What Indra is and its legal identity
Indra Group is the technology group headed by Indra Sistemas, S.A., a Spanish company with tax identification number A28599033 and registered office at Avenida de Bruselas 35, Alcobendas, Madrid. It designs, integrates, manufactures and maintains systems for defence, space, air traffic and mobility, and provides information technology services through Minsait. Its work combines engineering, physical equipment, software and services throughout project lifecycles.
The group name, commercial brands and contracting legal entities are different layers. The activities of a brand such as Minsait must not be counted again as if they were independent of Indra’s consolidated accounts. The legal notice identifies the parent; the accounts detail the companies and interests included.
Sources: Indra: legal identity and registered office; Indra: 2025 consolidated annual accounts.
From industrial integration to an international group
The parent-company accounts trace Indra’s origins to the merger of the CESELSA and INISEL groups in 1992. The name Indra Sistemas was adopted on 9 June 1993. Its formation is explained by this corporate integration, with public and private predecessors, rather than by attributing the creation of the entire group to one individual.
Ownership has also evolved through several stages. SEPI describes the 1998–1999 industrial alliance and the March 1999 public share offering, through which it sold its entire holding at that time, 63.3%. It returned as a shareholder in August 2013, buying 20.1% from BFA-Bankia. These are historical positions; the public shareholder’s subsequent stake is documented separately.
Sources: Indra’s origins: 2023 parent-company accounts; SEPI: Indra privatisation and return to its share capital.
Ownership: the public stake and other shareholders
At 31 December 2025, the accounts identify SEPI with 28%, Advanced Engineering and Manufacturing with 14.30%, Sapa Placencia with 7.944% and Joseph Oughourlian with 7.239%, alongside other significant holders. The note links Oughourlian’s holding to funds managed by Amber entities; describing all these shares as direct personal ownership would be inaccurate.
The figures refer to the end of 2025 and the notifications used by the company. They represent shareholdings, not an absolute SEPI majority or a guarantee that percentages remain unchanged at another date. Indra is a listed company. State ownership forms part of its shareholder structure without making each brand or business a separate state-owned company.
Leadership checked in November 2026
The corporate website consulted on 8 November 2026 identifies Ángel Simón as non-executive chairman and Josep Maria Recasens as chief executive. Their initial appointments were on 2 April and 26 May 2026 respectively; both were ratified or re-elected at the 30 June shareholders’ meeting. This prevents roles stated in 2025 documents from being presented as current.
The meeting set a 14-member board: seven independent directors, five shareholder representatives, the chairman classified as other external and the chief executive as executive. The current management committee assigns responsibilities for Defence and Space, Air Traffic and Mobility, Minsait, IndraMind and corporate functions. The non-executive chairman and chief executive have different responsibilities.
Sources: Indra: Ángel Simón appointments; Indra: Josep Maria Recasens appointments; Indra: June 2026 shareholders’ meeting; Indra: board and management committee.
Businesses, services and value chain
Defence develops systems and equipment in areas including sensors, communications, command and control, and simulation. Air Traffic combines management, surveillance and communications systems for air navigation. Mobility covers rail technology, transport management, and journey payment or validation solutions. Minsait provides consulting and digital services for government, healthcare, energy, industry, telecommunications and financial services, including application transformation, cloud and payment services.
The value chain covers design, component and service procurement, manufacturing or development, integration, testing, delivery and maintenance. The 2025 financial breakdown had four segments: Defence, Air Traffic, Mobility and Minsait. Space is shown separately in 2026 reporting. This organisational change means divisions from different years cannot simply be added together.
Sources: Businesses, markets and workforce, 2025 report; Indra: January–September 2026 results.
Geographical presence and workplaces
The 2025 report describes commercial activity in more than 140 countries. That coverage does not mean the group has a subsidiary or its own workforce in each one. Its closing employee table records 37,405 people in Spain, 3,837 in the rest of Europe, 19,002 in the Americas and 2,152 in Asia Pacific, the Middle East and Africa, totalling 62,396.
Alcobendas houses the main headquarters. The combination of offices, technology centres, industrial facilities and work at client sites gives prevention a different dimension from a business operating exclusively in offices. Specific measures are documented by activity and country: international commercial reach alone does not establish uniform occupational safety coverage.
Economic and employment scale in 2025
The consolidated accounts for the year ended 31 December 2025 report €5,456.652 million in ordinary revenue, rounded to €5,457 million in the results announcement. This is the metric used for editorial selection by size. Operating profit was €517.346 million and profit attributable to owners of the parent was €435.829 million. Total group profit, including non-controlling interests, was €438.978 million.
