init innovation in traffic systems SE

Interim / Quarterly Report • Aug 13, 2024

2024
HALF-YEAR FINANCIAL REPORT
Increase efficiency. Ensure success.

UNIT

CONTENT

Group Key Figures ..... 3
To the Shareholders ..... 4
Group Management Report ..... 6
Macroeconomic environment ..... 6
Sector specific developments ..... 8
Changes to the Managing Board ..... 10
Changes to the Supervisory Board ..... 10
Report on financial performance, financial position and cash flows ..... 11
Personnel ..... 13
Opportunities and risks ..... 13
Related party transactions. ..... 13
Forecast and outlook ..... 13
Additional information ..... 14
Half-Year Financial Statements ..... 15
Notes to the Consolidated Half-Year Financial Statements ..... 20
Responsibility statement ..... 26
Financial Calendar 2024 ..... 27
Imprint ..... 28

GROUP KEY FIGURES

according to IFRS

EUR'000	2024	2023
Balance Sheet (30/06)
Balance sheet total	271,550	259,499
Shareholders' equity	120,810	108,641
Equity ratio (in \%)	44.5	41.9
Non-current assets	120,517	108,027
Current assets	151,033	151,472
Income Statement (01/01 - 30/06)
Revenues	114,492	89,628
Gross profit	38,631	31,440
EBIT	6,723	1,648
EBITDA	13,018	7,162
Consolidated net profit	4,589	1,243
Earnings per share (in EUR)	0.49	0.14
Dividend (in EUR) - paid in the reporting period	0.70	0.60
Special dividend (in EUR) - paid in the reporting period	0.00	0.10
Cash Flow (01/01 - 30/06/)
Cash flow from operating activities	$-110$	$-6,902$
Share (01/04 - 30/06/)
Issue price (in EUR)	5.10	5.10
Peak share price (in EUR)	41.70	32.90
Bottom share price (in EUR)	35.80	28.00

TO THE SHAREHOLDERS

"The major orders from London and Atlanta mark the step into a new dimension for init."

Dear Shareholders,

At a time of profound political, economic and social challenges, there are two emerging trends on which great hopes are pinned: digitalisation and artificial intelligence (AI). Major efforts are required at all levels and in all fields to realise innovations based on these trends. The aim is to make a lasting contribution that will improve all our lives in the future. These trends also have an impact on the design of mobility.

This is our mission and at the same time the core business of init innovation in traffic systems SE.
Digitalisation and the use of AI-supported technologies are also a global megatrend in our market. Transport companies can achieve significant increases in productivity and revenue, while AI is also helping to make public transport safer, more efficient and more climate-friendly.

Based on what we know today and what the experts confirm, this could trigger significant sustainable growth for our industry and for our company as one of the world's leading technology providers. We have already seen emerging signs of this in the first half of 2024 - major orders with volumes in the hundreds of millions.

The state-of-the-art AFC 2.0 (Automated Fare Collection) system commissioned by MARTA (Metropolitan Atlanta Rapid Transit Authority) combines ticketing with contactless payment on all its buses, trains and trams. In the ninth largest metropolitan area in the US, around 500,000 passengers a day will be able to pay for their tickets at any stop or in any vehicle using a smartphone, credit or debit card via 'tap and go'.

For the Transport for London (TfL) contract, we are supplying the vehicle equipment and background system for London's 'intelligent Bus (iBus) Next Generation' project. The project contributes to achieving the aim of climate neutrality in the City of London's bus network by 2030. init's new background system will control operations on approximately 700 bus routes with over 19,000 stops to ensure greater operational efficiency. In addition, more than 8,500 on-board computers with accessories will be installed for the entire TfL fleet.

With an order volume of around 100 million euros each, the major orders from London and Atlanta mark the step into a new dimension for init. Projects such as these are examples of the ongoing digitalisation of buses and trains worldwide, for which hundreds of billions are currently being made available in public investment programmes. We continue to see a significant number of large-volume tenders on all four continents on which init is present.

On the basis of the figures and developments in the first half of the year, here at init we can therefore look forward to another great year with revenues of between EUR 240 and 260 million. Growth of between 10 and 15 per cent also well underpinted for 2025 and beyond.

Our greatest challenge is to manage this growth. That is why we will continue to recruit qualified and highly motivated IT staff. In order to attract them, we are strengthening the init brand as an employer and giving employees more freedom for value-added work. Awards such as 'Top Company', 'Top Trainer for IT' and 'Most Wanted Employer' prove that we are successful in this endeavour.

However, in order to manage this impending growth, we must make our processes even more efficient. Digitalisation is also the central starting point for us: what can we omit and what can we automate or simplify? Where can interfaces be optimised?

These are all issues that are and will remain important in the future, for us and for our customers, for your continued success and ours.

Thank you for placing your trust in us.

Dr. Marco Ferber, CFO

GROUP MANAGEMENT REPORT

Macroeconomic environment

In the first half of 2024, the global economy remained stable compared to the previous year. However, regional dynamics varied considerably. While countries such as the US and Japan had to contend with negative surprises, the economies of the Eurozone, the UK, Canada, China and India grew more strongly than expected at the beginning of the year.

