Indra Group accelerates revenue growth and profitability in the first half of the year, achieving a profit of 215 million euros

The order book in the first half reached €9.474 billion for the first time, representing a year-on-year increase of 33% compared to the same period in 2024 
Indra
Indra
  1. Main highlights 

Indra Group has accelerated its revenue growth and profitability in the first half and achieved a profit of 215 million euros. 

Main highlights 

Strong growth in defence, mobility and ATM contracting 

The order book in the first half of 2025 exceeded 9 billion euros for the first time, standing at 9,474 billion euros, representing growth of 33% compared to the same period in 2024. Of this amount, 1,449 million euros correspond to the consolidation of TESS Defense. Excluding this impact, the order book would have increased by 12% compared to the first half of 2024, driven by double-digit growth in all divisions. 

Net new orders in the first half of 2025 increased by 18%, with strong growth in all businesses, notably: 

  • Defence (+53%), mainly due to the Eurofighter project and radar contracts in Germany and Oman. 
  • Mobility (+41%), thanks to contracts in Ireland and Colombia. 
  • Air Traffic, ATM (+38%), mainly due to the contribution of air navigation radars in the United Kingdom and business in Spain. 

6% increase in revenues 

Revenues between January and June grew by 6%, with all divisions posting gains (ATM +25%, Defence +16% and Minsait +2%), except for Mobility, which remained stable. In the second quarter, revenues also rose in all divisions (ATM +55%, Defence +15% and Minsait +2%), except for Mobility, which remained stable. 

The exchange rate reduced revenue in the first half by 43 million euros (-1.9 percentage points), mainly due to the depreciation of the dollar against the euro and its impact on currencies in Brazil and Mexico. 

Organic revenue in the first half of 2025 (excluding the inorganic contribution from acquisitions and the exchange rate effect) increased by 5%, with growth in ATM (+22%); Defence (+11%) and Minsait (+2%). 

The international market accounted for 49% of sales in the first half, with particularly strong growth in Europe of 10%. 

Improvement in operating profitability 

The EBITDA margin for the first six months stood at 10.8% compared to 10.0% in the same period of 2024, with growth in absolute terms of 15%. This improvement is mainly explained by the higher revenue growth recorded in the divisions with the highest operating profitability, Defence and ATM, as well as by the improvement in profitability in Defence, Mobility and Minsait. 

In quarterly figures, the EBITDA margin improved to 10.9% between April and June, compared to 9.6% in the same period in 2024, representing growth of 24% in absolute terms. 

The Defence and ATM divisions account for more than half of the company's EBITDA, reinforcing their growing weight in the business structure, in line with the objectives set out in the 'Leading the Future' Strategic Plan. 

The operating margin for the half-year was 9.9% compared to 9.1% in the same period in 2024, with growth in absolute terms of 16%. Other operating income and expenses (difference between operating margin and EBIT) in the first six months of the year amounted to -€33 million compared to -€31 million in the first half of 2024. 

The EBIT margin rose to 8.6% compared to 7.8% in the first half of 2024, representing absolute growth of 17%. Compared to the second quarter, the margin improved to 8.9% compared to 7.5% in the same period last year, growing by 28% in absolute terms. 

Profit growth due to operational improvement and the impact of TESS 

Net profit between January and June stood at 215 million euros, compared to 114 million euros in the same period of 2024, representing growth of 88%, as a result of operational improvement and the one-off impact on financial results derived from the increase in the valuation of the stake in TESS Defence. Excluding this impact, net profit would have grown by 24% to €138 million in the first half. 

Net debt stood at 4 million euros in June 2025, compared to a positive net cash position of 86 million in December 2024 and net debt of 93 million euros in June 2024. 

The workforce grew by 3,542 people 

The average workforce increased by 6% in the first half of the year on a year-on-year basis. The final workforce at the end of June 2025 stood at 61,162 employees, representing an increase of 6% compared to June 2024. A total of 3,542 employees joined the company in the first six months of the year, with the increase mainly concentrated in Spain (2,618 more employees) and the Americas (672 more employees). 

Projections for the new IndraMind division 

The IndraMind division has set a target of 1 billion euros in revenue by 2030. This new business division aims to create a benchmark platform for advanced artificial intelligence that will consolidate the Group's technological capabilities and leadership in AI, cybersecurity and cyber defence with a dual civil-military focus. 2025 targets* 

  • Revenue in local currency: over 5.2 billion euros. 
  • Reported EBIT: over 490 million euros. 
  • Reported Free Cash Flow: over 300 million euros. 

In light of these figures, Indra Group Executive Chairman Ángel Escribano highlighted that 'the results for the first half of 2025 reflect how the company is taking advantage of business opportunities, accelerating projects and growing in ambition. Furthermore, these results allow us to move forward and boost the Spanish industrial ecosystem in the defence, space and advanced technologies sectors. The strength of our strategy allows Indra Group to position itself at a complex and changing time that requires adaptation and the acquisition of capabilities and proprietary solutions that guarantee strategic autonomy at the national and European levels.' 

For his part, José Vicente de los Mozos, CEO of Indra Group, stated that 'having reached the halfway point of our Strategic Plan, we reaffirm our commitment to exceeding all the objectives we set for 2026. We are accelerating the rollout of our industrial plan with the aim of reducing lead times and guaranteeing delivery, moving towards strategic autonomy for Spain and Europe. At the same time, we have implemented a new organisational model that will enable us to accelerate innovation, strengthen our presence in key markets, mainstream our technological capabilities, develop our industrial capabilities and leverage all our talent.' 

*Does not include the acquisitions of TESS Defense and Hispasat.