Financial Reports

• FY25: EBIT up by 32.5 per cent to EUR 32.5m – high resilience in challenging environment
• Compelling development in cash flow – operating cash flow of EUR 48.8m supports significant improvement in net cash position
• Revenue 2026 expected to rise to between EUR 380m-410m in (2025: EUR 329.7m) – EBIT target: EUR 38m-42m (2025: EUR 32.5m)

Karlsruhe, 19 March 2026

After posting a record year in 2025, init innovation in traffic systems SE (ISIN DE 0005759807) expects its rapid growth to continue. “Our company is evolving from a technology supplier to a service partner for public transport companies. This is evident in mega-projects conducted in Atlanta, Houston, London and Luxembourg, as well as in the latest major project tenders, in which we are well placed. Based on this situation and our current order book, we expect to grow by at least 15 per cent in 2026. In terms of the forecast, this equates to revenue of between EUR 380m and 410m. In addition, we have reorganised our business segments with the aim of improving profitability further. We gather this will generate earnings before interest and tax (EBIT) of between EUR 38m and 42m,” announced CFO Dr Marco Ferber at this year’s annual press conference and analysts’ meeting.

The market for integrated intelligent mobility solutions for buses and trains is undergoing a major worldwide transformation, characterised by trends such as digital transformation, electromobility, autonomous vehicles, smart ticketing, and the increasing use of artificial intelligence. init, as a leading international specialist in digital transformation for buses and trains, has very good chances in these high-value tenders. However, major uncertainties are sweeping the market environment due to external factors such as international conflicts, unpredictable economic policies and growing instability in what were once reliable relationships on the world stage. Management does not expect material improvements in the macroeconomic situation for the 2026 financial year. However, even in these challenging times, init has demonstrated considerable resilience thanks to its international diversification and extensive product portfolio. 

Operating cash flow more than quadrupled

Consolidated revenue grew by 24.1 per cent, for example, to EUR 329.7m (2024: EUR 265.7m). EBIT increased by 32.5 per cent to EUR 32.5m (2024: EUR 24.5m). This means that the EBIT target announced was reached as announced and the EBIT margin improved noticeably. 

At the same time, the Managing Board has implemented structural improvements and taken measures to increase productivity and optimise internal financing. Consequently, the Managing Board anticipates further improvements in the 2026 financial year: Revenue is expected to increase to EUR 380m-410m and EBIT should come to EUR 38m-42m.

There has also been a greater focus on operating cash flow. This indicator has quadrupled compared to the previous year, reaching EUR 48.8m (2024: EUR 10.8m) on the back of higher EBIT and improved working capital management. It will not be possible to repeat such growth in operating cash flow in the 2026 financial year. However, assuming improvements in working capital management to be maintained and no significant disruptions to supply chains, the Managing Board expects to see an operating cash flow of between EUR 32m and 38 m in the 2026 financial year.