Indra Sistemas, S.a. Class A · BME:IDR
Indra Sistemas, S.a. Class A — Indra Sistemas Sa Ord — Q2 2026 Earnings Presentation
61 slides from Indra Sistemas, S.a. Class A's earnings presentation, Jul 23, 2026
Slide 1: Investors Presentation
= INDRA GROUP Investors Presentation Leading the Future jay 2026
Slide 2: Overview / Strategic Plan / Financial Projections / Annex
= INDRA GROUP O1 OVERVIEW O2 STRATEGIC PLAN LEADING THE FUTURE OS FINANCIAL PROJECTIONS O4 ANNEX 1026 RESULTS
Slide 3: Disclaimer
= INDRA GROUP This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice
Slide 4: Overview
=< INDRA GROUP Overview
Slide 5: Indra's Vision and Main 2025 Figures
Indra's Vision and Main 2025 Figures Become the Spanish multinational of reference in Defence & Aerospace and Advanced Digital Technologies Defence & Space % of Total EBIT Air Traffic Management Sales Revenues 2025 EBITDA 2025 EBIT 2025 >140 ~62,000 €472m €5.5Bn €636m €517m Countries Employees In R&
Slide 6: Breakdown by Geography and Division
Breakdown by Geography and Division FY25 Revenues breakdown by FY25 EBITDA breakdown by Geography Division AMEA ili 0% Mobility Air Traffic Europe (ey +9% Spain Minsait +17% America +5% International Business covering 47% Defence, ATM and Mobility EBITDA account for 56% of total = INDRA 6 GROUP. Def
Slide 7: Main Figures by Division
Main Figures by Division 2025 2024 Defence (€m) (€m) Backlog 11,336 2,972 Net Order Intake 8,160 1,053 Revenues 1,407 1,031 EBITDA 258 207 EBITDA Margin % 18.4% 20.0% Operating Margin 240 191 Operating Margin % 17.1% 18.5% EBIT 232 186 EBIT margin % 16.5% 18.0% Book-to-bill 5.80 1.02 Backlog / Revs
Slide 8: Key Workforce Figures
Key Worforce Figures Employees by Region 2025 40.000 37,405 20.000 57% 19,002 15.000 10.000 33% 5.000 3,837 2152 ) S% Spain America Europe AMEA = INDRA GROUP. Employees by Division 2025 60,633 62,396 1,264 Overheads 1.553 P2725 oy ATM Minsait 47,753 dec-24 dec-25
Slide 9: Main Shareholders
Main Shareholders 28,00% Sociedad Estatal de Participaciones Industriales S.E.P.1 50,75% Others 7,94% SAPA © 7,24% Amber Capital © 5,01% Millennium T.Rowe Price 1,06% (*) Board of Directors representation CNMV data. Identified shareholders with a position in excess of 3% Figures updated as of 26/05/
Slide 10: Significant Achievements in our ESG Strategy
Significant Achievements in our ESG Strategy Relevant presence in the main ESG indexes S&P Dow Jones LEA indices ADivision of SEP Global TOP 5% N°1 industry leader S&P Global CSA Score 2021, 2022 & 2023. Sustainability Award Gold Class 2022. N°3 in 2024 and 2025. MSCI ° ESG Rating A High performance
Slide 11: Main Figures 2017-2025
Main Figures 2017-2025 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 =FY25 Backlog (€m) 3,612 4,065 451 5,229 5,459 6,309 6,776 7,245 16,083 Order Intake (€m) 3,248 3,437 3,686 3,858 3714 4,778 4,583 5,356 12,778 Revenues (€m) 3,011 3,104 3,204 3,043 3,390 3,851 4,343 4,843 5,457 EBITDA (€m) 266 293 343 2
Slide 12: Strategic Plan Leading The Future
GROUP Strategic Plan Leading The Future
Slide 13: 2030 Vision | A&D global Group leveraging Advanced Digital Technologies
2030 Vision | A&D global Group leveraging Advanced Digital Technol Indra Land Vehicles Progress in VCR & VAC! (TESS Indra Electronic Defence Cutting-edge portfolio including Radar, Sensors, Indra Weapons & ' Ammunition Enhancing our competitive position through UAVs, Military Space Key provider of s
Slide 14: Successfully implementing the strategic lines of the Strategic Plan
We are successfully implementing the strategic lines of the Strategic Plan Leading the Future: Focus 1. Aerospace & Defence 2. Space NewCo 3. Technology =< MINSAIT | = IndramMind Space Defence Industrial Plan Tech Operations Cross-Group strategic lines 4. Strengthen presence in new 'home markets' §.