At the same time, however, inflation proved to be more persistent, limiting the scope for monetary policy easing in favour of lower interest rates to support growth. New risks for the global economy also emerged in the short term, resulting from mutual trade austerity measures such as protective tariffs imposed by China, Europe and the US, a renewed escalation in the Middle East conflict and its impact on global trade and supply chains, and uncertainty about the future economic policies of a new US administration.

Overall, the economic experts of the International Monetary Fund (IMF) see the global economy currently caught between the need to restore price stability and the need for sustainable growth. Although they maintained their growth forecast for the global economy in July compared with their last assessment in April 2024, they made notable revisions for individual countries and regions.

The IMF continues to forecast global growth of 3.2 per cent in 2024 and 3.3 per cent in 2025. According to the IMF, the global economy and global trade stabilised in the first half of 2024, with trade driven by strong exports from Asia, particularly in the technology sector. Compared with the April 2024 World Economic Outlook (WEO), growth in the first quarter was surprisingly positive in many countries.

For example, Europe, currently the most important sales region for init solutions, experienced a stronger economic recovery, characterised by more intens activity in the service sector and higher than expected net exports in the first half of the year.

The IMF also sees a faster economic recovery in the UK, an interesting market for init even after Brexit, where one of the largest tender wins was achieved in the first half of 2024. Here, inflation has fallen more rapidly, which is due to falling energy prices and the effects of tight monetary policy. UK economic growth is now forecast at 0.7 per cent ( +0.2 percentage points) in 2024 and is expected to strengthen to 1.5 per cent by 2025. According to the IMF, the bold implementation of ambitious structural reforms such as increased carbon taxation and adequate public investment to support the green transition, the newly elected government's realignment of the UK with the EU and the adoption of artificial intelligence (AI) could further stimulate growth.

In the Eurozone, the economy appears to have bottomed out. The IMF now sees a slight increase of 0.9 per cent in 2024 ( +0.1 percentage points compared to the April forecast), with growth rising to 1.5 per cent by 2025. This will be underpinned by stronger consumption due to rising real wages and higher investment due to easing financing conditions as part of a gradual loosening of monetary policy this year.

Germany, init's home market, remains an exception. What is characteristic in this country is a persistent weakness in the manufacturing sector against the backdrop of a deindustrialisation debate triggered by high energy, wage and transport costs. The IMF forecasts only a sluggish recovery of 0.2 per cent for Germany in 2024, accelerating to 1.3 per cent in 2025. Germany will therefore lag behind most EU countries in terms of growth. Falling export demand and a weakening domestic economy are both causes for concern.

Hopes for a stronger upturn are linked to the government's growth initiative, which includes additional investment in infrastructure, and a possible reduction in key interest rates in the Eurozone.

One of the positive surprises for the IMF in the first half of the year was the Canadian economy, which managed to achieve a soft landing. In concrete terms, this means curbing inflation while stimulating growth. The IMF has revised its economic forecast upwards for Canada, which historically was an important market for init with high potential. The Canadian economy is now expected to grow by 1.3 per cent in 2024 and by as much as 2.4 per cent in 2025 . This represents an increase of 0.1 percentage points per year compared to the April WEO. The IMF attributes this to the Bank of Canada's appropriate interest rate policy and the stimulus it provides. In particular, the IMF sees the investment programmes to promote the use of AI and 'green change' technologies as important priorities for the country's more positive outlook.

By contrast, growth in the US unexpectedly slowed, reflecting a weakening in private consumption and a negative contribution from foreign trade. The sequential rise in US inflation in the first quarter delayed the normalisation of monetary policy. As a result, other advanced economies, such as the Eurozone and Canada, where underlying inflation is expected to cool more sharply, are now ahead of the US in the easing cycle. A sustained appreciation of the dollar, driven by interest rate differentials, could also have a negative impact on overall US economic growth. The IMF has therefore revised down its growth forecast to 2.6 per cent in 2024 ( 0.1 percentage point lower than in April). Growth is even expected to slow to 1.9 per cent in 2025 as the labour market cools and consumption weakens.

The upcoming presidential election is a source of considerable uncertainty for the US and the global economy. Potential shifts in economic policy focus, increased protectionism through trade tariffs, and the industrial policies of a new US administration could have damaging effects globally and trigger retaliatory measures.

This is particularly true of China. In the first half of the year, its economy was driven by a resurgence in domestic consumption, initially supported by an increase in exports. As a result, the IMF has raised its growth forecast for China to 5 per cent in 2024. However, growth is expected to slow to 4.5 per cent in 2025, not least due to restrictive trade measures by the EU and the US.

In addition to China, India is becoming increasingly important for global economic development. The IMF has revised its growth forecast upwards to 7.0 per cent in 2024, reflecting the improved outlook for private consumption in particular. In 2025, the growth rate is expected to remain unchanged at 6.5 per cent.

The IMF's forecasts are based on upward revisions to commodity prices. For example, energy commodity prices are expected to fall by around 4.6 per cent in 2024, less than forecast in April. This is due to high oil prices and the price pressure caused by the Middle East conflict. The most important assumption, however, is the possibility of monetary easing in the event of progressive disinflation in the major economies in 2024 and a further 'normalisation' of interest rates in 2025.

Overall, the IMF considers that risks to the near-term outlook have increased. These include persistent inflation, now also fuelled by the impact of wage increases in the services sector, and price pressures stemming from renewed trade and geopolitical disputes, which are raising costs for firms along the supply chain. However, as long as inflation remains high, interest rates and borrowing costs will also remain high, with implications for fiscal policy that could weigh on growth. However, looser fiscal policy than assumed in the projections could lead to higher growth as interest rates fall.

