Indra Sistemas (IDR.MC) reported a 103% year-over-year surge in defense revenue for the first half of 2026. Total group revenue rose 30% to €3.2 billion for the period ending July 23. Order intake jumped 58%, resulting in a record backlog of €20.533 billion.
The company transitioned from net debt to a net cash position of €1.033 billion. Strong free cash flow and defense program prepayments fueled this balance sheet transformation. Indra shares rose over 5% as the company reaffirmed its full-year guidance.