Slides
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9M26 Results October 29 th , 2026
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LIVE EVENT: The Company will host a conference call for investors and analysts today at 9:00 A M (CET). Please find below conference call telephone details: Pre - registration: https://grid.trustwavetechnology.com/indra/register.html Once you’ve registered, you will receive an email with your personal credentials: Dial - in numbers, Conference ID and User ID. • Participants will need to enter the Conference ID and press the pound key. • Each participant will need to enter a unique personal User ID and press the pound key. Access to the webcast live event: https://streamstudio.world - television.com/1015 - 2578 - 43810/en Conference call details
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This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice or recommendation with respect to such securities. Its content is purely for information purposes and the statement it contains may reflect 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 beyond the control of the Company that could result in final results materially differing from those contained in these statements. The Company does not assume any obligation or liability in connection with the accuracy of the mentioned estimations and is not obliged to update or revise them. This document contains information that has not been audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information. This disclaimer should be taken into consideration by all the individuals or entities to whom this document is targeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra.
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9M26 Results Josep Maria Recasens CHIEF EXECUTIVE OFFICER 9M26 Indra Group Highlights
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5 Main headlines 9M26 Double - digit growth across key metrics in 9M26, in line with 2026 targets ▪ Backlog exceeded €22bn in 9M26, with all divisions contributing to growth ▪ Order intake increased by 82% YoY accelerating to 139% in 3Q26, with a strong contribution from IRIS ² contract in Space ▪ Revenues grew by +29% YoY, driven by strong growth in Defence (+100%) and A ir T raffic (+23%) ▪ EBITDA (+62%) and EBIT (+42%) growth supported a 1.0pp improvement in Indra Group’s profitability Business headlines: ▪ Changes to the organizational structure : o Management reorganization aimed at simplifying the organizational structure o Designed to strengthen execution , maximize cross - business synergies and accelerate decision - making ▪ Increasing our industrial footprint : o Acquisition of a n ew plant in As Pontes (Galicia) complementing the northern corridor capabilities, further expanding Indra Land Vehicles ▪ 101 VCR 8x8 vehicles already delivered , with 17 units handed over in 3Q26 ▪ IRIS ² : SpaceRISE consortium agreement with the European Commission and the European Space Agency o Hispasat designated as prime contractor for the ground segment and Low LEO constellation , generating over €1.9bn in order intake in 3Q ▪ Strategic acquisitions o TRC : agreement to acquire a 30% stake , strengthening sovereign cybersecurity through IndraMind o Dares Technology : acquisition of a 100% stake to incorporate synthetic aperture radars into unmanned systems , within the Weapons & Ammunition segment o Qilimanjaro : acquisition of a holding to speed up the application of quantum physics in physics and robotics through IndraMind Financial headlines:
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Five principles. Five levers. Playing offence. 6 Offensive PRODUCT Offensive INDUSTRIAL Offensive ECOSYSTEM Offensive TALENT Offensive TECHNOLOGY SPEED & DELIVERY Accelerate delivery QUALITY & RELIABILITY Ensure performance SOVEREIGNTY Secure critical capabilities COMPETITIVENESS Raise the bar DUAL - USE BY DESIGN
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One Company. A simpler way to lead it. 7 Offensive TALENT A leaner Leadership Team A simpler model to • Accelerate execution • Strengthen end - to - end accountability • Speed up decision - making One Company, One Team, One Goal CORPORATE Enable , Protect , Accelerate THINK Strategy & Concept SELL Go - to - market & Growth DELIVER Execution & Impact 1/3 ↓ Management Committee Members Comms , Marketing, Brand and Institutional Relations Internal Audit & Global Risks CEO People Chief Financial Officer Technical General Secretary Tech Operations Strategy , Technology & Product Chief Operating Officer Defence & Space IndraMind Air Traffic & Mobility Minsait