In order to future-proof their economies, the IMF recommends that policymakers restore price stability while stimulating long-term growth through appropriate investment programmes. In countries where there are upside risks to inflation, central banks should refrain from easing too early. Where inflation data signal a sustained return to price stability, monetary easing should be gradual. According to the IMF, this would also create room for fiscal policy to support infrastructure investment.

When it comes to global challenges, such as combating climate change, multilateral cooperation and trade are of crucial importance. The IMF estimates that the increasing use of software based on AI in 'green

technologies', such as those developed by init and implemented for its international customers, is 'associated with significant advances in productivity and growth. This effect will be particularly noticeable in the developed economies. Here, growth could converge on a higher level in the coming quarters.

Sector specific developments

The fight against climate change and the implementation of the decisions taken at the 28th UN Climate Change Conference in Dubai in November 2023 continue to form the basis for global investment programmes to 'decarbonise' and digitise public transport systems. The Union Internationale des Transports Publics (UITP) estimates that investments totalling USD 208 billion per year will be needed over the next decade to improve, expand and electrify public transport in order to meet climate change targets.

According to UITP, stable investments and reliable financial planning are key. The IMF also calls for this in its latest WEO of July 2024. However, in the context of high inflation and interest rates, and the associated financial constraints on public budgets in some countries, this could be challenged. There is also uncertainty about the future direction of economic policy with changes in government in countries such as the UK and the US, which could have an impact on the funding of public transport systems. However, there is a consensus in developed countries, including China, that the progressive electrification of public transport and innovative technologies supported by AI are needed as part of a strategy to implement a gradual energy transition.

IT-TRANS 2024, the leading international trade fair for public transport in Karlsruhe in May, was organised with the motto 'The digital revolution gets smarter'. In addition to AI, the focus was on digital transformation, ticketing and payment processing, connectivity, 5G and telecommunications, cybersecurity, shared mobility and mobility-as-a-service (MaaS), and autonomous mobility. Special funding programmes for transport modes are also being set up in most developed countries.

The necessary digitalisation and implementation of new technologies in the transport sector, such as those offered by init, are also part of the European Union's 'Green Deal' strategy, which requires the transport sector to reduce its greenhouse gas emissions by 90 per cent by 2050. All 27 EU member states have committed themselves to making the EU the first climate-neutral continent by 2050. Accordingly, transport companies should focus on low- or zero-emission vehicles when purchasing new vehicles. Another important milestone is the EU's eBRT2030 project, coordinated by UITP, which aims to support sustainable urban transport by proposing innovative solutions for electric Bus Rapid Transit (BRT).

The EU is also supporting the digitalisation of public transport to meet the growing demands of passengers. In total, the EU budget foresees around EUR 2 trillion for local mobility and urban transport up to 2027.

The European Commission has also adopted legislation to promote multimodal digital mobility services (MDMS). This extends the existing EU directive on Intelligent Transport Systems (ITS) to new services such as multimodal information, booking and ticketing services, vehicle-to-infrastructure communication and automated mobility.

However, the European elections on 9 June 2024 have shifted the political balance. Observers already fear a softening of the Green Deal strategy and a postponement of the necessary measures and investments. However, it seems unlikely at this stage that measures and programmes already adopted will be withdrawn.

In Germany, as part of its climate protection programme, the government has also earmarked several billion euros for the digitalisation and expansion of public transport, in addition to increasing regionalisation funding for public transport by EUR 1.5 billion (to over EUR 10 billion) from 2023. As part of the Federal Local Government Transport Financing Act (GVFG), funding has been increased to EUR 1 billion per year. From 2025, this will rise to EUR 2 billion per year, with an annual increase of 1.8 per cent from

1. In addition, larger infrastructure projects in municipalities will be subsidised from EUR 30 million per project (for rail and 'clean' transport). There is also funding for flagship projects to strengthen public transport (funding guideline 'Model projects to strengthen local public transport'). Here, 19 model projects from two calls for proposals will be supported with a total of around EUR 320 million. The 12 projects in the first call for funding will run until the end of 2024, while the seven projects in the second call for funding will run until the end of 2025.

The BMDV also supports local authorities in sustainable mobility planning. Funding is provided for the preparation or updating of sustainable urban mobility plans in accordance with the Sustainable Urban Mobility Plans (SUMPs) developed by the EU Commission. SUMPs can be used to plan for low-emission, climate-friendly, digital, multimodal, inclusive, affordable and resilient mobility. Grants are available to local authorities to develop, update and complement sustainable mobility plans. A current call for proposals from the BMDV was published on 10 June 2024. The BMDV is also funding other municipal projects for sustainable mobility in urban and rural areas with around EUR 17.5 million.

To support local authorities in this endeavour, the BMDV is increasingly relying on AI. In the AIAMO ('Artificial Intelligence and Mobility') model project, twelve partners from research and industry are working on making existing mobility data in municipalities more accessible and analysing it intelligently. The German government is funding the project to the tune of EUR 16.7 million.

