init innovation in traffic systems (IXX) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 grew 24% year-over-year to €141.8m, with 15% organic growth and the rest from the DILAX acquisition.

• Q2 2025 saw an 11.4% revenue increase, with order intake at €75.2m and EBIT at €4.5m.

• YTD order intake reached €151m, up 54% from the previous year, mainly from major North American customers.

• EBIT for H1 2025 was €6.5m, slightly down from €6.7m, and net income was €3.7m.

• Full-year 2025 revenue guidance was raised to €340–370m and EBIT to €32–35m, citing additional MARTA project funds.

Financial highlights

• H1 2025 revenue was €141.8m (H1 2024: €114.5m); gross profit rose 27% to €49.0m.

• Q2 2025 revenue was €71.4m; EBIT for Q2 was €4.5m and YTD EBIT was €6.5m.

• Operating cash flow YTD was €25.1m, a significant improvement from -€0.1m the previous year.

• Dividend of €0.80 per share, totaling €7.9m, was paid in May 2025.

• Gross margin improved to 34.6% from 33.7% year-over-year.

Outlook and guidance

• Full-year 2025 revenue forecast raised to €340–370m (previously €300–330m); EBIT guidance increased to €32–35m (previously €30–33m).

• Additional MARTA project volume expected to have limited earnings impact due to third-party construction services.

• Management expects further catch-up effects in H2 and continued demand for IT solutions driven by climate policy and demographics.