init innovation in traffic systems SE

Interim / Quarterly Report • Aug 14, 2025

Half-Year Financial Report 2025

CONTENT

Group Key Figures3
To the Shareholders 4
Group Management Report 6
Macroeconomic environment 6
Sector specific developments 8
Report on financial performance, financial position and cash flows11
Personnel13
Opportunities and risks14
Related party transactions 14
Forecast and outlook 14
Additional information 15
Half-Year Financial Statements 16
Notes to the Consolidated Half-Year Financial Statements21
Responsibility statement27
Imprint 28
Financial Calendar 202529

GROUP KEY FIGURES

according to IFRS

EUR k 2025		2024
Balance Sheet (30/06)
Balance sheet total	311,373	271,550
Shareholders' equity	124,002	120,810
Equity ratio (in %)	39.8	44.5
Non-current assets	136,807	120,517
Current assets	174,566	151,033
Income Statement (01/01 – 30/06)
Revenues	141,765	114,492
Gross profit	49,000	38,631
EBIT	6,505	6,723
EBITDA	14,625	13,018
Net income	3,671	4,589
Earnings per share (in EUR)	0.39	0.49
Dividend (in EUR) - paid in the reporting period	0.80	0.70
Cash Flow (01/01 - 30/06/)
Cash flow from operating activities	25,110	-110
Share (01/04 – 30/06/)
Issue price (in EUR)	5.10	5.10
Peak share price (in EUR)	43.60	41.70
Bottom share price (in EUR)	36.00	35.80

TO THE SHAREHOLDERS

Ladies and Gentlemen,

Dear shareholders,

Numerous headwinds affected our business in the first half of 2025: international conflicts, abrupt changes in tariffs hampering global trade, and changes in the political course of many industrial nations created widespread uncertainty among investors, consumers and producers alike.

Despite this adverse environment, we are satisfied with our very solid first half-year results. Although some reticence was also observed in our field of business in the second quarter due to the numerous uncertainties, it remains on a growth trajectory. In terms of revenue, we grew by 24 per cent in the first half of the year, and earnings have established a good foundation for the full year.

A number of new orders, such as contracts to equip SBG SüdbadenBus with on-board computers and automatic passenger counting systems, to deliver an intermodal transport system to the Regensburg municipal authority, and to overhaul the existing telematics system in Luxembourg, underpin future business development.

In addition, we received more positive news after the reporting date, which allowed us to revise our guidance upwards for the full year 2025. The Board of the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, Georgia, USA — with whom we already have the largest contract in our corporate history approved additional funding for the AFC 2.0 digital payment system commissioned from our US subsidiary, INIT Inc., in 2024. Once the design elements of the software and hardware have been approved, the additional USD 60 million will be used to support and accelerate the construction phase of the project. In light of this, we have increased our revenue forecast for the current financial year to between EUR 340 and

370 million (previously EUR 300 to 330 million). Likewise, we now expect EBIT to achieve between EUR 32 and EUR 35 million (previously EUR 30 to EUR 33 million). While the impact of the tariff agreement between the EU and US at the end of July is unclear, we anticipate a catch-up effect in the second half of the year. Fundamentally, we consider ourselves well positioned in terms of production capacity in the US, especially once greater stability in customs policies is established.

We still see solid global demand for our solutions, with significant opportunities to win major projects through public tenders. Another significant growth area is ID-based ticketing systems, as demonstrated by Atlanta, among others. These systems offer the most comfortable and efficient form of payment, 'tap & go', for purchasing tickets for buses, trams and other modes of public transport using bank cards, credit cards and smart devices. Our smart ticketing solutions also liberate public transport operators from all payment handling and clearing processes. This takes public transport to an unprecedentedly high level of service. As in our other growth areas, the use of artificial intelligence (AI) will be crucial. AI is a key pillar of innovation at init. With experience gathered from over 1,400 international projects, we are in an excellent position.

Labour shortages are an increasingly challenging issue for public transport operators. For cost reasons, it is also difficult to develop the specific skills and resources required, particularly in IT. As a technology partner we offer reliable concepts that meets all needs for legal , uninterrupted service, high availability and cybersecurity and can help to overcome the shortage of skilled staff.

This solution, and our "nextGen" products, along with our SaaS (software as a solution) sales give us very good reason to be optimistic about the future. In addition, we are working on improving our earnings by increasing productivity across the entire organisation. We do this to ensure a successful future for your – and our – company.

Thank you for placing your trust in us!

Dr. Marco Ferber, CFO

Macroeconomic environment

The global economy was somewhat subdued in the first half of 2025. This was primarily due to growing geopolitical tensions and the mercurial trading and economic policies pursued by the US government. These policies caused distortions in international trade. Consequently, global trade grew by only 1.7 per cent. This figure is well below the long-term average of 4–5 per cent.

Conversely, global growth drivers such as monetary easing by central banks in major economies had a stabilising effect. This easing was facilitated by a fall in the global inflation rate to an average of 4 per cent in the first half of 2025, down from roughly 5 per cent the previous year. In response, the European Central Bank cut its key lending rate by 75 basis points to 1.75 per cent in mid-2025, aiming to stimulate economic growth.

Global economic output increased by around 2.5 per cent in the first half of 2025 compared to the previous year. This growth was driven primarily by positive developments in the United States and some emerging markets. In contrast, economic momentum remained weak in some major industrialised countries, including Germany and Japan. According to the IfW (Institute for the World Economy)'s outlook, the global economy grew much more slowly than in recent years, at a rate of 2.9 per cent. It is expected that the US economy will slow down noticeably, while the Chinese economy is expected to remain flat. Conversely, the IfW expects the European economy to experience a slight rebound.

In the second half of 2025, International Monetary Fund (IMF) economists see potential for growth to accelerate, provided that inflationary pressures continue to wane and no new trade barriers are created. However, they anticipate that the high degree of political uncertainty will substantially impact global economic activity in the long term. Growth of just 1.4 per cent is forecast for advanced economies in the reference outlook for 2025. In its World Economic Outlook (WEO) from April, the IMF projected growth of just 2.8 per cent for 2025 and 3.0 per cent for 2026 under the combined pressure of growing risks and weak growth in industrial nations, compared to the 3.3 per cent forecast for both years in the WEO Update issued in January 2025. This equates to a cumulative reduction of 0.8 percentage points, indicating that growth will be significantly below the historical average of 3.7 per cent. In July 2025, these expectations were revised slightly upwards to 3.0 per cent in 2025 and 3.1 per cent in 2026 reflecting stronger front-loading in anticipation of higher tariffs, lower effective US tariff rates than originally announced and an improvement in financial conditions from a weaker US dollar as well fiscal expansion in some major countries. However, this still translates to a significant reduction in comparison to the outlook as of the beginning of the year and historical averages.

