Indra Sistemas (IDR) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results, exceeding all guidance targets for revenue, EBIT, and cash flow, with revenues up 13% to €5,457m and net profit rising 57% to €436m, driven by strong growth in Defense and technology segments.

• Order intake reached €12.78bn, more than doubling the prior year, and backlog surpassed €16bn, driven by Defense, international contracts, and major modernization programs.

• Strategic investments in industrial capacity, M&A (over €950m in acquisitions), and R&D positioned the group as a European leader in aerospace, defense, and technology.

• International expansion accelerated with major contracts in the UK, US, Saudi Arabia, Germany, and across five continents.

• Market capitalization tripled to approximately €7bn, creating €3bn in shareholder value.

Financial highlights

• Revenues for 2025 were €5,457m, up 12.7% year-over-year and 5% above guidance.

• EBIT reached €517m (+18% YoY), margin 9.5% (+0.5pp), and EBITDA was €636m (+16.7%), margin 11.7%.

• Net profit increased 57% to €436m; free cash flow was €364m (+11% YoY), both above guidance.

• Net debt closed at €583m, mainly due to acquisitions, with net debt/EBITDA at 1.0x.

• Dividend payout per share increased to €0.30 (+20% vs 2024), payable July 2026.

Outlook and guidance

• 2026 guidance: revenues over €7bn, EBIT above €700m, and free cash flow over €375m, all exceeding previous strategic plan by at least 17%.

• Strategic plan targets €10bn revenue before 2030, brought forward from previous projections.

• Continued focus on scaling up, international growth, industrial expansion, and technological leadership, especially in AI and cybersecurity.