Slide 15: Indra Group continues its roadmap to become a leading player in Europe
Indra Group continues its roadmap to become a leading player in Europe Spain Spain Defense Investment 2025 (€bn) Investment in Special Modernization Programs (€bnj! Special Modernization Programs awarded to Indra Group’? (€bn) SS c. $3.0 wd ad c. 24.8 4 =< INDRA GROUP c. 135.8 in Defense and Securit
Slide 16: Indra Group Defence Vision Main Programmes
1. Indra Group Defence Vision 8 Main Programmes from 24-26 Strategic Plan PEM FCAS National Coordinator for NGWS programme, & international leader for the Sensors pillar NH-90 Integration of Self-protection & Simulation Systems MKIII (Tiger) Modernization of Tiger helicopters with Mission & Electron
Slide 17: New 2025 PEM programs reinforce Indra's role in Spanish Defence
1. New 2025 PEM programs reinforce Indra pivotal role in the Spanish Defence industry Government-approved!' pre-financing lines Programs contract size New Generation Weapon System (NGWS)?-540 M€ Led by Indra Group Counter-Battery Radars (RADAR - Fl] —25 M€ Classified Cyber Range (CYBER-RANGE) — 58 M
Slide 18: Indra Group Air Traffic Management Vision
2. Indra Group Air Traffic Management Vision Maintain leadership in Air Traffic Management in Europe, Middle East and Latin America Reach the number one position globally by strengthening our core presence in North America and Asia-Pacific Extend the automation technological solution to Middle East,
Slide 19: Expanding European ATM leadership to other regions
2. Indra will expand its European ATM leadership to other regions & market seqments rship consolidation (A) EC alliance, pushing forward new i solutions Europe rveillance system renewal programmes adership to North America and Asia-Pacific/India of acquisitions (e.g. SELEX) and scale-up es & bolt-on
Slide 20: Indra Group Space Vision
3. Indra Group Space Vision Tier-1 European referent with global footprint and leadership in main European programs End-to-end capabilities along the value chain, with increasing focus on MEO/LEO initiatives Dual civil-military offering for satellite secure communications, observation and navigation
Slide 21: Hispasat & Hisdesat acquisition
3. Hispasat & Hisdesat acquisition | Integrated positioning 3 across the value chain to deliver end-to-end Space missions Upstream Downstream (Design, Manufacturing and Space Technology) (Operation & Services) : Satellite ava a ie Launch GEO MEO/LEO Ground | owt | Military : Indra Space NewCo aime I
Slide 22: Indra Group has created Indra Space
3. Indra Group has created Indra Space, its Space unit as committed in 2024 Capital Markets Day Ambition to create a Space Unit with end-to-end > €1,000 m Revenue ambition 2030 months Today Future d pace is a opea pace High growth ompa end-to-end expectations a AN >€375m >45% | |>€400m +50% Revenue
Slide 23: Indra Group Minsait Vision
4. Indra Group Minsait Vision Become one of the main European and Latin American IT Services players Aggressively rebalance portfolio towards most-advanced digital business lines Accelerate expansion into higher-value geographies 23 = INDRA GROUP.
Slide 24: AI advances leveraged to increase productivity and product sophistication
4. Aladvances are being leveraged to increase internal productivity and enhance product sophistication Alin internal productive processes and corporate functions Revenue per employee in SW development >10% Operations Tech Advanced use of Alin software 9 61% development Integration of Alin production
Slide 25: Progress in the evolution of Minsait
4.We have made progress in the evolution of Minsait Cross-functional deployment of digital capabilities to serve all Indra Group Business Units) ¢ Decisive actions in the second half of the year - Divestment of BPO, non-core for Indra Group - Reorganization of sales teams (detailed account plans) -
Slide 26: Advanced software & AI-driven solutions
"Delivering advanced software & Al-driven solutions that empower sophisticated decision-making and ensure reliability of mission-critical : operations" 03 Build a sovereign, advanced Al native platform Develop customer-centric use cases to cover needs from Spanish & European institutions and private
Slide 27: Offering that covers all trends and all domains
4. Offering that covers all trends and all domains in both civil and military fields... Trends in protection solutions Cognitive superiority (intelligence and decision-making) Autonomous operations (action) Cyber resilience All domains wer P T ance P ag Civil domains x Military domains Critical aa @
Slide 28: IndraMind aims to reach €1,000M+ revenue by 2030
4. IndraMind aims to reach €1,000M+ revenue by 2030 to become a leader in Europe 2030 2026-2028 2025 Platform scale-up & commercial boost €700M+ Revenue 2028 €300M+ Revenue Expected growth: 25-30% CAGR»5.30 =INDRA GROUP.
