Earnings release
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1 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Results for the first nine months 2025 INDRA GROUP CONTINUES TO GROW IN REVENUE AND OPERATING PROFITABILITY AND COMPLETES THE FIRST PHASE OF ITS STRATEGIC PLAN “LEADING THE FUTURE - FOCUS” A YEAR AHEAD OF SCHEDULE. • Backlog reaches €9,512m, including €1,476m from the acquisition of TESS, up 1 4% year-on-year (excluding TESS) in 9M25, while order intake increases by 20% in the same period. • Revenues up 6% in 9M25 compared to 9M24, with double -digit year-on-year growth in ATM and Defense. In 3Q25, revenues also increase by 6% year-on-year. • 9M25 EBITDA and E BIT record YoY growth of 1 0%, showing improvement in both margins. EBIT margin in 3Q25 reaches 9.4%. • Net profit amounts to €291m, up 58% vs 9M24. Cash flow generatio n (FCF) reaches €57m in 9M25 vs €94m in 9M24. • In July, the acquisition of Aertec and the purchase of the “El Tallerón” plant from Duro Felguera were announced. • The company reiterates all financial targets for 2025. • Following the adjudication of funding for the Special Modernization Programs (PEM), Indra expects to exceed €10bn its Defense backlog during 2026. • Indra Group announces a Capital Markets Day in the second quarter of 2026 to present, one year ahead of schedule, the second phase of the Strategic Plan “Leading the Future-Scale Up.” Madrid, October 30, 2025. Ángel Escribano, Executive Chairman of Indra Group, emphasized that "the solid results and clear commitment to anticipating the needs of the defense and technology sectors have already translated into 7% job growth in Spain. We are consolidating a project for the company and the country, capable of facing challenges, mobilizing the national industry and technology sector, and adding talent in sectors critical to our security." For his part, José Vicente de los Mozos, CEO of Indra Group, highlighted "the progress made by all business units, especially aerospace and defense. 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 modernization programs, for which we are already mobilizing the entire national industrial ecosystem. This dynamic is made possible thanks to the commitment and motivation of the people who work each day at the company."
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2 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Main Figures Acquisitions accounted for €115m in 9M25 sales vs €17m in 9M24. In Minsait, the acquisitions of Totalnet and MQA contributed inorganically, in Defense GTA, Deimos, CLUE, TESS Defence and AERTEC contributed and in ATM Micronav and Global ATS. Backlog reached €9,512m, of which €1,476m corresponds to the consolidation of TESS Defense. Excluding this impact, backlog would have increased by +1 4% vs 9M24, driven by the double-digit growth registered in all divisions except for Mobility (+1%). Backlog/Revenues LTM ratio stood at 1.59x (excluding TESS) vs 1.49x last year same period. Order intake in 9M25 registered +20% increase, posting strong growth across all businesses. It stood out the growth recorded in ATM, mainly due to the contribution of the radio renewal contract in the US, air navigation radars in the UK, and the business in Spain; Defense, mainly due to the Eurofighter project and the radar s contracts in Germany and Oman; and Mobility t hanks to railway maintenance contracts in Chile, tolls in Colombia and railways in Romania. Book -to-bill ratio was 1.23x vs 1.09x in the same period of the previous year. 9M25 revenues grew +6%, with all divisions showing growth : ATM +16%, Defense +14%, Minsait +3% and Mobility +1%. In 3Q25, revenues also increased in all divisions (Defense +8%; Minsait +7% and Mobility +2%), except for ATM, which remained stable (+0%). FX impact in 9M25 contributed negatively to revenues with € 60m (-1.8pp), mainly due to the depreciation of the dollar against the euro and its impact on the currencies of Brazil and Mexico. Organic revenues in 9M25 increased +5% (excluding the inorganic contribution of the acquisitions and th e FX impact), showing growth in ATM +13%, Defense +8% and Minsait +4%. 9M25 EBITDA margin stood at 1 1.2% vs 10. 9% in 9M24. In absolute terms, EBITDA grew by +1 0%, an improvement mainly explained by the higher revenue growth recorded in division s with highe r operating profitability, Defense and ATM. In 3Q25, EBITDA margin stood at 12.1% vs 12.7% in 3Q24 due to the one-off decline in the defense margin as a result of increased operating expenses (higher personnel expenses due to the increase in the workforce, supplies, and other operating expenses) linked to the expansion of our capabilities to prepare the company for the Special Modernizat ion Plans (PEM), and the higher weight of the Eurofighter program maintenance item in 3Q24. EBITDA for the third quarter remained stable in absolute terms. Operating Margin was 10.2% in 9M25 vs 9.8% in 9M24, showing +1 1% growth in absolute terms. Other operating income and expenses (difference between Operating Margin and EBIT) in 9M25 amounted to €- 51m vs €-43m in 9M24, with the following breakdown: total wo rkforce restructuring costs amounted to € -29m vs €-23m, the impact of the PPA (Purchase Price Allocation) on the amortization of intangibles was € -12m vs €-11m and the provision for equity -based compensation of the medium -term incentive amounted to € -9m, same figure as in 9M24. 9M25 EBIT was 8.8% vs 8 .5% in 9M24, which implied an increase of +1 0% in absolute terms. 3Q25 EBIT margin stood at 9.4% vs 10.2%, showing a -2% decrease in absolute terms. 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Backlog 9,512 7,049 34.9 / 36.4 0 9,512 7,049 34.9 / 36.4 Net Order Intake 4,449 3,702 20.2 / 22.2 0 1,287 1,021 26.0 / 27.8 Revenues 3,611 3,400 6.2 / 8.0 0 1,162 1,096 6.0 / 7.6 EBITDA 405 369 9.7 0 140 140 0.3 EBITDA Margin % 11.2% 10.9% 0.3 pp 0 12.1% 12.7% (0.6) pp Operating Margin 369 333 10.8 0 127 124 2.3 Operating Margin % 10.2% 9.8% 0.4 pp 0 10.9% 11.3% (0.4) pp EBIT 319 291 9.6 0 109 111 (2.1) EBIT margin % 8.8% 8.5% 0.3 pp 0 9.4% 10.2% (0.8) pp Net Profit 291 184 57.9 0 77 70 9.3 Basic EPS (€) 1.66 1.05 57.6 0 N/A N/A N/A Free Cash Flow 57 94 (38.9) 0 (8) 25 N/A Net Debt Position 114 70 62.2 0 114 70 62.2 Main Figures
