Indra 2Q26 preview: Defense execution under the spotlight

研报英文原文证据摘录

Indra 2Q26 preview: Defense execution under the spotlight

7 July 2026

Richard Nguyen

+33 1 42 13 54 22

European Technology/Software richard.nguyen@bernsteinsg.com

Derric MarconIndra

+33 1 58 98 06 30

Rating derric.marcon@bernsteinsg.com

Outperform Specialist Sales

Kiran Shah, CFA

Price Target +44 20 3547 1533

kiran.shah@bernsteinsg.com

IDR.SM 66.00 EUR

Defense execution is the key issue for Indra’s 2Q26 results. Ahead of the July 23 print, our

Close Date 3 Jul 2026

preview argues that investors should focus less on headline revenue and more on whether

IDR.SM Close Price (EUR) 51.44

exceptional defense demand is translating into sustainable growth, margin expansion and

Price Target (EUR) 66.00

backlog conversion. Our estimates are broadly aligned on revenue but slightly below consensus

Upside/(Downside) 28%

on profitability, suggesting the debate will center on Defense, Space, orders and guidance. We

52-Week Range 66.15/32.38

maintain our Outperform rating, with continued defense momentum reinforcing our positive

EDME 1,617.02

view.

FYE Dec

Defense growth must now prove executable. We forecast Defense revenue of €670m Div Yield 0.6%

(+146% yoy), making it the overwhelming contributor to group growth. The key question Market Cap (EUR) (M) 9,218

is whether strong order intake and backlog can continue converting into revenue without EV (EUR) (M) 9,157

creating capacity constraints, delivery issues or margin pressure. Successful execution would Performance YTD 1M 6M 12M

strengthen the case for a sustained defense-led earnings cycle. Absolute (%) 7.5 (5.9) (3.1) 41.6

EDME (%) 10.0 4.7 7.7 20.2

Space is emerging as the key valuation swing factor. Following 394% revenue growth in Relative (%) (2.5) (10.6) (10.8) 21.4

1Q26, we expect Space revenues to increase 365% yoy in 2Q26.