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Kapsch TrafficCom AG Interim / Quarterly Report 2025
747_10-k_2025-11-19_3509d33d-4be7-4b57-95dc-d4b41d600257.pdf
Interim / Quarterly Report
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Kapsch TrafficCom
First half year of 2025/26.
Half-year financial report pursuant to Sec. 125 Austrian Stock Exchange Act (BörseG) 2018.
Selected key data.
2024/25: Refers to the financial year (April 1 until March 31)
H1: First half of a financial year (April 1 until September 30)
PP: Percentage points
Unless otherwise stated, all values in EUR million.
| Earnings data | 2024/25 | H1 2024/25 | H1 2025/26 | +/- |
|---|---|---|---|---|
| Revenues | 530.3 | 274.8 | 200.0 | -27.2% |
| Share of tolling segment | 74.1% | 74.7% | 72.5% | -2.2 PP |
| Share of traffic management segment | 25.9% | 25.3% | 27.5% | 2.2 PP |
| EBITDA1) | 29.0 | 7.1 | 17.0 | >100% |
| EBITDA margin | 5.5% | 2.6% | 8.5% | 5.9 PP |
| EBIT | 12.6 | -0.7 | 10.4 | — |
| EBIT margin | 2.4% | -0.3% | 5.2% | — |
| Result before income tax | -4.3 | -8.8 | 0.6 | — |
| Result for the period | -3.1 | -6.4 | 2.2 | — |
| Result for the period attributable to equity holders | -6.9 | -10.5 | 2.1 | — |
| Earnings per share in EUR | -0.48 | -0.73 | 0.15 | — |
| Business segments | 2024/25 | H1 2024/25 | H1 2025/26 | +/- |
| Tolling | ||||
| Revenues | 393.0 | 205.1 | 145.0 | -29.3% |
| EBIT | 12.0 | 2.6 | 13.3 | >100% |
| EBIT margin | 3.1% | 1.2% | 9.2% | 7.9 PP |
| Traffic management | ||||
| Revenues | 137.3 | 69.6 | 55.1 | -20.9% |
| EBIT | 0.5 | -3.3 | -3.0 | 9.5% |
| EBIT margin | 0.4% | -4.7% | -5.4% | -0.7 PP |
| Revenues by region | 2024/25 | H1 2024/25 | H1 2025/26 | +/- |
| EMEA | 48.5% | 49.3% | 42.8% | -6.6 PP |
| Americas | 47.0% | 46.1% | 52.2% | 6.1 PP |
| APAC | 4.5% | 4.6% | 5.1% | 0.5 PP |
| Balance sheet data | March 31, 2025 | Sept. 30, 2025 | +/- | |
| Total assets | 454.4 | 418.8 | -7.8% | |
| Total equity2) | 91.0 | 96.0 | 5.5% | |
| Equity ratio2) | 20.0% | 22.9% | 2.9 PP | |
| Net debt3) | 101.5 | 112.5 | 10.9% | |
| Gearing4) | 111.5% | 117.2% | 5.7 PP | |
| Net working capital5) | 72.0 | 85.7 | 19.0% | |
| Cash flow | 2024/25 | H1 2024/25 | H1 2025/26 | +/- |
| Net capital expenditures6) | 7.6 | 2.5 | 3.6 | 46.7% |
| Free cash flow7) | 21.2 | 1.3 | -4.5 | — |
| Other information | 2024/25 | H1 2024/25 | H1 2025/26 | +/- |
| Employees, end of period | 3,041 | 3,719 | 2,813 | -24.4% |
| On-board units, in million units | 7.91 | 4.39 |
1) Operating result before amortization, depreciation and impairment
2) Including non-controlling interests
3) Cash and cash equivalents + other current financial assets - financial liabilities - lease liabilities
4) Net debt/equity
5) Inventories + trade receivables and other current assets + current contract assets + current tax receivables - trade payables - current contract liabilities - current tax liabilities - current provisions - current other liabilities and deferred income
6) Capital expenditure and proceeds from the disposal of property, plant and equipment and intangible assets
7) Cash flow from operating activities + cash flow from investing activities
Headlines H1 2025/26.
EUR 200.0 million -27.2%
EUR 10.4 million —
Revenues H1 EBIT H1 Earnings per share H1
EUR 0.15 —
Revenue decline by 27% from EUR 275 million to EUR 200 million.
- Removal of two major operation projects in the EMEA region (Belarus and South Africa).
- Generally difficult market situation with project postponements and delayed project awards.
- Order intake of EUR 224 million below expectations.
Settlement agreement with the Federal Republic of Germany in June.
- Effect on earnings of EUR 23 million in EBIT in the first quarter.
- Cash inflow of EUR 27 million in the second quarter.
EBIT rose to EUR 10 million due to the Germany effect.
- Without the one-time effect, EBIT would have been significantly negative at EUR -13 million.
- Cost basis will be adjusted to current revenue levels.
Financial situation appears mixed.
- Equity ratio increased to 23%.
- Free cash flow negative at EUR -4 million.
- Gearing ratio rose to 117%.
Outlook for the full year 2025/26 adjusted.
- Revenue decline to EUR 450 million expected (previously: EUR 510 million expected).
- EBIT expected to be at EUR 25 million (previously: EUR 45 million).
- Increased focus on order intake and adjustments to the current revenue level.
Letter from the CEO.
Dear Shareholders,
The first half of the 2025/26 financial year was disappointing for the Kapsch TrafficCom Group. Revenue fell significantly short of our expectations. The fact that the causes are largely beyond our direct control does not change the fact that we must adjust costs to the lower revenue level. Nevertheless, the special effect from Germany enabled a positive result for the past six months.
Project postponements and delays led to a revenue decline.
Settlement agreement with Germany.
At the end of June, a settlement agreement was reached with the Federal Republic of Germany in connection with the termination of the contract for automatic control of the infrastructure charge (passenger car toll) in 2019. The effect on earnings was already evident in the first quarter at EUR 23 million, and the agreed payment of around EUR 27 million to the subsidiary MTS Maut & Telematik Services GmbH was made at the beginning of the second quarter in July.
Earnings development.
Revenue amounted to EUR 200 million in the reporting period, compared with EUR 275 million in the same period of the previous year, representing a decline of 27% or EUR 75 million. Of this, around EUR 40 million was related to the loss of two major tolling projects in the EMEA region: The termination of the tolling project in the South African province of Gauteng and the deconsolidation of the Belarusian company that operates the tolling system in Belarus. In North America, the relocation of manufacturing also led to a temporary interruption and a corresponding backlog in deliveries. The further decline reflects the absence of projects in almost all regions that we had expected.
We see the main reasons for this in the generally difficult market situation: Some large project tenders or their award have been delayed, and we have also failed to win a number of smaller projects that we had expected to secure. Our insight into the overall market shows us that
First half of 2025/26: Revenues: EUR 200 million (-27.2%) EBIT: EUR 10 million
not only Kapsch TrafficCom, but the entire industry is affected by these conditions. Despite infrastructure packages designed to stimulate the economy, the corresponding investments are still pending. Overall, public procurement has slowed down. Both our own and external market analyses predicted annual market growth of around 8%. I very much doubt that this expectation will be met this year.
In terms of costs, the first half of the year went according to plan, but our organization is geared up for the expected higher annual revenue level of EUR 510 million. As already mentioned, this means that adjustments will be necessary. EBIT reached EUR 10 million, compared with EUR -1 million in the previous year. This includes the special effect from the agreement with the Federal Republic of Germany in the first quarter, without which EBIT would have been significantly negative.
The result for the period attributable to equity holders amounted to EUR 2 million, compared with EUR -10 million in the first half of the previous year. At that time, deconsolidations had led to a one-time increase in the result for the period attributable to non-controlling interests. Earnings per share amounted to EUR 0.15 in the reporting period (previous year: EUR -0.73).
Balance sheet development.
The cash inflow from Germany occurred in the second quarter. We used a large portion of this to repay liabilities to suppliers and, as agreed, for an early special repayment of our financial liabilities. Free cash flow amounted to EUR -4 million in the reporting period, compared with EUR 1 million in the previous year.
Total assets decreased compared to the balance sheet date of March 31, 2025, with equity increasing slightly due to the positive result. The equity ratio therefore rose to 23% after 20% at the end of March. The gearing ratio was 117% after 111%.
Sustainable mobility of the future.
On the project side, the past six months have also been very encouraging. We were able to complete implementation projects and win new projects. Although order intake in the first half of the year was below expectations at EUR 224 million, the order backlog at the end of September amounted to EUR 1.2 billion.
I would like to share with you a milestone in our technological leadership. For more than 15 years, we have been investing in what we believe will be the mobility of the future: Connected vehicle (CV) communication, i.e., communication between vehicles and between vehicles and roadside infrastructure. Recently, one of our US customers
decided to introduce the world's first production-ready CV tolling system on an expressway. The project will integrate a conventional roadside tolling system with data from connected vehicles. This is a test project for largescale deployment. It is a technological milestone for Kapsch TrafficCom and the entire industry.
Technological milestone: The world's first production-ready CV tolling system.
Outlook.
Nevertheless, our focus is now on order intake and the necessary adjustments to the current revenue level. However, we will also ensure that we retain sufficient leeway for the subsequent market recovery.
Outlook for the full year 2025/26: Revenue decline expected.
