INDUS : Quarterly Report to 30 September 2023

I N D U S

H O L D I N G A G

I N T E R I M

R E P O R T Q3

2023

Key Figures

in EUR million		Q1-Q3 2023	Q1-Q3 2022
Sales		1,363.8			1,345.1
EBITDA		200.6			200.1
Depreciation/amortization	-66.1			-62.5
EBIT before impairment		134.5			137.6
EBIT margin before impairment (in %)		9.9			10.2
Impairment		-17.6			-39.8
EBIT	116.9			97.8
EBIT margin (in %)		8.6			7.3
Earnings after taxes		43.4			-29.9
Earnings per share from continuing operations (in EUR)		2.63			2.08
Operating cash flow		128.7			36.2
Cash flow from operating activities		114.3			22.2
Cash flow from investing activities	-31.5			-72.8
Cash flow from financing activities	-41.2			101.4
Free cash flow		106.1			22.2
		Sep. 30, 2023	Dec. 31, 2022
Total assets		1,887.6		1,889.9
Equity		706.5		685.2
Equity ratio (in %)		37.4		36.3
Working capital		538.3		496.7
Net financial liabilities		569.3		593.5
Cash and cash equivalents		150.7		127.8
Portfolio companies (number as of reporting date)	43		45

Contents

1. 01
   Letter to the Shareholders
2. 02
   Interim Management Report

14 03

Condensed Consolidated Interim Financial Statements

30 04

Further Information

INDUS third quarter: good operating performance

• 9M sales climb to EUR 1.36 billion
• EBIT margin at 8.6%; before impairment at 9.9%
• Free cash flow of EUR 106.1 million exceeds full-year target

SHARE PRICE PERFORMANCE OF THE INDUS SHARE JANUARY TO OCTOBER 2023 EXCL. DIVIDENDS

in %

30

25

20

15

10

5

0 -5-10-15-20

12/31/2022

2/28/2023

4/30/2023

6/30/2023

8/31/2023

10/31/2023

Source: Bloomberg		INDUS HoldingAG		DAX Price Index		SDAX Price Index

01 | LETTER TO THE SHAREHOLDERS	02 | INTERIM MANAGEMENT REPORT	03 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	04 | FURTHER INFORMATION	1

Letter to the Shareholders

Dear Shareholders,

The international political situation and macroeconomic sentiment have not taken a turn for the better over the last three months. Nevertheless, our portfolio companies have managed to stay on track and our diversified portfolio has again proven its strength in the first nine months of 2023.

The performance has been positive overall, with sales rising 1.4% to EUR 1.36 billion. EBIT amounted to approximately EUR 117 million - almost 20% up against the previous year. The EBIT margin rose to 8.6%. As part of our planning for the coming year, we performed the annual impairment test. In light of higher interest rates and associated higher capital costs, we recognized total impairment of EUR 17.6 million. Before impairment, the EBIT margin came to 9.9%.

The Engineering segment grew in the third quarter - despite customers' restraint when it came to placing orders. The portfolio companies in the Infrastructure segment continue to be impacted by the downturn in the construction sector. However, the low seems to have been overcome: We anticipate that we will be able to maintain the level achieved until the end of the year. The Materials segment performed well. Despite sales prices now falling again, the companies were able to generate a healthy EBIT margin.

Operating cash flow improved significantly over the last quarter. Our strict working capital management played a decisive role in this achievement. At approximately EUR 106 million, free cash flow has already exceeded our target for the full year. This gives us the flexibility we need to make further acquisitions and for the next dividend ment. Speaking of which... developments in our M&A pipe line are also looking good. We are actively pursuing a num ber of purchase projects in our defined future fields and are certain that we will have more to report here by the end of the year.

Despite the highly challenging conditions, we expect good results for the year as a whole. Sales are now expected to be within a forecast range of EUR 1.8 billion to EUR 1.9 ­billion, down by EUR 0.1 billion. The EBIT margin,

however, is expected to be at the upper end of our forecast range of between 7% and 8%. We have adjusted the forecast range for the Infrastructure segment's EBIT margin down by one percentage point, due to the fact that the weaker market situation is still impacting the construction sector. In contrast, we have again adjusted the forecast range for the ­Materials segment's EBIT margin up by one percentage point.

