Good afternoon and welcome, everyone, to the results presentation of 2025. My name is Ezequiel Nieto, and I'm the Head of Investor Relations.

Let me first introduce the speakers for today's session: Ángel Escribano, the Executive Chairman at Indra Group; José Vicente de los Mozos, CEO at Indra Group; and Miguel Forteza, our CFO. Before I start, let me make mention of the current slide, the disclaimer for this presentation.

Good afternoon, everyone, and welcome to the 2025 results presentation. Just over a year ago, I became the Chairman of Indra Group, and I was clearly convinced that, in times of global uncertainty, it is essential to take decisive action to build our industrial capacity.

This is not as easy as it seems. The path is full of obstacles, but I do believe we're moving in the right direction.

I can say now that the results I am presenting validate the work done, and more importantly, we can talk about the future. We are building a stronger company with more investments, more partnerships, more effort, and the best human capital.

Words are empty shells if they're not backed by facts, and you know that I am a man of facts. The results speak for themselves.

Over this period, we have multiplied times three our market cap, and we've created more than €3 billion of shareholder value. This value added for our shareholders is the result of the work and perseverance of all of our Indra Group employees who have enabled to reach major milestones this year.

We have achieved €12.78 billion of order intake in 2025, multiplying by more than 2.4 times the 2024 figure. We have more than €16 billion in our backlog, which is more than double in 20— the number in 2024.

There are two clear pillars at Indra Group. The first pillar drives aerospace and defense, and the second pillar drives the technology component.

This year, we've made sure both pillars have helped us become the national and European benchmark we aspire to be. In aerospace and defense, we've launched the new units Indra Land Vehicles, Weapons and Ammunition, and Indra Space.

We have also strengthened our tech division, and to that end, we have created and launched IndraMind, our brand and sovereign AI platform with a dual civil and military application. We've made our digital capabilities cross-sectional, and we've made them available to all business units within the company.

We've also refocused our Minsait divestment with the objective of keeping critical talent and key technological capabilities within the group. We have only divested from Minsait areas where Indra cannot deliver the necessary value-added to its clients.

Additionally, we have invested more than €950 million in the acquisition of more than 10 companies and assets while maintaining the net-debt-to-EBITDA ratio at one times. We have launched Indraventures with more than €200 million committed and the ambition to reach €1 billion.

Indraventures aims at investing in technology companies linked to aerospace, cybersecurity, defense, and emerging technologies, as well as IT technologies. We've also increased our delivery capabilities by opening new industrial and technological centers across different regions of Spain and the US.

This year, we have multiplied our order intake and backlog by more than two times. The order intake exceeds €12.7 billion in 2025, which is 2.4 times the 2024 figure.

This is driven by strong growth in defense, where we've multiplied by eight the order intake, reaching eight additional billion. In addition, the order intake in the rest of the Indra Group departments has also grown, by 7% specifically.

In 2025, the backlog exceeded €16 billion, which is more than double the year prior. I would particularly highlight the growth of the defense market, where the backlog has multiplied times four.

The rest of the group's businesses have also evolved in a very solid and balanced way. The growth is very stable at 11%, way above the market average.

I would like to highlight that. This level of order intake and backlog shows the change in the company's commercial mindset and the confidence of our clients in the Indra Group and its team.

This commitment has made these figures possible. In 2025, we have secured €13.8 billion in special modernization programs.

This figure represents more than just business volume; it represents institutional trust, trust in our industrial capabilities, and a boost to continue investing in more technology and more innovation. In fact, we lead 17 out of 31 programs launched, either directly from Indra Group, through our subsidiaries, or through joint ventures.

This positions us as the driving force in defense in Spain. We're playing a key role in modernizing our country's defense and deterrence capabilities.

In addition, we participate in more than 10 programs as subcontractors, further expanding our presence in the industrial ecosystem and reinforcing our position as a strategic partner. Through these programs, we will develop and deliver critical capabilities for the Spanish Armed Forces across all domains: land, sea, air, cyber, and space.

Among others, I would highlight the delivery of land vehicles, tactical radios, satellites, C-UAS systems, drones, advanced cyber defense solutions, and next-generation radars. This is quite a comprehensive portfolio that spans across key domains and demonstrates our ability to integrate advanced technology into real operational solutions.

The success in securing the 2025 PEM programs is not a coincidence, and it has not been accomplished randomly. It's clearly the outcome of our anticipation, of our bold decisions and strategic choices made in the past.

Over these months, viewed individually, you might think they are operational adjustments, but viewed together, they amount to strategic commitment to Indra's industrial and technological independence in order to develop all the capabilities required to deliver on the commitments set out in the 2025 PEM programs. First, we decided to create two new defense divisions, Land Vehicles and Weapons and Ammunition.

We did this in March 2025, ahead of the market. Thanks to that, we structured our industrial and specific capabilities to execute the PEMs.

The Land Vehicles division today accounts for 34% of the 2025 defense backlog, and it's our ambition to become the land prime contractor to lead the growing national and international programs. At the same time, we've launched IndraMind, our sovereign artificial intelligence platform with dual civil and military applications.

