October 30th, 2024

Conference call details

LIVE EVENT:

The Company will host a conference call for investors and analysts today at 9:00 (CET).

Please find below conference call telephone details:

Pre-registration: https://aiti.capitalaudiohub.com/indra/reg.html

Once you've registered, you will receive an email with your personal credentials: Dial-in numbers, Conference ID and User ID.

Participants will need to enter the Conference ID and press the pound key.
Each participant will need to enter a unique personal User ID and press the pound key.

Access to the webcast live event:

https://streamstudio.world-television.com/1015-2578-40606/en

This presentation has been produced by Indra for the sole purpose expressed therein. Therefore, neither this presentation nor any of the information contained herein constitutes an offer sale or exchange of securities, invitation to purchase or sale shares of the Company or any advice or recommendation with respect to such securities.

Its content is purely for information purposes and the statement it contains may reflect certain forward-looking statements, expectations and forecasts about the Company at the time of its elaboration. These expectations and forecasts are not in themselves guarantees of future performance as they are subject to risks, uncertainties and other important factors beyond the control of the Company that could result in final results materially differing from those contained in these statements. The Company does not assume any obligation or liability in connection with the accuracy of the mentioned estimations and is not obliged to update or revise them.

This document contains information that has not been audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information.

This disclaimer should be taken into consideration by all the individuals or entities to whom this document is targeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra.

José Vicente de los Mozos Chief Executive Officer

Financial headlines: Solid 3Q24 performance

9M24 Revenues (+13%), EBITDA (+21%), EBIT (+27%) and Net Income (+26%) all growing at double-digit rates
Backlog above 7Bn€ at Sept 24
Increased operating profitability (EBITDA and EBIT margin improvement)
Net Debt reduced to 70 M€ (Sept 24) vs 233 M€ (sept 23)
Indra received a €59.6 million dividend from its 9.5% stake in ITP Aero

Business headlines: Implementation of 'Leading the Future' on track

Approval of the constitution of a Space NewCo and acquisition of Deimos

Space NewCo constitution approved by the Board of Directors in August 2024, to serve as a vehicle to provide comprehensive capabilities throughout the space industry value chain
Acquisition of Deimos: Spanish company that will allow Indra to reinforce its Space capabilities in all phases of space missions, including satellite design & integration and the ground segment

5Completion of acquisition of TESS: Consortium designed to develop and supply advanced military vehicles (VCR 8x8 and VAC) for the Spanish Army

Board approval for a formal process to explore options for Minsait Payments division

Other key acquisitions:

MQA: leading company in SAP solutions in Colombia and Central America that will strengthen Minsait's digital and international portfolio focus

Business strategic lines

1. Focus on Defence & Aerospace

New governance to improve key European programs' management
New commercial model to support 11 priority systems
New Engineering and Manufacturing footprint designed and launched

Defence Air Traffic Management Space Minsait

• Increased footprint in NorAm and APAC with the Air Traffic Control contract in Vietnam and the expected one of NEXCOM (radios) in USA

2. Create a Space NewCo

Space NewCo approved and created to serve as a vehicle to provide comprehensive capabilities throughout the space industry value chain
Deimos acquisition agreement signed to reinforce Space NewCo's capabilities

3. Increase Minsait's autonomy with partner(s)

Launched efficiency initiatives (e.g., GenAI) to enhance margins
Launched "priority offer" initiative, promoting salesforce focus on high-value offering with margins +5pp above Minsait average
Board approval to explore options for Minsait Payments

Cross-Group strategic lines

4. Strengthen presence in new 'home markets'

Regional Directors appointed to drive International Plan
International Plan governance and reporting model implemented
International Plans launched e.g. Middle East, North America, etc.
5. Activate portfolio rotation and expand the ecosystem
TESS acquisition agreement signed
MQA acquired to expand Minsait's digital capabilities (SAP solutions) in Colombia and Central America

6. Increase investment in technological R&D

Product and Technology development roadmaps accounting for +1Bn€ investment
Control Tower and Stage Gate methodology launched to support the Technology Plan's deployment

7. 'Double down' on critical talent

Decrease in undesired attrition rates across all geographies and BUs (e.g., -3pp in Defence)
+13% increase in Defence headcount, with increase in experienced hires (65%)
Decrease in number of critical hires needed across all BUs

End-to-end integration in Indra's Space NewCo, from upstream to downstream, is key to optimize synergies, ensure competitiveness, and secure access to prime roles in strategic programs and critical missions

Accelerates Indra's positioning as the national prime contractor for land and systems defense, through the leading Spanish entity for defense vehicles

Enables access to the Spanish land platforms market with high visibility and a strong national portfolio (VCR 8x8, VAC, modernizations, maintenance contracts)

Strengthens the positioning of Indra as a leading systems integrator on an international level and enables Indra to act as the national coordinator in large European land programs

Provides access to a very relevant pipeline in land defense industry, a market worth over 120 billion euros globally

Backlog	Order Intake	Revenues
€ 7,049m	€ 3,702m	€ 3,400m
+1.1%	+7.4%	+12.7%
EBITDA Margin	Operating Margin¹	EBIT Margin
10.9% (€369m +21.2% YoY)	9.8% (€333m +23.9% YoY)	8.5% (€291m +27.4% YoY)
+0.8pp	+0.9pp	+0.9pp
Net Income	Free Cash Flow	Net Debt
€ 184m	€ 94m	€ 70m
+26.2%	-19.8%	0.1x Net Debt/EBITDA

Revenues	EBITDA Margin
€ 1,096m	12.7% (€140m +20.0% YoY)
+9.2%	+1.1pp
Operating Margin¹	EBIT Margin
11.3% (€124m +21.0% YoY)	10.2% (€111m +24.7% YoY)
+1.1pp	+1.3pp
Net Income	Free Cash Flow
€ 70m	€ 25m

+24.2%

1.EBIT before Other Operating Income & Expenses, including: staff reorganization, impairments, capital gains, integration and acquisition costs, fines, amortization of intangible assets (PPA from acquisitions) and equity-based compensation.

