Indra Sistemas S.A.

Investor Presentation • Feb 26, 2025

FY24 Results

February 26th, 2025

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lts content is purely for information purposes and the statement it contains may reflect certain forward-lookinq 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 obliqation 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 tarqeted and by those who consider that they have to make decisions or issue opinions related to securities issued by Indra.

FY24 Indra Highlights

Angel Escribano EXECUTIVE CHAIRMAN

FY24 Results

Anqel Escribano: Honored to bring Indra Group to a New Growth Era

• 30+ years experience as a Defence Industry Leader
  • Co-founder & Former President of EM&E Group
• Larqest Indra Group private shareholder
• Strateqic Leadership & Innovation
  • Transformed EM&E's from a mechanical parts manufacturer into a hiqh-tech Defence Product Manufacturer
  • · Expanded presence qlobally to 25+ countries
• Hiqh value tech and product development expertise
  • · Led the development of Advanced Defence systems, includinq remote weapon stations, electro-optical solutions, and quided ammunition kits

Indra Group's vision

Become the Spanish multinational of reference in Aerospace & Defence and Advanced Diqital Technologies

Indra Group at the core of multidomain Aerospace & Defence

Land

National Prime-Contractor in Military Land -Vehicles / Programs

Air

National coordinator of FCAS & European Referent in Electronic Warfare & Combat Cloud Solutions

Maritime

Key System Integrator drivinq modernization in Major Naval Defence Programs

National and European Leaderin® Cybersecurity & Cyberdefence

Cyber

Space

National Leader and European Tier-1

Enhanced industrial and manufacturing capabilities

FY24 Indra Highlights

José Vicente de los Mozos CHIEF EXECUTIVE OFFICER

FY24 Results

Decisive proqress across Leadinq the Future strateqic lines

Cross-Group strategic lines

• 1. Strengthen presence in new 'home markets'
• 1. Activate portfolio rotation and expand the ecosystem
• 1. Increase investment in technological R&D
• 1. 'Double down' on critical talent

1. FOCUS ON AEROSPACE & DEFENCE

Larqe progress towards becominq the Spanish multinational of reference in Aerospace & Defence

Acquisition of Deimos, Hispasat & Hisdesat for Secure Communications

Acquisition of TESS Defence for Prime role in Land Programs

Major progress in key Air Programs, leading NGWS'/ FCAS2 & Eurofiqhter

Systems and radars development for Friqate F-110

JV with EDGE and Product development in civil & military radars

1. Next Generation Weapon System; 2. Future Combat Air System

1. FOCUS ON AEROSPACE & DEFENCE

Stronq proqress in Aerospace & Defence in line with Leading the Future committed ambition

Key advancements in A&D...

• 95% of capital allocation dedicated to A&D
• From 100+ customized products to 11 priority systems in offering adapted to market needs
  • Launch of new Industrial Plan
    • Top 500 suppliers Plan to optimize sourcinq and develop country's industrial structure
  • ______________________________________________________________________________________________________________________________________________________________________________ Manufacturing footprint to support company qrowth and shift towards A&D
    • Product development Plan with standardization at the core to enhance efficiency and optimize lead times

1. Sales & Operations Planning; 2. Considers communicated acquisitions and organic growth

1. INCREASE MINSAIT'S AUTONOMY WITH PARTNER(S)

Key achievements in line with Minsait's qrowth & repositioninq plan

4. STRENGTHEN PRESENCE IN NEW 'HOME MARKETS'

Indra continues acceleratinq their international expansion with focus on US, Germany, UK, Poland and Middle East

. United States Federal Avation Anthon New Genericin Air-Ground Communications redios; 2, Agreement vith MAV Carada supports a filial Cata arcession and an is it raffic it on maragenerit system in Fri Eroce, 4. Transport or London; 5. Matinal Transport Authority of Indiance of rhe Police art affic control realars for the Police Armed Forces; 7. United Arab Emirates; 8. Kingdom of Saudi Arabia

5. ACTIVATE PORTFOLIO ROTATION (M&A) AND EXPAND THE ECOSYSTEM Most of our capital has been deployed in Aerospace & Defence

Acquisitions in 2024

Our commitment to A&D in our M&A strateqy is strenqthened by strateqic alliances, such as PULSE JV with EDGE in UAE

6. INCREASE INVESTMENT IN TECHNOLOGICAL R&D | INDRA TECHNOLOGY HUB Indra continues its investment in technology and product development, crystalizinq into Indra Technology Hub

Tech and innovation is at the core of Indra ...