The BMDV's open-technology 'Directive on the Promotion of Alternative Propulsion Systems for Buses in Passenger Transport' supports the procurement of battery, fuel cell, battery-operated trolleybuses and biomethane-powered buses, as well as the corresponding infrastructure and feasibility studies. The currently planned funding volume of the directive is around EUR 1.75 billion. Following the first calls for proposals, around 4,200 buses and more than 120 transport operators have so far received funding. This programme was extended to 5,000 buses in the third round of funding. This was completed at the end of February 2024. In total, more than 250 transport companies and public transport authorities are currently being supported by the Directive to switch to climate-friendly public transport.

The BMDV has also selected the city of Hamburg as a 'model region for urban mobility'. init has implemented an eMOBILE-ITCS control system there, which enables the mapping of electric vehicles and the monitoring and control of all vehicle types in one system, and is therefore part of a best-practice solution that is being implemented throughout Germany. Up to 10,000 autonomous vehicles are expected to be on the road in Hamburg by 2030, creating a new digital on-demand transport service that can be adapted for rural areas.

In addition, HanseCom, a wholly owned subsidiary of init, provides the HandyTicket Deutschland, currently the most comprehensive mobility platform for public transport in Germany. The new HandyTicket Deutschland app provides users with simple and convenient digital access to the HandyTicket Deutschland. This allows passengers to use public transport throughout Germany with a single low-cost ticket, without having to deal with local fare structures. After just one year, 11.2 million people have already used a Deutschlandticket - and the trend is rising. This makes the Deutschlandticket the most successful ticket in the history of public transport.

Smart ticketing projects such as the nationwide introduction of the Deutschlandticket are of crucial importance for the development of public transport and new mobility services ('Mobility as a Service') and are becoming increasingly widespread. Smart ticketing is also one of the innovations that the US government wants to promote with the Infrastructure Investment and Jobs Act (IIIA), which provides USD 108.2 billion for public transport. In addition, the US Congress has approved some USD 400 billion in climate protection spending.

The US Department of Transportation (USDOT) is also continuing its SMART (Strengthening Mobility and Revolutionizing Transportation) funding programme. As part of the 'Investing in America' agenda, grants

of up to $\$ 500$ million over five years will be made available to local authorities to improve the efficiency and safety of transport through the use of intelligent transport systems.

On 4 April 2024, the US Department of Transportation announced that an additional USD 20.5 billion in federal public transportation funding will be made available as part of 'Investing in America' to expand, modernise and operate public transportation in smaller cities and communities across the country.

Further investment is likely to be triggered by upcoming major sporting events such as the 2026 FIFA World Cup and the Los Angeles Olympic Games. Large numbers of visitors will need to be transported efficiently and reliably in a short space of time. According to UITP, this will require further investment in infrastructure, technology and people.

As part of its climate change plan, the Canadian government has committed to providing ongoing federal funding for public transit. Over the next eight years, CAD 14.9 billion will be invested in the expansion of large urban transit systems, the electrification of bus fleets, and innovations in rural transit systems (including on-demand and shared services). The Canadian government's commitment to strengthening public transit is also reflected in the creation of a new Canada Public Transit Fund, which will provide up to CAD 3 billion per year from 2026 to expand public transit, particularly in rural communities.

Similar programmes are being launched in all parts of the world as part of the implementation of global and national plans to combat climate change and the decisions of the 28th UN Climate Change Conference (COP 28). As a result, there is an increasing number of tenders for public transport digitalisation and climate change projects, some of which are worth hundreds of millions. Further tenders for megaprojects such as Transport for London, which init won in the first quarter of 2024, can therefore be expected.

The newly elected UK government recently announced a comprehensive programme for public transport. The programme focuses on the expansion of the bus system throughout the country, the multimodal networking of different modes of transport, and improved financing.

Changes to the Managing Board

There will be a change to the Managing Board of init SE on 1 October 2024. Dr. Jürgen Greschner, the longserving Chief Sales Officer has expressed his desire to step down from the Managing Board on this date. His position will be taken over by Martin Timmann, the Managing Director of HanseCom Public Transport Ticketing Solutions GmbH, Hamburg, a wholly owned subsidiary of init.

The Managing Board of init SE will continue to consist of five members.

Changes to the Supervisory Board

The former Chairman of the Supervisory Board, Hans-Joachim Rühlig, resigned from the Supervisory Board of init SE at his own request. Dipl.-Ing. Andreas Thun, Dipl.-Ing. Ulrich Sieg, Prof. Michaela Dickgießer, Dipl.-Ing. (FH) Christina Greschner and Dr. Johannes Haupt were reappointed as members of the Supervisory Board of init SE by resolution of the shareholders' meeting on 6 June 2024. In the subsequent constituent meeting, Andreas Thun was elected Chairman of the Supervisory Board and Ulrich Sieg Deputy Chairman.

The Supervisory Board of init SE consist of five members from 6 June 2024 onwards.

Report on financial performance, financial position and cash flows

General business performance

In the first six months of 2024, the init group generated revenue of EUR 114.5m. This is around 28 per cent above the previous year's figure of EUR 89.6 m and is in line with our expectations.

Earnings before interest and taxes (EBIT) increased to EUR 6.7m. In the same period of the previous year, EBIT amounted to EUR 1.6m. The result is in line with our expectations.

Order situation

New contracts amounting to EUR 48.9m were acquired in the second quarter (Q2 2023: EUR 40.9m). Incoming orders are therefore 19.5 per cent up on the previous year's quarter.