What do these developments mean specifically for you as a shareholder? The earnings per share from continuing operations already amounts to EUR 2.63. This will rise to more than EUR 3 for the full year. We have achieved this partly as a result of the consistent implementation of our PARKOUR perform strategy program. Now that we have sold the discontinued operations faster than anticipated, we can focus on making the most of new opportunities. All in all, the figures after the first nine months are once more showing the earnings strength of our portfolio. Even in these difficult economic times, our SMEs are responding with agility, reacting quickly to changing market conditions and generating income in their niches.

Accordingly, we are looking forward to finishing up

2023 with plenty of positive energy. The time will fly, so we want to take this opportunity to wish you a wonderful ­festive season and a great start to the new year.

Bergisch Gladbach , November 2023

Dr. Johannes Schmidt Gudrun Degenhart

Dr. Jörn Großmann

Axel Meyer

Rudolf  Weichert

2	INDUS INTERIM REPORT Q3 2023
	Interim Management Report
	Performance of the
	INDUS Group in the First
	Nine Months of 2023

CONSOLIDATED STATEMENT OF INCOME													in EUR million
									Difference							Difference
			Q1-Q3 2023		Q1-Q3 2022	absolute	in %		Q3 2023	Q3 2022		absolute		in %
Sales			1,363.8		1,345.1	18.7	1.4	459.7	458.8	0.9	0.2
Other operating income		10.6		15.4	-4.8	-31.2	4.2	5.9	-1.7	-28.8
Own work capitalized		3.5		1.9	1.6	84.2	1.5	0.5	1.0	>100
Change in inventories		6.5		48.4	-41.9	-86.6	-16.5	9.8	-26.3	<-100
Overall performance		1,384.4		1,410.8	-26.4	-1.9	448.9	475.0	-26.1	-5.5
Cost of materials		-626.0		-675.6	49.6	7.3	-191.9	-221.6	29.7	13.4
Personnel expenses		-389.7		-368.0	-21.7	-5.9	-128.6	-124.6	-4.0	-3.2
Other operating expenses		-168.1		-167.1	-1.0	-0.6	-55.8	-57.4	1.6	2.8
EBITDA			200.6		200.1	0.5	0.2	72.6	71.4	1.2	1.7
Depreciation/amortization		-66.1		-62.5	-3.6	-5.8	-22.9	-21.3	-1.6	-7.5
Impairment			-17.6		-39.8	22.2	55.8	-17.6	-39.8	22.2	55.8
Operating income (EBIT)		116.9		97.8	19.1	19.5	32.1	10.3	21.8	>100
Financial income	-13.7		-15.0	1.3	8.7	0.3	-5.3	5.6	>100
Earnings before taxes
(EBT)			103.2		82.8	20.4	24.6	32.4	5.0	27.4	>100
Income taxes			-32.0		-26.4	-5.6	-21.2	-8.6	-5.5	-3.1	-56.4
Earnings from
discontinued operations	-27.8		-86.3	58.5	67.8	-2.1	-50.1	48.0	95.8
Earnings after taxes	43.4		-29.9	73.3	>100	21.7	-50.6	72.3	>100
of which interests
attributable to
non-controlling
shareholders	0.5		0.5	0.0	0.0	0.2	0.2	0.0	0.0
of which interests
attributable­	to INDUS
shareholders	42.9		-30.4	73.3	>100	21.5	-50.8	72.3	>100
Earnings per share
in EUR
from continuing
operations		2.63		2.08	0.55	26.4	0.87	-0.03	0.90	>100
from discontinued
operations		-1.03		-3.21	2.18	67.9	-0.08	-1.86	1.78	95.7

01 | LETTER TO THE SHAREHOLDERS

02 | INTERIM MANAGEMENT REPORT

03 |

2-13

Slight Increase in Sales

Sales in the INDUS portfolio companies rose EUR 18.7 million (1.4%) in the first nine months of 2023 against the same period of the previous year. In the reporting period, the companies generated sales of EUR 1,363.8 million (pre- vious year: EUR 1,345.1 million).

