init demonstrates strong growth: digitalisation specialist for buses and trains recorded the best first quarter in company history

• Major projects yield revenue of EUR 98.2m in Q1 2026 (Q1 2025: EUR 70.4m)
• Ticketing systems in Atlanta and Houston successfully implemented ahead of the Soccer World Cup in the US
• Full-year forecast reaffirmed

init innovation in traffic systems SE (ISIN DE 0005759807) recorded the best first quarter in history in the 2026 financial year. For the first time, the digitalisation specialist for buses and trains reached revenues of almost EUR 100m (precisely 98.2 million, Q1 2025: EUR 70.4m) in the first three months of the 2026 financial year. In parallel, earnings before interest and taxes (EBIT) also developed very positively to EUR 6.7m (Q1 2025: EUR 2.0m), despite the first quarter typically involving a high level of upfront expenditure. For the full year, the Managing Board expects continued above-average growth in revenue to between EUR 380m and EUR 410m (31 December 2025: EUR 330m) and in EBIT to between EUR 38m and EUR 42m (31 December 2025: EUR 32.5m), despite recent geopolitical upheavals.

The start of the year was very successful despite global turbulence and challenging conditions. As an innovative technology supplier and service partner for transport operators, the init group was once again demonstrated its resilience, agility and adaptability. Next to the impact from major projects in the INIT Integrated Systems business unit, stable growth was also achieved in the other segments. Furthermore, init was able to secure one of the largest contracts to date, with an estimated total volume of around AUD 615m (approx. EUR 376m), with Transport for New South Wales (TfNSW) in Sydney. The contract covers an upgrade to the design, along with its installation and delivery of the ticketing system, as well as its operation over a period of ten years.

Record revenue and record contract

A key factor behind the Q1 record revenue was, in particular, the successful implementation of ticketing systems for public transport in Atlanta and Houston – two major projects ahead of the Soccer World Cup in the US, which kicks off in June. The systems were successfully implemented at both venues, carrying millions of passengers daily.

As a result, revenue at the INIT Integrated Systems business unit, the largest division, grew by over 50 per cent to around EUR 73.0m (Q1 2025: EUR 46.6m). The other two business units, INIT Cloud Solutions and INIT Passenger Intelligence, also recorded growth and a positive contribution to earnings. In the business with cloud-based software and data platforms for transport companies, quarterly revenue rose by double digits, up 26 per cent to EUR 9.2m (Q1 2025: EUR 7.3m). At INIT Passenger Intelligence, the business unit specialising in data-driven passenger analysis and safety-oriented monitoring systems, revenue growth amounted to around 9 per cent, rising from EUR 19.5m to EUR 21.2m in the quarter. Demand in both areas is showing continued growth. At the same time, the synergies realised from establishing the business units are increasingly becoming evident in the financial results.

The Managing Board therefore reaffirmed its growth forecast for the full year: “We currently see no disruptions in our business, nor any supply or demand issues. As we are generally long-standing technology partners to our customers and our contracts run for up to 20 years, we have good visibility for the full year. We can already say today that we are highly likely to achieve our growth targets,” says Dr Gottfried Greschner, CEO.

A new record year to mark the company’s 25th anniversary on the stock market

The Managing Board remains confident beyond 2026. The market for integrated, intelligent mobility solutions in bus and train transport continues to be shaped globally by key trends such as digitalisation, electromobility, autonomous driving, smart ticketing and the increasing use of artificial intelligence. This is leading to a sustained high volume of tenders and follow-up contracts worldwide, for which init, as a leading international digitalisation specialist for buses and trains, is in high demand. The best example of this is the contract from Transport for New South Wales (TfNSW), the central transport authority of the Australian state of New South Wales, whose capital, Sydney, is the continent’s most populous city with over eight million inhabitants. One of the world’s most flexible multimodal transport networks is now set to be created in the Greater Sydney area, with init’s technology providing a major upgrade to the Opal ticketing system. This will make public transport in Sydney easier, more attractive and seamless to use.

Australia is currently investing heavily in its transport infrastructure, with individual states committing billions of dollars in investment programmes. As a lighthouse example, the New South Wales government in its 2025/26 budget has allocated AUD 77.8 billion over the next four years to support public transport services and infrastructure, and the functions that keep them running.

“The expansion of public infrastructure in New South Wales is proceeding with great vigour: we will begin installation as early as 2027 in Sydney. We also expect this to have a knock-on effect on other transport authorities and companies in the region, and beyond. As a leading international provider, init stands to be a part of this trend in the longer term,” said Chief Financial Officer Dr Marco Ferber.

Against these outstanding news, the share price of init SE has also reached a new all-time high of EUR 54.30, impressively confirming its dynamic performance over recent months. This bodes well for init facing another record year, fittingly coinciding with its 25th anniversary on the stock exchange.

The full Q1 2026 quarterly statement is attached and available on the company's website.

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