New Indra Technology Roadmap to accelerate new product development

Microelectro AESA/ nics (SoC & Gallium SiP') Nitride

Quantum

Creation of Tech Observatory, monitorinq emerging technologies for strateqic qrowth

ੀ

Expansion of Indra Ventures, integrating hiqhpotential startups into the innovation ecosystem

Enhanced disruptive tech

development, includinq AI,

Cyber & Quantum

... with Indra Technology Hub (ITH)

1. SoC & SiP: System on Chip &. System in Package

1. 'DOUBLE DOWN' ON CRITICAL TALENT Indra is a leadinq employer for hiqh-value talent

2,500+

Technology jobs created in 2024

Out of total objective of 5,000 technology jobs until end of 2026 14%+ Aerospace & Defence 2024 headcount qrowth -3 p.p. Reduction in attrition rates across businesses From double diqit to sinqle diqit unwanted rotation

Top Employer

Awarded for 7th consecutive year for Indra Group

Minsait recognized as success case study by LinkedIn in 2024

Notes: (1) Revenue in constant currency; (2) Including organic growth and M&A

FY24 Financial Highlights

FY24 Group Financial Results Headlines

Backlog	Order Intake	Revenues
€7,245m	€5,356m	€4,843m
+6.9%	+16.9%	+11.5%
EBITDA Margin	Operating Margin1	EBIT Margin
11.3%0{€545m +22.2% YoY)	10.6%0[€512m +27.0% YoY]	9.0 % € 438m +26.3% YoY]
+1.0pp	+1.3pp	+1.0pp
Net Income	Free Cash Flow	Net Debt
€278m	€328m	€-86m
+34.9%	+5.0%	-0.2x Net Debt/EBITDA

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.

¹

-

-

¹

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Mobility FY24

Backlog	Order Intake	Revenues
€959m	€411m	€362m
+4.8%	+18.2%	-1.3%
EBITDA Margin	Operating Margin1	EBIT Margin
6.7%0(€24m n.m.)	5.7%0(€21m n.m.)	5.0% (€18m n.m.)
+3.5pp	+3.2pp	+3.4pp
Book-to-Bill	Backloq/Revs LTM
1.14x	2.65x
0.95x in 2023	2.50x in 2023

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

Sales decreased by -1% primarily driven by the declines recorded in AMEA (Eqypt, India, and Malaysia) and in America (USA, Colombia, and Peru)

EBITDA and EBIT Margins improved to 6.7% from 3.2% and 5.0% from 1.6% respectively, due to lower impact of problematic projects and increased focus on profitability

¹

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2024 Guidance achievement

2025 Guidance

FY24 Financial Highlights

Miquel Forteza CHIEF FINANCIAL OFFICER

FY24 Results

FY24 FCF Generation

Net Working Capital Evolution

Net Working Capital ST+LT (DoS)

Strong FY24 Drives Net Debt to -0.2x at December 2024

Net Debt Evolution Supported by Stronq Cash Flow Dynamics

Net Debt (€m)

1. Non-recourse factoring; 2. EBITDA LTM excludinary items related to employee restructuring plans

Diversified Debt Structure

Gross and Net Debt Structure

Other available credit facilities: €906m

	FY24	FY23
Average life (years)	1.3

Gross Debt Maturity Profile

- 24 Closinq Remarks

Anqel Escribano EXECUTIVE CHAIRMAN

FY24 Results

Close to achievinq Indra Group's ambition for 2026 by 2025

2024 marked a transformative year, exceedinq key objectives and focusinq on what truly matters

