Indra stock slips 1.3% from latest report as targets hold
Published on 11/03/2026 at 18:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSIndra combines growth with execution risks
- Revenue and operating profit rose sharply through September 2026.
- Backlog growth was led by Defence, Space and IRIS2 contracts.
- Reported cash flow benefited materially from advance payments.
- Management kept its 2026 financial targets unchanged.
Indra stock traded at 63.57 euros on Lang & Schwarz at 18:14 CET on Tuesday, November 3, 2026, down 1.32 percent from 64.42 euros at 10:15 CET on Monday, November 2, the quote used in the latest report. The change is a separate comparison with that report and does not represent a Xetra daily performance.
Strong growth through September
Indra Group reported revenue of 4.645 billion euros for the first nine months of 2026, an increase of 29 percent from the year-earlier period. EBITDA rose 62 percent, EBIT advanced 42 percent and the EBIT margin widened to 9.8 percent from 8.8 percent.
Net profit reached 355 million euros, up 22 percent. Excluding the previous year's one-off valuation effect from the TESS stake, Indra said profit growth would have been 64 percent. The figures and the unchanged targets were published by Indra Group on October 29.
Backlog improves visibility
The order backlog reached 22.165 billion euros, up 133 percent year on year. Defence contributed 6.909 billion euros and Space 4.645 billion euros, including 1.926 billion euros in contracts linked to the IRIS2 programme. Net order intake increased 82 percent to 8.085 billion euros, with third-quarter intake accelerating 139 percent.
Revenue growth was broad-based but uneven. Defence revenue doubled, Air Traffic revenue increased 23 percent and Space revenue rose 372 percent, helped by the consolidation of Hispasat and Hisdesat. Organic revenue growth was 16 percent, while organic Space revenue declined 17 percent.
Cash conversion remains important
Free cash flow reached 1.692 billion euros, compared with 57 million euros a year earlier. The increase was mainly driven by advance payments for Spain's Special Modernization Programs. Excluding the working-capital impact of those programs and assuming 187 million euros of historical factoring, Indra calculated free cash flow of 70 million euros.
Management retained its 2026 targets for revenue above 7 billion euros, reported EBIT above 700 million euros and free cash flow above 375 million euros. The record backlog supports revenue visibility, while the composition of cash generation makes execution and payment timing important investor considerations.
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Indra market and company facts
- Company: Indra Sistemas, S.A.
- ISIN: ES0118594417
- Lang & Schwarz quote: 63.57 euros on November 3, 2026, at 18:14 CET
- Previous report comparison: 1.32 percent below 64.42 euros on November 2, 2026
- Sector: Technology and defence
