init innovation in traffic systems (IXX) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €200.9m, up 41.7–43.9% year-over-year, driven by major projects in North America and Australia, including a significant Sydney contract.

• EBIT for H1 2026 nearly doubled to €12.4m, reflecting strong operational performance and project execution.

• Order intake for H1 2026 surged to €262.3m, with order backlog exceeding €400m, supporting future revenue visibility.

• A capital increase in June 2026 raised €47m, strengthening the capital base for growth and acquisitions.

• Operating cash flow for H1 2026 was €11.8m, impacted by working capital changes from major projects.

Financial highlights

• Q2 2026 revenue was €185.6m, up 43.9% year-over-year, with year-to-date revenue at €200.9m.

• Gross profit increased 25% to €61.3m, though gross margin declined to 30.5% due to project mix.

• EBIT margin for Q2 2026 was 5.6%, with H1 2026 margins higher than the prior year.

• Cash and cash equivalents rose to €80.2m, mainly from the capital increase and U.S. receivables.

• Dividend of €0.80 per share and a special dividend of €0.10 per share paid for FY 2025.

Outlook and guidance

• Full-year 2026 revenue guidance is €380–410m, with EBIT expected between €38–42m.

• Operating cash flow for FY 2026 is forecast at €32–38m.

• Segment forecasts: Integrated Systems revenue €280–300m, Cloud Solutions €40–45m, Passenger Intelligence €90–100m.

• EBIT margin above 10% targeted for 2026.