As of 30 June 2024, incoming orders amount to around EUR 305.0m and are well up on the previous year due to incoming orders from the first quarter (30 June 2023: around EUR 110.5m).

The order backlog as of 30 June 2024 comes to around EUR 374m and is significantly up on the previous year's figure of EUR 184m.

Financial performance

Revenue of EUR 64.0m was generated in the second quarter of 2024 (Q2 2023: EUR 51.1m). Revenue in the first half-year 2024 for the init group increased to EUR 114.5m and is approximately 28 per cent higher than the previous year's figure (first half of 2023: EUR 89.6m). The development of revenue is in line with our expectations.

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

in million EUR	$01 / 01-30 / 06 / 2024$	$\%$	$01 / 01-30 / 06 / 2023$	$\%$
Germany	37.3	32.6	29.5	32.9
Rest of Europe	24.2	21.1	16.5	18.4
North America	42.5	37.1	30.7	34.2
Other countries (Australia, UAE)	10.5	9.2	12.9	14.5
Total	$\mathbf{1 1 4 . 5}$	$\mathbf{1 0 0 . 0}$	$\mathbf{8 9 . 6}$	$\mathbf{1 0 0 . 0}$

The revenue information given above is based on the customer's location.
The gross profit amounts to EUR 38.6 m and has increased by around 23 per cent compared to the previous year (first half of 2023: EUR 31.4m). The gross margin amounts to 33.7 per cent (first half of 2023: 35.1 per cent) and has deteriorated by 1.4 percentage points. The slight decrease in the gross margin is due to a significantly higher proportion of large-scale projects, particularly in the US market. The gross margins in the large-scale project business, which is characterised by tenders, are typically lower than the group's average gross margin.

Sales and administrative expenses of EUR 27.2m are around EUR 2.9m higher in the first half of 2024 than the previous year's figure of EUR 24.3m. The increase in costs is mainly due to personnel and personnel related costs as well as increased tavelling activity.

Research and development expenses amounted to EUR 6.0m in the first half of 2024 slightly lower than the previous year's figure of EUR 6.3m. On the other hand development expenses of EUR 4.6m were recognised as internally generated intangible assets (first half of 2023: EUR 2.4m). In total, approximately 9 per cent of revenue is invested in research and development.

Exchange losses of EUR 0.2 m were recognised in the first half of 2024 (first half of 2023: exchange losses of EUR 0.5 m ) and mainly consist of unrealised exchange gains and losses from the translation of receivables and liabilities denominated in foreign currency.

Earnings before interest and taxes (EBIT) in the first half of 2024 increased to EUR 6.7 m compared with EUR 1.6 m in the first half of 2023 . The result is in line with our expectations.

Net interest income (balance of interest income and interest expenses) comes to EUR -0.9 m (first half of 2023: EUR -0.5m). Interest expenses increased compared to the same period of the previous year, mainly due to a higher average loan volume and the increase in market interest rates.

The net profit of the group as of 30 June 2024 increased in comparison to the same period of the previous year to EUR 4.6 m (first half of 2023: EUR 1.2m). This corresponds to earnings per share of EUR 0.49 (first half of 2023: EUR 0.14).

The comprehensive income of the group as at 30 June 2024 increased to EUR 7.1m (first half of 2023: EUR 0.7 m ) due to the higher net profit of the group and the unrealised gains from the currency translation of the foreign companies (mainly US dollar related).

Financial position and cash flows

Total assets have increased by around EUR 11.1m compared to 31 December 2023 to EUR 271.6m.
Cash and cash equivalents including securities and bonds came to EUR 23.8m on the reporting date (31 December 2023: EUR 27.3m).

The increase of contract assets to EUR 39.1m (31 December 2023: EUR 21.6m) can be primarily attributed to a rise in revenue and payments milestones not yet met.

Inventories increased by EUR 3.8m as of 30 June 2024 to EUR 53.1m (31 December 2023: EUR 49.3m).
Current and non-current liabilities to banks of EUR 57.8m (31 December 2023: EUR 45.3m) primarily relate to loans to finance the purchase of real estate and corporate acquisitions, the new ERP system, the purchase of shares in DResearch Fahrzeugelektronikgruppe (DVS/DFE), the purchase of the outstanding shares in irisGmbH, 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 120.8m and increased slightly compared to the end of the previous year (31 December 2023: EUR 120.6m) despite the dividend payment approved by the Annual General Meeting on 6 June 2024. However, the equity ratio fell to 44.5 per cent due to the increase in liabilities to finance the strong growth in the first half of the year ( 31 December 2023: 46.3 per cent).

Cash flow from operating activities amounts to EUR -0.1m (first half of 2023: EUR -6.9m) and improved significantly compared to the previous year. This was mainly due to an increased net profit of the group and the comparatively lower increase in trade receivables and contract assets. Conversely, there were higher payments to suppliers and lower advance payments compared to the same period of the previous year.

Cash flow from investing activities amounts to EUR -7.3m (first half of 2023: EUR -5.3m) and originates mainly from investments in replacements and business expansion as well as higher investments for selfdeveloped software.

Cash flow from financing activities amounts to EUR 3.3m (first half of 2023: EUR 9.3m) and consists primarily of taking out short- and long-term loans, the payment of dividends and the repayment of existing loans.