It seeks to protect and reinforce technological sovereignty, and it seeks to operate in increasingly complex hybrid environments. In addition, we have strengthened our industrial capabilities with a long-term vision.

We've carried out strategic acquisitions within our industrial capabilities, such as El Tallerón in Gijón, and then a new facility in Córdoba where we will be manufacturing half of the satellites for experts, and then Aertec's aerial systems subsidiary. Since June, we've been mobilizing our group professionals who've dedicated exclusively their time to prepare the bids for the award of the PEMs.

We've worked to prepare the broader ecosystem, involving companies, startups, universities, vocational training centers, and institutions, thus strengthening the Spanish industrial ecosystem and ensuring that together we can meet this challenge in which we are all engaged. This mix of anticipating, preparing, and executing has made a big difference, and it explains the results that we see today.

Alongside the industrial and organizational reinforcement, Indra Group has taken decisive steps in its international expansion, consolidating its international presence with contracts across five continents. We have increased international contracts compared with 2024, without taking these two contracts into account.

In mobility, we've landed the Transport for London contract worth €1 billion, and we will be a key company in the transportation system of a great metropolitan city, which is London. London has looked towards Spain, and they found Indra to reinforce its mobility system, and we're going to serve the more than 8.6 million passengers every day.

I would like to highlight that this contract award is the result of everybody's work within Indra, because beyond the Mobility business unit, other departments have taken part. Then, in ATM, we have a contract with the US Federal Aviation Administration worth more than €300 million in a first phase, which involves the design, manufacture, and deployment of radars to modernize the United States air surveillance network.

This strengthens our position as one of the main players in the sector worldwide. We will be deploying a fully operational production facility in Kansas in less than six months.

Additionally, we have secured more than 15 major international contracts across five continents to continue to drive Indra's international presence, starting with the renewal of the Haramain contract in Saudi Arabia, following with the installation of radars for observation and tracking in Germany, and strengthening our presence in strategic markets with high technological requirements. Another milestone I am particularly proud of was the launch of our sovereign artificial intelligence platform, IndraMind.

To build it, we have used our most advanced digital profiles in artificial intelligence, cybersecurity, and cyber defense to develop a proprietary, sovereign platform, IndraMind. IndraMind is already having real impact in critical areas.

In artificial intelligence, we have deployed real-time strategy solutions in the most demanding environments, and we have signed four additional confidential contracts to protect critical infrastructure in also the areas of intelligence and defense. In cybersecurity, High Tech is evolving by integrating AI into our security operations centers.

In cyber defense, we're participating in key programs such as the SISCOM CE PEMs for the development of the cyberspace combat system, and the Cyber Range PEM, which seeks to create advanced cyber simulation and maneuvering capabilities. Going forward, we see a pipeline of more than €2 billion nationally and internationally.

We don't only have the technology and the use cases; there is a market, there is demand, and we have an opportunity to grow. Also, we are evolving on Minsait to maximize its value within Indra Group.

Our goal is twofold: First, we want to move towards a portfolio of higher value-added solutions. This includes divesting from the BPO business and repositioning Payment Methods, which will remain a part of Indra Group.

In addition, we're driving double-digit growth in high-value solutions, especially in cloud and data for strategic sectors, such as public administrations and energy. We are also making digital capabilities cross-sectional because we want to serve all group units.

We are adding advanced technologies into the bidding process and in operations of defense and space, and we are accelerating the digitalization of the supply chain and corporate functions. In short, Minsait and the technology sector are the pillars that underpin the Indra Group, and therefore, it is essential for the Minsait business to drive value creation and efficiency, and it must create a competitive advantage by having the technological DNA in-house.

The outlook for 2026 is also very positive. We see three main trends.

First, we expect a significant increase in defense investment across European countries. Recently, the NATO Secretary General, Mr.

Mark Rutte, highlighted the astonishing shift in Europe's mindset towards higher spending and greater leadership in defense within Europe to lead in the field. I must highlight, in his words, that Europe is assuming more responsibilities and strengthening its military capabilities.

Second, we're facing a new reality in European and Spanish sovereignty. The European Union has set the goal that 50% of defense spending should be produced within the EU, and in Spain, our commitment is for 78% of PEM outsourcing to remain domestic.

This clearly shows how countries are prioritizing their strategic independence and critical industrial capabilities. Third, we've seen an acceleration of the impact of technology, especially around AI and cybersecurity.

In a very short period of time, we've seen AI platforms to show a very similar approach to IndraMind, and we've seen how their valuations have multiplied times two and or three times in 2024 and '25. This is not a one-off event; this is a clear signal of where the market is moving and where the growth expectations are concentrated.

Beyond financial valuations, what truly matters is tangible impact. Studies published by comparable companies are showing productivity increases between 20% and 30%.

In other words, AI is not just a technological promise; it is a real lever for a competitive advantage. At Indra Group, we don't only have the capabilities, we also know how to deploy them and how to monetize them.

We've integrated them into our internal processes, into our industrial plans, and into our offering. This confirms something we've defended at Indra for the longest time: technology is not a support function, it is a strategic pillar on which Indra Group rests.

Within that technology pillar, AI and cybersecurity are key. None of these figures is cosmetic.

