties	167.5	142.5
Adjusted EBITA	28.2	12.7
in % of revenue	16.8	8.9
EBIT	27.0	12.2
in % of revenue	16.1	8.6

1 01
Highlights

2 02
Letter to the Shareholders

3 03
Interim Management Report

20 04
Condensed Consolidated Financial Statements

33 05
Further Information

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

05 | FURTHER INFORMATION

Highlights

INDUS Group

Revenue (EUR 441.6 million) and adjusted EBITA (EUR 42.5 million) significantly higher than previous year
Increase in adjusted EBITA margin to 9.6%
Business development in full portfolio largely as expected, with additional unique development in Materials Solutions segment
Increase in working capital particularly due to extreme rise in cost of tungsten carbide – free cash flow therefore significantly below previous-year
Earnings per share of EUR 0.64

Guidance

Forecast ranges raised: revenue of EUR 1.85 to 2.05 billion and adjusted EBITA of EUR 160 to 190 million expected (previously: EUR 1.80 to 1.95 billion and EUR 150 to 170 million respectively)
Adjusted EBITA margin of 8.0 to 10.0% (previously 7.5 to 9.5%)
Increased need for upfront financing for raw material supply: free cash flow expected to at least break-even for the year as a whole (previously: >EUR 70 million)

The Segments

Engineering

High number of incoming orders (EUR 164.6 million), order backlog (EUR 472.1 million) at highest ever level
Quarterly revenue (EUR 130.7 million) up on the previous year
Segment earnings amounted to EUR 5.1 million
Two acquisitions: Closing of PRO VIDEO; purchase agreement for Italian decontamination specialist AMIRA signed

Infrastructure

Good business performance: increase in revenue (EUR 143.3 million) despite bad weather
Segment revenue up significantly at EUR 13.6 million
Positive effects from successful repositioning and cost efficiency programs

Materials Solutions

Due to unique development, revenue (EUR 167.5 million) and segment earnings (EUR 28.2 million) up significantly
Extreme rise in cost of tungsten carbide
Early earnings effects due to long procurement and processing times for materials containing tungsten
Strong increase in working capital to ensure delivery capacity and strengthen market position

INDUS Share

SHARE PRICE PERFORMANCE OF THE INDUS SHARE JANUARY TO APRIL 2026 EXCL. DIVIDENDS

INDUS INTERIM REPORT 01 2026

Letter to the Shareholders

Dear Shareholders,

Despite the challenging overall economic situation, we can look back on a successful first quarter in 2026. Business in the full portfolio developed largely as expected – although one portfolio company in the Materials Solutions segment was subject to a unique development. In total, this led to an increase in revenue of EUR 442 million and an increase in income of EUR 42.5 million. At the same time, working capital increased well beyond the usual seasonal amount.

As in the previous year, the Engineering segment got off to a relatively weak start. Incoming orders remained favorably high in the first quarter, which supports the planned positive developments over the course of year. The very cold winter led to subdued revenue in January in the Infrastructure segment. As the weather improved so did business, and income was also up on the previous year. We anticipate that the segment will develop in line with expectations.

The first quarter in the Materials Solutions segment was dominated by the extreme rise in the cost of tungsten carbide, which is processed by the segment's largest company in significant quantities. The price for this material has tripled since the beginning of 2026, following an initial tripling in price last year. In close coordination with our portfolio company's largest customers and system partners, we have decided to maintain supply to the best of our financial ability. This will allow us to make the most of this unique opportunity to further consolidate our company's solid market position together. To do this, we will have to finance the necessary increase in working capital, including with the support of our partners. Overall, it has so far been possible to pass on the unavoidable price increases as necessary. The remaining portfolio companies in the Materials Solutions segment developed well and in line with the original planning. All in all, both segment revenue and earnings rose sharply year on year.

This development was already laid out in the guidance for 2026. However, due to the further high increase in the price of tungsten carbide, which was not foreseen by the market, the effect was even more pronounced. This led us to update our forecast on April 30, 2026. We now anticipate a strong increase in revenue and income in the Materials Solutions segment. Due to the associated sharp rise in working capital, we are now only expecting free cash flow to be at least break-even. We believe Group revenue will range between EUR 1.85 billion and EUR 2.05 billion and income between

EUR 160 million and EUR 190 million. Considerable risks remain, in light of the difficult operating environment overall. The further evolution of the Iran war and its specific consequences for the economy are currently difficult to assess and pose a further risk. Our portfolio companies are already facing considerable price hikes for certain primary materials and services.

Fortunately, we finalized the agreement for the acquisition of PRO VIDEO in January. We also signed the purchase agreement for the Italian decontamination specialist AMIRA at the beginning of the year. AMIRA will bolster our long-standing portfolio company MBRAUN. We're making progress in the internationalization of our Group companies: In April, we celebrated the grand opening of the new production location for AURORA, FS-BF and HAUFF TECHNIK in the United States.

Despite the challenging external influences, our portfolio companies are performing well overall – proof positive that our strategy EMPOWERING MITTELSTAND is working. We are growing organically and inorganically, and expanding our international presence. Plus, with our support, the Group is sharpening its engineering competence.

Our Annual Shareholders' Meeting will be held on June 3, 2026, this year. We will report on the past year and present our plans for the future. You will also have the opportunity to take a closer look at our new acquisitions, who will be presenting themselves at the ASM. We are looking forward to seeing you in Cologne!

Best regards,

Bergisch Gladbach, May 2026

Dr. Johannes Schmidt

Rudolf Weichert

Gudrun Degenhart

Dr. Jörn Großmann

Axel Meyer

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

05 | FURTHER INFORMATION

Interim Management Report

Introduction to the Group

INDUS has been investing in a diversified portfolio of successful SMEs since 1989. INDUS focuses on acquiring companies that stand out thanks to their special engineering capabilities, and on developing them as part of an international approach. With its roots in the SME sector of the German speaking countries, INDUS operates worldwide with more than 40 portfolio companies and their subsidiaries. INDUS empowers managers to act as true entrepreneurs and actively develop their businesses further.

To manage its portfolio companies, INDUS implemented the EMPOWERING MITTELSTAND growth strategy upon publication of the 2025 Annual Report.

EMPOWERING MITTELSTAND focuses on sustainable growth. Successfully implementing EMPOWERING MITTELSTAND will lead to considerable inorganic growth through acquisitions and lasting organic growth in the existing portfolio. INDUS has identified three growth drivers to achieve this objective: acquisitions, internationalization and engineering competence.

Acquisitions – Changes in the First Three Months of 2026

Acquisition of PRO VIDEO

INDUS Holding AG signed a contract to purchase 80% of the shares in PRO VIDEO Handelsgesellschaft mbH Berlin Broadcast- und Konferenztechnik on December 18, 2025. PRO VIDEO is a leading provider of professional media technology and solutions for major audiovisual projects in Germany. The Mittelstand company has annual revenue of around EUR 24 million and builds secure, complex communications rooms for companies, public institutions and educational establishments. Its customers include large companies such as Microsoft, BASF and Bertelsmann, alongside government ministries, universities and colleges. It has around 40 employees at its offices in Berlin and Braunschweig.

The agreement was finalized on January 30, 2026, and the initial consolidation was closed on February 1, 2026. PRO VIDEO strengthens the Measuring, Surveillance & Media Technology cluster within the INDUS Engineering segment.

Acquisition of AMIRA

M. BRAUN Inertgas Systeme GmbH (MBRAUN) signed a contract to purchase 60% of the shares in Amira S.r.l., Triuggio, Italy (AMIRA), on February 20, 2026. The Italian specialist in biodecontamination solutions based on vaporized hydrogen peroxide (V-PHP) has more than 20 years of experience in safe and rapid sterilization and decontamination in laboratory and production environments. The Mittelstand company, with registered offices and production facilities in Triuggio, north of Milan, generates annual revenue of more than EUR 7 million.

The closing took place at the end of April 2026, following approval by the Italian authorities. The initial consolidation of AMIRA will take place in the second quarter of 2026. AMIRA has been allocated to the Engineering segment.

Employees

During the first three months of 2026, the INDUS Group companies employed 8,910 employees on average. A total of 8,781 people were employed in the same period of the previous year.

INDUS INTERIM REPORT Q1 2026

Report on the Economic Situation

Economic Conditions

Despite challenging economic conditions, German economic output is expected to have increased by +0.3% in the first quarter of 2026 in comparison with the previous quarter. German industry developed sturdily, even though geopolitical uncertainties continued to provide headwinds. The fundamental economic trend remained subdued, and the positive atmosphere at the beginning of the year was overshadowed by the start of conflict in the Middle East and the resulting energy price shock. Oil prices rose sharply due to the closure of the Strait of Hormuz. Inflation rose to 2.7% in March. The resulting decline in purchasing power weighed heavy on private consumption. However, private and public spending were up on the previous quarter in the first quarter of 2026 in total. The structural obstacles that German industry faces remain. With capacity utilization still low, companies' willingness to invest also remains low.

Price-adjusted industrial revenue continued to rise in January and February, driven by higher foreign revenue and a significant increase in exports. Production on the other hand was down against the same period of the previous quarter in both months on average. According to the ifo Business Climate Index, companies had a more favorable outlook in the first quarter than they did at the end of the previous year. In March, however, the manufacturing sector took a much more pessimistic view of the current situation. Incoming orders declined significantly in January and February in comparison with the last quarter of 2025. Nevertheless, adjusted for major orders, incoming orders rose 3.5% month-on-month in February. The order backlog in the manufacturing sector was 7.5% up on the previous year at the end of February. Promising trends were visible in foreign demand in particular. The effects of the war, however, will likely prevent any breakout upward trend.