The IMF attributes the loss of economic momentum to waning economic activity in China and higher trade barriers being introduced simultaneously. For example, the US administration raised tariffs to levels not seen for a hundred years. In response, the Chinese government has introduced higher tariffs and attempted to stimulate its domestic economy and exports to other parts of the world by launching competitive campaigns, such as price dumping in the automobile sector. This resulted in 4.7 per cent growth in the Chinese economy in the first half of the year, at the expense of the international automobile industry and its suppliers in other regions, particularly Europe.

Growth weakened in the eurozone during the first half of 2025 and remains sluggish at around 1.2 per cent. Following an extended winter slowdown, during which the decline in industrial exports due to uncertainties

in world trade continued to dampen activity, the economy returned to normal in the second quarter. At times, export-oriented European nations have benefited from a weaker euro exchange rate against the dollar. In light of this, IMF experts anticipate more rapid growth over the course of the year. Economic output is expected to rise by 1.2 per cent in 2026, boosted by stronger domestic demand, fiscal easing, rising consumer confidence and waning uncertainties.

Growth in Germany, init's home market, continues to be hindered by relatively high energy, labour and transport costs. These are placing a particular strain on industrial production and the competitiveness of the export sector. All economic experts agree that Germany will continue to lag behind other industrial nations in terms of growth, even if stronger economic stimulus is expected from the new government. The government's reforms include a separate fund of EUR 500 billion for infrastructure spending over the next twelve years. This has boosted both consumer and business confidence. In addition, the favourable exchange rate between the euro and the US dollar in the second quarter resulted in a slight recovery. However, it remains to be seen how sustainable this recovery will be. For example, the IMF's July outlook forecasts stagnation in Germany in 2025, with GDP growth of 0.1 per cent, followed by a slight recovery of 0.9 per cent in 2026.

The IMF is no longer as optimistic about the United Kingdom, which is still a key market for init, as it was at the beginning of the year. It has adjusted its growth forecast in July downwards slightly, to 1.2 per cent for 2025 and 1.4 per cent for 2026.

Thanks to economic stimulus and investment programmes, the United States was able to retain its rapid growth rate of 2.8 per cent among industrial nations over the reporting period. The US economy remains robust due to consumer spending by private households, moderate fiscal stimulus, and a cut in the key lending rate. For instance, the Federal Reserve (the US central bank) reduced its key rate by 50 basis points to 4.25 per cent, boosting sectors of the economy that are sensitive to interest rates. However, this stimulus is being countered by price rises caused by tariff increases and their negative effect on the domestic economy. This is preventing additional monetary easing and making it difficult to finance the US budget deficit and further investment programmes. Growth in the United States is expected to slow to 1.9 per cent — down 0.8 percentage points from the January 2025 WEO update forecast — due to greater political uncertainty, trade tensions, and weaker demand. The IMF now forecasts a 2.0 percent increase for 2026, up from the previous forecast.

Canada, another key market for init solutions is expected to grow at a weaker rate than initially assumed at the beginning of the year. The IMF now forecasts moderate growth of just 1.6 and 1.9 per cent for 2025 and 2026 respectively.

The unpredictable and sometimes erratic trade policies of the US government, which border on wanton bias, are hindering economic development not only locally, but worldwide. In addition, the ongoing hostilities in Ukraine and the Middle East are dampening economic activity by leading to supply chain disruptions, higher purchase and production costs, a lack of investment, and increased government deficits to fund defence spending. Another factor fuelling uncertainty in the global economy is the conflict between Israel and Iran. Any disruption to the sustained phase of waning inflation could also interrupt the shift towards monetary easing. This would negatively affect both public finances and financial stability.

In order to manage these risks and stimulate economic growth, the IMF encourages all countries to work together to promote a stable and predictable trading environment, and to address challenges collectively. At the same time, they should address domestic and structural imbalances in order to protect local economic

stability. Central banks should prioritise coordinating their monetary policies to ensure price and financial stability during times of conflict.

For the mid-term, credible plans are required to consolidate public budgets, restore fiscal headroom and limit sovereign debt to a tolerable level. These measures must be supported by structural reforms and investment programmes to stimulate sustainable growth. The focus should be on the use of artificial intelligence (AI) and advancing digital transformation — two fields in which init takes a leading position in its markets. Technological advances in these areas would boost productivity and growth potential.

Sector specific developments

In times of growing global challenges, particularly climate change, the role of public transport as part of the solution becomes especially significant. This was evident at this year's UITP (International Association of Public Transport) summit, held in Hamburg at the end of June 2025. As the world's leading conference on public transport, it demonstrated the growing demand for intelligent infrastructure, such as that provided by init, a global leader in integrated planning, dispatching, telematics, and ticketing solutions for buses and trains. However, this trend is countered by the fact that funding is often lacking as public budgets are tightened. Investments in multimodal platforms, such as those realised by init in Karlsruhe, contribute towards making public transport more efficient and cheaper to operate.

According to the UITP, investments totalling USD 208 billion are required over the next ten years to improve, expand and electrify public transport in order to reach the stated climate objectives. The focus is shifting increasingly away from 'energy transition' towards 'energy optimisation'. In terms of the electrification of vehicle fleets, this means an increasing demand for route- and vehicle-specific charging solutions. init's subsidiary, CarMedialab, can address this demand. This is demonstrated by the DAKAR MOBILITÉ pilot project in Africa. As part of this project, up to 150 electric buses can be put into operation, resulting in annual CO₂ savings of 59,000 tonnes.

In Europe, the Green Deal, which came into force in 2019 and has since been reaffirmed, remains the relevant framework for the EU's climate protection programme. Under the terms of the Green Deal, the transport sector must reduce its greenhouse gas emissions by 90 per cent by 2050. All 27 EU member states have committed to making the EU the world's first climate-neutral continent. To date, almost EUR 400 billion of EU funding has been invested in climate-related projects from the NextGenerationEU fund and Cohesion Policy Investments.

