Indra Sistemas, S.a. Class A · BME:IDR
Indra Sistemas, S.a. Class A — 9M 2026 Earnings Presentation
43 slides from Indra Sistemas, S.a. Class A's earnings presentation, Oct 29, 2026
Slide 1: 9M26 Results
9M26 Results October 29 th , 2026
Slide 2: Conference call details
Conference LIVE EVENT: The Company will host a conference call for investors and analysts today at call details 9:00 AM (CET). Please find below conference call telephone details: Pre - registration: https://grid.trustwavetechnology.com/indra/register.html Once you’ve registered, you will receive an
Slide 3: Disclaimer
This presentation has been produced by Indra for the sole results materially differing from those contained in these purpose expressed therein. Therefore, neither this presentation statements. The Company does not assume any obligation or nor any of the information contained herein constitutes an of
Slide 4: 9M26 Indra Group Highlights
9M26 Indra Group Highlights Josep Maria Recasens CHIEF EXECUTIVE OFFICER 9M26 Results
Slide 5: 9M26 Main headlines
9M26 Financial headlines: Double -digit growth across key metrics in 9M26, in line with 2026 targets ▪ Backlog exceeded €22bn in 9M26, with all divisions contributing to growth Main ▪ Order intake increased by 82% YoY accelerating to 139% in 3Q26, with a strong contribution from IRIS contract in Spa
Slide 6: Five principles. Five levers. Playing offence.
Five principles. Five levers. Playing offence. SPEED & DELIVERY QUALITY & RELIABILITY SOVEREIGNTY COMPETITIVENESS Accelerate delivery Ensure performance Secure critical capabilities Raise the bar DUAL - USE BY DESIGN Offensive Offensive Offensive Offensive Offensive TALENT PRODUCT INDUSTRIAL ECOSYST
Slide 7: One Company. A simpler way to lead it.
Offensive TALENT One Company. A simpler way to lead it. Management CEO Committee Members Air Traffic & A leaner Defence & Space IndraMind Minsait Mobility Leadership Team 1/3 ↓ Strategy , Chief Financial Technical General Tech Chief Technology & People Operating Product Officer Secretary Operations
Slide 8: Powering delivery worldwide
Offensive PRODUCT Powering delivery worldwide . 4 air traffic control centers into operation in the same week (Argentina, India, Indonesia and Peru ) 8
Slide 9: Powering delivery worldwide
Offensive PRODUCT Powering delivery worldwide . Delivered to the Federal Aviation Administration (FAA / USA) First 9 months 2026 3,500+ Radios 10 Primary radars 20 Secondary radars 9
Slide 10: VLP-R: Accelerating Industrialisation. Uncompromising Quality.
Offensive PRODUCT Accelerating Industrialisation . Uncompromising Quality. VLP - R <1 YEAR from initial DESIGN to a system in PRODUCTION . Wheeled Bridgelayer Vehicle 1 1st system ready for customer demo by the end of November 2026 Note 1:. Wheeled Bridgelayer Vehicle Spain's Special Modernisation P
Slide 11: Growing faster than ever
Offensive INDUSTRIAL Growing faster than ever. Gijón Factory, Asturias 1 factory up and running within 6 months 11
Slide 12: Doubling production capacity