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3 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com 9M25 Net profit of the group reached €291m vs €1 84m in 9M24, an increase of + 58%, as a result of the operational improvement and the one -off impact on financial results from the increase in the valuation of the stake in TESS. 9M25 Free Cash Flow stood at €57m vs €94m in 9M24. In 3Q25, cash generation was €-8m vs €25m in 3Q24. Net Debt stood at €114m in September 2025 vs positive Net Cash position of €86m in December 2024 and Net Debt of €70m in September 2024. Net Debt/EBITDA LTM ratio (excluding IFRS 16 impact) stood at 0. 2x in September 2025 vs -0.2x in December 2024 vs 0.1x in September 2024. Outlook 2025* • Revenues in constant currency: >€5,200m. • EBIT reported: > €490m. • Free Cash Flow reported: > €300m. *Does not include the acquisitions of TESS Defense and Hispasat. Analysis by Business Units Defense 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Backlog 4,745 2,975 59.5 / 59.5 4,745 2,975 59.5 / 59.5 Net Order Intake 1,018 692 47.1 / 47.2 261 199 31.5 / 31.6 Revenues 764 673 13.5 / 13.6 245 226 8.5 / 8.6 EBITDA 150 136 10.4 52 57 (10.1) EBITDA Margin % 19.6% 20.2% (0.6) pp 21.0% 25.4% (4.4) pp Operating Margin 135 125 8.4 46 52 (12.4) Operating Margin % 17.7% 18.5% (0.8) pp 18.7% 23.2% (4.5) pp EBIT 130 121 7.9 43 51 (15.2) EBIT margin % 17.0% 17.9% (0.9) pp 17.7% 22.6% (4.9) pp Book-to-bill 1.33 1.03 29.6 1.06 0.88 21.2 Backlog / Revs LTM 4.23 3.12 35.4 Space Revenues 61 36 69.9 / 69.9 22 4 432.5 / 432.8 % of Defence Sales 9% 6% 10% 2% Defence
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4 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com • Order intake in 9M25 went up +47% mainly bolstered by the Eurofighter project, the modernization project for the S-80 submarines for the Spanish Navy, radars contract in Germany, the Lanza radars project in Oman and the inorganic contribution of Deimos. Order intake in 3Q25 showed +31% growth, thanks to the contribution recorded in Spain (Eurofighter project and modernization of the S-80 submarines) and America (radars contract in Uruguay). • Revenues in 9M25 grew by +1 4%, posting strong growth in Spain , Europe and AMEA . This growth was mostly driven by the strong contribution of the Eurofighter project (€178m in 9M25 vs €138m in 9M24), Space (Galileo program and inorganic contribution of Deimos) , Land Systems (8*8 armoured vehicle and radars in Vietnam) and Weapons and Ammunition (Meteor Project). For its part, the FCAS contribution to sales decreased by -15% (€173m in 9M25 vs €188m in 9M24). Excluding FCAS, Defense sales would have grown by +2 2% in 9M25. In 3Q25, revenues in creased by + 8%, also boosted by the Space and Land Systems areas, as well as by the Eurofighter project. The quarterly contribution from the FCAS project declined by -19% (€41m in 3Q25 vs €51m in 3Q24). • Organic sales in 9M25 (excluding the inorganic contribution of the acquisitions and the FX impact) grew by +8% and +1% in 3Q25. • By geographies, activity in 9M25 was concentrated in Europe (c. 45% of sales) and Spain (c. 40% of sales). • Space sales in 9M25 amounted to €61m (8% of Defense division sales), posting +70% year-on-year growth. • EBITDA margin in 9M25 was 19.6% vs 20.2% in 9M24, while in 3Q25 the margin was 21.0% vs. 25.4% in 3Q24. The one -off decline in the margin is explained b y the increase in operating expenses (higher personnel expenses due to the increase in the workforce, supplies, and other operating expenses) linked to the expansion of our capabilities to prepare the company for the Special Modernization Plans (PEM), and by the higher weight of the Eurofighter program maintenance item in 3Q24. • EBIT margin in 9M25 was 17.0% vs 17.9% in 9M24. In 3Q25, the margin stood at 17.7% vs 22.6% in 3Q24. Air Traffic • Order intake in 9M25 grew +57%, with all geographies posting double -digit growth, among which it stood out the contribution of Europe (UK radars contract), Spain and America (radio renewal contract in the US). • Revenues in 9M25 increased by +16%, with strong double-digit growth registered both in America (US and Canada iTEC) and Europe (UK, Belgium and Germany). For its part, sales in 3Q25 remained stable. In the quarter, the growth showed in Europe (radar contract in the UK) and Spain was offset by the declines posted in America (difficult comparable in Colombia) and AMEA (UAE and India). 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Backlog 1,137 840 35.4 / 36.5 1,137 840 35.4 / 36.5 Net Order Intake 651 415 57.1 / 58.6 251 126 99.9 / 104.2 Revenues 364 312 16.5 / 17.4 106 106 0.1 / 1.5 EBITDA 56 50 12.5 18 17 5.0 EBITDA Margin % 15.3% 15.9% (0.6) pp 17.4% 16.6% 0.8 pp Operating Margin 46 39 17.1 15 14 3.8 Operating Margin % 12.6% 12.5% 0.1 pp 13.9% 13.4% 0.5 pp EBIT 45 38 17.7 14 14 4.7 EBIT margin % 12.4% 12.3% 0.1 pp 13.7% 13.1% 0.6 pp Book-to-bill 1.79 1.33 34.9 2.38 1.19 99.8 Backlog / Revs LTM 2.19 1.90 15.1 ATM
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5 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com • Organic sales in 9M25 (excluding the effect of acquisitions and the FX impact) grew by + 13% and decreased by -5% in 3Q25. • By geographies, activity in 9M25 was concentrated in Europe ( c. 40% of sales), AMEA (c. 2 5% of sales), America (c. 20% of sales) and Spain (c. 15% of sales). • EBITDA margin in 9M25 was 15.3% vs 15. 9% in 9M24, due to the lower profitability contributed by the acquired companies (Micronav and Global ATS). In 3Q25, margin was 17.4% vs 16.6% in 3Q24. • EBIT margin in 9M25 stood at 12.4% vs 12.3% in 9M24. In 3Q25, margin stood at 13.7% vs 13.1% in 3Q24. Mobility • Order intake in 9M25 increased by + 10% bolstered by the railway maintenance contract in Chile, toll systems in Colombia and the railway project in Romania . By geography, it stood out the growth recorded both in America and in Europe. • Revenues in 9M25 up by +1%, with strong growth showed in all regions except for America ( difficult comparable due to the tolling collection systems in the Mayan Train in Mexico in 9M24), with AMEA (rail transport system in Saudi Arabia), Europe (ticketing in Ireland) and Spain (ticketing and smart transport systems) standing out. In 3Q25, sales increased by +2%, mainly highlighting AMEA (rail transport system in Saudi Arabia), managing to offset the declines recorded in the other regions. • Organic sales in 9M25 (excluding the effect of acquisitions and the FX impact) remained stable, while increasing +2% in 3Q25. • By geographies, activity in 9M25 was concentrated in Spain (40% of sales), AMEA (c. 30% of sales) and America (20% of sales). • EBITDA margin in 9M25 was 6.0% vs 6.4% in 9M24. In 3Q25, the margin stood at 5.9% vs 8.2% in 3Q24. • EBIT margin in 9M25 was 3.7% vs 4.4% in 9M24. In 3Q25, margin stood at 3.4% vs 5.7% in 3Q24. 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Backlog 976 921 5.9 / 7.6 976 921 5.9 / 7.6 Net Order Intake 292 265 10.4 / 12.7 76 112 (31.9) / (29.2) Revenues 258 256 0.7 / 2.3 86 84 2.5 / 4.4 EBITDA 15 16 (5.5) 5 7 (25.8) EBITDA Margin % 6.0% 6.4% (0.4) pp 5.9% 8.2% (2.3) pp Operating Margin 11 14 (20.5) 3 5 (36.3) Operating Margin % 4.2% 5.3% (1.1) pp 3.9% 6.3% (2.4) pp EBIT 9 11 (16.5) 3 5 (38.4) EBIT margin % 3.7% 4.4% (0.7) pp 3.4% 5.7% (2.3) pp Book-to-bill 1.13 1.03 9.6 0.89 1.34 (33.6) Backlog / Revs LTM 2.68 2.29 17.2 Mobility
