Indra Sistemas S.A.

Investor Presentation • Mar 6, 2024

Capital Markets Day

March 6th, 2024

DISCLAIMER

This presentation has been produced by Indra exclusively for been used during the presentation of the Capital Markets Day. 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.

The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above.

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 (include those identified in the documents containing more comprehensive information filed by Indra with the Spanish National Securities Market Commission) and other important factors beyond the control of the Company that could result in final results materially differing from those contained in these statements.

This document may contain summarised, non-audited or non-IFRS financial information (including information referred to as "organic"). 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-IFRS financial measures may differ from similarly titled measures used by other companies. Information related to Alternative Performance Measures (APM) used in this presentation are included in Indra's consolidated financial information submitted to the CNMV. Recipients of this document are invited to read it.

The Company does not assume any obligation or liability in connection with the accuracy if the mentioned estimations and except as required by applicable law, 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.

Defence Technology

+4-5%

'23-'30 forecasted CAGR in Global Defence spending

+7-8%

'23-'30 forecasted CAGR in NATO Europe Defence spending in procurement

€850-950 B total procurement spending until '30

+11-12% '23-'30 forecasted CAGR in Defence budget for Spain

to cover 2% GDP target x2 '30 vs. '23

+6-7% '23-'30 forecasted CAGR in Tech spending

+4-6%

'23-'30 forecasted CAGR in Global IT Services market size

+15-20%

'23-'30 forecasted CAGR in Global Digital tech market size

Source: NATO; MinsDef; Country announced budgets; Industry sources (e.g. Gartner, Forrester, and other specialized market reports); Internal analysis

Enduring and increasing military conflicts

New Defence investment cycle in Europe, leading to new programmes with active Spanish participation

Increasing relevance of technology and share of Defence Systems due to Europe's operational platform modernization

Integration of Land, Sea & Air with new Space & Cyberspace domains emphasizes the need for multidomain interoperability

New wave of digitalization led by AI, Cloud & Cybersecurity as game-changer of society and economy

Indra's purpose

National Defence & Technology strategic autonomy guarantor

European Defence Programmes Coordinator

Technology ecosystem Coordinator

Preferred employer for high -value technology talent

~10 years to consolidate the UK's defence industrial capacity

~10 years to consolidate France's Defence Systems industrial capacity

BAE Systems Thales Leonardo

~50 years

to consolidate Italy's aerospace platform and Defence Systems industrial capacity

Indra will lead the Spanish ecosystem in less than 10 years

Indra has a solid track-record

• Long-term history
• Strong engineering and technical background
• Robust digital talent baseline
• Recurrent cash generation after successful IT business turnaround
• Healthy Balance Sheet

Indra needs to evolve

• Accelerate international mindset
• Increase proximity to clients to enhance satisfaction
• More proactive commercial role, embracing ambitious attitudes
• Adjust branding architecture

The Board of Directors has mandated the launch of the 'Leading the Future' Strategic Plan, and has provided clear long-term strategic guidelines

Accelerate transition to a multidomain national reference in Defence 01.

• Evolve to a Global System Integrator and Domestic Coordinator in Air & Land
• Develop the Space domain, creating a European Tier-1 business with end-to-end capabilities

Reach Global ATM leadership, scaling-up in North America & Asia-Pacific and expanding into unmanned traffic management 02.

Become the advanced technology & services ecosystem Coordinator across industries in Europe & LatAm 03.

▪ Foster the development of most advanced digital technologies and capabilities in AI, Cloud & Cybersecurity

Divest non-core assets and proactively boost acquisitions and partnerships/alliances

Reinforce brands to continue being the preferred employer for the high-value technological talent in priority geographies

Full accountability over processes & products

Agile decisionmaking & shared leadership model

Diverse multinational & multi-business culture, valuing our differences

Culture fosters sense of belonging: individuals as brand ambassadors

Fluid collaboration with external partners & across the organisation

Strong programme management capabilities

Excellence in risk-return management

Standardized & scalable product design & production

Simplified and focused product offering

Significant self-funded R&D investment in cutting-edge tech

		'24-'26	'27-'30	'31-'35
	2023	2026	2030
Revenue	€4.3 B	€6 B	€10 B
EBITDA	10.3%	>12%	>14%
EBIT	8.0%	10%	12%
FCF	€0.9 B cumulative '24-'26		€2-2.5 B cumulative '27-'30		>€3 B '24-'30