They are the foundation of a strong industry competing for a place in a geopolitical landscape that demands more investment in technology and the ability to withstand adverse cycles without putting the industrial project at risk. Because Indra's independence and our country's position as a European power is not a balance sheet issue; above all, it is a matter of capabilities.

Indra has reinforced its role in next-generation EU programs, Indra has consolidated its global leadership in air traffic management systems, and it has expanded its digital solutions, which are critical for infrastructure such as energy, transportation, and public administrations. We're not selling more of the same.

We are very well placed in areas where accumulated knowledge and technology makes us hardly replaceable players, and we become the reference for Europe. We have a very solid position in the national market in Spain in 2025.

The spending for defense was €33 billion. Out of that €33 billion, €24.8 billion are the PEMs, the special modernization programs.

Out of that 24, Indra has landed €13.8 billion, which shows our very strong position in the national ecosystem. At the same time, the NATO's commitment points towards a 5% GDP target for defense and security, and some countries such as Poland, Germany, or the UK have already communicated their spending goals for the next few years.

Our goal is to be the driving company in Spain, that should be our positioning, and we want to continue to grow internationally to become a household name in Europe, the US, and the Middle East. We continue to operate in global markets, but we do so from a different positioning.

We're not a dispensable supplier. We integrate complex systems, we have intellectual property, and we have accumulated growth, and we can lead in highly critical projects.

That is why we stand out. That is why we are a strategic choice, and we are not just a byproduct of a forced dependency.

The question is: do we want to be a dispensable chain link in a value chain designed in Seattle or China, or should we build capabilities to become a much-needed partner? Our choice at Indra has been the second, and the results prove that we're right.

The sustained growth in our order intake, the improved profitability, and the bigger backlog book show that reinforcing our own capabilities can be done together with global success in markets. Before I give the word to José Vicente, with whom I've shared this success in Indra this year, I'd like to share with you a video we have prepared to highlight the main milestones that we have accomplished all together.

Of course, I want to thank the Indra team, the great Indra team, for our accomplishments in 2025.

The world is racing ahead, sometimes to reach a destination, sometimes out of inertia, sometimes on impulse. We race ahead to anticipate and be prepared.

In a world that is moving ever faster, we are driven to stand firm and put our knowledge and experience at the service of society, technological sovereignty, and the strategic autonomy of Spain and Europe. In 2025, we have left our mark with every step we have taken.

We have achieved unprecedented results and met the first objectives of our Leading the Future strategic plan ahead of schedule. Not only in Spain, but also beyond our borders, our industrial and technological footprint and impact have continued to grow.

We drive more than 400 companies, SMEs, startups, universities, vocational training, technology, and research centers. We promote accessible and inclusive technological innovation, and have launched the Indraventures fund to support advanced technology companies.

By boosting Indra Land Vehicles, we are taking the leap to become leaders in land defense and introducing a new generation of national armored vehicles. We are embarking on national chip production with SPARC.

We have strengthened our position in air defense, advanced sensors, and combat cloud, and increased our strategic capabilities with a new family of unmanned aerial systems and the launch of Valero. We have presented the ECYSAT project, which places Europe among the world's leading cyber defense powers, and demonstrated the capabilities of our counter-UAS systems in the Spanish Army's ATLAS 25 maneuvers.

With the acquisition of a majority stake in Hispasat and Hisdesat now complete, Indra Space is emerging as a European leader. On top of this, our cutting-edge technology will equip the German Air Force with a new space surveillance radar.

We have reached a milestone in financial innovation, having successfully completed the Bank of Spain's experimental program on the use of digital tokens and enabling the energy transition of millions of people worldwide. In air traffic, we have achieved major contracts, such as the renewal of the Federal Aviation Administration's surveillance radars in the United States, which we will manufacture at our new production center in Kansas, communication systems for the Canadian Department of National Defence, and the United Kingdom's countrywide air navigation radar network.

Mobility has had an unprecedented year. Transport for London has entrusted us with operating the ticketing and access control systems for more than 8.6 million daily journeys across London's entire public transport network.

In 2025, we launched IndraMind, our sovereign and cyber-resilient AI for hybrid conflict management and the comprehensive protection of citizens, territories, and critical infrastructure. Our technology has attracted the interest of top-level leaders worldwide, such as Volodymyr Zelenskyy, the President of Ukraine, who visited us to see some of our strategic solutions first-hand.

2025 has been a year full of milestones, an exceptional year in our history. We have never come this far before.

If one thing is clear, it is that together we will continue to make a difference. With vision, talent, determination, and trust, we are unstoppable.

We race towards 2026. Tech ready, future steady, go.

Indra Group.

Thank you very much, Ángel, and good afternoon, everybody. Indeed, we have achieved a major step in 2025.

Not only have we been able to meet the guidance we had set for ourselves this year, but we have actually exceeded it. In terms of revenue, we committed to go beyond €5.2 billion, and we have reached €5,457 million.

That's €257 million above our forecast, which sets us 5% above our guidance. In terms of EBIT, we set our target at €490 million, and we have closed beyond €517 million, which is 6% more.

In cash generation, we set the objective of €300 million and have reached €364 million, which accounts for 21% above our commitment. If we exclude the impact of Tess from our results, we have also met the guidance proposed across all our business lines.