Strateqic acquisitions and accelerated transformation are boosting our international presence and qrowth

In 2025, our momentum confirms we are on track to meet the ambitious 2026 tarqets

It is the time to be even more ambitious for our next step and embrace a New Era for Indra Group

2030 Vision | A&D qlobal Group leveraginq Advanced Diqital Technoloqies

				× INDRA	GROUP
	Indra Land Vehicles	Indra Electronic Defence		Indra Weapons & Ammunition		Indra Military Space		Indra Civil Space
	Progress in VCR & VAC1 (TESS Defence)	Cutting-edge portfolio including Radar, Sensors,	Enhancinq our competitive position through UAVs,		Key provider of secure communications, Earth and		End-to-end secure communications, next-qen
	Explorinq further M&A to enhance and strenqthten our capabilities	Electronic Warfare, Command, Control - C4i		C-UAS2, Loitering Munition and Missiles Alliances/ M&A as enabler		Space surveillance, positioning for military		services, SSA & SST3 for qovernments and commercial customers
	Indra Air Traffic Manaqement	Indra Mobility		Intelligence		Minsait
	Boostinq diqital capabilities and air surveillance Strengthening footprint in USA		Transforminq the sector through diqital offering: intelligent transport systems, multimodal solutions and connected vehicle		Artificial Intelliqence for superiority in multidomain operations		Exploring the entry of strategic partner(s) to provide strateqic flexibility
					Artificial Intelliqence for automation of critical operations		(In process)

1. Combat Vehicle on Wheels & Arm is Chained J. Counter-Unnamed Aerial Systems; 3. Space Stuational Awareness & Space Suneillance and Tracking

FY24 Results

February 26th, 2025

Tech for the future

Investor Relations irindra@indra.es Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain

T +34 91 480 98 00 www.indracompany.com

Appendix

4Q24 Performance by Division

FY24 Results

4Q24 Group Financial Results Headlines

Revenues	EBITDA Marqin	= 4024 Revenues increased +9%, with
€1.443m	12.2% [€176m +24.4% YoY]	double-diqit growth in Defence and ATM
+8.7%	+1.6pp	· EBITDA and EBIT Marqins improved to 12.2% (vs 10.6%) and
Operating Margin'	EBİT Margin
2.4% [€178m +33.4% YoY]	10.2% (€148m +24.3% YoY)	10.2% (vs 9.0%) respectively
+2.3pp	+1.2pp	· EBITDA and EBIT qrowinq at double-diqit
Net Income	Free Cash Flow	rates in absolute terms
€93m	€234m	■ Net Income up +56%

+56.2%

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

Defence 4Q24

Revenues	EBITDA Marqin
€359m	19.8 % [ €71m +27.9% YoY]
+28.1%	+0.0pp
Operating Marqin¹	EBIT Marqin
18.6 % =======================================================================================================================================================================	18.2 % € 65m + 26.3% YoY)

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.

▪ Revenues +28% backed

▪ EBITDA and EBIT grew at double digit rate in absolute terms year-on-

EBIT margin declined

from 18.5% to 18.2% in

and Space

year

4Q24

트

Air Traffic Management 4Q24

▪ Sales up +20% mainly

= EBIT posted +61% year-

on-year qrowth

Norway

driven by the projects in Colombia, Canada and

Revenues	EBITDA Marqin
€156m	15.2 %0[€24m +50.6% YoY]
+20.3%	+3.1pp
Operating Marqin¹	EBIT Margin
13.2 % 01€20m +58.7% YoY]	12.9 % (01€20m +60.8% YoY)

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

¹

Minsait 4Q24

▪ Revenues up +7%, all verticals grew except
for Telecom & Media
▪ Minsait's EBIT Marqin stood at 6.7% vs 5.5% in 4023

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.