In the engineering sector, sentiment took a turn for the worse in the first quarter. Price-adjusted machine production declined slightly in January (-0.7%). Capacity utilization remained low at 77.1%. In light of the high level of uncertainty surrounding tariffs, the export of German machinery got off to a shaky start in the new year (-7.0% nominally in a year-over-year comparison). The ifo Business Climate Index for the engineering sector deteriorated in February and March. Incoming orders decreased 12% in real terms in February 2026 in comparison with the previous year,

with weak incoming orders from both Germany and abroad. In a comparison of the three months, the decrease in orders amounted to 8% in real terms. There were considerable differences in the separate branches: incoming orders for agricultural machinery and construction machinery and building material plants only decreased by approximately 3% and 8% respectively, while the drop in incoming orders for processing technology came to more than 36%. Other areas saw double-digit growth.

The construction industry suffered in January and February 2026 as a result of the unfavorable weather. Tighter lending and the ongoing rise in prices also dampened demand. This is evident in the rise of construction costs for new residential buildings by 3.3% on the previous year in February 2026. Real revenue declined by 13.2% in the main construction sector in comparison with the previous year in February 2026, in particular due to the colder temperatures. This downward trend began to ease in March, especially in the civil engineering sector. In the March ifo Business Climate Index too, construction companies had a more positive outlook on the current situation. Building permits showed a positive trend: 24.1% more permits were granted in February 2026 than in the previous year. According to the trade association ZDB, funds for infrastructure and climate neutrality have not hit the order books yet. Nevertheless, incoming orders in February increased 7.6% in real terms month-on-month. The sector saw a slowdown, however, with the start of the war: Orders declined in March according to the S&P construction index for Germany.

Production in metals and electronics companies declined in February 2026 in comparison with the previous month for the third consecutive month according to the employers' association Gesamtmetall. In this sector too, the effects of the war with Iran were noticeable. Carried by major orders, revenue in the metals and electronics industry stabilized in January and February with real growth of 1.6% compared to the previous year. Adjusted for the increase in the cost of materials however, revenue declined. New orders decreased in January and February in comparison with the respective previous month. At 79%, capacity utilization was significantly below the long-term average of 85% in the first quarter.

Order Situation

In the first quarter of 2026, incoming orders amounted to EUR 525.1 million and were therefore 15.4% higher than the previous year's figure (EUR 455.1 million). In the Infrastructure and Materials Solutions segments, incoming orders rose by 25.4% and 28.3%. In the Infrastructure segment, incoming orders came in particular from the field of digital infrastructure. In the Materials Solutions segment, growth was driven by carbide-tipped wear-resistant tools.

Incoming orders in the Engineering segment declined by 3.8% against the high figures achieved in the first quarter of 2025. However, a book-to-bill ratio of 1.26 indicates that order intake significantly exceeded revenue.

The order backlog as of March 31, 2026, amounted to EUR 826.2 million and was therefore 17.0% higher than the level seen at the end of 2025 (EUR 705.9 million).

| ORDER SITUATION
in EUR million | | | | |
| --- | --- | --- | --- | --- |
| | Engineering | Infrastructure | Materials Solutions | Group |
| Q1 2026 | | | | |
| Incoming orders | 164.6 | 172.9 | 187.6 | 525.1 |
| Change year-over-year | -3.8% | 25.5% | 28.3% | 15.4% |
| Book-to-bill ratio | 1.26 | 1.21 | 1.12 | 1.19 |
| March 31, 2026 | | | | |
| Order backlog | 472.1 | 195.5 | 158.6 | 826.2 |
| Change as of December 31, 2025 | 17.7% | 18.3% | 13.8% | 17.0% |
| Q1 2025 | | | | |
| Incoming orders | 171.1 | 137.8 | 146.2 | 455.1 |
| December 31, 2025 | | | | |
| Order backlog | 401.2 | 165.3 | 139.4 | 705.9 |

INDUS INTERIM REPORT Q1 2026

Earnings Performance of the INDUS Group

CONSOLIDATED STATEMENT OF INCOME
			in EUR million
	Q1 2026	Q1 2025	absolute	in %
Revenue	441.6	402.4	39.2	9.7
Other operating income	3.5	3.3	0.2	6.1
Own work capitalized	1.4	1.2	0.2	16.7
Change in inventories	19.0	9.2	9.8	>100
Overall performance	465.5	416.1	49.4	11.9
Cost of materials	-203.6	-178.5	-25.1	-14.1
Personnel expenses	-142.1	-136.0	-6.1	-4.5
Other operating expenses	-58.5	-59.1	0.6	1.0
EBITDA	61.3	42.5	18.8	44.2
in % of revenue	13.9	10.6	3.3 pp	-
Depreciation/amortization	-25.3	-22.9	-2.4	-10.5
of which PPA amortization*	-5.4	-5.3	-0.1	-1.9
of which impairment	-1.1	0.0	-1.1	-
Adjusted EBITA**	42.5	24.9	17.6	70.7
in % of revenue	9.6	6.2	3.4 pp	-
Operating income (EBIT)	36.0	19.6	16.4	83.7
in % of revenue	8.2	4.9	3.3 pp	-
Financial income	-8.1	-6.8	-1.3	-19.1
Earnings before taxes (EBT)	27.9	12.8	15.1	>100
Income taxes	-11,9	3,3	-15,2	<-100
Earnings after taxes	16.0	16.1	-0.1	-0.6
of which interests attributable to non-controlling shareholders	0.1	0.3	-0.2	-66.7
of which interests attributable to INDUS shareholders	15.9	15.8	0.1	0.6
Earnings per share in EUR	0.64	0.63	0.01	1.6

The term PPA amortization includes depreciation on assets from purchase price allocations.
** The term adjusted EBITA includes the operating income (EBIT) plus PPA amortization and impairments, less impairment loss reversals.

Significant Rise in Revenue and Income in the First Quarter of 2026

The INDUS Group generated revenue of EUR 441.6 million in the first quarter of 2026, as against EUR 402.4 million in the same period of the previous year (+9.7%). Revenue increased in all three segments. The strongest rise in revenue was generated in the Materials Solutions segment with EUR 25.0 million up (+17.5%). This was especially due to the extreme price developments in the strategic raw material of tungsten carbide, which led to a significant price effect in revenue.

The new acquisition of PRO VIDEO in the current reporting period and the acquisitions of KETTLER, ELECTRO TRADING, METFAB, TRIGOSYS and SUNBELT

in the same period of the previous year generated inorganic growth of 2.2%. Organic growth amounted to 7.5%.

Taking into account own work capitalized (EUR 1.4 million) and the change in inventories (EUR +19.0 million), overall performance came to EUR 465.5 million, which corresponds to an increase of EUR 49.4 million (11.9%).

The cost of materials rose disproportionately by EUR 25.1 million (+14.1%) and the cost of materials ratio rose accordingly from 44.4% to 46.1%. Taking into account the change in inventories, the adjusted ratio amounted to 41.8% compared to 42.1% in the same period of the previous year.

Personnel expenses increased from EUR 136.0 million to EUR 142.1 million. The personnel expense ratio fell to 32.2% (previous year: 33.8%) as a result of the dispropor

tionate increase in revenue. Other operating expenses were down by EUR 0.6 million at EUR 58.5 million. Other operating expenses included EUR 0.5 million in expenses from currency translation (previous year: EUR 2.7 million). This resulted in EBITDA of EUR 61.3 million (previous year: EUR 42.5 million).

At EUR 25.3 million, depreciation and amortization was up EUR 2.4 million on the same quarter of the previous year (EUR 22.9 million). The depreciation and amortization line includes regular depreciation/amortization, impairment and PPA amortization. Impairments totaled EUR 1.1 million (previous year: EUR 0.0 million). The impairment losses related to goodwill. Two portfolio companies were impacted (one in the Engineering segment and one in the Materials Solutions segment).

PPA amortization of EUR 5.4 million (previous year: EUR 5.3 million) comprises the depreciation and amortization of property, plant and equipment and intangible assets resulting from the purchase price allocation of new acquisitions.

Adjusted EBITA EUR 17.6 Million Above Previous Year's Figure

Adjusted EBITA came to EUR 42.5 million in the reporting period, compared with EUR 24.9 million in the same period of the previous year. Adjusted EBITA is calculated from operating EBIT plus impairments and PPA amortization, less impairment loss reversals. The adjusted EBITA margin was 9.6% and therefore 3.4 percentage points higher than in the same period of the previous year.

The significant improvement in income is especially due to a unique development in the Materials Solutions segment, which is explained in the segment reporting, in addition to the positive development in the Infrastructure segment.

Operating income (EBIT) totaled EUR 36.0 million in the first quarter, following EUR 19.6 million in the same period of the previous year. This corresponds to an increase of EUR 16.4 million. The EBIT margin came in at 8.2% in the reporting period, following 4.9% in the same period of the previous year.

RECONCILIATION OF EBIT TO ADJUSTED EBITA
	in EUR million
	Q1 2026	Q1 2025	absolute	in %
EBIT	36.0	19.6	16.4	83.7
Adjustments:
PPA amortization (+)	5.4	5.3	0.1	1.9
Impairment (+)	1.1	0.0	1.1	-
Adjusted EBITA	42.5	24.9	17.6	70.7

INDUS INTERIM REPORT Q1 2026

Financial income for the reporting period amounted to EUR -8.1 million, following EUR -6.1 million in the previous year, a decrease of EUR 1.3 million against the previous year. Financial income includes net interest, income from shares accounted for using the equity method and other financial income.

