Indus Holding AG (INHG), a private equity firm specializing in mergers and acquisitions and corporate spin-offs, announced that it lowered its forecast for sales, adjusted EBITA, and adjusted EBITA margin for the 2025 financial year. The revision is primarily driven by lower expectations from INDUS portfolio companies, particularly in the Materials Solutions segment, following disruptions caused by U.S. customs policy changes on April 2, 2025.
Additionally, in February 2025, China expanded export controls on tungsten and tungsten compounds, which directly affects INDUS Group's portfolio company BETEK, a major processor of tungsten-containing primary products from China. Since the policy shift, obtaining export licenses has become increasingly unpredictable, with delays and uncertainties about whether necessary approvals will be granted at all.
Despite immediate and costly countermeasures, INDUS faces a potential revenue loss of 20 million euros to 40 million euros in the second half of 2025, alongside a decline in adjusted EBITA of 8 million euros to 15 million euros due to rising costs. While efforts to stabilize supply continue, it remains uncertain whether the situation will improve as the year progresses.
For the 2025 financial year, Indus Holding now expects total sales to be between 1.70 billion euros and 1.85 billion euros, slightly lower than the previous forecast of 1.75 billion euros to 1.85 billion euros. Adjusted EBITA is now projected to be between 130 million euros and 165 million euros, down from the earlier estimate of 150 million euros to 175 million euros. The expected adjusted EBITA margin has also been revised to 7.5% to 9.0%, compared to the previous range of 8.5% to 10.0%.
The consolidated financial statements as at March 31, 2025 and the first quarter of 2025 will be published on May 14, 2025.
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