Sales in the Engineering segment rose by 4.9%. The acquisition of HEIBER + SCHRÖDER and HELD in the past financial year added 1.8% to the growth in sales in this seg- ment; organic growth in sales amounted to 3.1%. Sales in the Materials segment remained on a par with the previous year. Due to the subdued construction sector, sales in the Infrastructure segment declined 0.4%. The acquisition of QUICK led to inorganic growth of 0.7% in the reporting period. This was offset by an organic decline in sales of 1.1%. Overall the INDUS Group sales grew 0.6% organically and 0.8% inor­- ganically.

Due to a clear decrease in inventories (EUR -41.9 mil- lion), the overall performance declined by EUR 26.4 mil- lion, amounting to EUR 1,384.4 million, compared with EUR 1,410.8 million in the same period of the previous year. The cost of materials decreased sharply from EUR 675.6 million to EUR 626.0 million (-7.3%) due to generally lower materials prices. The cost-of-materials ratio declined accordingly from 50.2% to 45.9%. As a result of adjustments to wages and salaries, personnel expenses rose by EUR 21.7 million (5.9%) from EUR 368.0 million to EUR 389.7 million. The personnel expense ratio rose to 28.6% (previous year: 27.4%). Other operating expenses climbed slightly by EUR 1.0 million from EUR 167.1 million to EUR 168.1 million. In total, this resulted in EBITDA of EUR 200.6 million, which was virtually constant in

comparison­ with the same period of the previous year (pre- vious year: EUR 200.1 million).

Depreciation/amortization amounted to EUR 66.1 million, which is EUR 3.6 million higher than in the first nine months of 2022. The slight increase was primarily due to depreciation on fair value adjustments (purchase price allocation) on the fixed assets of the portfolio companies HEIBER + SCHRÖDER and HELD, acquired in the previous year, and QUICK, acquired in the current financial year.

Impairment

The annual impairment test, carried out as of Septem- ber 30, 2023, led to the recognition of an impairment loss of EUR 17.6 million (previous year: EUR 39.8 million). The impairment related to goodwill in the amount of EUR 12.5 million (previous year: EUR 37.8 million), intangible assets in the amount of EUR 0.8 million (previous year: EUR 1.9 million) and property, plant and equipment in the

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	04 | FURTHER INFORMATION	3

amount of EUR 4.3 million (previous year: EUR 0.1 mil- lion). The reason for the impairment was higher capital costs in comparison with the previous year's reporting date and retracted forecasts in individual cases.

EBIT Margin at 8.6%

Operating income (EBIT) totaled EUR 116.9 million, following EUR 97.8 million in the same period of the previous year. This equates to an increase of 19.5%. The EBIT margin came in at 8.6% in the reporting period, following 7.3% in the same period of the previous year. Operating income (EBIT) before impairment amounted to EUR 134.5 million (previous year: EUR 137.6 million), and the EBIT margin before impairment came to 9.9% (previous year: 10.2%).

In the third quarter alone, operating income (EBIT) amounted to EUR 32.1 million, following EUR 10.3 million in the previous year. This increase is due to lower impairment than in the previous year.

Financial income amounted to EUR -13.7 million in the reporting period, compared with EUR -15.0 million in the same period of the previous year. Financial income includes net interest, income from shares accounted for using the equity method and other financial income. Other financial income includes the measurement of interests attributable to non-controlling shareholders; the EUR 3.8 million reduction in expenses in comparison with the previous year is due to the subsequent valuation of contingent purchase price liabilities (call/put options). This was offset by an increase in interest expense (EUR +2.5 million).

At EUR 103.2 million, earnings before taxes (EBT) were EUR 20.4 million higher than the previous year's figure (EUR 82.8 million). Income tax expenses rose to EUR 32.0 million as against EUR 26.4 million in the previous year. The tax ratio came to 31.0% in the reporting period, following 31.9% in the same period of the previous year.

Discontinued Operations Deconsolidated in Third Quarter

The portfolio companies SELZER and SCHÄFER, which were deconsolidated in the third quarter, and SMA, which was deconsolidated in the previous year, are discontinued operations pursuant to IFRS 5. Income from discontinued operations amounted to EUR -27.8 million in the first three quarters of 2023, following EUR -86.3 million in the same period of the previous year. The reason for the clear reduction in losses is the deconsolidation of SMA in the fourth quarter of 2022, SCHÄFER on July 31, 2023, and SELZER on August 31, 2023. The net income from the third quarter of 2023 includes EUR 2.0 million residual expenses related to SCHÄFER and SELZER. The majority of the effects on

4	INDUS INTERIM REPORT Q3 2023

income from the deconsolidation of the portfolio groups SELZER and SCHÄFER was taken into consideration as early as in the 2023 half-yearly financial statements.