Net interest declined by EUR -1.4 million to EUR -6.6 million. This is primarily due to the increase in interest expense as a result of the financing requirements related to working capital and the slightly higher average refinancing rates, as expected.

Other financial income, consisting of profits attributable to minority shareholders and the valuation of non-controlling interests remained relatively constant at EUR -1.5 million against the same period of the previous year (EUR -1.6 million). The effects from higher profits was largely offset by changes in the value of option liabilities related to remaining shares.

At EUR 27.9 million, earnings before taxes (EBT) in the reporting year was EUR 15.1 million up on the previous year's figure of EUR 12.8 million. At EUR 16.0 million, earnings after taxes was virtually on a par with the previous year (EUR 16.1 million), as tax-related one-off effects significantly reduced tax expenses in the previous year.

Earnings per Share on Par with Previous Year

Earnings per share came to EUR 0.64, following EUR 0.63 in the previous year.

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

05 | FURTHER INFORMATION

Segment Reporting

The INDUS Group splits its portfolio into three segments: Engineering, Infrastructure and Materials Solutions.

REVENUE BY SEGMENT

ADJUSTED EBITA MARGIN (in %)

Engineering

PRO VIDEO AGREEMENT CLOSED IN FIRST QUARTER

Incoming orders in the Engineering segment amounted to EUR 164.6 million in the first quarter of 2026 and were thus just below the very high figure in the previous year of EUR 171.2 million.

As of March 31, 2026, the order backlog is at an all-time high. It amounts to EUR 472.1 million, following EUR 401.2 million on December 31, 2025.

ORDER SITUATION: ENGINEERING
in EUR million

As expected, first-quarter revenue is relatively low in the Engineering segment for seasonal reasons. In the first three months of the 2026 financial year, it amounted to EUR 130.7 million (previous year: EUR 123.2 million). Revenue was thus EUR 7.5 million or 6.1% higher than in the same period of the previous year. Inorganic revenue growth of 3.8% was generated from acquisitions in the first quarter of the year; organically, revenue increased by 2.3%.

Segment earnings (adjusted EBITA) came to EUR 5.1 million, compared with EUR 6.4 million the previous year. The adjusted EBITA margin came to 3.9% (previous year: 5.2%). Operating income (EBIT) totaled EUR 1.7 million, following EUR 3.2 million in the same period of the previous year. The EBIT margin was 1.3% (previous year: 2.6%) and was therefore 1.3 percentage points lower than the same quarter of the previous year.

ECONOMIC PERFORMANCE: ENGINEERING
in EUR million

INDUS INTERIM REPORT Q1 2026

As in the previous year, INDUS anticipates a gradual, noticeable uptick in business activities over the course of the year. The strongest performance is expected in the fourth quarter.

INDUS forecasts a moderate increase in revenue (previously a slight increase) and again a moderate increase in segment earnings (adjusted EBITA) for the Engineering segment – also due to the acquisition of PRO VIDEO; the adjusted EBITA margin is again anticipated to range between $8.5\%$ and $10.5\%$ .

Two acquisitions have already been realized for the Engineering segment this year. PRO VIDEO was acquired as a growth acquisition (direct portfolio company). PRO VIDEO Handelsgesellschaft mbH Berlin Broadcast- und Konferenztechnik is a leading provider of professional media technology and solutions for major audiovisual projects in Germany. PRO VIDEO has been included in the INDUS consolidated financial statements since February 1, 2026.

On February 20, 2026, M. Braun Inertgas-Systeme GmbH, Garching (MBRAUN), acquired $60\%$ of the shares in Amira S.r.l., Triuggio, Italy (AMIRA). AMIRA is an Italian specialist in biodecontamination solutions based on vaporized hydrogen peroxide (V-PHP) and has more than 20 years of experience in safe and rapid sterilization and decontamination in laboratory and production environments. The closing took place at the end of April 2026, following approval from the Italian authorities.

The investments of EUR 17.7 million made during the reporting period relate to the acquisition of PRO VIDEO and property, plant and equipment. In the previous year, this figure included the acquisition of HBS. Investments in property, plant and equipment of EUR 3.9 million were up EUR 0.6 million against the previous year (EUR 3.3 million).

in EUR million

KEY FIGURES FOR ENGINEERING

	Q1 2026	Q1 2025	absolute	in %
Incoming orders	164.6	171.2	-6.6	-3.9
Book-to-bill ratio	1.26	1.39	-	-
Order backlog as of March 31/Dec. 31	472.1	401.2	70.9	17.7
Revenue with external third parties	130.7	123.2	7.5	6.1
EBITDA	11.5	11.8	-0.3	-2.5
in % of revenue	8.8	9.6	-0.8 pp	-
Depreciation/amortization	-9.8	-8.6	-1.2	-14.0
of which PPA amortization*	-3.1	-3.2	0.1	3.1
of which impairment	-0.3	0.0	-0.3	-
Adjusted EBITA** (segment earnings)	5.1	6.4	-1.3	-20.3
in % of revenue	3.9	5.2	-1.3 pp	-
EBIT	1.7	3.2	-1.5	-46.9
in % of revenue	1.3	2.6	-1.3 pp	-
Investments	17.7	5.3	12.4	>100
Employees	3,104	3,034	70	2.3

The term PPA amortization includes depreciation on assets from purchase price allocations.
** The term adjusted EBITA includes the operating income (EBIT) plus PPA amortization and impairments, less impairment loss reversals.

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

05 | FURTHER INFORMATION

Infrastructure

SOLID SEGMENT EARNINGS IN FIRST QUARTER OF 2026

Incoming orders for the Infrastructure segment amounted to EUR 172.9 million for the first three months of 2026, compared with EUR 137.8 million in the same period of the previous year. As a result, incoming orders increased by EUR 35.1 million (25.5%). The order backlog amounted to EUR 195.5 million as of March 31, 2026 (December 31, 2025: EUR 165.3 million).

ORDER SITUATION: INFRASTRUCTURE
in EUR million

Revenue in the Infrastructure segment amounted to EUR 143.3 million in the first three months, following EUR 136.4 million in the same period of the previous year. Segment revenue increased by EUR 6.9 million, or 5.1%. Organic revenue growth came to 1.8%, while inorganic revenue growth of 3.3% was achieved. The inorganic increase in revenue related to the acquisitions of KETTLER, ELECTRO TRADING and TRIGOSYS in the previous year.

Segment earnings (adjusted EBITA) came to EUR 13.6 million, compared with EUR 10.0 million in the same period of the previous year. The reasons for the improvement in segment earnings are the successful repositioning of one portfolio company and cost optimization and efficiency gains in the rest of the segment. The adjusted EBITA margin rose from 7.3% to 9.5%.

At EUR 11.8 million, operating income (EBIT) for the first quarter was up by EUR 3.4 million on the same period of the previous year (EUR 8.4 million). The EBIT margin came in at 8.2% (previous year: 6.2%).

ECONOMIC PERFORMANCE: INFRASTRUCTURE
in EUR million

Overall, income for the Infrastructure segment was in line with expectations in the first quarter of 2026.

Looking at the year as a whole, INDUS still expects to see a moderate increase in revenue and a strong increase in segment earnings (adjusted EBITA). The forecast range for the adjusted EBITA margin remains at 10% to 12%.

Investments of EUR 3.9 million related exclusively to investments in fixed assets. The previous year's figure included EUR 13.9 million for the acquisitions of KETTLER and ELECTRO TRADING. Investments in fixed assets were down by EUR 0.8 million compared to the previous year.

INDUS INTERIM REPORT Q1 2026

in EUR million

KEY FIGURES FOR INFRASTRUCTURE

	Q1 2026	Q1 2025	Difference
			absolute	in %
Incoming orders	172.9	137.8	35.1	25.5
Book-to-bill ratio	1.21	1.01	-	-
Order backlog as of March 31/Dec. 31	195.5	165.3	30.2	18.3
Revenue with external third parties	143.3	136.4	6.9	5.1
EBITDA	19.6	15.6	4.0	25.6
in % of revenue	13.7	11.4	2.3 pp	-
Depreciation/amortization	-7.8	-7.2	-0.6	-8.3
of which PPA amortization*	-1.8	-1.6	-0.2	-12.5
Adjusted EBITA** (segment earnings)	13.6	10.0	3.6	36.0
in % of revenue	9.5	7.3	2.2 pp	-
EBIT	11.8	8.4	3.4	40.5
in % of revenue	8.2	6.2	2.0 pp	-
Investments	3.9	13.9	-10.0	-71.9
Employees	3,027	2,902	125	4.3

The term PPA amortization includes depreciation on assets from purchase price allocations.
** The term adjusted EBITA includes the operating income (EBIT) plus PPA amortization and impairments, less impairment loss reversals.

Materials Solutions

HIGH CONTRIBUTIONS TO REVENUE AND EARNINGS IN FIRST QUARTER

Incoming orders in the Materials Solutions segment amounted to EUR 187.6 million for the first three months of 2026 compared to EUR 146.2 million in the same period of the previous year. This means that incoming orders increased by 28.3%. The order backlog as of March 31, 2026, amounted to EUR 158.6 million (December 31, 2025: EUR 139.4 million).

In the first three months of 2026, the Materials Solutions segment generated revenue of EUR 167.5 million. Revenue was up 17.5% (EUR 25.0 million) on the same period of the previous year (EUR 142.5 million). The increase in revenue was due primarily to the extremely dynamic developments in the cost of the strategic raw material tungsten carbide; just under a third of the increase in revenue was also due to the increase in volumes in comparison with the previous year at the portfolio companies affected.

