Indra earns 88% in the first half of the year compared to the same period of the preceding year. The net result in the 1S25 stood at € 215 m € 114 m in the 1S24, which meant a growth of +88%, as a consequence of the operational improvement, and due to the punctual impact on the financial results derived from the increase in the assessment of participation in Tess.
The portfolio in the 1S25 reached € 9,474 m, of which € 1,449 m correspond to the consolidation of Tess Defense. Excluding this impact, the portfolio would have increased +12% vs. 1S24, driven by double digit growths recorded in all divisions. The portfolio ratio on sales of the last twelve months stood at 1.61x (excluding Tess) vs 1.54x in the same period of the previous year.
Net hiring in 1S25 increased +18%, With strong growth in all businesses, highlighting defense, mainly for the Eurofighter project and radar contracts in Germany and Oman; Mobility, thanks to the contracts of Ireland and Colombia, and ATM, mainly for the contribution of the United Kingdom air navigation radars and for the business in Spain. The Book-To-Bill Rat of Sales Hiring stood at 1.29x vs 1.16x in 1s24.
Income in the 1S25 grew +6%, with all divisions presenting growth (atm +25%, defense +16%and minsait +2%), except mobility, which remained stable. In 2T25, income also rose in all divisions (ATM +55%; Defense +15%and Minsait +2%), less in mobility, which remained stable ( +0%). The exchange rate reduced income € 43 m to the 1S25 (-1.9pp), mainly due to the depreciation of the dollar against the euro and its impact on the currencies of Brazil and Mexico.
Organic income in the 1S25 (excluding the inorganic contribution of acquisitions and the effect of the exchange rate) increased +5%, with growth in ATM +22%; Defense +11% and Minsait +2%. The Ebitda margin in the 1S25 stood at 10.8% vs 10.0% in the 1s24, with an absolute growth of +15%. This improvement is mainly explained by the highest increase in income recorded in divisions with greater operational profitability, defense and ATM, as well as the improvement of profitability in defense, mobility and minsait. In 2T25, the Ebitda margin improved up to 10.9% vs. 9.6% in 2T24 and presented a 24% growth in absolute terms.
The operational margin in 1S25 was 9.9% vs 9.1% in 1s24, COn a growth in absolute terms of +16%. Other income and operational expenses (difference between operational margin and EBIT) in the 1S25 amounted to -33 m € vs -31 m € in the 1s24, with the following breakdown: restructuring costs of the template of -20 m € vs -17 m €, impact of the PPA (Purchase Price Allocation) in the amortization of the intangibles of the intangibles of -8 m € provision for remuneration compensation in actions of the medium incentive
term of -6 m €, same figure as in 1s24.
The EBIT margin in the 1S25 stood at 8.6% vs 7.8% in 1s24, presenting a growth in absolute terms of +17%. In 2T25, the margin improved up to 8.9% vs 7.5%, growing +28% in absolute terms.
Angel Escribano, Executive President of Indra Groupstressed that “the results of the first semester of 2025 are a reflection of how the company is taking advantage of business opportunities, accelerating projects and growing in ambition. In addition, they are accounts that allow us to advance and boost the Spanish industrial ecosystem in the sector
of defense, space and innovation. Business strength allows Indra Group to position themselves at a time
complex and changing that requires adapting and gaining in capabilities to develop their own safety solutions,
Defense and space ”.
For its part, José Vicente de los Mozos, CEO of Indra Grouphe stated that “achieved the equator of our strategic plan, we reaffirm ourselves in our commitment to overcoming all the objectives that we set by 2026. We accelerate the deployment of our industrial plan with the aim of reducing deadlines and guaranteeing delivery, advancing towards the sovereignty of Spain and Europe. In parallel, we have implanted a new organizational model, which will allow us to accelerate innovation, strengthen our presence in the key and transversalize our technological capacity, at the same time that we strengthen the growth of internal talent. ”
While, The objectives for 2025 remain (Does not include the acquisitions of Tess Defense or Hispasat): Income in local currency: over € 5,200 m, Ebit reported: greater than € 490 m. and free cash flow reported: greater than € 300 m.