Industry season 4 airs surprising sex scene and marks return of controversial character

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*Warning: This article contains full spoilers for Industry season 4 episode 3.*

Wow, this week’s episode of Industry was a total rollercoaster! Honestly, I was completely shocked by everything that happened. We saw Yasmin and Henry both getting involved with someone new, but the biggest surprise was definitely the return of a character everyone loves to hate – I did not see that coming!

Henry was stressed about his new job as CEO of Tender, but his wife, Yasmin, was there to help, both as a partner and as someone who also worked at the company. “I couldn’t do this without you,” he told her. However, as Tender worked towards getting a banking license, tensions were rising among the company’s board members.

The Bauer family – Moritz-Hunter Bauer and his mother, Johanna – reportedly supported the merger, but are now publicly expressing doubts. This is causing problems for Whitney and the company because the Bauers control two seats on the board. Although these seats come from the family’s historic bank, which they sold, Whitney believes the Bauers should remain silent. However, Henry argues that addressing their concerns is crucial for Tender to obtain its banking license.

Bauer’s current concerns appear to stem from GDPR regulations, but as discussed, there’s a history of the Bauer family financially supporting the Nazi regime. While they’ve since made donations to Holocaust survivors, that past involvement remains a significant issue.

Yasmin thinks visiting the Bauers in Austria would be helpful, so Henry agrees that a trip would be best for the company to resolve any disagreements with the family.

The situation becomes clearer in Vienna as Moritz explains what he sees as the failures of Western liberalism. He firmly believes his political views and business practices are intertwined, and emphasizes the importance of upholding tradition in both areas.

Henry and Whitney are trying to keep Moritz happy for the company’s sake, but Henry privately confronted him about his extreme views, calling them fascist. Surprisingly, Yasmin doesn’t seem too bothered by Moritz’s opinions, despite her own history. Both Henry and Whitney want to leave, feeling they shouldn’t cater to such views, but Yasmin disagrees and plans to stay the next day.

Later that night, the atmosphere heats up when Hayley (Kiernan Shipka) arrives at Yasmin and Henry’s room with three potential responses to a work issue from Whitney. Although Yasmin points out she could have just sent them via email, the conversation quickly shifts to Hayley’s frustrations. Henry, who emerges from the shower without a shirt, becomes part of the discussion, and Yasmin unexpectedly begins to set the stage for a threesome. Henry seems hesitant at first, but he continues to kiss Hayley, indicating his willingness to participate.

As Yasmin walks to the table and begins to light a cigarette, her attitude shifts. She then starts directing Hayley and Henry while they are intimate, culminating in a shocking reveal: she tells Hayley, “I believe you have something that now belongs to my husband—and to me.”

The following morning, only Yasmin and Johanna remained at the house, as the men, including Whitney and Henry, had returned to London to meet a banking deadline. During their conversation, Yasmin suggested she might be able to get Moritz featured in a major newspaper, mentioning her contacts and the influence of established media. Although Johanna initially appears reserved, she unexpectedly defends her son’s opinions, describing them as simply logical. She playfully challenges Yasmin to agree, and Yasmin reluctantly does.

As Yasmin packed her bag, she noticed one of the castle’s paintings. A closer look revealed Adolf Hitler’s signature in the corner, shocking her and filling her with disgust. She briefly wondered if Henry and Whitney’s previous warnings now made more sense, but she remained determined to convince Moritz to help her.

When Henry and Yasmin return to London, Henry is irritated to discover Moritz has an article in the newspaper. Yasmin explains she arranged it with Henry’s uncle, Alexander, and believes it was crucial to the deal’s success – giving Moritz a platform to share his perspective. Henry seizes the moment to mention their evening with Hayley, feeling it was inappropriate, but Yasmin dismisses his concern, stating she simply knew what he needed.

Throughout the episode, Harper quietly investigates Tender, examining their financial records and past dealings. Tender has bought several payment companies in Africa, but Harper is hitting a wall trying to get information from anyone connected to them.

Once she confirmed that Tender was tracking customer purchases and handling payments, she officially brought Sweetpea on board, promising to fully support this new project and see it through to completion.

At the end of the episode, Harper, Eric, and Sweetpea are shown waiting in an office building lobby for a meeting. The person they’re waiting for turns out to be a surprising return: Kenny Kilbane (Conor MacNeill). As they enter the building with him, Harper explains that they want to work with him on a short film.

As Eric and Kenny step into the elevator, Eric attempts to apologize. This follows a painful event from the start of season 3, when Eric unexpectedly fired Kenny. Over time, Kenny had become a key source of support for Eric, and the two had shared personal struggles, particularly with alcohol. Despite their close bond, Eric’s decision to fire Kenny came as a shock to both Kenny and the audience.

Their reunion wasn’t exactly smooth; things felt awkward as they stepped into the elevator together. “It could have been worse,” Kenny said with a small smile.

Okay, so I’m genuinely hyped for season four. With Pierpoint out of the picture, it feels like a total fresh start, and let’s be real, these characters are cutthroat. I’m completely hooked on Harper, Eric, and Yasmin – I could honestly watch them navigate all this drama forever. I have zero clue what’s coming next, but knowing Mickey and Konrad are writing it, I’m confident it’s going to be brilliant. They’re just incredibly clever writers, and it’s going to be a fantastic season, no question.

What will happen with Kenny, Eric, and Harper working together, and how will Yasmin’s relationship with Hayley change? It seems like we can expect some major consequences soon.

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You can watch seasons 1 through 3 of Industry on BBC iPlayer in the UK. Season 4 episodes are released every Monday on both BBC One and BBC iPlayer. In the US, the show is available on HBO.

Keep up with Industry by adding it to your watchlist on the TopMob: What to Watch app. Download now to get daily TV recommendations and the latest features!

Authors

Morgan CormackDrama Writer

Morgan Cormack writes about TV and streaming drama for TopMob. Before that, she was an Entertainment Writer at Stylist. She also has experience in content marketing, freelancing, and holds a BA degree in English Literature.

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2026-01-26 06:35