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IVU Traffic Technologies AG
Quarterly Report • Nov 20, 2025
233_rns_2025-11-20_a1aa13b4-754b-4adc-9d93-1de7aa163339.pdf
Quarterly Report
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QUARTERLY REPORT
THIRD QUARTER 2025
Performance
KEY FIGURES
| JAN-SEP 2025 € THOU. |
JAN-SEP 2024 € THOU. |
CHANGE € THOU. |
|
|---|---|---|---|
| Revenue | 101,713 | 86,006 | + 15,707 |
| Gross profit | 83,149 | 73,134 | + 10,015 |
| Personnel expenses | 60,404 | 55,278 | + 5,126 |
| EBIT | 6,533 | 3,955 | + 2,578 |
| Consolidated net result | 4,482 | 3,093 | + 1,389 |
FINANCIAL PERFORMANCE
IVU continues profitable growth trajectory in fiscal 2025. Revenue increased by 18% year-on-year to €101,713 thousand (2024: €86,006 thousand). Espacially maintenance and hosting revenue contribute with 11% to the revenue growth. The gross profit increased by 14% to €83,149 thousand (2024: €73,134 thousand) as cost of materials rise.
Personnel expenses increased by 9% to €60,404 thousand (2024: €55,278 thousand) - partly due to the increase in personnel capacity by 5% to 877 FTE (2024: 838 FTE) - and partly due to salary increases.
At €12,940 thousand (2024: €10,341 thousand), other expenses were 25% higher than in the same period of the previous year among other things, due to increased IT and distribution costs.
Earnings before interest and taxes (EBIT) develop extremely well and increase to €6,533 thousand (2024: €3,955 thousand) year-on-year.
IVU's cash flow from operating activities of €16,972 thousand (2024: €-7,101 thousand) was significantly higher than in the same period of the previous year. This is due to higher project revenues and lower income tax payments. Offsetting this is the use of a provision of €2.7 million in connection with a past international project. Cash flow from financing activities includes the purchase of own shares in the amount of €441 thousand and the payment of dividends of €4,859 thousand.
IVU's solutions continue to be in high demand. The current order backlog for 2025 covers the planned annual revenue for the current financial year. Our focus is now on completing the projects on schedule.
OUTLOOK
IVU is well positioned in terms of its personnel, technology, and financial resources: high liquidity, a good number of commissions and increasing recurring revenues.
For the current financial year 2025, we continue to project a group revenue of over €140 million (2024: €133.7 million), a gross profit of over €120 million (2024: €113.4 million) and earnings before interest and taxes (EBIT) of around €18 million (2024: €16.8 million).
Important projects
HELLO PARIS RELIES ON IVU.RAIL FOR THE CDG EXPRESS
From March 2027, Hello Paris, a joint venture between Keolis and RATP Dev, will operate the CDG Express - a new, high-speed direct connection between Paris Charles de Gaulle Airport and the city centre Gare de l'Est. Trains will run every 15 minutes between 5 am and midnight, providing a customer-orientated service with accessible carriages. The integrated software solution IVU.rail will be used to schedule vehicles and personnel. A key reason behind the choice was its compatibility with French TAP-TSI standards for train path coordination. Implementation of the software began in May 2025 and is scheduled to be completed by spring 2026.
MOIN LÜNEBURG RELIES ON THE COMPLETE IVU.SUITE SYSTEM
Newly founded transport company MOIN Mobilitätsinfrastruktur und -betriebs GmbH will take over local public transport in the Hanseatic city of Lüneburg and the surrounding district from January 2026. In future, bus transport in the region will be provided by around 180 vehicles - operated by both MOIN and authorised representative subcontractors. MOIN relies on the integrated standard software IVU.suite for operations control and ticket sales. The IT solution supports timetable creation, vehicle working scheduling, duty scheduling and ticket sales and ensures seamless data exchange, thanks to its integrated system architecture. This not only ensures that operations are up and running efficiently at the turn of the year but also supports stable operations in the long term.
BASLER VERKEHRS-BETRIEBE AU-TOMATES DEPOT MANAGEMENT WITH IVU.VEHICLE
Basler Verkehrs-Betriebe (BVB) controls the depot management of its entire diesel and electric bus fleet of 120 vehicles using the IVU software IVU.vehicle. The system automatically recognises vehicles, allocates parking spaces and coordinates departures and arrivals. IVU's intelligent charging management system takes external factors into account, such as weather conditions and congestion, to organise charging processes efficiently and cost-effectively. Thanks to automation, no manual intervention is needed, and buses are automatically preconditioned before the next trip.
