Indra Sistemas (IDR) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with revenues of €4.843 billion, up 11.5–12% year-over-year, driven by strong growth in Defence, Air Traffic Management, and digital expansion, and supported by major acquisitions and international expansion.

• EBITDA margin improved to 11.3%, EBIT margin to 9%, and net income rose 34.9–35% to €278 million, exceeding key objectives and accelerating international growth.

• Workforce grew by over 2,500 technology jobs in 2024, with a 14% increase in aerospace and defense and a total headcount of 60,633.

• The "Leading the Future" plan exceeded targets, with a focus on manufacturing autonomy, proprietary products, and a multi-domain approach (land, air, naval, cyber, space).

• Dividend of €0.25 per share proposed, payable July 10, 2025.

Financial highlights

• Revenues reached €4,843 million (+11.5–12% YoY); EBITDA €545 million (+22.2% YoY, margin 11.3%); EBIT €438 million (+26.3% YoY, margin 9.0%).

• Net income was €278 million (+34.9–35% YoY); free cash flow €328 million (+5% YoY), surpassing guidance by €68 million.

• Net cash position at €86 million at year-end, improved from €107 million net debt in 2023; net debt/EBITDA at -0.2x.

• Order backlog grew by 7% to €7,245 million; order intake increased by 16.9–17% year-over-year.

• Basic EPS rose 35% to €1.58.

Outlook and guidance

• 2025 guidance: revenues expected to exceed €5.2 billion, EBIT to surpass €490 million, and free cash flow to be over €300 million, excluding new acquisitions.

• Ambition to reach €10 billion in revenue by 2030, with the possibility of achieving this two years ahead of schedule.

• 2026 ambition: revenue €6 billion, EBITDA >12%, EBIT 10%, cumulative FCF €0.9 billion for 2024–2026.