Indra stock: 9M revenue rises 29% as space orders accelerate

Published on 11/12/2026 at 12:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Indra stock enters a key growth phase as space and defence contracts expand the order book. The company kept its 2026 financial targets.

Indra's growth drivers and outlook

IRIS² contracts lifted space order intake and pushed the backlog to a record level.
Indra reaffirmed its 2026 targets for revenue, EBIT and free cash flow.
Capital Markets Day is scheduled for November 25, 2026, in Madrid.

Indra, ES0118594417, Illustration mit AI erstellt.

Indra Group's nine-month results showed stronger growth across its space and defence businesses, with the company also reaffirming its financial targets for 2026. In its results release dated October 29, 2026, Indra Group said revenue for the first nine months rose 29% year over year to 4.645 billion euros.

Indra stock traded at 58.20 euros on Lang & Schwarz at 12:23 CET on Thursday, November 12, 2026.

Space contracts reshape order visibility

Net order intake reached 8.085 billion euros, an increase of 82% from the same period of 2025. The third quarter accelerated sharply, with order intake up 139%, led by the IRIS² secure satellite communications program. The award to Hispasat as prime contractor for the program's ground segment and low-Earth-orbit constellation generated 1.926 billion euros of orders during the quarter.

Backlog climbed to 22.165 billion euros from 9.512 billion euros a year earlier. Defence backlog stood at 6.909 billion euros and space backlog at 4.645 billion euros, while the Transport for London contract added 605 million euros to the Mobility business.

The mix of growth matters for investors. Acquisitions contributed 529 million euros of revenue in the first nine months, compared with 11 million euros in the prior-year period. Organic revenue growth, excluding acquisitions, divestments and currency effects, was 16%, while Space organic revenue declined 17% as the reported division benefited from the consolidation of Hispasat and Hisdesat.

Profitability and cash flow improve

EBITDA rose 62% to 657 million euros and EBIT increased 42% to 454 million euros. The EBIT margin improved to 9.8% from 8.8% a year earlier. Net profit reached 355 million euros, up 22%, although Indra said profit would have risen 64% excluding the prior-year one-off effect from the revaluation of its TESS stake.

Free cash flow reached 1.692 billion euros, compared with 57 million euros in the first nine months of 2025. The company attributed much of the increase to advance payments for Special Modernization Programs. On a normalized basis, excluding the net working-capital impact of those programs and using a historical factoring level, free cash flow would have been 70 million euros.

Indra reaffirmed its 2026 targets of more than 7 billion euros in revenue in local currency, EBIT above 700 million euros and free cash flow above 375 million euros. Management will need a strong fourth quarter to deliver those goals, while the scale of the backlog gives the group greater visibility into future activity.

Next milestone for investors

Indra's next major investor event is its Capital Markets Day on November 25, 2026, in Madrid, according to the company's investor-relations calendar. The event is expected to outline the next phase of the group's strategy after the rapid expansion of its space and defence exposure.

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