This performance is underpinned by clear operational milestones. First, the order intake of the group, €12.7 billion, which is 2.4 times the figure of 2024.

We have also doubled Indra Group's backlog compared to 2024, over €16 billion. Besides that, we keep on accelerating the transformation of the group.

We have strengthened the cross-cutting collaboration across different areas to place technological capabilities at the service of all the businesses in the group. We have intensified the commercial focus, and we have fostered a business-focused culture.

We have increased our international vocation, and this vocation is reflected in specific achievements as we heard in the afternoon through key international contracts such as Transport for London or the renewal of surveillance radars in the United States for air traffic. We will keep on improving margins within Minsait and Mobility to bring them in line with our competitors.

In Minsait, we can see an EBITDA improvement of 0.8 percentage points compared to 2024, and we have specially been able to materialize that improvement in the second half of 2025 with the arrival of the new management team. In Mobility, the improvement reached 1.3 percentage points compared to 2024.

Now I would like to thank all of Indra Group teams for their dedication and their commitment in this transformation. I would also like to take the opportunity to thank the Board of Directors and the Chairman for their trust.

The results we have achieved are not an isolated event. It's actually a consistent pattern within the company since my arrival at Indra in May 2023.

We have exceeded the targets we have set for ourselves every year. When I got here, we reached €4,343 million in revenue, €347 million in EBIT, and €312 in cash flow.

In 2024, we launched the strategic plan Leading the Future, which was the start of a transformation and improvement phase that has lasted until our days. This year, we once again said very demanding targets, and we have exceeded them.

In 2025, we have repeated the same pattern, which is to set demanding guidance and, once again, overdeliver. At Indra Group, we are delivering an ambitious world, but with discipline and with a track record that the market can actually measure and verify year after year.

Today, I can tell you that the foundations of the company's transformation are firm. Now, what we need to do is to respond to the trust that our customer base place in us every day.

To do so, ladies and gentlemen, there's only one way of doing it, which is delivery, delivery, and delivery. We have achieved a strong increase in order intake and our backlog all across our businesses.

Order intake in 2025 reached €12.7 billion, which is €7.4 billion more than 2024. This growth is largely explained by the strong momentum of the defense business, as explained by the President, and went from €1 billion to over €8 billion, mainly driven by Eurofighter and PEMs, the special modernization programs.

Without PEMs, defense order intake would have increased by 23%. We have also seen growth in the rest of the group's areas: in air traffic, Mobility, within Minsait.

We have been able to keep that positive trend with solid growth of 7%. In addition, international contracts secured this year allows us to keep on growing in air traffic and Mobility.

We've already mentioned radars in the United States, but also radars in the United Kingdom or Azerbaijan in air traffic, or rail maintenance contracts in Chile, urban traffic management in Ireland, or tolling systems in Colombia, or the Cairo subway maintenance, and to the renewal of the Haramain project in Saudi Arabia within Mobility. The backlog has gone beyond €16 billion, more than double the previous year.

I would like to especially mention the evolution in defense, that went from almost €3 billion to over €11 billion. At the same time, the rest of the businesses of the group have increased their backlog by €474 million, showing a balanced and sustainable development.

On March the 6th, 2024, we presented our plan Leading the Future, a strategic plan based on seven key strategic lines, as you can see. Today, after two years, I can say that we are on track to deliver our plan far above our initial targets.

Let me now highlight the most relevant milestones achieved over the past year. In 2025, one of the reasons why we were able to secure the special modernization plans, as the President mentioned, is thanks to the preparation that we have carried out and our ability to show that we can deliver on time and on scope.

Especially in aerospace and defense, we have taken key steps to ensure the delivery not just of these modernization plans, but all the contracts we have been able to materialize during 2024— sorry, 2025. First, we have expanded our industrial footprint, and our objective is to multiply by four in 2027 when compared to 2024 by adding over 100,000 square meters of production capacity.

At the same time, we have strengthened and expanded our engineering capabilities. Second, in 2026, we will produce 2.5 times more units than in 2024.

This would not have been possible without the efforts that we have made to standardize products and increase their industrialization. In this context, we have implemented serial production in our plants, going from two to three manufacturing shifts for our key products.

Third, we have worked on tiering our supply chain. As well, I come from the world of car manufacturing, from the automotive world, and this is part of its DNA.

According to that experience, we have gone from over 2,000 suppliers to 440 strategic Tier 1 suppliers, while the rest of the companies have structured along that value chain. All of these supported by an industrial management mindset and digitalization of our operations.

Both Ángel and myself know that we are both from the industrial world, and we both have experience. We are always involved in strategic decisions on new sites and suppliers and delivery.

We monitor those advancements. Besides that, we have implemented a digital platform with real-time data allowing us to identify when and how we should reinforce capacities to be able to meet our delivery commitments.

What's even more relevant, besides all of it, clients have recognized the delivery and the commitment we have shown with improvement of the customer satisfaction score up to 86 and net promoter score of 52. This figure places us at the top of our sector and confirm that the actions deployed are having a real impact.