Slide 29: International business reviewed and simplified
5. The international business has been reviewed and simplified, facilitating international expansion Reorganization of priority markets Simplification from 27 to 19 organizational units United Kingdom = -— ay Slreland © Germany ee Norway B itay ® Poland © Brussels & EU Middle East Saudi Arabia Di Me
Slide 30: Ecosystem expansion
6. Ecosystem expansion 2025 M&A activity ( Non-exhaustive Acquisitions 100+ Alliances and agreements ® cc) ° e@ % = hispasat~ (@hiscesa’® parece ies 3 e a ca 3 cue AERTEC =. é e Defence and Aerial ? ® ly sees NATS “Pas @ 9 systems @ ELTGROUP Mw (o) =~ i) ® WAK E" IRTIFICIAL® = ie oe PY: F e ARTS q (
Slide 31: Indra Group continues to strengthen investment in R&D
6. Indra Group continues to strengthen investment in R&D A \ Investment in R&D Priority technologies Collaborating with top-tier partners Cyberdefense 400+ agreements Advanced microelectronics Investment in €472 meyer Gallium Nitride rons design CapExin x ceo |g QUANTUM research and engineering Phot
Slide 32: 4x increase in industrial footprint by 2027
6. 4x increase in Indra Group’s industrial footprint by 2027 x4 industrial footprint > P2024 20252026) 2027 2028+ 35,000 m? 2 Torrején 75,000 m? 2 Torrején 100,000 m? 9 Torrején 140,000+ m? €2 Torrején } Guarnicioneros } Guarnicioneros ©} Guarnicioneros 2) Guarnicioneros @) Aranjuez @ Systems and Pr
Slide 33: Transformed industrial DNA to secure deliveries from 2026
6. Indra Group has transformed its industrial DNA in 2025 to secure deliveries from 2026 onwards (1@] Expansion al : , 2. Tiering of the supply mrieteotorint iz29| Increase in production RP apain Vv Vv Vv x4 x2.5 450 industrial production 2026 vs. 2024 Suppliers Tier 1 strategic footprint of Indra *
Slide 34: Standardization and industrialization of products
6. We are making progress in the standardization and industrialization of our products Capital Markets 2024: "Focus on 6 technology categories to develop 11 integrated solutions" Detection Analysis > Decision-making 4 Electro-optics Command, Control, Computing and Intelligence (C3i) [[Pommunications
Slide 35: Tiering of the supply chain
6. Indra Group has worked on tiering its supply chain Supply chain driving role Cost reduction Cost savings in 7 38 % Defense procurement from Spanish procurement of key products (°) suppliers >10% 0 Increase in procurement spend volume vs. » + 70 % 2024, increasing +80% the average contracting per
Slide 36: Revenue and EBITDA per employee increased
7. Indra is a reference in talent and we have increased both revenue and EBITDA per employee Revenue per employee (€k) 1674 75 80 2023 2024 EBITDA/employee a) 9.0 (€k) . (416% vs '23) # Employees (k) 57.8 60.6 87 2025 10.2 (413% vs '24) 62.4 Indra Group is a reference in high-value talent * >2,400 j
Slide 37: Financial projections
=< INDRA GROUP Financial projections
Slide 38: Leading The Future
Leading The Future Revenues EBITDA EBIT FCF =<INDRA GROUP Ge Lead 'S1-'35 Focus Scale-up am —'24-'26 '27-'30 2023 2026 2030 ang) €6B €10B 10.3% >12% >14% 8.0% 10% 12% Organic + Inorganic > cumulative '24-'26 cumulative '27~30 a 24-'30 38
Slide 39: Consistently exceeded targets since 2023