ARVERIO OPTIMISES RESOURCE PLANNING WITH IVU.RAIL
Arverio Deutschland GmbH, a subsidiary of Austrian Federal Railways (ÖBB), has been using IVU.rail to plan and dispatch personnel and vehicles since the beginning of 2025. The company operates regional services on 14 routes in Baden-Württemberg and Bavaria with 144 multiple-unit trains. The introduction of the new IT system ran smoothly: since the project began last year, IVU.rail successfully went live at the beginning of the year. With the integrated software, manual processes could be automated and efficiency significantly increased - especially in the case of shortterm rescheduling due to construction measures or personnel changes. This also has a noticeably positive effect on employee satisfaction.
Personnel
PERSONNEL
Personnel capacity increased in comparison to the same period of the previous year by 5% to 877 FTE. The increase is mainly due to recruitment in 2024, the full effects of which will only be felt in the current year.
| 2025 | 2024 | CHANGE | |
|---|---|---|---|
| Number of employees as at 30 September |
1,073 | 1,061 | +1% |
| Average full-time equivalents (FTE)1 1 January - 30 September |
877 | 838 | +5% |
1 Personnel capacity refers to the calculated number of full-time employees (full-time equivalent – FTE).
IVU continues to succeed in attracting top-class talents and filling all vacancies as planned. At the same time the fluctuation rate remains one of the lowest in the IT sector. With more than 1,000 employees, IVU is well positioned, and the personnel growth will slow down as planned.
SHARE BUYBACK
Since 28 October 2024, IVU has been carrying out a share buyback programme, in which a total of 27,961 own shares were acquired until 30 September 2025 at a price of €422 thousand. This corresponds to 0.16 % of the share capital of IVU Traffic Technologies AG.
The resolution was based on the authorisation granted by the Annual General Meeting on 29 May 2024 to acquire shares in the company until 28 May 2029 for any purpose permitted by section 71(1) no. 8 of the Aktiengesetz (AktG-German Stock Corporation Act). In particular, this also includes using the shares to serve Executive Board remuneration and employee participation programmes.
The shares were acquired by a credit institution commissioned by the company exclusively via the stock exchange (XETRA trading). Detailed information can be found on the company´s website at https://www.ivu.com/investors/share.
RISKS
The risks are described on pages 69 to 73 of the 2024 annual report. There have been no new risks.
CONSOLIDATED INCOME STATEMENT
1 JANUARY TO 30 SEPTEMBER 2025
| Q3-2025 € THOU. |
Q3-2024 € THOU. |
JAN-SEP 2025 € THOU. |
JAN-SEP 2024 € THOU. |
|
|---|---|---|---|---|
| Revenue | 37,746 | 31,275 | 101,713 | 86,006 |
| Other income | 648 | 293 | 1,001 | 1,495 |
| Cost of materials | -6,818 | -4,852 | -19,565 | -14,367 |
| Gross profit | 31,576 | 26,716 | 83,149 | 73,134 |
| Personnel expenses | -20,132 | -18,558 | -60,404 | -55,278 |
| Depreciation and amortisation on non-current assets | -878 | -1,220 | -3,272 | -3,560 |
| Other expenses | -5,043 | -3,229 | -12,940 | -10,341 |
| Earnings before interest and taxes (EBIT) | 5,523 | 3,709 | 6,533 | 3,955 |
| Financial income | 132 | 349 | 575 | 1,053 |
| Financial expenses | -209 | -189 | -644 | -555 |
| Result from investments accounted for using the equity method |
0 | 11 | 32 | 26 |
| Earnings before taxes (EBT) | 5,446 | 3,880 | 6,496 | 4,479 |
| Income taxes | -1,688 | -1,201 | -2,014 | -1,386 |
| CONSOLIDATED NET RESULT | 3,758 | 2,679 | 4,482 | 3,093 |
| Number of potentially diluted ordinary shares (in thousands) | 17,370 | 17,465 | ||
| Earnings per share (diluted) | 0.26 € | 0.18 € | ||
| Weighted average shares outstanding (in thousands) | 17,422 | |||
| Earnings per share (basic) | 0.26 € | 0.18 € |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1 JANUARY TO 30 SEPTEMBER 2025
| JAN-SEP 2025 € THOU. |
JAN-SEP 2024 € THOU. |
|
|---|---|---|
| Consolidated net result | 4,482 | 3,093 |
