Interim report
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HALF-YEAR REPORT 1 JANUARY – 30 JUNE 2026
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2 HALF-YEAR REPORT 2026 Performance KEY FIGURES JAN-JUN 2026 JAN-JUN 2025 CHANGE € THOU. € THOU. € THOU. Revenue 72,072 63,968 + 8,104 Gross profit 59,171 51,574 + 7,597 Personnel expenses 44,417 40,273 + 4,144 EBIT 3,304 1,011 + 2,293 Free cash flow 19,496 5,999 + 13,497 Consolidated net result 2,431 725 + 1,706 HIGHLIGHTS IVU‘s business performance showed positive earnings momentum in the first half of 2026 Earnings outlook for the 2026 financial year raised Reporting dates brought forward and capital market communications intensified from Q3 2026 onwards SEASONALITY OF BUSINESS OPERATIONS IVU’s operating business is subject to seasonal fluctu- ations over the course of the year. Invoices for mainte- nance and hosting services are issued predominantly in the first quarter, whereas higher project billings are generally recognised in the fourth quarter. The grow- ing proportion of recurring revenue helps to cushion these fluctuations and stabilise revenue development over the course of the year. However, it does not elimi- nate the seasonal effects completely, and these may continue to affect the performance of individual quar- ters. FINANCIAL PERFORMANCE IVU is successfully continuing its profitable growth tra- jectory in the 2026 financial year. Revenue increased by 12.7% year-on-year to €72,072 thousand (H1 2025: €63,968 thousand). The main driver is growth in recur- ring revenue, particularly from hosting and mainte- nance contracts. Revenue generated from these sources increased by 14.6%. Recurring revenue ac- counted for 53.0% of total revenue as at 30 June 2026. Due to the seasonal nature of IVU’s business, this pro- portion may fluctuate over the course of the year. At the half-year mark, the dynamic growth is continuing to become more consistent. In addition to recurring revenue, growth in revenue from deliveries also con- tributed to the increase in revenue. This was up 112.6% compared with the same period of the previous year, partly reflecting billed project services. At the same time, cost of materials increased by only 3.7%. As a result, gross profit increased by 14.7% to €59,171 thousand (H1 2025: €51,574 thousand). Personnel expenses increased by 10.3% to €44,417 thousand (H1 2025: €40,273 thousand). This development is largely attributable to the effects al- ready explained in the first quarterly report. Key driv- ers are provisions for special payments on the occa- sion of the company’s anniversary: just as we pro- posed a special dividend for our shareholders to mark IVU’s 25 th anniversary on the stock market in 2025, we would like our employees to participate in IVU’s 50th birthday in 2026. Personnel expenses also increased as a result of billing overtime to handle the order backlog and scheduled salary increases. Compared with the first quarter of 2026, when personnel ex- penses were still up by 13.3%, the growth rate has now
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HALF-YEAR REPORT 2026 3 Performance declined and normalised following the one-off effects in the first quarter. The number of full-time equiva- lents (FTEs) was 1.1% above the previous-year period. Headcount growth is being deliberately slowed: we are taking a significantly more restrictive and deliberately selective approach to filling replacement and new po- sitions, as targeted process optimisation is increas- ingly freeing up capacity and some activities can al- ready be, or will in future be, partially taken over through the use of artificial intelligence. Productivity per employee is developing positively: gross profit per FTE increased from €59 thousand to €67 thousand compared with the previous-year period, an increase of 13.6%. Alongside revenue growth, this development also reflects the increasing impact of the efficiency measures implemented. Other expenses at €9,116 thousand (H1 2025: €7,896 thousand) were 15.5% above the previous-year period. The increase is mainly attributable to higher IT costs, reflecting several strategic investment priori- ties. A key cost driver is the expansion of the cloud in- frastructure, both for IVU’s own operations and for the increasing provision of hosting services to our custom- ers. In addition, higher licence expenses for modern software platforms, particularly in the field of artificial intelligence, have an impact. As digital infrastructure becomes increasingly important, invest-ment in cyber- security was also increased further. Earnings before interest and taxes (EBIT) developed very positively and rose significantly to €3,304 thou- sand (H1 2025: €1,011 thousand) in the first half of 2026 as a result of the interaction of the effects de- scribed above, in particular the increases in revenue and gross profit, the growing impact of the efficiency measures implemented and economies of scale in other operating expense items. The positive operating performance in the first half of 2026 is also reflected in IVU’s balance sheet metrics as at 30 June 2026. The equity ratio was 46.5% as at 30 June 2026 following the payment of the dividend, in- cluding the special dividend, and the resumption of the share buy-back programme (30 June 2025: 49.6%). With cash and cash equivalents of €50,096 thousand, plus notice deposits of €25,000 thousand and financial liabilities of €1,925 thousand, IVU has a high level of li- quidity at the end of the first half of 2026, also taking into account the decline in lease liabilities and provi- sions for pensions compared with the corresponding previous-year period. This gives IVU a high degree of financial flexibility and, above all, the ability to act. IVU’s cash flow from operating activities of €19,481 thousand (H1 2025: €6,211 thousand) is sig- nificantly above the previous-year period. This positive development reflects both improved operating profita- bility, with earnings before taxes (EBT) of €3,490 thou- sand (H1 2025: €1,050 thousand), and a structural change in working capital. The main factors are a sig- nificant increase in project-related advance payments and the cash utilisation in the previous year of a €2.7 million provision for a completed international project. IVU’s asset-light model entails limited investment re- quirements. Cash flow from investing activities therefore amounted to €15 thousand in the first half of the year (H1 2025: €-212 thousand). As a result, free cash flow increased significantly to €19,496 thousand in the reporting period (H1 2025: €5,999 thousand). Cash flow from financing activities includes the ac- quisition of own shares totalling €2,700 thousand and the payment of the dividend for the 2025 financial year. The significantly higher dividend payment (an ordinary dividend of €0.30 per share plus a special dividend of €0.25 per share) reduced cash flow from financing ac- tivities by €9,545 thousand in the first half of the year (H1 2025: €4,859 thousand). The resulting cash out- flow from financing activities therefore amounted to €13,498 thousand in the first half of 2026 (H1 2025: €6,462 thousand). Despite these effects, cash and cash equivalents increased by €6,030 thousand to €50,096 thousand as at 30 June 2026 compared with the end of the 2025 financial year, owing to strong cash flow from operating activities. IVU’s solutions continue to be in high demand. The current order backlog for the 2026 financial year of
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4 HALF-YEAR REPORT 2026 Performance more than €160 million fully covers the planned an- nual revenue, so our focus is now on completing the projects on schedule.2026 OUTLOOK IVU is well positioned in terms of its personnel, tech- nology and finances: high liquidity, a strong order backlog and growing recurring revenue. In addition, efficiency-enhancing measures, particularly the in- creasing use of artificial intelligence and the continu- ous optimisation of internal processes, are contrib- uting to positive productivity trends. The resulting effi- ciency gains create additional capacity to manage fur- ther growth and support earnings development. For the current financial year 2026, we continue to ex- pect a consolidated revenue of more than €160 million (actual 2025: €149.7 million) and gross profit of around €130 million (actual 2025: €121.5 million). In light of the recent earnings momentum and assuming no fur- ther worsening of the geopolitical situation, the Execu- tive Board has decided to raise its outlook for earnings before interest and taxes (EBIT) from previously around €20 million to around €22 million (actual 2025: €18.6 million). This information was communicated to the capital market by way of an ad hoc announcement on 20 July 2026. From the third quarter of 2026 onwards, the significant streamlining of fast-close processes will allow the previously planned reporting dates to be brought for- ward by around two weeks. IVU Traffic Technologies AG will therefore publish its results for the first nine months of 2026 as early as 5 November 2026. Also from the third quarter of 2026 onwards, the com- pany will routinely hold analyst conference calls dur- ing the year, giving investors and analysts the oppor- tunity to discuss earnings performance with the Exec- utive Board in English. Further in-person and digital communication formats are also planned.