Earnings After Taxes Clearly Up Against Previous Year

Earnings after taxes amounted to EUR 43.4 million and were up EUR 73.3 million against the previous year's figure (EUR -29.9 million). Earnings per share came to EUR 2.63 for the continuing operations (previous year: EUR 2.08 per share) and EUR -1.03 for the discontinued operations (pre- vious year: EUR -3.21 per share).

Employees

During the first nine months of 2023, the INDUS Group companies employed 9,460 people on average (previous year: 10,680 employees).

Acquisition of QUICK

With a contract dated January 12, 2023, the INDUS Holding AG subsidiary BETOMAX systems GmbH & Co. KG acquired 100% of the shares in QUICK Bauprodukte GmbH (QUICK), Schwerte, Germany. QUICK is a specialist for formwork and reinforcement accessories, and manufactures and distributes standard and special parts for bridge build- ing, overground and underground construction, and tunnel construction. QUICK's portfolio of products complements the BETOMAX product range and opens up new opportunities for the company in the field of bridge building. QUICK has been allocated to the Infrastructure segment. The economic transfer (closing) took place on March 31, 2023.

Sale of SCHÄFER

On July 5, 2023, a contract was signed to sell 100% of the shares in Schäfer GmbH & Co. KG, D.M.S. Design Modell-­ Studien GmbH and KSG Asia Limited, and their shares in KSG Automotive (Shanghai) Co., Ltd. The buyer is a company belonging to Callista Portfolio Holding GmbH.

The SCHÄFER companies sold have been classified and reported as "discontinued operations" since the 2022 consolidated financial statements. The sale became effective economically on July 31, 2023. The deconsolidation was also completed as of July 31, 2023.

Sale of SELZER

On July 28, 2023, a contract was signed to sell 100% of the limited partner shares in SELZER Fertigungstechnik GmbH

• Co. KG and its portfolio companies. The German Federal Cartel Office granted its approval on August 28, 2023. The sale was closed on September 1, 2023. The buyer is a port­ folio company of MUTARES SE & Co. KGaA.
  The SELZER companies sold have been classified and reported as "discontinued operations" since the 2022 con- solidated financial statements. SELZER was deconsolidated as of August 31, 2023.

Legal and Organizational Adjustments in the Segments

As announced with the PARKOUR perform strategy update, SITEK-Spikes KG has merged with BETEK KG, and Köster

• Co. GmbH (KöCo) has been economically assigned to the Peiseler Group as a legally independent unit.

01 | LETTER TO THE SHAREHOLDERS	02 | INTERIM MANAGEMENT REPORT	03 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	04 | FURTHER INFORMATION	5
	2-13

Segment Reporting

In line with the PARKOUR perform strategy update, INDUS Holding AG has split the investment portfolio into three segments as of January 1, 2023: Engineering, Infrastructure and Materials. As of September 30, 2023, our investment portfolio encompassed 43 operating units.

Engineering

Clear Improvement in EBIT Margin

The portfolio companies in the Engineering segment generated sales of EUR 434.2 million in the first nine months of the 2023 financial year (previous year: EUR 414.0 mil- lion). As compared to the same period of the previous year, sales increased by EUR 20.2 million (4.9%). The growth relates to inorganic growth of 1.8% through the acquisition

of HEIBER­ + SCHRÖDER and HELD in 2022, as well as organic growth of 3.1%. The organic growth is primarily due to an uptick in business in the fields of measuring technology and control engineering as well as clean room systems.

Operating income (EBIT) before impairment was EUR 44.5 million, compared to EUR 39.8 million in the previous year. The increase of EUR 4.7 million (11.8%) is mainly the result of the improved earnings situation of two portfolio companies active in clean room systems and measuring technology and control engineering. In the previous

year, the sales and earnings situation in the field of measuring technology and control engineering was still severely impacted by the semiconductor shortage.

