^
Original-Research: init innovation in traffic systems SE - from Quirin
Privatbank Kapitalmarktgeschäft

19.05.2025 / 15:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of Quirin Privatbank Kapitalmarktgeschäft to init innovation
in traffic systems SE

Company Name: init innovation in traffic systems SE
ISIN: DE0005759807

Reason for the research: Update
Recommendation: Buy
from: 19.05.2025
Target price: 55.00
Last rating change:
Analyst: Ralf Marinoni

Full year guidance confirmed

In Q1-25, init received orders totaling EUR 75.7m, significantly below the
all-time high previous year's figure (Q1-24: EUR 245.1m), which comprised
mega projects London (iBus NextGen) and Atlanta (AFC2.0). Excluding mega
effects and DILAX acquisition, underlying growth would have been approx. 19%
yoy. In the first quarter of 2025, revenues of EUR 70.4m (Q1 2024: EUR
50.5m) were generated. This means that revenue was approximately EUR 20.0m
higher than the previous year's figure. Of this amount, EUR 4.7m is
attributable to the DILAX Group, which was included for the first time in
Q3-24. In addition, significant contributions to the revenue increase came
from large projects in North America.
EBIT came in at EUR 2.0m, below the previous year's figure (Q1-24: EUR
3.7m). This is primarily due to the expected negative contribution from the
DILAX Group in the quarter. The largest variances result from the
disproportionate development of gross profit, the negative currency result,
and the increase in research and development expenses.
init explained that the key figures for the first quarter of 2025 largely
met the expectations of the Management Board: init operates within the
corridor of the targets set for the full year. Therefore, the company
maintained the existing forecast regarding revenues of approximately EUR 300
- 330m as well as EBIT of EUR 30 - 33m. We leave therefore estimates, the
EUR 55.00 TP and our Buy recommendation unchanged.

You can download the research here: http://www.more-ir.de/d/32668.pdf
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

---------------------------------------------------------------------------

2140762 19.05.2025 CET/CEST

°