1H26 Results
July 23
rd
, 2026
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This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice or recommendation with respect to such securities.
Its content is purely for information purposes and the statement it contains may reflect certain forward -
looking statements,
expectations and forecasts about the Company at the time of its elaboration. These expectations and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other important factors beyond the control of the Company that could result in final results materially differing from those contained in these statements. The Company does not assume any obligation or liability in connection with the accuracy of the mentioned estimations and is not obliged to update or revise them.
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1H26
Results
Josep María
Recasens
CHIEF EXECUTIVE OFFICER
1H26 Indra Group
Highlights
5 Industry landscape: More simultaneous challenges and opportunities than ever before
Geopolitical
instability and
polarization
Energy security
and resilience
Critical raw
materials
shortage &
supply chain
constraints
Scale &
innovation as
key
competitive
advantages
Civil
-
military
technology
convergence
Emergence of
disruptive
technologies
(AI, Quantum…)
Increased
Defence
spending
Sovereignty
relevance
1 2 3 4 5 6 7 8
6 Introduction to Management Principles Territorial and Ecosystem Structuring Delivery & Speed
Indra
Land
Vehicles
Sovereignty
Competitiveness
Indra Air
Traffic
Quality & Reliability
Eurofighter
7
Main
headlines
1H26▪
Financial headlines:
1H26
on track to deliver a
nnual
targets
▪ Acceleration and profitability improvement in 2Q26 ▪ Double digit growth in order intake, revenue and EBIT in 1H26 ▪ EBIT margin improvement to 9.9% in 1H26 ▪
Business headlines:
▪ Opening of the Centre of Excellence in Manufacturing in Kansas (USA) o Commissioning of the first radar for the FAA ▪ 43 VCR 8*8 vehicles delivered in 1H26 exceeding the
41 units
in the entire 2025 ▪ Strategic alliances and collaboration agreements o BAE Systems: MoU to collaborate in advanced simulation technologies (Spanish land vehicle
programmes
) o Rheinmetall: integration of NEMUS AESA radar in the next -
generation armored vehicle o
NATS:
Iqonair
Joint Venture for air traffic control at the world’s busiest airports o
IDV:
strategic agreement for the Marine Infantry Amphibious Combat Vehicle (VACIM) o
Kongsberg
:
agreement
to equip 6 Type 212CD submarines with electronic warfare and radar
systems
▪ Award of radars contract in Congo and the Transport for Washington contract in the US ▪ Divestment of non -
core assets
o Sale of the
Minsait
Business Consulting division
8
Backlog
1
€20,533m
+116.7%
Order Intake
€5,010m
+58.4%
EBITDA Margin
14.
4 % ( €456m +72.0% YoY)
+3.6pp
Operating Margin
2
10.7%
( €340m +40.2% YoY)
+0.8pp
Net Income
€219m
+2.1%
Free Cash Flow 3
Revenues
€3,179m
+
29.7
%
EBIT Margin
9 .9
% ( €316m +51.0% YoY)
+1.3pp
Net Debt
3 €
1,487m
+2,178.1
%
1. Includes
€ 2,722m from Hispasat &
Hisdesat
; 2. EBIT before Other Operating Income & Expenses, including: staff reorganization,
impairments
, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equi ty -
based compensation; 3. Includes prepayments received from the Special Modernization Programs (PEMs) 1H26 Group Financial Results
Headlines
1H26 performance in line with annual
targets
▪ Order intake up +58.4% ▪
Revenues +
30 % with all divisions recording YoY growth,
especially
Defence
and ATM
▪ EBITDA and EBIT increased + 72
% and
+ 51
% YoY respectively ▪ Indra Group’s profitability improved 1.3 pp, reaching an EBIT margin of 9.9%
(10.6% ex
-
TESS)
€ -
1,033
m -
1.3 x
Net Debt/EBITDA LTM
9
Revenues
€1,844m
+43.5%
EBITDA Margin
14.3%
( €263m +87.3% YoY)
+3.4pp
Operating Margin ¹
11.5%
( €211m +55.9% YoY)
+0.9pp
EBIT Margin
10.7%
( €198m +73.4% YoY)
+1.8pp
Net Income
€143m
-
7.9%
Free Cash Flow
€43m
1.
EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity -
based compensation.▪
2Q26 Revenues +43%, mostly driven by triple -
digit growth
in
Defence
▪ EBIT Margin improved to 10.7% (vs 8.9%) 2Q26 Group Financial Results
Headlines
Sales
Growth in 1H26 10
1H26 Revenues
Reported
+ 30%
Local Currency
+ 29%
Organic
+ 16%
1H26 Revenues breakdown by
Geography
International Business covering 42% 338 6 385
3,179
2,450
1H25
Inorganic
FX impact
Organic
1H26
58% 18%
15% 9%
America
Spain
Europe
AMEA
+40%
+20%
-
9%
+48%
Backlog
Revenues
EBIT
1H26 B
reakdown
by
Division
Aerospace
& Defence
71% 28%
1% 12%
6% 52%
Defence
Minsait
ATM
Mobility
Space
Aerospace
& Defence
46% 48%
6% 9%
6% 31%
Defence
Minsait
ATM
Mobility
Space
Aerospace
& Defence
78% 14%
8% 7%
14% 57%
Defence
Minsait
ATM
Mobility
Space
Group
Workforce
Evolution
1 12
Overheads
ATM
Minsait
Defence
Mobility
Revenue LTM/Employee
+30%
vs Jun 25
+21%
vs Dec 25 -
5 % de creased workforce vs 1H25, driven by
Minsait
( -
12%)
Space
1. For illustrative purposes only -
not to scale
46,735
46,564
41,206
6,174
6,782
7,878
847
1,543
1,631
2,795
2,868
2,944
3,141
3,086
3,065
1,470
1,553
1,659
jun-25
dec-25
jun-26
62,396
58,383
61,162
1H26
Performance
by Division
1H26 Results
Indra
Defence
1H26
14▪ Order intake +120%, driven by
Eurofighter, PEMs,
S
imulation
, Air
-
Defence
and Naval Systems ▪ Revenues +103%, supported by PEMs,
Land
S
ystems
, Land Vehicles (TESS VCR 8x8), Eurofighter and Naval
Systems
Backlog
€11,746m
+158.8%
Order Intake
€1,544m
+120.2%
EBITDA Margin
20.9%
( €203m +100.5% YoY) -
0.2pp
Operating Margin
1
17.4%
( €170m +82.4% YoY) -
2.0pp
Book
-
to -
Bill
1.59x
1.46x
in 1H25
Backlog/Revs LTM
Revenues
€973m
+102.6%
EBIT Margin
17.0%
( €166m +82.6% YoY) -
1.9pp
6.52x
4.38x
in 1H25
1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration an d a
cquisition
costs, fines, amortization of intangible assets (PPA from acquisitions) and equity -
based compensation.
15
Revenues
€698m
+155.9%
EBITDA
Margin
19.0%
(
€132m +126.8%
YoY )
-
2.4 pp
Operating
Margin ¹
17.0%
(
€119m +113.4%
YoY )
-
3.4pp
EBIT
Margin
16.6%
(
€116m +114.6%
YoY )
-
3.2pp
1.
EBIT
before
Other
Operating
Income
& Expenses,
including
: staff
reorganization
,
impairments
, capital
gains
,
integration
and
acquisition
costs
, fines,
amortization
of
intangible
assets
(PPA
from
acquisitions
) and
equity
-
based
compensation
.▪
Revenues +156%
backed
by Land
Vehicles (TESS VCR 8x8), Eurofighter &
Radars
▪ EBITDA and EBIT more than doubled in absolute terms YoY
Indra
Defence
2Q26
Indra Space
1H26
16▪ Growth driven by the c
onsolidation
of
Hispasat and
Hisdesat
:
Backlog reached
€2.9bn
Order intake +98% Revenues grew by +398% EBITDA margin of 40.5% vs -
7.8% in
1H25
EBIT margin of 10.6% vs -
10.4% in
1H25
Backlog
1
€2,873m
+1,053.9%
Order Intake
€110m
+97.9%
EBITDA Margin
40.5%
(
€77m; €
-
3m in 1H25)
+48.3pp
Operating Margin
2
11.1%
(
€21m; €
-
4m in 1H25)
+21.3pp
Book
-
to -
Bill
0.58x
1.46x
in 1H25
Backlog/Revs LTM
Revenues
€190m
+398.3%
EBIT Margin
10.6%
(
€20m; €
-
4m in 1H25)
+21.0pp
11.48x
3.71x
in 1H25
1.
Includes
€2,722m
from Hispasat &
Hisdesat
; 2.EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisition s)
and equity
-
based compensation;
17
Revenues
€101m
+403.1%
EBITDA
Margin
42.1%
(
€42m;
€ -
2m in 2Q25)
+49.7pp
Operating
Margin ¹
14.7%
(
€15m ;
€ -
2m in 2Q25)
+24.3pp
EBIT
Margin
14.2%
(
€14m ;
€ -
2m in 2Q25)
+24.1pp
1.
