Indra Sistemas S.A.

Investor Presentation • Feb 3, 2025

Indra Group creates a new unique inteqrated European Space player

DISCLAIMER

This presentation has been prepared by Inte "Company") for the sole purposes of providing information about the project consisting in the acquisition, by, of an 89.68% of the share capital of Hispasat"). Therefore, neither this presentation nor any of the information constitutes an offer, sale or exchange of securities, invitation to purchase or sell shares of the Company or any advice or recommendation with respect to these securities.

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This document may contain summarised or non-FRS bound financial information. Such information is presented for supplemental informational purposes only and should not be considered a substitute for audited financial information presented in accordance with IFRS. The Company's non-FRS financial measures may differ from similarly titled measures used by other companies. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information.

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Agenda | 3 topics for today

2

Space domain strategic fit for Indra Group

3

Transaction terms and Financials

Agenda | 3 topics for today

Space domain strategic fit for Indra Group

Transaction terms and Financials

Leading the Future | In March '24 Indra Group Stated its Strateqic lines and Space Vision

Business strateqic lines

Cross-Group strateqic lines --

• 1. Strenqthen presence in new 'home markets'
• 1. Activate portfolio rotation (M&A) and expand the ecosystem (partnerships and alliances)
• 1. Increase investment in technological R&D
• 1. 'Double down' on critical talent

Space entry rationale | The Space sector is key for Indra Group's Strateqic Plan

Secure communications and surveillance are critical for national sovereignty and private data OT security

Space is emerging as a core Military domain with civil-military duality for multi-domain 02 applications

Market benefits from tail-winds and increasinq private investment, expecting long-term market qrowth (c.9%1)

Space market evolving towards increasing Space-based applications, Digital Services and Programs like IRIS²

Disruption in the space market: Satellite miniaturization drivinq industrialization and expansion of LEO constellations

Large complementarity with Indra Group's civil and military businesses (e.g. Defence, Air 06 Traffic Manaqement, Mobility)

		Satellite platforms, payloads and flight control software	Ground stations, and vertical application mission & control software	Secure communications, precision navigation, Earth observation, space traffic management and scientific/exploration	Encrypted communications, geospatial intelligence and surveillance, and threat detection
'30 Market size, €B Excluding government investment	10	18	18	169
Average EBITDA margin, %

Industrialization | Standardized LEO satellites enable efficient, cost-effective and industrialized manufacturing at scale

35,000 km - GEO

Mono-satellites, tailor-made, non-scalable and complex manufacturing, 5,000 kg

c.2,000 km - MEO/LEO

Indra Space NewCo's satellite manufacturing focus Larqe constellations, standardized and industrialized manufacturing, 150 kg

Illustrative LEO satellite Antennas Inter-satellite Link Structure and Thermal Subsystem Electric and Power system (e.q. solar oanels, batteries) Specialized Software (e.g. military) Embedded Software Attitude and Orbit Control System Avionics On-board computer Payload (e.q. radar, comms., optical) Propulsion

Non-standardized elements

Manufacturing cost of a LEO satellite is 200 times lower than GEO

Note: LEO: Low-Earth Orbit; MEO: Medium Earth Orbit; GEO: Geostationary Earth Orbit

Strategic Alignment | Space Sector applications with large complementarity across Indra Group's Business Portfolio

naviqation & surveillance

autonomous vehicles, infra surveillance, UAS1, etc.)

warning for Military uses

Indra Group Space vision

Tier-1 European referent with qlobal footprint and leadership in main European proqrams

End-to-end capabilities alonq the value chain, with increasinq focus on MEO/LEO initiatives

Dual civil-military offering for satellite secure communications, observation and naviqation

A decisive step in our path towards Leading the Future

With the acquisition of Hispasat and Hisdesat, Indra Space NewCo has all the necessary capabilities to achieve its ambition of € 1+B through organic growth Hispasat & Hisdesat acquisition | Integrated positioninq across the value chain to deliver end-to-end Space missions

Indra Space NewCo Competitive Positioning | One-of-a-kind player in the European Space sector

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Space Ambition | Indra Group's ambition is to achieve a relevant market share of the Spanish and European Space Sector

1. Includes institutional investment from European Commission, Spanish Ministr of Defence, 2 Love Earth Ordi Postioning, Navigation, and Timing; 3. Earth Observation; 4. Public Regulated Straal Intelligence; 7. Spanish System for Earth Observation Rangalor, and ming, of Earth Space Agency, European Commission, Curical Proports, Press Releases, Poganio, Press Releases, BCG analysis

Agenda | 3 topics for today

2

Space domain strategic fit for Indra Group

Hispasat and Hisdesat

Transaction terms and Financials

Hispasat and Hisdesat in a nutshell

hispasat

11

500+

3°/4°

Infrastructure

Services

IRIS2

10

Civil

c.250

c.125

(c.50%)

Revenues 23

EBITDA '23

€m; % of revenues

Em

Space Infrastructure Satellites in orbit

Home markets Nº of countries with subsidiary or branch

Market ranking # rankinq by revenue in their qeographies

High-tech employees Highly qualified professionals

Business Lines

Government & Military

100+

10

l

hisdeSAT

3

Revenues '23 €m c.50

Military

EBITDA '23 €m; % of revenues

c.30 (c.60%)

