Indra faces a board meeting marked by political infighting

MadridThis isn't the first time political infighting has affected the technology and defense company Indra. This time, the controversy stems from the potential merger—currently on hold—between Indra and the Escribano Group, also dedicated to defense, and the resulting conflict of interest (the Escribano Group holds a 14.3% stake in Indra). This operation has put Indra's top executive, Ángel Escribano, in the spotlight. Escribano is also the founder of the Escribano Group, and rumors—never officially confirmed—of a forced dismissal by SEPI, the Spanish government's investment arm and majority shareholder in Indra with 28% of the capital, have circulated. But all that tension could fizzle out this Wednesday afternoon. Indra is holding another regular board meeting, and SEPI does not plan to debate Ángel Escribano's continued tenure, according to Bloomberg, a report confirmed by ARA. Therefore, his resignation will not be considered, the same sources indicate. Nor does he intend to resign. "The market supports my plan," the president of Indra asserted on Tuesday evening, while receiving the award.Ibex 35 Executive of the Yearthat grants Five Days, Prisa's flagship publication (publisher ofThe Country), where the main shareholder is Joseph Oughourlian's fund, Amber Capital, which also controls 7.24% of Indra.

Ángel Escribano took advantage of his speech at the award ceremony held at the Madrid Stock Exchange to boast about the work done so far at Indra, but above all about its results. Before other senior executives from some of the main listed Spanish companies, the president of Indra asserted that the company is the fastest-growing stock on the Ibex 35 in 2025, with a gain of 184%. He also maintained that the defense company is "deeply involved in building one of the most important industrial and technological projects for Spain and Europe." He had spoken along the same lines hours earlier, when he appeared (his presence was not listed in the press release) at the signing of the agreement between Indra and the South Korean company Hanwha, one of the world's largest defense companies, to develop innovative self-propelled artillery systems in Spain for the Ministry of Defense. In fact, the event demonstrated the good rapport between the company and the portfolio headed by Margarita Robles, to whom Escribano conveyed the "commitment" to fulfill the agreements.

Unsupported doubts

However, it remains unclear whether the doubts that SEPI, the Spanish government, may have regarding Ángel Escribano's continued tenure are shared by the other shareholders and, therefore, by a majority of the board members who could actually force the chairman's removal (SEPI only holds three of the fifteen board seats). The misgivings arose after the State, which in January 2025 sponsored Ángel Escribano's appointment as chairman, publicly acknowledged a "conflict of interest" surrounding the deal between Indra and the Escribano group last week, despite the fact that the business transaction was being discussed at the board meeting. SEPI sources argued that the recognition of a conflict of interest had not come until now because the deal had not yet been finalized. Following the Spanish government's warning, Escribano's own representatives decided to shelve the potential merger.

Even though Wednesday afternoon's board meeting may end without any drastic decisions, it is expected to be tense. It is the first meeting between the members of Indra's highest decision-making body since the power struggle erupted publicly last week. Furthermore, there is another unknown: the future of José Vicente de los Mozos, Indra's CEO, whose term is ending. However, sources familiar with the process explained to Europa Press that this item is not on the meeting's agenda either.