Currently, the European Union is developing its budgetary plans for the period after 2027. In July 2025, the EU presented a proposal for a new, dynamic multi-annual financial framework (MFF), totalling almost EUR 2 trillion. As part of this, a new European fund totalling EUR 409 billion is to be established to promote competitiveness by investing in strategic technologies for the benefit of the entire common market. Decarbonisation and digital transformation are two of the four key elements. Given the requirement for green investments in Europe totalling EUR 1.2 trillion per year, the UITP has emphasised the importance of shifting the focus from mere spending to achieving tangible results, such as reducing emissions, boosting passenger numbers on public transport, enhancing accessibility, and promoting economic inclusion. The UITP paper calls for EU financing strategies to extend beyond traditional infrastructure investment to holistically support comprehensive mobility systems, integrating various transport modes and improving service quality and passenger experience. Priority must be given to efficient public transport and multimodal solutions. In this white paper, UITP outlines its priorities as follows:

• Create a permanent EU Climate, Energy and Transport Investment Fund to strategically finance longterm, high-impact decarbonisation CAPEX investments in urban, regional, cross-border and lowdensity area public transport.
• Reinforce urban mobility in National Single Plans.
• Strengthen and simplify EU funding instruments such as the Connecting Europe Facility, Horizon Europe and Cohesion Funds to improve accessibility for urban and local mobility projects.
• Dedicate EU Emissions Trading System (ETS) revenues and any forthcoming EU Green Bonds to sustainable mobility, prioritising zero- and low-carbon local transport projects.

At the end of January 2025, the EU Commission presented its 'Competitiveness Compass'. The underlying goal is to pave the way for Europe to become the first climate-neutral continent. One element of this compass is the 'Sustainable Transport Investment Plan', scheduled for launch in Q3 2025. The Association of German Transport Companies (VDV) is calling for sufficient funding to be earmarked for expanding fleets of emission-free vehicles and investing in them. In a report issued on 26 June 2025 regarding the financing of public transport service costs, the VDV presented a roadmap for modernising and expanding public transport in Germany by 2040. This report illustrates how sustainable public transport can be realised in all regions through two scenarios: a 'modernisation' scenario and a more ambitious 'German offer' scenario. A key prerequisite is increased funding from federal and state governments over a 15-year period to allow for reliable planning.

Improving public transport is difficult in many parts of Germany due to rising costs, a shortage of skilled staff, and a backlog of modernisation work, which places a burden on transport operators and poses risks to the quality and quantity of their services. Currently, public transport is funded by the federal and state governments and municipal authorities to the tune of roughly EUR 26 billion per annum. However, depending on the scenario, the VDV quantifies the funding requirements as much higher: an average of an additional EUR 1.44 billion per annum is required in the modernisation scenario to secure and improve the quality of the current public transport offering. In the 'German offer' scenario, an additional average of EUR 3.36 billion per year is required to expand the spatial reach and frequency, and to achieve further growth in passenger numbers. The 'German offer' would enable the creation of more routes, flexible transport options and more frequent services, as well as improving reach in regional areas. Meanwhile, the federal government has announced a public transport modernisation package that relies on digital transformation, emission-free vehicles, automation, and efficient structures within public transport operations. The goal is to ensure a functioning public service level across the board, as well as realising climate protection objectives within the transport sector.

The VDV intends to contribute by increasing efficiency, standardising and improving operational and administrative structures. As outlined above, the intended transformation relies on reliable longer-term government funding. During the negotiations surrounding the 2025 federal budget, the VDV therefore appealed to the German parliament to earmark funds for this purpose from the separate infrastructure and climate neutrality fund (SVIK), in order to improve planning reliability for long-term investments. The VDV points out that most infrastructure projects span multiple years, primarily because the planning and approval processes are very complicated. Furthermore, the VDV has proposed the establishment of nationwide multi-year regional infrastructure funds ('Regio-Intrafonds').

Furthermore, the new German government has decided on an investment programme to address the backlog in transport infrastructure renovation. Under this framework, EUR 166 billion will be made available for transport investments up to 2029. Of this amount, EUR 107 billion has been earmarked for rail transport, but it is unclear how much of this is intended for public transport. Furthermore, Federal Transport Minister

Patrick Schneider established an expert forum for climate-friendly mobility and infrastructure (EKMI). The EKMI's objective is to support the Federal Ministry of Transport in developing the federal climate protection programme for the transport sector. One working group is focusing on municipal mobility and multimodal transport. Meanwhile, the EKMI has agreed a joint recommendation paper. This calls for a consistent shift towards buses, trams and railways in transport. The EKMI paper identifies multimodal infrastructure as a key factor in effective climate protection and modern mobility. It sees financial reliability and targeted funding instruments as prerequisites for the transformation. This implies that the federal government must make long-term financial commitments. This is particularly true of measures taken at a municipal level. However, there was no consensus within the EKMI on the future design of financing cycles. The VDV is calling for the public transport modernisation pact to be implemented swiftly, for regional funding to be significantly increased (and indexed to inflation) from 2026, for this to be extended beyond 2031, for the funding from the Municipal Transport Financing Act to be stabilised in the long term until 2040, and for funding programmes to be established for digital transformation, infrastructure, on-demand offers, electrification, and the successive automation of public transport.

One of the German government's first transport policy measures was to extend the 'Deutschland-Ticket'. 'Smart ticketing' projects such as the nationwide introduction of the 'Deutschland-Ticket' are crucial for the development of public transport and new mobility services ('mobility as a service') and are becoming increasingly widespread. The 'Deutschland-Ticket' is now used by over 13 million people. The ticket provides easy access to public transport and represents a major step towards the mobility of the future: cheaper, simpler, digital and therefore more attractive.

'Smart ticketing' is also part of the innovations promoted by the US government with the Infrastructure Investment and Jobs Act (IIJA), which has provided with over USD 108 billion being assigned to public transport, extending through to 2026. Following the passage of this historic bipartisan infrastructure bill, more than 40 programmes were launched, resulting in tens of thousands of individual projects. The new US administration has also stuck to this so far, although it now wants to speed up measures under the National Environmental Policy Act (NEPA). Additional funds have been earmarked for AI-based solutions and the transport sector in the 'One Big Beautiful Bill Act', which came into force at the beginning of July and should provide additional stimulus.

In Canada, which remains an important market for init solutions, there was also a change of government, although the commitments already made in the 'Transportation Canada 2030' programme, whose long-term investment plans remain unchanged. The Ministry of Transport, Transport Canada, continues to strive to take a leading role in the transition to low-carbon and zero-emission technologies. In addition, Transport Canada intends to prioritise initiatives in the years 2025-2026 that ensure efficient, resilient, green and safe transportation systems. This program, with a volume of CAD 670 million, is intended to foster innovation. In addition, approximately CAD 1.7 billion has been assigned for the improvement of transport infrastructure.

