The company also reached a record order backlog of €9.474 billion, a 33% increase compared to the same period in 2024, boosted by the €1.449 billion consolidation of TESS Defence. Excluding this impact, the backlog still grew by 12%, supported by double-digit growth across all divisions.
Order intake rose by 18% in the first half, driven by notable increases in Defence (+53%), Mobility (+41%), and Air Traffic Management (ATM) (+38%). Key contributors included the Eurofighter project, radar contracts in Germany and Oman, and transport agreements in Ireland and Colombia.
Revenues grew by 6% to reflect broad-based division growth, with particularly strong performances in ATM (+25%) and Defence (+16%). The exchange rate had a negative effect of €43 million on revenues, mainly due to the depreciation of the dollar and its influence on Latin American currencies.
Operating profitability also improved, with EBITDA increasing by 15% and EBIT by 17% year-on-year. The EBITDA margin stood at 10.8%, compared to 10.0% in the same period last year, driven by stronger results in the high-margin Defence and ATM businesses.
Defence and ATM together accounted for more than half of Indra’s EBITDA, aligning with the company’s strategic focus outlined in its ‘Leading the Future’ plan. The EBIT margin rose to 8.6%, up from 7.8% in the first half of 2024.
Ángel Escribano, Executive Chairman of Indra Group, stated: “The results in the first half of 2025 reflect how the company is harnessing business opportunities, accelerating projects, and growing in terms of its ambition. Besides, these accounts will enable us to move forward and foster the Spanish industrial ecosystem in the defence, space, and advanced technology sectors.”
José Vicente de los Mozos, CEO of Indra Group, added: “Now that we’ve reached the halfway point of our Strategic Plan, we can reaffirm our undertaking to exceed all of the goals we’ve set for 2026. We’re speeding up the deployment of our industrial plan, with the aim of reducing deadlines and guaranteeing deliveries as we move towards the strategic autonomy of Spain and Europe.”
Organic revenues (excluding acquisitions and exchange rate effects) rose by 5%, with ATM up by 22%, Defence by 11%, and Minsait by 2%. International markets accounted for 49% of sales, with European revenues rising 10%.
The workforce expanded by 6%, reaching 61,162 employees by June 2025. Of the 3,542 new hires in the first half, 2,618 were based in Spain, highlighting the company’s commitment to domestic growth.
Net debt stood at €4 million in June 2025, down from €89 million a year earlier, although it marked a shift from the €86 million net cash position held in December 2024. Excluding the TESS Defence impact, Indra’s profit would have increased by 24% to €138 million.
Looking ahead, Indra has reinforced its 2025 financial targets and confirmed its ambition for the new IndraMind division to achieve €1 billion in revenues by 2030. This new unit will focus on advanced artificial intelligence, cybersecurity, and cyberdefence with both civilian and military applications.