Based on current developments, we have adjusted our outlook for the full year 2025/26: We now expect revenue to decline to EUR 450 million. Operating profit (EBIT) is expected to be at EUR 25 million, taking into account the income from the arbitration proceedings with the Federal Republic of Germany.
Sincerely,
Georg Kapsch Chief Executive Officer
Capital markets.
Share price development.
Price development in the first half of 2025/26.
The Kapsch TrafficCom share underperformed the overall market and the ATX Prime benchmark index in the first half of the 2025/26 financial year. The share price was characterized by several highs and lows, while the ATX Prime recorded a slight but steady increase. At the end of the half-year, the share price closed 2.0% above its opening value, while the ATX Prime index rose by 11.9% over the same period. Looking at performance since the beginning of 2025, Kapsch TrafficCom was able to keep pace with the index per-
formance of +26.9% with a gain of +25.0%.
Market cap at the end of H1 2025/26:
EUR 104.4 million
Based on a closing price of EUR 7.16 on March 31, Kapsch TrafficCom
initially experienced volatile trading, reaching a low for the reporting period of EUR 5.94 (intraday) on April 7. The share price then recovered to reach a high for the reporting half-year of EUR 7.88 (intraday) on May 20. This was followed by another sharp decline in June before the price stabilized again. At the end of the half-year on September 30, 2025, the share closed at EUR 7.30.
Development of the Kapsch TrafficCom share and ATX Prime in the current financial year.
Share indicators.
| in EUR, unless otherwise stated | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Earnings per share | -0.73 | 0.15 |
| High (intraday) | 9.28 | 7.88 |
| Low (intraday) | 7.64 | 5.94 |
| Closing price on September 30 | 7.96 | 7.30 |
| Share performance | -6.4% | +2.0% |
| Ø trading volume (shares, double counting) | 7,550 | 14,846 |
Analysts.
In July 2025, the research firm Montega AG published its initial study on Kapsch TrafficCom. Since then, these three financial institutions have reported on the share (in alphabetical order):
- Erste Group Bank
- Montega
- Oddo BHF
Investor Relations activities in the first half of 2025/26.
Kapsch TrafficCom's Investor Relations team continued to be available for investor inquiries and actively took opportunities to intensify contact with capital market participants. In particular, the following activities took place in the first half of 2025/26:
- Investor conference Oddo BHF/Raiffeisen Bank International, Zürs
- Investor conference Erste Group Bank, Warsaw
- Investor conference Montega, Hamburg
- Numerous direct telephone calls and e-mails
Dividend.
In accordance with the financing restructuring agreement, the Executive Board proposed to the Annual General Meeting that no dividend be distributed for the financial year 2024/25. The Annual General Meeting approved this proposal.
Annual General Meeting 2025.
The Annual General Meeting of Kapsch TrafficCom AG took place on September 3, 2025. The following resolutions were adopted:
■ Resolution on the allocation of the balance sheet profit: No dividend payout for financial year 2024/25; retained profits to be carried forward to new account.
Valid votes: 10,105,918 (70.67%)
Approved by: 10,105,918 votes (no votes against, no abstentions)
■ Resolution on the formal approval of the actions of the members of the Executive Board for the financial year 2024/25.
Valid votes: 10,105,718 (70.67%)
Approved by: 10,105,718 votes (no votes against, abstentions: 200 votes)
■ Resolution on the formal approval of the actions of the members of the Supervisory Board for the financial year 2024/25.
Valid votes: 10,105,718 (70.67%)
Approved by: 10,105,718 votes (no votes against, abstentions: 200 votes)
■ Appointment of PwC Wirtschaftsprüfung GmbH, Vienna, as auditor, group auditor, and auditor of the sustainability statement for the 2025/26 financial year.
Valid votes: 10,105,605 (70.67%)
Approved by: 10,105,605 votes (no votes against, abstentions: 100 votes)
■ Resolution on the remuneration report 2024/25.
Valid votes: 10,071,087 (70.43%)
Approved by: 10,071,087 votes (no votes against, abstentions: 34,431 votes)
■ Election of Ms. Sonja Hammerschmid to the Supervisory Board until the end of the Annual General Meeting that decides on the discharge for the 2028/29 financial year.
Valid votes: 10,105,233 (70.67%)
Approved by: 10,105,233 votes (no votes against, abstentions: 200 votes)
■ Authorization of the Executive Board
- to purchase own shares in accordance with Section 65 (1) no. 8 as well as (1a) and (1b) AktG both via the stock exchange and over-the-counter of up to 10% of the share capital, also by excluding the shareholders' pro rata disposal rights, as well as
- in accordance with Section 65 (1b) AktG to resolve on the sale or appropriation of own shares in a different way than via the stock exchange or via a public offer and to exclude the shareholders' pro rata subscription rights (exclusion of subscription rights), and
- to decrease the share capital of the Company by a redemption of own shares without any further resolution by the Shareholders' Meeting.
Valid votes: 8,347,859 (58.38%)
Approved by: 8,312,712 votes (votes against: 35,147, abstentions: 1,757,674 votes)
Constituent meeting of the Supervisory Board.
Following the Annual General Meeting, the constituent meeting of the Supervisory Board took place with the following elections:
Supervisory Board.
Chairwoman: Sonja Hammerschmid Deputy Chairwoman: Monika Brodey
Audit Committee.
Chairwoman: Sonja Wallner (financial expert)
Deputy Chairwoman: Monika Brodey
Member: Christian Windisch
Remuneration Committee.
Chairwoman: Sonja Hammerschmid
Member: Sonja Wallner
Contact for investors.
| Investor Relations team | Marcus Handl, Teresa Hartlieb |
|---|---|
| Shareholders' telephone line | +43 50 811 1122 |
| [email protected] | |
| Website | www.kapsch.net |
Management Report H1 2025/26.
1. Economic conditions impacting the Group.
Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility. Innovative solutions in the application areas of tolling and traffic management contribute to a healthier world without congestion.
Vision and mission.
Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility.
Kapsch TrafficCom's mission is to develop innovative transportation solutions for sustainable mobility. Road users should be able to arrive at their
destination conveniently, safely, efficiently, and on time with a minimal environmental impact.
Market.
Kapsch TrafficCom addresses the market for Intelligent Transportation Systems (ITS). These support and optimize traffic (including infrastructure, vehicles, users and industry) and use information and communication technologies for this purpose.
Grand View Research estimates the global market size in 2024 at EUR 30.6 billion (USD 31.79 billion, converted at an exchange rate of 0.9626 as of December 31, 2024) and expects a compound annual growth rate (CAGR) of 8.3% from 2025 to 2030.
Within the ITS market, Kapsch TrafficCom addresses the areas of tolling and traffic management. The core regions of its business activities are EMEA (Europe, Middle East, Africa), Americas (North, Central, and South America), and APAC (Asia-Pacific).
Addressable market for Kapsch TrafficCom.
The addressable market for the Company – all markets worldwide addressed by Kapsch in 2024/25 with all Kapsch products and solutions – had a market size of EUR 6.9 billion in the 2024/25 financial year according to internal calculations.
Market drivers.
Kapsch TrafficCom has identified the following market drivers:
- Environmental protection
- Need for traffic infrastructure and its maintenance
- Urbanization
- New means of transportation and services
- Connected vehicles
- Data and artificial intelligence
- Data security and data protection
Further information can be found in the consolidated management report 2024/25.
Fundamental changes in the business environment of Kapsch TrafficCom.
The aforementioned market drivers have already sparked the following trends:
- While the ITS industry relied heavily on hardware in the past, it is increasingly shifting towards software platforms. More and more, module solutions and cloud applications are playing a role.
- Offered services (anything-as-a-service) put the focus on the user.
- Payment options will be integrated into mobility solutions and new payment technologies will enter the market.
- Intelligent traffic infrastructure can be achieved with more affordable sensors, modules, and connection technologies. However, specific domain knowledge and the need for customer-specific solutions remain important.
- New solutions can increasingly be rolled out on a global scale.
2. Financial performance indicators.
2.1 Result of operations.
Revenues of Kapsch TrafficCom amounted to EUR 200.0 million in the first half of the current financial year, down 27.2% (EUR 74.7 million) compared to the same period of the previous year. Geographically, revenues changed as follows:
- EMEA region (Europe, Middle East, Africa): -36.9% to EUR 85.6 million
- Americas region (North, Central and South America): -17.6% to EUR 104.3 million
- APAC region (Asia-Pacific): -19.8% auf EUR 10.1 million
EBITDA and EBIT. Earnings before depreciation and amortization (EBITDA) amounted to EUR 17.0 million (previous year: EUR 7.1 million). The operating result (earnings before interest and taxes, EBIT) came to EUR 10.4 million (previous year: EUR -0.7 million). The EBIT margin thus reached 5.2% (previous year: -0.3%). This positive earnings development was primarily driven by a one-off effect of EUR 23.4 million resulting from the settlement with the Federal Republic of Germany regarding the termination of the contract for the automated enforcement of an infrastructure charge ("passenger car toll").
In the first half of 2025/26 EBITDA and EBIT were impacted by the following effects:
- Other operating income amounted to EUR 36.5 million in the first half of 2025/26, which was EUR 27.6 million higher than in the previous year. This increase was primarily due to the settlement with the Federal Republic of Germany.
