Results in fiscal year 2025
Revenues increased by 13%, totaling €5.457 billion in 2025
Indra Group sets financial guidances at least 17% higher than those foreseen in its Strategic Plan for 2026
Indra Group announces the payment of a €0.30 dividend per share (more than 20% above the dividend in 2024) charged to the earnings posted in 2025
The results and the increase in the order intake confirm Indra Group’s industrial strength and its capacity to tackle and execute the major defence modernization programs
MADRID–(BUSINESS WIRE)–Indra Group (MAD:IDR):
• The fourth-quarter order intake in 2025 totaled €8.329 billion, raising the full-year backlog to €16.083 billion (122% more than in 2024). The Defence backlog stood at €11.336 billion, far exceeding the target of more than €10 billion set for 2026.
• Revenues increased by 13% in 2025 with respect to 2024, with double-digit year-on-year rises in Defence, ATM and Mobility Revenues recorded a 28% year-on-year rise in the final quarter of the year
• EBITDA and EBIT recorded respective 17% and 18% year-on-year increases, while Indra Group’s profitability improved by half a percentage point, with the EBIT margin standing at 9.5% in 2025. The EBIT margin in the fourth quarter stood at 10.8%.
• The net result totaled €436 M, a figure 57% higher than in 2024, while the cash generation (FCF) stood at €364 in 2025, set against €328 M in 2024.
• R&D and innovation investment reached €472 million in fiscal year 2025.
• The company sets itself financial guidances for 2026 that are at least 17% higher than those laid down in the 2024-2026 Strategic Plan: over €7 billion in revenues in local currency, an EBIT greater than €700 M and a free cash flow amounting to over €375 M.
• Indra Group announces the payment of a €0.30 dividend per share (more than 20% above the dividend in 2024) charged to the earnings posted in 2025, payable on July 9, 2026.
• In December, the completion of the acquisition of an 89.68% stake in the share capital of Hispasat, S.A. was formalized and the sale of the Business Process Outsourcing (BPO) unit was announced.
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Ángel Escribano, Indra Group’s executive chairman, emphasized that “this year’s results forcefully confirm the industrial strength that we’re building. Indra Group is currently a company fully prepared to lead the major defence programs that Spain and Europe need, with technological, industrial, and talent-related capabilities that are unique in our country. This year we’ve taken decisive steps to consolidate our own industrial ecosystem with the creation of Indramind, Indra Land Vehicles, Indra Space, and Indra Weapons & Ammunitions, enhancing our standing as a player integral to the defence and security of the 21st century. We’ve been able to anticipate, expand our industrial footprint, and mobilize the national technological ecosystem so as to address a historic moment for our strategic autonomy with guarantees. These results not only prove this, they will drive us to continue accelerating our scale in the domestic and global markets”.
As for Indra Group CEO José Vicente de los Mozos, he recalled that “we’ve completed the Leading the Future Strategic Plan a year ahead of schedule, and we’ve done so by easily exceeding all of the goals we set ourselves. Our performance in 2025 reflects a stronger and more profitable company, with an execution capacity that enables us to look towards 2026 with truly exceptional expectations. We’re growing across all of the business lines, expanding our global scale, and reinforcing an industrial project that positions Indra Group at the forefront of Defence, ATM, Mobility and Information Technologies throughout Europe”.
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Main Figures |
FY25 |
FY24 |
Variation (%) Reported / Local currency |
4Q25 (€m) |
4Q24 (€m) |
Variation (%) Reported / Local currency |
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| Backlog |
16.083 |
7.245 |
122.0 / 123.3 |
16.083 |
7.245 |
122.0 / 123.3 |
|
| Net Order Intake |
12.778 |
5.356 |
138.6 / 140.2 |
8.329 |
1.654 |
403.5 / 404.4 |
|
| Revenues |
5.457 |
4.843 |
12.7 / 14.2 |
1.845 |
1.443 |
27.9 / 28.8 |
|
| EBITDA |
636 |
545 |
16.7 |
231 |
176 |
31.4 |
|
| EBITDA Margin % |
11,7% |
11,3% |
0,4 pp |
12,5% |
12,2% |
0,3 pp |
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| Operating Margin |
591 |
512 |
15,4 |
221 |
178 |
24,0 |
|
| Operating Margin % |
10,8% |
10,6% |
0,2 pp |
12,0% |
12,4% |
(0,4) pp |
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| EBIT |
517 |
438 |
18.0 |
199 |
148 |
34.6 |
|
| EBIT margin % |
9,5% |
9,0% |
0,5 pp |
10,8% |
10,2% |
0,6 pp |
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| Net Profit |
436 |
278 |
57,0 |
145 |
93 |
55,3 |
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| Basic EPS (€) |
2,48 |
1,58 |
57,0 |
N/A |
N/A |
N/A |
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| Free Cash Flow |
364 |
328 |
11,0 |
307 |
234 |
N/A |
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| Net Debt Position |
583 |
(86) |
670 €m |
583 |
(86) |
670 €m |
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Acquisitions contributed €321 M to sales in 2025 vs. €52 M in 2024. The acquisitions of Totalnet and MQA contributed inorganically to Minsait, GTA, Deimos, CLUE, TESS Defence and AERTEC contributed to Defence, and Micronav and Global ATS contributed to ATM. |
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Main features
The backlog in 2025 reached €16.083 billion, including €6.79 billion from the Special Modernization Programs (SMPs) and €1.429 billion from the consolidation of TESS Defence. Excluding these two effects, the backlog would have grown by 9% vs. 2024, driven by strong double‑digit increases in ATM (over +23%), as well as solid growth in Minsait (+9%), Mobility (+6%) and Defence (+5%). The backlog‑to‑sales ratio for the last twelve months stood at 2.95x, compared with 1.50x a year earlier.