IIIif

Personnel

On average, the init group employed 1,254 staff in the first six months of the year (first half of 2023: 1,118) including temporary staff, scientific assistants and graduate students. The ratio of part-time workers increased slightly. 227 employees are employed on a part-time basis as of the end of the first half of 2024 (first half of 2023: 195). The increase in the headcount serves the purpose of meeting current projects on time and reinforcing the organisation to cope with planned growth.

Number of employees by region:

	$30 / 06 / 2024$	$30 / 06 / 2023$
Germany	975	881
Rest of Europe	101	65
North America	154	146
Other countries	24	26
Total	$\mathbf{1 , 2 5 4}$	$\mathbf{1 , 1 1 8}$

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 2023 on pages 55 et seqq. and in particular from p. 59 et seq. onwards. The opportunities and risks described in the Annual Report 2023 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 24.

Forecast and outlook

After the first six months of 2024 the init group is well on its way to achieving the targets set for the full year. The key financials for the first half of 2024 are in line with the expectations of the Managing Board. We are therefore reiterating our existing forecast for the current financial year. The revenue target for the financial year 2024 remains at EUR 240m to 260m. Operating profit before interest and tax (EBIT) is expected to reach EUR 24m to 28m.

Based on the current situation, which we described in the section on macroeconomic and sector-specific developments, we see further opportunities to offer new technologies and IT solutions to our customers in the future. Climate policy goals as well as increasing demografic change with a war for talent have strengthened the demand for intelligent solutions in this area.
init will continue to strongly focus on research and development activities in order to further advance current trends such as digital transformation, electromobility, mobility as a service, and autonomous driving. We see substantial potential for further growth in this technological development. We view the

inst

Group Management Report
investment programs initiated in Germany, the European Union and the United States to create more environmentally friendly transport infrastructure with optimism and anticipate that growth rates will accelerate in the medium term, a trend that we have already prepared for.

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.

HAlF-YEAR FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

from 1 January 2024 to 30 June 2024 (IFRS) with comparative values (unaudited)

EUR'000	01/04 to 30/06/2024	01/04 to 30/06/2023	01/01 to 30/06/2024	01/01 to 30/06/2023
Revenues	64,038	51,104	114,492	89,628
Cost of sales	$-43,312$	$-31,773$	$-75,861$	$-58,188$
Gross profit	20,726	19,331	38,631	31,440
Sales and marketing expenses	$-7,542$	$-7,341$	$-14,379$	$-12,955$
General administrative expense	$-6,993$	$-6,193$	$-12,803$	$-11,361$
Research and development expenses	$-2,923$	$-2,865$	$-5,987$	$-6,259$
Other operating income	898	559	1,738	1,373
Other operating expenses	$-168$	$-157$	$-277$	$-109$
Foreign currency gains and losses	$-955$	$-758$	$-200$	$-481$
Earnings before interest and taxes (EBIT)	3,043	2,576	6,723	1,648
Interest income	104	61	260	131
Interest expenses	$-658$	$-401$	$-1,143$	$-600$
Earnings before taxes (EBT)	2,489	2,236	5,840	1,179
Income taxes	$-218$	823	$-1,250$	64
Net profit	2,271	3,059	4,590	1,243
thereof attributable to equity holders of parent company	2,415	3,033	4,817	1,339
thereof non-controlling interests	$-144$	26	$-227$	$-96$
Earnings and diluted earnings per share in EUR	0.24	0.31	0.49	0.14
Average number of floating shares	9,876,143	9,897,152	9,880,875	9,889,801

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

from 1 January 2024 to 30 June 2024 (IFRS) with comparative values (unaudited)

EUR'000	01/04 to 30/06/2024	01/04 to 30/06/2023	01/01 to 30/06/2024	01/01/ bis 30/06/2023
Net income	2,271	3,058	4,590	1,243
Items to be reclassified to the income statement:
Net gains (+) / losses (-) on currency translation	1,331	632	2,504	$-499$
Total other comprehensive income	1,331	632	2,504	$-499$
Total comprehensive income	3,602	3,690	7,094	744
thereof attributable to equity holders of the parent company	3,746	3,664	7,321	840
thereof non-controlling interests	$-144$	26	$-227$	$-96$

CONSOLIDATED BALANCE SHEET

as of 30 June 2024 (IFRS) with comparative values (unaudited)