INDRA'S CURRENT STRUCTURE INDRA'S FUTURE STRUCTURE

Business strategic lines

. Focus on Defence & Aerospace

. Create a Space NewCo

. Increase Minsait's autonomy with partner(s)

Cross-Group strategic lines

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

Business strategic lines

. Focus on Defence & Aerospace

. Create a Space NewCo

. Increase Minsait's autonomy with partner(s)

Cross-Group strategic lines

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

Indra Defence vision

Role

Portfolio

Value proposition

Engineering & operations

FROM | 2023 - Indra TO | 2026 - Indra

Industry-average

Product supplier Defence ecosystem coordinator

Mostly scattered Focused solutions

Cutting-edge technologies

Project-based Standardized & scalable

Air	Land	Sea	Cyberspace	Space
Large programmes	& integrated systems
National Coordinator in European programmes International air Defence Systems Integrator	National Coordinator in European programmes System Integrator of reference at European/ international level	Integrator of specific naval systems at National and European level	Coordinator of National and European cooperation cyberspace Defence programmes	National leader and European Tier-1 company Detailed in strategic line #2: Create a Space NewCo
Aftermarket Evolution towards Aftermarket 4.0 and more sophisticated models bringing higher recurrence and margin
Europe Middle East U.S. Rest Indra will leverage the ecosystem to achieve the Defence vision (M&A & (Local JVs / (Local (Export) partnerships) partnerships) partnerships)

70+%

of '26 order intake revenue from eight key programmes

~50%

2026 Organic revenue split

~50%

Pipeline Order intake

FCAS

National Coordinator for NGWS programme, & international leader for the Sensors pillar

NH -90

Integration of Self -protection & Simulation Systems

MKIII (Tiger)

Modernization of Tiger helicopters with Mission & Electronic Defence Systems

VCR 8x8

Integration of Mission & Situational Awareness Systems in ~350 vehicles

Eurofighter

Supply of next -generation Radar & Electronic Defence Systems

A-400M

Supply of Surveillance & Self -Protection Systems

Chinook

Supply of Mission & Electronic Defence Systems

F110

Integration of Electronic Defence Systems & next -generation Sensors

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100+ customized products

	Detection	Analysis		Decision-making
	1 2 Radar Electro-optics	3 Command, Control, Computing & Intelligence (C3i)		4 Comms.	Action	Training
	5 Electronic Defence
	01. Land Mission & Autoprotection	System
Land	02. Ground-based Air Defence System
	03. Command, Control & Communications, and Ground-based Electronic Defence Systems
	04. Counter-UAS System
Sea	05. Naval Systems
	06. Border Control & Surveillance System
	07. Air Surveillance & Defence System
Air	08. Air Mission & Autoprotection System
Space	09. Space Surveillance & Control System
Cyber	10. Cyberspace Defence Management System

Indra Air Traffic Management vision

Backlog & high-probability pipeline Identified opportunities

Europe

North America

Expansion of leadership to North America and Asia-Pacific/India

• Integration of acquisitions (e.g. SELEX) and scale-up with alliances & bolt-ons to strengthen positioning towards incoming U.S. programmes
• Capture large system renewal opportunities and develop Single Sky programmes and technology-partner-like alliances in Asia-Pacific

Development of local unmanned traffic management platform and opportunities

European leadership consolidation

automation solutions

▪ Reinforce iTEC alliance, pushing forward new

▪ Capture surveillance system renewal programmes

(e.g. U-Space Service Provider)

DEFENCE & ATM OPERATIONS

Standardization & modernization of manufacturing model / footprint Advanced engineering model & processes Agile & resilient supply chain Effective quality management Digitalization of systems to reinforce evolution towards Industry 4.0 01 02 03 04 05

New Indra Technology Hub (2026)