€ 2+B of secured backlog by EoY 2023

Hispasat and Hisdesat evolution | Hispasat and Hisdesat provide high-tech satellite services and participate in multi-orbit programs

Hispasat and Hisdesat revenues | Hispasat and Hisdesat will continue acceleratinq qrowth throuqh high-value satellite service seqments

Hispasat and Hisdesat revenues evolution by application

CapEx Plan | Hispasat and Hisdesat are committed to continue advancing their infrastructure and leading-edge capabilities

Full visibility for the 2025-2030 CapEx plan for new satellites deployment and IRIS-

In orbit

IRIS2 | Hispasat will have a leadinq role in IRIS2, a critical EU program to ensure secure communications

IRIS² is one of the four major European Space programs

Multi-orbit LEO/MEO1 constellation for secure communications to ensure Europe's strategic autonomy

SpaceRISE consortium has been designated to lead the Program

Consortium leaders	Consortium participants
( hispasat ( ) @ ബ്ലേഷം (	C ( ) ThalesAleria space ( ) ThalesAleria ( ) ChisdeSAT
	O THE ( ( ) < THE ( ) orange ( ) orange" ( ) " ( ) " ( ) " )

Estimated Hispasat's CapEx c.€ 400M to be deployed in 5 years, while total proqram investment will be financed c.60% by the European Commission

Hisdesat | Unique player with advanced capabilities in secure communications and surveillance and large qeographic coverage

What makes Hisdesat unique ...

• Only European public-private military player offerinq satellite communications and observation services

• Unique capabilities in secure communications and surveillance usinq most advanced GEO HTS and LEO radar observation satellites qlobally

Available capacity to support other allied Defence Ministries and NATO

Geographic coverage of Hisdesat's satellites

Integration Roadmap | Siqnificant operational and industrial synerqies

Non-exhaustive

Operational Efficiencies

Leveraqinq Indra Space NewCo end-to-end capabilities and enabling structural efficiencies

• · Reduction of commercialization costs for Hisdesat's spare capacity
• · Operational efficiencies between Hispasat, Hisdesat, and Indra Space NewCo umbrella operations
• · Internalization of upstream services in Indra - Deimos
• · Internalization of Startical's operation

Revenue synerqies

Expandinq commercial reach and unlocking end-to-end opportunities

• · New end-to-end initiatives as Spain's Space leader
• · Contribution to IRIS2 Low Leo and IRIS2 ground seqment
• · Cross-selling across Indra Group's portfolio
• · Geographic expansion leveraging Indra Group's footprint

Synerqies in EBITDA 2026

€ 20-30M

Synergies in EBITDA 2030

€ 50-70M

Agenda | 3 topics for today

Space domain strategic fit for Indra Group

Hispasat and Hisdesat

3

Transaction terms and Financials

22

Key terms of the aqreement

Acquisition of a majority and consolidating stake of Hispasat and Hisdesat, on an aqreed transaction equity value amount of € 725m

Implied transaction multiple of 6.9x EV/EBITDA '24 or 5.2x EV/EBITDA '24 including € 250m NPV of synergies, and 3.9x EV/EBITDA '26 including EBTDA growth and synergies

The transaction considers the consolidation of Hispasat's net debt of € 157m that would be compensated by Hisdesat's net cash position, thus not brining net debt to India Group'

Value accretive transaction for Indra Group by Earnings per Share in 2026

Indra has secured financing for a total of € 700m, with the remaining amount to be covered from existinq cash reserves

We reaffirm our Leading the Future Guidance commitment to all financial tarqets, including not surpassinq 1.0x Net Debt/EBITDA 26 and 2.0x Net Debt/EBITDA in the period

Expected closing in Q4 2025, subject to the preceptive requiatory and anti-trust conditions and to a specific condition precedent of Hisdesat consolidation by Indra

1. Apart from the acquisition lon hat will be used for the transation
   Note: Transaction multiples consider full consolidation of Hisdesat and Hisdesat business plan 2024-26 s

Transaction multiples | Accretive transaction for Indra Group even excludinq synerqies

Transaction multiples consider:

• · Full consolidation of Hisdesat
• · Hispasat and Hisdesat siqnificant EBITDA qrowth (16+% CAGR '24-'26), including IRIS-program

The transaction is accretive for Indra Group in terms of Earnings Per Share (EPS) in 2026 excluding synerqies

Leading the Future Guidance | We reaffirm our commitment towards achievinq 2026 Indra Group's Leading the Future Guidance

Commitment to <1.0x Net Debt/EBITDA '26 and <2.0x Net Debt/EBITDA in the period, not requiring any divestments

A Transformational Leap for Indra Group

2

Space domain strateqic fit for Indra Group

• · One-of-a-kind European actor with integrated positioning across the value chain
• Dual civil-military focus for secure communications, observation, and navigation,
• Hispasat and Hisdesat: Large potential for Value Creation
• Large synergies across Indra Space NewCo integrated business portfolio
• · Value creation potential with Indra Group's businesses and footprint

6N Transaction terms and Financials

• EPS accretive in 2026
• Major contribution to achieving all targets in Leading the Future Guidance