Indra Sistemas (IDR) Q1 2026 earnings summary

Executive summary

• Backlog reached €20.3bn (+154% YoY), driven by major contract wins and the consolidation of Hispasat and Hisdesat, with all divisions contributing positively.

• Revenues rose 15% to €1,334m, with double-digit growth in Defence & ATM and all divisions contributing.

• Net income rose by 28.4% to €76m, and free cash flow surged to €1,444m, mainly due to Defence program prepayments.

• EBIT increased 24.2% to €118m, with margin improving to 8.9%.

• Workforce increased by 3% YoY, mainly due to Defence segment expansion.

Financial highlights

• Order intake rose 56% to €2,856m, with growth in all divisions, especially Mobility (+422%) and Space (+87%).

• EBITDA increased 54.7% to €194m, margin up to 14.5%.

• Net debt: -€855m, Net Debt/EBITDA LTM: -1.3x, reflecting strong cash generation.

• Book-to-bill ratios above 1x in most divisions, with Defence at 1.80x and Minsait at 1.47x.

• Basic EPS rose 29% to €0.43.

Outlook and guidance

• 2026 guidance reaffirmed: revenue >€7bn, EBIT >€700m, FCF >€375m (excluding Defence prepayments and assuming constant factoring).

• Strategic plan "Leading the Future Scale-Up" to be presented before October 31st.

• Focus on internationalization, industrial plan execution, and culture of excellence.