Indra's profits soar by 58% amid a deluge of public funds for defense

At a time when public spending on defense is booming, Indra is seeing soaring profits. The defense and technology company, chaired by Ángel Escribano since January, earned €291 million between January and September 2025, 58% more than in the same period of the previous year, according to a statement released this Thursday to the Spanish National Securities Market Commission (CNMV). In fact, the company, in which the State controls 28% of the share capital through SEPI (State Holding Company for Industrial Participations), expects to exceed €10 billion in defense contracts in 2026, thanks primarily to the awarding of the Spanish government's Special Modernization Programs (PEM). Given this strong performance, Indra has announced a new Capital Markets Day with investors and analysts in the second quarter of 2026 (between April and June) to launch the second phase of its strategic plan. "The acceleration of the strategic plan prepares us to lead the delivery of special modernization programs, for which we are already mobilizing the entire industrial ecosystem [in Spain]," highlighted the company's CEO, José Vicente de los Mozos. Through September, the order book grew by 35% thanks to the consolidation and control of the TESS Defence consortium. Of particular note is the Ministry of Defense's 8x8 armored vehicle program, which has accumulated delays. De los Mozos emphasized "the progress of all business units, especially aerospace and defense." Through September, the company's revenue increased by 6% to €3.611 billion. By area, air traffic grew by 16%, defense by 14%, the subsidiary Minsait by 3%, and Mobility by 1%. Further consolidation

Beyond its core business, Indra is looking to strengthen its position by forging alliances with other companies, as has been the case with the Catalan firm Ficosa, but also through acquisitions. In this regard, the Spanish defense company Escribano Mechanical & Engineering (EM&E Group), chaired by Javier Escribano, brother of Ángel Escribano, stands out. This acquisition, however, faces challenges due to internal dissent. Specifically, independent board members Olga San Jacinto and Coloma Armero have expressed criticism of the potential acquisition, according to business sources speaking to ARA. These board members see a conflict of interest in the purchase, the same sources indicate, although the valuation of the company headed by Javier Escribano, which also holds a 14.3% stake in Indra, is also under scrutiny. In fact, both companies have hired various firms to study the merger. In any case, beyond Ángel Escribano's ambition, the purchase has the approval of the Spanish government, which wants to make Indra the Spanish "champion" of defense so that it can compete with other European companies.

Rain of millions

Indra has long benefited from European and, consequently, Spanish rearmament. In fact, under Marc Murtra's leadership, the company began focusing its efforts on the defense sector rather than consulting. In 2025, the company's stock price increased by over 160%, and this trend is expected to continue, especially after the influx of public funds it will receive.