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4 air traffic control centers into operation (Argentina, India, Indonesia and Peru ) Powering delivery worldwide . 8 Offensive PRODUCT in the same week
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Powering delivery worldwide . 9 Offensive PRODUCT Delivered to the Federal Aviation Administration (FAA / USA) 3,500+ Radios 10 Primary radars 20 Secondary radars First 9 months 2026
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from initial DESIGN to a system in PRODUCTION . 1 st system ready for customer demo Accelerating Industrialisation . Uncompromising Quality. 10 Offensive PRODUCT <1 YEAR by the end of November 2026 VLP - R Wheeled Bridgelayer Vehicle 1 Note 1:. Wheeled Bridgelayer Vehicle Spain's Special Modernisation Programme (PEM)
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Growing faster than ever. 11 Offensive INDUSTRIAL Gijón Factory, Asturias 1 factory up and running within 6 months
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Doubling production capacity . 12 Offensive INDUSTRIAL Tess Defence controlled by Indra Group 25 June 2025 VCR 8x8 #101 vehicles delivered by end of Q3 9 months 2026 2024 2025
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Enlarging our industrial footprint. 13 Offensive INDUSTRIAL As Pontes, Galicia Manufacture of large land vehicles (amphibious combat vehicles, bridge - launching vehicles and wheeled artillery systems). NEW FACTORY Kansas > Gijón > Córdoba As Pontes
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180+ Spanish suppliers 16+ Autonomous Regions 55%+ SMEs 5+ universities and technology centres 14 First 9 months of COAAAS35 2 Note 1: Spain's Special Modernisation Programme (PEM) ~76% N ational 60% SMEs 1,000+ Suppliers Committing to sovereignty and the national ecosystem. Offensive ECOSYSTEM 79% national €800m flowing into the national industrial ecosystem €1,687m Involving Industrial Plan to 2035 Note 2: Modernisation of the Air Defence Artillery Command and Control System Indra’s commitment to the PEM 1 An example of progression
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IRIS 2 | At the core of key European programs . 15 Offensive TECHNOLOGY The largest infrastructure of antennas, control systems and ground network connectivity ever developed in Europe. 2029 | First launches aboard European launch vehicles. 2030 | Initial services for governmental authorized users. € ~15.6Bn Demonstration Hosted Payloads Hard - gov (mil Ka) Light Gov (Ka) Commercial (Ka) Hosted Payload Hard - gov (mil Ka) Light Gov (Ku & Ka) Commercial (Ku & Ka) 18 MEO satellites (~8000 km) 330 High LEO satellites (~1200 km) Low LEO (400 - 750 km) European Commission Constellation Ground Segment 348 satellites
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IRIS 2 | At the core of key European programs . 16 Offensive TECHNOLOGY Prime subcontractor of the Low LEO Layer Prime subcontractor for the Ground Segment 2026 - 2035 € 300m € 1.6Bn 16 Hard - gov (mil Ka) Light Gov (Ka) Commercial (Ka) Hosted Payload Hard - gov (mil Ka) Light Gov (Ku & Ka) Commercial (Ku & Ka) 18 MEO satellites (~8000 km) 330 High LEO satellites (~1200 km) European Commission Constellation 348 satellites Demonstration Hosted Payloads Low LEO (400 - 750 km) Ground Segment
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Some end - to - end use cases… IRIS 2 | At the core of key European programs . 17 Offensive TECHNOLOGY Commercialisation rights for consortium partners in civil and military markets 2031 - 2038 Maritime Surveillance EU External Action Border Surveillance Transport Infrastructures Specific Military Surveillance Operat . Forces Deployment Humanitarian Aid Space Infrastructures Maritime Emergency Other Critical Infrastructures Civil Protection Institutional Communications Specific Use Case: Polar Regions Law Enforcement Interventions Remote Healthcare & Telemedicine
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Pioneering strategic technologies 18 Offensive TECHNOLOGY TRC agreement 30% stake , strengthening sovereign cybersecurity through IndraMind . Dares Technology 100% stake , incorporating synthetic aperture radar capabilities into unmanned systems within the Weapons & Ammunition business. Qilimanjaro Quantum Tech €10m investment , accelerating quantum computing capabilities for physical AI, precision robotics and autonomous systems through IndraMind .