The year 2025 will bring decisive changes for the development of public transport in many parts of the world. The further, possibly accelerated implementation of global and national plans to combat climate change is a top priority. The transport sector accounts for 13.7 per cent of global greenhouse gas emissions. The urgent need for its transformation to cleaner technologies is clear. The aim of sustainable transport is to minimise greenhouse gas emissions and environmental impacts while simultaneously improving security, affordability, and access to mobility for all. To achieve this, technology, infrastructure, planning and political strategy must be integrated.

This approach offers numerous advantages, including economic stability and enhanced public health, energy security, and urban and regional resilience. According to the UN, an increasing number of countries are incorporating the decarbonisation of transport into their broader national climate protection, energy and infrastructure plans. For this reason, the United Nations is providing increasing support to countries to help them transition to sustainable public transport as part of its development programme (UNDP). Within the framework of the 'Sustainable Cities Programme', the UNDP collaborates with cities around the world to find climate-friendly transport solutions as part of broader urban development strategies. Examples include Marrakesh (Morocco), San José (Costa Rica) and Sharm El-Sheikh (Egypt), where the focus is on creating multimodal transport systems.

This also indicates that an increasing number of countries recognise how digitalising public transport and programmes to combat climate change can contribute to sustainable improvements in living conditions. However, this depends on sufficient funding being provided under government budgets or development programmes. In many cities and regions, it is becoming increasingly challenging to maintain an attractive public transport system amid public budget constraints. For this reason, the UITP is calling on the EU, among others, to establish a long-term funding framework to promote public transport. Each euro invested in public transport generates a fivefold return. Furthermore, doubling public transport usage would halve transportrelated carbon emissions and air pollution in urban environments.

Report on financial performance, financial position and cash flows

General business performance

In the first six months of 2025, the init group generated revenue of EUR 141.8m. This is around 24 per cent above the previous year's figure of EUR 114.5m. Acquired in September last year, the DILAX group contributed around EUR 10.1m to the increase in revenue, meaning organic growth amounted to around 15 per cent compared to the first half of 2024. Intensive project activities in North America remained the main driver of organic growth. However, smaller projects were affected by the aforementioned political uncertainties and recorded fewer call-offs than in the same period of previous year.

Earnings before interest and taxes (EBIT) is EUR 6.5m. In the same period of the previous year, EBIT amounted to EUR 6.7m.

Order situation

New contracts amounting to EUR 75.2m were acquired in the second quarter (Q2 2024: EUR 48.9m). Incoming orders are therefore 54 per cent up on the previous year's quarter. Significant impulses came from follow-up orders from major customers in North America.

As of 30 June 2025, incoming orders amount to around EUR 151m and are significantly below the historic strong previous year (30 June 2024: around EUR 305m), which was marked by commissioning of two major projects (MARTA and TfL) during the first quarter of 2024.

The order backlog as of 30 June 2025 comes to around 370 Mio. Euro and is below the previous year's figure of EUR 374m.

Financial performance

Revenue of EUR 71.4m was generated in the second quarter of 2025 (Q2 2024: EUR 64.0m). Revenue in the first half-year 2025 for the init group increased to EUR 141.8m and is approximately 24 per cent higher than the previous year's figure (first half of 2024: EUR 114.5m).

Breakdown of revenue by region for the first half-year:

in million EUR	01/01-30/06/2025	%	01/01-30/06/2024	%
Germany	43.7	30.8	37.3	32.6
Rest of Europe	35.9	25.3	24.2	21.1
North America	53.1	37.5	42.5	37.1
Other countries (Australia, UAE)	9.1	6.4	10.5	9.2
Total	141.8	100.0	114.5	100.0

The revenue information given above is based on the customer's location.

The gross profit amounts to EUR 49.0m and has increased by around 27 per cent compared to the previous year (first half of 2024: EUR 38.6m). The gross margin amounts to 34.6 per cent (first half of 2024: 33.7 per cent) and has increased by 0.9 percentage points. The slight improvement is due to better project execution and a higher level of internal value added compared to the previous year.

Sales and administrative expenses of EUR 34.8m are around 28.2 per cent higher in the first half of 2025 than the previous year's figure of EUR27.2 m. In addition to the effect of consolidating the DILAX group for the first time, the increase in costs is mainly due to personnel and personnel-related expenses, as well as increased travelling activity resulting from more intense market development activities outside existing core markets.

Research and development expenses amounted to EUR 9.1m in the first half of 2025 which is higher than the previous year's figure of EUR 6.0m. Furthermore, development expenses of EUR 6.9m were capitalised underinternally generated intangible assets (first half of 2024: EUR 4.6m). In total, approximately 11 per cent of revenue was invested in research and development. In addition to developing new cloud-based platforms, the focus is particularly on further developing products using AI approaches.

Exchange gains of EUR 0.8m were recorded in the first half of 2025 (first half of 2024: exchange losses of EUR 0.2m) and mainly consist of unrealised exchange gains and losses from the translation of receivables and liabilities denominated in foreign currency, mainly from the USD.

Overall, earnings before interest and taxes (EBIT) declined slightly in the first half of 2025 to EUR 6.5m compared with EUR 6.7m in the first half of 2024. The decline in earnings was particularly evident in the first quarter, though the second quarter showed the first signs of catch-up.

Net interest income (balance of interest income and interest expenses) comes to EUR-1.3m (first half of 2024: EUR -0.9m). Interest expenses increased compared to the same period of the previous year, mainly due to a higher average loan volume.

Net income as of 30 June 2025 decreased to EUR 3.7m (first half of 2024: EUR 4.6m), due to a slightly lower EBIT, negative net interest income and a slightly higher tax rate than in the same period of the previous year. This corresponds to earnings per share of EUR 0.39 (first half of 2024: EUR 0.49).

Total comprehensive income as of 30 June 2025 decreased to EUR -2.3m (first half of 2024: EUR 7.1m) due to lower net income and losses from currency translation of foreign group companies (mainly US dollar related), recognised directly in equity.

Financial position and cash flows

Total assets have decreased by around EUR1.7m compared to 31 December 2024 to EUR 311.4m.

Cash and cash equivalents including securities and bonds came to EUR 28.2m on the reporting date (31 December 2024: EUR 23.6m).

The decrease of contract assets to EUR 34.5m (31 December 2024: EUR 39.9m) can be primarily attributed project progress for major projects considering received prepayments.

Inventories decreased by EUR 1.9m as of 30 June 2025 to EUR 55.3m (31 December 2024: EUR 57.2m).

Current and non-current liabilities to banks of EUR 71.0m (31 December 2024: EUR 69.4m) primarily relate to loans to finance the purchase of real estate and corporate acquisitions, the new ERP system, innovation loans and short-term euro loans as part of our active liquidity management. Delayed cash receipts due to project milestone structures and restrictive payment schedules in major projects sometimes require elevated levels of pre-financing.