Indra Group has consistently exceeded its targets since 2023 Starting point Strategic Plan Leading the Future: Focus 2023 2024 2025 2026 Result Guidance Result Guidance! Result? LtF Target® Revenue v Y (em) 4,343 4,650 4,843 | 5,200 5,457 | >6,000 EBIT 347 400 438-v; 490 517 v >600 (€m) (8.0%) (8.6%
Slide 40: Increasing our ambition for the 2026 Guidance
We are increasing our ambition for the 2026 Guidance Revenues (€m) EBIT (€m) FCF (€m) Cumulative 2024-2026 +17% > 7,000 2026 Guidance 2025 2026 2026 2026 2026 2026 2026 Guidance Strategic Guidance Guidance Strategic Guidance Guidance Guidance Plan Leading the Updated! Plan Leading the Updated? Strat
Slide 41: Capital Allocation Priorities
Capital Allocation Priorities GI Allocate >75% of acquisitions spend on Defence & Aerospace Focus of M&A targets in Spain, Western Europe, Middle East & North America M&A Acceleration ' . . . M&A transactions will be aligned with strategy and growth story, and accretive for shareholders D +€1.2 B te
Slide 42: Annex | Last Quarterly Results
GROUP Anex |: Last Quarterly Results
Slide 43: 1Q26 Indra Group Main Highlights
1026 Indra Group Main Highlights | < INDRA GROUP = Change in Group Chairmanship - appointment of Angel Simon * Portfolio rotation: Closing of BPO divestiture; ongoing M&A pipeline of >20 deals = +3% increase in workforce vs 1025, boosted by growth in Defence (+35%) (ee EY (sins TD = Transfer of PEM
Slide 44: Tailwinds for Indra Space
Tailwinds for Indra Space, operating already as an integrated player Indra Space operating as an integrated player = INDRA SPACE = 1 = INDRA hispasat @hisde! Espacio Growing institutional investment in Space Increase in ESA budgets for the '26-'28 cycle? +32%—> €625 m Investment approved through the
Slide 45: Indra Group Technology roadmap
Indra Group Technology roadmap | Minsait, IndraMind and Tech Operations Indra Group with unique positioning to take advantage of Al disruption 0 Divestiture of non-core units: human capital intensive and non-Al resilient BUs and geographies ¢ Reduction of 5,000 technicians through BPO divestment 2]
Slide 46: 1Q26 Group Financial Results
1026 Group Financial Results Headlines 1926 performance in line with annual targets Backlog! Order Intake Revenues / = Backlog reached €20.3bn with an Order €20 334m €2 856m €] 334m Intake figure of €2.9bn (+56% vs 1025) ’ 9 ’ 1Q26 Revenues up +15% with all +154.1% +55.8% +14.6% divisions recording
Slide 47: Sales Growth in 1Q26
Sales Growth in 1026 1926 Revenues 1Q26 Revenues breakdown by Geography AMEA +24% Reported + 15% Local Currency + 15% Europe 18% Spain Organic + 6% +20% America +15% 108 69 1,334 1926 EBIT breakdown by Division Mobility Air Traffic Minsait 1025 Inorganic FXimpact Organic 1026 Defence Defence, Space
Slide 48: Group Workforce Evolution
Group Workforce Evolution! Revenue LTM/Employee 43% +11% > >15% vs Dec 25 vs Mar 25 vs Mar '25 Considering divestitures 60,598 62,396 62,689 1,553 1,622 1,399 Overheads rn 2,868 2,864 Space 1,598 ee’ me Minsait mar-25 dec-25 mar-26 +3% increased workforce vs 5, boosted by Defence (+35%) INDRA For il
Slide 49: Indra Defence 1Q26
Indra Defence 1026 €11,402m €493m €275m +279.0% +42.8% +32.5% 25 . Term +64,8% YoY) 1 8 . O%esim +36.4% YoY) 1 8 . 1 oiesom+36.6% YoY) +5.0pp +0.6pp +0.4pp 1.80x 1.67x in 1025 8.29Xx 3.01x in 1025 1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital
Slide 50: Indra Space 1Q26