Offensive INDUSTRIAL Doubling production capacity . VCR 8x8 Tess Defence #101 vehicles controlled by delivered by end of Q3 Indra Group 25 June 2025 2024 2025 9 months 2026 12
Slide 13: Enlarging our industrial footprint
Offensive INDUSTRIAL Enlarging our industrial footprint. NEW As Pontes, Galicia FACTORY Manufacture of large land vehicles (amphibious combat vehicles, bridge - launching vehicles and wheeled artillery systems). Kansas > Gijón > Córdoba As Pontes 13
Slide 14: Committing to sovereignty and the national ecosystem
Offensive ECOSYSTEM Committing to sovereignty and the national ecosystem. Indra’s commitment to the PEM 1 ~76% 1,000+ 60% National Suppliers SMEs An example of progression First 9 months of COAAAS35 2 €1,687m Involving 180+ Spanish suppliers 16+ Autonomous Regions 55%+ SMEs 5+ universities and techn
Slide 15: IRIS 2: At the core of key European programs
Offensive TECHNOLOGY IRIS 2 | At the core European Commission Constellation 348 satellites of key European programs . 18 Hard - gov (mil Ka) MEO Light Gov (Ka) satellites Commercial (Ka) (~8000 km) Hosted Payload 330 Hard - gov (mil Ka) High LEO Light Gov (Ku & Ka) satellites Commercial (Ku & Ka) (~
Slide 16: IRIS 2: At the core of key European programs
Offensive TECHNOLOGY IRIS 2 | At the core European Commission Constellation 348 satellites of key European programs . 18 Hard - gov (mil Ka) MEO Light Gov (Ka) satellites Commercial (Ka) (~8000 km) Hosted Payload 330 Hard - gov (mil Ka) High LEO Light Gov (Ku & Ka) satellites Commercial (Ku & Ka) (~
Slide 17: IRIS 2: End-to-end use cases
Offensive TECHNOLOGY IRIS 2 | At the core Some end -to -end use cases… of key European programs . Border EU External Action Maritime Surveillance Surveillance Forces Deployment Specific Military Transport Surveillance Operat . Infrastructures Maritime Space Humanitarian Aid Commercialisation rights
Slide 18: Pioneering strategic technologies
Offensive TECHNOLOGY Pioneering strategic technologies TRC Dares Qilimanjaro agreement Technology Quantum Tech 30% stake , strengthening sovereign 100% stake , incorporating synthetic €10m investment , accelerating cybersecurity through IndraMind . aperture radar capabilities into quantum computing
Slide 19: 9M26 Group Financial Results Headlines
9M26 Group Financial Results Headlines 9M26 performance in line with annual targets Backlog Order Intake Revenues ▪ Backlog over 22bn (+133%) with order intake up +82% in 9M26 €22,165m €8,085m €4,645m ▪ Revenues +29% with all divisions recording YoY growth, led by Defence +133.0% +81.7% +28.6% (+100
Slide 20: 3Q26 Group Financial Results Headlines
3Q26 Group Financial Results Headlines Revenues EBITDA Margin ▪ 3Q26 Revenues +26%, mostly driven by + 95% €1,466m 13.7% (€201m +43.5% YoY) increase in Defence +26.2% +1.6pp ▪ EBIT Margin stood at 9.4% (stable YoY) Operating Margin ¹ EBIT Margin 10.2% (€150m +18.5% YoY) 9.4% (€137m +26.0% YoY) -0.7p
Slide 21: Sales Growth in 9M26