The 62,396 employees are a closing snapshot, not the annual average or a count of all supplier workers. The report distinguishes employees from non-employee professionals. Nor should the €16,083 million closing order backlog be confused with completed sales: the backlog represents commitments still to be executed.
Sources: Indra: 2025 consolidated annual accounts; Workforce and employment categories, 2025; Indra: 2025 results and subsequent events.
Understanding changes in the reporting boundary
Indra acquired 89.68% of Hispasat on 30 December 2025. The sustainability report includes its closing data and, for cumulative indicators, data for 30–31 December where relevant. This integration does not justify attributing Hispasat’s full year of activity before acquisition to Indra. Acquisitions and consolidation differences also affect comparability.
The 2025 accounts reversed the held-for-sale classification of Nuek Payments, formerly Minsait Payments; closure of the review of alternatives was announced in February 2026. The BPO business was sold in 2026 and is already treated as deconsolidated in the January–September results announcement published on 29 October 2026. This profile therefore retains the full 2025 year as its financial reference and separates subsequent changes.
Sources: Indra: 2025 consolidated annual accounts; 2025 sustainability reporting boundary; Indra: January–September 2026 results.
Research, digitalisation and IndraMind
Indra reported €472 million of R&D and innovation effort in 2025. This corporate measure should not automatically be equated with a single research-expense line in the accounts or with revenue from new products. Innovation combines equipment development, software, system integration and digital capabilities across its businesses.
IndraMind, launched in 2025 according to the sustainability report, is presented as an initiative for sovereign artificial intelligence, cybersecurity and cyberdefence. Its documented offering includes integrating data, systems, AI models and processes in an intelligence platform. These are capabilities and commercial propositions described by the company. They do not, by themselves, establish occupational safety outcomes for its workforce or replace workplace risk assessment.
Sources: Indra: 2025 results and subsequent events; IndraMind: documented technology proposition; Businesses, markets and workforce, 2025 report.
Prevention management: global policy and the Spanish service
The 2025 report distinguishes a global Health and Safety Policy from the prevention policy applying to Spanish companies within its Joint Prevention Service, SPM. The latter excludes Spanish companies outside the service—5% of employees in Spain according to the report—and companies in other countries. Confusing these boundaries would overstate the reach of a local measure.
The Spanish SPM covered more than 35,000 professionals in safety, occupational hygiene, ergonomics and psychosociology. The company counted 189 prevention representatives in Spain. Its plan includes assessments of sites, machinery, equipment, jobs and activities, accident and incident investigation, and quarterly tracking of preventive action plans. Worker representation and activity planning turn general policy into responsibilities and actions.
Sources: Health and safety policies and management system, 2025; Training, contractor coordination and prevention plan, 2025.
ISO 45001: three percentages with different boundaries
The 2025 report states that the health and safety management system covered 98% of group employees. ISO 45001 certification coverage was lower: 58% across the group and 62% in the main geographies defined for the ESG target. Coverage was 67% in Spain, 51% in Italy, 55% in Brazil, 89% in Colombia and 91% in Peru.
The 2026 target was 80% in those main geographies, with certification planned for Mexico and the Philippines. That target is not presented as achieved. These are reported 2025 coverage figures; this profile does not certify the individual validity of every site’s certificate in November 2026. Being included in a management system is not the same as being covered by an ISO 45001 certificate.
Contractor coordination, access and training
Indra documents the use of Achilles Controlar for business activity coordination at industrial sites. Corporate Security makes third-party access conditional on approval of the contractor company and its professionals. This is a specific coordination and document-control measure; permission to enter does not, on its own, prove that every task will be carried out without risk.
Training is tailored to the job and may include work at height or in confined spaces. The report states that work is not authorised without the required training. It also describes campaigns with an assigned SPM tutor and observation visits involving supervisors: causes are analysed, corrections scheduled and training progress tracked. Suppliers must meet local legal requirements and report accident frequency and severity indicators.
Sources: Training, contractor coordination and prevention plan, 2025.
Occupational health, ergonomics and psychosocial risks
Scheduled 2025 activities included psychosocial and ergonomic assessments, and assessment of physical and chemical agents, noise, lighting and environmental conditions, alongside drills and health surveillance. The plan also addresses changes in equipment, working conditions or fitness, and job adaptation where limitations arise. These are activities identified in the plan; they do not imply identical assessment in every country.