Indra Space 1026 €2,868m €56m €89m +1,349.9% +87.2% +393.0% KS Gccamcstaniai@a) TO % teem: €-2min1028) 6.0 camasminiees +46.8pp +17.8pp +17.6pp 0.63x 16.92x 1.66x in 1025 3.05x in 1025 1. Includes €2,704m from Hispasat & Hisdesat; 2.EBIT before Other Operating Income & Expenses, including staff reor
Slide 51: Indra Air Traffic 1Q26
Indra Air Traffic 1026 Qu Ain | hm a €1,155m €431m €138m = Order intake increased by +47%, driven +8.8% +47.2% +17.2% by radars contracts in US (FAA) and in UAE EBITDA Margin Operating Margin’ EBIT Margin Sales grew by +17%, driven Brazil {radio contracts), Canada (iTEC), radars in 16.8 %ressm 214%
Slide 52: Indra Mobility 1Q26
Indra Mobility 1026 €1,714m €768m €80m +67.0% +421.7% +1.2% 4.7% eam -31.7% YoY) 1 4% em -70.0% YoY) 0.9 %eeim-70.4% YoY) -2.3pp -3.5pp -3.3pp 9.59x 1.86x in 1025 4.30x 2.84x in 1025 1. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integra
Slide 53: Minsait 1Q26
Minsait 1026 €3,215m €1,107m €752m +17.9% +8.8% +1.3% EBITDA Margin Operating Margin’ EBIT Margin 8 . 1 Soreeim +3.9% YoY) 6 . DA esom -0.9% YoY) 5 . S%ecasm +3.6% YoY) +0.2pp -0.ipp +0.2pp 1.47x 1.37x in 1025 1.02x 0.91x in 1025 ins, integration and acquisition Order intake increased by +9%, mainly
Slide 54: Priorities 2026
2026 Priorities || © Strategic Plan Leading the Future Scale-Up presentation before October 31 © Continue Industrial Plan implementation to deliver backlog programmes © Boost internationalization (organic and inorganic) to profit from geopolitical context © Continue Indra Group's evolution towards c
Slide 55: Indra Group reaffirms its 2026 financial guidance
Indra Group reaffirms its 2026 financial guidance Revenues (€m) EBIT (€m) ene ee +17% > 7,000 2026 Guidance 2025 2026 2026 2026 2026 2026 2026 Guidance Strategic Guidance Guidance Strategic Guidance Guidance Strategic Guidance Plan Leading the Updated! Plan Leading the Updated2 Plan Leading the Upda
Slide 56: 1Q26 FCF Generation
1026 FCF Generation FY25 €364m 77 65 a7 364 1926 €1,444m V7 -40 FCF Factoring PEM Net FCF comparable effect Prepayment reported 1,671 1,444 56
Slide 57: Net Working Capital Evolution
Net Working Capital Evolution Net Working Capital ST+LT (DoS) 16 -124 -9 | . - Inventory Accounts Receivable -55 Accounts Payable -173 INDRA Mar 25 Dec 25 Mar 26 -
Slide 58: 1Q26 Net Debt bridge
1026 Net Debt bridge Free Cash Flow €1,444m {€m) 583 -158 59 0 10 7 a -1,364 2025 Operating Net Capex Taxes Other Net Net Debt Cash Flow Working Financial interest Capital Liabilities Variation = INDRA GROUP. Financial Investments, FX Impact, Non-CF Items and Others 1926 Net Debt 58
Slide 59: Net Debt/EBITDA Evolution
Net Debt/EBITDA Evolution Net Debt (€m) (187) (187) (187) (187) (0) Factoring! 215 27 89 0.7x a .2x Oli -129 Net debt —® Net debt / “13x EBITDA LTM2 -855 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 1. Non-recourse factoring; 2. EBITDA LTM excluding IFRS 16, extraordinary items related to employee restructuri
Slide 60: Diversified Debt Structure
Diversified Debt Structure Gross and Net Debt Structure Gross Debt Maturity Profile €1,1970m €2,350m Corporate Bonds €1,495m R&D Loans Bank Loans €140m €86m €79m SE oe oe €-855m On es Gross Debt Cash & Cash 2026 2027 2028 2029 and beyond Equivalents (em) 1026 | %total : FY25 | %total L/T Debt 1,329
Slide 61: = INDRA
= INDRA GROUP
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