EBIT
before
Other
Operating
Income
& Expenses,
including
: staff
reorganization
,
impairments
, capital
gains
,
integration
and
acquisition
costs
, fines,
amortization
of
intangible
assets
(PPA
from
acquisitions
) and
equity
-
based
compensation
.▪
Revenues +403%
due to
the inorganic
contribution of Hispasat and
Hisdesat
▪ EBIT margin increased
to 14.2%
from
-
9.9% in
2Q25
Indra Space
2Q26
Indra Air Traffic
1H26
▪ Order intake +57%, mainly driven by radar contracts in US (FAA) and in UAE ▪ Revenues grew by +16%,
explained
by:
Radars (US, Azerbaijan and UA E) ATM systems upgrade (
Vietnam)
Canada
iTEC
Radios (Brazil)
18
€1,379m
+37.3%
€628m
+57.0%
15.2%
( €46m +22.0% YoY)
+0.7pp
12.9%
( €39m +24.6% YoY)
+0.8pp
2.10x
1.55x
in 1H25
€300m
+16.2%
12.6%
( €38m +23.7% YoY)
+0.7pp
2.44x
1.93x
in 1H25
Backlog
Order Intake
EBITDA Margin
Operating Margin ¹
Book
-
to -
Bill
Backlog/Revs LTM
Revenues
EBIT Margin
1.
EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac qu
isition
costs, fines, amortization of intangible assets (PPA from acquisitions) and equity -
based compensation;
19
Revenues
€161m
+15.3%
EBITDA
Margin
13.9%
(
€22m +22.7%
YoY )
+0.8pp
Operating
Margin ¹
12.3%
(
€20m +29.6%
YoY )
+1.3pp
EBIT
Margin
11.9%
(
€19m +27.0%
YoY )
+1.1pp
1.
EBIT
before
Other
Operating
Income
& Expenses,
including
: staff
reorganization
,
impairments
, capital
gains
,
integration
and
acquisition
costs
, fines,
amortization
of
intangible
assets
(PPA
from
acquisitions
) and
equity
-
based
compensation
.▪
Revenues +15%
driven
by radar and radio contracts in AMEA and
the US
▪ EBIT margin increased
to 11.9%
from 10.8%
in
2Q25
Indra Air Traffic
2Q26
Indra Mobility
1H26
20▪ Order intake +317%, driven by TFL (UK), railway systems maintenance in Saudi Arabia and TFW (US) ▪
Revenues +2%
boosted by:
Tolling systems (US ) T
raffic
control
(
Chile)
T
icketing
and intelligent transport
systems
(
Spain)
2.6%
( €4m
-
39.1% YoY)
-
1.7pp
3.6%
( €6m
-
38.2% YoY)
-
2.4pp
5.14x
1.25x
in 1H25
1.8%
( €3m
-
51.2% YoY)
-
2.0pp
4.35x
2.74x
in 1H25
€900m
+316.9%
€1,744m
+75.8%
Backlog
Order Intake
EBITDA Margin
Operating Margin ¹
Book
-
to -
Bill
Backlog/Revs LTM
Revenues
EBIT Margin
€175m
+1.8%
1.
EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac qu
isition
costs, fines, amortization of intangible assets (PPA from acquisitions) and equity -
based compensation;
21
Revenues
€95m
+2.3%
EBITDA
Margin
2.7%
( €3m
-
45.8%
YoY )
-
2.4pp
Operating
Margin ¹
3.5%
( €3m
-
4.8%
YoY )
-
0.2pp
EBIT
Margin
2.6%
( €2m
-
22.6%
YoY )
-
0.8pp
1.
EBIT
before
Other
Operating
Income
& Expenses,
including
: staff
reorganization
,
impairments
, capital
gains
,
integration
and
acquisition
costs
, fines,
amortization
of
intangible
assets
(PPA
from
acquisitions
) and
equity
-
based
compensation
.▪
Revenues +2%,
with
double
-
digit growth in America and Spain ▪
EBITDA and EBIT
margins declined to
2.7%
from 5.1% and to
2.6%
from 3.4%
respectively
Indra Mobility
2Q26
Minsait
1H26
22▪ Order intake +2%, mainly driven by Financial Services (+13%) and PPAA &
Healthcare (+11%)
▪ Revenues +3%, with strong performance in PPAA &
Healthcare
(+19%)
▪ Organic revenues growth +5% ▪
EBIT margin
of 5.8% vs 5.7% in 1H25
Backlog
€2,791m
+3.7%
Order Intake
€1,827m
+2.1%
EBITDA Margin
8.1%
( €124m +4.1% YoY)
+0.2pp
Operating Margin ¹
6.9%
(
€106m
-
7.7% YoY)
-
0.8pp
Book
-
to -
Bill
1.19x
1.19x
in 1H25
Backlog/Revs LTM
Revenues
€1,541m
+2.6%
EBIT Margin
5.8%
( €89m +4.4% YoY)
+0.1pp
0.88x
0.90x
in 1H25
1.
EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac qu
isition
costs, fines, amortization of intangible assets (PPA from acquisitions) and equity -
based compensation;
23
Revenues
€789m
+3.9%
EBITDA
Margin
8.0%
(
€63m +4.3%
YoY )
+0.0pp
Operating
Margin ¹
6.9%
(
€55m
-
13.2%
YoY )
-
1.4pp
EBIT
Margin
5.8%
(
€46m +5.1%
YoY )
+0.0pp
1.
EBIT
before
Other
Operating
Income
& Expenses,
including
: staff
reorganization
,
impairments
, capital
gains
,
integration
and
acquisition
costs
, fines,
amortization
of
intangible
assets
(PPA
from
acquisitions
) and
equity
-
based
compensation
.▪ Revenues +4% driven mainly by double -
digit
growth in PPAA &
Healthcare
▪
Organic revenues
growth +8%
▪ EBIT margin remained
stable YoY
Minsait
2Q26
1H26
Results
Miguel Forteza
CHIEF
FINANCIAL
OFFICER
1H26 Financial
Highlights
1H26
FCF
Generation
25 Quarterly reported cumulative FCF ( €m)
FY25
€364m
1Q 1H 9M FY
1H26
FCF
comparable
Factoring
effect
PEM Net
Prepayment
Comparable FCF ( €m) FCF
reported
1Q 1H
€1,4
44 m
€1,487m
1
,659
1,487
-
187 15
77 65
57 364
-
40 15
Net Working Capital
Evolution
26 Net Working Capital ST+LT
(DoS)
Inventory
Accounts
Receivable
Accounts
Payable
Jun 25
Jun 26
Dec 25
-
40 -
55 -
142 116
114 114
-
70 -
76 -
82 6
-
16 -
110
1H26
Net Debt bridge 27 Free Cash Flow
€1,487m
2025
Net Debt
Operating
Cash Flow
Net
Working
Capital
Capex
Taxes
Net
interest
Financial
Investments,
FX Impact,
Non -
CF Items
and Others
1H26
Net Debt
Other
Financial
Liabilities
Variation
( €m)
583 -
1,304
45 20
-
1,033
-
444 183
12 -
129
210 47
93 4
-
1,033
Net Debt/EBITDA
Evolution
28
1. Non
-
recourse factoring; 2. EBITDA LTM excluding IFRS 16, extraordinary items related to employee restructuring plans
Net Debt
( €m)
(187)
(187)
(187)
(187)
(0)
Factoring
1
0.6x
Jun -
22
0.1x
Jun -
23
0.2x
Jun -
24 -
1.3x
Jun -
25
Net debt
Net debt /
EBITDA LTM
2
0.0x
Jun -
26
Diversified
Debt Structure
29
1. Includes
€385m EIB Facility with defined use of proceeds *The gross debt of Hispasat amounted €119m and cash from Hispasat &
Hisdesat
amounted
€191m
Gross and Net Debt Structure Gross Debt Maturity Profile Other available credit facilities:
€ 949
1 m
Average
life
(
years
) 3.8
3.1
FY25
1H26
Corporate Bonds
R&D Loans
Bank Loans
( €m)
1H26
% total
FY25
% total
L/T
Debt
1,292
89%
1,197
76% S/T
Debt
167 11%
386 24%
Gross
Debt
1,459
100%
1,583
100%
Cost
of
Gross
Debt
3.0%
3.1%
Cash &
Others
before
transfer to held for sale
2,474
n.m.
976 n.m
.
Cash &
Others
after
transfer
to held for sale
2,492
1,000
Net
Debt
-
1,033
n.m .
583 n.m
.
Net Debt
2026
2027
2028
2029 and beyond
€104m
€86m
€79m
€1,190m
1,375
23 61
Gross Debt
Cash & Cash
Equivalents
Net Debt
€1,459m
€2,492m
€ -
1,033m
Net
Debt
30 Robust financial performance Highly competitive product portfolio sold across markets (e.g., radars, EW) Pool of highly qualified
professionals
Capture the sovereignty opportunity Scale Artificial Intelligence standalone and embedded in our
current businesses
Orchestrating the Spanish defence industry and cooperate in Europe Capture synergies across markets Building on a solid
foundation…
… to unlock a future rich in opportunities
July 23
rd
, 2026
1H26 Results
Q&A
Tech for
the future
Investor
Relations
irindra@indra.es
Avenida de Bruselas, 35