AS-IS				TO-BE
60	Annual units in production			x3	Annual units in production
10-30%	Radar commonalities between markets for main radar families (e.g. ATM and air defence, air defence and naval platforms)			+60%	Radar commonalities between markets for main radar families (e.g. ATM and air defence, air defence and naval platforms)
18	Radar families			13	Radar families evolving from 2025 to 2030
	~30%			Design and prototyping lead time reduction
	~50%			Production lead time reduction
	~20%	Radar delivery cost reduction

Indra Space vision

Space as the 5th domain in Defence, key for EU's strategic autonomy in communications Next-gen satellite-based communications, navigation & surveillance

IoT & M2M use cases, broadband communications, data analytics, …

Wide-spread presence of Defence and ATM players in the Space industry with dedicated divisions and strong M&A activity

Thales RTX Elbit Systems Lockheed Martin Airbus Defence & Space Northrop Grumman BAE Systems

Develop end-to-end capabilities in the Satellite Industry value chain

31

Indra´ s vision for Minsait

32

01 Higher operating autonomy inside the Group, with dedicated governance

Partner with minority or majority strategic shareholder(s) to boost ambitious growth plan

03

Mobility as new business line to leverage Minsait capabilities

04 Divestment of non -core businesses

Reinforce group -wide digital capabilities 05 to provide services to other Indra's businesses

0 1
on )O 00 )O

Operational excellence

Capture efficiencies through Gen AI roll-out; optimize unitary cots of production pyramids

Sales effectiveness

Deploy a proactive commercial model around priority offerings and target clients; develop joint sales plans with large techs

Maximization of value offer

Focus on digital: AI, Cloud, Cybersecurity & other high-potential tech (AR/VR, IoT, IT-OT, blockchain)

01 02 03 04

Consolidation of international presence

Focus on value geographies (Europe, Middle East); scale-up LatAm operations

Unique management of business & tech talent

Systematization of M&A (bolt-ons)to reinforce shift towards digital and value geographies

Unique management of business & tech talent

Systematization of M&A

Artificial Intelligence

Data/ knowledge, foundational models, integration, use cases/ implementation in business processes

Cloud

Modernization of traditional applications (new architectures, new technologies) and cloud migration

Cybersecurity

Advanced services (AI/ anticipation), next-gen solutions (information security and operations security)

Payments

Value chain end-to-end proprietary software, in an as-a-Service format, for processors, end clients and fintechs

Sustainability

Digital assets/ use cases on energy transition, environment protection, circular economy, financial inclusion

Other high-potential technologies

New relationship models (AR/VR), physical operations automation (IoT, edge, IT-OT, 5G/6G), blockchain/ ledgers

Business strategic lines

. Focus on Defence & Aerospace . Increase Minsait's autonomy with partner(s) . Create a Space NewCo Defence Air Traffic Management Space Minsait

Cross-Group strategic lines

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

01 Implementation of three clusters of Home markets to strengthen local positioning and proximity to clients

Responsibility of the regions over the implementation of plans locally and in coherence with the global Group

03 Businesses accountable for P&L

World

04 Export model in Rest of the

	M&A	Alliances
Acquisitions – M&A operations
Defence	Reinforce capabilities in Land domain ▪ ▪ Develop home markets in Western Europe ▪ Strengthen sensors, Edge avionics and C-UAS capabilities
ATM	▪ Develop North American market ▪ Reinforce tower capabilities	Alliances/JVs
Space	Scale-up NewCo at Global level ▪ ▪ Acquire end-to-end capabilities in Upstream & Downstream, with civil-military duality	be developed in to slide next
Minsait (inc Mobility)	▪ Strengthen capabilities in digital technologies ▪ Expand in high-value geographies: Europe and Middle East
Divestitures	▪ Divest non-core assets

