Abrupt rudder blow for Indra on the Spanish stock market, which has become the most punished stock on the Ibex-35 this Friday in a session marked by widespread red, where the reference selective in Spain has fallen by 1.09% to 17,691.30 points. After weeks of calm and sustained growth due to contracts from the European Defence Fund, the technology and security company has experienced a day of panic that has caused its shares to fall by 8.59%, placing them at 47.68 euros.

The Supreme Court has denied the precautionary measure requested by Santa Bárbara to suspend two loans for special armament modernization programs (PEM) of 3,000 million euros to the temporary union of companies (UTE) formed by Indra Sistemas and Escribano Mechanical & Engineering (EM&M), as reported by the high court this Monday.

The Ministry of Defense has dismissed the appeal filed by the defense company Santa Bárbara Sistemas, a subsidiary of the North American General Dynamics, against the contracts for the new wheeled and tracked artillery for the Spanish army, which the government of Pedro Sánchez awarded to Indra and Escribano Mechanical & Engineering (EM&E) last year, as reported by the ministry. The artillery contracts amounted to 7.24 billion euros and were part of the Special Modernization Programs (PEM) that the government of Pedro Sánchez approved and awarded last year to increase military spending to 2% of GDP, as committed to NATO. In a statement, the ministry explains that it "agrees to the full dismissal of all claims filed" by Santa Bárbara.

Indra's staff learned this Wednesday who has been president for two weeks, Àngel Simón. Both the Catalan executive and the CEO, José Vicente de los Mozos, have summoned employees and explained the company's situation, where the top management has just experienced an earthquake with the departure of the then-leader, Ángel Escribano. The change of presidency, however, is not presented as a turnaround: "Now we are starting this new phase with Àngel Simón, who also supports the [company's] strategic plan," De los Mozos stated this Wednesday morning, during an appearance at a forum organized by El Español. In fact, he has taken on the executive functions as CEO, not Simón. The executive joined the company in 2023, under the mandate of Marc Murtra.

Andrés Villena (Elx, 1980) has spent years investigating business lobbies, family sagas, banks, and institutions to be able to x-ray the structure and functioning of the Spanish elite. The result is Las élites que dominan España,a book that was to be published by Planeta, which finally backed out, and has ended up being published by Libros del K.O. 

In an international scenario marked by geopolitical instability, the Spanish public administration has redirected its financial muscle towards sectors that guarantee strategic resilience. The latest report published by the Licitaciones.io platform on the 2025 fiscal year paints an undeniable reality: security and defense have become the priority of institutional investment. According to the analyzed data, the defense and aeronautics sector already represents 31.2% of the volume awarded to the ten main companies in the State.

Easter has arrived with a surprise. Although a change at the helm of the technology and defense company Indra was already expected after the resignation of Àngel Escribano as president, the appointment of Àngel Simón to replace him has made all the headlines. Simón's proposal was made by the Spanish government through the State Industrial Holdings Company (SEPI), its investment arm, which is Indra's largest shareholder with 28% of the share capital. the appointment of Àngel Simón to replace him has made all the headlines. Simón's proposal was made by the Spanish government through the State Industrial Holdings Company (SEPI), its investment arm, which is Indra's largest shareholder with 28% of the share capital.

Ángel Simón (Manresa, 1957) starred in April of last year in one of the most talked-about divorces on the Catalan and Spanish business scene, when he was dismissed as CEO of Criteria, the investment arm of La Caixa. A long relationship with the president of La Caixa and Criteria, Isidre Fainé, had been broken. And one of the sparks to end a term that lasted about 15 months was the dismissal of José María Álvarez-Pallete at the head of Telefónica –participated by Criteria–, in agreement with Moncloa by Simón and behind Fainé's back, according to various sources. For a year, Simón, an executive accustomed to dealing with the Spanish and Catalan socialist governments, had disappeared from the public scene. And now he reappears in the midst of a power struggle at Indra, a company destined to lead the defense business, with the State, through SEPI, as the main shareholder (28%).

A 180-degree turn at the technology and defense company Indra. Former La Caixa executive Ángel Simón has been appointed new president of Indra following the resignation of Ángel Escribano – a term that lasted just over a year – as the company informed the National Securities Market Commission (CNMV) early Thursday. Simón's nomination was made by the Spanish government through the State Industrial Holdings Company (SEPI), its investment arm, which is Indra's largest shareholder with 28% of the share capital.

