Indra Sistemas (IDR) Investor presentation summary

Strategic vision and market environment

• Aims to be a leading Spanish multinational in Defence, Aerospace, and Advanced Digital Technologies, with a focus on global expansion and technological leadership.

• Seven strategic lines include focus on Defence & Aerospace, creation of a Space NewCo, Minsait autonomy, international expansion, portfolio rotation, increased R&D, and talent acquisition.

• Defence market expected to grow 4-5% CAGR globally and 11-12% CAGR in Spain through 2030; digital tech market to grow 15-20% CAGR.

• Significant investments in R&D (€3.1B until 2030) and industrial footprint expansion, including new facilities and increased hiring.

• ESG leadership recognized by top global indexes, with strong climate and talent commitments.

Financial performance and projections

• 2024 revenues reached €4.8B, EBITDA €545M (11.3% margin), and EBIT €438M (9.0% margin).

• 9M25 results: revenues €4,449M (+20.2%), EBITDA margin 11.2%, net income €291M (+57.9%), and net debt €114M (0.2x EBITDA).

• 2026 targets: revenues >€6B, EBITDA >€750M (>12% margin), EBIT >€600M (10% margin), and cumulative FCF €0.9B for 2024-2026.

• 2030 ambition: €10B revenues, >14% EBITDA margin, and >€3B cumulative FCF for 2024-2030.

• Capital allocation prioritizes Defence & Aerospace M&A, technology investment, and maintaining low leverage (net debt/EBITDA ~1.0x).

Business segment highlights

• Defence: 2024 revenues €1,031M (+26.2%), 9M25 backlog €4,745M (+59.5%), and EBIT margin 17.0%.

• Air Traffic Management: 2024 revenues €468M (+29.6%), 9M25 order intake €1,137M (+35.4%), and EBIT margin 12.4%.

• Minsait: 2024 revenues €2,982M (+6.6%), 9M25 backlog €2,654M (+14.7%), and EBIT margin 6.0%.

• Mobility: 2024 revenues €362M, 9M25 backlog €976M (+5.9%), and EBIT margin 3.7%.

• Space: Creation of Indra Space NewCo, integrating Hispasat and Hisdesat, targeting €1B+ revenue by 2030.