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6 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Minsait • Order intake in 9M25 accelerated its growth up to +7%, mainly driven by +21% growth registered in PPAA & Healthcare, as well as by Energy & Industry (+11%). The order backlog-to-sales ratio LTM stood at 0.87x vs 0.79x in the same period of the previous year. • Revenues in 9M25 increased by +3%, standing out the positive performance showed in PPAA & Healthcare (+8%), Financial Services (+2%) and Energy & Industry (+1%). Fo r its part, Telecom & Media revenues decreased by -3%. In 3Q25, sales grew by +7%, mainly boosted by the double -digit growth recorded in PPAA & Healthcare (+18%), as well as by Financial Services (+3%) and Energy & Industry (+2%). • Organic sales in 9M25 (excluding the effect of acquisitions and the FX impact) accelerate its growth up to +4%, showing an increase of +7% in 3Q25. • By geographies, activity in 9M25 was concentrated in Spain ( c. 60% of sales) and America (c. 25% of sales). • Operating margin in 9M25 was 8.0% vs 7.2% in 9M24, thanks to higher operating leverage from continued revenue growth, improved revenue mix towards Digital & Solutions, and continued focus on cost efficiency. In 3Q25, margin was 8.6% vs 7.6% in 3Q24. • EBIT margin in 9M25 improved to 6.0% vs 5.6% in 9M24. In 3Q25, margin stood at 6.7% vs 6.1% in 3Q24. 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Backlog 2,654 2,313 14.7 / 18.0 2,654 2,313 14.7 / 18.0 Net Order Intake 2,488 2,331 6.7 / 9.4 698 585 19.3 / 20.9 Revenues 2,226 2,159 3.1 / 5.6 725 680 6.5 / 8.6 EBITDA 184 168 9.9 65 58 12.3 EBITDA Margin % 8.3% 7.8% 0.5 pp 9.0% 8.5% 0.5 pp Operating Margin 178 156 13.8 62 52 20.7 Operating Margin % 8.0% 7.2% 0.8 pp 8.6% 7.6% 1.0 pp EBIT 134 120 11.3 48 42 15.8 EBIT margin % 6.0% 5.6% 0.4 pp 6.7% 6.1% 0.6 pp Book-to-bill 1.12 1.08 3.5 0.96 0.86 12.0 Backlog / Revs LTM 0.87 0.79 10.3 Minsait
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7 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Minsait revenues by horizontals By horizontal business, Digital & Solutions sales (53% of Minsait's sales) grew by +8% and Outsourcing & Other Services (47% of Minsait's sales) decreased by -1%. In the Digital business, the strongest growths were in Cybersecurity, migration to the Cloud and Artificial Intelligence. In 3Q25, Digital & Solutions sales up by +8% while Outsourcing & Other Services increased by +5%. Minsait by divisions Energy & Industry • Order intake in 9M25 increased by +11% thanks to the growth registered in all regions, except for Europe. It stood out the growth recorded in Colombia in the Industry segment, which grew by +16%, and in Brazil in the Energy segment, which increased by +9%. In 3Q25, order intake up by +10%, mainly boosted by America (Colombia and Brazil) and Europe (Portugal), while Spain and AMEA registered declines. • 9M25 revenues increased by +1%, mainly driven by the Industry seg ment (+10%), which posted solid growth both in America (Colombia, Guatemala and Panama) and in Europe (Italy and Germany). For the vertical as a whole, it stood out the growth showed in America and AMEA, in contrast to the declines registered in Europe. In 3Q25, sales grew by +2%, thanks to the growth registered in the Industry segment (+10%), offsetting the declines posted in the Energy segment (-3%). • The Energy segment represented approximately 55% of the vertical sales in 9M25 vs 45% for Industry. • By geographies, most of the activity in 9M25 was concentrated in Spain (c. 50% of sales), America (c. 30% of sales) and Europe (15% of sales). 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported (€m) (€m) Reported Digital & Solutions 1,201 1,116 7.6 399 369 7.9 Outsourcing & Other Services 1,049 1,058 (0.8) 335 320 4.8 Eliminations (23) (14) N/A (9) (9) N/A Total 2,226 2,159 3.1 725 680 6.5 Minsait Revenues 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Energy & Industry 788 707 11.4 / 14.2 202 183 10.4 / 12.2 Financial Services 746 731 2.0 / 4.6 243 167 45.7 / 47.7 PP.AA & Healthcare 756 626 20.7 / 23.7 194 161 20.7 / 22.5 Telecom & Media 198 266 (25.7) / (23.9) 59 75 (20.7) / (20.7) Total 2,488 2,331 6.7 / 9.4 698 585 19.3 / 20.9 9M25 9M24 Variation (% ) 3Q25 3Q24 Variation (% ) (€m) (€m) Reported / Local currency (€m) (€m) Reported / Local currency Energy & Industry 650 641 1.3 / 3.7 209 204 2.5 / 4.4 Financial Services 744 727 2.4 / 5.2 236 229 3.2 / 5.0 PP.AA & Healthcare 642 594 8.1 / 10.2 219 186 18.1 / 20.6 Telecom & Media 190 196 (3.4) / (0.9) 60 62 (2.6) / (0.8) Total 2,226 2,159 3.1 / 5.6 725 680 6.5 / 8.6 Minsait Revenues Minsait Order Intake
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8 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Financial Services • Order intake in 9M25 increased by +2%, boosted by the growth registered in Spain (+4%) and America +3% (payment systems in Chile, Uruguay and El Salvador). • 9M25 sales grew +2%, mainly bolstered by the banking segment, highlighting the growth registered in America (Uruguay due to the contribution of Totalnet and Peru), Spain and Europe (Portugal and Ita ly). In 3Q25, sales increased by +3% thanks to the growth registered in Spain, America and Europe. • The Banking sector (c. 90% of total sales) concentrated most of the activity of the vertical in 9M25 with respect to the Insurance sector (c. 10% of total sales). • By geographies, activity in 9M25 was concentrated in Spain (c. 60% of sales) and America (35% of sales). Public Administrations & Healthcare • Order Intake in 9M25 increased by +21%, boosted by the growth registered in all geographies, among which it stood out the double -digit growth showed in AMEA (Elections