Segment earnings (adjusted EBITA) came to EUR 28.2 million, compared with EUR 12.7 million in the same period of the previous year. The adjusted EBITA margin was 16.8%, as against 8.9% in the same period of the previous year.

After deducting PPA depreciation of EUR 0.4 million (previous year: EUR 0.5 million) and impairment on goodwill of EUR 0.8 million (previous year: EUR 0.0 million), EBIT amounts to EUR 27.0 million in the reporting period (previous year: EUR 12.2 million). The EBIT margin came in at 16.1% (previous year: 8.6%).

The improvement in earnings is largely due to a unique development resulting from the sharp rise in the cost of raw materials containing tungsten. The long procurement and processing times for this primary material led to early earnings effects in the first quarter.

ORDER SITUATION: MATERIALS SOLUTIONS

in EUR million

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ECONOMIC PERFORMANCE: MATERIALS SOLUTIONS
in EUR million

Further sharp increases in the cost of tungsten carbide are anticipated over the course of the financial year. The limited supply resulting from Chinese export restrictions, in combination with ongoing increases in demand from the arms and high-tech sector, will keep prices high in the coming months, although temporary or permanent drops in prices

cannot be ruled out. The further expansion of the Group's own recycling capacities may counter the increase in cost. The long procurement and lead times result in a sharp increase in working capital due to inventory valuation.

The segment's earnings will be negatively impacted by the delayed sharp rise in the cost of materials over the course of the year. Demand and willingness to pay may also weaken in individual sectors (e.g. agricultural technology) and this may also lower earnings.

Looking at the year as a whole, INDUS now expects to see a strong increase in revenue in the Materials Solutions segment (previously: moderate increase) and a strong increase (previously: a strong decrease) in segment earnings (adjusted EBITA). The forecast range for the adjusted EBITA margin has been raised to 8% to 10% (previously 6% to 8%).

At EUR 2.7 million, investments were EUR 1.1 million higher than in the previous year (EUR 1.6 million) and related exclusively to investments in fixed assets.

in EUR million

KEY FIGURES FOR MATERIALS SOLUTIONS

	Q1 2026	Q1 2025	absolute	in %
Incoming orders	187.6	146.2	41.4	28.3
Book-to-bill ratio	1.12	1.03	-	-
Order backlog as of March 31/Dec. 31.	158.6	139.4	19.2	13.8
Revenue with external third parties	167.5	142.5	25.0	17.5
EBITDA	34.4	19.0	15.4	81.1
in % of revenue	20.5	13.3	7.2 pp	-
Depreciation/amortization	-7.4	-6.8	-0.6	-8.8
of which PPA amortization*	-0.4	-0.5	0.1	20.0
of which impairment	-0.8	0.0	-0.8	-
Adjusted EBITA** (segment earnings)	28.2	12.7	15.5	>100
in % of revenue	16.8	8.9	7.9 pp	-
EBIT	27.0	12.2	14.8	>100
in % of revenue	16.1	8.6	7.5 pp	-
Investments	2.7	1.6	1.1	68.8
Employees	2,728	2,796	-68	-2.4

The term PPA amortization includes depreciation on assets from purchase price allocations.
** The term adjusted EBITA includes the operating income (EBIT) plus PPA amortization and impairments, less impairment loss reversals..

INDUS INTERIM REPORT Q1 2026

Financial Position

CONSOLIDATED STATEMENT OF CASH FLOWS, CONDENSED
in EUR million

	Difference
	Q1 2026	Q1 2025	absolute	in %
Earnings after taxes	16.0	16.1	-0.1	-0.6
Depreciation/amortization	25.3	22.9	2.4	10.5
Other non-cash-effective changes	19.9	3.5	16.4	>100
Cash-effective change in working capital	-92.6	-23.3	-69.3	<-100
Change in other balance sheet items	-22.6	-23.5	0.9	3.8
Tax payments	-9.7	-10.8	1.1	10.2
Operating cash flow	-63.7	-15.1	-48.6	<-100
Interest paid/interest received	-6.0	-3.1	-2.9	-93.5
Cash flow from operating activities	-69.7	-18.2	-51.5	<-100
Cash outflow for investments and acquisitions	-24.3	-21.0	-3.3	-15.7
Cash inflow from the disposal of assets	0.1	1.3	-1.2	-92.3
Cash flow from investing activities	-24.2	-19.7	-4.5	-22.8
Cash outflow for the acquisition of treasury shares	0.0	-3.0	3.0	100.0
Cash outflow from the repayment of contingent purchase price commitments	-1.9	0.0	-1.9	-
Dividend payments to non-controlling interests	-0.1	-0.1	0.0	0.0
Cash inflow from the raising of loans	16.6	35.5	-18.9	-53.2
Cash outflow from the repayment of loans	-13.9	-18.4	4.5	24.5
Cash outflow from the repayment of lease liabilities	-5.3	-5.3	0.0	0.0
Cash flow from financing activities	-4.6	8.7	-13.3	<-100
Net changes in cash and cash equivalents	-98.5	-29.2	-69.3	<-100
Changes in cash and cash equivalents caused by currency exchange rates	0.7	-1.1	1.8	>100
Cash and cash equivalents at the beginning of the period	217.6	145.2	72.4	49.9
Cash and cash equivalents at the end of the period	119.8	114.9	4.9	4.3

Operating Cash Flow Down under Previous Year

At EUR -63.7 million, operating cash flow in the first three months of 2026 was significantly down on the previous year (EUR -15.1 million).

This was due to a strong increase in working capital, which, in addition to seasonal effects, was especially impacted by the sharp increase in the cost of tungsten carbide.

Taking into account interest payments in the amount of EUR 6.0 million (previous year: EUR 3.1 million), cash flow from operating activities amounted to EUR -69.7 million (previous year: EUR -18.2 million) and was thus EUR 51.5 million lower than the previous year's figure.

At EUR 10.5 million, the cash outflow for investments in intangible assets and in property, plant and equipment was approximately EUR 0.8 million higher than in the previous year (previous year: EUR 9.7 million). Cash outflow for investment in shares in fully consolidated companies amounted to EUR 13.8 million in respect of the acquisition

of PRO VIDEO. The acquisitions of HBS, KETTLER and ELECTRO TRADING took place during the same period of the previous year (EUR 11.2 million). At EUR 0.1 million, cash inflow from the disposal of assets was lower than in the same period of the previous year (EUR 1.3 million). The previous year's figure also included the sale of real estate no longer required for operations. Cash flow from investing activities totaled EUR -24.2 million, compared with EUR -19.7 million in the previous year.

Developments in cash flow from financing activities are due to significantly lower net borrowing of EUR 2.7 million in the first quarter compared with EUR 17.1 million in the previous year. This resulted in cash outflow of EUR 4.6 million, due primarily to lease repayments of EUR 5.3 million and the payment of a contingent purchase price commitment of EUR 1.9 million. In the previous year, significantly higher net borrowing led to cash inflow totaling EUR 8.7 million, despite share buybacks amounting to EUR 3.0 million.

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05 | FURTHER INFORMATION

In total, the net change in cash and cash equivalents in the first three months amounted to EUR -98.5 million based on the opening balance for the year of EUR 217.6 million.

Free Cash Flow Down Year-on-Year

Free cash flow is the sum of operating cash flow and cash flow from investing activities, adjusted for cash outflow for investments in shares of fully consolidated companies. It provides information regarding the financial means available to INDUS, especially for new acquisitions, dividend distribution, payments to creditors for interest for example, and the reduction of net debt.

FREE CASH FLOW
			in EUR million
	Q1 2026	Q1 2025	absolute	in%
Operating cash flow	-63.7	-15.1	-48.6	<-100
Cash flow from investing activities	-24.2	-19.7	-4.5	-22.8
Cash outflow for investments for shares in fully consolidated companies	13.8	11.2	2.6	23.2
Free cash flow	-74.1	-23.6	-50.5	<-100

In light of the strong decrease in operating cash flow as a result of the increase in working capital, free cash flow was also down against the previous year. Free cash flow amounted to EUR -74.1 million in the first quarter, EUR 50.5 million below the previous year's figure.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION, CONDENSED
			in EUR million
	March 31, 2026	December 31, 2025	absolute	in%
ASSETS
Non-current assets	1,059.0	1,037.6	21.4	2.1
Fixed assets	1,042.1	1,021.7	20.4	2.0
Receivables and other assets	16.9	15.9	1.0	6.3
Current assets	880.1	866.7	13.4	1.5
Inventories	495.0	424.3	70.7	16.7
Receivables and other assets	265.3	224.8	40.5	18.0
Cash and cash equivalents	119.8	217.6	-97.8	-44.9
Total assets	1,939.1	1,904.3	34.8	1.8
EQUITY AND LIABILITIES
Non-current financial instruments	1,493.8	1,480.1	13.7	0.9
Equity	750.2	730.7	19.5	2.7
Borrowings	743.6	749.4	-5.8	-0.8
of which provisions	25.7	26.0	-0.3	-1.2
of which payables and deferred taxes	717.9	723.4	-5.5	-0.8
Current financial instruments	445.3	424.2	21.1	5.0
of which provisions	34.2	39.7	-5.5	-13.9
of which liabilities	411.1	384.5	26.6	6.9
Total equity and liabilities	1,939.1	1,904.3	34.8	1.8

INDUS INTERIM REPORT Q1 2026

Equity Ratio of 38.7%

The INDUS Group's consolidated total assets amounted to EUR 1,939.1 million as of March 31, 2026, and were thus EUR 34.8 million, or 1.8%, higher than they were as of December 31, 2025.

