Indra unveils a forward-looking plan to accelerate growth, focusing on defense and security while keeping options open to monetize part of its large Minsait technology division. The group, with SEPI as its main shareholder, targets up to 6.0 billion euros in revenue by 2026 and aims for 10.0 billion by 2030, aiming to more than double last year’s record sales of 4.343 billion euros, as outlined in the new strategic plan titled Leading the Future.
The company, led by Marc Murtra as president and José Vicente de los Mozos as CEO, will implement a thorough reorganization of its corporate structure. Indra will move away from its four existing core areas—defense, air traffic management, mobility, and the Minsait technology arm—to place greater emphasis on defense. The new structure will keep defense as a central pillar while creating a new space business unit and a yet-to-be-defined “new industrial businesses” division. The air traffic management and Minsait divisions will be retained, with Minsait integrating the entire mobility portfolio under one umbrella.
As part of the plan, the company will establish a new space subsidiary before 2026, with a goal of reaching around 1.0 billion euros in revenue from space by 2030. In recent months, there has been speculation about Indra potentially increasing its stake in Hispasat, the state-influenced satellite operator owned by SEPI and the CDTI, and controlled by Redeia, both of which are linked to public investment and national research centers.
In a move long anticipated, Indra signals openness to welcoming new partners into Minsait and does not rule out selling a controlling stake in the technology subsidiary. This significant divestment in the technology arm, now expanding to include the mobility division, will finance growth in other areas, particularly the defense business.
Campeón de la defensa
Indra is reorienting its activities to grow strongly in the defense sector and to establish itself as a leading national player in defense technology and security, aligning with government priorities in this area. The evolving global landscape of geopolitical tensions and active conflict on Europe’s doorstep suggests a defense market that will grow and become more strategic, with countries needing to position and strengthen their capabilities.
Against this backdrop, Indra aims to become a major national force in defense and security technology within a decade, competing with established players such as BAE Systems, Thales, and Leonardo. The Spanish government’s commitment to NATO and defense spending, targeting a 2% of GDP defense budget up from the current 1.3%, will translate into annual spending increases of about 10 to 12 billion euros. This will boost the sector across the Spanish market and catalyze growth opportunities for Indra.
Indra launches its renewed strategic project with the aim of growing and consolidating its position in strategic sectors such as defense and technology, following years of ownership changes, leadership shifts, and governance challenges that prompted a major board restructure.
In recent years, the government has strengthened its role as a controlling partner, increasing its stake through SEPI, now at about 28%. New partners entered with stakes of around 8% from Sapa Placencia and Escribano, and a 7.2% stake from Amber Capital, the opportunistic fund that is the principal shareholder of Prisa. The composition of Indra’s ownership reflects a broad and strategic alignment with national industrial groups and capital investors.
Upcoming expansion
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