In short, we are not reacting to growth; we have prepared in advance to be able to deliver and execute in 2026. Given that an image is worth more than a thousand words, I'm going to share with you a clip in which we explain in greater detail how we have evolved our industrial capabilities by boosting serial production and the scale of our operations.

As I mentioned, at Indra Group, we are driving an amazing industrial growth. Our objective is to at least well, multiply by four our industrial footprint before 2027.

We will go from 35,000 square meters in 2024 to over 140,000 square meters in 2027. In 2024, our industrial footprint was limited, as you can see, to the region of Madrid in Spain, and other two plants, one in the United Kingdom and a small one in the United States.

In 2025, we have expanded our domestic footprint with two additional manufacturing plants that are already operational: the first one in Córdoba in the south of Spain with over 13,000 square meters dedicated to both radars and counter-drone systems; the second one is in Asturias in the north of Spain with over 20,000 square meters where we manufacture and integrate land vehicles. In fact, by the end of 2025, we already achieved the rollout of the first 8x8 vehicles at this facility.

In 2026, we will strengthen our capabilities in Spain in radars, drones, and counter-drone systems with new factories in Córdoba and León. From an international perspective, we'll consolidate our presence in the United Kingdom, and we're expanding our footprint in the United States, including new capabilities in Kansas Great Plains linked to radars and radios.

By 2027, we will have quadrupled, well, the industrial footprint of 2024. In addition to our current capabilities, we will add five new plants in Spain and the industrial presence in the Arab Emirates.

In such a way, we will reinforce our technology sovereignty, our proximity to our customer, and our resilience. To do so, between 2025 and 2027, we will invest over €400 million in CapEx in our industrial footprint, and we expect to create over 3,000 jobs with the objective of strengthening our engineering, production, and delivery capabilities.

Overall, we are going to move to a network with a greater scale, greater geographical diversification, and greater specialization by site, ready to support the expected business growth and meet delivery deadlines. On the other hand, in line with the objectives set at the 2024 Capital Markets Day, we keep on advancing in the standardization and industrialization of our product portfolio.

This is a key step to increase our scale, improve our competitiveness, and accelerate our response to cater for the needs of the market. In 2024, we set a very clear course.

We're focusing on six major technology categories to develop integrated solutions, and amongst them, we included radars, for example. In 2026, we will have multiplied by four the number of units produced of priority radars, reaching and exceeding the target we set for ourselves, which was multiplying by three the number of units in 2024.

For example, in the LTR-25, we'll go from one to over 10 units a year, and within Nemus, from fewer than 10 to over 100 units per year. Second, we are advancing in the standardization of our portfolio.

In that plan, we set the target of having over 60% elements in common across different markets for the main radar families, and in line with that objective for the AESA radar family, over 80% of the elements are going to be shared, which will streamline our production processes. Third, we will keep on reducing the number of radar families in our portfolio.

We have set the objective of going from eight to 13, and in 2026, we will already have 14 families in line with our ideas. This standardization will allow us to strengthen our technology positioning and our competitiveness in different markets.

Last, and as we committed, we have reduced our production times. To achieve that, we have established two production shifts in all our sites and three shifts for priority products.

We have also advanced in serial production. This change in our mindset towards mass production allows us to accelerate production pace and anticipate the procurement required according to expected demand.

As a result, we have reached the objective of reducing by at least 50% our lead times, going from 13 months to under six. Please now allow me to explain what we've done in terms of our supply chain.

At Indra, we have worked to structure and divide our supply chain by tiers. We want to have a true driving role in the industrial ecosystem, especially within the defense sector in Spain.

Today, 78% of our defense procurement is carried out to Spanish suppliers. Two years ago, it was about 50%.

We have also increased by 70% the procurement expenditure compared to 2024, and we have increased by over 80% the average value per supplier. In that way, we have tiered our supplier base.

We have identified 450 Tier 1 strategic suppliers that account for 90% of aerospace and defense procurement. This concentration of volumes allows us to improve our efficiency, improve coordination, and strengthen control over quality, lead times, and costs.

Precisely in terms of costs, the results are visible. We have achieved savings of over 10% in the sourcing of components for key products for the radar families, LTR-25, Nemus, or PSR 2D.

Our focus for this year is to be able to double those savings as we consolidate serial production. We are building a more structured, more efficient supply chain that's better aligned with our industrial ambition, with the objective of increasing our competitiveness, resilience, and long-term execution.

In terms of space, at the 2024 Capital Markets Day, we made a clear commitment to create a business unit with an end-to-end positioning capable of covering the entire value chain and competing at a European level. Today, two years later, we can say that that commitment has been fulfilled.

The Indra Group is already in the space domain. We have put the pieces in place to capitalize that business, and today I can say that Indra Space is a European company with integrated capabilities across the whole value chain.

Thanks to that positioning, we have achieved strategic milestones, such as being awarded on the PAZ-2 PEM of over €1 billion in 2025. Indra Space revenue exceeded €375 million with an EBITDA margin of about 45%.

For 2026, our objective is to keep on strengthening our value proposition and maintain our growth, a path to go beyond €400 million in revenue. Looking ahead, the context is favorable.

Both the ESA has announced a 30% budget increase, as well as Spain that will increase its annual contribution. Both factors will help us improve our expectations.