business in Iraq), Spain (Public Administration business) and America (Public Administration business in Brazil and Elections business in Argentina). • 9M25 Public Administrations & Healthcare sal es increased +8%, showing solid growth both in America (+31%) and Spain (+8%). Excluding the Elections business, revenues would have increased by +10% (Elections business contributed €47m in 9M25 vs €54m in 9M24). In 3Q25, sales increased by +18%, driven by strong growth registered in all geographies, highlighting AMEA and America. • The Public Administrations segment ( c. 80% of sales) concentrated the highest vertical activity in 9M25 with respect to Healthcare (c. 10% of sales) and Elections (c. 5% of sales) segments. • By geographies, most of the vertical activity was concentrated in Spain (c. 65% of sales), America (c. 15% of sales) and Europe (c. 10% of sales). Telecom & Media • Order Intake in 9M25 decreased by -26%, dragged down by declines registered in all regions, with double- digit declines in America and Spain. • 9M25 sales were down -3%, held back by Spain (lower activity with one of the largest operators of the country) and Europe (Germany), as well as the negative FX impact. In 3Q25, sales also decreased by -3%, affected by the declines recorded in AMEA and Europe, as well as by the FX impact. • The Telecom segment (95% of total sales) concentrated most of the activity of the vertical in 9M25 with respect to the Media segment (5% of total sales). • By geographies, most of the vertical activity in 9M25 was concentrated in Spain (55% of sales) and America (c. 30% of sales).
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9 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Revenues by region Sales by region showed growth in America (+13%; 20% of total sales), Europe (+11%; 21% of total sales), AMEA (+7%; 9% of total sales) and Spain (+5%; 50% of total sales). Human Resources At the end of September 2025, total workforce amounted to 61,475 professionals implying an increase of +5% vs September 2024 (2,765 addition al employees). This increase was mainly concentrated in Spain (2,508 additional employees). For its part, average headcount in 9M25 increased by +5% vs 9M24. 9M25 9M24 3Q25 3Q24 (€m) (€m) (€m) (€m) Spain 1,803 1,719 4.8 4.9 557 557 0.1 0.1 America 735 697 5.4 13.4 247 236 4.8 10.9 Europe 757 685 10.6 10.7 237 213 11.4 11.5 AMEA 317 299 5.8 7.2 120 90 32.7 35.3 Total 3,611 3,400 6.2 8.0 1,162 1,096 6.0 7.6 Variation (% ) Reported / Local currency Reported / Local currency Revenues by Region Variación (% ) Final Workforce 9M25 % 9M24 % Variation (% ) Spain 36,198 59% 33,690 57% 7% America 19,268 31% 19,242 33% 0% Europe 3,882 6% 3,724 6% 4% Asia, Middle East & Africa 2,127 3% 2,054 3% 4% Total 61,475 100% 58,710 100% 5% Average Workforce 9M25 % 9M24 % Variation (% ) Spain 35,327 58% 33,043 57% 7% America 19,591 32% 18,979 33% 3% Europe 3,885 6% 3,745 6% 4% Asia, Middle East & Africa 2,120 3% 2,081 4% 2% Total 60,923 100% 57,848 100% 5% Final Workforce By Division 9M25 % 9M24 % Variation (% ) Minsait 46,950 76% 46,837 80% 0% Defence 7,299 12% 5,412 9% 35% ATM 2,835 5% 2,532 4% 12% Mobility 2,866 5% 2,673 5% 7% Overheads 1,525 2% 1,257 2% 21% Total 61,475 100% 58,710 100% 5%
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10 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Other events over the period On July 9, Ms. Ángeles Santamaría Martín formally notified by letter her decision to resign irrevocably as an independent director of Indra Group for personal reasons, effective as of that date, as resignation by acknowledged the Board of Directors of Indra Group at its meeting held on July 10. In compliance with Recommendation 24th of the Good Governance Code for Listed Companies, the letter sent by said former director, with her prior authorization, explaining the reasons for her resignation, was published. On July 10, the Board of Directors, in the event of an analysis of any transaction that may involve a conflict of interest and in order to ensure the Company's good corporate governance, unanimously adopted the following resolutions: I. The creation of an Ad Hoc Committee, composed by independent directors, to supervise compliance with the applicable rules for the correct management of conflicts of interest. II. Empower the Lead Independent Director to propose to the Board, after consulting the independent directors, the members of the Committee and its rules of operation. On July 15, the European Investment Bank (EIB) signed a €385 million financing agreement with the Group to boost research, development and innovation for the Defense and Space sector. On July 22, Indra Group's Board of Directors agreed to appoint Ms. Coloma Armero Montes as a member of the Audit and Compliance Committee, replacing former director Ms. Ángeles Santamaría, and to set the number of members of the Executive Committee at seven. In addition, the Indra Group Board of Directors acknowledged the agreement adopted by the Appointments, Remuneration, and Corporate Governance Committee to initiate a selection process for an independent director to fill the vacancy created by the resignation of Ms. Santamaría, with the advice of a specialized consulting firm. On July 29, the acquisition of Aertec Defense & Aerial Systems (DAS) was formalized, strengthening Indra Group's position in the unmanned aerial systems market. On July 30, the purchase of Duro Felguera's Gijón plant (El Tallerón) was formalized. The agreement included the integration of the factory's 156 professionals, with the aim of transforming the plant into one of Europe's most modern military vehicle and tank factories. On July 30, Indra Group's Board of Directors unanimously agreed to approve: I. the composition of the Ad Hoc Committee for the study of a potential merger between Indra Group and Escribano Mechanical and Engineering, S.L.U. (“EM&E”) under the following terms: Chairwoman: Mrs Belén Amatriain Corbi Members: Mrs Eva María Fernández Góngora, Mr Josep Oriol Piña Salomó and Mr Bernardo Villazán Gil. II. the Protocol which regulates the framework for action and decision-making in the potential transaction indicated for the correct management of conflicts of interest and to ensure that the process is carried out in accordance with the highest standards of corporate governance. On August 25, prior a favorable report from the Appointments, Remuneration, and Corporate Governance Committee, Indra Group's Board of Directors unanimously agreed to appoint Frank