The increase is primarily due to an increase in working capital of EUR 96.3 million and an increase in fixed assets of EUR 20.4 million, which includes the acquisition of PRO VIDEO. This was offset in a reduction in cash and cash equivalents of EUR 97.8 million. On the one hand, the rise in working capital is due to seasonal effects and, on the other, reflects the price effects resulting from a sharp increase in the procurement cost for tungsten carbide in the Materials Solutions segment.

Equity amounted to EUR 750.2 million as of the reporting date. The increase in Equity of EUR 19.5 million resulted from the total comprehensive income generated in the amount of EUR 19.5 million. As of March 31, 2026, the equity ratio was 38.7%, 0.3 percentage points higher than at the end of 2025 (38.4%).

WORKING CAPITAL
in EUR million

	March 31, 2026	December 31, 2025	absolute	in %
Inventories	495.0	424.3	70.7	16.7
Receivables	222.6	182.3	40.3	22.1
Trade payables	-94.4	-74.2	-20.2	-27.2
Advance payments received	-24.3	-19.1	-5.2	-27.2
Contract liabilities	-41.1	-51.8	10.7	20.7
Working capital	557.8	461.5	96.3	20.9

As of March 31, 2026, net financial liabilities amounted to EUR 653.3 million, following EUR 544.0 million as of December 31, 2025.

The EUR 109.3 million increase against the end of the year is primarily due to the use of cash and cash equivalents to finance working capital and the acquisition of a company at the beginning of the year.

NET FINANCIAL LIABILITIES
in EUR million

	March 31, 2026	December 31, 2025	absolute	in %
Non-current financial liabilities	639.5	645.2	-5.7	-0.9
Current financial liabilities	133.6	116.4	17.2	14.8
Cash and cash equivalents	-119.8	-217.6	97.8	44.9
Net financial liabilities	653.3	544.0	109.3	20.1

Opportunities and Risks

For the Opportunities and Risk Report of INDUS Holding AG, please consult the 2025 Annual Report. The company operates a risk management system for early detection, comprehensive analysis, and the systematic handling of risks. The particulars of the risk management system and the significance of individual risks are explained in the Annual Report. Therein is stated that the company does not consider itself to be exposed to any risks that might jeopardize its continued existence as a going concern.

The 2025 Annual Report referred to geopolitical risks in the section on Business Environment and Sector Risks, in particular to the fact that these risks can have far-reaching consequences on global alliances and trade relationships, as well as on global supply chains, and higher volatility in the cost of raw materials and energy.

With the ongoing war in Iran and the closure of the Strait of Hormuz, the risk of supply bottlenecks for certain materials and ongoing price hikes for materials and energy has increased significantly. The consequences of these developments are currently not foreseeable.

China continues to uphold the restrictive export controls on rare earths and strategic metals – this results in the risk of supply bottlenecks due to export approvals being denied. Due to the extreme increase in the cost of tungsten carbide, the largest company in the Materials Solutions segment faces the risk of not being able to finance its raw material requirements and as a result, having to reduce production volumes. Furthermore, the sharp increase in sales prices may lead to a decline in revenue for certain product groups, as clients cannot pass the high cost increases on to the end customers. And finally, a sharp and rapid fall in prices may lead to measurement risks in inventories.

The USA's erratic tariff policies also pose a risk for the export of goods to the USA. Changes in tariffs are announced with high frequency and can have a significant impact on companies.

INDUS INTERIM REPORT 01 2026

Forecast Report

Expectations for the Economic Outlook

The outlook for the German economy has worsened due to the war in the Middle East. Economic recovery has halted and uncertainties and risks are taking center stage again. The actual economic consequences of the war are – depending on the duration of the conflict – currently not foreseeable, but are expected to have a noticeable negative impact in 2026. The massive hike in oil prices, unstable supply chains and the expectation of higher interest rates are all curbing growth. Inflation will likely remain high in the coming months, although the level seen in 2022 is not expected to return. Consumer sentiment deteriorated significantly once more in April. At best, slight economic growth for the year can be expected for Germany. The International Monetary Fund lowered the forecast for the global economy slightly to 3.1%. With ongoing high energy prices, global growth of just 2.5% is anticipated.

The general uncertainty is reflected in the early indicators: the German economy slipped back into recession according to the preliminary Purchasing Mangers' Index (PMI) for the first time in almost a year. The service sector in particular tumbled, but the production index also fell to a three-month low.

In the engineering sector, the US tariff situation is having a negative impact, in addition to the geopolitical uncertainties and is subduing the global investment sentiment. According to VDMA, a 25% tariff will apply to the total value of goods for the majority of engineering products from April 2026. Certain products made of metal will even be subject to a 50% tariff. In the ifo Business Climate Index from March 2026, expectations fell significantly for companies in the engineering sector. Simultaneously, an upward trend can be seen in export forecasts from the beginning of 2026. According to the VDMA, a quarter of the engineering companies remain optimistic about the coming six months: around half of the members expect a nominal increase in revenue in 2026. The trade association forecasts a moderate increase in production of 1.0%.

Tighter lending and rising interest rates for construction are expected to hold back demand in the construction sector over the course of the year. The outbreak of war in the Middle East has increased cost pressures significantly and dampened the cautious optimism that was just beginning to emerge. The outlook for the year as a whole took a considerable downturn in March: The expectations of companies in the construction sector deteriorated sharply in the ifo Business Climate Index. The construction sector trade association expects real growth of 2.5% for the year as a whole, subject to further geopolitical developments. The DIW (German Institute for Economic Research) forecasts a 1.5% increase in construction investment.

In light of the rise in the cost of energy and materials in particular, the metals industry faces the risk of downturns in the current year. Material shortages could also impact production according to the trade association Gesamtmetall. The ifo Business Climate Index for metal production manufacturers has been negative once again since November 2025. Business forecasts in particular developed negatively.

Expected Group Performance

INDUS recorded a 9.7% increase in revenue and a 70.7% increase in adjusted EBITA in the first quarter of the current financial year. This was due to a unique development in the Materials Solutions segment related to the tense supply situation and the associated extreme rise in the cost of tungsten carbide.

In the reporting period, revenue in the Engineering segment rose by 6.1% compared to the previous year, while adjusted EBITA fell by 20.3%. A significant improvement in adjusted EBITA is expected in the coming quarters due to rising revenue. A moderate increase in revenue and a moderate increase in segment earnings (adjusted EBITA) is expected for the year as a whole – also due to the acquisition of PRO VIDEO; the adjusted EBITA margin is anticipated to range between 8.5% and 10.5%.

During the reporting period, revenue in the Infrastructure segment rose by 5.1% compared to the previous year, while adjusted EBITA rose by 36.0%. Developments in the first quarter were in line with expectations. Looking at the year as a whole, INDUS still expects to see a moderate increase in revenue and a strong increase in segment earnings (adjusted EBITA). The forecast range for the adjusted EBITA margin remains at 10% to 12%.

The Materials Solutions segment saw a 17.5% rise in revenue in the reporting period; adjusted EBITA climbed by more than 100%. The increase in revenue is driven to a large extent by prices due to the tense supply situation and the extreme rise in the cost of tungsten carbide. Since the beginning of 2026 alone, prices have roughly tripled, following an initial tripling of the price over the course of 2025. INDUS now expects a sharp increase in revenue (previously: a moderate increase) and a sharp increase in segment earnings (previously: a sharp decrease) in the Materials Solutions segment for the year as a whole. The forecast range for the adjusted EBITA margin was raised to between 8% and 10% (previously: 6% to 8%).

Free cash flow amounted to EUR -74.1 million in the first quarter (previous year: EUR -23.6 million) due to the higher increase in working capital. In order to secure the supply of the raw material tungsten carbide, a further increase in working capital will be necessary. The forecast for free cash flow has therefore been adjusted to at least equal (previously: >EUR 70 million).

INDUS now predicts revenue of between EUR 1.85 billion and EUR 2.05 billion (previously: EUR 1.80 billion to 1.95 billion) for 2026 as a whole. Adjusted EBITA is expected to come in between EUR 160 million and EUR 190 million (previously: EUR 150 million and EUR 170 million), and the adjusted EBITA margin between 8.0% and 10.0% (previously: 7.5% and 9.5%).

	ACTUAL 2025	Forecast – March 2026	Forecast – May 2026
Engineering
Revenue	EUR 583.0 million	Slightly increasing revenue	Moderately increasing revenue
Adjusted EBITA	EUR 53.7 million	Moderately increasing income	Moderately increasing income
Adjusted EBITA margin	9.2%	8.5%–10.5%	8.5%–10.5%
Infrastructure
Revenue	EUR 597.2 million	Moderately increasing revenue	Moderately increasing revenue
Adjusted EBITA	EUR 62.1 million	Strongly increasing income	Strongly increasing income
Adjusted EBITA margin	10.4%	10%–12%	10%–12%
Materials Solutions
Revenue	EUR 554.5 million	Moderately increasing revenue	Strongly increasing revenue
Adjusted EBITA	EUR 51.9 million	Strongly decreasing income	Strongly increasing income
Adjusted EBITA margin	9.4%	6%–8%	8%–10%
INDUS Group
Revenue	EUR 1.74 billion	EUR 1.80 billion to 1.95 billion	EUR 1.85 billion to 2.05 billion
Adjusted EBITA	EUR 147.8 million	EUR 150 million to 170 million	EUR 160 million to 190 million
Adjusted EBITA margin	8.5%	7.5%–9.5%	8.0%–10.0%
Free cash flow	EUR 124.0 million	above EUR 70 million	at least break-even