Equity amounts to EUR 124.0m and decreased slightly compared to the end of the previous year (31 December 2024: EUR 134.3m). In addition to the dividend distribution, the reduction in equity was also due to negative effects from foreign currency valuation in other comprehensive income. Therefore the equity ratio fell to 39.8 per cent (31 December 2024: 42.9 per cent).

Cash flow from operating activities amounts to EUR 25.1m (first half of 2024: EUR -0.1m) and is mainly driven by received prepayments for major projects.

Cash flow from investing activities amounts to EUR -9.4m (first half of 2024: EUR -7.3m) and mainly results from expenditure on replacement and expansion investment as well as continued high investments for selfdeveloped software.

Cash flow from financing activities amounts to EUR -9.2m (first half of 2024: EUR 3.3m) and consists primarily of taking out short- and long-term loans, the payment of dividend and the repayment of existing loans.

Personnel

On average, the init group employed 1,554 staff in the first six months of the year (first half of 2024: 1,254) including temporary staff, scientific assistants and graduate students. 269 employees are employed on a part-time basis as of the end of the first half of 2025 (first half of 2024: 227).

In light of the current volatile global economic situation, and in order to support the group's sustainable growth, job vacancies were reviewed individually and filled with careful consideration of costs and productivity. The increase in workforce numbers is also due to the DILAX group's integration in September 2024.

Number of employees by region:

	30/06/2025	30/06/2024
Germany	1,203	975
Rest of Europe	151	101
North America	173	154
Other countries	27	24
Total	1,554	1,254

Opportunities and risks

The opportunities and risks that could have a significant influence on the net assets, financial position and results of operations of the init group are presented in our Annual Report 2024 on pages 56 et seqq. and in particular from p. 63 et seq. onwards. The opportunities and risks described in the Annual Report 2024 essentially continue to exist unchanged.

In line with the IMF's perspective (see above), the init group still sees considerable uncertainties regarding the development in the coming months, which could have a particular impact on the award of contracts in tenders.

All risks are regularly analysed and appropriate measures are initiated or precautions taken. In our opinion, there are no risks that are capable of jeopardising the continued existence of the company.

Related party transactions

Transactions with related parties are set out in the Notes under "Other Disclosures" on page 25.

Forecast and outlook

The company raised its forecast for the full year in its announcement on 18 July 2025. The customer MARTA (Metropolitan Atlanta Rapid Transit Authority) in Atlanta, Georgia, USA, has approved additional funding for the AFC 2.0 project commissioned in 2024.

init SE therefore expects significantly higher revenue than originally planned for the 2025 financial year. The majority of the additional project volume relates to construction services provided by third parties that are merely supervised by init. Consequently, the expansion is expected to have only a limited impact on earnings. In light of these developments, the company has revised its forecast for the current financial year, and now expecting revenue of between EUR 340 and 370 million (previously EUR 300–330 million) and earnings before interest and taxes (EBIT) of between EUR 32 and 35 million (previously EUR 30–33 million).

After the first six months of the 2025 financial year, the init group is well on track to meet these adjusted targets. The key figures achieved in the first half of the year form a solid basis for this, and the Managing Board expects further catch-up effects.

Based on the current situation, as outlined in the section on macroeconomic and sector-specific developments, we anticipate further opportunities to provide our customers with new technologies and IT solutions in the future. The demand for intelligent solutions in this area has been strengthened by climate policy goals, continued demographic change and the resulting global shortage of skilled workers.

init will continue to strongly focus on research and development activities in order to further advance current trends such as digital transformation, electromobility, transport networking, and autonomous driving. We see considerable potential for further growth in this technological development, boosted by investment programmes for climate-friendly transport infrastructure launched in Germany, the European Union and the US. We are confident that the positive business development we have already set in motion will continue, as these programmes are likely to generate additional momentum. However, the precise timing of entry is currently more difficult to predict, given the significant political fluctuations, particularly in the US.

Additional information

This half-year financial report and the information contained are unaudited.

Overall, we still see major uncertainties in the development of the economy over the next few months, which could have a particular impact on the awarding of contracts in tenders.

The actual results in terms of revenue and EBIT can differ substantially from the forecasted figures, if new risk factors occur or assumptions about planning become retrospectively incorrect.

CONSOLIDATED INCOME STATEMENT

from 1 January 2025 to 30 June 2025 (IFRS) with comparative values (unaudited)

	01/04 to 30/06/2025	01/04 to 30/06/2024	01/01 to 30/06/2025	01/01 to 30/06/2024
EUR k
Revenues	71,358	64,038	141,765	114,492
Cost of sales	-45,887	-43,312	-92,765	-75,861
Gross profit	25,471	20,726	49,000	38,631
Sales and marketing expenses	-8,868	-7,542	-17,311	-14,379
General administrative expense	-8,913	-6,993	-17,531	-12,803
Research and development expenses	-4,510	-2,923	-9,118	-5,987
Other operating income	201	898	992	1,738
Other operating expenses	-146	-168	-303	-277
Foreign currency gains and losses	1,279	-955	776	-200
Earnings before interest and taxes (EBIT)	4,514	3,043	6,505	6,723
Interest income	35	104	112	260
Interest expenses	-669	-658	-1,410	-1,143
Earnings before taxes (EBT)	3,880	2,489	5,207	5,840
Income taxes	-1,587	-218	-1,536	-1,250
Net income	2,293	2,271	3,671	4,590
thereof attributable to equity holders of parent company	2,310	2,415	3,873	4,817
thereof non-controlling interests	-17	-144	-202	-227
Earnings and diluted earnings per share in EUR	0.23	0.24	0.39	0.49
Average number of floating shares	9,925,602	9,876,143	9,903,824	9,880,875

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

from 1 January 2025 to 30 June 2025 (IFRS) with comparative values (unaudited)

EUR k	01/04 to 30/06/2025	01/04 to 30/06/2024	01/01 to 30/06/2025	01/01/ bis 30/06/2024
Net income	2,293	2,271	3,671	4,590
Items to be reclassified to the income statement:
Net gains (+) / losses (-) on currency translation	-4,020	1,331	-6,010	2,504
Total other comprehensive income	-4,020	1,331	-6,010	2,504
Total comprehensive income	-1,727	3,602	-2,339	7,094
thereof attributable to equity holders of the parent company	-1,710	3,746	-2,137	7,321
thereof non-controlling interests	-17	-144	-202	-227

CONSOLIDATED BALANCE SHEET

as of 30 June 2025 (IFRS) with comparative values (unaudited)

