July 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/1015-2578-40031/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.

Marc Murtra Chairman

We want to become the Spanish multinational of reference in Defence & Aerospace and Advanced Digital Technologies

Defence & Aerospace

Defence

Working to become a Defence Systems Integrator of reference through our new Organizational Model, establishing the role of System Owners
Dividend payment (59.6M€) received from investment in ITP ATM
Focus on geographic expansion in key geographies: North America and Asia Pacific
Entry of NAV Canada into iTEC Alliance as an important cross border milestone

Advanced Digital Technologies

Minsait

50% of H124 sales from Digital and Solutions
Significant advancements in AI

Mobility

• Planned integration of Mobility into Minsait as a driver towards a digital portfolio with capabilities in Artificial Intelligence, Cloud, Cybersecurity, etc.

Launch of the technology Roadmap to identify the key future technologies, capabilities and products in which to invest the €3bn R&D budget

H124:

Double-digit growth

in Revenue, EBITDA,

Net Income and

Free Cash Flow

We are placing all our efforts on the successful implementation of our Strategic Plan 'Leading the Future' through a strengthened organization

CFO appointment

Regional Director appointments Appointment to Executive Chairman

José Vicente de los Mozos Chief Executive Officer

Financial headlines: Strong 2Q24 performance

Revenues (+15%), EBITDA (+22%), Net Income (+27%) and FCF (+27%) growing at double-digit rates
Backlog and Order intake grew by +5% and +7% respectively
Increased operating profitability (EBITDA and EBIT margin improvement)
All Guidance metrics increased

Business headlines: Significant progress in the implementation of 'Leading the Future'

Accelerated Strategic Plan implementation by closely tracking business, operations and transformation progress and improvements with an automated tool
Landed the geographic model introduced at our Capital Markets Day in March: 3 focus regions, with 11 Home Markets, and a pure international export business
Key developments in our M&A strategy (already advanced conversations) and Joint Ventures and alliances (Lockheed Martin & EDGE group)

Backlog	Order Intake	Revenues
€ 7,148m	€ 2,681m	€ 2,304m
+4.8%	+6.7%	+14.5%
EBITDA Margin	Operating Margin	EBIT Margin
10.0% (€230m +22% YoY)	9.1% (€210m +26% YoY)	7.8% (€179m +29% YoY)
+0.6pp	+0.8pp	+0.9pp
Net Income	Free Cash Flow	Net Debt
€ 114m	€ 69m	€ 93m
+27.4%	+26.7%	0.2x Net Debt/EBITDA

Revenues	EBITDA Margin
€ 1,186m	9.6% (€113m +17% YoY)
+8.3%	+0.7pp
Operating Margin	EBIT Margin
8.9% (€105m +15.9% YoY)	7.5% (€89m +20.8% YoY)
+0.6pp	+0.8pp
Net Income	Free Cash Flow
€ 53m	€ 1m
+15.4%

2Q24 Revenues increased +8%, showing growth in all four divisions
EBITDA and EBIT Margins improved to 9.6% (vs 8.9%) and 7.5% (vs 6.7%) respectively
EBITDA and EBIT growing at double-digit rates in absolute terms
Net Income up +15%

Electronic Warfare

60% of revenue from 11 Home Markets ~70% ~30% International revenue split by target country type (2023)

Export countries Countries with local structure

Key impacts

From 45 to 19 countries with a local structure, of which 11 are home markets

+70% of international revenue generated in the countries with local structure

Reduction of 55-65 permanent legal entities

Note: Countries with local structure may include export sales

1H24 Revenues

Reported	+ 15%
Local Currency	+ 15%
Organic	+ 12%

2Q24 Revenues

Reported	+ 8%
Local Currency	+ 9%
Organic	+ 6%

1H24 Revenues breakdown by Geography 1H24 EBITDA breakdown by Division

Defence, ATM and Mobility EBITDA represent +50%

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

Antonio Mora Chief Control Officer

Backlog	Order Intake	Revenues
€ 3,003m	€ 493m	€ 446m
-2.3%	+5.9%	+30.7%
EBITDA Margin	Operating Margin	EBIT Margin
17.6% (€78m +25% YoY)	16.1% (€72m +25% YoY)	15.5% (€69m +28% YoY)
-0.8pp	-0.8pp	-0.4pp
Book-to-Bill	Backlog/Revs LTM
1.11x	3.26x
1.36x in 1H23	4.22x in 1H23