- Cost of materials and other production services decreased by EUR 30.0 million compared to the previous year. This decline was due, on the one hand, to a lower volume of implementation projects across all regions and, on the other hand, to the termination of the operation project in the South African province of Gauteng as well as the deconsolidation of Kapsch Telematic Services IOOO, which operates the tolling project in Belarus.
- Personnel expenses decreased by EUR 14.5 million compared to the previous year, primarily due to the discontinuation of the two projects in South Africa and Belarus.
- Other operating expenses decreased by EUR 9.6 million or 18.9% to EUR 41.0 million in the first half of 2025/26. In the previous year, higher expenses were partly due to losses from the deconsolidation of subsidiaries amounting to EUR 8.6 million.
- The share of results from associated companies and joint ventures amounted to EUR 7.4 million (previous year: EUR 1.6 million) and largely originated from the project in Belarus, which is no longer fully consolidated, and from autoTicket GmbH, Germany.
- Operating foreign currency effects (net) had a negative impact on EBIT of EUR -3.3 million in the first half of the current financial year (previous year: EUR -3.2 million), mainly due to the strong US dollar against the Euro.
The financial result in the first half of the current financial year amounted to EUR -9.7 million (previous year: EUR -8.1 million). Although interest expenses decreased from EUR -4.8 million to EUR -3.9 million, hyperinflation adjustments of EUR -1.0 million (previous year: EUR -1.7 million) and negative effects from exchange rate fluctuations of EUR -5.3 million (previous year: EUR -1.6 million) had to be recognized again.
For the calculation of income taxes, a theoretical income tax rate of 23% was applied. The basis for the calculation of income taxes was the consolidated result before income tax, without factoring in the (already taxed) proportional result from associated companies and joint ventures. This and the change in deferred taxes on loss carry-forwards resulted in tax income of EUR 1.6 million (previous year: EUR 2.4 million).
The result for the period in the first half of the current financial year was EUR 2.2 million (previous year: EUR -6.4 million). The result for the period attributable to equity holders amounted to EUR 2.1 million (previous year: EUR -10.5 million). In the previous year, the deconsolidations had led to a one-off increase in the profit for the period attributable to non-controlling interests.
2.2 Result of operations by segment.
Tolling.
Revenues in the tolling segment decreased by 29.3% from EUR 205.1 million to EUR 145.0 million, contributing 72.5% (previous year: 74.7%) to total revenues.
In the EMEA region, Kapsch TrafficCom recorded a revenue decline of 41.8% (EUR 42.9 million) to EUR 59.6 million in the first half of the financial year. This development was primarily due to the discontinuation of two major operation projects: The tolling project in the South African province of Gauteng ended in March 2025. In addition, the deconsolidation of Kapsch Telematic Services IOOO in Belarus led to a significant loss of revenue. In the implementation business, projects in Switzerland, Poland, Bulgaria, and Norway contributed to revenue growth, although revenues in Sweden and Austria declined. In the components business, Kapsch TrafficCom experienced a revenue decrease due to lower customer demand in South Africa and France. The service business saw a sharp decline in the heavy goods vehicle segment, which had benefited from a one-off positive effect in the previous period.
In the Americas region, revenues in the tolling segment declined by 16.5% (EUR 15.2 million) to EUR 76.8 million. Despite this decline, the Americas region became the largest revenue contributor for Kapsch TrafficCom. In the implementation business, revenues decreased particularly in the USA, but also in Brazil and Chile. In contrast, the operations business recorded an increase. In the components business, the relocation of the manufacturing site in Canada and the associated production interruption over several weeks also led to a revenue decline.
The APAC region recorded a revenue decrease of 20.2% in the first half of 2025/26, generating total revenues of EUR 8.5 million. While the implementation business achieved growth, particularly in New Zealand and also in Australia, the operations and components businesses declined, partly due to intra-year volatility.
Segment tolling by business type.
| in EUR million | H1 2024/25 | H1 2025/26 | +/- |
|---|---|---|---|
| Revenues | 205.1 | 145.0 | -29.3% |
| Implementation | 57.0 | 52.0 | -8.8% |
| Operations | 110.3 | 63.9 | -42.1% |
| Components | 37.8 | 29.1 | -23.2% |
| EBIT | 2.6 | 13.3 | >100% |
EBIT. EBIT in the tolling segment amounted to EUR 13.3 million in the first half of 2025/26, representing an increase of EUR 10.8 million compared to the previous year (EUR 2.6 million). This positive development was driven by income of EUR 23.4 million from the settlement agreement with the Federal Republic of Germany in the first quarter of the financial year. Excluding this one-off effect, Kapsch TrafficCom recorded
a negative EBIT in the tolling segment, mainly due to the discontinuation of two operation projects and the associated revenue loss.
Tolling EBIT: EUR 13.3 million (>100%)
The operating result in the operations business declined by EUR 24.6 million compared to the previous year, and the components business also reported a decrease in earnings, primarily due to the relocation of the North American manufacturing facility and the associated short-term production downtime.
Expenses largely reflected revenue development: Cost of materials and other production services decreased by 33.6%, and personnel expenses fell by 10.7%.
Traffic management.
Revenues in the traffic management (TM) segment amounted to EUR 55.1 million in the first half of 2025/26, representing a decrease of 20.9% compared to the previous year (EUR 69.6 million). The segment contributed 27.5% to total revenues (previous year: 25.3%).
The developments in all regions were as follows:
■ EMEA Region: -21.5% ■ Americas Region: -20.4% ■ APAC Region: -17.4%
Revenues declined across all regions: In the EMEA region, revenues fell by 21.5% from EUR 33.1 million to EUR 26.0 million. In the Americas region, revenues decreased by 20.4% from EUR 34.6 million to EUR 27.6 million. In the APAC region, revenues declined by 17.4% from EUR 1.9 million to EUR 1.6 million.
Similar to the development in the tolling segment, the Americas region became the strongest contributor to revenues in the traffic management segment during the reporting period.
Performance across business areas was mixed. The implementation business recorded a revenue decline of 30.4% compared to the previous year, particularly affecting Brazil, Ireland, the USA, Chile, and Mexico. In contrast, Guatemala achieved a revenue increase. The components business reported a significant decline of 94.2%, while the operations business reflected developments in Argentina and the United Kingdom with a revenue decrease of 4.7%.
Segment traffic management by business type.
| in EUR million | H1 2024/25 | H1 2025/26 | +/- |
|---|---|---|---|
| Revenues | 69.6 | 55.1 | -20.9% |
| Implementation | 28.6 | 19.9 | -30.4% |
| Operations | 36.6 | 34.9 | -4.7% |
| Components | 4.4 | 0.3 | -94.2% |
| EBIT | -3.3 | -3.0 | 9.5% |
EBIT. EBIT in the traffic management segment amounted to EUR -3.0 million in the first half of 2025/26, slightly above the previous year's figure of EUR -3.3 million, which had included a negative one-off effect of EUR -7.5 million from a deconsolidation. In line with the 20.9% decline in revenues, cost of materials and other production services decreased by 14.0%, personnel expenses by 13.5%, and other operating expenses by 38.7%. TM EBIT: EUR -3.0 million (+9%)
2.3 Net assets position.
The balance sheet total as of September 30, 2025 amounted to EUR 418.8 million (March 31, 2025: EUR 454.4 million).
Assets.
Non-current assets slightly decreased to EUR 151.8 million as of September 30, 2025 (March 31, 2025: EUR 152.2 million). The decline was mainly due to a reduction in property, plant, and equipment of EUR 4.2 million and other non-current assets of EUR 0.9 million. In contrast, shares in associated companies and joint ventures increased by EUR 1.6 million, non-current contract assets by EUR 0.8 million, and deferred tax assets by EUR 2.2 million.
Current assets decreased by EUR 35.3 million to EUR 267.0 million (March 31, 2025: EUR 302.2 million). The most significant changes related to inventories and current contract assets, which decreased by EUR 33.0 million. Trade receivables and other current assets increased by EUR 15.3 million. Cash and cash equivalents decreased by EUR 19.0 million compared to March 31, 2025, totaling EUR 28.8 million.
In total, assets held for sale under IFRS 5 amounted to EUR 6.3 million (March 31, 2025: EUR 4.9 million). In addition to property, plant, and equipment, this mainly included trade receivables and cash and cash equivalents.
Liabilities and equity.
As of September 30, 2025, equity amounted to EUR 96.0 million. The increase of EUR 5.0 million compared to the balance sheet date of March 31, 2025 mainly reflects the positive result for the period (EUR 2.2 million) and positive other comprehensive income from currency translation differences (EUR 2.8 million) in the first half of 2025/26.
The equity ratio as of September 30, 2025 increased to 22.9% (March 31, 2025: 20.0%).
Non-current financial liabilities decreased by EUR 11.8 million in the first half of 2025/26, primarily due to the reclassification to current financial liabilities in line with planned repayments and remaining maturities (EUR 11.7 million).
Current financial liabilities increased by a total of EUR 7.9 million. The main changes resulted from the reclassification due to maturities (EUR 11.7 million), repayments totaling EUR 9.7 million, and additions amounting to EUR 5.8 million.
2.4 Financial position.
Cash flow.
