Indra stock posts 29% nine-month revenue growth as targets hold

Indra Group reported strong operating growth for the first nine months of 2026 on October 29, while reaffirming its full-year targets. According to the company’s earnings release, revenue increased 29 percent year on year to EUR 4.645 billion.

Profitability improved alongside sales. EBITDA rose 62 percent, while EBIT advanced 42 percent and the EBIT margin widened to 9.8 percent from 8.8 percent a year earlier. Net profit increased 22 percent to EUR 355 million. Excluding the one-off impact from the previous year’s higher valuation of the TESS stake, Indra said net profit growth would have been 64 percent.

Defence and Space drive expansion

Defence revenue doubled and Air Traffic revenue grew 23 percent during the period. Space revenue rose 372 percent, reflecting the consolidation of Hispasat and Hisdesat. Organic revenue growth was 16 percent after excluding acquisitions, divestments and currency effects, although organic Space revenue declined 17 percent.

The order book reached EUR 22.165 billion, up 133 percent from the first nine months of 2025. Defence accounted for EUR 6.909 billion and Space for EUR 4.645 billion. The company said the Space backlog included EUR 1.926 billion in contracts linked to the IRIS2 programme. Net order intake rose 82 percent to EUR 8.085 billion, with third-quarter intake accelerating 139 percent.

Cash flow needs careful interpretation

Reported free cash flow jumped to EUR 1.692 billion from EUR 57 million a year earlier, mainly because of advance payments for Spain’s Special Modernization Programs. Indra said free cash flow would have been EUR 70 million after excluding the programs’ working-capital impact and assuming EUR 187 million of historical factoring. That distinction is important when comparing the reported cash figure with the full-year target.

The group ended September with net cash of EUR 1.192 billion. Excluding the modernization-program advances and using the historical factoring assumption, Indra calculated net debt of EUR 431 million. The company also said acquisitions contributed EUR 529 million of sales in the first nine months, compared with EUR 11 million a year earlier.

Indra keeps full-year targets

Management retained its 2026 objectives for revenue above EUR 7 billion in local currency, reported EBIT above EUR 700 million and free cash flow above EUR 375 million. The targets were unchanged despite the sharp improvement in revenue, profitability and backlog through September.

Indra stock traded at 64.42 euros on Lang & Schwarz at 10:15 CET on Monday, November 2, 2026, 0.06 percent above the Xetra close of Friday, October 30, at 64.38 euros, as shown by Yahoo Finance; the real-time quote of Indra stock tracks the current market level.

For investors, the record backlog and stronger operating margins improve revenue visibility, while the cash-flow composition leaves execution of the underlying business and conversion of advance payments as key points to watch.

Spain’s equity market provides the broader setting for the company through the IBEX 35.

Further company developments can be followed through more news and analyses on Indra stock.

Indra market and company facts

• Company: Indra Sistemas, S.A.
• ISIN: ES0118594417
• Lang & Schwarz quote: EUR 64.42 on November 2, 2026, at 10:15 CET
• Xetra close: EUR 64.38 on October 30, 2026
• Daily difference: 0.06 percent above the Xetra close
• Sector: Technology and defence