Indra Sistemas (IDR) Investor presentation summary

Vision and strategic direction

• Aims to be a leading Spanish multinational in Defence, Aerospace, and Advanced Digital Technologies, with a strong focus on international expansion and digital transformation.

• Strategic plan emphasizes growth in Defence, Space, Air Traffic Management, Mobility, and digital services (Minsait), leveraging AI and R&D.

• Pursues aggressive M&A, especially in Defence & Aerospace, and divests non-core units to focus on high-value digital solutions.

• ESG leadership recognized by top global indexes, with net-zero targets by 2040 and strong talent development.

Financial performance and projections

• 2025 revenues projected at €5.5bn, EBITDA €636m (11.7% margin), and EBIT €517m (9.5% margin).

• 2026 guidance updated to >€7bn revenues, >€700m EBIT, and >€900m cumulative FCF for 2024-2026.

• 1Q26 results: revenues €1.33bn (+15% YoY), EBITDA margin 14.5%, EBIT margin 8.9%, FCF €1.44bn, and backlog €20.3bn (+154%).

• Net debt reduced to -€855m, with a net debt/EBITDA ratio of -1.3x.

Business segment highlights

• Defence: 2025 revenues €1.4bn (+36%), EBITDA margin 18.4%, strong order intake and backlog growth.

• Space: Major boost from Hispasat and Hisdesat consolidation, 1Q26 revenues up +393%, EBITDA margin 38.8%.

• Air Traffic: 2025 revenues €523m (+12%), 1Q26 order intake +47%, EBITDA margin 16.8%.

• Mobility: 2025 revenues €398m (+10%), 1Q26 order intake +422%, but lower margins.

• Minsait: 2025 revenues €3.1bn (+5%), 1Q26 EBIT margin 5.8%, focus on high-value digital services.