Cash flow from operating activities was negative in the first half of the current financial year at EUR -6.7 million (previous year: EUR 1.6 million). The change in net working capital amounted to EUR -7.8 million (previous year: EUR -14.2 million). This was due to the following effects: Inventories decreased by EUR 12.6 million (previous year: decrease of EUR 2.4 million). The sum of trade receivables, other assets, and contract assets decreased by EUR 2.9 million (previous year: decrease of EUR 1.5 million). The sum of trade payables, other current liabilities, and contract liabilities decreased by EUR 15.3 million (previous year: decrease of EUR 13.8 million). Current provisions also decreased by EUR 8.0 million (previous year: decrease of EUR 4.3 million).
Cash flow from investing activities amounted to EUR 2.3 million in the first half of 2025/26 (previous year: EUR -0.3 million). Investments in property, plant, and equipment totaled EUR -2.3 million (previous year: EUR -2.1 million). Payments for the purchase of securities, investments, and other non-current financial assets decreased to EUR -0.3 million (previous year: EUR -0.8 million), while proceeds from the sale of securities, investments, and other non-current financial assets decreased to EUR 0.5 million (previous year: EUR 1.0 million). Proceeds from dividends from companies consolidated at-equity related to profit distributions from the joint ventures Kapsch Telematic Services IOOO and Parat Ltd. amounted to EUR 5.5 million (previous year: EUR 2.5 million from autoTicket GmbH, Germany).
Free cash flow, defined as the sum of cash flow from operating and investing activities, amounted to EUR -4.5 million in the first half of 2025/26 (previous year: EUR 1.3 million).
Cash flow from financing activities amounted to EUR -12.7 million in the first half of the year (previous year: EUR -5.5 million). The change mainly resulted from the reclassification of existing financial liabilities and the increase in new short-term financing totaling EUR 5.8 million (previous year: EUR 7.4 million), the repayment of current financial liabilities amounting to EUR -9.7 million (previous year: EUR -2.3 million), the ongoing repayment of lease liabilities amounting to EUR -4.1 million (previous year: EUR -5.6 million), as well as interest paid amounting to EUR -4.7 million (previous year: EUR -5.0 million).
Cash and cash equivalents as of September 30, 2025 totaled EUR 28.8 million (March 31, 2025: EUR 47.8 million).
Key figures as of September 30, 2025.
Net debt amounted to EUR 112.5 million (March 31, 2025: EUR 101.5 million), which corresponds to a gearing ratio of 117.2% (March 31, 2025: 111.5%). The increase in net debt was mainly due to a decrease in financial liabilities (EUR -3.9 million) and lease liabilities (EUR -4.2 million), as well as a significantly lower level of cash and cash equivalents (EUR -19.0 million).
3. Information on major transactions with related parties and changes in the Group structure.
Apart from the transactions disclosed in the consolidated financial statements 2024/25 and the information provided in note 14 of this report, there were no other transactions with related parties that had a significant impact on the financial position or operating result during the first half of the financial year.
There were no changes in the scope of consolidation in the first half of 2025/26.
4. Significant events occurring after balance sheet date.
No significant events have occurred after September 30, 2025, that need to be reported.
5. Risk reporting.
The Kapsch TrafficCom Group has a Company-wide risk management system (Enterprise Risk Management, ERM). The aim of the system is to identify, evaluate, and control risks that could significantly impair the achievement of strategic, operational, and financial objectives at an early stage. The ERM thus makes a valuable contribution to corporate management and security. The focus is not on blanket risk avoidance, but on conscious, controlled risk management – including the exploitation of opportunities that arise.
Risks are regularly identified, assessed, aggregated, and documented in a structured process. The resulting risk report is prepared on a quarterly basis and made available to the Executive Board and the Audit Committee of the Supervisory Board.
Project-oriented risk management is embedded in all major customer and development projects and begins with a systematic risk analysis during the quotation phase. This ensures that a basis for decision-making is established at an early stage and that appropriate control measures can be planned.
The material risks of Kapsch TrafficCom are as follows:
- Strategic risks
- Market and industry risks
- Project and supply chain risks
- Technological and innovation risks
- ESG-related risks
- Financial risks: Foreign exchange risk, interest rate risk, liquidity risk, credit risk
- IT and cyber risks
- Legal and compliance risks
- Personnel risks
The major risks and opportunities faced by the Group are addressed in Section 2.2 of the consolidated management report 2024/25.
The Internal Control System (ICS) is an integral part of the governance structure of the Kapsch TrafficCom Group and is designed to ensure the regularity of accounting and compliance with legal and internal requirements. It comprises organizational regulations, control mechanisms at the process level, and technical measures within the IT systems. Through clear responsibilities, the dual control principle, automated system controls, and regular training, the ICS contributes to reducing operational risks and ensuring compliance with regulatory requirements. The ICS is presented in section 2.3 of the consolidated management report 2024/25.
6. Outlook to the second half of the current financial year.
Based on current developments, the outlook for the full year 2025/26 was adjusted on October 27: Kapsch Traffic-Com now expects revenues to decline to EUR 450 million. The main reasons for this remain the deconsolidation of several companies in the past financial year and the current difficult market environment. Operating profit (EBIT) is expected to be EUR 25 million, taking into account the income from the arbitration proceedings with the Federal Republic of Germany.
In the coming months, management will focus on order intake and adjusting costs to the current revenue level. The order backlog of EUR 1.2 billion continues to form a solid basis for growth, although some larger projects will only be reflected in revenue in the medium to long term.
Statement of all Members of the Executive Board.
Pursuant to § 125 subsection 1 Stock Exchange Act 2018.
We confirm to the best of our knowledge that the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the consolidated management report gives a true and fair view of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated interim financial statements and of the principal risks and uncertainties for the remaining six months of the financial year.
Vienna, November 18, 2025
The Executive Board
Georg Kapsch Chief Executive Officer Alfredo Escribá Gallego Executive Board Member Samuel Kapsch Executive Board Member
Condensed Consolidated Interim Financial Information
as of September 30, 2025.*)
Kapsch TrafficCom – Consolidated statement of comprehensive income.
| in EUR k | Note | H1 2024/25 | H1 2025/26 |
|---|---|---|---|
| Revenues | (2) | 274,770 | 200,025 |
| Other operating income | (3) | 8,889 | 36,509 |
| Changes in finished and unfinished goods | -421 | -3,212 | |
| Cost of materials and other production services | -100,882 | -70,872 | |
| Personnel expenses | (4) | -126,260 | -111,799 |
| Other operating expenses | (5) | -50,579 | -41,011 |
| Proportional result of associates and joint ventures | (8) | 1,591 | 7,403 |
| Operating result before amortization, depreciation and impairment (EBITDA) | 7,109 | 17,043 | |
| Amortization and depreciation | -7,823 | -6,678 | |
| Impairment charge and write-up from impairments | 0 | 0 | |
| Operating result (EBIT) | -714 | 10,365 | |
| Finance income | 2,291 | 2,600 | |
| Finance costs | -10,352 | -12,345 | |
| Financial result | -8,061 | -9,745 | |
| Result before income tax | -8,775 | 621 | |
| Income tax | (6) | 2,384 | 1,560 |
| Result for the period | -6,391 | 2,180 | |
| Equity holders of the company | -10,472 | 2,112 | |
| Non-controlling interests | 4,081 | 69 | |
| Earnings per share from the result for the period attributable to the equity holders of the company (in EUR)1) |
-0.73 | 0.15 | |
| Other comprehensive income for the period | |||
| Currency translation differences | 7,951 | 6,519 | |
| Currency translation differences from net investments in foreign operations | -1,926 | -4,824 | |
| Income tax relating to items subsequently to be reclassified to the result for the period | 443 | 1,110 | |
| Total items subsequently to be reclassified to the result for the period | 6,467 | 2,805 | |
| Total items subsequently not to be reclassified to the result for the period | -17 | 0 | |
| Other comprehensive income for the period net of tax | 6,450 | 2,805 | |
| Total comprehensive income for the period | 60 | 4,985 | |
| Equity holders of the company | -691 | 5,366 | |
| Non-controlling interests | 751 | -380 |
1) Earnings per share diluted = undiluted and relating to 14.3 million shares.
*) The condensed consolidated interim financial information has neither been audited nor been reviewed by an auditor.