To do so, it is important that you count on programs like IRIS² or PAZ-2 in the next few years, where we will have a key role to play in the Spanish space industry. When talking about technology, we are leveraging AI advancements with a dual objective: to increase our internal productivity and enhance our solutions offering.

Internally, AI is fully integrated into our production processes and corporate functions, and we can already see an impact. In terms of software, we have been able to achieve an increase of over 10% in revenue per employee driven by intensive use of AI tools.

Today, over 61% of our teams use these advanced capabilities. We are also integrating AI into our industrial operations, and that improves operational efficiency and the quality of our industrial plans.

Amongst others, we are deploying automated visual inspection, to accelerate its use. We have established more than 10 alliances with hyperscalers and strategic technology partners.

At the same time, we are enhancing our product offering, and through IndraMind, we have prioritized six key use cases: sovereign intelligence, emergency management, drone swarm, cyber defense, critical infrastructure protection, and the protection of sovereignty. The integration of tech operations is key to scale this transformation across the group by implementing AI and ensuring technology coherence and scalability.

In 2025, we have also made progress in the evolution of Minsait to maximize its value within Indra Group. This means that we can find a tangible impact in productivity with an increase of over 9.7% on revenue per employee, showing a more technological and more value-oriented organization.

Talking about international expansion, we've already mentioned it, it's been an important year for Indra. We have gone from 27 to even more, from 19 to 27 countries, and we are trying to focus more on those countries to be able to improve our commercial efforts.

On our M&A strategy, a fundamental pillar to strengthen our knowledge, our divisions' key, and consolidate our presence, in 2025, as the President mentioned, we have invested, not expended, over €1 billion in different corporate operations, such as Hispasat and Hisdesat, Tess in defense. I'd also like to well, not talking about M&A, I'd like to mention something that you're all expecting, which is what's going to happen with the potential operation.

I'd like to mention what's been done. As in June, there was an ad hoc committee created with a protocol that been shared through the Spanish SEC.

In December, the plan was approved by the Board. In January, the Board asked me to talk to the stakeholders to go back to the Board with feedback.

That's what the process in which we're in. We keep on working on this operation, and that's what I can tell you about this topic, this M&A topic.

Now let's talk about investment and talent. Last year, as you can see, we invested over €472 million in R&D, around 9% of our revenue, on priority technologies such as cyber defense, gallium nitride, photonics, or applied AI, with over 400 agreements with universities and research centers, startups, around the design of microelectronics, quantum technologies, and the development of space technologies with big data, or the divestment of BPO.

The consequence is quite easy to see. We went from €87,000 per employee in 2024 to €96,000 in 2025.

If we take into account the divestment of BPO, we are now at €96,000 per employee, an improvement of 20% compared to 2024. Those are important elements in which we keep on growing, we keep on advancing with our critical talent, and that's why we have been chosen as a top employer.

For Standard & Poor's, this was an important year. We've been chosen as one of the most sustainable companies worldwide and the first one in Europe in our sector.

Not only are we working on efficiency, but besides that, we are also working on improving our governance. Now, the main financial indicators.

As you can see, we have order intake of €16 billion, and our revenue, €5.4 billion, with an EBITDA margin, operational margin, and EBIT on net debt of €583 million. We have been able to meet our net debt/EBITDA ratio of 1x.

If we check the results per area, we can start in defense, a portfolio of €11.3 billion, €8.1 billion in order intake, €1.4 billion of revenue, growth of 36.4%, EBITDA margin 18.4%, and operational margin of 17.1%. The difference compared to the previous year is 1.4 in operational margin, in EBITDA 1.6.

One is the change of mix, and second, the preparation to increase our capabilities. If we take a look at air traffic management, it's been a good year, and we are getting closer and closer to be leaders in ATM.

The commitment of the group is to be almost there. With a portfolio of €1 billion, order intake €726 million, and revenue €523 million.

Just a short story here: when we won that tender for the FAA, and we were there with the transportation secretary, we're Spaniards, and so why are we a strategic partner? The response was easy: you have the most advanced solution in air traffic, and we want to work with the best.

That's one of the reasons why we were able to win a contract for ATM, which we hope it's not the last one, and that's what we are working for. If we talk about Mobility, well, good backlog, and €469 million in order intake, €319 million revenue, and we keep on improving the efficiency both in terms of EBITDA margin and the operational margin.

Great work that's been done to refocus the business of Mobility. On Minsait, in a context in which the sector was growing very slightly, we keep on having an increase of our backlog of 9%, over €2.6 billion, €3.4 billion in order intake, and revenues that have grown almost 5%, up to €3.1 billion.

We keep on improving both EBITDA as well as the operational margin and our EBIT margin in a context in which companies are slightly curbing, and we are able to keep on growing. What's our guidance for 2026?

To keep on improving. To do so, our guidance is quite easy: over €7 billion in revenue, over €700 million in EBIT, and over €375 million in cash flow.

Our priorities, quite easy: we are preparing our scale-up strategic plan. We did the focus phase.