| Currency translation | 4 | -28 |
| Other comprehensive income to be reclassified to the consolidated income statement in subse quent periods |
4 | -28 |
| Other comprehensive income after taxes | 4 | -28 |
| CONSOLIDATED COMPREHENSIVE INCOME AFTER TAXES | 4,486 | 3,065 |
Balance sheet
CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025
| 30 SEP 2025 | 31 DEC 2024 | |
|---|---|---|
| ASSETS | € THOU. | € THOU. |
| A. Current assets |
||
| 1. Cash and cash equivalents | 30,543 | 21,089 |
| 2. Other financial assets | 26,076 | 25,829 |
| 3. Trade receivables | 27,273 | 43,177 |
| 4. Contract assets | 17,080 | 11,464 |
| 5. Inventories | 6,236 | 5,014 |
| 6. Income tax assets | 4,097 | 454 |
| 7. Other assets | 5,015 | 5,692 |
| Total current assets | 116,320 | 112,719 |
| B. Non-current assets |
||
| 1. Tangible fixed assets | 2,066 | 1,901 |
| 2. Intangible assets | 6,274 | 7,184 |
| 3. Goodwill | 19,163 | 19,163 |
| 4. Financial assets | 333 | 301 |
| 5. Right of use assets | 18,480 | 19,731 |
| 6. Deferred taxes | 1,385 | 3,013 |
| Total non-current assets | 47,701 | 51,293 |
| TOTAL ASSETS | 164,021 | 164,012 |
| 30 SEP 2025 | 31 DEC 2024 | |
|---|---|---|
| EQUITY AND LIABILITIES | € THOU. | € THOU. |
| A. Current liabilities |
||
| 1. Current trade accounts payable | 3,002 | 5,027 |
| 2. Contract liabilities | 24,735 | 13,589 |
| 3. Current leasing liabilities | 1,756 | 1,638 |
| 4. Provisions | 2,229 | 4,761 |
| 5. Income tax liabilities | 9,443 | 9,474 |
| 6. Other current liabilities | 1,189 | 1,028 |
| 7. Other non-financial liabilities | 13,239 | 19,487 |
| Total current liabilities | 55,593 | 55,004 |
| B. Non-current liabilities |
||
| 1. Leasing liabilities | 18,043 | 19,145 |
| 2. Provisions for pensions | 3,069 | 3,161 |
| 3. Provisions | 1,600 | 1,871 |
| Total non-current liabilities | 22,712 | 24,177 |
| C. Equity |
||
| 1. Share capital | 17,719 | 17,719 |
| 2. Additional paid-in capital | 1,487 | 1,100 |
| 3. Revenue reserve | 71,965 | 72,358 |
| 4. Other reserve | 138 | 134 |
| 5. Own shares | -5,593 | -6,480 |
| Total equity | 85,716 | 84,831 |
| TOTAL EQUITY AND LIABILITIES | 164,021 | 164,012 |
Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1 JANUARY TO 30 SEPTEMBER 2025
| SHARE CAPITAL € THOU. |
CAPITAL RESERVE € THOU. |
RETAINED EARNINGS € THOU. |
OTHER RESERVES € THOU. |
FOREIGN CURRENCY ADJUST MENT ITEM € THOU. |
OWN SHARE AT ACQUISI TION COST € THOU. |
TOTAL € THOU. |
|
|---|---|---|---|---|---|---|---|
| As at 1 January 2024 | 17,719 | 889 | 64,857 | -311 | 235 | -4,361 | 79,028 |
| Consolidated net result 1 Jan - 30 Sep 2024 |
0 | 0 | 3,093 | 0 | 0 | 0 | 3,093 |
| Other comprehensive in come after taxes |
0 | 0 | 0 | 0 | -28 | 0 | -28 |
| Consolidated comprehen sive income after taxes |
0 | 0 | 3,093 | 0 | -28 | 0 | 3,065 |
| Acquisition of own shares | 0 | 0 | 0 | 0 | 0 | -2,718 | -2,718 |
| Use of own shares | 0 | 66 | 0 | 0 | 0 | 1,597 | 1,663 |
| Share-based Executive Board remuneration |
0 | 123 | 0 | 0 | 0 | 0 | 123 |
| Dividend distribution (€0.26 per share) |
0 | 0 | -4,539 | 0 | 0 | 0 | -4,539 |
| AS AT 30 SEPTEMBER 2024 | 17,719 | 1,078 | 63,411 | -311 | 207 | -5,482 | 76,622 |
| As at 1 January 2025 | 17,719 | 1,100 | 72,358 | -95 | 229 | -6,480 | 84,831 |
| Consolidated net result 1 Jan - 30 Sep 2025 |
0 | 0 | 4,482 | 0 | 0 | 0 | 4,482 |
| Other comprehensive in come after taxes |
0 | 0 | 0 | 0 | 4 | 0 | 4 |
| Consolidated comprehen sive income after taxes |
0 | 0 | 4,482 | 0 | 4 | 0 | 4,486 |
| Allocation to the reserves | 0 | 16 | -16 | 0 | 0 | 0 | 0 |
| Acquisition of own shares | 0 | 0 | 0 | 0 | 0 | -422 | -422 |
| Use of own shares | 0 | 268 | 0 | 0 | 0 | 1,328 | 1,596 |
| Transaction costs | 0 | 0 | 0 | 0 | 0 | -19 | -19 |
| Share-based Executive Board remuneration |
0 | 103 | 0 | 0 | 0 | 0 | 103 |
| Dividend distribution (€0.28 per share) |
0 | 0 | -4,859 | 0 | 0 | 0 | -4,859 |
| AS AT 30 SEPTEMBER 2025 | 17,719 | 1,487 | 71,965 | -95 | 233 | -5,593 | 85,716 |
Cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS
1 JANUARY TO 30 SEPTEMBER 2025