EUR k	30/06/2025	30/06/2024	31/12/2024
Cash and cash equivalents	28,211	23,739	23,523
Marketable securities and bonds	27	28	30
Trade accounts receivable	47,234	29,942	47,803
Contract assets	34,454	39,134	39,929
Receivables from related parties	0	5	40
Inventories	55,290	53,097	57,213
Income tax receivable	1,874	0	2,753
Other current assets	7,476	5,088	6,674
Current assets, total	174,566	151,033	177,965
Property, plant and equipment	68,418	68,162	70,912
Investment property	1,120	1,346	1,124
Goodwill	13,326	12,488	13,326
Other intangible assets	48,376	28,471	44,105
Interests in associated companies	727	635	929
Deferred tax assets	2,608	5,456	2,538
Other assets	2,232	3,959	2,133
Non-current assets, total	136,807	120,517	135,067
		0
Assets, total	311,373	271,550	313,032
Bank loans	44,661	36,304	39,418
Trade accounts payable	9,134	7,797	13,580
Contract liabilities	36,696	17,941	20,392
Advance payments received	2,799	3,984	1,597
Income tax payable	296	1,709	3,615
Provisions	3,965	3,813	4,319
Lease liabilities	5,411	4,253	5,020
Other liabilities	17,968	13,965	19,661
Current liabilities, total	120,930	89,766	107,602
Bank loans	26,329	21,533	29,973
Deferred tax liabilities	7,443	6,556	7,440
Pensions accrued and similar obligations	7,806	7,938	7,807
Provisions	1,849	1,770	1,748
Lease liabilities	23,014	23,173	24,150
Other financial liabilities	0	4	0
Non-current liabilities, total	66,441	60,974	71,118
Liabilities, total	187,371	150,740	178,720
Attributable to equity holders of the parent company
Subscribed capital	10,040	10,040	10,040
Additional paid-in capital	6,226	5,966	7,734
Treasury shares	-2,970	-4,463	-4,463
Surplus reserves and consolidated unappropriated profit	111,715	104,062	115,798
Other reserves	-934	5,024	5,076
	124,077	120,629	134,185
Non-controlling interests	-75	181	127
Shareholders' equity, total	124,002	120,810	134,312
Liabilities and shareholders' equity, total	311,373	271,550	313,032

CONSOLIDATED CASH FLOW STATEMENT

from 1 January 2025 to 30 June 2025 (IFRS) with comparative values (unaudited)

EUR k	01/01 to 30/06/2025	01/01 to 30/06/2024
Cash flow from operating activities
Net income	3,671	4,590
Amortisation and depreciation	8,120	6,294
Gains or losses on the disposal of fixed assets	-93	11
Change in provisions and accruals	-126	133
Change in inventories	-563	-3,199
Change in trade accounts receivable
and contract assets	380	-2,286
Change in other assets, not provided by /
used in investing or financing activities	-327	858
Change in trade accounts payable	-3,147	-5,172
Change in advanced payments received and contract liabilities	19,846	2,078
Change in other liabilities, not provided by /
used in investing or financing activities	-3,100	-4,349
Amount of other non-cash income and expenses	449	932
Net cash from operating activities	25,110	-110
Cash flow from investing activities
Payments received on disposal of property, plant and equipment	185	52
Investments in property, plant and equipment	-2,610	-2,809
Investments in other intangible assets	-7,159	-4,657
Dividends from associated companies	201	143
Cash paid/received for financial assets	0	17
Securities	2	2
Net cash flows used in investing activities	-9,381	-7,252
Cash flow from financing activities
Dividend paid out	-7,938	-6,913
Payments received from bank loans	10,501	20,235
Redemption of bank loans	-8,901	-7,744
Change in current and non-current lease liabilities	-2,846	-2,256
Net cash flows used in financing activities	-9,184	3,322
Net effects of currency translation and consolidation changes in cash and cash equivalents	-1,857	476
Changes in cash and cash equivalents	4,688	-3,564

Cash and cash equivalents at the beginning of the period 23,523 27,303 Cash and cash equivalents at the end of the period 28,211 23,739

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

from 1 January 2025 to 30 June 2025 (IFRS) with comparative values (unaudited)

		Attributable to equity holders of
EUR k	Subscribed capital	Additional paid-in capital	Treasury share
Status as of 01/01/2024	10,040	6,879	-5,441
Net income
Other comprehensive income
Total comprehensive income
Dividend paid out
Share-based payments		-913	978
Rounding
Status as of 30/06/2024	10,040	5,966	-4,463
Status as of 01/01/2025	10,040	7,734	-4,463
Net income
Other comprehensive income		19
Total comprehensive income		19
Dividend paid out
Share-based payments		-1,526	1,493
Rounding		-1
Status as of 30/06/2025	10,040	6,226	-2,970

					Non controlling	Shareholders'
the parent company		Other reserves			interests	equity total
Surplus reserves and consolidated unappropriated profit	Difference from pension valuation	Difference from currency translation	Securities marked to market	Total
106,159	-1,096	3,618	-1	120,158	408	120,566
4,817				4,817	-227	4,590
		2,504		2,504		2,504
4,817		2,504		7,321	-227	7,093
-6,913				-6,913		-6,913
				65		65
-1		-1		-2		-2
104,062	-1,096	6,121	-1	120,629	181	120,810
115,798	-822	5,899	-1	134,185	127	134,312
3,873				3,873	-202	3,671
-19		-6,010		-6,010		-6,010
3,854		-6,010		-2,137	-202	-2,339
-7,938				-7,938		-7,938
				-33		-33
1 111,715	-822	-111	-1	124,077	-75	124,002

NOTES TO THE CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS

Explanations to the half-year financial statements

The init group is an international system house for intelligent transportation systems (ITS). init innovation in traffic systems SE, Karlsruhe, is a listed company (ISIN DE0005759807) and has been in the regulated market (Prime Standard) since 1 January 2003. The half-year financial statements as of 30 June 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the EU and meet the requirements of IAS 34. The consolidated half-year financial statements are presented in euros. All figures have been rounded to the nearest thousand euros (EUR k) unless stated otherwise. The halfyear group status report and half-year consolidated financial statements as of 30 June 2025 have not been reviewed by auditors. The half-year financial report was submitted to the Supervisory Board for review on 4 August 2025. The Managing Board approved the report on 11 August 2025.

Accounting policies

The half-year financial statements have been prepared using the same accounting policies used to prepare the consolidated financial statements as of 31 December 2024, which are described in detail in the notes to the consolidated financial statements. The accounting standards to be applied for the first time in the first six months of 2025 did not have any material impact on the consolidated financial statements.

