Indra reported first-quarter 2025 revenues of 1,164 million euros, up 4.2% from the same period in 2024. The order backlog reached 8,003 million euros by March 2025, reflecting an 11% increase year-over-year, driven by growth in Minsait and air traffic management (ATM) divisions.
Net bookings rose 17% across all divisions, with standout performances in Mobility from contracts in Ireland and Colombia, ATM from radar deals in the UK and Spain, and Defense from radar projects in Germany and F110 frigate contracts in the US. The book-to-bill ratio improved to 1.57x from 1.41x a year earlier, while the backlog-to-sales ratio over the last 12 months climbed to 1.64x from 1.58x.
Defense revenues surged 18% year-over-year, Minsait grew 7% excluding elections business and currency effects, ATM increased 2%, and Mobility held steady. Net profit stood at 59 million euros, down 3.2% from 61 million euros in first-quarter 2024, due to higher financial expenses and taxes. EBIT rose 6% to 95 million euros, and free cash flow improved to 77 million euros from 68 million euros.
Indra anticipates Defense bookings to double in 2025 compared to 2024 and maintains full-year targets of over 5,200 million euros in local-currency revenues, EBIT above 490 million euros, and free cash flow exceeding 300 million euros, excluding recent acquisitions of Hisdesat and Tess Defence.