Sales Growth in 9M26 9M26 Revenues 9M26 Revenues breakdown by Geography Reported + 29% Local Currency + 28% AMEA +25% Organic + 16% 8% Europe 570 4,645 -10% 15% 436 28 3,611 Spain 58% +48% 19% America +21% 9M25 Inorganic FX impact Organic 9M26 International Business covering 42% 21
Slide 22: 9M26 Breakdown by Division
9M26 B reakdown by Division Backlog Revenues EBIT Minsait Minsait Defence 12% Defence Minsait Defence Mobility 30% 30% 8% Aerospace & Aerospace & Aerospace & 6% 48% Defence AT Defence 50% Defence 52% 80% 46% 69% 1% 6% Mobility Space 13% 22% 10% Space 6% 6% AT AT Mobility Space A&D weight in Backlog
Slide 23: Group Workforce Evolution
Group Workforce Evolution 1 Productivity +34% +26% Revenue LTM/Employee vs Sep 25 vs Dec 25 61,475 62,396 58,975 1,525 1,553 Overheads 3,086 1,694 Mobility 2,866 AT 2,835 2,868 3,084 Space 866 1,543 3,037 Defence 6,433 6,782 1,652 8,424 Minsait 46,950 46,564 41,084 sep-25 dec-25 sep-26 -4% decreased
Slide 24: 9M26 Performance by Division
9M26 Performance by Division 9M26 Results
Slide 25: Indra Defence 9M26
Indra Defence 9M26 Backlog Order Intake Revenues ▪ Order intake +80%, driven by €11,481m €1,713m €1,408m Eurofighter, PEMs, S imulation , Air - Defence and Naval Systems +151.1% +79.8% +100.3% ▪ Revenues +100%, supported by PEMs, 1 Land Vehicles (TESS VCR 8x8), Air - EBITDA Margin Operating Margin E
Slide 26: Indra Defence 3Q26
Indra Defence 3Q26 Revenues EBITDA Margin ▪ Revenues +95% backed by PEMs, Land Vehicles €435m 16.4% (€71m +47.9% YoY) (TESS VCR 8x8), Radars and Weapons & +95.2% -5.2 pp Ammunition ▪ EBITDA and EBIT grew in Operating Margin ¹ EBIT Margin double -digit terms YoY 14.5% (€63m +47.4% YoY) 14.2% (€62m +5
Slide 27: Indra Space 9M26
Indra Space 9M26 ▪ Growth driven by the c onsolidation of Hispasat and Hisdesat : Backlog Order Intake Revenues ➢ Backlog exceeded €4.8bn €4,819m €2,152m €286m ➢ Order intake included a €1.9bn contribution from IRIS 2 program +2,672.8% +3,190.5% +372.5% ➢ Revenues grew by +372% EBITDA Margin Operati
Slide 28: Indra Space 3Q26
Indra Space 3Q26 Revenues EBITDA Margin ▪ Revenues +329% due to the inorganic €96m 39.1% (€37m; €3m in 3Q25) contribution of Hispasat and Hisdesat +328.5% +23.5 pp ▪ EBITDA margin increased to 39.1% from Operating Margin ¹ EBIT Margin 15.6% in 3Q25 8.8% (€8m; €3m in 3Q25) 8.5% (€8m ; €3m in 3Q25) -4
Slide 29: Indra Air Traffic 9M26
Indra Air Traffic 9M26 Backlog Order Intake Revenues ▪ Order intake +27%, mainly driven by radar contracts in Congo, US (FAA) and €1,434m €826m €446m UAE +26.1% +26.8% +22.8% ▪ Revenues grew by +23%, explained by: ➢ Radars (US, Azerbaijan and UAE) EBITDA Margin Operating Margin ¹ EBIT Margin ➢ AT sy
Slide 30: Indra Air Traffic 3Q26
Indra Air Traffic 3Q26 Revenues EBITDA Margin ▪ Revenues +39% driven by radar and radio €147m 16.6% (€24m +33.1% YoY) contracts in the US, AMEA and Europe +39.0% -0.8pp ▪ EBITDA and EBIT grew at double - digit rate in Operating Margin ¹ EBIT Margin absolute terms 13.2% (€19m +32.0% YoY) 12.8% (€19m
Slide 31: Indra Mobility 9M26