3Q24 Revenues increased +9.2%, posting growth in all four divisions
EBITDA and EBIT Margins improved to 12.7% (vs 11.6%) and 10.2% (vs 8.9%) respectively
EBITDA and EBIT growing at double-digit rates in absolute terms
Net Income up +24.2%

9M24 Revenues

Reported	+ 13%
Local Currency	+ 14%
Organic	+ 11%

3Q24 Revenues

Reported	+ 9%
Local Currency	+ 12%
Organic	+ 9%

9M24 Revenues breakdown by Geography 9M24 EBITDA breakdown by Division

International Business covering 50%

Defence, ATM and Mobility EBITDA account for 55% of total

Reclassifications in 2023 data between divisions and overheads due to the new organization announced in 2023

Miguel Forteza Chief Financial Officer

Backlog	Order Intake	Revenues
€ 2,975m	€ 692m	€ 673m
-2.3%	+9.7%	+25.2%
EBITDA Margin	Operating Margin¹	EBIT Margin
20.2% (€136m +26.1% YoY)	18.5% (€125m +26.5% YoY)	17.9% (€121m +28.4% YoY)
+0.1pp	+0.2pp	+0.4pp
Book-to-Bill	Backlog/Revs LTM
1.03x	3.12x
1.17x in 9M23	3.89x in 9M23

Defence

Order Intake grew +10% mainly due to the Integrated Systems and Simulation areas
Sales +25% bolstered by FCAS, Integrated Systems and Simulation areas
Revenues excluding FCAS increased +11%
Space showed +10% 9M24 sales growth
EBIT Margin stood at 17.9%

Revenues	EBITDA Margin
€ 226m	25.4% (€57m +28.3% YoY)
+15.6%	+2.5pp

Operating Margin¹	EBIT Margin
23.2% (€52m +29.0% YoY)	22.6% (€51m +29.1% YoY)

Defence

Revenues +16% backed by Integrated Systems and Eurofighter
EBITDA and EBIT grew at double digit rate
EBIT margin improved to 22.6% from 20.3% mainly due to the Eurofighter contribution

Backlog	Order Intake	Revenues
€ 840m	€ 415m	€ 312m
+9.2%	+52.2%	+34.8%
EBITDA Margin	Operating Margin¹	EBIT Margin
15.9% (€50m +19.4% YoY)	12.5% (€39m +17.8% YoY)	12.3% (€38m +20.6% YoY)
-2.0pp	-1.9pp	-1.4pp
Book-to-Bill	Backlog/Revs LTM
1.33x	1.90x
1.18x in 9M23	2.27x in 9M23

Air Traffic Management

Order Intake up +52% mainly due to the Canada, Colombia and Vietnam contracts Sales +35% boosted

by organic growth (Colombia,Belgium, UAE and Azerbaiyan) and the inorganic contribution of Park Air in UK and Selex in USA

EBIT Margin stood at 12.3% due to lower profitability of Selex and Park Air

Revenues	EBITDA Margin
€ 106m	16.6% (€17m +3.7% YoY)
+38.9%	-5.6pp

Operating Margin¹	EBIT Margin
13.4% (€14m +6.7% YoY)	13.1% (€14m +6.8% YoY)

Sales +39% driven by the projects in Colombia, UAE, Germany and the inorganic contribution of Park Air

Air Traffic Management

EBIT posted +6.8% growth

Backlog	Order Intake	Revenues
€ 921m	€ 265m	€ 256m
-2.3%	+15.0%	+16.4%
EBITDA Margin	Operating Margin¹	EBIT Margin
6.4% (€16m n.m.)	5.3% (€14m n.m.)	4.4% (€11m n.m.)
+7.1pp	+6.9pp	+7.2pp
Book-to-Bill	Backlog/Revs LTM
1.03x	2.29x
1.05x in 9M23	2.87x in 9M23

Order Intake +15% driven by the ticketing contracts in Ireland and in Saudi Arabia

Mobility

Sales +16% standing out the growth showed in America (Mexico and Peru) and Europe (UK)

EBITDA and EBIT Margins improved to 6.4% from -0.7% and 4.4% from -2.8% respectively, due to lower impact of problematic projects and increased focus on profitability

Revenues	EBITDA Margin
€ 84m	8.2% (€7m n.m.)
+23.7%	+7.4pp

Operating Margin¹	EBIT Margin
6.3% (€5m n.m.)	5.7% (€5m n.m.)

Sales +24% boosted by Mexico, Peru and Spain

Mobility

EBITDA and EBIT Margins improved to 8.2% from 0.8% and 5.7% from -1.8% respectively

Backlog	Order Intake	Revenues
€ 2,313m	€ 2,331m	€ 2,159m
+4.3%	+0.7%	+6.5%
EBITDA Margin	Operating Margin¹	EBIT Margin
7.8% (€168m +6.8% YoY)	7.2% (€156m +10.8% YoY)	5.6% (€120m +10.9% YoY)
+0.1pp	+0.2pp	+0.2pp
Book-to-Bill	Backlog/Revs LTM
1.08x	0.79x
1.14x in 9M23	0.81x in 9M23

Minsait

Order Intake growing +1% pushed by the growth recorded in Financial Services
Revenues up +7%, backed by PPAA & Healthcare, Energy & Industry and Financial Services
EBIT margin grew to 5.6% thanks to increased operating leverage, better mix and continuous focus on cost efficiency
Digital and Solutions joint sales +11% in 9M24 and accounted for 51% of Minsait sales