Kapsch TrafficCom – Consolidated balance sheet.
| in EUR k | Note | March 31, 2025 |
Sept. 30, 2025 |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | (7) | 43,058 | 38,864 |
| Intangible assets | (7) | 27,136 | 27,269 |
| Interests in associates and joint ventures | (8) | 18,677 | 20,266 |
| Other non-current financial assets and investments | (9) | 3,419 | 3,439 |
| Non-current contract assets | 847 | 1,666 | |
| Other non-current assets1) | (9) | 5,707 | 4,771 |
| Deferred tax assets | 53,359 | 55,542 | |
| Non-current assets | 152,203 | 151,817 | |
| Inventories | 49,032 | 36,437 | |
| Trade receivables and other current assets1) | (9) | 120,559 | 135,906 |
| Current contract assets | (9) | 73,037 | 52,627 |
| Current tax receivables | 5,480 | 5,664 | |
| Other current financial assets | (9) | 1,358 | 1,304 |
| Cash and cash equivalents | (9) | 47,806 | 28,762 |
| Assets held for sale | (13) | 4,948 | 6,251 |
| Current assets | 302,219 | 266,952 | |
| TOTAL ASSETS | 454,422 | 418,770 | |
| EQUITY | |||
| Share capital | 14,300 | 14,300 | |
| Capital reserve | 127,686 | 127,686 | |
| Retained earnings and other reserves | -52,941 | -47,576 | |
| Capital and reserves attributable to equity holders of the company | 89,045 | 94,411 | |
| Non-controlling interests | 1,971 | 1,591 | |
| TOTAL EQUITY | 91,016 | 96,001 | |
| LIABILITIES | |||
| Non-current financial liabilities | (9,10) | 96,413 | 84,662 |
| Non-current lease liabilities | (9) | 24,580 | 20,794 |
| Liabilities from post-employment benefits to employees | 21,253 | 20,427 | |
| Non-current provisions | (11) | 1,565 | 2,640 |
| Non-current contract liabilities | 8,745 | 6,582 | |
| Other non-current liabilities | (9) | 255 | 236 |
| Deferred tax liabilities | 1,358 | 1,736 | |
| Non-current liabilities | 154,169 | 137,076 | |
| Current financial liabilities | (9,10) | 21,977 | 29,866 |
| Current lease liabilities | (9) | 7,674 | 7,236 |
| Trade payables | (9) | 58,794 | 40,478 |
| Current contract liabilities | 43,569 | 47,532 | |
| Current provisions | (11) | 20,388 | 11,168 |
| Current tax liabilities | 6,559 | 2,418 | |
| Other liabilities and deferred income | (9) | 46,797 | 43,386 |
| Liabilities held for sale Current liabilities |
(13) | 3,478 209,237 |
3,608 185,692 |
| TOTAL LIABILITIES | 363,406 | 322,768 | |
| TOTAL EQUITY AND LIABILITIES | 454,422 | 418,770 |
1) Non-current and current lease receivables were reclassified and are not shown separately anymore due to immateriality but are included in other non-current assets and trade receivables and other current assets.
Kapsch TrafficCom – Consolidated statement of changes in equity.
| in EUR k | Share capital |
Capital reserve |
Other reserves |
Consoli dated retained earnings |
Attribut able to equity holders of the com pany |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Carrying amount as of March 31, 2024 | 14,300 | 127,686 | -45,926 | -5,939 | 90,121 | -6,698 | 83,423 |
| Result for the period | -10,472 | -10,472 | 4,081 | -6,391 | |||
| Other comprehensive income for the period: |
9,781 | 9,781 | -3,330 | 6,450 | |||
| Currency translation differences | 9,797 | 9,797 | -3,330 | 6,467 | |||
| Remeasurements of liabilities from post-employment benefits |
-17 | -17 | -17 | ||||
| Transactions with the owners: | 6,835 | 6,835 | |||||
| Effects from changes in the scope of consolidation |
6,835 | 6,835 | |||||
| Carrying amount as of September 30, 2024 |
14,300 | 127,686 | -36,146 | -16,411 | 89,429 | 888 | 90,318 |
| Carrying amount as of March 31, 2025 | 14,300 | 127,686 | -47,002 | -5,939 | 89,045 | 1,971 | 91,016 |
| Result for the period | 2,112 | 2,112 | 69 | 2,180 | |||
| Other comprehensive income for the period: |
3,254 | 3,254 | -449 | 2,805 | |||
| Currency translation differences | 3,254 | 3,254 | -449 | 2,805 | |||
| Carrying amount as of September 30, 2025 |
14,300 | 127,686 | -43,748 | -3,828 | 94,411 | 1,591 | 96,001 |
The registered and fully paid in share capital of Kapsch TrafficCom AG amounts to EUR 14,300,000. The total number of ordinary shares issued is 14,300,000. The shares are ordinary bearer shares and have no par value. Each share entitles the holder to one vote. At the reporting date of September 30, 2025 Kapsch TrafficCom AG does not hold any treasury shares.
Kapsch TrafficCom – Consolidated cash flow statement.
| in EUR k | Note | H1 2024/25 | H1 2025/26 |
|---|---|---|---|
| Operating result | -714 | 10,365 | |
| Scheduled depreciation and amortization | 7,823 | 6,638 | |
| Change in obligations for post-employment benefits | -1,211 | -826 | |
| Change in non-current receivables, non-current contract assets and other non-current assets | -1,568 | 84 | |
| Change in non-current trade payables, non-current contract liabilities and other non-current liabilities | |||
| and provisions | 836 | -2,303 | |
| Net payments of income taxes | 47 | -4,570 | |
| Interest received | 510 | 737 | |
| Other (net) | 10,002 | -9,068 | |
| Cash flow from earnings | 15,726 | 1,056 | |
| Change in net working capital: | |||
| Change in trade receivables, current contract assets and other current assets | 1,481 | 2,866 | |
| Change in inventories | 2,421 | 12,609 | |
| Change in trade payables, current contract liabilities and other current payables | -13,794 | -15,284 | |
| Change in current provisions | -4,263 | -7,960 | |
| Change in net working capital | -14,154 | -7,770 | |
| Cash flow from operating activities | 1,572 | -6,714 | |
| Payments for the purchase of property, plant and equipment | (7) | -2,063 | -2,300 |
| Payments for the purchase of intangible assets | (7) | -479 | -1,369 |
| Payments for the purchase of securities, investments and other non-current financial assets | -804 | -308 | |
| Payments for the acquisition of entities (less cash and cash equivalents of these entities) | -4 | 0 | |
| Payments from the disposal of shares and the liquidation of subsidiaries | -451 | 255 | |
| Proceeds from the disposal of property, plant and equipment | 60 | 23 | |
| Proceeds from the disposal of intangible assets | 0 | 3 | |
| Proceeds from the disposal of securities, investments and other non-current financial assets | 971 | 453 | |
| Dividends from companies consolidated at-equity | 2,500 | 5,495 | |
| Cash flow from investing activities | -270 | 2,253 | |
| Free cash flow1) | 1,302 | -4,461 | |
| Increase in current financial liabilities | (10) | 7,437 | 5,819 |
| Decrease in current financial liabilities | (10) | -2,345 | -9,683 |
| Lease payments | -5,623 | -4,127 | |
| Interest paid | -4,999 | -4,719 | |
| Cash flow from financing activities | -5,530 | -12,711 | |
| Cash and cash equivalents at beginning of year | 33,376 | 47,806 | |
| Changes in cash and cash equivalents2) | -4,228 | -17,171 | |
| Exchange gains/losses | 570 | -1,233 | |
| Assets held for sale | 0 | -639 | |
1) Cash flow from operating activities + cash flow from investing activities
2) Free cash flow + cash flow from financing activities
Selected notes to the condensed consolidated interim financial statements.
Outline.
| General information | 22–23 |
|---|---|
| 1 – General information | 22 |
| Consolidated statement of comprehensive income | 23–25 |
| 2 – Segment information 3 – Other operating income 4 – Personnel expenses 5 – Other operating expenses 6 – Income tax |
23 24 24 24 25 |
| Consolidated balance sheet | 25–31 |
| 7 – Property, plant and equipment and intangible assets 8 – Interests in associates and joint ventures 9 – Financial instruments by category 10 – Financial liabilities 11 – Provisions 12 – Contingent liabilities and other commitments 13 – Assets and Liabilities held for sale |
25 26 27 28 29 30 31 |
| Other information 14 – Related party transactions |
31–33 31 |
| 15 – Risk and capital management | 32 |
| 16 – New and amended standards and interpretations | 33 |
| 17 – Significant events occurring after September 30, 2025 | 33 |
1 General information.
Kapsch TrafficCom is a global supplier of superior technologies, solutions, and services in the market for Intelligent Transportation Systems (ITS). These support and optimize traffic and use information and communication technologies for this purpose.
Kapsch TrafficCom Group operates in two segments: Tolling and traffic management.
Tolling.
This segment comprises activities relating to the implementation and the technical and commercial operation of toll collection systems. Projects are generally awarded by public agencies or private concessionaires as part of tender procedures. Toll collection systems may comprise individual traffic lanes or road sections and nation-wide road networks. The manufacture and procurement of components both for the expansion and adaptation of the systems installed by Kapsch TrafficCom and on behalf of third parties complement the portfolio of Kapsch TrafficCom; toll services for business customers and private customers further enhance it.
Traffic management.
This segment primarily comprises activities relating to the implementation and operation of systems and solutions for controlling traffic and mobility behavior as well as the associated components business. The strategic focus is on the areas of traffic optimization, decision intelligence (analysis, simulation and prediction of traffic) and the operation of mobility platforms and services. One basis for this is the use of increasing amounts of data for analysis, simulation and intelligent control of traffic flows and mobility behavior. Although public authorities are the main customers in the traffic management segment, private companies are also involved.
1.1 Group structure and consolidated group.
The parent company (reporting entity) of this Group is Kapsch TrafficCom AG. The company is a joint stock corporation incorporated and domiciled in Vienna, Austria. The address of its registered office is 1120 Vienna, Am Europlatz 2.
Further information on the Group structure and the scope of consolidation can be found in the consolidated financial statements as of March 31, 2025.
1.2 Basis of preparation.
These condensed consolidated interim financial statements for the first half of the financial year ended September 30, 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the IASB, as adopted by the EU, in accordance with IAS 34 Interim Financial Statements, and should only be read in conjunction with the annual consolidated financial statements for the year ended March 31, 2025.
The condensed consolidated interim financial statements have not been audited or reviewed by an auditor.