M&A			Alliances
	Alliances/JVs – Main alliances
	Navantia		Co-development of combat cloud, naval Command & Control and ship simulator
	Escribano	Co-development of directed energy-based actuators for C-UAS systems
Acquisitions	Tecnobit		Consolidation of electro-optical systems (IRST) and co-development of photonic technology
	Thales		Co-development of next-generation civil & military radar technology
	Lockheed Martin		Global collaboration agreement in multiple areas of activity (e radars simulation electronic warfare) g ., , ,
	Hyperscalers (Microsoft AWS Google) , ,		Alliances to drive joint business plans and strengthen the digital offering
Divestitures	SAP, Salesforce		Minsait as Top partner implementing software solutions in multiple business areas
	EDGE		JV based in Abu Dhabi for the development and manufacturing of next-generation radars to be marketed in non-NATO territories

Culture of commercial & operational excellence, fostering accountability

recognised & shared leadership style, and agile decision-making Creation of 5,000+ high-value technology and digital jobs until 2026

Main '24-'26 ESG commitments

• Accelerate decarbonisation roadmap: Net Zero across all value chain by 2040
• Adopt eco-design criteria in all new products
• Improve sustainability in our supply chain
• Incorporate best practices for responsible use of AI & data privacy in our solutions
• Increase diversity at leadership & management levels
• Strengthen oversight of ESG risks by governance bodies

Comprehensive ESG Plan structured around 16 strategic lines with more than 15 KPIs

Indra is currently recognized by most relevant ESG ratings

Dow Jones	Top 1 in sector
MSCI	AA (2nd best score)
Sustainalytics	Low ESG risk
ecovadis	Platinum score

2021 2022 2023 2021 2022 2023

2023 Guidance achieved¹

€4,000 M

Revenue

€315 M

EBIT

1. Original 2023 Guidance

		'24-'26	'27-'30	'31-'35
	2023	2026	2030
Revenue	€4.3 B	€6 B	€10 B
EBITDA	10.3%	>12%	>14%
EBIT	8.0%	10%	12%
FCF	€0.9 B cumulative '24-'26		€2-2.5 B cumulative '27-'30	>€3 B '24-'30

Organic + Inorganic

		Organic			Organic	Organic		Organic
	Revenue Evolution			EBITDA Evolution		EBIT	Evolution
	2023 (€M)	2026 (€M)	CAGR '23-'26	2023 (€M % revenue) ,	2026 (€M % revenue) ,	2023 (€M % revenue) ,	2026 (€M % revenue) ,	2024-2026 (€M , cumulative)
Defence	773	1,100	+12%	156 20%	220 20%	140 18%	185 17%
ATM	361	500	+11%	57 16%	80 16%	44 12%	67 13%
Space	44	60	+11%	7 15%	10 16%	6 13%	8 13%	800
Minsait (inc Mobility)	3,165	3,640	+5%	226 7%	340 9%	157 5%	265 7%
Indra (€M)	4,343	5,300		446 10%	650 12%	347 8%	525 10%
	CAGR 23-'26		+7%	CAGR 23-'26	+13%	CAGR 23-'26	+15%

M&A Acceleration

|--|

Continued increase in technology investment

Allocate >75% of acquisitions spend on Defence & Aerospace Minsait's firepower expected to increase with the arrival of a new partner Focus of M&A targets in Spain, Western Europe, Middle East & North America M&A transactions will be aligned with strategy and growth story, and accretive for shareholders

• +€1.2 B technology spending until 2026
  • ~€0.7 B programme-funded R&D spending
  • ~€0.4 B other R&D spending
  • ~€0.1 B Indra Technology Hub

Financial stability & greater shareholder returns

2026 Net Financial Debt / EBITDA of 1.0x – below industry peers – with a maximum threshold of up to 2.0x in '24-'26 period

Dividend practice in line with current payout ratios (~20%), consistent with company strategy

Divestiture of assets (on top of non-core ones already considered) will only be executed to enable strategic and accretive additional acquisitions

1. Net Financial Debt Note: Size of areas may not reflect reality

executed to enable strategic and accretive additional acquisitions

Note: Minsait includes Mobility; Defence & Aerospace includes Defence, ATM and Space businesses; Size of areas may not reflect reality

Organic + Inorganic

Divestiture of assets (on top of non-core ones already considered) will only be executed if Guidance targets are met

Top-management mid-term incentive scheme (IMP) will be linked to this Guidance

Capital Markets Day