Indra will unveil its new strategic plan on November 25, at a particularly significant time for Spain’s defense industry. The company has accelerated its transformation in recent years, strengthened its role in major domestic military programs, and now faces the challenge of defining how far it intends to expand its industrial capabilities and how it plans to work with other companies in the sector.
The new document will succeed the Leading the Future plan, presented in 2024 for the 2024-2026 period. That strategy set targets of generating more than €6 billion in revenue by 2026 and reaching €10 billion by 2030, while also positioning Indra as the coordinator of Spain’s defense and aerospace ecosystem and strengthening its international presence.
The group’s development has been faster than initially anticipated. In 2025, Indra reported revenue of €5.457 billion, up 13% from the previous year, and expects to exceed €7 billion by the end of 2026. That growth, accompanied by acquisitions and greater exposure to defense programs, has prompted the company to prepare a new strategic phase.
The plan will be presented by Indra’s non-executive chairman, Ángel Simón, and its chief executive, Josep Maria Recasens, both of whom assumed their current responsibilities during 2026. One priority highlighted by both executives is the delivery of industrial programs, particularly compliance with their delivery schedules.
From radars to major defense systems
Indra’s transformation is particularly significant because it is gradually reshaping its position within Spain’s industrial landscape. The company has an established track record in areas including radar, electronic warfare, command-and-control systems, simulation, air traffic management, and various onboard technologies. In recent years, however, it has expanded into complete systems and larger-scale industrial capabilities.
The Leading the Future plan had already set out the goal of making Indra the coordinator of Spain’s defense and aerospace ecosystem. The company identified six major technology categories for its defense business—radar, electronic defense, electro-optics, command and control, communications, and simulation—and proposed investments of more than €3 billion in R&D through 2030.
This process has also included corporate transactions and growing participation in national programs. One of the most significant moves has been the strengthening of its position in Tess Defence, which is responsible for the VCR 8×8 Dragón program, while the company has also expanded its land-based industrial operations.
Contract execution will be one of the factors shaping the next stage. Simón has set strict compliance with delivery deadlines as an objective, while Recasens has argued that industrial credibility must be built on the ability to deliver programs on time.
Alliances with other Spanish companies
Another question the new strategy will need to address is Indra’s model for collaboration with the rest of Spain’s industrial base. The company has said alliances will be necessary to meet the anticipated growth and increasingly complex technology programs.
Among the options under consideration is a possible rapprochement with Santa Bárbara Sistemas. The two companies have differences over some major land systems and artillery programs, but they have also explored various forms of industrial cooperation, including the possibility of establishing a joint venture.
The relationship between major contractors and specialized companies has become a central issue for the sector’s future. The sharp increase in defense investment creates opportunities to expand Spain’s industrial capabilities, but it also requires decisions on which companies will lead programs, how work will be allocated, and which technologies should be developed domestically.
An opinion article published by Infodefensa and written by consultant Enrique Navarro addresses precisely this debate. Navarro argues that Indra should act as a driving force for the industry as a whole rather than concentrate capabilities, and calls for a stable industrial framework that ensures continuity of investment regardless of political changes. This is the author’s position, not a decision announced by the company or the government.
The future of Minsait and international growth
The new plan will also need to clarify Minsait’s role within the group. Its information technology and digital transformation business continues to account for a highly significant share of Indra’s revenue, although the company has begun some divestments to focus resources on areas considered strategic.
These include defense, space, air traffic management, mobility, artificial intelligence, cybersecurity, and advanced digital technologies. Indra also intends to develop capabilities in areas such as counter-drone systems, unmanned aerial vehicles, satellites, cloud computing, and quantum technologies.
International expansion will be another likely pillar. The 2024 plan had already envisaged turning Indra into a more influential European player and expanding its presence in international markets, a strategy that has advanced in recent years through acquisitions, alliances, and new projects.
The document to be unveiled in November will now need to detail the next phase of that growth. Beyond revenue targets, its significance will lie in defining which capabilities Indra intends to develop directly, which it will pursue through alliances, and the role it seeks to play within a Spanish defense industry facing one of its largest investment cycles in decades.
