Overview

• Luis Abril, CEO of Minsait, has resigned from Indra's board after opposing the proposed merger with Escribano Mechanical & Engineering (EM&E).
• Francisco Javier García, a director and former Volkswagen executive, has also left his position at Indra, compounding governance challenges.
• Minsait, Indra's most profitable subsidiary, accounted for 62% of the company's 2024 revenue but may see reduced prominence as Indra pivots to defense.
• Indra continues to pursue its €10 billion revenue target by 2030, driven by increased European military spending and Spain's record defense budget.
• The company is exploring mergers and acquisitions in the defense sector and divesting non-core assets, including its payments subsidiary, Nuek.