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19 Backlog €22,165m +133.0% Order Intake €8,085m +81.7% EBITDA Margin 14.2% ( €657m +62.2% YoY) +3.0pp Operating Margin 1 10.6% ( €490m +32.7% YoY) +0.4pp Net Income €355m +22.0% Free Cash Flow 2 Revenues €4,645m +28.6% EBIT Margin 9.8% ( €454m +42.4% YoY) +1.0pp Net Debt 2 €1,692m +2,844% 1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration an d a cquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation; 2. Includes prepayments r eceived from the Special Modernization Programs (PEMs) 9M26 Group Financial Results Headlines 9M26 performance in line with annual targets ▪ Backlog over 22bn (+133%) with order intake up +82% in 9M26 ▪ Revenues +29% with all divisions recording YoY growth, led by Defence (+100%) and AT (+23%) ▪ EBITDA and EBIT increased +62% and +42% YoY respectively ▪ Indra Group’s profitability improved 1.0pp, reaching an EBIT margin of 9.8% (10.4% excluding TESS) € - 1,192m - 1.4 x Net Debt/EBITDA LTM
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20 Revenues €1,466m +26.2% EBITDA Margin 13.7% ( €201m +43.5% YoY) +1.6pp Operating Margin ¹ 10.2% ( €150m +18.5% YoY) - 0.7pp EBIT Margin 9.4% ( €137m +26.0% YoY) +0.0pp Net Income €136m +77.8% Free Cash Flow €205m 1. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation. ▪ 3Q26 Revenues +26%, mostly driven by + 95% increase in Defence ▪ EBIT Margin stood at 9.4% (stable YoY) 3Q26 Group Financial Results Headlines
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Sales Growth in 9M26 21 9M26 Revenues Reported + 29% Local Currency + 28% Organic + 16% 9M26 Revenues breakdown by Geography International Business covering 42% 58% 19% 15% 8% America Spain Europe AMEA +25% +21% - 10% +48% 436 28 570 4,645 3,611 9M25 Inorganic FX impact Organic 9M26
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Aerospace & Defence 80% 12% 8% 6% 22% 52% Defence Minsait AT Mobility Space Aerospace & Defence 46% 48% 6% 10% 6% 30% Defence Minsait AT Mobility Space Aerospace & Defence 69% 30% 1% 13% 6% 50% Defence Minsait AT Mobility Space Backlog Revenues EBIT 9M26 B reakdown by Division A&D weight in Backlog +18pp vs 9M25 ( 62% ) A&D weight in Revenues +15pp vs 9M25 ( 31% ) A&D weight in EBIT +14pp vs 9M25 ( 55% )
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Group Workforce Evolution 1 23 Overheads AT Minsait Defence Mobility - 4% decreased workforce vs 9M25, driven by Minsait ( - 12%) Space 1. For illustrative purposes only - not to scale 46,950 46,564 41,084 6,433 6,782 8,424 866 1,543 1,652 2,835 2,868 3,037 2,866 3,086 3,084 1,525 1,553 1,694 sep-25 dec-25 sep-26 62,396 58,975 61,475 Revenue LTM/Employee +34% vs Sep 25 +26% vs Dec 25 Productivity
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9M26 Performance by Division 9M26 Results
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Indra Defence 9M26 25 ▪ Order intake +80%, driven by Eurofighter, PEMs, S imulation , Air - Defence and Naval Systems ▪ Revenues +100%, supported by PEMs, Land Vehicles (TESS VCR 8x8), Air - Defence , Eurofighter, Land a nd Naval Systems ▪ EBIT margin reached 20.1% excluding TESS Backlog €11,481m +151.1% Order Intake €1,713m +79.8% EBITDA Margin 19.5% ( €274m +83.6% YoY) - 1.8pp Operating Margin 1 16.5% ( €233m +71.3% YoY) - 2.8pp Book - to - Bill 1.22x 1.36x in 9M25 Backlog/Revs LTM Revenues €1,408m +100.3% EBIT Margin 16.1% ( €227m +73.3% YoY) - 2.6pp 5.70x 4.41x in 9M25 1. EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration an d a cquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation.
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26 Revenues €435m +95.2% EBITDA Margin 16.4% ( €71m +47.9% YoY) - 5.2 pp Operating Margin ¹ 14.5% ( €63m +47.4% YoY) - 4.8pp EBIT Margin 14.2% ( €62m +52.3% YoY) - 4.0 pp 1. EBIT before Other Operating Income & Expenses, including : staff reorganization , impairments , capital gains , integration and acquisition costs , fines, amortization of intangible assets (PPA from acquisitions ) and equity - based compensation . ▪ Revenues +95% backed by PEMs, Land Vehicles (TESS VCR 8x8), Radars and Weapons & Ammunition ▪ EBITDA and EBIT grew in double - digit terms YoY ▪ EBIT margin reached 17.3% excluding TESS Indra Defence 3Q26
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Indra Space 9M26 27 ▪ Growth driven by the c onsolidation of Hispasat and Hisdesat : ➢ Backlog exceeded €4.8bn ➢ Order intake included a €1.9bn contribution from IRIS 2 program ➢ Revenues grew by +372% ➢ EBITDA margin of 40.0% vs 0.9% in 9M25 ➢ EBIT margin of 9.9% vs - 1.7% in 9M25 Backlog €4,819m +2,672.8% Order Intake €2,152m +3,190.5% EBITDA Margin 40.0% ( €114m; €1m in 9M25) +39.1pp Operating Margin 1 10.3% ( €29m; € - 1m in 9M25) +11.8pp Book - to - Bill 7.53x 1.08x in 9M25 Backlog/Revs LTM Revenues €286m +372.5% EBIT Margin 9.9% ( €28m; € - 1m in 9M25) +11.6pp 14.88x 2.04x in 9M25 1. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac quisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation.