We believe that that phase is almost finished, and we are getting ready for the scale-up phase that will be developed in the second quarter 2026. We will keep on reinforcing our capabilities to be able to deliver the programs in our portfolio, and we will keep on working on our international expansion and growth, and we will keep on evolving the Indra Group towards excellence by transforming its culture.

These are our priorities. We keep on working.

Now, I give the floor to Miguel. He will explain the financial results in detail.

Thank you.

Thank you very much, José Vicente, and good evening, everyone. Let's continue with the financial highlights for 2025, starting with the free cash flow.

The company reached €364 million, well above the target set of €300 million for this fiscal year. This number represents a 36% growth year-over-year, once again supported by very strong growth in the fourth quarter, which contributed €307 million.

As we've mentioned in the past, this performance follows the historical pattern characterized by strong seasonality. The first nine months of the year make a smaller contribution, while the last quarter concentrates most of the volume and most of the free cash flow generation.

Now, regarding the working capital, the evolution of days of sales shows an improvement vis-à-vis 2024. This is mainly due to the consolidation of Tess and Hispasat and Hisdesat, as well as a lower level in receivables and payables, which are often offset by higher inventories driven by the increased group activity.

As a result, we stand at -16 days of sales compared with the -7 days recorded in December 2024. Let's now look at the evolution of the net financial debt in 2025.

We closed the year with a net debt of €583 million compared with the €86 million of cash registered at the end of fiscal year 2024. The group's acquisitions in 2025 are the reason for this change.

They amount to €907 million, most notably the purchase of Hispasat and Hisdesat for €725 million and Tess for €107 million. This impact was partially offset by the solid operating cash flow of €587 million driven by the good operational performance of the business and by a positive working capital impact mounting to €63 million.

Then CapEx increased due to the strong commitment of this group to its industrial transformation. Taxes have also increased because of the higher profit achieved in the year.

As a result of all of the above, the net-debt-to-EBITDA leverage ratio stands at 1x versus the 0.2x it was in December 2024. It's important to remember the effect of the acquisition of Hispasat and Hisdesat on this multiple, because their consolidation did not contribute EBITDA in 2025.

Finally, regarding the structure of our debt, I would like to highlight that we continue to reduce the cost of our gross debt down to 3.1% from the 4.2% we registered at the end of 2024. Then the average debt maturity stands at 3.1 years compared with 1.3 years reported last year.

Finally, we closed the year with a consolidated cash position of €1 billion. In addition, the company has €1.175 billion available through additional lines of credit, including a financing facility from the European Investment Bank up to €385 million with a defined use of funds.

With that, I'll give the floor back to Ángel Escribano to close this presentation.

Thank you, Miguel. Before closing, we would like to remind you that in the first half of 2026, we will celebrate our Capital Markets Day, where we will present the next phase of the strategic plan Leading the Future, Scale Up.

We have completed the 2024-2026 Focus phase with results above expectations. We are now entering an acceleration phase towards 2030, and our ambition is very clear.

As José Vicente has explained, we seek to surpass €7 billion in revenue in 2026 and reach €10 billion in revenue before 2030. Before we play one final video, I would like to remind you that, once again, the dividend payout per share is up to €0.30 this year.

This is a significant increase for this company, although Indra, as is not a high dividend payout payer, but we create value rather. That's our focus, and that's our challenge going ahead, as you all know.

All right. Let me explain that this video is intended to demonstrate our commitment to the future we are building, because we want our very name to reflect who we are and where we are going: a national benchmark in dual-use technologies supported by the development of sovereign, proprietary artificial intelligence, IndraMind.

Without further ado, thank you very much for coming to this results presentation, and good afternoon.

We will start with the analysts that are here in the room. We will start with the Q&A session.

Thank you. Please.

Hi. My name is Juan Cánovas from Alantra Equities, and I'd like to ask: First, in defense, we have seen that we have increased our budget expenditure to over 2% of our GDP.

That's every year. What are the expectations of Indra for 2026-2027?

I would also like to ask about the FCAS, because it's been mentioned quite a lot in the press. I don't know if you can update on the financing cash.

I don't know if there's something to say about this program.

All right, let me address both your questions. Regarding the spending and the goal to increase spending in defense to 2% of the GDP, it's a decision the government needs to take, as they have indicated and they've made public.

It's not for 2025; it's rather an ongoing investment. In 2026, given the growth of the GDP, 2% represents more, quite some more in fact.

Once again, this special modernization programs will come to be once again, and Indra is very well positioned to work in as many as possible within our capabilities. As I mentioned earlier, they focus on the three dimensions of the army plus cybersecurity, which is another important pillar of this company.

We're very well positioned to bid to many programs, and we hope and expect we will be awarded many as in 2025. Then regarding the FCAS, well, the program is doing very well.

It's working well. There is some reluctance between the great French player and the great German player.

I would say that we are the great Spanish player, and we are coordinating the project. This project is still in definition.

As you've read in the press, this is no secret. There might be one or two aircraft, and they might be bigger or smaller.

Given the events of the last two years, there is not much definition regarding the final outcome, but the aircraft will exist, and Indra is leading the Spanish pillar, without a doubt.

Next question, please.

This is Beatriz from Bestinver. Thank you very much for giving me the floor, and congratulations for your results.