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HALF-YEAR REPORT 2026 5 Performance PERSONNEL Personnel capacity was 887 FTE, at the level of the previous year. 2026 2025 CHANGE Number of employees as at 30 June 1,092 1,076 +1% Average full-time equivalents (FTE)1 1 January - 30 June 887 877 +1% 1 Personnel capacity refers to the calculated number of full-time equivalents (FTEs). IVU continues to attract high-calibre talent while maintaining a low staff turnover rate. With more than 1,000 employees, IVU has a strong personnel base for its continued growth trajectory, while deliberately aligning headcount growth with a sustainable level. As a software company, IVU depends on qualified and committed employees. In recent years, IVU has suc- ceeded in attracting new employees without compro- mising its qualitative requirements for applicants. At- tracting and retaining qualified specialists remains of central importance to IVU. To safeguard its competitiveness and innovative strength over the long term, IVU creates attractive working conditions and promotes an appreciative, transparent and collaborative corporate culture. It places particular emphasis on continuously improving working conditions and promoting employee satisfac- tion. An open and inclusive corporate culture is inten- ded to help integrate different perspectives and further strengthen IVU’s appeal as an employer. SHARE BUY-BACK IVU conducted a share buy-back programme from 13 February 2026 to 27 March 2026 and has been im- plementing a further share buy-back programme since 10 June 2026. Under the two programmes, a to- tal of 134,975 own shares were acquired by 30 June 2026 at a total purchase price of €2,677 thousand. This corresponds to 0.76% of the share capital of IVU Traf- fic Technologies AG. The programmes were based on the authorisation granted by the Annual General Meeting on 29 May 2024 to acquire shares in the company for all purposes permitted under section 71(1) no. 8 of the German Stock Corporation Act (AktG) until 28 May 2029. This also includes the use of the shares to service Execu- tive Board remuneration and employee participation programmes. The shares were acquired by a credit institution com- missioned by the company exclusively via the stock ex- change (XETRA trading). Detailed information is availa- ble on the company´s website at https://www.ivu.com/investors/share. OPPORTUNITIES AND RISKS The opportunities and risks are those described on pages 77 to 82 of the 2025 annual report and have not changed materially.
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6 HALF-YEAR REPORT 2026 Important projects FGC PLANS REGIONAL RAIL TRANSPORT IN CATALONIA WITH IVU.RAIL Ferrocarrils de la Generalitat de Catalunya (FGC) is introducing the integrated software solution IVU.rail for the scheduling and management of its regional rail transport. FGC is one of Spain’s most prominent regional railway companies and operates an electrified railway network around Barcelona spanning 189 kilometres with 81 stations. The rail company uses IVU.rail as Software as a Service, all data is consolidated in the IVU.cloud. IVU handles the technical operations management, whilst employees can access applications and data from any location. FGC is transitioning its planning process to a more dynamic overall system, thereby laying the groundwork for more efficient workflows and optimised scheduling. FGC is a strategically important reference project for IVU: it strengthens our position in the Spanish rail market, confirms the capabilities and scalability of IVU.rail, and supports the further expansion of our cloud-based SaaS business. FGC is now the third Spanish railway operator to choose IVU.rail, which underlines our growing international market presence and opens up potential for further customers in Spain and comparable markets. SBB PASSENGER TRANSPORT TRANSFERS THE TECHNICAL OPE- RATION OF IVU.RAIL TO IVU.CLOUD Going forward, Swiss Federal Railways (SBB) Passen- ger Transport will rely on IVU.cloud to run the inte- grated software solution IVU.rail. Switzerland’s largest railway company, with around 35,000 employees and 11,569 trains operating every day is regarded world- wide as a role model for quality and punctuality. More than two years ago, the passenger transport division opted for IVU. as part of the “Integrated Passenger Transport Production Planning (IPP)” program, with a focus on integrated planning and dispatching of vehi- cles and personnel. SBB is now transferring the tech- nical operation of the entire software solution to the IVU.cloud. One of Europe’s leading railway operators has therefore decided to have IVU manage the opera- tion of its central planning and scheduling solution as a cloud service. IVU.cloud connects hosting with the ongoing technical operation of the software, laying the groundwork for a standardised, secure and scalable service. This reduces the technical complexity, in- creases availability and strengthens data security. SBB’s decision to use IVU.cloud confirms our strategic focus on a holistic service that goes far beyond pure software products. IVU sees significant potential in this area for the coming years.
