Indra stock: Nine-month revenue climbs as 2026 targets hold

Indra Group delivered a stronger operating performance in the first nine months of 2026, according to results reported on Thursday, October 29. Revenue, profitability and order visibility all improved, while management kept its full-year targets unchanged. El Espanol reported the figures after the company released its January-to-September results.

Revenue increased 28.6 percent year over year to EUR 4.6447 billion. Organic growth, excluding acquisitions, divestments and currency effects, was 16 percent. Net income rose 22 percent to EUR 355.5 million, compared with EUR 291.3 million a year earlier.

Defense and Space lead expansion

Operating profit grew faster than sales. EBITDA advanced 62.1 percent to EUR 657.4 million, lifting the margin to 14.2 percent from 11.2 percent. EBIT increased 42.4 percent to EUR 453.6 million, while the EBIT margin reached 9.8 percent, up from 8.8 percent in the comparable period.

Defense revenue doubled to EUR 1.408 billion, supported by Eurofighter work and Spain's Special Modernisation Programs. Space revenue climbed 372.5 percent to EUR 286 million after the integration of Hispasat and Hisdesat. Air Traffic revenue rose 22.8 percent to EUR 446 million, while Mobility increased 2.3 percent to EUR 264 million. Minsait revenue grew 0.6 percent to EUR 2.240 billion.

Indra's backlog reached a record EUR 22.165 billion, a 133 percent increase from EUR 9.512 billion a year earlier. Net order intake rose 81.7 percent to EUR 8.085 billion in the first nine months, including a 139 percent increase in the third quarter. The IRIS satellite program and defense contracts were identified as major contributors to the order momentum.

Targets remain intact for 2026

Management reaffirmed its objectives of revenue above EUR 7 billion in local currency, reported EBIT above EUR 700 million and free cash flow above EUR 375 million. The free-cash-flow objective excludes advances linked to the defense programs, an important distinction when assessing the exceptionally strong nine-month cash generation.

Free cash flow reached EUR 1.6917 billion by the end of September, compared with EUR 57.5 million a year earlier, helped by program advances. Net cash stood at EUR 1.1922 billion, reversing net debt of EUR 113.6 million in September 2025. The cash improvement therefore reflects both operating progress and timing effects from customer payments.

Indra stock traded at 64.26 euros on Lang & Schwarz at 10:38 CET on Friday, October 30, 2026. Investors can follow the real-time quote of Indra stock.

The broader Spanish market context is available in current IBEX 35 market coverage.

Indra's next strategic milestone is the new plan expected in November. Further operating updates and investor analysis are available in More news and analyses on Indra stock.