Indra Sistemas (IDR) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results, exceeding all guidance targets for revenue, EBIT, and cash flow, with strong growth in defense and technology segments and major transformation initiatives including new business units and over €950m in acquisitions.

• Order intake reached €12.78bn, more than doubling the prior year, and backlog surpassed €16bn, driven by Defense, international contracts, and Spain's Special Modernization Programs.

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

• Major international expansion with significant contracts in the UK, US, Saudi Arabia, Germany, and across five continents.

• Launched IndraMind AI platform, Indra Ventures fund, and new Indra Space unit.

Financial highlights

• Revenues for 2025 were €5,457m, up 12.7% YoY 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 at year-end was €583m, mainly due to acquisitions, with net debt/EBITDA at 1.0x.

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

Outlook and guidance

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

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

• Continued focus on scaling up industrial footprint, international expansion, and technology leadership.