Interim report
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QUARTERLY REPORT THIRD QUARTER 2026
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2 QUARTERLY REPORT Q3-2026 Performance HIGHLIGHTS • Earnings for the first nine months are significantly above the prior-year period. • The increase is based on IVU's strong business performance, particularly in recurring revenue. The latter in particular leads to a more even distribution of revenue over the course of the year. • IVU's consistent focus on efficiency improvements since the first quarter is strengthening its profitability and solid financial position. • These improvements also took effect in the third quarter and, cumulatively, led to the increase in earnings in the first nine months. • The outlook for financial year 2026 is confirmed. KEY FIGURES JAN-SEP 2026 JAN-SEP 2025 CHANGE € THOU. € THOU. € THOU. Revenue 111,523 101,713 + 9,810 Gross profit 91,866 83,149 + 8,717 Personnel expenses 64,748 60,404 + 4,344 EBIT 10,222 6,533 + 3,689 Consolidated net result 7,236 4,482 + 2,754 Free cash flow 21,336 16,529 + 4,807 SEASONALITY OF BUSINESS OPERATIONS IVU's operating business is subject to seasonal fluctu- ations over the year. Maintenance and hosting invoices are issued mainly in the first quarter, while higher project billings typically arise in the fourth quarter. The growing share of recurring revenue helps to cush- ion these fluctuations and to stabilise revenue devel- opment over the year. Profitability improvements and active working capital management also have a posi- tive effect on the first nine months. However, seasonal effects cannot be fully eliminated and may continue to affect the development of individual quarters. FINANCIAL PERFORMANCE IVU continues its profitable growth course in financial year 2026, including in Q3. Revenue in the first nine months rose by 9.6% to €111,523 thousand (9M 2025: €101,713 thousand) compared with the prior-year pe- riod. The main driver is growth in planned recurring revenue, particularly from hosting and maintenance contracts. Revenue from these contracts increased by 13.4% compared with the prior-year period. As at 30 Septem- ber 2026, recurring revenue accounted for 51.8% of to- tal revenue. Owing to IVU's seasonal business pattern, this share may fluctuate until year-end. In Q3, the dy- namic growth continued to stabilise. In addition to re- curring revenue, the increase in revenue from deliver- ies has also contributed to revenue growth. This in- creased by 54.3% compared with the prior-year period, partly due to billed project services. Meanwhile, cost of materials rose by only 2.4% over the same period. As a result, gross profit increased by 10.5% to €91,866 thousand (9M 2025: €83,149 thousand). Personnel expenses are 7.2% higher than in the prior- year period (€64,748 thousand; 9M 2025: €60,404 thousand). This development is essentially in line with the effects already explained in the quarterly
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QUARTERLY REPORT Q3-2026 3 Performance report for the first quarter. The main drivers are the provisions described for special payments in connec- tion with the company's anniversary, as well as planned salary increases. These are offset by a decline in overtime and vacation. Compared with the first half of 2026, when personnel expenses had still risen by 10.3%, the growth rate has declined and has normal- ised following the special effects, particularly in the first quarter. The number of full-time equivalents (FTE) is only 1.6% above the prior-year period. Head- count growth is being deliberately slowed: for replace- ments or new hires, we continue to take a considera- bly more restrictive and selective approach, as tar- geted process optimisation is increasingly releasing capacity and individual activities can in future – and in some cases already today, through the use of artificial intelligence – be taken over. Productivity per employee is developing positively: gross profit per FTE rose from €95 thousand to €103 thousand compared with the prior-year period, an increase of 8.4%. This develop- ment reflects, alongside revenue growth, the increas- ing impact of the efficiency measures implemented. Other expenses amount to €13,454 thousand (9M 2025: €12,940 thousand), 4.0% above the prior-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 cloud infra- structure, both for IVU's own operations and for the growing provision of hosting services to our custom- ers. In addition, higher licence costs for modern soft- ware platforms, particularly in the area of artificial in- telligence, have added to expenses. Given the growing importance of digital infrastructure, investment in cyber security has also been increased further. Earnings before interest and taxes (EBIT) developed very favourably and rose significantly to €10,222 thou- sand in the first nine months of 2026 (9M 2025: €6,533 thousand). This reflects the interplay of the ef- fects mentioned above – in particular the increases in revenue and gross profit, the growing impact of the ef- ficiency measures implemented, and economies of scale in the other operating cost items. The positive operating performance in the first nine months of 2026 is also reflected in IVU's balance sheet ratios as at 30 September 2026. The equity ratio as at 30 September 2026, after payment of the ordinary and special dividends and after the completion of two share buy-back programmes, was 48.5% (30 Septem- ber 2025: 49.6%). With cash and cash equivalents of €48,554 thousand, plus notice deposits of €25,000 thousand and financial liabilities of €1,091 thousand, IVU had high liquidity at the end of the first nine months of 2026, also taking into account the decrease in non-current lease liabili- ties compared with the prior-year period. This gives IVU a high degree of financial flexibility and, above all, the ability to act. Based on the successful results of recent years and a timing lag in tax assessments, IVU expects tax payments of approximately €10 million in Q4 2026, of which €9 million relate to prior years. These can, however, be paid in full from available funds given the Group's good liquidity position. Cash flow from operating activities amounted to €21,282 thousand (9M 2025: €16,972 thousand), signif- icantly above the prior-year period. This strong cash flow is based on high operating profitability and active working capital management. Consolidated earnings before taxes amounted to €10,452 thousand (9M 2025: €6,496 thousand). In terms of working capital, the bal- ance of project-related advance payments increased significantly. In addition, in the prior year a provision of €2.7 million for a completed international project was utilised in cash; this burden does not arise in the cur- rent reporting period. IVU's asset-light model is associated with low invest- ment requirements. Cash flow from investing activi- ties therefore amounted to €54 thousand in the first nine months (9M 2025: -€443 thousand). As a re- sult,free cash flow increased significantly in the re- porting period to €21,336 thousand (9M 2025: €16,529 thousand). Cash flow from financing activities includes the ac- quisition of own shares totalling €5,419 thousand and the payment of the dividend for financial year 2025.