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HALF-YEAR REPORT 2026 7 Important projects IVU, HEAG MOBILO AND RMV LAUNCH PILOT PROJECT FOR DIGITAL TICKETING SYSTEM In cooperation with IVU and with the support of Rhein- Main-Verkehrsverbundes (RMV), HEAG mobilo from Darmstadt is launching a one-year pilot project for ID-based ticketing on the Airliner between Darmstadt and Frankfurt airport. When boarding, passengers hold their bank cards, smartphones or smart watches against the IVU.validator, which acts as a check-in- terminal supporting passenger-operated ticket sales. The purchased ticket is stored in the background sys- tem and can be retrieved for inspection. This allows passengers to check in simply — no fare knowledge or prior app registration required. It shortens boarding times, takes the load off drivers, and makes this pro- ject a groundbreaking step for the future of ticketing. The project highlights the next step for IVU in its jour- ney from an innovative product to a scalable ticketing solution on the market. The pilot with HEAG mobilo demonstrates the IVU.validator’s practical viability under real-world conditions. At the same time, the support provided by the RMV opens up perspectives for expansion to other transport companies within the network. In doing so, IVU is establishing a strong reference for the roll-out of ID-based ticketing and adding strength to its growth potential in digital ticketing. WVG GROUP CHOOSES IVU.SUITE DEPOT AND CHARGING MANAGEMENT The Westfälische Verkehrsgesellschaft mbH (WVG Group) expands their cooperation with IVU. Since 2014, WVG has been using IVU.suite for its network and timetable planning, passenger information, vehicle working scheduling, and the operational control of day-to-day activities. Now the WVG is expanding the system with functions for managing vehicles and de- pots, and intelligent charging of electric buses. In do- ing so, they intend to standardise their processes across multiple depots, operationally and energetically optimise charging processes within the group’s sys- tems, and efficiently plan the ongoing electrification of their bus fleet. The project starts with a pilot depot, followed by five depots and six opportunity charge sys- tems at central meeting points. With the expansion of IVU.suite within the WVG group, a major existing cus- tomer is becoming a fully integrated reference cus- tomer for electrified bus operations. The seamless connection of planning, scheduling, vehicle and depot management, as well as smart charging, confirms IVU’s strategic orientation toward integrated solutions. The multi-stage roll-out across several depots under- lines the scalability of the approach and creates a strong, representative reference for further market penetration in depot and charging management.
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8 HALF-YEAR REPORT 2026 Balance sheet CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2026 30 JUN 2026 31 DEC 2025 ASSETS € THOU. € THOU. A. Current assets 1. Cash and cash equivalents 50,096 44,066 2. Other financial assets 26,065 25,902 3. Trade receivables 21,794 31,156 4. Contract assets 27,929 18,269 5. Inventories 4,779 4,714 6. Income tax assets 3,236 735 7. Other current assets 6,908 6,495 Total current assets 140,807 131,337 B. Non-current assets 1. Property, plant and equipment 1,833 1,973 2. Intangible assets 5,046 5,736 3. Goodwill 19,163 19,163 4. At-equity investments 405 333 5. Right-of-use assets 17,228 18,132 6. Deferred taxes 2,526 2,352 Total non-current assets 46,201 47,689 TOTAL ASSETS 187,008 179,026
