The Indra company has earned 184 million euros throughout the first nine months of the year, a profit that represents an increase of 26% compared to the 146 million in September 2023. In turn, quarterly profits grew by 24%, up to 70 million. The aforementioned double-digit increases are also seen in the main magnitudes in the same period of time, such as revenues, of 3,400 million (almost 13% more) and EBITDA, which improves 21%, to 369 million euros. Likewise, net debt was reduced to 70 million in September 2024, three times less than the 233 million in September 2023. Thus, the Net Debt/Ebitda ratio was 0.1 times in September 2023. 2024 versus 0.3 times in December 2023 and versus 0.6 times in September 2023
The Spanish company has recorded strong commercial growth in the first nine months of the year, with ATM playing a prominent role, with a year-on-year improvement of 35%; followed by Defense with 25%; Mobility up 16% and Minsait, with an increase in sales of 7%. Regarding the third quarter only, increases were also recorded in all divisions (ATM 39%; Mobility 24%; Defense 16% and Minsait 2%). Organic revenues until September 2024 grew by 11%, with progressions in all divisions: Defense 23%; TMJ 23%; Mobility 17% and Minsait 6%. In the quarter, organic revenues increased 9% (ATM 33%; Mobility 26%; Defense 14% and Minsait 3%).
With these accounts, the company that projects itself as a Spanish defense champion confirms the financial objectives for this year, which were already revised upwards last July, both in revenues in constant currency (more than 4,800 million euros), and in EBIT (more than 415 million) and Cash Flow (above 260 million).
Indra Group has received a dividend for its participation in ITP of 60 million in the third quarter
The company emphasizes in its statement shared with the CNMV that the results once again confirm an improvement in profitability, both in the Ebitda margin (10.9% in the first nine months compared to 10.1% the previous year), and in the EBIT margin (8.5% versus 7.6%). In fact, both Ebitda and EBIT grow year-on-year by 21% and 27%, respectively, while in quarterly terms the increase is 20% and 25% compared to the same period in 2023.
The order book exceeds 7,000 million at the end of last September
Marc Murtra, executive president of Indraexplained that “the continuous improvement in operations and management is bearing fruit that is visible in our results, which are good and confirm that we are undertaking the execution of our strategy. Acquisitions such as those of Deimos and MQA reinforce our capabilities in key sectors, such as aerospace and technology, and they are consistent with our strategy. We have a clear objective and we continue to move towards it.”
For its part, José Vicente de los Mozos, CEO of Indra has stated that “we continue working on the implementation of our ‘Leading the Future’ Strategic Plan. In terms of results, we confirm that we are in a process of continuous improvement as a result of the actions implemented thanks to the effort and commitment of all Indra employees.” Indra Group’s revenues in the first nine months of 2024 increased by 13%, and
On the other hand, the Revenues by geography showed growth led by Europe, which improved its sales by 17% and already represents 21% of the total turnover. In second place is Spain, which, with an increase of 15%, continues to concentrate the majority of Indra Group’s sales (50%). Third, Asia, Middle East and Africa (AMEA) markets increased revenue by 8%, accounting for 9% of sales; just as America increased by 4% and concentrates 20%.
The portfolio in the period of the year from January to September reached 7,049 million, 1% more than during the same months of the previous year, so that the portfolio-to-sales ratio for the last twelve months stood at 1. 49x versus 1.67x in the first nine months of 2023.
Net hiring in the first nine months increased 7%, with growth in all divisions. In this sense, ATM’s strong momentum stands out, mainly motivated by the contracts in Canada and Colombia signed during the first quarter of 2024.
Throughout the period until September 30, 2024, the EBITDA margin stood at 10.9% versus 10.1% in the same period in 2023, with growth in absolute terms of 21%. This improvement is mainly explained by the greater revenue growth recorded in the divisions with the highest operational profitability, that is, Defense and ATM, as well as the improvement in profitability in Mobility, Defense and Minsait. For the third quarter alone, the margin also improved to 12.7% versus 11.6% and showed growth of 20% in absolute terms.
Regarding Free Cash Flow, it was reduced to 94 million compared to 117 million in September 2023, due to the payment of 41 million of personal income tax corresponding to the delivery of shares of the medium-term remuneration system for the period 2021-2023 in the second quarter of 2024.
On the other hand, acquisitions have contributed 109 million euros in sales between January and September, compared to 14 million twelve months ago. At Minsait, the acquisitions of NAE, Deuser, ICASYS, Tramasierra and Totalnet have contributed organically, at ATM the Selex Air Traffic business in the US, and Park Air. In Defense, GTA has contributed (after increasing participation from 35% to 100%). In the quarter, these acquisitions have contributed 39 million euros in the third quarter of 2024, compared to 10 million in the same period of 2023.
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