Due to the marked increase in capital costs and retracted forecasts in individual cases, the annual impairment testing led to impairments in the Engineering segment of EUR 4.8 million (previous year: EUR 13.8 mil- lion). These related to goodwill in the amount of EUR 3.3 million (previous­ year: EUR 11.9 million), property, plant and equipment in the amount of EUR 1.3 million (previous year: EUR 0.0 million), and intangible assets in the amount of EUR 0.2 million (previous year: EUR 1.9 million). As a result, operating income (EBIT) totaled EUR 39.7 million, following EUR 26.0 million in the same period of the previous year. The EBIT margin came to 9.1% (previous year: 6.3%) and is thus at the lower end of the target range for the full year 2023 of 9% to 11%.

For the full year, we still anticipate a slight rise in sales and, including the impairment recognized in the current quarter, a rise in operating income (EBIT). The EBIT margin is again expected to be within a range of 9% to 11%.

The investments of EUR 7.2 million made during the reporting period related exclusively to investments in prop- erty, plant and equipment and intangible assets. The previous year's investment figure contained the acquisition of HEIBER + SCHRÖDER and HELD.

KEY FIGURES FOR ENGINEERING													in EUR million
								Difference							Difference
		Q1-Q3 2023	Q1-Q3 2022		absolute		in %		Q3 2023	Q3 2022	absolute		in %
Revenue with external
third parties		434.2	414.0	20.2	4.9		153.4	144.2	9.2	6.4
EBITDA		68.3	62.7	5.6	8.9		26.5	23.1	3.4	14.7
Depreciation/amortization		-23.8	-22.9	-0.9	-3.9		-7.9	-8.1	0.2	2.5
EBIT before impairment		44.5	39.8	4.7	11.8		18.6	15.0	3.6	24.0
EBIT margin before
impairment in %		10.2	9.6		0.6 pp		-	12.1	10.4	1.7 pp		-
Impairment		-4.8	-13.8	9.0	65.2		-4.8	-13.8	9.0	65.2
EBIT	39.7	26.0		13.7		52.7		13.8	1.2	12.6		>100
EBIT margin in %		9.1	6.3		2.8 pp		-	9.0	0.8	8.2 pp		-
Investments		7.2	66.9	-59.7	-89.2		2.4	2.8	-0.4	-14.3
Employees		2,832	2,755	77	2.8		2,846	2,802	44	1.6

6	INDUS INTERIM REPORT Q3 2023

Infrastructure

Slight Increase in Sales Again in Third Quarter

Sales in the Infrastructure segment amounted to EUR 444.7 million in the first three quarters of 2023, following EUR 446.5 million in the same period of the previous year; segment sales thus declined EUR 1.8 million, or 0.4%, year on year. The acquisition of QUICK led to inorganic growth of 0.7% in the reporting period. This was offset by an organic decline in sales of 1.1%. The slowdown in the construction sector impacted the majority of port-­folio companies. The infrastructure network and green technology areas were exceptions here. Neverthe- less, a certain bounceback in demand has been observed: Sales climbed 0.9% year on year in the third quarter, while in the second quarter sales had declined by 4.7%. Largely ­stable development at the level now achieved is expected for the remaining three months of the financial year.

At EUR 44.4 million, operating income (EBIT) before impairment was EUR 11.1 million lower than the previous year's figure (EUR 55.5 million). The EBIT margin before impairment was 10.0% (previous year: 12.4%).

During the annual impairment test, impairment losses of EUR 7.5 million (previous year: EUR 12.7 million) were recognized. These relate exclusively to goodwill. The impairments are due to another marked increase in capital­

costs - derived from market parameters - and forecasts being retracted in individual cases.

Operating income (EBIT) decreased by EUR -5.9 million, amounting to EUR 36.9 million, in the first nine months of 2023, following EUR 42.8 million in the same period of the previous year. The EBIT margin came to 8.3% (previous year: 9.6%).

We now anticipate steady sales and, due to the impairment recognized in the third quarter, steady operating income (EBIT) for the full year. We have reduced the forecast range for the EBIT margin by one percentage point to between 8% and 10%.

