The backlog increased 117% from €9.474 billion a year earlier. Its ratio to sales over the previous 12 months rose to 3.32 times, compared with 1.90 times in the first half of 2025.
Order intake climbed 58% to €5.010 billion during the six-month period. Growth accelerated to 62% in the second quarter, strengthening the company’s contracted workload across all divisions.
First-half revenue rose 30% to €3.179 billion, with defence sales increasing 103%. Defence revenue grew 156% in the second quarter, making the division the group’s fastest-growing major operating business during the period.
The increase reflected contributions from Indra’s Land Vehicles business and Spain’s Special Modernization Programs. Progress on Eurofighter work and radar projects in Germany and Ukraine also supported the division, while FCAS generated less revenue than a year earlier.
Indra also expanded its military vehicle activities through an agreement with Leonardo-owned IDV. The companies will develop Spain’s future VAC-IM amphibious combat vehicle under a Special Modernization Program requested by the Ministry of Defence.
Space contributed €2.722 billion to the backlog following the consolidation of Hispasat and Hisdesat. Revenue in the division rose 398% during the first half, largely reflecting the inclusion of those businesses and other acquired operations.
Group EBITDA increased 72%, while EBIT rose 51% from the same period in 2025. The EBIT margin improved to 9.9% from 8.6%, reflecting stronger profitability during the first six months.
Net profit reached €219 million, an increase of 2% from a year earlier. Free cash flow rose to €1.487 billion from €65 million, supported by developments that included the completion of the BPO business sale.
Indra reaffirmed its full-year targets for revenue above €7 billion in local currencies. The company also expects EBIT above €700 million and free cash flow exceeding €375 million.
“The results in the second quarter of the year clearly demonstrate Indra Group’s industrial capabilities and its ability to execute and deliver the contracts in its backlog in due time and manner, enabling us to once again confirm our objectives for the 2026 financial year as a whole, and, at the same time, constitute an excellent starting point for our new Strategic Plan, intensive work on which has already begun,” Chief Executive Officer Josep Maria Recasens said. “Our first management priority can be none other than excellence in our execution and improving our speed of delivery, quality, reliability, and competitiveness.”
“But this excellence will only fulfill its full potential if we put it at the service of an unequivocal vocation and responsibility to structure and drive the Spanish defence ecosystem, enhancing its capabilities and generating the scale required to compete in an increasingly demanding environment,” Recasens said. “We’ll continue to improve and enhance our industrial and technological capabilities in order to harness the unique opportunities for growth provided by the Defence, Aerospace, and Technology sectors”.
