Indra increases its net profit by 40% in the first quarter, up to 61 million, and confirms objectives

Sales increased by 22%, with double-digit advances in all company divisions

Indra obtained a net profit of 61 million euros in the first quarter, a figure that improves by 40% the profits of 44 million euros in the same period of 2023, as the company reported this Monday to the National Securities Market Commission. (CNMV).

Indra's revenues increased by 22% between January and March, to 1,118 million euros, with all divisions achieving double-digit growth (ATM 63%; Defense 56%; Mobility 19% and Minsait 12%).

The company has specified that the exchange rate subtracted 7 million euros from first quarter income, mainly due to the depreciation of currencies in Argentina and Chile. Excluding the inorganic contribution from acquisitions and the exchange rate effect, Indra's revenues grew 19% through March.

The company's gross operating profit totaled 117 million euros between January and March, 27.2% more, with the operating margin reaching 9.3%, compared to 8.3% in the first quarter of 2023. For its part, , the net operating result (Ebit) grew by 38.5%, to 90 million euros, with an Ebit margin of 8.1%, one point above that registered in the first three of last year.

Indra's Ebitda margin stood at 10.4% at the end of the first quarter of the year, above the 10% in the same period of 2023. The company chaired by Marc Murtra has attributed this improvement in profitability to the growth recorded in the divisions with the highest operational profitability: Defense and ATM.

Other operating income and expenses, corresponding to the difference between the operating margin and Ebit, were negative by 14 million euros due to workforce restructuring costs (-7 million euros); a provision for the remuneration compensation in shares of the medium-term incentive (-4 million euros) and the impact of the PPA (Purchase Price Allocation) on the amortization of intangibles (-3 million euros).

Indra's free cash flow amounted to 68 million euros at the end of March, above the 27 million euros in the first quarter of 2023, thanks to the higher operating profitability and the improvement in the variation in working capital, the company explained. company.

At the end of the first quarter, Indra's net debt totaled 89 million euros, compared to 107 million euros in December 2023 and 27 million euros a year earlier.

Indra's portfolio at the end of the first quarter reached 7,199 million euros, 6% more than the existing portfolio as of March 2023, driven by Minsait and ATM, while net contracting increased by 12%, with increases in all sectors. divisions except Mobility.

The company has placed emphasis on the "strong" increase registered by ATM, especially for contracts in Canada and Colombia, and by Minsait, especially for projects for the Spanish Public Administration and development of elections.

CONFIRM OBJECTIVES

The company has confirmed its objectives for 2024, consisting of achieving a revenue figure in local currency greater than 4,650 million euros, a reported EBIT greater than 400 million euros and a free cash flow above 250 million euros .

"We have begun with firm steps the implementation of our strategic plan, our first milestone being the approval by the board of directors of the creation of Indra Espacio, an entity that will be the cornerstone of our activities in the space business. They are solid quarterly results and a first small step in the execution of our strategy," highlighted the president of Indra, Marc Murtra.

In reference to the financial results, the company's CEO, José Vicente de los Mozos, stressed that the first quarter of the year has been characterized by "significant growth" in commercial and financial indicators and by improved profitability. and cash generation. "Without a doubt, these quarterly results are a great starting point to achieve the objectives we have set for ourselves," he added.