Defence

Order Intake grew +6% mainly due to the Integrated Systems and Simulation areas
Sales +31% bolstered by FCAS
Space showed +36% revenue growth
EBIT Margin standing at 15.5%

Revenues	EBITDA Margin
€ 255m	16.3% (€42m +7.6% YoY)
+16.6%	-1.3pp

Operating Margin	EBIT Margin
15.6% (€40m +5.3% YoY)	14.9% (€38m +8.5% YoY)

Defence

Revenues +17% also backed by FCAS
EBITDA and EBIT grew at high single digit rate
Space showed +34% revenue growth
Q2 Margins affected by the implementation of the Strategic Plan and one-off costs related to potential acquistions

Backlog	Order Intake	Revenues
€ 820m	€ 289m	€ 207m
+12.8%	+57.1%	+32.8%
EBITDA Margin	Operating Margin	EBIT Margin
15.5% (€32m +30% YoY)	12.1% (€25m +25% YoY)	11.9% (€25m +30% YoY)
-0.4pp	-0.7pp	-0.2pp
Book-to-Bill	Backlog/Revs LTM
1.40x	1.99x
1.18x in 1H23	2.26x in 1H23

Air Traffic Management

Order Intake up +57% mainly due to the Canada and Colombia contracts Sales +33% boosted by the organic growth in all geographies and the inorganic contribution of Park Air in UK and Selex in USA

EBIT Margin standing at 11.9%

Revenues	EBITDA Margin
€ 90m	13.3% (€12m +7.0% YoY)
+7.5%	-0.1pp

Operating Margin	EBIT Margin
9.6% (€9m -9.2% YoY)	9.4% (€8m -1.6% YoY)

Sales +8% bolstered by Azerbaijan, UK and Norway projects

Air Traffic Management

EBITDA posted +7% growth

Backlog	Order Intake	Revenues
€ 897m	€ 153m	€ 172m
-5.3%	-8.6%	+13.2%
EBITDA Margin	Operating Margin	EBIT Margin
5.5% (€9m)	4.7% (€8m)	3.8% (€7m)
+6.8pp	+6.7pp	+7.0pp
Book-to-Bill	Backlog/Revs LTM
0.89x	2.32x
1.10x in 1H23	2.90x in 1H23

Sales +13% driven by growth in all geographies, standing out America and Europe

Mobility

EBITDA Margin improved to 5.5% from -1.3%

EBIT Margin also improved to 3.8% from -3.2%

Revenues	EBITDA Margin
€ 93m	5.3% (€5m n.m.)
+9.0%	+11.9pp

Operating Margin	EBIT Margin
5.2% (€5m n.m.)	4.3% (€4m n.m.)

Sales +9% boosted by Mexico, Spain and UK projects

Mobility

EBITDA Margin improved to 5.3% from -6.6%
EBIT Margin also improved to 4.3% from -7.8%

Backlog	Order Intake	Revenues
€ 2,428m	€ 1,746m	€ 1,479m
+17.2%	+3.0%	+8.5%
EBITDA Margin	Operating Margin	EBIT Margin
7.4% (€110m +7% YoY)	7.1% (€104m +13% YoY)	5.3% (€79m +12% YoY)
-0.1pp	+0.3pp	+0.1pp
Book-to-Bill	Backlog/Revs LTM
1.18x	0.83x
1.24x in 1H23	0.77x in 1H23

Minsait

Strong commercial push with Backlog growing +17% and Order Intake +3%
Revenues up +9%, backed by PPAA & Healthcare, Energy & Industry and Financial Services
EBIT grew 12 thanks to increased operating leverage, better mix and continuous focus on cost efficiency
Digital and Solutions joint sales +13% in 1H24 and accounted for 50% of Minsait sales