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28 Revenues €96m +328.5% EBITDA Margin 39.1% ( €37m; €3m in 3Q25) +23.5 pp Operating Margin ¹ 8.8% ( €8m; €3m in 3Q25) - 4.7 pp EBIT Margin 8.5% ( €8m ; €3m in 3Q25) - 4.7pp 1. EBIT before Other Operating Income & Expenses, including : staff reorganization , impairments , capital gains , integration and acquisition costs , fines, amortization of intangible assets (PPA from acquisitions ) and equity - based compensation . ▪ Revenues +329% due to the inorganic contribution of Hispasat and Hisdesat ▪ EBITDA margin increased to 39.1% from 15.6% in 3Q25 Indra Space 3Q26
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Indra Air Traffic 9M26 29 €1,434m +26.1% €826m +26.8% 15.7% ( €70m +25.7% YoY) +0.4pp 13.0% ( €58m +27.0% YoY) +0.4pp 1.85x 1.79x in 9M25 €446m +22.8% 12.7% ( €57m +25.8% YoY) +0.3pp 2.37x 2.19x in 9M25 Backlog Order Intake EBITDA Margin Operating Margin ¹ Book - to - Bill Backlog/Revs LTM Revenues EBIT Margin 1. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac qu isition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation; ▪ Order intake +27%, mainly driven by radar contracts in Congo, US (FAA) and UAE ▪ Revenues grew by +23%, explained by: ➢ Radars (US, Azerbaijan and UAE) ➢ AT systems (Kuwait) ➢ Canada iTEC ➢ Radios (US) ▪ EBITDA and EBIT delivered double - digit growth
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30 Revenues €147m +39.0% EBITDA Margin 16.6% ( €24m +33.1% YoY) - 0.8pp Operating Margin ¹ 13.2% ( €19m +32.0% YoY) - 0.7pp EBIT Margin 12.8% ( €19m +30.3% YoY) - 0.9pp 1. EBIT before Other Operating Income & Expenses, including : staff reorganization , impairments , capital gains , integration and acquisition costs , fines, amortization of intangible assets (PPA from acquisitions ) and equity - based compensation . ▪ Revenues +39% driven by radar and radio contracts in the US, AMEA and Europe ▪ EBITDA and EBIT grew at double - digit rate in absolute terms Indra Air Traffic 3Q26
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Indra Mobility 9M26 31 ▪ Order intake +222%, driven by TFL (UK), railway systems maintenance in Saudi Arabia and TFW (US) ▪ Revenues +2% boosted by: ➢ Tolling systems (US) ➢ T raffic control (Chile) ➢ T icketing and intelligent transport systems (Spain) ▪ Book - to - Bill reached 3.57x in 9M26, up from 1.13x in 9M25 2.6% ( €7m - 35.0% YoY) - 1.6pp 4.5% ( €12m - 22.3% YoY) - 1.5pp 3.57x 1.13x in 9M25 2.2% ( €6m - 39.1% YoY) - 1.5pp 4.20x 2.68x in 9M25 €942m +222.3% €1,699m +74.1% Backlog Order Intake EBITDA Margin Operating Margin ¹ Book - to - Bill Backlog/Revs LTM Revenues EBIT Margin €264m +2.3% 1. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and ac qu isition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity - based compensation;
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32 Revenues €89m +3.2% EBITDA Margin 6.3% ( €6m +9.7% YoY) +0.4pp Operating Margin ¹ 2.8% ( €3m - 26.0% YoY) - 1.1pp EBIT Margin 2.9% ( €3m - 12.4% YoY) - 0.5pp 1. EBIT before Other Operating Income & Expenses, including : staff reorganization , impairments , capital gains , integration and acquisition costs , fines, amortization of intangible assets (PPA from acquisitions ) and equity - based compensation . ▪ Revenues +3%, with double - digit growth in Spain ▪ EBITDA margin increased to 6.3% in 3Q26 from 5.9% in 3Q25 Indra Mobility 3Q26