INDUS INTERIM REPORT Q1 2026

Condensed Consolidated Financial Statements

Consolidated Statement of Income

FOR THE FIRST QUARTER OF 2026

in EUR '000	Notes	Q1 2026	Q1 2025
REVENUE		441,622	402,355
Other operating income		3,487	3,331
Own work capitalized		1,443	1,203
Change in inventories		19,021	9,219
Cost of materials	[4]	-203,597	-178,490
Personnel expenses	[5]	-142,131	-136,040
Depreciation/amortization	[6]	-25,333	-22,911
Other operating expenses	[7]	-58,487	-59,110
OPERATING INCOME (EBIT)		36,025	19,557
Interest income		172	192
Interest expense		-6,803	-5,413
NET INTEREST		-6,631	-5,221
Other financial income		-1,521	-1,609
FINANCIAL INCOME	[8]	-8,152	-6,830
EARNINGS BEFORE TAXES (EBT)		27,873	12,727
Income taxes	[9]	-11,886	3,378
EARNINGS AFTER TAXES		15,987	16,105
of which attributable to non-controlling shareholders		102	270
of which attributable to INDUS shareholders		15,885	15,835
Earnings per share (basic and diluted) in EUR	[10]	0.64	0.63

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20-32

05 | FURTHER INFORMATION

Consolidated Statement of Comprehensive Income

FOR THE FIRST QUARTER OF 2026

in EUR '000	Q1 2026	Q1 2025
EARNINGS AFTER TAXES	15,987	16,105
Actuarial gains/losses	381	2,296
Deferred taxes	-178	-524
Items not to be reclassified to profit or loss	203	1,772
Currency conversion adjustment	2,059	-3,265
Change in the market values of hedging instruments (cash flow hedge)	1,534	257
Deferred taxes	-243	-41
Items to be reclassified to profit or loss	3,350	-3,049
OTHER COMPREHENSIVE INCOME	3,553	-1,277
TOTAL COMPREHENSIVE INCOME	19,540	14,828
of which attributable to non-controlling shareholders	147	208
of which attributable to INDUS shareholders	19,393	14,620

Income and expenses recorded under other comprehensive income include actuarial gains from pensions and similar obligations amounting to EUR 381 thousand (previous year: EUR 2,296 thousand). This was due to changes in the interest rate for pension obligations. The interest rate for domestic pension obligations increased by 0.4 percentage points (previous year: increase of 0.3 percentage points), and the interest rate for foreign pensions (Switzerland) decreased by 0.07 percentage points (previous year: increase of 0.28 percentage points).

Income from currency conversion is derived primarily from the converted financial statements of consolidated international subsidiaries. The change in the market value of derivative financial instruments was the result of interest rate swaps transacted by the holding company to hedge against interest rate movements.

INDUS INTERIM REPORT Q1 2026

Consolidated Statement of Financial Position

AS OF MARCH 31, 2026

in EUR '000	Notes	March 31, 2026	December 31, 2025
ASSETS
Goodwill		413,866	406,920
Right-of-use assets from leasing/rent		89,462	84,753
Other intangible assets		173,837	163,899
Property, plant and equipment		353,011	354,016
Investment properties		7,033	7,276
Financial investments		4,189	4,168
Shares accounted for using the equity method		663	663
Other non-current assets		4,935	3,117
Deferred taxes		11,980	12,817
Non-current assets		1,058,976	1,037,629
Inventories	[11]	495,044	424,309
Receivables	[12]	222,568	182,319
Other current assets		22,089	17,849
Current income taxes		20,693	24,578
Cash and cash equivalents		119,759	217,606
Current assets		880,153	866,661
TOTAL ASSETS		1,939,129	1,904,290
EQUITY AND LIABILITIES
Subscribed capital		69,928	69,928
Capital reserve		318,143	318,143
Other reserves		381,006	361,613
Treasury shares		-20,260	-20,260
Equity held by INDUS shareholders		748,817	729,424
Non-controlling interests in the equity		1,388	1,290
Equity		750,205	730,714
Pension provisions		25,026	25,274
Other non-current provisions		697	707
Non-current financial liabilities	[13]	639,452	645,194
Other non-current liabilities	[14]	22,098	25,694
Deferred taxes		56,300	52,486
Non-current liabilities		743,573	749,355
Other current provisions		34,199	39,728
Current financial liabilities	[13]	133,585	116,444
Trade payables		94,424	74,178
Other current liabilities	[14]	168,459	177,904
Current income taxes		14,684	15,967
Current liabilities		445,351	424,221
TOTAL EQUITY AND LIABILITIES		1,939,129	1,904,290

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02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20-32

05 | FURTHER INFORMATION

Consolidated Statement of Changes in Equity

FROM JANUARY 1 TO MARCH 31, 2026

in EUR '000	Subscribed capital	Capital reserve	Retained earnings	Other reserves	Treasury shares	Equity held by INDUS shareholders	Interests attributable to non-controlling shareholders	Group equity
As of January 1, 2025	69,928	318,143	350,994	219	-41,741	697,543	2,455	699,998
Earnings after taxes			15,835			15,835	270	16,105
Other comprehensive income				-1,215		-1,215	-62	-1,277
Total comprehensive income			15,835	-1,215	0	14,620	208	14,828
Acquisition of treasury shares					-3,061	-3,061		-3,061
Retirement of treasury shares			-24,542		24,542
Dividend payments							-48	-48
AS OF MARCH 31, 2025	69,928	318,143	342,287	-996	-20,260	709,102	2,615	711,717
AS OF JANUARY 1, 2026	69,928	318,143	364,861	-3,248	-20,260	729,424	1,290	730,714
Earnings after taxes			15,885			15,885	102	15,987
Other comprehensive income				3,508		3,508	45	3,553
Total comprehensive income			15,885	3,508	0	19,393	147	19,540
Dividend payments							-49	-49
As of March 31, 2026	69,928	318,143	380,746	260	-20,260	748,817	1,388	750,205

Interests attributable to non-controlling shareholders as of March 31, 2026, primarily consist of interests attributable to non-controlling shareholders in a ROLKO Group subsidiary. Interests attributable to non-controlling shareholders for which the economic ownership of the corresponding non-controlling interests had already been transferred under reciprocal option agreements at the acquisition date are shown under other liabilities.

INDUS INTERIM REPORT Q1 2026

Consolidated Statement of Cash Flows

FOR THE FIRST QUARTER OF 2026

in EUR '000	Q1 2026	Q1 2025
Earnings after taxes	15,987	16,105
Depreciation/amortization	25,333	22,911
Income taxes	11,886	-3,378
Financial income	8,152	6,830
Other non-cash transactions	-101	25
Changes in provisions	-5,453	-6,811
Increase (-)/decrease (+) in inventories, receivables and other assets	-111,751	-43,183
Increase (+)/decrease (-) in trade payables and other equity and liabilities	2,018	3,158
Income taxes received/paid	-9,732	-10,782
Operating cash flow	-63,661	-15,125
Interest paid	-6,251	-3,227
Interest received	180	196
Cash flow from operating activities	-69,732	-18,156
Cash outflow for investments in
Property, plant and equipment and intangible assets	-10,524	-9,692
Financial investments and shares accounted for using the equity method	-22	-90
Shares in fully consolidated companies	-13,765	-11,209
Cash inflow from the disposal of
Other assets	65	1,287
Cash flow from investing activities	-24,246	-19,704
Cash outflow for the acquisition of treasury shares	0	-3,061
Cash outflow from the repayment of contingent purchase price commitments	-1,950	0
Dividend payments to non-controlling interests	-49	-48
Cash inflow from the raising of loans	16,637	35,541
Cash outflow from the repayment of loans	-13,899	-18,403
Cash outflow from the repayment of lease liabilities	-5,336	-5,298
Cash flow from financing activities	-4,597	8,731
Net changes in cash and cash equivalents	-98,575	-29,129
Changes in cash and cash equivalents caused by currency exchange rates	728	-1,104
Cash and cash equivalents at the beginning of the period	217,606	145,151
Cash and cash equivalents at the end of the period	119,759	114,918

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20-32

05 | FURTHER INFORMATION

Notes

Basic Principles of the Consolidated Financial Statements

[1] General Information

INDUS Holding AG, with registered office in Bergisch Gladbach, Germany, has prepared its condensed consolidated interim financial statements for the period from January 1, 2026, to March 31, 2026, in accordance with the International Financial Reporting Standards (IFRS), and their interpretation by the International Financial Reporting Standards Interpretations Committee (IFRS IC) as applicable in the European Union (EU). The consolidated financial statements are prepared in euros (EUR). Unless otherwise indicated, all amounts are stated in thousands of euros (EUR '000).

These interim financial statements have been prepared in accordance with IAS 34 in condensed form. The interim report has been neither audited nor subjected to perusal or review by an auditor.

New obligatory standards are reported on separately in the section "Changes in Accounting Standards." Otherwise, the same accounting methods have been applied as in the consolidated financial statements for the 2025 financial year, where they are described in detail. Since these interim financial statements do not provide the full scope of information found in the annual financial statements, these financial statements should be considered within the context of the last annual financial statements.

In the Board of Management's view, this quarterly report includes all usual current adjustments necessary for the proper presentation of the Group's financial position and financial performance. The results achieved in the first three months do not necessarily allow predictions to be made regarding future business performance.

Preparation of the consolidated financial statements is influenced by accounting and valuation principles and requires assumptions and estimates that have an impact on the recognized value of assets, liabilities, and contingent liabilities, and on income and expenses. When estimates are made regarding the future, actual values may differ from the estimates. If the original basis for the estimates changes, the statement of the items in question is adjusted through profit and loss.

[2] Changes in Accounting Standards

All obligatory accounting standards in effect as of the 2026 financial year have been implemented in the interim financial statements at hand.

