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Industry season 4 episode 3 breakdown: 32 thoughts on Habseligkeiten

Reach Daily Express | January 27, 2026 2:40 AM CST

Industry season four has taken a dramatic turn as the graduates bid farewell to Pierpoint and ventured into the fast-paced realm of start-ups, reports the Mirror.

The fourth series of the BBC and HBO drama has established its new landscape with Harper Stern (portrayed by Myha'la) embarking on a fresh enterprise alongside her former Pierpoint mentor Eric Tao (Ken Leung). At the same time, Yasmin Muck (Marisa Abela) attempts to guide her husband Henry Muck (Kit Harington) towards a new path with assistance from Tender and its chief Whitney Halberstram (Max Minghella).

This week's episode saw Industry ratchet up the tension yet again as Tender plotted to go legitimate by acquiring a centuries-old Austrian banking institution to obtain a crucial banking licence.

Simultaneously, Harper and Eric were striving to attract potential backers for their short fund Stern Tao with little success, notwithstanding her confident rhetoric.

Meanwhile, Harper maintained regular contact with FinDigest journalist Jim Dycker (Charlie Heaton), who had uncovered information about Tender that could prove catastrophic for the company. Here are my observations from watching the latest instalment of Industry.

Is Harper playing both sides by speaking to journalist Dycker and keeping things sweet with Yasmin?

Jim's finally revealed what he thinks is going on at Tender and it's pretty nefarious stuff. He tells Harper that he thinks they're processing porn and gambling payments in jurisdictions where it's illegal. Then they're using third-party acquisitions to wash the money, even though Whitney previously suggested that he would be winding up those income sources.

What really happened to Jim Dycker after he "got fleeced" by FTX? He isn't as clean as we first thought and there's more to his story.

Stern Tao isn't necessarily going to take off when one potential investor thinks the short-only fund is too risky.

It already looks like this is far from a match made in heaven. Harper is already keeping secrets from Eric about speaking to the press

Yasmin and Henry are very much on again after Hayley interrupts a make out session. It's a new chapter for them but from her expression last week, she really doesn't want to throw a baby into the equation.

Yasmin is trying to get Henry to open up about his mental health with Bevan and he gets pretty candid. It's quite moving but you actually believe he's trying to make good. Maybe Henry isn't as ruthless as some of the other characters on this show.

Henry is desperately trying to get Jenni to let Tender buy a bank and get a banking license. Desperate seems to be the keyword here.

Season four is definitely getting very dense when it comes to all this finance lingo and you really do have to pay attention while watching. It's great but dense nonetheless.

Harper is trying to own her fund, but their potential investors aren't too impressed with her lack of detail and crucially a team, including a trader. Is this curtains already for Harper? Despite her sharply cut suit, it's not clear if anyone is really buying into Harper's fund idea. No one looks impressed, to be honest.

Yasmin, who's had her share of tricky family members, suggests the jaunt to Vienna. You do wonder if it's just to get a mini-break squeezed in for her and Henry. But they're supposedly going to meet with the family of the Austrian bank, who've got Nazi connections.

Ouch. Yasmin's capacity in the boardroom is questioned.

Love, love, love Eric giving Harper advice about Tender and how their dodgy dealings are coming to light. This is what makes Industry such a must-watch

Tender is going to try and bury this story. Whitney seems a little too confident. He needs to be taken down by the end of season four.

Despite her confession to Whitney about nearly sleeping with Jim Dycker, you do wonder which side Hayley is really on and if she's going to take down Tender when she finds out what happened to the woman she replaced.

16. Awkward. Yasmin's lack of status just got questioned yet again after she tried to give Hayley the night off.

17. Sweetpea just gave Harper some smoking gun intel, but Rishi turning up with more information goes wrong unsurprisingly.

18. Never would have thought Tender's hold music would be Enya given their line of business

19. Wow, it looks like Eric is going to put everything on the line

20. Yasmin has been put up in Princess Johanna's "favourite room", which apparently means it contains "possessions closest to your soul". Don't trust her, Yasmin.

21. Why is Princess Johanna serving everyone wine? Surely, they should have some servants if they're swimming in cash. Maybe she's trying to poison them all.

22. Moritz is showing his true colours as a complete fascist

23. This is getting even more awkward as Harper just revealed to Kwabena that she slept with someone else. He seems surprisingly fine with it.

24. Harper's American pronunciation of 'Sun-Der-Land' is just hilarious. Yes, Eric, you're right, it is cold there.

25. Well, that was a pretty intense sex scene but it looks like Yasmin is taking back the control in the bedroom even if she can't in the boardroom

26. Did Yasmin just realise they were put up in a room with a painting that looks like it was by Hitler?

27. While the Mucks are living it up in Austria, Sweetpea and Harper end up in the less grand surroundings of a Sunderland council estate

28. Wow, Sweetpea is going to actually work with Harper. Maybe the Mucks and Tender are going down.

29. Spoke too soon. Ricky Martyn walks in and changes the game. Living La Vida Loca indeed.

30. This strange vibe between Henry, Yasmin and Hayley is going to stay for a while longer.

31. No, Eric. He's just put everything on the line, including his daughters' inheritance. This isn't going to end well.

31. It's like Pierpoint 2.0 is up and running. The team is assembled. Here's to next week and taking down Tender.

Industry season 4 airs on HBO and HBO Max in the USA on Sundays and on BBC iPlayer and BBC One in the UK on Mondays