Key highlights
Indra Group posted a profit of 291 million euros between January and September 2025, up 58% on the same period last year. The result was driven by strong growth in contracting and revenue across all businesses, particularly air traffic management (ATM) and defence, the two most profitable divisions. Net profit includes one-off financial income from the increase in the stake in TESS. Excluding this extraordinary effect, the result amounted to 216 million euros, a 17% increase compared to the first nine months of last year.
Net contracting increased by 20% in the first nine months of the year, with all business areas performing strongly.
- Defence (+47%). The figure stands at 1.018 billion euros, mainly due to the Eurofighter project, contracts for the modernisation of the S-80 submarines for the Spanish Navy and radar systems in Germany and Oman.
- ATM (+57%). Air traffic recorded double-digit growth in all regions, with the radio renewal contract in the United States and the radar contract in the United Kingdom standing out.
- Mobility (+10%). Railway projects in Chile and Romania, together with toll systems in Colombia, account for most of the growth.
- Minsait (+7%). Double-digit growth in Public Administration, Healthcare, Energy and Industry.
Revenues consolidated their growth at 6% year-on-year and grew in all business areas between January and September 2025, with Defence standing out with a 14% increase and ATM with 16%.
The positive turnover figures extend to all regions where the company operates, with Europe standing out with an 11% increase in revenue in the period to September, followed by Asia, the Middle East and Africa (AMEA), where sales grew by 6%.
All profitability indicators improved compared to the same period in 2024. When comparing only the third quarter of the year, there is a one-off drop in margins due to higher operating expenses in Defence. These expenses are linked to the increase in the company’s capabilities in view of the Special Modernisation Plans (PEM). It also reflects the Indra Group’s strategic commitment to expanding its industrial footprint as quickly as possible in response to the urgent needs of the Spanish and European defence sector.
At the end of September, the workforce stood at 61,475 employees, up 5%. This growth is mainly supported by Spain, where the number of employees has grown even more, by 7%, and now exceeds 36,000.
Highlights of the third quarter
Among the highlights of the quarter was the purchase of Duro Felguera’s plant in Gijón (El Tallerón). The agreement provides for the integration of the factory’s 156 professionals with the aim of transforming the facilities into one of the most modern military vehicle and combat tank factories in Europe.
In line with this objective of increasing capacity and production, in August the Board of Directors unanimously agreed to appoint Frank Torres as CEO of Indra Land Vehicles and Chief Programme Officer of Indra Group.
The company also strengthened its position in the unmanned aerial systems market with the acquisition of Aertec Defence & Aerial Systems (DAS) in July.
In addition, in July Indra Group signed a €385 million financing agreement with the European Investment Bank (EIB) to boost the company’s research and development activities in the defence and space sectors. This is the largest loan ever granted by the EIB to a Spanish company in this sector.
Ángel Escribano, executive chairman of Indra Group, highlighted ‘the strength of the results and the clear commitment to anticipating the needs of the defence sector, which has already translated into a 7% increase in our workforce in Spain’. ‘We are consolidating a project for the company and the country, capable of meeting challenges, mobilising the national industry and technology sector, and bringing together talent in sectors that are critical to our security,’ he said.
For his part, José Vicente de los Mozos, CEO of Indra Group, highlighted ‘the progress made by all business units, especially aerospace and defence’. ‘In addition, the acceleration of our industrial plan, with the expansion of our productive and technological footprint, prepares us to lead the delivery of special modernisation programmes, for which we are already mobilising the entire national industrial ecosystem. This dynamic is achieved thanks to the commitment and motivation of the people who work every day in the company,’ he explained.
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