The application of new standards has had no material effect on the presentation of the financial position and financial performance of INDUS Holding AG.

[3] Company Acquisitions

COMPANY ACQUISITIONS BY INDUS

PRO VIDEO

On December 18, 2025, INDUS signed a purchase agreement for 80% of the shares in PRO VIDEO Handelsgesellschaft mbH Berlin Broadcast- und Konferenztechnik. PRO VIDEO is a leading provider of professional media technology and solutions for large-scale audiovisual projects in Germany. Its customers include large companies as well as federal ministries, universities and colleges. PRO VIDEO has locations in Berlin and Braunschweig and generates annual revenue of around EUR 24 million.

The purchase of PRO VIDEO was completed on January 30, 2026. PRO VIDEO has been allocated to the Engineering segment and has been included in the INDUS consolidated financial statements since February 1, 2026.

The provisional fair value of the consideration for the newly acquired shares is made up of a cash component and a contingent purchase price payment for the remaining shares. The amount of the cash component and the contingent purchase price payment will be finalized following the approval of the annual financial statements and is expected to be in the low double-digit million range.

The acquired assets mainly comprise inventory assets, cash and cash equivalents, property, plant and equipment and receivables. Any goodwill arising from the forthcoming purchase price allocation would be the residual amount of the total consideration, less the revalued net assets, and would represent the future earnings potential of the acquired company that cannot be recognized in the statement of financial position, as well as the expertise of the workforce. This information is subject to the completion of the purchase price allocation (PPA).

INDUS INTERIM REPORT Q1 2026

NEW ACQUISITION: PRO VIDEO

	Carrying amount at time of acquisition	Assets due to initial consolidation	Additions consolidated statement of financial position
Goodwill	0	8,154	8,154
Other intangible assets	5	14,829	14,834
Property, plant and equipment	493	0	493
Inventories	2,181	1,942	4,123
Receivables	29	0	29
Other assets*	203	0	203
Cash and cash equivalents	2,535	0	2,535
Total assets	5,446	24,925	30,371
Other provisions	10	0	10
Financial liabilities	25	0	25
Trade payables	680	0	680
Other equity and liabilities**	1,912	4,680	6,592
Total liabilities	2,627	4,680	7,307

Other assets: other non-current assets, other current assets, deferred taxes, current income taxes.
** Other equity and liabilities: other non-current liabilities, other current liabilities, deferred taxes, current income taxes.

FURTHER COMPANY ACQUISITIONS

AMIRA

On February 20, 2026, M. Braun Inertgas-Systeme GmbH, Garching (MBRAUN), acquired 60% of the shares in Amira S.r.l., Triuggio, Italy (AMIRA). AMIRA is an Italian specialist in biodecontamination solutions based on vaporized hydrogen peroxide (V-PHP) and has more than 20 years of experience in safe and rapid sterilization and decontamination in laboratory and production environments. The company is based in Triuggio, north of Milan. AMIRA has been allocated to the Engineering segment.

The purchase was completed at the end of April 2026 following approval by the Italian authorities. The initial consolidation will take place in the second quarter of 2026.

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20-32

05 | FURTHER INFORMATION

Notes to the Consolidated Statement of Income

[4] Cost of Materials

in EUR '000	Q1 2026	Q1 2025
Raw materials, consumables and supplies, and purchased merchandise	-182,258	-157,401
Purchased services	-21,339	-21,089
Total	-203,597	-178,490

[8] Financial Income

in EUR '000	Q1 2026	Q1 2025
Interest and similar income	172	192
Interest and similar expenses	-6,803	-5,413
Net interest	-6,631	-5,221
Interests attributable to non-controlling shareholders	-1,528	-1,615
Income from financial investments	7	6
Other financial income	-1,521	-1,609
Total	-8,152	-6,830

[5] Personnel Expenses

in EUR '000	Q1 2026	Q1 2025
Wages and salaries	-118,713	-113,873
Social security	-22,522	-21,110
Pensions	-896	-1,057
Total	-142,131	-136,040

[6] Depreciation/Amortization

Depreciation/amortization includes regular depreciation/amortization, amortization due to purchase price allocation (PPA amortization), and impairment.

in EUR '000	Q1 2026	Q1 2025
Regular depreciation/amortization	-18,892	-17,645
PPA amortization	-5,351	-5,266
Impairment	-1,090	0
Total	-25,333	-22,911

[7] Other Operating Expenses

in EUR '000	Q1 2026	Q1 2025
Selling expenses	-22,761	-22,432
Operating expenses	-16,246	-15,244
Administrative expenses	-17,070	-16,554
Other expenses	-2,410	-4,880
Total	-58,487	-59,110

The "interests attributable to non-controlling shareholders" item includes an effect on income from the subsequent valuation of the contingent purchase price liabilities (call/put options) of EUR -529 thousand (previous year: EUR -1,137 thousand) and earnings after taxes that external entities are entitled to from shares in limited partnerships and stock corporations with call/put options.

[9] Income Taxes

The income tax expense in the interim financial statements is calculated based on the assumptions currently used for tax planning purposes.

In the previous year, tax credits totaling EUR 8,362 thousand were claimed against losses that had not previously been taken into account for tax purposes.

[10] Earnings per Share

in EUR '000	Q1 2026	Q1 2025
Income attributable to INDUS shareholders	15,885	15,835
Weighted average shares outstanding (in thousands of shares)	24,896	24,938
Earnings per share (in EUR)	0.64	0.63

INDUS INTERIM REPORT Q1 2026

Notes to the Consolidated Statement of Financial Position

[11] Inventories

in EUR '000	March 31, 2026	December 31, 2025
Raw materials, consumables, and supplies	195,449	162,675
Unfinished goods	115,141	94,641
Finished goods and goods for resale	149,131	143,607
Advance payments	35,323	23,386
Total	495,044	424,309

[12] Receivables

in EUR '000	March 31, 2026	December 31, 2025
Receivables from customers	205,513	170,969
Contract receivables	17,055	11,350
Total	222,568	182,319

[13] Financial Liabilities

in EUR '000	March 31, 2026	current	non-current	December 31, 2025	current	non-current
Liabilities to banks	275,418	59,609	215,809	269,478	77,954	191,524
Lease liabilities	93,619	21,476	72,143	88,160	21,490	66,670
Promissory note loans	404,000	52,500	351,500	404,000	17,000	387,000
Total	773,037	133,585	639,452	761,638	116,444	645,194

[14] Liabilities

Other liabilities include contingent purchase price liabilities of EUR 41,837 thousand (December 31, 2025: EUR 37,759 thousand), carried at fair value, insofar as the non-controlling shareholders can tender shares to INDUS by terminating the Articles of Incorporation or on the basis of option agreements.

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20-32

05 | FURTHER INFORMATION

Other Disclosures

[15] Segment Reporting

SEGMENT INFORMATION BY DIVISION FOR THE FIRST QUARTER OF 2026

SEGMENT REPORT IN ACCORDANCE WITH IFRS 8
	Engineering	Infrastructure	Materials Solutions	Total segments	Other/ reconciliation	Consolidated financial statements
Q1 2026
Revenue with external third parties	130,669	143,279	167,522	441,470	152	441,622
Revenue with other segments	114	0	188	302	-302	0
Revenue	130,783	143,279	167,710	441,772	-150	441,622
EBITDA	11,563	19,579	34,401	65,543	-4,185	61,358
Depreciation/amortization	-9,844	-7,805	-7,387	-25,036	-297	-25,333
of which regular depreciation/amortization	-6,442	-6,004	-6,149	-18,595	-297	-18,892
of which PPA amortization*	-3,142	-1,801	-408	-5,351	0	-5,351
of which impairment	-260	0	-830	-1,090	0	-1,090
Segment earnings (adjusted EBITA**)	5,121	13,575	28,252	46,948	-4,482	42,466
Operating income (EBIT)	1,719	11,774	27,014	40,507	-4,482	36,025
Investments	17,677	3,886	2,664	24,227	62	24,289
of which company acquisitions	13,765	0	0	13,765	0	13,765
March 31, 2026
Goodwill	203,499	127,702	82,665	413,866	0	413,866
	Engineering	Infrastructure	Materials Solutions	Total segments	Other/ reconciliation	Consolidated financial statements
Q1 2025
Revenue with external third parties	123,199	136,417	142,511	402,127	228	402,355
Revenue with other segments	219	0	77	296	-296	0
Revenue	123,418	136,417	142,588	402,423	-68	402,355
EBITDA	11,824	15,614	19,044	46,482	-4,014	42,468
Depreciation/amortization	-8,643	-7,167	-6,820	-22,630	-281	-22,911
of which regular depreciation/amortization	-5,468	-5,613	-6,283	-17,364	-281	-17,645
of which PPA amortization*	-3,175	-1,554	-537	-5,266	0	-5,266
of which impairment	0	0	0	0	0	0
Segment earnings (adjusted EBITA**)	6,356	10,001	12,761	29,118	-4,295	24,823
Operating income (EBIT)	3,181	8,447	12,224	23,852	-4,295	19,557
Investments	5,314	13,936	1,645	20,895	6	20,901
of which company acquisitions	1,950	9,259	0	11,209	0	11,209
December 31, 2025
Goodwill	195,558	127,801	83,561	406,920	0	406,920

The term PPA amortization includes depreciation on assets from purchase price allocations.
** The term adjusted EBITA includes the operating income (EBIT) plus PPA amortization and impairments.

