Init Innovation In Traffic Systems Se · XETR:IXX
Init Innovation In Traffic Systems — FY2025 Earnings Presentation
24 slides from Init Innovation In Traffic Systems's earnings presentation, Mar 19, 2026
Slide 1: Press and Analyst Conference FY 2025 – 19 March 2026
Press and Analyst Conference FY 2025 – 19 March 2026 Dr. Marco Ferber (CFO), init SE
Slide 2: 2025: Highly volatile political environment
2025: Highly volatile political environment AI is developing rapidly – April 4: „Liberation Day“ regulation is lagging behind Early elections in Germany and change of government Germany misses 2030 climate targets – little progress in the transport sector Tensions between the US and NATO – massive i
Slide 3: Since going public: Share price and turnover roughly tenfold
Since going public: Share price and turnover roughly tenfold Market cap. as of 31/12 70 -> 469 EURm Revenues in Fiscal Year 31 -> 330 EURm Employees (annual avg.) 205 -> 1.558 3 19 March 2026
Slide 4: init business model & strategy: Integrated - Innovative - International
init business model & strategy: Integrated - Innovative - International Integrated Innovative International We offer Innovation is in our DNA. init’s technology helps fully integrated We research, spot public transport providers planning, telematics, trends, connect around the world to be dispatchin
Slide 5: Challenges arising in public transport
Challenges arising in public transport Technological change E-mobility, autonomous driving Financing & cost pressure Declining budgets, alternative priorities Security & regulation Cyber security, KRITIS, digital sovereignty Growing Customer expectations complexity Easy access to public transport a
Slide 6: Milestones 2025: German market
Milestones 2025: German market Stadtwerke Trier • Pay by credit card or smartphone: no registration or app required • Best price calculation: no knowledge of fares required ‘Trever and Smart’ • Entire bus fleet equipped with check-in hardware from init • TapNGo hosted by init - Ticketing-as-a-Servic
Slide 7: Milestones 2025: New markets / new customer
Milestones 2025: New markets / new customer European capital: HSL Helsinki • Delivery of a modern onboard system for the entire fleet: ~1,700 vehicles (buses, trams, metro trains, trains and ferries) • Modular open technology platform: container-based software, vehicle Strasbourg hardware and servic
Slide 8: Major projects on track
Major projects on track Transport for London (TfL) iBus next Generation • Modernisation of the existing fleet management and real-time passenger information system for London's buses • Roadmap development proceeding according to plan and on schedule • Final coordination of interfaces with customer a
Slide 9: METRO, Houston, TX: Long-standing US customer
METRO, Houston, TX: Long-standing US customer Metropolitan Transit Authority of Harris County (METRO) a customer of init since 2002 • 2002 Tender: ITCS (Fleet mgmt) and APC (Pax counting) • 2015 Add-on Staff planning and dispatch • 2021 Base contract ABT (Account-based Ticketing) • 2022 Add-on (opti
Slide 10: Focus on innovation: Majority of new stack development done
Focus on innovation: Majority of new stack development done R&D invest over time [EUR m, per cent of revenue] 32.4 Target end (9.8%) of product Product1 Application Sample customer development 25.2 (9.5%) 20.0 13.9 ITCSone Fleet management TfL (London) Q4/2025 16.3 (9.5%) 11.3 MOBILEvario MARTA (Atl
Slide 11: Research projects: Further innovations in pipeline
Research projects: Further innovations in pipeline LogIKTram (3 yrs.) SDIKA (3 yrs.) Triple integrated ABSOLUT-II (3 yrs.) KARL (5 yrs.) Integrating transportion of goods Secure, open & interoperable optimization (3.5 yrs.) Control centre systems for AI decision into public transport identity soluti
Slide 12: AI: Key in efficiency, quality and safety
AI: Key in efficiency, quality and safety Use Case AI contribution • Process optimisation in Controls • Machine Learning from Efficiency Centre via automated „issue historical cases management“ • Route optimisation based on • GDPR-compliant Strasbour origin-destination-analyses passenger recognition