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11 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Torres as managing director of Indra Land Vehicles and Chief Program Officer of Indra Group, as well as a member of the Management Committee. On August 29, the Board of Directors of Indra Group acknowledged the resignation submitted by Mr. Bernardo Villazán Gil for personal reasons as a member of the Ad Hoc Committee, and unanimously agreed, at the proposal of the aforementioned Committee, to set the number of members of the Committee at three, with the following composition: Chairwoman: Mrs Belén Amatriain Corbi Members: Mrs Eva María Fernández Góngora and Mr Josep Oriol Piña Salomó Between September 3rd and September 8th, Indra carried out a Temporary Share Buyback Program (“the Program”), under the authorization granted by the General Shareholders' Meeting for the derivative acquisition of treasury shares and in accordance with the provisions of Article 5 of Regulation (EU) No. 596/2014 on market abuse and Article 3 of Delegated Regulation (EU) 2016/1052, in order to enable the Company to comply with its obligations to deliver shares to its executives under the current remuneration system. Under this Program, the Company has acquired 235,000 shares representing 0.13% of its share capital. The liquidity agreement signed with Banco Sabadell, S.A. was suspended during the term of the Program. On September 30, the Board of Directors of Indra Group, at the proposal of the Appointments, Remuneration and Corporate Governance Committee, unanimously agreed to appoint Ms. María Teresa Busto del Castillo as an independent director, by means of co-optation, to fill the vacancy resulting from the resignation submitted on July 9 2025, by Ms. Ángeles Santamaría Martín. With this appointment, the presence of independent directors representing half of the total number of directors was restored, in accordance with best corporate governance practices. Events following the close of the period On October 1, Luis Mayo was appointed CEO of Indra Space, with the aim of strengthening its commitment to becoming a unique player in Europe and the most integrated company in the entire space value chain, capable of offering end-to-end space missions with a dual civil and military focus.
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12 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Consolidated Income Statement Figures not audited Basic EPS is calculated by dividing net profit by the average number of outstanding shares during the period less the average treasury shares of the period. Diluted EPS corresponds to basic EPS as there are no dilutive instruments. For both basic and diluted EPS, the average balances of treasury shares, total shares issued and potential shares to be issued upon conversion of convertible bonds are calculated using daily balances. 9M25 9M24 3Q25 3Q24 €m €m €m % €m €m €m % Revenue 3,611.3 3,399.8 211.5 6.2 1,161.6 1,095.8 65.8 6.0 In-house work on non-current assets and other income 98.1 53.4 44.7 83.5 33.3 18.5 14.8 79.5 Materials used and other supplies and other operating expenses (1,208.6) (1,162.7) (45.9) 3.9 (397.0) (384.4) (12.6) 3.3 Staff Costs (2,096.0) (1,920.8) (175.2) 9.1 (657.8) (590.1) (67.7) 11.5 Other gains or losses on non-current assets and other results 0.6 (0.3) 0.9 NA 0.0 (0.3) 0.3 NA Gross Operating Result (EBITDA) 405.4 369.5 35.9 9.7 140.0 139.6 0.4 0.3 Depreciation and amortisation charge (86.9) (78.9) (8.0) 10.1 (31.0) (28.2) (2.8) 10.0 Operating Result (EBIT) 318.5 290.5 28.0 9.6 109.1 111.4 (2.3) (2.1) EBIT Margin 8.8% 8.5% 0.3 pp NA 9.4% 10.2% (0.8) pp NA Financial Loss 70.1 (26.5) 96.6 (364.2) (5.4) (9.6) 4.2 (44.3) Result of companies accounted for using the equity method (4.0) (4.5) 0.5 NA (1.9) (1.5) (0.4) NA Profit (Loss) before tax 384.6 259.5 125.1 48.2 101.8 100.3 1.5 1.5 Income tax (91.8) (73.1) (18.7) 25.6 (24.6) (29.4) 4.8 (16.3) Profit (Loss) for the year 292.9 186.5 106.4 57.1 77.2 70.9 6.3 8.9 Profit (Loss) attributable to non-controlling interests (1.6) (2.0) 0.4 NA (0.6) (0.8) 0.2 NA Profit (Loss) attributable to the Parent 291.3 184.5 106.8 57.9 76.6 70.1 6.5 9.3 Earnings per Share (according to IFRS) 9M25 9M24 Basic EPS (€) 1.66 1.05 Diluted EPS (€) 1.66 1.05 9M25 9M24 Total number of shares 176,654,402 176,654,402 Weighted treasury stock 896,270 1,175,583 Total shares considered 175,758,132 175,478,819 Total diluted shares considered 175,758,132 175,478,819 Treasury stock in the end of the period 1,221,422 280,057 57.6 57.6 Variation Variation Variation (%)
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13 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com • Revenues grew by +6% in 9M25, same growth as in 3Q25. • Other income stood at €98m in 9M25 vs €53m in 9M24 , mainly as a result of higher subsidies and works for own non-current assets. • Materials used and other supplies and other operating expenses increased +4% in 9M25 vs 9M24, mainly due to increased purchases of materials and higher operating costs (leases and royalties, travels, supplies, etc.). In 3Q25, this item showed similar growth, increasing by +3%. • Personnel expenses increased by +9% in 9M25 vs 9M24, as a consequence of the salary inflation and the +5% growth in the average headcou nt of the Group. In 3Q25, personnel costs increased at a higher rate (+11%). • 9M25 EBITDA stood at €405m vs €369m in 9M24, which implied +10% growth. • 9M25 D&A was €87m, higher level than the €79m posted in 9M24. • 9M25 EBIT stood at €319m vs €291m in 9M24, growing +10%. • Financial result increased to €70m in 9M25 vs € -27m in 9M24, mainly due to the extraordinary income of €100m that took place in the period as a result of the one -off impact on the financial results derived from the increase in the valuation o f the stake in TESS. Excluding this effect, the financial result would have been €-30m. The average gross cost of debt stood at 3.2% in 9M25 vs 4.3% in 9M24. • Income tax reached €92m in 9M25 vs €73m in 9M24, mainly due to the higher profit before taxes recorded in the period. The tax rate stood at 24% in 9M25 vs 28% in 9M24, mainly due to the higher weighting of the result from Spain, with a generally lower tax rate than abroad, as well as the higher R&D tax deduction recorded in the tax in Spain. • Net profit of the group amounted to €291m in 9M25 vs €184m in 9M24, which represented +58% growth.