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HALF-YEAR REPORT 2026 9 Balance sheet 30 JUN 2026 31 DEC 2025 EQUITY AND LIABILITIES € THOU. € THOU. A. Current liabilities 1. Current trade accounts payable 2,202 4,303 2. Contract liabilities 44,020 23,796 3. Current lease liabilities 1,840 1,828 4. Provisions 2,908 2,409 5. Income tax liabilities 9,256 9,288 6. Financial liabilities 1,925 1,335 7. Other non-financial liabilities 16,348 19,732 Total current liabilities 78,499 62,691 B. Non-current liabilities 1. Lease liabilities 16,858 17,694 2. Deferred taxes 1,005 43 3. Provisions for pensions 2,645 2,691 4. Provisions 1,047 1,047 Total non-current liabilities 21,555 21,475 C. Equity 1. Subscribed capital 17,719 17,719 2. Capital reserve 1,966 1,588 3. Retained earnings 73,667 80,781 4. Other reserve 330 298 5. Own shares -6,728 -5,526 Total equity 86,954 94,860 TOTAL EQUITY AND LIABILITIES 187,008 179,026
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10 HALF-YEAR REPORT 2026 Income CONSOLIDATED INCOME STATEMENT 1 JANUARY TO 30 JUNE 2026 Q2-2026 Q2-2025 JAN-JUN 2026 JAN-JUN 2025 € THOU. € THOU. € THOU. € THOU. Revenue 37,179 33,159 72,072 63,968 Other income 176 292 319 353 Cost of materials -7,192 -6,606 -13,220 -12,747 Gross profit 30,163 26,845 59,171 51,574 Personnel expenses -22,390 -20,827 -44,417 -40,273 Depreciation and amortisation on non-current assets -1,147 -1,197 -2,334 -2,394 Other expenses -4,859 -3,997 -9,116 -7,896 Earnings before interest and taxes (EBIT) 1,767 824 3,304 1,011 Financial income 277 182 514 442 Financial expenses -200 -212 -400 -435 Result from investments accounted for using the equity method 72 32 72 32 Earnings before taxes (EBT) 1,916 826 3,490 1,050 Income taxes -571 -255 -1,059 -325 CONSOLIDATED NET RESULT 1,345 571 2,431 725 Number of potentially diluted ordinary shares (in thousands) 17,373 17,355 Earnings per share (diluted) €0.14 €0.04 Weighted average shares outstanding (in thousands) 17,330 17,312 Earnings per share (basic) €0.14 €0.04 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1 JANUARY TO 30 JUNE 2026 JAN-JUN 2026 JAN-JUN 2025 € THOU. € THOU. Consolidated net result 2,431 725 Currency translation 32 -3 Other comprehensive income to be reclassified to the consolidated income statement in subse- quent periods 32 -3 Other comprehensive income after taxes 32 -3 CONSOLIDATED COMPREHENSIVE INCOME AFTER TAXES 2,463 722
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HALF-YEAR REPORT 2026 11 Equity CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 JANUARY TO 30 JUNE 2026 SUBSCRIBED CAPITAL CAPITAL RESERVE RETAINED EARNINGS OTHER RESERVES FOREIGN CURRENCY ADJUST- MENT ITEM OWN SHARE AT ACQUISI- TION COST TOTAL € THOU. € THOU. € THOU. € THOU. € THOU. € THOU. € THOU. As at 1 January 2025 17,719 1,100 72,358 -95 229 -6,480 84,831 Consolidated net result 1 Jan - 30 Jun 2025 0 0 725 0 0 0 725 Other comprehensive in- come after taxes 0 0 0 0 -3 0 -3 Consolidated comprehen- sive income after taxes 0 0 725 0 -3 0 722 Allocation to reserves 0 16 -16 0 0 0 0 Acquisition of own shares 0 0 0 0 0 -422 -422 Use of own shares 0 268 0 0 0 1,328 1,596 Transaction costs 0 0 0 0 0 -4 -4 Share-based Executive Board remuneration 0 44 0 0 0 0 44 Dividend distribution (€0.28 per share) 0 0 -4,859 0 0 0 -4,859 AS AT 30 JUNE 2025 17,719 1,428 68,208 -95 226 -5,578 81,908 As at 1 January 2026 17,719 1,588 80,781 69 229 -5,526 94,860 Consolidated net result 1 Jan - 30 Jun 2026 0 0 2,431 0 0 0 2,431 Other comprehensive in- come after taxes 0 0 0 0 32 0 32 Consolidated comprehen- sive income after taxes 0 0 2,431 0 32 0 2,463 Acquisition of own shares 0 0 0 0 0 -2,677 -2,677 Use of own shares 0 232 0 0 0 1,498 1,730 Transaction costs 0 0 0 0 0 -23 -23 Share-based Executive Board remuneration 0 146 0 0 0 0 146 Dividend distribution (€0.55 per share) 0 0 -9,545 0 0 0 -9,545 AS AT 30 JUNE 2026 17,719 1,966 73,667 69 261 -6,728 86,954