For ease of presentation, amounts have been rounded off and, unless indicated otherwise, are presented in thousands of Euro (EUR k). However, calculations are made using exact amounts, including the digits not shown, which may lead to rounding differences.
The accounting and valuation principles used in these condensed consolidated interim financial statements for the first half of the financial year ending September 30, 2025 are generally consistent with those applied in the consolidated financial statements as of March 31, 2025 (see note 35). An exemption is the new or amended IFRS and IFRIC disclosed in note 16.
1.3 Material accounting estimates and assumptions.
The preparation of the half-year financial report requires the use of estimates and assumptions regarding future developments. These influence the amount and disclosure of the assets and liabilities recognized on the balance sheet date and the income and expenses recognized during the reporting period. Estimates are made to the best of the Management Board's knowledge. Nevertheless, the actual values may differ from these estimates. All estimates and assessments are reassessed on an ongoing basis and are based on past experience and other factors, including expectations regarding future events that appear reasonable under the given circumstances. The resulting accounting estimates will generally deviate from the actual results.
The estimates and assumptions made by management are in line with those adopted in the consolidated financial statements for the year ended March 31, 2025 (note 1.4) and described therein. These have also been applied to the financial statements for the first half of 2025/26.
2 Segment information.
The segment results by business type, which also correspond to performance obligations pursuant to IFRS 15, are as follows:
| Tolling 189,028 |
Traffic Manage ment |
Total | Tolling | Traffic | |
|---|---|---|---|---|---|
| Manage | Total | ||||
| ment | |||||
| 68,866 | 257,894 | 145,917 | 76,106 | 222,023 | |
| 16,104 | 773 | 16,877 | -952 | -21,045 | -21,998 |
| 205,131 | 69,639 | 274,770 | 144,965 | 55,060 | 200,025 |
| 57,010 | 28,610 | 85,620 | 52,021 | 19,905 | 71,926 |
| 110,286 | 36,612 | 146,899 | 63,879 | 34,899 | 98,777 |
| 37,835 | 4,416 | 42,252 | 29,065 | 257 | 29,322 |
| 5,244 | 3,645 | 8,889 | 34,876 | 1,633 | 36,509 |
| -29 | -391 | -421 | -3,721 | 509 | -3,212 |
| -81,229 | -19,653 | -100,882 | -53,969 | -16,904 | -70,872 |
| -90,958 | -35,302 | -126,260 | -81,260 | -30,539 | -111,799 |
| -30,314 | -20,265 | -50,579 | -28,594 | -12,417 | -41,011 |
| 1,358 | 234 | 1,591 | 7,320 | 83 | 7,403 |
| 9,203 | -2,094 | 7,109 | 19,618 | -2,575 | 17,043 |
| -6,650 | -1,173 | -7,823 | -6,294 | -383 | -6,678 |
| 2,553 | -3,267 | -714 | 13,323 | -2,958 | 10,365 |
| 1.2% | -4.7% | -0.3% | 9.2% | -5.4% | 5.2% |
As in the previous year, no customer contributed more than 10% of revenues in the first half of 2025/26.
3 Other operating income.
| H1 2024/25 | H1 2025/26 | |
|---|---|---|
| Compensation claim from the Federal Republic of Germany | 0 | 23,365 |
| Exchange rate gains from operating activities | 2,678 | 5,319 |
| Lease income from the rent of OBUs | 0 | 4,807 |
| Income from the proportional reimbursement of consulting costs | 2,760 | 0 |
| Income from the deconsolidation of subsidiaries | 1,772 | 0 |
| Sundry operating income | 1,678 | 3,018 |
| Total | 8,889 | 36,509 |
At the end of June 2025, a settlement agreement was reached with the Federal Republic of Germany in connection with the termination of the contract for the automatic monitoring of the infrastructure charge (passenger car toll) in 2019. The resulting income of EUR 23.4 million was recognized under other operating income.
Foreign exchange gains from operating activities in the first half of 2025/26 and the comparative period 2024/25 mainly resulted from fluctuations in the US dollar (USD) against the Euro (EUR).
In addition, rental income of EUR 4,807 k from the leasing of on-board units was recognized under other operating income in the first half of 2025/26.
Sundry operating income includes various recharges and deferrals.
4 Personnel expenses.
Personnel expenses decreased by 11.5% to EUR 111,799 k in the first half of 2025/26, mainly due to the decrease in the number of employees.
As of September 30, 2025, the number of employees was 2,813, which is 7.5% fewer than at year end (March 31, 2025: 3,041).
5 Other operating expenses.
| H1 2024/25 | H1 2025/26 | |
|---|---|---|
| Communication and IT expenses | -7,562 | -9,558 |
| Exchange rate losses from operating activities | -5,895 | -8,576 |
| Legal and consulting fees | -5,561 | -5,150 |
| Travel expenses | -3,733 | -3,201 |
| License and patent expenses | -3,106 | -1,884 |
| Automobile expenses | -1,992 | -1,713 |
| Insurance costs | -1,538 | -1,608 |
| Maintenance | -2,014 | -1,446 |
| Taxes and charges | -2,509 | -1,312 |
| Rental and other building expenses | -1,919 | -1,160 |
| Marketing and advertising expenses | -1,195 | -773 |
| Allowances on trade and other receivables | -25 | -102 |
| Losses from deconsolidation of entities | -8,645 | 0 |
| Sundry operating expenses | -4,883 | -4,529 |
| Total | -50,579 | -41,011 |
Communication and IT expenses increased by EUR 1,996 k compared to the previous year, mainly due to the implementation of a new ERP system in Austria.
Exchange rate losses from operating activities rose by EUR 2,680 k year-on-year, primarily due to fluctuations in the US dollar (USD) against the Euro (EUR). Legal and consulting expenses remained at the prior-year level.
In the previous year, losses from the deconsolidation of entities were recognized, mainly resulting from the sale of TMT Services and Supplies (Pty) Ltd., Cape Town, South Africa, as well as from the liquidation of entities in Russia and Austria.
Sundry operating expenses include various expense items, none of which exceeded EUR 1 million in the current reporting period or in the comparative period of the previous year.
6 Income tax.
Income tax relates to current taxes and to deferred tax assets and liabilities. The effective tax expense is not determined until the end of the financial year. During the financial year, Kapsch TrafficCom uses a theoretical tax rate. This rate is applied to Group earnings before tax adjusted for the already taxed proportional results from associates and joint ventures and before impairment of goodwill. At year-end, the effective tax rate may differ from the (theoretical) tax rate during the year. This may result from differences in taxation in various countries, the recognition or impairment of tax loss carry-forwards, tax allowances and permanent tax differences.
In the first half of 2025/26, a theoretical tax rate of 23% was applied (previous year: 23%). This tax rate is based on a revenue-weighted analysis of the nominal tax rates of the individual countries in which Kapsch TrafficCom operates.
7 Property, plant and equipment and intangible assets.
| H1 2024/25 | H1 2025/26 | |
|---|---|---|
| Carrying amount as of March 31 of financial year | 73,835 | 70,194 |
| Additions | 2,543 | 3,669 |
| Additions of right-of-use assets from leases | 5,466 | 2,392 |
| Disposals | -14 | -7 |
| Disposals of right-of-use assets from leases | -703 | -1,499 |
| Depreciation, amortization and other movements | -2,867 | -2,436 |
| Depreciation on right-of-use assets from leases | -4,684 | -4,201 |
| Currency translation differences | -659 | -1,321 |
| Reclassification to assets held for sale | 0 | -658 |
| Carrying amount as of September 30 of financial year | 72,917 | 66,133 |
Additions in the first half of 2025/26 mainly resulted from the implementation of the new ERP system in Austria and investments related to the expansion of the leased manufacturing facility in Canada.
Additions of right-of-use assets from lease agreements in the first half of 2025/26 primarily related to a new lease for an office building in Melbourne, Australia. In the comparative period of the first half of 2024/25, right-of-use assets mainly concerned a new lease for an office building and a manufacturing facility in Canada, as well as the extension of the office lease in Duluth, USA.
As of September 30, 2025, property, plant and equipment includes right-of-use assets from lease agreements amounting to EUR 28,736 k (September 30, 2024: EUR 36,005 k).
As of September 30, 2025, there were no indications of impairment of the carrying amounts of cash-generating units, including goodwill. It is encouraging that the successful turnaround in the United States was confirmed in the first half of the financial year 2025/26. This business is largely allocated to the cash-generating unit "Tolling-Americas," which currently holds the highest goodwill.
<-- PDF CHUNK SEPARATOR -->
The downward revision of expected revenue for the full year to approximately EUR 450 million due to the generally challenging market environment is not expected to impact the recoverability of goodwill. The Group has defined and already begun implementing measures to adjust the global cost base to the lower revenue level.
For this reason, the current planning is being revised, targeting an EBIT margin of approximately 4%. Following the anticipated market recovery—mostly expected as a timing shift in project awards—the Group expects increasing revenues and significantly higher EBIT margins. Management considers this development to be sustainable.
8 Interests in associates and joint ventures.
Details of associates and joint ventures are shown in the consolidated financial statements as of March 31, 2025.
| H1 2024/25 | H1 2025/26 |
|---|---|
| 3,592 | 18,677 |
| 1,591 | 7,403 |
| 0 | -298 |
| -2,500 | -5,495 |
| -119 | -21 |
| 2,564 | 20,266 |
| 0 | 18,012 |
| 2,564 | 2,253 |
As of September 30, 2025, and March 31, 2025, the shares in associated companies mainly related to Kapsch Telematic Services IOOO, Belarus, and Parat Ltd, Abu Dhabi.