BETOMAX systems GmbH & Co. KG acquired QUICK Bauprodukte GmbH at the beginning of the financial year. The economic transfer and the initial consolidation took place on March 31, 2023. QUICK is a specialist for formwork and reinforcement accessories, and manufactures and distributes standard and special parts for bridge build- ing, overground and underground construction, and tunnel construction. QUICK's portfolio of products perfectly complements the BETOMAX product range and opens up new opportunities for the company in the field of bridge building.

Investments of EUR 26.8 million in the reporting year related primarily to the acquisition of QUICK and property, plant and equipment. Investments in fixed assets stood at EUR 18.0 million, clearly above the value seen in the previous year (EUR 10.2 million). This increase is due to the acquisition of an operating property by a portfolio company.

KEY FIGURES FOR INFRASTRUCTURE														in EUR million
								Difference							Difference
		Q1-Q3 2023		Q1-Q3 2022	absolute	in %		Q3 2023	Q3 2022		absolute		in %
Revenue with external
third parties		444.7		446.5	-1.8	-0.4	153.4	152.5	0.9	0.6
EBITDA		63.5		73.6	-10.1	-13.7	25.8	26.1	-0.3	-1.1
Depreciation/amortization		-19.1		-18.1	-1.0	-5.5	-6.5	-6.0	-0.5	-8.3
EBIT before impairment		44.4		55.5	-11.1	-20.0	19.3	20.1	-0.8	-4.0
EBIT margin before
impairment in %		10.0		12.4	-2.4 pp	-	12.6	13.2		-0.6 pp		-
Impairment		-7.5		-12.7	5.2	40.9	-7.5	-12.7	5.2	40.9
EBIT	36.9	42.8	-5.9	-13.8	11.8	7.4	4.4	59.5
EBIT margin in %		8.3		9.6	-1.3 pp	-	7.7	4.9		2.8 pp		-
Investments		26.8		10.2	16.6	>100	11.0	4.5	6.5	>100
Employees		2,943		2,866	77	2.7	2,934	2,874	60	2.1

01 | LETTER TO THE SHAREHOLDERS	02 | INTERIM MANAGEMENT REPORT	03 | CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS	04 | FURTHER INFORMATION	7
	2-13

Materials

EBIT Margin Exceeds Expectations

The Materials segment generated sales of EUR 484.4 million in the first nine months of 2023, which presented no change from the sales generated in the same period of the previous year. Effects from higher prices than in the previous year and an overall decline in volumes offset one another.

At EUR 55.8 million, operating income (EBIT) before impairment was up by EUR 4.1 million, or 7.9%, year on year. The EBIT margin before impairment came in at 11.5%, following 10.7% in the same period of the previous year. The segment companies active in metal processing have overall been able to balance out the now falling sales prices with lower volumes through now likewise falling material costs and stringent cost management. In addition, the majority of companies in the field of medical disposables and aids have been achieving better results.

During the annual impairment test, impairment losses of EUR 5.3 million (previous year: EUR 13.3 million) were recognized. This was due to higher capital costs derived from market parameters and retracted forecasts in individual cases. The impairment relates to goodwill in the amount of EUR 1.7 million (previous year: EUR 13.2 million), intangible assets in the amount of EUR 0.7 million (previ- ous year: EUR 0.0 million) and property, plant and equipment in the amount of EUR 2.9 million (previous year: EUR 0.1million). Operating income (EBIT) in the Materials segment amounted to EUR 50.5 million (previous year: EUR38.4million). The EBIT margin came to 10.4% compared with 7.9% in the same period of the previous year.

Effects that would impact earnings that were still expected to materialize in the half-yearly financial statements (especially the potential EU anti-dumping tolls on imports of an important raw material) will not materialize in the 2023 financial year. We therefore anticipate steady sales and a strong rise in operating income for the full year 2023. We are increasing the forecast range for the EBIT3margin again by one percentage point to 8-10%.

At EUR 11.3 million, investments were EUR 1.2 million higher than in the same period of the previous year and related exclusively to property, plant and equipment.