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Minsait 9M26 33 Backlog €2,733m +3.0% Order Intake €2,452m - 1.4% EBITDA Margin 8.3% ( €187m +1.2% YoY) +0.0pp Operating Margin 2 7.3% ( €163m - 8.5% YoY) - 0.7pp Book - to - Bill 1.09x 1.12x in 9M25 Backlog/Revs LTM Revenues ¹ €2,240m +0.6% EBIT Margin 6.0% ( €135m +1.2% YoY) +0.0pp 0.87x 0.87x in 9M25 1. Revenues impacted by the divestment of BPO. 2. EBIT before Other Operating Income & Expenses, including staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisition s) and equity - based compensation; ▪ Organic revenues growth +3% ▪ Reported revenues +1%, with strong performance in Public Administrations & Healthcare (+12%) ▪ EBIT margin remained stable YoY
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34 Revenues 1 €699m - 3.5% EBITDA Margin 8.9% ( €62m - 4.0% YoY) - 0.1pp Operating Margin 2 8.0% ( €56m - 10.0% YoY) - 0.6pp EBIT Margin 6.6% ( €46m - 4.4% YoY) - 0.1pp 1. Revenues impacted by the divestment of BPO. 2. EBIT before Other Operating Income & Expenses, including : staff reorganization , impairments , capital gains , integration and acquisition costs , fines, amortization of intangible assets (PPA from acquisitions ) and equity - based compensation . ▪ Organic revenues growth +1% ▪ EBIT margin stood at 6.6% vs 6.7% in 3Q25 Minsait 3Q26
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9M26 Results Miguel Forteza CHIEF FINANCIAL OFFICER 9M26 Financial Highlights
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9M26 FCF Generation 36 Quarterly reported cumulative FCF ( €m) FY25 €364m 1Q 1H 9M FY 9M26 FCF comparable Factoring effect PEM Net Prepayments Comparable FCF ( €m) FCF reported 1Q 1H 9M €1,4 44 m €1,487m 1 ,809 1,692 - 187 70 €1, 692 m 77 65 57 364 - 40 15 70
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Net Working Capital Evolution 37 Net Working Capital ST+LT (DoS) Inventory Accounts Receivable Accounts Payable Sep 25 Sep 26 Dec 25 - 36 - 55 - 151 120 114 120 - 64 - 76 - 78 21 - 16 - 109
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9M26 Net Debt bridge 38 Free Cash Flow €1,692m 2025 Net Debt Operating Cash Flow Net Working Capital Capex Taxes Net interest Financial Investments, FX Impact, Non - CF Items and Others 9M26 Net Debt Other Financial Liabilities Variation ( €m) PEM Net Prepayments 1,809 431 9M26 Net Debt Ex - PEM Net Prepayments 583 - 1,497 58 31 - 1,192 - 668 374 10 - 84 - 187 Factoring effect Ex - PEM Net Prepayments & Factoring effect
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220 233 70 114 - 1,192 0.6x 0.6x 0.1x 0.2x - 1.4x Net Debt/EBITDA Evolution 39 1. Non - recourse factoring; 2. EBITDA LTM excluding IFRS 16, extraordinary items related to employee restructuring plans Net Debt ( €m) (187) (187) (187) (187) (0) Factoring 1 Sep - 22 Sep - 23 Sep - 24 Sep - 25 Net debt Net debt / EBITDA LTM 2 Sep - 26 0.5x 431 Ex - PEM Net Prepayments & Factoring effect
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Diversified Debt Structure 40 1. Includes €385m EIB Facility with defined use of proceeds Gross and Net Debt Structure Gross Debt Maturity Profile Other available credit facilities: € 1,149 m 1 Average life ( years ) 3.6 3.1 FY25 9M26 Corporate Bonds R&D Loans Bank Loans ( €m) 9M26 % total FY25 % total L/T Debt 1,273 88% 1,197 76% S/T Debt 168 12% 386 24% Gross Debt 1,441 100% 1,583 100% Cost of Gross Debt 3.0% 3.1% Cash & Others before transfer to held for sale 2,612 n.m. 976 n.m. Cash & Others after transfer to held for sale 2,633 1,000 Net Debt - 1,192 n.m. 583 n.m . Net Debt 1,357 23 62 Gross Debt Cash & Cash Equivalents Net Debt €1,441m €2,633m € - 1,192m 2026 2027 2028 2029 and beyond €98m €68m €80m €1,195m
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October 29 th , 2026 9M26 Results Q&A
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Tech for the future Investor Relations irindra@indra.es Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain T +34 91 480 98 00 www.indragroup.com