The report mentions occupational health services, international travel support, first aid, advice and mental health programmes, with medical secrecy and confidentiality. This describes available resources without quantifying a clinical effect attributable to each programme. Prevention needs to address digital and organisational work as well as installation, testing and maintenance activities.
Sources: Training, contractor coordination and prevention plan, 2025.
Safety results and limits to comparison
The group recorded 101 workplace accidents among employees in 2025, compared with 181 in 2024. The published rate fell from 1.7 to 0.8 cases per million hours worked. The definition includes occupational injuries and illnesses, with or without sick leave, and excludes commuting accidents. Population and denominator are necessary to interpret the decline; it cannot be extended directly to all contractors or compared with a rate calculated per 200,000 hours.
The report also records 74 cases of work-related ill health, compared with 120, using its specific definition. These must not automatically be added to the 101 accidents, whose definition already includes illnesses. The tables show changes in recorded outcomes; they do not prove that a single tool, certification or campaign caused the improvement.
Environmental sustainability and employment conditions
The energy plan covers renewable electricity procurement and efficiency measures, using instruments such as power purchase agreements, guarantees of origin and renewable energy certificates. Its 2040 decarbonisation goal is a future ambition. The calculation and boundary of certified energy need examination before attributing reductions to the entire value chain. Environmental improvement is not equivalent to a demonstrated occupational health improvement.
Employment information distinguishes 58,018 permanent and 4,378 temporary employees at the end of 2025, as well as full-time and part-time work. These categories help describe work organisation without treating the workforce as homogeneous or assuming that contract stability alone establishes good conditions in every role.
Sources: Renewable energy: boundary, calculation and targets; Workforce and employment categories, 2025.
Recent milestones and execution challenges
Space expansion illustrates the difference between growth and guaranteed outcomes. Following damage to SpainSat NG II during orbital transfer, Hisdesat activated a contingency plan in January 2026. It subsequently began a process with Spain’s Ministry of Defence to request a proposal for a replacement satellite, SpainSat NG III. The company reported that operational capabilities continued. This is a documented asset and service issue, not a workplace accident to add to workforce injury statistics.
By September 2026, the backlog reached €22,165 million and nine-month revenue €4,645 million. The distinction highlights the challenge of executing and delivering contracts, integrating acquisitions and maintaining technical capabilities. These interim figures update the context; they do not replace the complete 2025 financial year used for selection.
Sources: Indra: 2025 results and subsequent events; Indra: January–September 2026 results.
Lessons for occupational safety and health management
Sabentis’s editorial reading focuses on three documented practices: defining which companies and people each system covers; linking contractor access to requirements and responsibilities; and tracking measures arising from assessments, incidents and observations. The case also illustrates why a target, an implemented activity and a measured outcome should be distinguished.
ISO 45001 coverage, accident numbers and training answer different questions. Applying these lessons elsewhere requires knowledge of the organisation’s actual tasks, sites, contracting relationships and data. This editorial interpretation draws on Indra’s documents and does not imply a commercial relationship between the company and Sabentis.
Sources: Training, contractor coordination and prevention plan, 2025; Management-system and ISO 45001 coverage, 2025; Accidents and indicator methodology, 2025.
Frequently asked questions
Are Indra Group and Minsait independent companies?
Indra Group denotes the group headed by Indra Sistemas, S.A. Minsait is its digital-services business and brand, operated through group companies. Its revenue is included within the relevant consolidated boundary. [1] · [2]
Is Indra wholly state-owned?
No. The 2025 accounts report SEPI holding 28% at year end, alongside other shareholders. This is not an absolute majority and must not be confused with 100% state ownership. [1]
Is the entire workforce covered by ISO 45001?
Not according to the 2025 figures: coverage was 58% across the group and 62% in the main geographies used for the ESG target. The 98% figure refers to the management system, a different measure. [1]
Which tool does it use for contractor coordination?
The 2025 report identifies Achilles Controlar for subcontractor access to industrial sites, subject to approval of companies and professionals. This measure is not extrapolated to every site worldwide. [1]
How should the 101 accidents in 2025 be interpreted?
They are the reported recordable cases among employees, with or without sick leave, including occupational injuries and illnesses and excluding commuting accidents. The rate is 0.8 per million hours worked. [1]
Do 2026 figures replace the 2025 annual figures?
No. The first nine months of 2026 provide context, but editorial selection uses the latest complete financial year available, 2025, with consolidated revenue and its reporting boundary. [1] · [2]