EUR'000	30/06/2024	30/06/2023	31/12/2023
Cash and cash equivalents	23,739	36,733	27,303
Marketable securities and bonds	28	29	30
Trade accounts receivable	29,942	40,337	43,496
Contract assets	39,134	21,559	21,560
Receivables from related parties	5	55	0
Inventories	53,097	45,125	49,275
Income tax receivable	0	1,521	1,440
Other current assets	5,088	6,113	4,766
Current assets, total	151,033	151,472	147,870
Property, plant and equipment	68,162	63,822	64,055
Investment property	1,346	1,336	1,351
Goodwill	12,488	12,488	12,488
Other intangible assets	28,471	21,266	25,494
Interests in associated companies	635	634	777
Deferred tax assets	5,456	4,969	4,826
Other assets	3,959	3,512	3,617
Non-current assets, total	120,517	108,027	112,608
Assets, total	271,550	259,499	260,478
Bank loans	36,304	24,441	19,665
Trade accounts payable	7,797	9,971	11,961
Contract liabilities	17,941	15,067	16,364
Advance payments received	3,984	1,666	3,117
Income tax payable	1,709	2,339	3,616
Provisions	3,813	5,837	4,009
Lease liabilities	4,253	3,675	3,752
Other liabilities	13,965	19,339	15,923
Current liabilities, total	89,766	82,335	78,407
Bank loans	21,533	33,323	25,680
Deferred tax liabilities	6,556	5,223	6,297
Pensions accrued and similar obligations	7,938	7,647	7,636
Provisions	1,770	2,027	1,705
Other financial liabilities	23,173	20,113	20,187
Lease liabilities	4	190	0
Non-current liabilities, total	60,974	68,523	61,505
Liabilities, total	150,740	150,858	139,912
Attributable to equity holders of the parent company			0
Subscribed capital	10,040	10,040	10,040
Additional paid-in capital	5,966	5,790	6,879
Treasury shares	$-4,463$	$-4,276$	$-5,441$
Surplus reserves and consolidated unappropriated profit	104,062	92,349	106,159
Other reserves	5,024	4,392	2,521
	120,629	108,295	120,158
Non-controlling interests	181	346	408
Shareholders' equity, total	120,810	108,641	120,566
Liabilities and shareholders' equity, total	271,550	259,499	260,478

CONSOLIDATED CASH FLOW STATEMENT

from 1 January 2024 to 30 June 2024 (IFRS) with comparative values (unaudited)

EUR '000	01/01 to 30/06/2024	01/01 to 30/06/2023
Cash flow from operating activities
Net income	4,590	1,243
Amortisation and depreciation	6,294	5,514
Gains or losses on the disposal of fixed assets	11	$-7$
Change in provisions and accruals	133	$-783$
Change in inventories	$-3,199$	$-3,341$
Change in trade accounts receivable and contract assets	$-2,286$	$-12,762$
Change in other assets, not provided by / used in investing or financing activities	858	$-2,134$
Change in trade accounts payable	$-5,172$	474
Change in advanced payments received and contract liabilities	2,078	6,001
Change in other liabilities, not provided by / used in investing or financing activities	$-4,349$	$-1,665$
Amount of other non-cash income and expenses	932	558
Net cash from operating activities	$-110$	$-6,902$
Cash flow from investing activities
Payments received on disposal of property, plant and equipment	52	9
Investments in property, plant and equipment	$-2,809$	$-1,730$
Investments in other intangible assets	$-4,657$	$-2,694$
Investments in associated companies	143	144
Investment in subsidiaries less acquired cash	0	$-1,073$
Cash paid/received for financial assets	17	0
Securities	2	0
Net cash flows used in investing activities	$-7,252$	$-5,344$
Cash flow from financing activities
Dividend paid out	$-6,913$	$-6,923$
Payments received from equity contributions	0	245
Cash payments for purchase of treasury shares	0	$-1,578$
Payments received from bank loans	20,235	26,848
Redemption of bank loans	$-7,744$	$-7,119$
Change in current and non-current lease liabilities	$-2,256$	$-2,181$
Net cash flows used in financing activities	3,322	9,292
Net effects of currency translation and consolidation changes in cash and cash equivalents	476	$-363$
Changes in cash and cash equivalents	$-3,564$	$-3,317$
Cash and cash equivalents at the beginning of the period	27,303	40,050
Cash and cash equivalents at the end of the period	23,739	36,733

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

as of 30 June 2024 (IFRS) with comparative values (unaudited)

the parent company					Non- controlling interests	Shareholders' equity total
	Other reserves
Surplus reserves and consolidated unappropriated profit	Difference from pension valuation	Difference from currency translation	Securities marked to market	Total
98,369	$-1,059$	5,951	$-1$	116,358	197	116,555
1,340				1,340	$-96$	1,244
15		$-499$		$-484$		$-484$
1,355		$-499$		856	$-96$	760
$-6,923$				$-6,923$		$-6,923$
				35		35
$-451$				$-451$	245	$-206$
				$-1,579$		$-1,579$
$-1$				$-1$		$-1$
92,349	$-1,059$	5,452	$-1$	108,295	346	108,641
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	$-227$	7,094
$-6,913$				$-6,913$		$-6,913$
				65		65
$-1$		$-1$		$-2$		$-2$
104,062	$-1,096$	6,121	$-1$	120,629	181	120,810

NOTES TO THE CONSOLIDATED HALFYEAR 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 2024 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 ( kEUR ) unless stated otherwise. The half-year group status report and half-year consolidated financial statements as of 30 June 2024 have not been reviewed by auditors. The half-year financial report was submitted to the Supervisory Board for review on 31 July 2024. The Managing Board approved the report on 12 August 2024.

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 2023, 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 2024 did not have any material impact on the consolidated financial statements.

Consolidated group

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

Revenue

EUR '000
30/06/2024
30/06/2023

Revenue from project business	64,521	54,995
Revenue from support and maintenance contracts	26,043	22,106
Revenue from deliveries of spare parts and replacements	23,928	12,527
Total	$\mathbf{1 1 4 , 4 9 2}$	$\mathbf{8 9 , 6 2 8}$

Inventories

Impairment losses of EUR 1k were recognised on inventories through profit or loss (30/06/2023: reversals of impairments of EUR 20k). The expense is included in the cost of sales in the income statement.