Indra has once again avoided the political fray. The current chairman, Ángel Escribano, will remain at the helm of the company despite the recent tensions with the Spanish government, Indra's largest shareholder through SEPI. In fact, a plan B wasn't even discussed at Wednesday afternoon's board meeting, according to sources familiar with the process at the ARA (Spanish Association of Indra's Board of Directors). The company's highest governing body also refrained from questioning the continuity of CEO José Vicente de los Mozos, whose term expires in June. Sources familiar with the process explained to Europa Press that this item was not on the meeting's agenda either. This time, the controversy has been sparked by the potential merger—currently on hold—between Indra and the Escribano Group, also involved in defense, and the potential conflict of interest that could arise (the Escribano Group is not only an Indra shareholder with 14.3% of the share capital).

The Spanish government is maintaining its standoff with Indra's president, Ángel Escribano. The dispute between the company's two main shareholders—the State, through SEPI, with 28% of the capital, and the Escribano brothers, owners of Escribano Mechanical & Engineering (EM&E), with 14.3%—continues ahead of the ordinary board meeting scheduled for this Wednesday. This meeting will take place after the Escribanos attempted to stem the pressure from the Spanish government by shelving the proposed merger of Indra with their family company.

Indra's board of directors, in an extraordinary meeting, decided to postpone the planned merger with Escribano Mechanical & Engineering SL (EM&M). The decision was proposed by the chairman, Ángel Escribano, who also co-owns EM&M with his brother Javier. With this move, Escribano circumvents the demand from the State, Indra's largest shareholder through SEPI, which had called for his resignation should the integration project proceed. SEPI, the state-owned holding company that controls 28% of Indra's capital, considered this the only way to avoid a conflict of interest, even though measures had been taken to prevent the businessman from participating in the merger aimed at creating a major Spanish defense group. SEPI argued that a conflict of interest would arise if the integration went ahead and Indra acquired a company co-owned by its own chairman. The Escribano family, for their part, have opted to propose to the board of directors that the merger be halted and that Ángel Escribano remain as chairman of Indra. EM&M holds 14.3% of Indra's capital, Ángel Escribano is its chairman, and his brother is also a board member. In this context, the company's shares registered a significant drop, exceeding 16%. The session ended with a loss of more than 12%, down to €50, and a reduction in the company's value of approximately €1.3 billion. The session had already begun in the red after SEPI acknowledged on Wednesday night that a conflict of interest existed regarding the potential acquisition of EM&M. In a communication to the National Securities Market Commission (CNMV), the state-owned company stated that it had conveyed to Indra its "concern about the influence that the conflict of interest has on the analysis of this operation, despite the measures taken to mitigate it." He insisted that any conflict of interest between Indra and EM&E should be resolved before the transaction took place. For this reason, he requested that "this conflict of interest be resolved so that we can continue with the analysis of the transaction and make a decision that is as advantageous as possible for Indra."

The State Holding Company for Industrial Participations (SEPI), the state's investment arm, has acknowledged a conflict of interest at Indra, the state-owned technology and defense company, regarding the potential acquisition of Escribano Mechanical & Engineering SL (EM&M), a defense company owned by the family of Indra's chairman. In a statement to the National Securities Market Commission (CNMV), SEPI indicated that it "has conveyed to Indra its concern about the influence this conflict of interest has on the analysis of this transaction, despite the measures taken to mitigate it." In fact, SEPI asserts that any conflict of interest between Indra and EM&M should be resolved before the transaction takes place. For this reason, SEPI stated, it requested that "this conflict of interest be resolved so that the analysis of the transaction can continue and a decision can be made that is as advantageous as possible for Indra."

Indra shares led the stock market declines on Tuesday, falling by more than 8% and ending the session with a 4.19% loss at €57.10. Analysts attribute this negative performance to reports that the Spanish government, through SEPI, its main shareholder with over 25%, has requested the dismissal of the company's president, Ángel Escribano.