As of September 30, 2025, as well as September 30, 2024, and March 31, 2025, interests in joint ventures mainly related to the joint ventures autoTicket GmbH, Germany, and Copiloto Colombia S.A.S., Colombia.
Proportional results from associates and joint ventures are split in the presentation in the income statement and are individually valued. Results from associates and joint ventures whose activities and strategic directions are part of the core business of Kapsch TrafficCom are reported in the operating result. Results from other associates and joint ventures are reported in the result before income tax.
9 Financial instruments by category.
| Financial instruments by category | March 31, 2025 | Sept. 30, 2025 | |||
|---|---|---|---|---|---|
| Fair Val ue Level |
Carrying amount |
Fair value | Carrying amount |
Fair value | |
| Trade receivables and other current and non-current assets |
126,266 | — | 140,677 | — | |
| At amortized cost1) | 89,784 | — | 90,971 | — | |
| Trade receivables (current and non-current) | Level 3 | 89,784 | — | 90,971 | — |
| At fair value through profit or loss | 0 | — | 0 | — | |
| Derivative financial instruments | Level 2 | 0 | — | 0 | — |
| Other non-financial assets2) | 36,482 | — | 49,706 | — | |
| Contract assets (non-current and current) at amortized cost1) |
Level 3 | 73,884 | — | 54,293 | — |
| Other financial assets and investments (non-current and current) |
4,777 | — | 4,744 | — | |
| At fair value through profit or loss | 2,473 | 2,473 | 2,500 | 2,500 | |
| Securities | Level 1 | 2,411 | 2,411 | 2,444 | 2,444 |
| Investments | Level 3 | 62 | 62 | 56 | 56 |
| Investments (with option to fair value through OCI) |
Level 3 | 0 | — | 0 | — |
| At amortized cost1) | 2,304 | — | 2,244 | — | |
| Other financial assets and loans (non-current) | Level 3 | 946 | — | 939 | — |
| Other financial assets and loans (current) | Level 3 | 1,358 | — | 1,304 | — |
| Cash and cash equivalents at amortized cost1) |
Level 3 | 47,806 | — | 28,762 | — |
| Financial liabilities (non-current and cur rent) at amortized cost |
118,390 | 107,463 | 114,528 | 106,855 | |
| Promissory note bond | Level 2 | 8,494 | 8,358 | 8,494 | 8,468 |
| Project financing | Level 2 | 1,102 | 1,104 | 5,206 | 5,216 |
| Operating loans | Level 2 | 100,440 | 89,643 | 91,777 | 84,119 |
| Other financial liabilities | Level 2 | 8,354 | 8,358 | 9,051 | 9,053 |
| Lease liabilities (non-current and current) at amortized cost |
32,254 | — | 28,030 | — | |
| Lease liabilities (non-current and current)3) | — | 32,254 | — | 28,030 | — |
| Trade payables at amortized cost1) | Level 3 | 58,794 | — | 40,478 | — |
| Other liabilities and deferred income (non-current and current) |
47,052 | — | 43,622 | — | |
| At amortized cost1) | 255 | — | 236 | — | |
| Other financial liabilities | Level 3 | 255 | — | 236 | — |
| At fair value through profit or loss | 319 | 319 | 331 | 331 | |
| Derivative financial instruments | Level 2 | 319 | 319 | 331 | 331 |
| Other non-financial liabilities2) | 46,478 | — | 43,055 | — |
1) No disclosure of fair value, as the carrying value of this item measured at amortized cost is a reasonable approximation in accordance with IFRS 7.29 a).
2) Non-financial receivables and liabilities are only included for reconciliation with the respective balance sheet item.
3) Lease liabilities belong to financial liabilities, but do not underly the disclosure requirements of IFRS 7.
Changes and fair value.
Details on the fair value hierarchies can be found in the consolidated financial statements as of March 31, 2025. No reclassifications between fair value hierarchy levels have been made since then. The introductory table in this note shows the carrying amounts.
As in the previous year, securities as of September 30, 2025 related to government bonds, bank bonds and shares in investment funds.
There were no adjustments in the first half of 2025/26 for investments measured according to Level 3.
The decrease in current contract assets of EUR 19,591 k is mainly attributable to the toll project in the province of Gauteng in South Africa and projects in Switzerland and Argentina. Trade payables decreased by EUR 18,316 k due to vendor payments.
10 Financial liabilities.
| March 31, | Sept. 30, | March 31, | Sept. 30, | |
|---|---|---|---|---|
| 2024 | 2024 | 2025 | 2025 | |
| Non-current financial liabilities | 91,906 | 74,715 | 96,413 | 84,662 |
| Current financial liabilities | 12,751 | 33,497 | 21,977 | 29,866 |
| 104,657 | 108,213 | 118,390 | 114,528 |
Movements in financial liabilities are as follows:
| H1 2024/25 | ||||||
|---|---|---|---|---|---|---|
| Non current |
Current | Total | Non current |
Current | Total | |
| Carrying amount as of March 31 of financial year |
91,906 | 12,751 | 104,657 | 96,413 | 21,977 | 118,390 |
| Reclassification | -16,000 | 16,000 | 0 | -11,749 | 11,749 | 0 |
| Additions | 0 | 7,437 | 7,437 | 0 | 5,819 | 5,819 |
| Repayments | 0 | -2,345 | -2,345 | 0 | -9,683 | -9,683 |
| Currency translation differences and other non-cash movements |
-1,190 | -346 | -1,536 | -3 | 5 | 2 |
| Carrying amount as of Sep tember 30 |
||||||
| of financial year | 74,715 | 33,497 | 108,213 | 84,662 | 29,866 | 114,528 |
Additions and repayments are cash effective. Reclassifications between non-current and current financial liabilities are non-cash movements and relate to reclassifications due to repayment scheduled and remaining maturities.
The gross cash flows (including interest) of financial liabilities are as follows:
| March 31, | Sept. 30, | March 31, | Sept. 30, | |
|---|---|---|---|---|
| 2024 | 2024 | 2025 | 2025 | |
| In the next 6 months | 12,619 | 22,127 | 15,342 | 19,620 |
| In the next 7 to 12 months | 4,770 | 17,458 | 12,871 | 15,864 |
| Total up to 1 year | 17,390 | 39,585 | 28,213 | 35,484 |
| Between 1 and 2 years | 94,582 | 78,075 | 18,760 | 12,715 |
| Between 2 and 3 years | 0 | 0 | 10,032 | 10,211 |
| Between 3 and 4 years | 0 | 0 | 10,173 | 10,080 |
| Between 4 and 5 years | 0 | 0 | 62,274 | 57,995 |
| More than 5 years | 0 | 0 | 0 | 0 |
| Total | 111,971 | 117,661 | 129,452 | 126,486 |
11 Provisions.
| March 31, 2024 |
Sept. 30, 2024 |
March 31, 2025 |
Sept. 30, 2025 |
|
|---|---|---|---|---|
| Non-current provisions | 1,810 | 1,727 | 1,565 | 2,640 |
| Current provisions | 22,447 | 18,184 | 20,388 | 11,168 |
| 24,257 | 19,910 | 21,953 | 13,808 |
| March 31, 2025 |
Addition and accu mulation |
Utilization | Disposal | Reclassi fication to "liabilities held for sale" |
Reclassi fication |
Currency transla tion dif ferences |
Sept. 30, 2025 |
|
|---|---|---|---|---|---|---|---|---|
| Warranties | 209 | 0 | 0 | 0 | 0 | 1,195 | 0 | 1,405 |
| Provision for losses from | ||||||||
| onerous contracts | 105 | 0 | 0 | 0 | 0 | -94 | 0 | 11 |
| Projects (excl. impending losses) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other non-current provisions | 1,250 | 68 | -38 | -26 | 0 | -20 | -11 | 1,224 |
| Non-current provisions | 1,565 | 68 | -38 | -26 | 0 | 1,081 | -11 | 2,640 |
| Warranties | 1,150 | 239 | 0 | 0 | 0 | -1,195 | -14 | 179 |
| Provision for losses from | ||||||||
| onerous contracts | 15,408 | 1,270 | 0 | -8,526 | 0 | 94 | -169 | 8,077 |
| Projects (excl. impending losses) | 2,059 | 295 | -25 | -222 | 0 | 0 | -227 | 1,880 |
| Legal fees, costs of litigation | ||||||||
| and contract risks | 1,062 | 0 | -383 | 0 | 0 | 0 | 0 | 679 |
| Provision for restructuring costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other current provisions | 710 | 237 | -394 | -127 | -64 | 20 | -27 | 353 |
| Current provisions | 20,388 | 2,041 | -803 | -8,875 | -64 | -1,081 | -438 | 11,168 |
| Total | 21,953 | 2,109 | -841 | -8,901 | -64 | 0 | -448 | 13,808 |
Provision for losses from onerous contracts as of September 30, 2025, as well as of March 31, 2025, mainly relates to implementation projects of an American subsidiary that cannot be completed profitably.