Trade accounts receivable

Write-downs on receivables came to EUR 715k (30/06/2023: EUR 744k). Thereof, EUR 303k were posted through profit or loss (30/06/2023: EUR 106k) 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 2,069k (30/06/2023: EUR 1,723k). In the period under review, advance payments of EUR 740k (30/06/2023: EUR 7k) were made for assets under construction.

In the reporting period, development costs of EUR 4,621k (30/06/2023: EUR 2,415k) were capitalised as own work.

The scheduled depreciation totalled EUR 3,945k (30/06/2023: EUR 3,490k). Sales of property, plant and equipment generated profit of EUR 11k (30/06/2023: EUR 8k loss). As of 30 June 2024 depreciation of the right-of-use assets pursuant to IFRS 16 comes to EUR 2,338k (30/06/2023: EUR 2,011k).

Liabilities

Liabilities are carried at amortised acquisition cost. The current liabilities to banks of EUR 36.3m (31/12/2023: EUR 19.7m) 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 21.5m (31/12/2023: EUR 25.7m) 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 contingent 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.

Unif

Notes to the Consolidated Half-Year Financial Statements

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 2024, additional paid-in capital came to EUR 5,966k, 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 3,224k was allocated for share scheme expenses for the years 2005 to 2023. In 2024, there was a change in the amount of EUR -913k.

Treasury stock

By resolution of the annual general meeting on 26 June 2020 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 2024, treasury stock comprised 199,739 shares. In the first half-year of 2024, 35,882 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. Consequently, treasury stock totalled 163,857 shares on 30 June 2024. Treasury stock is valued at acquisition cost of EUR 4,463k (cost method) (31/12/2023: EUR 5,441k) and deducted from shareholders' equity. As of 30 June 2024, the 163,857 shares have an imputed share in capital stock of EUR 163,857 (1.63 per cent).

Paid dividends

EUR '000
Dividend for FY 2023: 70 cents per share distributed on 11 June 2024 ..... 6,913
Dividend for FY 2022: 60 cents per share distributed on 31 May 2023 ..... 5,934
Special dividend for FY 2022: 10 cents per share distributed on 31 May 2023 ..... 989

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 '000
$30 / 06 / 2024$
$31 / 12 / 2023$
ASSETS

Financial assets at amortised cost	92,820	92,359
Cash and cash equivalents	23,739	27,303
Trade accounts receivable	29,942	43,496
Accounts receivable due to related parties	5	0
Future receivables from production orders	39,134	21,560
Financial assets at fair value through other comprehensive income	28	30
Marketable securities and bonds	28	30
LIABILITIES
Financial liabilities recognised at amortised cost	68,533	58,661
Bank loans (current and non-current)	57,836	45,345
Trade accounts payable	7,797	11,961
Other liabilities (current)	2,900	1,355

IIIIT

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 2024 and in the reporting period of 2023, 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" as well as in the annual report 2023.

EUR '000	Associated companies		Other related parties and persons
	30/06/2024	30/06/2023	30/06/2024	30/06/2023
Trade accounts receivable and other income	78	1,056	0	0
Trade accounts payable and other expenses	0	341	344	340
	30/06/2024	30/06/2023	30/06/2024	30/06/2023
Receivables	5	55	0	0
Payables	0	0	0	0

Associated companies

Receivables of EUR 5k (31/12/2023: EUR 0) result 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 54 k (total annual rent: EUR 642k). The rent is contractually fixed until 31 December 2042. Total payments of EUR 5k (30/06/2023: EUR 5k) made to family members of a Managing Board member were recognised under personnel expenses 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 2024, the group had not set aside any valuation allowances for receivables from related parties.

Notf

Notes to the Consolidated Half-Year Financial Statements

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

In the first half of 2024, init SE received one notification pursuant to Section 33 (1) of the German Securities Trading Act (WpHG):

On 4 March 2024, Union Investment Luxembourg S.A., Senningerberg, Luxemburg, informed us according to Section 33 (1) WpHG that its voting rights via shares in init innovation in traffic system SE, Karlsruhe, Germany, fell short of the 3 per cent threshold of the voting rights on 1 March 2024 and on that day amounted to 2.98 per cent (this corresponds to 299,302 voting rights).

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

Karlsruhe, 13 August 2024

The Managing Board

inif

Responsibility statement

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, 13 August 2024

The Managing Board

FINANCIAL CALENDAR 2024

Q1

21 March
Publication Annual Report 2023

15 May
Publication Quarterly Statement 1/2024

6 June
Shareholders' Meeting 2024 in Karlsruhe

13 August
Publication Half-year Financial Report 2024

13 November
Publication Quarterly Statement 3/2024

25-26 November
Equity Forum

IMPRINT

Contact:

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

PO Box 3380
76019 Karlsruhe

Ph.+49.721.6100.0
Fax +49.721.6100.399
ir@initse.com
www.initse.com

Disclaimer:

This half-year financial report and any information contained therein must not be brought into, or transferred to, the United States of America (USA), or distributed or transferred to US-American persons (including legal persons) and publications with general distribution in the USA. Any breach of this restriction may constitute a violation of the US-American securities law. Shares of init SE are not offered for sale in the USA. This quarterly statement is not an offer for the purchase or subscription of 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 uncertainties, 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.