Consolidated group

There were no changes in the first half of the year.

In comparison to 30 June 2024, init SE acquired 100 per cent of the share of the DILAX group as of 6 September 2024.

Revenue

EUR k	30/06/2025	30/06/2024
Revenue from project business	67,635	49,708
Revenue from support and maintenance contracts	31,938	26,043
Revenue from deliveries of spare parts and replacements	42,192	38,741
Total	141,765	114,492

Inventories

Impairment losses of EUR 115k were reversed on inventories through profit or loss (30/06/2024: EUR 1k). The expense is included in the cost of sales in the income statement.

Trade accounts receivable

Write-downs on receivables came to EUR 1,017k (30/06/2024: EUR 715k). Thereof, EUR 17k were posted through profit or loss (30/06/2024: EUR 303k) in the current financial year.

Property, plant and equipment and intangible assets

Property, plant and equipment mainly comprises the office buildings at Kaeppelestrasse 4 and 4a in Karlsruhe, and the building in Chesapeake, USA as well as office and technical equipment. Capital expenditure for replacement stood at EUR 2,597k (30/06/2024: EUR 2,069k). In the period under review, advance payments of EUR 14k (30/06/2024: EUR 740k) were made for assets under construction.

In the reporting period, development costs of EUR 6,880k (30/06/2024: EUR 4,621k) were capitalised as own work.

The scheduled depreciation totalled EUR 5,198k (30/06/2024: EUR 3,945k). Sales of property, plant and equipment generated profit of EUR 94k (30/06/2024: EUR 11k loss). As of 30 June 2025 scheduled and unscheduled depreciation of the right-of-use assets pursuant to IFRS 16 comes to EUR 2,918k (30/06/2024: EUR 2,338k). For investment properties scheduled depreciation of EUR 4k (30/06/2024: EUR 11k) is considered.

Liabilities

Liabilities are carried at amortised acquisition cost. The current liabilities to banks of EUR 44,661k (31/12/2024: EUR 39,418k) relate to the current portion of the long-term loans as well as short-term euro loans to improve financial flexibility.

Non-current liabilities to banks of EUR 26,329k (31/12/2024: EUR 29,973k) relate mainly to the long-term portion of real estate financing and acquisition financing as well as long-term innovation loans.

Shareholders' equity

Subscribed capital

The capital stock consists of 10,040,000 no-par bearer shares with an imputed share in the capital stock of EUR 1 per share. The shares have been issued and are fully paid in.

Conditional capital

The annual shareholders' meeting on 19 May 2021 passed a resolution creating conditional capital totalling EUR 5,000,000. The company's capital stock may be increased by up to EUR 5,000,000 by issuing up to 5,000,000 new bearer shares (2021 conditional capital). The conditional capital increase is made solely for the purpose of granting shares, on the exercise of option or conversion rights or on the performance of option or conversion obligations, to holders of bonds with warrants attached and convertible bonds issued as authorised by the Annual General Meeting of 19 May 2021.

The new shares will be issued at the option or conversion price (issuing price of the share) set pursuant to the authorisation of 19 May 2021 (2021 authorisation). The conditional capital increase will only be carried out provided the holders of warrants from bonds with warrants or convertible bonds issued or guaranteed by 18 May 2026 by the company or companies in which it directly or indirectly holds a majority interest pursuant to the authorisation of 19 May 2021 exercise their option or conversion rights or meet their corresponding option or conversion obligations or the company exercises its substitution right. The new shares participate in the profit from the beginning of the financial year in which they are created through the exercise of option or conversion rights or the satisfaction of option or conversion obligations; if legally permissible, and notwithstanding this and Section 60 (2) of the German Stock Corporation Act (AktG), the Managing Board may, with the consent of the Supervisory Board, determine the profit share of new shares, even for a financial year that has already ended.

The Managing Board is authorised to determine further details of the implementation of the conditional capital increase with the consent of the Supervisory Board.

Authorised capital

By resolution of the annual general meeting of the company on 6 June 2024, the Managing Board is authorised in the period until 5 June 2029, with the consent of the Supervisory Board, to increase the capital stock of the company once or several times by up to EUR 1,004,000.00 by issuing up to 1,004,000 new no-par value bearer shares ("Authorised capital 2024"). Of this, up to 1,004,000 non-voting no-par value shares may be issued. Capital increases may be effected against cash or non-cash contribution.

The Managing Board is further authorised, with the consent of the Supervisory Board, to exclude the statutory subscription right of shareholders in particular in the following cases:

• for a capital increase against cash contribution of up to a total of 10 per cent of the capital stock existing at the date on which this authorisation takes effect or on the date on which the authorisation is exercised, provided the issue amount of the new shares is not significantly below the market price of already listed shares of the same category and carrying the same rights. This limit of 10 per cent of capital stock includes any shares issued or sold during the term of this authorisation with the exclusion of shareholders' subscription rights in direct or indirect application of Section 186 (3) sentence 4 AktG;
• when this is necessary to grant the bearers of conversion rights and/or warrants or the bearers of conversion obligations and/or warrant obligations arising from convertible bonds or warrant bonds issued by the company, a right to subscribe to new shares of a sufficient scope to exercise their conversion or warrant rights or settle their conversion or warrant obligations respectively;
• the fractional amounts arising from the subscription ratio;
• in order to tap into additional capital markets;
• or a capital increase against non-cash contribution in the company's best interest for acquisition of companies, their components or investments in companies or other assets (even if a component of the purchase price is paid in cash in addition to shares) or as part of business combinations or mergers;
• to provide up to 250,000 new shares as employee participation shares.

Additional paid-in capital

As of 30 June 2025, additional paid-in capital came to EUR 6,226k, comprising EUR 3,141k from the premium on shares sold in the IPO and the 2002 capital increase. Additional paid-in capital was increased by EUR 514k through the sale of treasury stock in 2007. A further EUR 4,078k was allocated for share scheme expenses for the years 2005 to 2024. In 2025, there was a change in the amount of EUR –1,507k.

Treasury stock

At the Annual General Meeting on 26 June 2020 and in a renewed resolution on 22 May 2025, the company has been authorised to buy treasury shares. Treasury stock is purchased for use as a consideration in mergers and acquisitions of other companies or parts of companies, to gain access to new capital markets, or to be issued to employees or members of the Managing Board.