Slide 13: Key facts FY 2025
Key facts FY 2025 282 EURm 330 EURm 9,9 % 32 EURm order intake revenues EBIT margin R&D spend1 49 EURm 19 EURm 0.80+0.10 EUR 45 % operating consolidated dividend equity ratio cash flow net profit proposal 1 P&L and capitalised software development 13 19 March 2026
Slide 14: Order intake
Order intake (EURm) 433 282 EURm order intake FY 2025 TfL / MARTA 282 • Solid market performance, but below previous year as expected, given major 214 225 orders in FY 2024 179 • Strong demand from existing customer, especially in North America; German market rather soft • Order backlog EUR 343m, to
Slide 15: Revenue development
Revenue development (EURm) +24 % +24% revenue development 340-370 to FY 2024 +26% 330 • Strong growth compared to FY 2024, +10% thereof +19% organic, mainly driven by +8% 266 project business in North America 211 • Positive development also in Europe due 191 to new customers, e.g. Strasbourg, and 17
Slide 16: EBIT(DA)
EBIT(DA) (EURm) EBITDA EBIT 49.2 32.5 EURm 38.7 EBIT EBIT FY 2025 32.3 32-35 31.2 27.4 • EBIT in line with guidance, despite slight revenue shortfall and adverse effects of US tariffs and group restructuring costs 32.5 • EBIT margin improved significantly, but 21.0 21.0 24.5 slightly below mid-term
Slide 17: Operating cash flow
Operating cash flow (EURm) 48.8 94 % cash conversion FCF (OCF – net investments) / EBIT • Cash conversion in FY25 significantly improved compared to the previous 24.4 year given management's continued focus on working capital 16.0 • Strong contributions from net trade 10.8 assets following optimisat
Slide 18: Balance sheet
Balance sheet (EUR m) Assets Liabilities and Equity 313 311 313 311 Cash & equivalents 24 25 134 141 (43%) Equity Non-current assets 135 (45%) 144 (47%) 71 68 Non-current liabilities Current assets 154 142 108 102 Current liabilities 12/31/2024 12/31/2025 12/31/2024 12/31/2025 • Increase in non-curr
Slide 19: Consolidated net profit and dividend proposal
Consolidated net profit and dividend proposal Consolidated net profit (EURm) 16.5 19.4 0.80 + 0.10 EUR* 15.2 15.2 12.4 increase in dividend to previous FY 2024 • Solid increase in consolidated net income despite adverse currency effects in other comprehensive income FY21 FY22 FY23 FY24 FY25 • Earnin
Slide 20: Integrated next level: init solutions and BU domain coverage
Integrated next level: init solutions and BU domain coverage Offer planning Operational planning Resource management Fare management Operations control Evaluation Depot Fleet Network planning management management Control Block planning Fare collection Big data Scheduling Charge Data centre manageme
Slide 21: Restructuring init group into BUs: changes as of 1 January 2026
Restructuring init group into BUs: changes as of 1 January 2026 Revenue split1 20% Projects INIT • End-to-end system provider for integrated public transport solutions Maintenance Integrated • Implementation and 24/7 operation of large-scale, integrated systems worldwide 20% 60% and Operations Syste
Slide 22: Group forecast Targets FY 2026
Targets FY 2026 Group forecast Solid order backlog 32-38 EURm and sustained strong demand Group cash flow 2026e Major projects in full swing Group restructuring initiated – productivity measures implemented 38-42 EURm Segment forecast - Business Units Group EBIT 2026e Revenue EBIT EURm 2026e 2026e I
Slide 23: Key Investment Highlights
Key Investment Highlights 1 Strong underlying market trends, fuelled by worldwide push for sustainability 2 Proven business model with 40+ years of success 3 Strong customer relations with potential for up- and cross-selling and significant revolving revenues from long-term operating agreements 4 Wo
Slide 24: Financial Calendar 2026
Financial Calendar 2026 19 March 2026 Annual Report 2025 Dr. Marco Ferber 13 May 2026 CFO Quarterly Statement Q1/2026 21 May 2026 Shareholders’ Meeting 2026 13 August 2026 Half-Year Financial Report 2026 12 November 2026 Quarterly Statement Q3/2026 IR contact init innovation in traffic systems SE Kä
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