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12 HALF-YEAR REPORT 2026 Cash flows CONSOLIDATED STATEMENT OF CASH FLOWS 1 JANUARY TO 30 JUNE 2026 JAN-JUN 2026 JAN-JUN 2025 € THOU. € THOU. 1. Operating activities Earnings before taxes 3,490 1,050 Depreciation and amortisation on non-current assets 2,334 2,394 Change in provisions 453 -2,786 Net interest income -114 -7 Equity-settled share-based payment 1,877 1,640 Share of result from investments accounted for using the equity method -72 -32 Change in current assets and liabilities Inventories -65 -51 Receivables and other assets -874 -600 Liabilities (excluding provisions) 15,328 7,147 Interest paid -72 -76 Income taxes paid -2,804 -2,468 Cash flow from operating activities 19,481 6,211 2. Investing activities Payments made for investments in non-current assets -499 -654 Interest received 514 442 Cash flow from investing activities 15 -212 3. Financing activities Acquisition of own shares (incl. transaction costs) -2,700 -426 Payments for the repayment of lease liabilities -1,253 -1,177 Payment of dividends -9,545 -4,859 Cash flow from financing activities -13,498 -6,462 4. Cash and cash equivalents Cash and cash equivalents at the beginning of the period 44,066 21,089 Net change in cash and cash equivalents 5,998 -463 Change in cash and cash equivalents from currency translation 32 0 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 50,096 20,626
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HALF-YEAR REPORT 2026 13 Remarks ACCOUNTING AND VALUATION METHODS The accounting and valuation methods applied for the half-year report as of 30 June 2026 correspond to those applied in preparing the consolidated financial statements for the 2025 financial year. DECLARATION PURSUANT TO PARA.115 (5) SENTENCE 6 WPHG This half-year report was not subjected to an auditor’s review. TRANSACTIONS WITH RELATED PARTIES AND COMPANIES Martin Müller-Elschner, Chairman of the Executive Board, received 7,158 IVU shares as part of variable Executive Board remuneration in the reporting period and holds 291,498 IVU shares as at 30 June 2026. Leon Struijk, member of the Executive Board, received 6,567 IVU shares as part of variable Executive Board remuneration in the reporting period and holds 86,567 IVU shares as at 30 June 2026. CHANGE ON THE SUPERVISORY BOARD The Annual General Meeting held on 28 May 2026 elected Dr Jasmin Kaiser as a new member of the Su- pervisory Board. She succeeds Dr Heiner Bente, who resigned from office prematurely for personal reasons after many years of service. RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES We affirm to the best of our knowledge that, in accord- ance with the accounting principles, the half-year re- port conveys a true and fair view of IVU’s assets, finan- cial position and results of operations. The business performance, including the result of operations, and the position of IVU are presented in such a way as to convey a true and fair view, and the material opportu- nities and risks relating to IVU’s expected development are described. Berlin, 27 August 2026 THE EXECUTIVE BOARD Martin Müller-Elschner Petra Meiser Leon Struijk
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14 HALF-YEAR REPORT 2026 Financial calendar FINANCIAL CALENDAR THURSDAY, 27 AUGUST 2026 Half-year report as at 30 June THURSDAY, 5 NOVEMBER 2026 Quarterly report as at 30 September Earnings call MONDAY - WEDNESDAY, 23-25 NOVEMBER 2026 Analysts´meeting – Deutsches Eigenkapitalforum IMPRINT Publisher IVU Traffic Technologies AG The report can be downloaded as a PDF file at www.ivu.com. Contact Investor Relations T + 49.30.859 06 -0 ir@ivu.com Editorial IVU Corporate Communications Picture credits p. 6 (left): FGC p. 6 (right): SBB CFF FFS (Urs Platter) p. 7 (left): HEAG mobilo GmbH p. 7 (right): RVM
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HALF-YEAR REPORT 2026 15 _20_Kapitel_head IVU Traffic Technologies AG Bundesallee 88 12161 Berlin Germany T +49.30.859 06 -0 contact@ivu.com www.ivu.com