Indra stock: 9M growth lifts backlog as 2026 targets hold

Indra Group reported strong growth for the first nine months of 2026 in a release published on October 29, with revenue, profitability and order visibility all improving. The Spanish technology and defence group said revenue rose 29 percent year on year to 4.645 billion euros for the period ended September 30. Indra stock traded at 58.37 euros on Lang & Schwarz at 11:40 CET on Friday, November 13, 2026.

Orders Strengthen Future Visibility

Backlog reached 22.165 billion euros, up 133 percent from 9.512 billion euros a year earlier, according to Indra Group. Defence contributed 6.909 billion euros and Space 4.645 billion euros to the backlog. The company also highlighted 1.926 billion euros of IRIS2-related orders linked to the secure satellite communications program.

Net order intake rose 82 percent to 8.085 billion euros, while third-quarter intake accelerated 139 percent. The company said the Space increase was mainly driven by IRIS2, while Mobility benefited from contracts including Transport for London. The backlog-to-sales ratio for the last twelve months stood at 3.42 times, compared with 1.88 times in the prior-year period.

Profitability Improves, Cash Flow Distorts

EBITDA increased 62 percent to 657 million euros, and the EBITDA margin rose to 14.2 percent from 11.2 percent. EBIT advanced 42 percent to 454 million euros, lifting the EBIT margin to 9.8 percent from 8.8 percent. Net profit reached 355 million euros, 22 percent above the prior-year period.

Indra's cash generation was heavily influenced by advance payments under its Special Modernization Programs. Free cash flow reached 1.692 billion euros, compared with 57 million euros a year earlier. Excluding the net working-capital effect of those programs and using the company's constant historical factoring assumption, free cash flow would have been 70 million euros for the nine-month period.

Acquisitions contributed 529 million euros of sales, versus 11 million euros a year earlier. Organic revenue growth, excluding acquisitions, divestments and currency effects, was 16 percent. Space revenue increased sharply on consolidation effects, but organic Space revenue declined 17 percent, highlighting the importance of separating reported expansion from underlying performance.

Targets Remain Unchanged

Indra reaffirmed its 2026 targets of more than 7.000 billion euros in revenue in local currency, reported EBIT above 700 million euros and free cash flow above 375 million euros. Management's outlook calls for continued strength in Defence and Space, while the large order book provides additional visibility into future activity. Investors will nevertheless watch fourth-quarter execution closely because the targets cover the full fiscal year.

The company is scheduled to hold its Capital Markets Day in Madrid on November 25, 2026. Management is expected to outline the next phase of its strategy after the expansion of the Space and Defence businesses.

Spain's broader equity market can be followed through the IBEX 35 market page.

For more news and analyses on Indra stock, investors can follow the company's continuing results, contracts and strategy updates.

Indra Group at a glance

• Company: Indra Group
• ISIN: ES0118594417
• Lang & Schwarz price: 58.37 euros at 11:40 CET on November 13, 2026
• Revenue, first nine months 2026: 4.645 billion euros
• EBIT, first nine months 2026: 454 million euros
• Backlog, September 30, 2026: 22.165 billion euros
• 2026 targets: Revenue above 7.000 billion euros, EBIT above 700 million euros and free cash flow above 375 million euros