My first question is regarding the guidance for '26. Can you share some details about what you include from Tess, FCAS Europe, and so on?

The second question regarding the cancellation of the payment sales, could you go into the reasons, and do you have any other options on the table, such as, let's say, there has been some noise on the press regarding the sale of the strategic consulting division?

In terms of backlog, we have detailed what's been planned for this year, but we prefer not to mention it. We have it by business area, defense, with PEMs, with modernization plans, and without them.

Until we know the content, it would be a bit frivolous to mention it. We are working on it, and we believe we know which are the modernization plans that we can take over.

In terms of Minsait, we are carrying out a deep assessment. We are trying to look at Minsait in the future.

There are two things that are going to be important: First, making our digital capabilities cross-cutting. We've got people in AI, cloud, and cyber that work in Mobility, air traffic.

We want to be the greater manufacturers with the most advanced artificial intelligence. Good work is being done.

Within our core business, we have seen that BPO was not part of our core business, and that's why we got it out of our scope. Payment Methods, we have seen that what was being proposed was, well, we thought that we could extract more value from it, and we've thought with our teams, and given that we don't need to sell it, we have carried out a deep analysis, a deep assessment, and we've seen that by integrating our CapEx and our know-how, we can improve our efficiency.

That's why we have made that decision, and that's what we do every day, both in terms of M&A and divestments. If we believe it to be interesting, and if we can have better results with third parties, we do it, and otherwise, we won't.

That's the assessment we do every day with our team and with the President.

Good afternoon. Carlos Treviño from Santander.

Thank you for your presentation and for giving us the opportunity to ask. If we exclude the consolidation of Hispasat, Hisdesat, and Tess, there will still be organic growth above 10% in the expectation of sales for the year.

Can you provide a bit more visibility on the growth levels you can see in the different business areas? More specifically, in defense, I'd like to ask how you have included in the guidance two events.

If I'm not wrong, FCAS, the European side, the project will finish in April. Have you included the participation in the European side—not the European PEM, but the European side—in the guidance for 2026?

Second, on PEMs, 31 We have 31 programs. They're quite complex.

Are you thinking there could be delays due to public administrations or even court decisions that could have an impact on Indra?

On backlog, I don't want to get you bored, but if you see this, we've got it with the PEM, without the PEM. We have assisted, but we prefer not to mention it.

We do have those calculations, with the PEM, without the PEM, in each area of defense: air dominance, land, maritime, cyber defense. We've done the exercise.

On the courts, Ángel, you've got the floor.

Thank you. Very kind.

There's not much we can say. It's not our decision to make.

We've done our homework. The appeal has been sent to the Council of Ministers, to the government.

That's what the Supreme Court has decided. We see it as a mistake.

Up until now, the courts have sided with us, and our legal counsel sides with us, of course. There's nothing we can do right now except wait.

There is nothing we can do about that decision. The only thing we know for certain is that it will not have impact on production.

We're working full tilt, and we really don't think this is going to come to anything. Regarding the FCAS in Europe, the program stands this year.

We also have the national FCAS program. There are two sides to it, in fact.

Indra leads that program, and together with Airbus, Indra co-leads the other PEM. That's the one we chose not to run for, and we are co-leading with Airbus.

The authorities are working on it, and by March, they will take a final decision. Probably it will start in the first half of the year, first nine months of the year at most.

It doesn't really only depend on the Spanish industry; it depends on the European industry. We're in a rush the same way the French and the German industry are in a rush.

But—

Expected sales are €2.5 billion for FCAS, sorry, €205 million.

Good afternoon. David from JB Capital.

Regarding Minsait, we've seen a relevant improvement in the margin for Minsait in Q4. Is this structural?

Is this something we might see long-term, or is this temporary? Then regarding the business CapEx, your guidance some €400 million cumulative through 2027.

Can you give us some visibility into what part of that investment will be in 2026 or 2027?

About Minsait, let me remind you that I came to the role a year ago, and it seemed Minsait was going to go down a different path. First thing I mentioned, in coordination with José Vicente, was that Minsait would not be sold.

Much so that, well, thanks to the work of the two people leading here, José Sebastián and Luis Fernández, we are really turning the company upside down and creating more value out of the services rendered, which was very much needed, and this is what these two people are doing. The investments in Minsait are precisely the investments needed for the goal of the company, which is for them to become the second pillar for Minsait.

Indra is not going to focus only on defense, and it's not going to stand on one pillar. Minsait is one company with two pillars today, because IT is a very important pillar for it.

There are lots of technologies around defense that include or require IT, and a growing activity within defense is cyber defense. Cyber defense can be used by an insurance company or in households.

Everybody uses cyber defense. Then the more professional law enforcement agencies use it as well.

Minsait is a priority for us. It's core to the company, and it's just as important as defense.

On CapEx, we mentioned €400 million. How it's made up: in factories, vertical integration, on those elements that are part of the core business, and that's going to be over €100 million of the product.

Over €300 million around everything else: labs and all the other investments in the facilities, their salaries, but that CapEx is €100 million for big machinery and €300 million for the rest.

We've gone beyond the time we had, if you want to close the meeting? Yes, please.

Go ahead. Thank you very much.

Thank you. See you in June.