KEY FIGURES FOR MATERIALS															in EUR million
									Difference							Difference
		Q1-Q3 2023		Q1-Q3 2022		absolute		in %		Q3 2023	Q3 2022	absolute		in %
Revenue with external
third parties			484.4	484.4	0.0	0.0		152.8	162.1	-9.3	-5.7
EBITDA			78.2	72.4	5.8	8.0		26.0	25.5	0.5	2.0
Depreciation/amortization			-22.4	-20.7	-1.7	-8.2		-8.2	-6.9	-1.3	-18.8
EBIT before impairment			55.8	51.7	4.1	7.9		17.8	18.6	-0.8	-4.3
EBIT margin before
impairment in %			11.5	10.7		0.8 pp		-	11.6	11.5	0.1 pp		-
Impairment			-5.3	-13.3	8.0	60.2		-5.3	-13.3	8.0	60.2
EBIT	50.5	38.4		12.1		31.5		12.5	5.3	7.2		>100
EBIT margin in %			10.4	7.9		2.5 pp		-	8.2	3.3	4.9 pp		-
Investments			11.3	10.1	1.2	11.9		5.2	4.1	1.1	26.8
Employees			3,122	3,148	-26	-0.8		3,105	3,137	-32	-1.0

8	INDUS INTERIM REPORT Q3 2023
	Financial Position

CONSOLIDATED STATEMENT OF CASH FLOWS, CONDENSED								in EUR million
								Difference
		Q1-Q3 2023		Q1-Q3 2022	absolute	in %
Earnings after taxes from continuing operations		71.2		56.4	14.8	26.2
Depreciation/amortization		83.7	102.3	-18.6	-18.2
Other non-cash changes		46.0	44.8	1.2	2.7
Cash-effective change in working capital		-70.1	-182.2	112.1	61.5
Change in other balance sheet items		31.4	39.9	-8.5	-21.3
Tax payments		-33.5	-25.0	-8.5	-34.0
Operating cash flow		128.7	36.2	92.5	>100
Interest		-14.4	-14.0	-0.4	-2.9
Cash flow from operating activities		114.3	22.2	92.1	>100
Cash outflow for investments and acquisitions		-46.0	-88.8	42.8	48.2
Cash inflow from the disposal of assets		14.5	16.0	-1.5	-9.4
Cash flow from investing activities		-31.5	-72.8	41.3	56.7

Dividend payment

Dividend payments to non-controlling interests

Cash inflow from the raising of loans

Cash outflow from the repayment of loans

Cash outflow from the repayment of lease liabilities

Cash outflow from the repayment of contingent purchase price commitments

Cash flow from financing activities

-21.5		-28.2		6.7	23.8
-0.4		-0.4		0.0	0.0
97.8		255.6		-157.8	-61.7
-103.3		-109.9		6.6	6.0
-13.8		-13.2		-0.6	-4.5
0.0		-2.5		2.5	100.0
-41.2	101.4		-142.6	<-100

Net changes in cash and cash equivalents from continuing operations		41.6	50.8	-9.2	-18.1
Net changes in cash and cash equivalents from discontinued operations		-20.3	-56.3	36.0	63.9
Changes in cash and cash equivalents in connection with assets held for sale		2.2	0.0	2.2	-
Changes in cash and cash equivalents caused by currency exchange rates		-0.6	0.2	-0.8	<-100
Cash and cash equivalents at the beginning of the period		127.8	136.3	-8.5	-6.2
Cash and cash equivalents at the end of the period		150.7	131.0	19.7	15.0

Statement of Cash Flows: Operating Cash Flow of EUR 128.7 Million

Operating cash flow rose EUR 92.5 million to EUR 128.7 million in comparison with the same period of the previous year in the first nine months of 2023. At EUR 71.2 million, earnings after taxes from the continuing operations in the reporting period were EUR 14.8 million higher than the previous year's figure (EUR 56.4 million). The increase in operating cash flow is due to a lower cash-effective increase in working capital, in addition to the improvement in earn- ings, particularly in comparison with the previous year, of EUR 112.1 million. In the previous year, along with the

usual seasonal increase in working capital, companies purposefully engaged in stockpiling due to supply chain prob- lems.

Taking into account interest payments in the amount of EUR 14.4 million (previous year: EUR 14.0 million), cash flow from operating activities amounted to EUR 114.3 million (previous year: EUR 22.2 million) and was thus EUR 92.1 million higher than the previous year's figure.

The cash outflow for investments in intangible assets and in property, plant and equipment was EUR 7.2 million higher than in the previous year at EUR -36.9 million (pre­ vious year: EUR -29.7 million). Cash outflow for investment in shares in fully consolidated companies amounted