Revenues in 2025 rose by 13%, with all of the divisions displaying considerable growth: Defence 23%, ATM 23%, Mobility 10%, and Minsait 5%. Revenues also rose in all of the divisions in the fourth quarter of 2025: Defence 79%, Mobility 32%, Minsait 10%, and ATM 2%.
- Defence (+36%): Revenues reached €1.407 billion, driven by strong growth in Spain, AMEA and Europe, supported by Ground Vehicles (including TESS and the radars in Vietnam), the Special Modernization Programs, Eurofighter, Space (Galileo and Deimos) and Weapons and Ammunitions (Meteor).
- ATM (+12%): Air Traffic revenues totaled €523 million, with solid double‑digit growth led by the Americas (radio contract in the U.S. and Canada iTEC) and Europe (UK radar contract)
- Mobility (+10%): Revenues amounted to €398 million, with notable progress in AMEA (Philippines tolls, Saudi railway), Europe (Ireland ticketing) and Spain (ticketing and ITS). Growth accelerated to 32% in the fourth quarter, boosted by a 69% increase in the Americas thanks to contracts for Lima Airport (Peru) and U.S. tolling.
- Minsait (+5%): Revenues reached €3.129 billion, with strong performance in civil‑sector business lines, particularly Public Administrations & Healthcare (+12%), Financial Services (+4%) and Energy & Industry (+2%).
Organic revenues in 2025 (excluding the inorganic contribution of acquisitions and the exchange rate effect) rose by 9%, with solid growth in all of the divisions: Defence 17%, ATM 9%, Mobility 8%, and Minsait 6%.
The net order intake in 2025 increased by 139% (10% excluding the SMPs and TESS), with significant growth in all of the businesses, particularly Defence, mainly due to the Air and Space Defence Systems, Ground Vehicles, Ground Systems, FCAS project, Weapons and Ammunitions and Eurofighter project segments. The order intakes also increased in ATM, due to the contribution of the radio renewal contract in the United States, the air navigation radars in the United Kingdom, and the business in Spain, and Mobility, thanks to the railway maintenance contracts in Chile, the urban traffic management in Ireland and the toll project in Colombia. The book-to-bill order intake ratio with respect to sales stood at 2.34x vs. 1.11x in 2024.
The EBITDA Margin in 2025 stood at 11.7% vs. 11.3% in 2024, with 17% EBITDA growth in absolute terms. This improvement mainly reflects higher revenue increases across all divisions, particularly Defence and ATM. Excluding the impacts of TESS and the exceptional clean‑up of an iNM project in Central Europe, the 2025 EBITDA Margin would have been 12.2%. In the fourth quarter of 2025, the EBITDA Margin reached 12.5% (or 14.3% excluding those impacts), and EBITDA grew 31% in absolute terms.
The Net Profit in 2025 stood at €436 M compared to €278 M in 2024, constituting 57% growth, mainly as a result of the operational improvement and the one-off impact on the financial results stemming from the increase in the valuation of the stake in TESS, among other factors.
The Free Cash Flow in 2025 stood at €364 M compared to €328 M in 2024. In the fourth quarter of the year, the cash generation stood at €307 M vs. €234 M in the same period of the previous year.
The Net Debt stood at €583 M in December 2025, set against the positive Net Cash position totaling €86 M in December 2024. The Net Debt/LTM EBITDA ratio (excluding the IFRS 16 impact) stood at 1.0x (affected by the payment of Hispasat+Hisdesat, which did not contribute to the EBITDA) in December 2025, set against the figure of 0.2x recorded in December 2024.
The 2025 goals were comfortably surpassed, with revenue in local currency at €5.53bn (+6% vs. >€5.2bn), EBIT at €517m (+6% vs. >€490m), and free cash flow excluding TESS and Hispasat+Hisdesat at €319m (+6% vs. >€300m).
Contacts
Communication Contact
Cristina García Sánchez
[email protected]
