Indra Sistemas S.A.

Investor Presentation • Feb 24, 2021

2020 Results

February 24th, 2021

CONFERENCE CALL DETAILS

LIVE EVENT:

The Company will host a conference call for investors and analysts today at 18:30 (Spanish time). Please find below conference call telephone numbers: Spain: +34 911140101 France: +33 170710159 UK: +44 2071943759 US: +1 6467224916 Access Code: 50914643# Access to the live event: https://onlinexperiences.com/Launch/QReg/ShowUUID=E754D847-847A-454C-97FC-BED58835C8D4

WEBCAST REPLAY: A recording of the conference call will be available for 30 days on the following telephone numbers:

Replay dial number: Spain: +34 910387491 France: +33 (0)172727402 UK: +44 2033645147 US: +1 (646) 722-4969 Access code: 418962793# Access to the Webcast Replay: https://onlinexperiences.com/Launch/QReg/ShowUUID=E754D847-847A-454C-97FC-BED58835C8D4

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.

• Backlog up +16%, new historic high for Indra (€5,229m). Backlog/Revenues LTM reached 1.72x in 2020.
• 2020 Order Intake went up +8.4% in local currency, driven by Transport & Defence. 2
• 2020 Revenues down -1.6% in local currency (-5.0% in reported terms), while 4Q20 sales grew +1.0% in local currency (- 2.9% in reported terms) vs 4Q19. 3
• Strong negative FX impact in 2020 (€-108m in Revenues and €-7.3m in EBIT). 4
• Operating Margin stood at €168m in 2020 vs €257m in 2019 (margin of 5.5% vs 8.0% in 2019), affected by delays and lower activity. 4Q20 Operating Margin was 9.0%, helped by the first measures of the action plan. 5
• Reported EBIT reached €-33m in 2020 vs €221m in 2019, affected by the delays and lower activity, the impacts of the action plan (€-189m) and the Metrocall capital gain (€+36m). 6
  • Net profit of the group stood at €-65m vs €121m in 2019.
  • Cash generation in 2020 was €83m (includes €-38m of the workforce transformation plan).
  • Net debt (€481m) reached its lowest level since 2010. Net Debt / EBITDA LTM ratio (excluding the impact of IFRS 16, the costs related to the action plan and the Metrocall capital gain) stood at 2.5x in 2020 vs 1.8x in 2019.

1

7

8

9

Indra backlog (€m) Backlog/revs LTM

Transport & Defence Minsait

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.

2. 2020 EBIT before impact of the efficiency plan (€189 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€94 M).

9

-400

	Actions	EBIT impact M€			Cash impact M€
		One-off costs 2020	2021	Ongoing savings 2022 and beyond	2020	2021	>2024
1	Reduction of non-personnel expenses	0	20	20	0
2	Internal processes improvement and new workplace model	-6	18	20	0
3	Capex investment reorientation and Balance Sheet adjustments	-95	25	25	6
4	Workforce transformation plan	-88	44	47	-38	-35	-16
	Total	-189	107	112	-32	-35	-16
			Δ Savings	2021 vs 2020 of €90m
							11

* EBIT before impact of the efficiency plan (189 M€) and Metrocall capital gain (36 M€)

Relevant presence in the main ESG indexes Supporting gender equality

T&D

• 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. 2020 EBIT before impact of the efficiency plan (€62 M) and Metrocall capital gain (€36 M). 4Q20 EBIT before impact of the efficiency plan (€23 M).

FY20 Order Intake (€m)

MINSAIT

7.5%

• 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. 2020 EBIT before impact of the efficiency plan (€127 M). 4Q20 EBIT before impact of the efficiency plan (€71 M).

(1) Delta Working Capital Variation of 82 DoS, equivalent to €654m o/w €220m are write-offs and €105m reclasiffications from short to long term.

(2) Delta Working Capital Variation of 8 DoS, equivalent to €67m o/w €75m are reclasiffications due to IFRS15 and IFRS9.

T&D Peers (1) Capital employed includes fixed assets (material, goodwill, inmaterial and financial), net working capital and all the other assets and liabilities as recorded in the balance sheet except for net debt and equity

(2) Minsait peers include Sopra Steria, Atos, Tieto and Capgemini. Figures based on internal analysis of FY2019 reported results (3) T&D peers include Thales, Leonardo, SAAB, Ultra Electronics, Chemring Group and Hensoldt. Figures based on internal analysis of FY2019 reported results

21

Net Working Capital (DoS)

1. Non-recourse factoring; 2.EBITDA LTM excluding IFRS 16 (€37M), costs of the efficiency plan (€189M) and Metrocall capital gain (€36M)

1. European Investment Bank. 2. Including €247m Convertible Bond with 2023 maturity and €296m Corporate Bond with 2024 maturity.

2. The 2023 convertible bond has a put option in October 2021 which has not been considered as part of 2021 maturities

Investor Relations irindra@indra.es

Avenida de Bruselas, 35 28108 Alcobendas Madrid Spain T +34 91 480 98 00 www.indracompany.com