Link Securities | The Ministry of Defence has refused to apply the precautionary measures requested by Santa Bárbara Sistemas against the artillery contracts awarded to the joint venture between Indra and Escribano Mechanical & Engineering (EM&E) worth €7.24 billion. Santa Bárbara Sistemas, owned by the European subsidiary of General Dynamics (GD-US), filed an appeal on 22 January with the Subdirectorate for Armament and Material Procurement of the Ministry of Defence,…

Norbolsa | The company is negotiating the sale of Minsait Business Consulting, its strategic and technology consulting subsidiary, to Waterland Private Equity, a venture capital firm based in the Netherlands. With this type of divestment, it seeks to finance its growth plans in Defence. This is the second transaction of this type by Indra, which at the end of 2025 sold its Business Process Outsourcing (BPO) business to the Basque…

Link Securities | The Spanish company and Italy’s Elt Group have signed a collaboration agreement aimed at strengthening their industrial and technological cooperation in multi-domain defence, establishing a common framework for developing and promoting collaboration in three key areas: the land domain, the space domain and unmanned aerial vehicles (UAVs), according to Bolsamania.com. On the one hand, Indra contributes its capabilities as a leading integrator in new-generation defence programmes and…

Link Securities | Indra (IDR) has been included in the MSCI Index, one of the world’s leading stock market indices, as announced by Morgan Stanley Capital International at the close of the US market, according to the Bolsamania website. Indra thus becomes the only Spanish company included in this revision of the MSCI World Index, reinforcing its strategic positioning in global markets and confirming the international confidence they have in…

Bankinter | Indra (IDR) will maintain and operate the high-speed rail control systems for the Mecca-Medina line in Saudi Arabia for the next five years for €130 million. With this contract, Indra will continue to provide support for rail traffic management, signalling, telecommunications, ticket sales and reservations, access control, security, etc. Bankinter analysis team’s view: Positive impact. However, the amount is not high. Assuming that the contract is distributed evenly…

Bankinter | The news comes after Indra’s Board of Directors unanimously agreed to the potential purchase of Escribano Mechanical and Engineering (EM&E) on 11 December. Analysis team’s view: Negative impact, as the request by the State Industrial Holdings Company (SEPI) Chair highlights the conflict of interest inherent in the transaction. We maintain our Neutral recommendation and Target Price of €53.2.

Banco Sabadell | According to press reports, Amber Capital, Indra’s fourth largest shareholder with a 7.24% stake, continues to support the potential merger of the company with Escribano. These statements come just after press reports about the government’s reluctance to approve a deal that it considers problematic due to a conflict of interest. We recall that the company has created an ad hoc committee to review the operation, with a…

Norbolsa | Indra (IDR) is reportedly negotiating with Leonardo, Rheinmetall and Hanwha to develop self-propelled tracked and wheeled howitzers for the Spanish Army (contracts worth ~€7 billion), leaving out Santa Bárbara Sistemas (owned by General Dynamics). According to sources familiar with the matter speaking to Expansión newspaper, it is negotiating with Leonardo, Rheinmetall and Hanwha for the possible acquisition of the vehicle barges covered by the contracts. Indra would retain…

Banco Sabadell | Indra has confirmed that the SpainSat NGII satellite, which was damaged on 2 January by the impact of a particle, has been rendered unusable and a new one will have to be built and launched. The satellite, valued at around €1 billion, was insured by a pool of insurers and reinsurers, with Mapfre as the main insurer. In this regard, and also according to press reports, Indra…