| March 31, 2024 |
Addition and accumu- lation |
Utiliza- tion |
Disposal | Reclas- sification |
Currency trans- lation differ- ences |
Sept. 30, 2024 |
|
|---|---|---|---|---|---|---|---|
| Warranties | 323 | 0 | 0 | 0 | -41 | 0 | 281 |
| Projects (excl. impending losses) | 25 | 0 | 0 | 0 | -25 | 0 | 0 |
| Provision for restructuring costs | 6 | 0 | -6 | 0 | 0 | ||
| Other non-current provisions | 1,456 | 40 | 0 | 0 | 45 | -95 | 1,445 |
| Non-current provisions | 1,810 | 40 | 0 | 0 | -28 | -95 | 1,727 |
| Warranties | 1,303 | 0 | 0 | 0 | 41 | -9 | 1,335 |
| Provision for losses from onerous contracts | 17,326 | 291 | -300 | -3,839 | 0 | -148 | 13,330 |
| Projects (excl. impending losses) | 1,541 | 0 | -25 | 0 | 25 | 4 | 1,545 |
| Legal fees, costs of litigation and contract risks | 1,145 | 0 | -276 | 0 | 0 | 0 | 868 |
| Provision for restructuring costs | 2 | 0 | -2 | 0 | 0 | 0 | 0 |
| Other current provisions | 1,131 | 1,199 | -93 | -981 | -39 | -113 | 1,105 |
| Current provisions | 22,447 | 1,491 | -696 | -4,820 | 28 | -267 | 18,184 |
| Total | 24,257 | 1,531 | -696 | -4,820 | 0 | -362 | 19,910 |
12 Contingent liabilities and other commitments.
The Group's contingent liabilities result primarily from major projects. In the case of major projects, operating activities require the issue of extensive bank guarantees as security for bid obligations (bid bonds) or to secure possible warranty claims (performance bonds). These are issued by banks and credit insurance companies. If Kapsch TrafficCom does not fulfill its contractual obligations, there is a risk of a claim being made. This in turn leads to a recourse claim by the bank or insurer against the Group.
The contingent liabilities and other commitments solely comprise obligations owed to third parties and are in line with standard industry practice. They detail as follows:
| March 31, 2025 | Sept. 30, 2025 | |
|---|---|---|
| North America (toll collection systems) | 38,671 | 35,621 |
| Australia (toll collection systems) | 8,378 | 23,204 |
| Total | 47,049 | 58,824 |
Further performance and warranty guarantees from banks or insurance companies, where an outflow of resources is also considered unlikely in the future, amounted to EUR 176,905 k (March 31, 2025: EUR 176,508 k) and are not recognized in the balance sheet or as contingent liabilities.
Assets of Kapsch TrafficCom AB, Sweden, totaling EUR 10,853 k (March 31, 2025: EUR 11,061 k), were pledged as collateral for contingent liabilities in favor of a Swedish bank.
13 Assets and liabilities held for sale.
The assets and liabilities held for sale as of September 30, 2025 and March 31, 2025, are attributable to the subsidiary tolltickets GmbH, Germany. The Group intends to sell 60% and thus the majority of its shares in tolltickets GmbH, Germany.
An overview of the assets and liabilities held for sale can be found in the following table:
| March 31, 2025 | Sept. 30, 2025 | |
|---|---|---|
| Property, plant and equipment | 753 | 1,412 |
| Other non-current financial assets and investments | 38 | 38 |
| Inventory | 15 | 0 |
| Trade receivables and other current assets | 3,877 | 3,898 |
| Cash and cash equivalents | 265 | 904 |
| Assets held for sale | 4,948 | 6,251 |
| Non-current lease liabilities | 87 | 31 |
| Current lease liabilities | 122 | 122 |
| Trade payables | 1,570 | 1,721 |
| Current provisions | 73 | 137 |
| Current tax liabilities | 1 | 1 |
| Other liabilities and deferred income | 1,626 | 1,596 |
| Liabilities held for sale | 3,478 | 3,608 |
14 Related party transactions.
The related entities and persons of Kapsch TrafficCom include, in particular, Kapsch Group companies, including their subsidiaries, joint ventures and associated companies, their executive bodies (Executive Board and Supervisory Board, if present) and close affiliates of the bodies and companies over which they have control or significant influence.
The direct parent company of the reporting entity is KAPSCH-Group Beteiligungs GmbH, Vienna. This company is a 100% subsidiary of DATAX HandelsgmbH, Vienna, which is the controlling entity of Kapsch TrafficCom AG and the ultimate parent of Kapsch Group. Subsidiaries of Kapsch Group are referred to as affiliated companies if they are not part of the Kapsch TrafficCom Group.
The following tables provide an overview of revenues and expenses as well as receivables and liabilities for related parties.
| H1 2024/25 | H1 2025/26 | |
|---|---|---|
| Parent company | ||
| Revenues | 35 | 38 |
| Expenses | -50 | -25 |
| Affiliated companies | ||
| Revenues | 103 | 12 |
| Expenses | -1,537 | -1,636 |
| Joint ventures | ||
| Revenues | 1,547 | 5,545 |
| Other related parties | ||
| Expenses | -100 | 0 |
| March 31, 2025 | Sept. 30, 2025 | |
| Parent company | ||
| Trade receivables and other assets | 234 | 234 |
| Trade payables and other liabilities | -3,788 | -1,618 |
| Affiliated companies | ||
| Trade receivables and other non-current and current assets | 770 | 784 |
| Trade payables and other liabilities | -6,243 | -3,538 |
| Associated companies | ||
| Trade receivables and other non-current and current assets | 51 | 51 |
| Joint ventures | ||
| Trade receivables and other non-current and current assets | 182 | 4,880 |
| Other related parties | ||
| Trade receivables and other non-current and current assets | 1 | 1 |
| Trade payables and other payables including pension benefits | -9,182 | -8,734 |
Liabilities from trade payables and other liabilities to affiliated companies mainly related to trade payables owed to Kapsch Aktiengesellschaft.
A comprehensive presentation of the relationships with related parties is shown in note 32 of the consolidated financial statements as of March 31, 2025.
15 Risk and capital management.
The financial risks to which Kapsch TrafficCom is exposed are described in the consolidated financial statements as of March 31, 2025 (note 33) as well as the management report of the first half of 2025/26.
16 New and amended standards and interpretations.
| New/amended IFRS | Published by the IASB and adopted by the EU |
Applicable to financial years beginning on or after |
Material impact on Group's consolidated financial statement |
|
|---|---|---|---|---|
| Amendments to IAS 21 The Effects of | ||||
| Changes in Foreign Exchange Rates: | ||||
| IAS 21 | Lack of Exchangeability | November 2024 | January 1, 2025 | None |
The application of the new/amended standards has not had any impact on the condensed consolidated interim statements.
17 Significant events occurring after September 30, 2025.
No significant events have occurred after September 30, 2025, that need to be reported.
Vienna, November 18, 2025
The Executive Board
Georg Kapsch Chief Executive Officer Alfredo Escribá Gallego Executive Board Member Samuel Kapsch Executive Board Member
Financial calendar.
| February 27, 2026 | Results Q1–Q3 2025/26 |
|---|---|
| June 17, 2026 | Results FY 2025/26 |
| August 26, 2026 | Results Q1 2026/27 |
| August 30, 2026 | Record date: Annual General Meeting |
| September 9, 2026 | Annual General Meeting |
| November 25, 2026 | Results H1 2026/27 |
| February 24, 2027 | Results Q1–Q3 2026/27 |
Contact for investors.
| Investor Relations team | Marcus Handl, Teresa Hartlieb |
|---|---|
| Shareholders' telephone line | +43 50 811 1122 |
| [email protected] | |
| Website | www.kapsch.net |
Disclaimer.
Certain statements in this report are forward-looking statements. They contain the words "believe", "intend", "expect", "plan", "assume", and terms of a similar meaning. Forward-looking statements reflect the beliefs and expectations of the Company. Actual events may deviate significantly from the expected developments, due to a range of factors. As a result, readers are cautioned not to place undue reliance on such forward-looking statements. Kapsch Traffic-Com is under no obligation to update forward-looking statements made herein, unless required by applicable law.
This report was created with care and all data has been checked conscientiously. Nevertheless, the possibility of layout and printing errors cannot be excluded. Differences in calculations may arise due to the rounding of individual items and percentages. The English translation is for convenience; only the German version is authentic.
When referring to people, the authors strive to use both the male and female forms as far as possible (for example: he or she). For readability reasons, occasionally only the masculine form is used. However, it always refers to people of all gender categories.
This report does not constitute a recommendation or invitation to purchase or sell securities of Kapsch TrafficCom.
Imprint.
Media owner and publisher: Kapsch TrafficCom AG
Place of publishing: Vienna, Austria Editorial deadline: November 18, 2025
Kapsch TrafficCom
Kapsch TrafficCom is a globally renowned provider of transportation solutions for sustainable mobility with successful projects in more than 50 countries. Innovative solutions in the areas of tolling and traffic management contribute to a healthier world without congestion.
With one-stop-shop solutions, the Company covers the entire value chain of customers, from components to design and implementation to the operation of systems.
Kapsch TrafficCom, headquartered in Vienna, has subsidiaries and branches in more than 25 countries and is listed in the Prime Market segment of the Vienna Stock Exchange (ticker symbol: KTCG). In its 2024/25 financial year, over 3,000 employees generated revenues of EUR 530 million.
www.kapsch.net