Renta 4 | Indra (IDR): Q3 2025 results fall short of operating forecasts. 2025 guidance maintained. Strong increase expected in the defence portfolio for 2026. Investor Day in Q2 26. Results fell short of estimates at the operating level and our estimates for net profit (above consensus). Ordinary income €1,162 million (-3% versus Renta 4 estimate, -4% versus consensus and +6% versus Q3 24), EBIT, main figure, €109 million (-11%…

Banc Sabadell | Indra (IDR) has notified the National Markets and Competition Commission (CNMC) of its takeover of satellite operator Hispasat and its military branch, Hisdesat, according to press reports. The notification (which took place on 17 October) marks the start of the first phase of the review of the transaction, during which the CNMC has one month to issue its ruling. Approval is expected to be granted in phase…

Link Securities | Escribano Mechanical & Engineering (EM&E) expects to reach a merger agreement with Indra (IDR) before the end of the year, according to a report published on Wednesday by Expansión. EM&E Chairman Javier Escribano hopes that banks will define the valuation of his company so that negotiations can begin and a giant can be created to boost the defence ecosystem. Escribano assures that there is no ‘plan B’…

Link Securities | The company, together with Ficosa Inversión, has signed a memorandum of understanding (MoU) to collaborate on the development of electro-optical equipment with LSAS (Local Situational Awareness System) driving and surveillance support capabilities for the VCR 8×8 Dragón and VAC vehicles, according to the financial portal Bolsamania.com. Indra has also signed a memorandum of understanding with Sirt, a Barcelona-based cybersecurity company, to increase capabilities and form multidisciplinary teams…

Bankinter | The terms of the transaction have not been made public and are currently only rumours in the press. Tecnobit is a subsidiary of Oesía and is dedicated to the development and manufacture of intelligent vision, simulation and tactical communications technology. The main figures available for Tecnobit in 2024 are: Revenue €105 million, order book €194 million, EBITDA €15 million. Bankinter analysis team’s view: Limited impact on the session,…

Link Securities | Indra (IDR), with businesses in technology and the military industry, has its sights set on Comforsa, the largest Catalan public company, which specialises in large forged parts for heavy vehicles and civil engineering machinery, according to Expansión newspaper. Informed sources confirm Indra’s interest in acquiring the largest industrial firm owned by the Catalan government, which the regional executive controls 100% through the Avançsa holding company, although only…

Link Securities | Indra (IDR) informed the National Securities Market Commission (CNMV) that, having reached the maximum number of shares finally set under the Buyback Programme after the last of the transactions (235,000 shares, representing 0.13% of IDR’s share capital), it is proceeding to terminate the Programme prior to the expiry date (set for 11 September 2025). Indra also announced the reactivation, on 9 September 2025, of the liquidity contract…