Indra Sistemas (IDR) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with revenues of €4.843 billion (+11.5%–12% YoY), EBITDA margin at 11.3%, and net profit of €278 million (+34.9%–35% YoY), exceeding key objectives and accelerating international expansion.

• Strategic plan 'Leading the Future' and major acquisitions (Deimos, Hispasat, Hisdesat, TESS Defence, MQA, Clue, Global ATS, Micronav) strengthened positions in Defence, Space, and digital technologies.

• International expansion prioritized, with significant contract wins in the US, Canada, Middle East, Europe, and new alliances such as the PULSE JV with EDGE in UAE.

• Leadership transition: Ángel Escribano appointed Executive Chairman following Mr. Murtra’s resignation.

• Over 2,500 technology jobs created in 2024, with attrition rates reduced.

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 profit was €278 million (+34.9%–35% YoY); free cash flow €328 million (+5% YoY); net cash position of €86 million at year-end, reversing from €107 million net debt.

• Order backlog grew 7% to €7,245 million; order intake increased 17% to €5,356 million.

• Book-to-bill ratios above 1x in all main segments; backlog/revenue LTM at 1.50x.

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

Outlook and guidance

• 2025 guidance: revenues >€5.2 billion, EBIT >€490 million, free cash flow >€300 million (excluding new acquisitions).

• Strategic plan targets €10 billion revenue by 2030, with ambitions to reach this two years early; 2026 ambition: revenue €6 billion, EBITDA >12%, EBIT 10%, cumulative FCF €0.9 billion for 2024–2026.