INDUS INTERIM REPORT Q1 2026

The table below reconciles the total operating results of segment reporting with the earnings before taxes in the consolidated statement of income:

RECONCILIATION		in EUR '000
	Q1 2026	Q1 2025
Segment earnings (adjusted EBITA)	46,948	29,118
Areas not allocated incl. holding company	-4,482	-4,295
PPA amortization	-5,351	-5,266
Impairment	-1,090	0
Financial income	-8,152	-6,830
Earnings before taxes	27,873	12,727

The classification of segments is based on the current status of internal reporting and corresponds to the EMPOWERING MITTELSTAND growth strategy. The segment structure has been subdivided into the Engineering, Infrastructure and Materials Solutions segments in line with the technological focal points.

The reconciliations contain the figures of the holding company, the non-operating units not allocated to any segment, and consolidations.

The key control variable for the segments is adjusted EBITA, as defined in the consolidated financial statements. The information pertaining to the segments has been ascertained in compliance with the reporting and valuation methods that were applied in the preparation of the consolidated financial statements. Transfer prices between segments are based on arm's-length prices to the extent that they can be established in a reliable manner and are otherwise determined on the basis of the cost-plus pricing method.

SEGMENT INFORMATION BY REGION

The breakdown of revenue by region relates to our selling markets.

Non-current assets, less deferred taxes and financial instruments, are based on the registered offices of the companies concerned. Further differentiation would not be useful since the majority of companies are based in Germany.

SEGMENT REPORTING BY REGION
	Group	Germany	EU	USA	Third countries
Q1 2026
Revenue with external third parties	441,622	206,154	97,524	55,980	81,964
March 31, 2026
Non-current assets, less deferred taxes and financial instruments	1,038,396	892,104	39,127	38,741	68,424
Q1 2025
Revenue with external third parties	402,355	192,695	80,956	45,669	83,035
December 31, 2025
Non-current assets, less deferred taxes and financial instruments	1,018,051	880,598	39,486	30,811	67,156

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

20-32

05 | FURTHER INFORMATION

[16] Information on the Significance of Financial Instruments

The table below shows the carrying amounts of the financial instruments. The fair value of a financial instrument is the price that would be paid in an orderly transaction between market participants for the sale of an asset or transfer of a liability on the measurement date.

| FINANCIAL INSTRUMENTS
in EUR '000 | | | | | |
| --- | --- | --- | --- | --- | --- |
| | Balance sheet value | IFRS 9 not applicable | IFRS 9 Financial Instruments | of which measured at fair value | of which measured at amortized cost |
| March 31, 2026 | | | | | |
| Financial investments | 4,189 | 0 | 4,189 | 908 | 3,281 |
| Cash and cash equivalents | 119,759 | 0 | 119,759 | 0 | 119,759 |
| Receivables | 222,568 | 17,054 | 205,514 | 0 | 205,514 |
| Other assets | 27,024 | 15,911 | 11,113 | 1,404 | 9,709 |
| Financial instruments: Assets | 373,540 | 32,965 | 340,575 | 2,312 | 338,263 |
| Financial liabilities | 773,037 | 93,619 | 679,418 | 0 | 679,418 |
| Trade payables | 94,424 | 0 | 94,424 | 0 | 94,424 |
| Other liabilities | 190,557 | 102,051 | 88,506 | 42,388 | 46,118 |
| Financial instruments: Equity and liabilities | 1,058,018 | 195,670 | 862,348 | 42,388 | 819,960 |
| December 31, 2025 | | | | | |
| Financial investments | 4,168 | 0 | 4,168 | 905 | 3,263 |
| Cash and cash equivalents | 217,606 | 0 | 217,606 | 0 | 217,606 |
| Receivables | 182,319 | 11,350 | 170,969 | 0 | 170,969 |
| Other assets | 20,966 | 10,029 | 10,937 | 469 | 10,468 |
| Financial instruments: Assets | 425,059 | 21,379 | 403,680 | 1,374 | 402,306 |
| Financial liabilities | 761,638 | 88,160 | 673,478 | 0 | 673,478 |
| Trade payables | 74,178 | 0 | 74,178 | 0 | 74,178 |
| Other liabilities | 203,598 | 108,771 | 94,827 | 40,773 | 54,054 |
| Financial instruments: Equity and liabilities | 1,039,414 | 196,931 | 842,483 | 40,773 | 801,710 |

INDUS INTERIM REPORT Q1 2026

FINANCIAL INSTRUMENTS BY BUSINESS MODEL IN ACC. WITH IFRS 9
in EUR '000

	March 31, 2026	December 31, 2025
Financial assets measured at fair value through profit and loss	908	950
Financial assets measured at cost	338,263	402,306
Derivatives with hedging relationships, hedge accounting	1,404	424
Financial instruments: Assets	340,575	403,680
Financial liabilities measured at fair value through profit and loss	41,837	39,669
Financial liabilities measured at cost	819,960	801,710
Derivatives with hedging relationships, hedge accounting	551	1,104
Financial instruments: Equity and liabilities	862,348	842,483

[17] Approval for Publication

The Board of Management of INDUS Holding AG approved these IFRS interim financial statements for publication on May 11, 2026.

Bergisch Gladbach, May 11, 2026
INDUS Holding AG

The Board of Management

Dr. Johannes Schmidt Rudolf Weichert Gudrun Degenhart

Dr. Jörn Großmann Axel Meyer

01 | HIGHLIGHTS | SHARE

02 | LETTER TO THE SHAREHOLDERS

03 | INTERIM MANAGEMENT REPORT

04 | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

05 | FURTHER INFORMATION

Contact

CONTACT

Nina Wolf

Corporate Communications

Phone: +49 (0)2204/40 00-73

Email: [email protected]

INDUS HOLDING AG

Kölner Straße 32

51429 Bergisch Gladbach

P.O. Box 10 03 53

51403 Bergisch Gladbach

Bianca Yijin Li

Investor Relations

Phone: +49 (0)2204/40 00-32

Email: [email protected]

Phone: +49(0)2204/40 00-00

Fax: +49 (0)2204/40 00-20

Email: [email protected]

www.indus.eu

Financial Calendar

Date	Event
June 3, 2026	Annual Shareholders’ Meeting 2026, Cologne
August 12, 2026	Publication of interim report for H1/6M 2026
November 12, 2026	Publication of interim report for Q3/9M 2026

Find the INDUS financial calendar and dates for corporate events at www.indus.eu/investors/#investor-events

Imprint

RESPONSIBLE MEMBER OF THE BOARD OF MANAGEMENT

Dr.-Ing. Johannes Schmidt

DATE OF PUBLISHING

May 12, 2026

PUBLISHER

INDUS Holding AG, Bergisch Gladbach, Germany

CONCEPT/DESIGN

Berichtsmanufaktur GmbH, Hamburg, Germany

This interim report is also available in German. Only the German version of the interim report is legally binding.

DISCLAIMER:

This interim report contains forward-looking statements based on assumptions and estimates made by the Board of Management of INDUS Holding AG. Although the Board of Management is of the opinion that these assumptions and estimates are accurate, they are subject to certain risks and uncertainty. Actual future results may deviate substantially from these assumptions and estimates due to a variety of factors. These factors include changes in the general economic situation, the business, economic and competitive situation, foreign exchange and interest rates, and the legal setting. INDUS Holding AG shall not be held liable for the future development and actual future results being in line with the assumptions and estimates included in this interim report. Assumptions and estimates made in this interim report will not be updated.

AI assistant

INDUS Holding AG — Interim / Quarterly Report 2026

220_ir_2026-05-17_b666ffc9-1254-45ad-9872-0c3ac2cff5ba.pdf

INTERIM REPORT Q1 2026

Key Figures

Contents

INDUS Group

Segments

Highlights

INDUS Group

Guidance

The Segments

Engineering

Infrastructure

Materials Solutions

INDUS Share

Letter to the Shareholders

Interim Management Report

Introduction to the Group

Acquisitions – Changes in the First Three Months of 2026

Acquisition of PRO VIDEO

Acquisition of AMIRA

Employees

Report on the Economic Situation

Economic Conditions

Order Situation

Earnings Performance of the INDUS Group

Significant Rise in Revenue and Income in the First Quarter of 2026

Adjusted EBITA EUR 17.6 Million Above Previous Year's Figure

Earnings per Share on Par with Previous Year

Segment Reporting

Engineering

PRO VIDEO AGREEMENT CLOSED IN FIRST QUARTER

Infrastructure

SOLID SEGMENT EARNINGS IN FIRST QUARTER OF 2026

Materials Solutions

HIGH CONTRIBUTIONS TO REVENUE AND EARNINGS IN FIRST QUARTER

Financial Position

Operating Cash Flow Down under Previous Year

Free Cash Flow Down Year-on-Year

Equity Ratio of 38.7%

Opportunities and Risks

Forecast Report

Expectations for the Economic Outlook

Expected Group Performance

Condensed Consolidated Financial Statements

Consolidated Statement of Income

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes

Basic Principles of the Consolidated Financial Statements

[1] General Information

[2] Changes in Accounting Standards

[3] Company Acquisitions

COMPANY ACQUISITIONS BY INDUS

PRO VIDEO

Notes to the Consolidated Statement of Income

[4] Cost of Materials

[8] Financial Income

[5] Personnel Expenses

[6] Depreciation/Amortization

[7] Other Operating Expenses

[9] Income Taxes

[10] Earnings per Share

Notes to the Consolidated Statement of Financial Position

[11] Inventories

[12] Receivables

[13] Financial Liabilities

[14] Liabilities

Other Disclosures

[15] Segment Reporting

SEGMENT INFORMATION BY REGION

[16] Information on the Significance of Financial Instruments

[17] Approval for Publication

Contact

CONTACT

INDUS HOLDING AG

Financial Calendar

INDUS Holding AG Interim / Quarterly Report 2026