Indra Sistemas SA

Latest Results (11.01.2026):

Indra Sistemas SA — second quarter of 2025 (Q2 2025) / First half 2025 results: Indra reported stronger top-line and operating performance in 1H25 with continued acceleration in Q2. Revenues rose 6% in 1H25 (8.4% YoY in 2Q25), EBITDA and EBIT increased 15% and 17% respectively for the half, net profit jumped to €215m (+88% YoY) partly driven by a one‑off €100m valuation gain on TESS, and the company closed the period with very low net debt (~€4m). The group reiterated its 2025 targets.

Revenue and growth

Revenues: €2,449.8m in 1H25 (+6% YoY); Q2 revenues accelerated +8.4% YoY. Organic revenue growth (ex‑acquisitions and FX) was +5% in 1H25, with double‑digit growth in ATM (+25%) and Defense (+16%).

Profitability

Operating performance improved: 1H25 EBITDA margin 10.8% (EBITDA +15%), EBIT margin 8.6% (+17% in absolute terms). Q225 EBIT margin rose to 8.9% (vs 7.5% in Q2 2024).

Net profit and one‑offs

Net profit for 1H25 was €215m (+88% vs 1H24). The result includes an extraordinary ~€100m financial gain from the revaluation of Indra's stake in TESS; excluding that, financial result would have been negative and net profit growth would be smaller.

Cash flow and balance sheet

Free cash flow for 1H25 was €65m (versus €69m in 1H24). Net debt at June 2025 was effectively nil (~€4m), down from net cash of €86m at Dec‑24 when adjusting for acquisitions; Net Debt/EBITDA LTM ~0.0x.

Orders, backlog and book‑to‑bill

Order intake rose 18% in 1H25; backlog reached €9,474m including €1,449m from TESS. Excluding TESS, backlog grew ~12% YoY and backlog/Revenues LTM was 1.61x (ex‑TESS). Book‑to‑bill improved to 1.29x (vs 1.16x a year earlier).

Divisional highlights

Defense and ATM drove margin and growth: Defense revenues +16% (EBITDA margin ~19%); ATM revenues +25% (1H EBITDA margin ~14.5%); Minsait grew modestly (+2%) with improving margins; Mobility was broadly stable.

M&A and corporate actions

Strategic moves: completed acquisition to hold 51.01% of TESS Defense (additional 26.34%) in June and acquired 37% of SPARC (chip startup). Acquisitions contributed €72m of 1H25 sales vs €9m in 1H24 and increased working‑capital and goodwill.

Outlook and guidance

Indra reiterated its 2025 targets (ex‑TESS/Hispasat): revenues >€5,200m, reported EBIT >€490m and reported Free Cash Flow >€300m. Management emphasizes industrial deployment in defense/space and continued execution of the strategic plan.