As of 1 January 2025, treasury stock comprised 163,857 shares. In March 2025, 46,321 shares were transferred to the incentive scheme for members of the Managing Board, managing directors and key personnel with a five-year lock up period. In May 2025 8,570 shares were transferred to employees with a lock-up period of two years. Consequently, treasury stock totalled 108,966 shares on 30 June 2025. Treasury stock is valued at acquisition cost of EUR 2,970k (cost method) (31/12/2024: EUR 4,463k) and deducted from shareholders'

equity. As of 30 June 2024, the 108,966 shares have an imputed share in capital stock of EUR 108,966 (1.09 per cent).

Paid dividends

EUR k
Dividend for FY 2024: 80 cents per share
distributed on 27 May 2025	7,938
Dividend for FY 2023: 70 cents per share
distributed on 11 June 2024	6,913

Legal disputes

init SE and other group companies are involved in legal disputes connected with ongoing business operations that may have an impact on the group's financial situation. Litigation involves a number of variables, and the outcome of individual lawsuits cannot be reliably predicted. The affected group companies have recognised provisions for risks in legal disputes in the balance sheet for events prior to the reporting date that are likely to result in a liability which can be estimated with reasonable accuracy. We do not anticipate any other significant negative outcomes from legal disputes that would have a long-term effect on the financial performance, financial position and cash flows of the init group. We also refer to the chapter "Opportunities and risks" in the consolidated half-year management report.

Financial instruments

The fair value of the listed securities and bond issues (available for sale) was determined using their respective market value. The fair value of the derivative financial instruments and the loans was calculated by discounting the expected future cash flow using the prevailing market interest rates. Given the short maturities of cash and cash equivalents, trade accounts receivable, other assets, trade accounts payable, and other liabilities, it is assumed that their fair value is equal to the book value.

EUR k	30/06/2025	31/12/2024
ASSETS
Financial assets at amortised cost	109,899	111,295
Cash and cash equivalents	28,211	23,523
Trade accounts receivable	47,233	47,803
Accounts receivable due to related parties	0	40
Future receivables from production orders	34,454	39,929
Financial assets at fair value through other comprehensive income	27	30
Marketable securities and bonds	27	30
Financial assets at fair value through profit or loss	0	0
LIABILITIES
Financial liabilities recognised at amortised cost	84,186	86,363
Bank loans (current and non-current)	70,991	69,391
Trade accounts payable	9,134	13,580
Other liabilities (current)	4,061	3,392

Hierarchy of fair values pursuant to IFRS 13

The group uses the following hierarchy to determine and report the fair value:

Level 1: Quoted (unadjusted) prices for identical assets or liabilities in active markets.

Level 2: Techniques in which all input parameters with a material impact on the calculated fair value are directly or indirectly observable.

Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

In the first half of 2025 and in the reporting period of 2024, there were neither reclassifications between the fair value categories of Level 1 and Level 2 nor any reclassifications into or out of the fair value category of Level 3. Following a review of the classification at the end of each reporting period (based on the lowest level input that is significant to the fair value measurement as a whole) of the acquired assets and liabilities, it is determined whether there have been any reclassifications between the levels.

Other disclosures

Related party transactions

The associated companies included in the consolidated financial statements are listed in the section "Consolidated group" in the annual report 2024.

EUR k	Associated companies		Other related parties and persons
	30/06/2025	30/06/2024	30/06/2025	30/06/2024
Trade accounts receivable and other income	23	78	0	0
Trade accounts payable and other expenses	0	0	330	344
	30/06/2025	30/06/2024	30/06/2025	30/06/2024
Receivables	0	5	0	0

Associated companies

Receivables of EUR 0k (31/12/2024: EUR 40k) resulted by the end of 2024 from operating receivables from maBinso Software GmbH (Hamburg) and have a remaining term of less than one year. They are shown in the balance sheet under receivables from related parties.

Other transactions with related parties

init SE rents 67.39 per cent of an office building in Karlsruhe from Dr. Gottfried Greschner GmbH & Co. Vermögens-Verwaltungs KG, Karlsruhe and the remaining 32.61 per cent from Eila Greschner. The monthly rental payments are approximately EUR 54k (total annual rent: EUR 642k). The rent is contractually fixed until 31 December 2042. Remuneration and post-employment benefits of EUR 2k (30/06/2024: EUR 5k) were paid to family members of a Managing Board member in the first six months.

Terms and conditions of business transactions with related parties

Sales and acquisitions with related parties are executed at market rates. No guarantees exist for receivables and payables in relation to related parties. In the report period as of 30 June 2025, the group had not set aside any valuation allowances for receivables from related parties.

Notifications under Section 33 (1) WpHG (German Securities Trading Act)

In the first half of 2025, init SE received no notification pursuant to Section 33 (1) of the German Securities Trading Act (WpHG):

Voting rights notifications are available on the internet under the category Voting Rights Announcement at https://www.initse.com/ende/investors/the-share/.

Karlsruhe, 14 August 2025

The Managing Board

Dr. Gottfried Greschner Matthias Kühn Dr. Marco Ferber

Jörg Munz Martin Timmann

RESPONSIBILITY STATEMENT

To the best of our knowledge, and in accordance with the applicable reporting principles for half-year financial reporting, the consolidated half-year financial statements give a true and fair view of the financial performance, financial position and cash flow of the init group. The consolidated half-year Management Report of the init group includes a fair review of the development and performance of the business and the position of the init group, together with a description of the material opportunities and risks associated with the expected development of the init group for the remaining months of the financial year.

Karlsruhe, 14 August 2025

The Managing Board

Dr. Gottfried Greschner Matthias Kühn Dr. Marco Ferber

Jörg Munz Martin Timmann

init SE - Half-Year Financial Report 2025 - 14 August 2025 - Page 27 of 29

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Contact:

init innovation in traffic systems SE Kaeppelestrasse 4-10 76131 Karlsruhe Germany

PO Box 3380 76019 Karlsruhe

Germany

Ph.+49.721.6100.0 Fax +49.721.6100.399

ir@initse.com

www.initse.com

Disclaimer:

This distribution of our report does not represent and is not intended as an offer for trade in shares.

This report contains future-related statements, which are based on current estimates of the company with regard to future developments. Such statements are inherently subject to risks and un-certainties, as they may be affected by factors that are neither controllable nor foreseeable by init, such as on the development of the future market environment and economic conditions, the behaviour of other market participants and government measures. If one of these uncontrollable or unforeseeable factors occurs respectively changes or the assumptions on which these statements are based prove inaccurate, actual developments and results could differ materially from the results cited explicitly or contained implicitly in these statements.

FINANCIAL CALENDAR 2025

Q3 14 August

Publication Half-year Financial Report 2025

Publication Quarterly Statement 3/2025

24-25 November

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