Calepin des entreprises international 2026 VA.pdf — page 97

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INDRA SISTEMAS
Business trends
	
 Indra revenues rose by 11.5% in 2024 to €4.8 billion. Revenues in the Defence division recorded strong growth 
(+26.2%) and exceeded €1 billion, thanks in particular to the ramp-up of the FCAS programme and to activities 
dedicated to simulation and space (Galileo programme).
	
 In February 2025, Indra reached an agreement to acquire a 89.68% stake in Spanish satellite operator 
Hispasat for €725 million. The transaction includes Hispasat’s 43% stake in Hisdesat, which manages services 
to governments (including military applications) and in which Indra already holds a 7% stake.
	
 In June 2025, Indra increased its stake in the TESS Defence joint venture, which manufactures Dragón 8x8 
armoured vehicles, to 51.01%. The three other shareholders (EM&E Group, GDELS-Santa Bárbara and SAPA) 
each retained 16.33% of the shares.
	
 In July 2025, Indra acquired the Spanish UAV manufacturer Aertec Defence & Aerial Systems (DAS), which 
TARSIS family of drones was tested by the Spanish Armed Forces.
Home market
	
 Indra and Rheinmetall agreed in May 2025 to cooperate on armoured vehicle projects for the Spanish Armed 
Forces. The two groups are already partners in the production and modernisation of various systems for 
Spanish Leopard 2 tanks.	
	
	
 Indra signed two contracts with the European Space Agency (ESA) in October 2025 to upgrade the S3TSR 
space surveillance radar to version V2 and to develop an electronic navigation receiver for low Earth orbit 
satellites, improving Galileo signal reception.
Export markets
	
 The group generated 49% of its sales from exports in 2024, mainly in the civilian sector.
	
 In February 2025, Indra was commissioned by Abu Dhabi Ship Building (ADSB), a subsidiary of UAE-based 
EDGE Group, to equip its FA-400 offshore patrol boat with 3D radar and electronic warfare and anti-drone 
systems.
	
 Indra signed two contracts to supply Indra Park Air T6 military radios: in Canada in February 2025 (supply of 
600 radios for more than €13 million) and in Brazil in May 2025 (supply of more than 800 radios).
	
 In April 2025, the Sultanate of Oman ordered Lanza 3D long-range early warning radars from Indra 
to strengthen its air defence system. The contract includes the supply of fixed radars and radio voice 
communication systems.
	
 The first Lanza-N 3D radar, a naval version of the Lanza radar, was commissioned in September 2025 by Indra 
and Tata Advanced Systems on an Indian Navy ship.
Technology and Innovation
	
 The group’s total R&D expenditure amounted to €428 million in 2024, representing 8.8% of revenues.
	
 Indra is developing digital self-protection systems for aircraft and helicopters that are more effective against 
missile fire. The solution combines the ALR-400 radar warning receiver with the InWarner and InShield DIRCM 
(Directed Infrared Countermeasure) systems.
	
 In October 2025, Indra conducted tests on its NIMBUS system, a combat cloud connecting different sensors, 
platforms and simulators offering entities generated by artificial intelligence. The group is also conducting 
flight tests of the Valero Multi-Purpose Air Vehicle (MAV), designed in particular for electronic warfare missions.
	
 During the Spanish Army’s ATLAS25 exercise in October 2025, Indra presented its anti-drone systems 
deployed on land (ARACNE) and on board combat ships (CROW).
STRATEGIC HIGHLIGHTS