^Original-Research: init innovation in traffic systems SE - from QuirinPrivatbank Kapitalmarktgeschäft24.03.2026 / 10:36 CET/CESTDissemination of a Research, transmitted by EQS News - a service of EQSGroup.The issuer is solely responsible for the content of this research. Theresult of this research does not constitute investment advice or aninvitation to conclude certain stock exchange transactions.---------------------------------------------------------------------------Classification of Quirin Privatbank Kapitalmarktgeschäft to init innovationin traffic systems SE Company Name: init innovation in traffic systems SE ISIN: DE0005759807 Reason for the research: update Recommendation: Buy from: 24.03.2026 Target price: 68.00 Last rating change: Analyst: Ralf Marinoniinit SE: A real hidden championIn the 2025 fiscal year, init achieved an EBIT increase of 32.5% to EUR32.5m. The company has become the global market leader in telematicssolutions for public transportation. A true hidden champion!The current weakness in the stock price-due to a weak stock marketenvironment-should be used as an opportunity to buy more shares. We confirmour Buy recommendation and raise the TP from EUR 60.00 to EUR 68.00 based onhigher peer group multiples and a DCF valuation.You can download the research here:https://eqs-cockpit.com/c/fncls.ssp?u=73d6287f502b7d76e1efb99c3ca1376eFor additional information visit our website:https://research.quirinprivatbank.de/Contact for questions:Quirin Privatbank AGInstitutionelles ResearchSchillerstraße 2060313 Frankfurt am Mainresearch@quirinprivatbank.dehttps://research.quirinprivatbank.de/---------------------------------------------------------------------------The EQS Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.View original content:https://eqs-news.com/?origin_id=152b6173-2764-11f1-8534-027f3c38b923&lang=en---------------------------------------------------------------------------2296704 24.03.2026 CET/CEST°