Indra stock: 9M growth lifts backlog as 2026 targets hold

Indra Group's nine-month results showed stronger revenue, profitability and order visibility, while management retained its full-year targets. The figures refer to the period ended September 30 and were released on October 29, 2026, according to ad-hoc-news.de.

Indra stock traded at 58.21 euros on Lang & Schwarz at 18:00 CET on Thursday, November 12, 2026, 2.59 percent below the 59.76 euros quoted in the November 11 report.

What Has Changed Since The Last Report

Revenue for the first nine months rose 29 percent year over year to 4.645 billion euros. Net order intake reached 8.085 billion euros, up 82 percent, while third-quarter intake accelerated 139 percent as the IRIS2 secure satellite communications program drove new business.

Backlog increased to 22.165 billion euros from 9.512 billion euros a year earlier. Defence backlog stood at 6.909 billion euros and Space backlog at 4.645 billion euros. The Transport for London contract added 605 million euros to Mobility.

Cash Flow Needs Careful Reading

EBITDA increased 62 percent to 657 million euros and EBIT rose 42 percent to 454 million euros. The EBIT margin improved to 9.8 percent from 8.8 percent, while net profit reached 355 million euros, 22 percent above the prior-year period.

Free cash flow reached 1.692 billion euros, compared with 57 million euros a year earlier. Advance payments tied to Spain's Special Modernization Programs contributed materially to the increase. On a normalized basis excluding the related working-capital impact and using a historical factoring level, free cash flow was 70 million euros.

Targets And Next Investor Milestone

Indra reaffirmed its targets for revenue above 7 billion euros in local currency, reported EBIT above 700 million euros and free cash flow above 375 million euros. A strong fourth quarter remains necessary to reach those goals, while the backlog improves visibility into future activity.

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Indra's Capital Markets Day is scheduled for November 25, 2026, in Madrid. The event is expected to outline the next phase of strategy after the group's expansion in Space and Defence. More news and analyses on Indra stock.