| JAN-SEP 2025 € THOU. |
JAN-SEP 2024 € THOU. |
|
|---|---|---|
| 1. Operating activities | ||
| Earnings before taxes | 6,496 | 4,479 |
| Depreciation and amortisation on non-current assets | 3,272 | 3,560 |
| Change in provisions | -2,895 | -1,004 |
| Net interest income | 69 | -498 |
| Equity-settled share-based payment | 1,699 | 1,786 |
| Share of profit of joint ventures | -32 | -26 |
| Result from the disposal of assets | 0 | 13 |
| Change in current assets and liabilities | ||
| Inventories | -1,222 | -852 |
| Receivables and other assets | 10,723 | -7,522 |
| Liabilities (excluding provisions) | 3,033 | 241 |
| Interest paid / Guarantee commissions | -112 | -113 |
| Income taxes paid | -4,059 | -7,165 |
| Cash flow from operating activities | 16,972 | -7,101 |
| 2. Investing activities | ||
| Payments made for investments in fixed assets | -1,018 | -944 |
| Non-cash gains from the increase in investments | 0 | -587 |
| Acquisition of investments, net of cash acquired | 0 | -63 |
| Interest received | 575 | 1,053 |
| Cash flow from investing activities | -443 | -541 |
| 3. Financing activities | ||
| Acquisition of own shares (incl. transaction costs) | -441 | -2,718 |
| Payments for the repayment of leasing liabilities | -1,775 | -1,664 |
| Payment of dividends | -4,859 | -4,539 |
| Cash flow from financing activities | -7,075 | -8,921 |
| 4. Cash and cash equivalents | ||
| Cash and cash equivalents at the beginning of the period | 21,089 | 25,397 |
| Net change in cash and cash equivalents | 9,454 | -16,563 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 30,543 | 8,834 |
Remarks
ACCOUNTING AND VALUATION PRINCIPLES
This quarterly report is not an interim report as defined by IAS 34. The accounting and valuation principles applied for the quarterly report as of 30 September 2025 correspond to the methods applied in the preperation of the consolidated financial statements for the financial year 2024.
SEASONALITY OF BUSINESS OPERATIONS
The business activities of the IVU Group are subject to seasonal effects. These relate to maintenance invoicing in the first quarter and higher project invoices in the fourth quarter of the financial year.
DECLARATION PURSUANT TO §115 PARA. 5 SENTENCE 6 WPHG
This quarterly report was not subjected to an auditor's inspection.
TRANSACTIONS WITH RELATED INDIVIDUALS AND COMPANIES
Martin Müller-Elschner, Chairman of the Executive Board, received 7,750 IVU shares as part of his variable remuneration, sold 25,000 shares in the reporting period and holds 284,340 IVU shares as at 30 September 2025.
Leon Struijk, member of the Executive Board, received 6,858 IVU shares as part of his variable remuneration in the reporting period, acquired 642 IVU shares on the market and holds 80,000 IVU shares as at 30 September 2025.
RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES
We affirm to the best of our knowledge that the quarterly report, in accordance with the accounting principles to be used, conveys an illustration of the assets, finances and profits of the company that reflects the actual circumstances. The course of business, including business results and the position of the company, are represented in such a way that they convey an accurate illustration of the situation and describes the essential opportunities and risks for the projected development of the company.
Berlin, 20 November 2025
THE EXECUTIVE BOARD
Martin Müller-Elschner
Leon Struijk
Financial calendar
FINANCIAL CALENDAR
THURSDAY, 20 NOVEMBER 2025
Quarterly Report Q3-2025
TUESDAY, 25 NOVEMBER 2025
Analysts' Meeting – Deutsches Eigenkapitalforum
THURSDAY, 26 MARCH 2026
Annual Report 2025
WEDNESDAY, 27 MAY 2026
Quarterly Report Q1-2026
THURSDAY, 28 MAY 2026
Annual General Meeting
THURSDAY, 27 AUGUST 2026
Half-year Report 2026
THURSDAY, 19 NOVEMBER 2026
Quarterly Report Q3-2026
IMPRINT
Publisher
IVU Traffic Technologies AG
This report can be downloaded as PDF file at www.ivu.com.
Contact
Investor Relations T + 49.30.859 06 -0 [email protected]
Editorial
IVU Corporate Communications