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14 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Consolidated Balance Sheet As of September 30th 2024, the Group communicated to the CNMV, as Privileged Information through HR 2401, "the initiation of a formal process in order to examine the various options related to Minsait Payments. The Company will inform the market about the evolution of the process, in compliance with the securities market regulations." Since the process remains open at this time, based on IFRS 5, paragraph 9, the Group has classified the business as "Assets and Liabilities Held for Sale". Figures not audited 9M25 2024 Variation €m €m €m Property, plant and equipment 142.5 118.8 23.7 Property investments 9.6 9.6 0.0 Assets for the rigth of use 131.9 125.9 6.0 Goodwill 1,293.0 1,043.5 249.5 Other Intangible assets 238.5 250.5 (12.0) Investments using the equity method and other non-current financial assets978.8 485.5 493.3 Deferred tax assets 34.0 104.2 (70.2) Total non-current assets 2,828.4 2,137.9 690.5 Assets held for sale 209.2 213.7 (4.5) Operating current assets 2,663.8 1,791.8 872.0 Other current assets 284.8 257.2 27.6 Cash and cash equivalents 553.5 555.1 (1.6) Total current assets 3,711.2 2,817.8 893.4 TOTAL ASSETS 6,539.6 4,955.7 1,583.9 Share Capital and Reserves 1,548.3 1,309.8 238.5 Treasury shares (43.4) (12.6) (30.8) Equity attributable to parent company 1,504.9 1,297.2 207.7 Non-controlling interests 14.7 17.6 (2.9) TOTAL EQUITY 1,519.6 1,314.7 204.9 Provisions for contingencies and charges 82.9 87.5 (4.6) Bank borrowings and financial liabilities relating to issues of debt instruments and other marketable securities616.6 343.2 273.4 Other non-current financial liabilities 1,624.6 692.0 932.6 Subsidies 138.5 54.1 84.4 Other non-current liabilities 1.1 1.4 (0.3) Deferred tax liabilities 8.3 3.9 4.4 Total Non-current liabilities 2,472.0 1,182.2 1,289.8 Liabilities classified as held for sale 75.0 83.7 (8.7) Current bank borrowings and financial liabilities relating to issues of debt instruments and other marketable securities 100.8 186.3 (85.5) Other current financial liabilities 119.6 119.3 0.3 Operating current liabilities 1,769.8 1,626.9 142.9 Other current liabilities 482.8 442.5 40.3 Total Current liabilities 2,548.0 2,458.8 89.2 TOTAL EQUITY AND LIABILITIES 6,539.6 4,955.7 1,583.9 Current bank borrowings and financial liabilities relating to issues of debt instruments and other marketable securities 100.8 186.3 (85.5) Bank borrowings and financial liabilities relating to issues of debt instruments and other marketable securities 616.6 343.2 273.4 Gross financial debt 717.4 529.5 187.9 Cash and cash equivalents (553.5) (555.1) 1.6 Net Debt before transfer to held-for-sale 163.9 (25.6) 189.5 Effective transfer to held-for-sale (50.3) (60.8) 10.5 Total Group Net Debt 113.6 (86.5) 43.6
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15 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Consolidated Cash Flow Statement Figures not audited 9M25 9M24 Variation 3Q25 3Q24 Variation €m €m €m €m €m €m Profit Before Tax 384.6 259.5 125.1 101.8 100.3 1.5 Adjusted for: - Depreciation and amortization charge 86.9 78.9 8.0 31.0 28.2 2.8 - Provisions, capital grants and others (57.1) (7.1) (50.0) (10.3) (2.1) (8.2) - Result of companies accounted for using the equity method 4.0 4.5 (0.5) 1.9 1.5 0.4 - Financial loss (70.1) 26.5 (96.6) 5.4 9.6 (4.2) Dividends received 0.0 0.0 0.0 0.0 0.0 0.0 Profit (Loss) from operations before changes in working capital 348.3 362.4 (14.1) 129.7 137.5 (7.8) Changes in trade receivables and other items (138.8) (73.3) (65.5) (64.1) 22.9 (87.0) Changes in inventories (253.4) (194.2) (59.2) (72.1) (60.6) (11.5) Changes in trade payables and other items 220.4 116.8 103.6 37.8 (43.6) 81.4 Cash flows from operating activities (171.7) (150.7) (21.0) (98.4) (81.3) (17.1) Tangible (net) (20.3) (15.3) (5.0) (11.6) (5.8) (5.8) Intangible (net) (21.4) (25.9) 4.5 (15.8) (20.1) 4.3 Capex (41.7) (41.2) (0.5) (27.4) (25.8) (1.6) Interest paid and received (13.4) (17.5) 4.1 (5.5) (3.7) (1.8) Other financial liabilities variation (21.5) (24.5) 3.0 (7.8) (8.1) 0.3 Income tax paid (42.5) (34.5) (8.0) 1.5 6.5 (5.0) Free Cash Flow 57.5 94.1 (36.6) (7.8) 25.2 (33.0) Changes in other financial assets 0.0 0.0 0.0 0.0 0.0 0.0 Financial investments/divestments (180.7) 35.7 (216.4) (54.4) 54.1 (108.5) Dividends paid by companies to non-controlling shareholders (0.3) (2.6) 2.3 (0.3) (2.4) 2.1 Dividends of the parent company (43.9) (44.1) 0.2 (43.9) (44.1) 0.2 Shareholders contributions 0.0 0.0 0.0 0.0 0.0 0.0 Changes in treasury shares (21.1) (20.6) (0.5) (9.2) (0.6) (8.6) Cash-flow provided/(used) in the period (188.5) 62.5 (251.0) (115.6) 32.2 (147.8) Initial Net Debt (86.5) Cash-flow provided/(used) in the period 188.5 Foreign exchange differences and variation with no impact in cash 11.6 Final Net Debt 113.6 Cash & cash equivalents at the beginning of the period (616.0) (595.7) (20.3) Foreign exchange differences 9.9 17.2 (7.3) Increase (decrease) in borrowings (186.2) 171.7 (357.9) Net change in cash and cash equivalents 188.5 (62.5) 251.0 Ending balance of cash and cash equivalents (603.9) (469.3) (134.6) Long term and current borrowings 717.4 539.3 178.1 Final Net Debt (+) Net Cash (-) 113.6 70.0 43.6
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16 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com • Operating Cash Flow before net working capital reached €348m in 9M25 vs €362m in 9M24. • The change in working capital in the cash flow statement was €-172m in 9M25 vs €-151m in 9M24, due to the worse performance of Inventories and Accounts Receivable. • Working Capital from S/T and L/T stood at €287m in September 2025, equivalent to 21 DoS, higher level compared to September 2024 (€76m, equivalent to 6 DoS). This weaker performance is mainly explained by a higher volume of Inventories (54 DoS) and Accounts Payable (1 DoS), despite the improved level of Accounts Receivable (40 DoS). The acquisition of 26% of TESS led to an increase in Inventories of an additional €631m (equivalent to 46 DoS), and in Accounts Receivable of an additional €726 m (equivalent to 52 DoS), resulting in a net improvement in Working Capital of €95m (equivalent to 7 DoS). • Non-recourse factoring lines remained stable at €187m. • 9M25 CAPEX (net of subsidies) implied an investment of €68m vs €63m in 9M24. This difference was explained by a higher payment for tangible investment (€20m in 9M25 vs €15m in 9M24). Subsidies