Indra Mobility 9M26 Backlog Order Intake Revenues ▪ Order intake +222%, driven by TFL (UK), railway systems maintenance in €1,699m €942m €264m Saudi Arabia and TFW (US) ▪ Revenues +2% boosted by: +74.1% +222.3% +2.3% ➢ Tolling systems (US) EBITDA Margin Operating Margin ¹ EBIT Margin ➢ Traffic contr
Slide 32: Indra Mobility 3Q26
Indra Mobility 3Q26 Revenues EBITDA Margin ▪ Revenues +3%, with double -digit growth in €89m 6.3% (€6m +9.7% YoY) Spain +3.2% +0.4pp ▪ EBITDA margin increased to 6.3% in 3Q26 from 5.9% in 3Q25 Operating Margin ¹ EBIT Margin 2.8% (€3m - 26.0% YoY) 2.9% (€3m - 12.4% YoY) -1.1pp -0.5pp 1.EBIT before Ot
Slide 33: Minsait 9M26
Minsait 9M26 Backlog Order Intake Revenues ¹ ▪ Organic revenues growth +3% ▪ Reported revenues +1%, with strong €2,733m €2,452m €2,240m performance in Public Administrations & Healthcare (+12%) +3.0% -1.4% +0.6% ▪ EBIT margin remained stable YoY EBITDA Margin Operating Margin 2 EBIT Margin 8.3% (€18
Slide 34: Minsait 3Q26
Minsait 3Q26 ▪ Organic revenues Revenues 1 EBITDA Margin growth +1% €699m 8.9% (€62m - 4.0% YoY) ▪ EBIT margin stood at 6.6% vs 6.7% in 3Q25 -3.5% -0.1pp Operating Margin 2 EBIT Margin 8.0% (€56m - 10.0% YoY) 6.6% (€46m - 4.4% YoY) -0.6pp -0.1pp 1.Revenues impacted by the divestment of BPO. 2. EBIT
Slide 35: 9M26 Financial Highlights
9M26 Financial Highlights Miguel Forteza CHIEF FINANCIAL OFFICER 9M26 Results
Slide 36: 9M26 FCF Generation
9M26 FCF Generation FY25 €364m 9M26 FCF Factoring PEM Net FCF comparable effect Prepayments reported 1Q 1H 9M FY 1Q 1H 9M 1,809 1,692 €1,4 44 m €1,487m €1,692 m 364 77 65 70 57 15 70 -40 - 187 Quarterly reported cumulative FCF ( €m) Comparable FCF ( €m) 36
Slide 37: Net Working Capital Evolution
Net Working Capital Evolution Net Working Capital ST+LT (DoS) 21 - 16 - 109 120 114 120 Inventory Accounts Receivable - 36 - 55 Accounts - 64 - 151 Payable - 76 - 78 Sep 25 Dec 25 Sep 26 37
Slide 38: 9M26 Net Debt bridge
9M26 Net Debt bridge Ex -PEM Net Prepayments Free Cash Flow €1,692m & Factoring effect (€m) 1,809 583 431 - 187 -668 58 31 10 374 -84 -1,192 -1,497 2025 Operating Net Working Capex Taxes Other Net Financial 9M26 PEM Net Factoring 9M26 Net Debt Cash Flow Capital Financial interest Investments, Net De
Slide 39: Net Debt/EBITDA Evolution
Net Debt/EBITDA Evolution Net Debt (€m) (187) (187) (187) (187) Factoring 1 (0) Ex -PEM Net Prepayments & Factoring effect 0.6x 0.5x 0.6x 0.1x 0.2x 431 220 233 70 114 Net debt Net debt / EBITDA LTM 2 - 1,192 - 1.4x Sep - 22 Sep - 23 Sep - 24 Sep - 25 Sep - 26 1. Non - recourse factoring; 2. EBITDA L
Slide 40: Diversified Debt Structure
Diversified Debt Structure Gross and Net Debt Structure Gross Debt Maturity Profile €1,195m €2,633m €1,441m Corporate Bonds 62 R&D Loans 23 Bank Loans 1,357 €98m €68m €80m € - 1,192m Net Debt 2026 2027 2028 2029 and beyond Gross Debt Cash & Cash Net Debt Equivalents (€m) 9M26 % total FY25 % total L/
Slide 41: Q&A 9M26 Results
Q&A October 29 th , 2026 9M26 Results
Slide 42: Tech for the future
Tech for the future Investor Relations irindra@indra.es Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain T +34 91 480 98 00 www.indragroup.com
Slide 43: INDRA GROUP
= INDRA GROUP