Indra Group's shares surged over 19% on Thursday, driven by a massive spike in orders that ballooned the company's backlog to 11.336 billion euros, far exceeding its annual target. The Spanish defense giant reported a 19.71% share price jump after revealing a 8.329 billion euro order intake for the fourth quarter, fueled by strong performance in its air and space defense systems, land vehicles, and Eurofighter projects. This industrial strength, highlighted by Executive Chairman Angel Escribano, positions Indra as a key player in meeting Spain and Europe's defense needs amid rising geopolitical tensions boosting the sector.

The pan-European aerospace and defense index gained over 7% this year, reflecting broader demand. Indra's fourth-quarter revenue of 1.845 billion euros and EBIT of 199 million euros both beat forecasts, despite foreign-exchange headwinds. For fiscal 2026, Indra guided for revenues exceeding 7 billion euros and EBIT above 700 million euros.

Analysts at JPMorgan Chase noted the company is benefiting from higher defense spending but warned a softer macro environment could pressure orders, particularly for its IT arm, Minsait. The results followed reports of a stake purchase by U.S. hedge fund Third Point in support of Indra's bid to acquire smaller peer Escribano Mechanical & Engineering, aiming to create a Spanish defense champion.