collection was €26m in 9M25 vs €22m in 9M24, resulting in a net Cape x investment (after subsidies collection) of €42m in 9M25 vs €41m in 9M24. • Financial Results payment in 9M25 was €13m vs €17m in 9M24, due to lower interest payments as a result of the lower Euribor and the improvement in the financial debt margin. • Income tax payment was €42m in 9M25 vs €35m in 9M24, mainly due to higher fractional income tax payments made during the period, derived from higher results. • 9M25 Free Cash Flow was €57m vs €94m last year same period. In 3Q25, cash generation was € -8m vs €25m in 3Q24. • Payment from Financial Investments, which mainly includes payments for acquired companies, amounted to €181m in 9M25 (among which it stood out €107m for the acquisition of a 26.3% stake in TESS Defense, including cash of €19m, €29m for the acquisitio n of Micro Nav and Global ATS, leading companies in the ATM sector, including cash of €7m; €25m for the acquisition of AERTEC, company specialized in unmanned aerial systems, and €20m for the acquisition of a 37% stake in SPARC, a startup specialized in chip manufacturing) vs the collection of €36m in 9M24. • Changes in treasury shares resulted in a cash outflow of €21m in 9M25, same figure as in 9M24. Working Capital S/T and L/T (€m) 9M25 9M24 Variation Inventories 1,384 749 635 Accounts Receivable 1,280 1,120 159 Operating Current Assets 2,664 1,870 794 Inventories L/T 280 108 172 Other L/T Assets 331 0 331 Accounts Receivable L/T 47 15 32 Total Operating Assets 3,322 1,993 1,329 Preypayments from clients 888 775 113 Accounts Payable 882 832 50 Operating Current Liabilities 1,770 1,607 163 Preypayments from clients L/T 320 310 10 Preypayments from clients L/T (TESS) 945 0 945 Total Operating Liabilities 3,035 1,917 1,118 Working Capital S/T and L/T 287 76 211 Working Capital S/T and L/T (DoS) 9M25 9M24 Variation Inventories 120 66 54 Accounts Receivable (36) 4 (40) Accounts Payable (64) (64) 1 Total 21 6 15
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17 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com • Net Debt stood at €114m in September 2025 vs a positive Net Cash position of €86m in December 2024. Net Debt/EBITDA LTM ratio (excluding IFRS 16 impact) stood at 0. 2x in September 2025 vs -0.2x in December 2024. Alternative Performance Measures (APMS) Following the guidelines of the European Securities and Markets Authority (ESMA) on Alternative Performance Measures (APMs), Group Management believes that certain APMs provide useful additional financial information that should be considered when assessing performance. In addition, Management uses these APMs when taking financial, operational and planning decis ions, as well as in the assessment of Group performance. The Group presents the following APMs that it considers useful and appropriate for decision making by investors and which provide greater reliability with respect to the Group's performance. Organic Revenues Definition/Conciliation: revenues adjusted for the impact of exchange rates and changes in the consolidation scope due to acquisitions and divestitures. The exchange rate impact is adjusted by calculating income at the average exchange rate for the previous period. The change in the consolidation scope is adjusted by excluding the contribution of the acquisitions in both periods. Explanation: this is an indicator that reflects the increase in sales excluding the impact of changes in the consolidation scope (acquisitions and divestitures) and the impact of currency exchange rates. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Gross Operating Result (EBITDA): Definition/Conciliation: EBITDA stands for earnings before interest, tax, depreciation and amortisation. Explanation: metric that the Group uses to define its operating profitability, and widely used by investors when evaluating businesses. The Group also uses the EBITDA Margin as a performance indicator, which is the ratio of EBITDA to sales in a given period. This indicator is interpreted as the Group's operating profit for every euro of sales. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Operating Result (EBIT): Definition/Conciliation: It is defined in the consolidated income statement. Explanation: EBIT (earnings before interest and tax) is a financial indicator that the Company uses to determine its productive performance and that investors use for company valuations. The Group also uses the EBIT Margin as a performance indicator, which is the ratio of EBIT to sales in a given period. This indicator is interpreted as the Group's operating profit for every euro of sales. Coherence in the criteria applied: There is no change in the criteria applied compared to last year. Operating Margin
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18 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com Definition/Conciliation: Operating profit (EBIT) plus personnel reorganisation costs, impairment, business consolidation and acquisition co sts, amortisation of intangible assets from acquisitions, share -based remuneration and possible penalties. Explanation: a financial indicator that the Company uses to determine its productive performance before certain extraordinary costs and which investors use for valuations of IT businesses. The Group also uses the Operating Margin (%) as a performance indicator, which is the ratio of the Operating Margin to sales in a given period. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Net Financial Debt: Definition/Conciliation: amounts owed to credit institutions and bon ds or other non -current marketable securities less cash and cash equivalents. Net borrowings is calculated by subtracting the balance under “Cash and cash equivalents” from the balances under the headings “Current and non -current bank borrowings” and “Financial liabilities due to the issuance of debentures and other current and non-current marketable securities” as these figure in the consolidated statements of financial position. Explanation: this is a financial indicator that the Group uses to measure the company's leverage. In this respect, the Group uses the Net Debt/EBITDA ratio as an indicator of its level of leverage and capacity to repay its financial debt. For this reason, the EBITDA figure used in the calculation of the ratio for interim periods is determined taking into account the equivalent annual EBITDA figure for the 12 months immediately prior to the date of calculation of the ratio. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Free Cash Flow: Definition/Conciliation: these are the funds generated by the Group before dividend payments, net financial investments and other similar amounts, and investment in treasury shares (Note 2. Statement of Financial Position and Cash Flow Statement). It is calculated on the basis of profit before taxes in the consolidated cash flow statement: deducting grants, provisions and gains/losses on fixed assets and other items, adding depreciation and amortisation, adding the results of subsidiaries and other investees, adding financial results, adding dividends received, adding change in working capital, deducting payments for the acquisition of property, plant and equipment and intangible assets, deducting financial results and corporate income tax paid, adding or deducting other flows from financing activities and adding subsidies. Explanation: this is the cash generated by the Group's own business operations that is available to the providers of funds (shareholders and financial creditors) once the Parent Comp any's investment needs have been met. It is an indicator that investors use for valuing companies. Coherence in the criteria applied: There is no change in the criteria applied compared to last year. Order Intake: Definition/Conciliation: this is the volume of contracts successfully obtained over a period. The order intake figure should not be confused with the Revenue figure since the amount of a contract secured in a particular year (and which is accounted for as order intake in that year) may be spread over a number of years. Explanation: as it reflects the amount of contracts obtained in a given year, the order intake figure is an indicator of the future performance of the Group's business. Coherence in the criteria applied: there is no change in the criteria applied compared to last year.
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19 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com “Book to bill” Ratio: Definition/Conciliation: the amount of the contracts successfully obtained over a period divided by the company's sales in the last twelve months. Explanation: this is a financi al indicator used by the Company to measure the amount of contracts obtained in relation to the Company's sales in the last twelve months. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Backlog: Definition/Conciliation: this is the accumulated order intake less sales made plus/minus exchange rate and contract renegotiation adjustments, among others. It reflects the amount of a sale remaining until the termination of a project to complete the order intake figure. Explanation: as it reflects the amount of contracts obtained pending implementation, this figure is an indicator of the future performance of the Group's business. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Backlog / Revenues in the Last Twelve Months Definition/Conciliation: amount of the backlog less sales made plus/minus exchange rate and contract renegotiation adjustments, among others, and which represents the part of the sale pending until the finalisation of the project to complete the contract figure, divided by the company's sales in the last twelve months. Explanation: a financial indicator used by the Company to measure the amount of contracts obtained pending execution in relation to its sales in the last twelve months. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Working Capital (NWC) Definition/Conciliation: the amount of current operating assets less current operating liabilities. It can also be calculated as the sum of accounts receivable plus inventories less trade debtors. Explanation: a financial indicator used by the Company to measure the resources it has available to meet its current liabilities. Therefore, it measures the company’s insolvency risk. Coherence in the criteria applied: there is no change in the criteria applied compared to last year. Glossary AMEA: Asia, Middle East and Africa. ARCGC: Appointments, Remunerations and Corporate Governance Committee. ATM: Air Traffic Management. BPO: Business Process Outsourcing. Book-to-Bill: Order intake/Revenues ratio. CAPEX: Capital Expenditure. DoS: Days of Sales.
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20 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com EBITDA: Earnings Before Interests, Taxes, Depreciations and Amortisations. EBIT: Earnings Before Interests and Taxes. EPS: Earnings Per Share. IT: Information Technology L/T: Long Term. LTM: Last Twelve Months. PPA: Purchase Price Allocation. S/T: Short Term. T&D: Transport & Defense. Contacts Investor Relations Ezequiel Nieto T: +34.91.480.98.04 enietob@indra.es Fernando Ortega T: +34.91.480.98.00 fortegag@indra.es Margarita García-Alamán T: +34.91.480.57.66 mgalaman@indra.es Fco. Javier Buendía T: +34.659.465.079 fjbuendia@indra.es
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21 Relaciones con Inversores +34.91.480.98.00 irindra@indra.es Comunicación y Relación con los Medios +34.91.480.97.05 indraprensa@indracompany.com About Indra Indra (www.indracompany.com) is one of the leading global technology and consulting companies, world leader in engineering technology for aerospace, defense and mobility business, and that heads digital transformation consultancy and information technologies in Spain and Latin Americ a through its affiliate Minsait. It is the technology partner for digitalization and core business operations of its customers worldwide thanks to its business model, based on a comprehensive range of proprietary products, with a high -value end-to-end focus and a high degree of innovation. Sustainability is part of its strategy and culture, to face present and future social and environmental challenges. In the financial year 2024, Indra achieved revenue totaling €4.843 million, with more than 60,000 employees, local presence in 46 countries and business operations in over 140 countries. Disclaimer This report may contain certain forward-looking statements, expectations and forecasts about the Company at the time of its elaboration. These expectations and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other important factors that could result in final results differing from those contained in these statements. This should be taken into account by all individuals or institutions to whom this report is addressed and that might have to take decisions or form or transmit opinions relating to securities issued by the Company and in particular, by the analysts and investors who consult this document.