init innovation in traffic systems SE init on course for another record year in its 25th year on the stock market

• Revenue rises to over EUR 200m in the first half of the year – operating profit almost doubled
• Major projects ensure sustainable growth for the digitalisation specialist in buses and trains – order book exceeds EUR 400m
• Strong capital base established for selective acquisitions

init Innovation in Traffic Systems SE (ISIN DE 0005759807) is on track to set a new record in its 25^th year of listing. According to the latest half-year report, the digitalisation specialist for buses and trains has exceeded the EUR 200m revenue mark for the first time after just six months (30 June 2025: EUR 141.8m). This represents a growth of around 42 per cent. Operating profit before interest and tax (EBIT) almost doubled, increasing by 91 per cent to EUR 12.4m (30 June 2025: EUR 6.5m).

“We are pleased to report that we have achieved a very satisfactory set of results for the first half of the year 2026. Despite unfavourable conditions, init has demonstrated resilience, agility and adaptability. Through the implementation of large-scale projects, such as those currently underway in North America and Australia, we are poised to achieve sustainable growth on a new scale. In addition, there are also opportunities for growth through selective acquisitions. The capital increase carried out in June has laid a solid foundation for the future. The placement was successfully executed in a challenging capital market environment for tech and software companies. This is a clear indication of the great trust placed by the capital markets in our business model, strategy and long-term growth perspectives,” stated the Managing Board in its half-year report.

INIT Integrated Systems as the key driver of growth within the group

Revenue of around EUR 100m was already recorded within the init group in the first quarter, and this figure increased further to EUR 102.7m in the second quarter (Q2 2025: EUR 71.4m). The substantial increase in revenue can be attributed primarily to installation work related to ticketing systems for public transport in North America, particularly in Atlanta, in the lead-up to the World Cup in the USA. Consequently, revenue in the INIT Integrated Systems business unit reached EUR 149.1m (30 June 2025: EUR 93.6m).

The other two business units, INIT Cloud Solutions and INIT Passenger Intelligence, also continued their positive performance. The business with cloud-based software and data platforms for transport operators grew by 16 per cent to EUR 19.4m (30 June 2025: EUR 16.7m), with an EBIT contribution of EUR 1.1m (30 June 2025: EUR -2.4m). The INIT Passenger Intelligence business unit, which specialises in data-driven passenger analysis and monitoring systems, has recorded revenue growth of around 10 per cent to EUR 42.1m (30 June 2025: EUR 38.3m) at the half-year stage, along with a significant improvement in profitability, as measured by EBIT, to EUR 2.6m (30 June 2025: EUR 0.8m).

INIT Integrated Systems, the largest of init’s business segments, specialises in holistic systems. This strategic focus positions init as a full-service provider for public transport on the global market, as well as installing and operating large, integrated systems. This is the answer to a growing trend among transport operators to outsource services and operations via an IT platform, ensuring 24/7 technical support and seeking long-term, cutting-edge technology partnerships spanning up to 20 years.

The success of init’s strategic positioning is also evident in the contract awarded in April 2026 for the modernisation of the ticketing systems on the Sydney Opal network by the Australian transport authority Transport for New South Wales (TfNSW). Over the next three years, init will be implementing the world’s most advanced account-based ticketing solution in this location. “This contract demonstrates init’s capacity to deliver innovative, future-proof solutions in established and demanding transport markets. It also demonstrates init’s commitment to supporting transport operators as a long-term technology and service partner, as evidenced by its collaboration on major projects in Atlanta, Houston and London. This approach entails a high level of customer loyalty and predictable long-term revenue streams,” the Managing Board reported.

Contracted service obligations from customers totalling over 1.2 bn euros

In total, the init group secured new orders worth EUR 185.6m in the second quarter (Q2 2025: EUR 75.2m). Order intake was thus 147 per cent higher than in the same quarter of the previous year. As at 30 June 2026, the group’s order intake amounted to EUR 262,3m, which is approximately 74 per cent higher than the figure for the same period last year (30 June 2025: EUR 150,8m). The init group’s order book stood at EUR 408,4m as of 30 June 2026 (30 June 2025: EUR 370,0m); contracted service obligations from customers total to approximately EUR 1.2 bn.

Although the current high level of volatility is making planning and forecasting significantly more difficult across the board, the Management Board is confirming the growth targets set against this backdrop. Following the first six months of the financial year, the init group is well on track to achieve these targets. Revenue is expected to be between EUR 380m and EUR 410m, and an EBIT between EUR 38m and EUR 42m for 2026. These figures will also make the medium-term target of an EBIT margin of over 10 per cent achievable.

The complete Half-Year Financial Report 2026 is available attached or on the company’s website.

 

Contact:
Person making the notification:
Simone Fritz
Investor Relations
ir@initse.com