In such turbulent times as these, security has become a key factor in preserving the autonomy of states. In this context, Indra Group, a leading Spanish multinational in defense, space, air traffic, mobility, artificial intelligence (AI), cybersecurity, and advanced technologies—with nearly 4,000 professionals in Catalonia—attended the Mobile World Congress with IndraMind as its main attraction. This platform, conceived as the company's new technological "brain," underpins much of its progress in artificial intelligence and autonomous systems. Launched in late 2025 to address hybrid threats, Indra's new sovereign intelligence solution faces growing risks with a technological component. IndraMind can coordinate cameras, sensors, operating systems, cybersecurity, communications, alerts, and command centers in real time, providing a unified view so that institutions can make faster and more informed decisions. Indra Group is one of Europe's leading companies in defense and advanced digitalization, and IndraMind is reinforcing its contribution to security and connectivity, not only on land. This new superior cognitive intelligence has been designed to protect cities, infrastructure, and democracies, including from space. Hispasat, from Indra Space, thus takes on special relevance and also plays an essential role in balancing the geopolitical landscape and, therefore, in government communications, both in the civilian and defense sectors.

The defense boom, and in particular the surge in public funding allocated to it, has provided a much-needed boost to the results of Indra, the Spanish defense company in which the State holds a 28% stake. Between January and December 2025, the company, chaired by Ángel Escribano, earned €436 million, a 57% increase compared to 2024, as reported by the company to the National Securities Market Commission (CNMV) on Wednesday afternoon. Regarding the potential acquisition of the Escribano Group—a deal that has generated controversy due to a possible conflict of interest—Indra's CEO, José Vicente de los Mozos, simply stated that it is still under review. With these profits in hand, Indra has expressed optimism regarding its 2026 revenue: it expects to reach €7 billion. In fact, it has set much more ambitious targets than those outlined in its 2024-2026 Strategic Plan. At that time, Indra projected revenues of €6 billion this year. "We are confident in increased defense spending in Europe and Spain," Escribano stated at a press conference this Wednesday, held remotely and without questions.

Indra's board of directors will be able to decide on the integration of the defense company Escribano without the approval of the supervisory committee ad hoc who must ensure there is no conflict of interest, since the president of the technology company is Ángel Escribano, who is also a shareholder of Escribano Mechanical & Engineering (EM&E). Furthermore, EM&E is a shareholder of Indra. If this transaction were to occur, it should be led by Indra's CEO, José Vicente de los Mozos, and the Escribano family should be excluded from the decision-making. Such an integration would, in any case, require approval from Indra's shareholders.

For days now, the defense company Indra, in which the Spanish State holds a 28% stake through its investment arm, SEPI, has been overshadowing the press headlines, as well as its stock market losses: in the last five days, its shares have fallen by more than 11%. The underlying reason is a business deal that has been controversial since it was first proposed: the acquisition of the Spanish defense company Escribano Mechanical & Engineering (EM&E Group). This is a company co-founded by Indra's current chairman, Ángel Escribano, and currently chaired by his brother, Javier Escribano. Both are also owners. Furthermore, EM&E Group is Indra's second-largest shareholder, after the State, with 14.3% of the share capital.

Indra continues to grow in the UK, now with one of its largest contracts ever. The company has been awarded the project to operate the sales and access control systems (ticketingIndra has signed a contract with Transport for London (TfL) for the operation, maintenance, and development of the entire public transport network in London and its metropolitan area, until at least 2034, with the possibility of a five-year extension. The contract, valued at £524 million (€605 million), is expandable to over £845 million (€975 million). According to a company statement, this milestone represents "one of the largest contracts in its history" and includes potential extensions until 2039. "Indra thus becomes a strategic and technological partner of Transport for London to guarantee the operation and development of the largest and most prestigious public transport system in London." ticketing "The company highlighted that it will be the sole provider of the system for one of the world's most extensive and complex public transport networks, handling more than 8.6 million daily journeys and over 3.6 billion trips annually." The group explained that, after a transition period of nearly two years, it will become the sole provider for the system. ticketing of a network covering more than 8,500 buses, nearly 400 Tube stations and almost 300 more corresponding to Overground, DLR, Elizabeth Line and suburban rail services, as well as 4,000 Oyster card outlets, seven customer service centers and 24 e-mail points.

The multinational energy company Repsol and the defense company Indra are the two companies that have benefited most on the stock market from the United States' military intervention in Venezuela, which has resulted in the arrest of the Latin American country's president, Nicolás Maduro. In the US, oil companies opened the day with strong gains.