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4 QUARTERLY REPORT Q3-2026 Performance The significantly increased dividend payout (€0.30 per share ordinary dividend plus a special dividend of €0.25 per share) weighed on cash flow from financing activities in the first nine months, with €9,545 thou- sand (9M 2025: €4,859 thousand). The corresponding cash outflow from financing activities therefore amounted to €16,845 thousand in the first nine months of 2026 (9M 2025: €7,075 thousand). Despite these effects, cash and cash equivalents increased by €4,488 thousand to €48,554 thousand as at 30 Sep- tember 2026 compared with financial year-end 2025, owing to the strong operating cash flow. IVU's solutions continue to be in high demand. The current order backlog for financial year 2026 of just over €160 million fully covers the planned annual rev- enue, so our focus remains on delivering projects on schedule. OUTLOOK IVU is in a strong position in terms of personnel, tech- nology and finances: high liquidity, a solid order back- log and growing recurring revenue. In addition, effi- ciency measures – in particular the increasing use of artificial intelligence and the continuous optimisation of internal processes – are contributing to a positive productivity development. The resulting efficiency gains create additional capacity to manage further growth and thereby support earnings development. For financial year 2026, we continue to expect Group revenue of more than €160 million (2025 actual: €149.7 million), gross profit of around€130 million (2025 actual: €121.5 million) and EBIT of around€22 million (2025 actual: €18.6 million).
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QUARTERLY REPORT Q3-2026 5 Performance PERSONNEL Personnel capacity was 891 FTE, roughly at the prior- year level. 2026 2025 CHANGE Number of employees as at 30 September 1,087 1,073 1% Average full-time equivalents (FTE)1 1 January - 30 September 891 877 2% 1 Personnel capacity refers to the calculated number of full -time equivalents (FTEs). IVU continues to attract highly qualified talent while keeping staff turnover low. With more than 1,000 em- ployees, IVU has a strong workforce base for its con- tinued growth, while personnel growth is deliberately aligned to a sustainable level. As a software company, IVU depends on qualified and committed employees. In recent years, IVU has suc- ceeded in recruiting new employees without compro- mising on the quality requirements for applicants. At- tracting and retaining qualified specialists remains of central importance to IVU. To secure its competitiveness and innovative strength over the long term, IVU provides attractive working conditions and promotes an appreciative, transparent and partnership-based corporate culture. It places particular emphasis on continuously improving work- ing conditions and promoting employee satisfaction. An open and inclusive corporate culture is intended to help integrate different perspectives and further strengthen IVU's attractiveness as an employer. SHARE BUY-BACK IVU carried out share bu y-back programmes from 13 February 2026 to 27 March 2026 and from 10 June 2026 to 28 August 2026. Across both programmes, a to- tal of 250,000 own shares had been acquired by 30 Sep- tember 2026. Own shares are presented as a deduction from equity in accordanc e with IAS 32. The acquisition reduced cash and cash equivalents and equity by the same amount (€5,353 thousand). This corresponds to 1.41% of the share capital of IVU Traffic Technologies AG. The associated transaction costs (€66 thousand) were likewise recognised directly in equity. The acqui- sition of own shares has no effect on earnings. The programmes were based on the authorisation granted by the Annual General Meeting on 29 May 2024, which permits the Company to acquire shares until 28 May 2029 for all purposes permitted under Section 71 (1) No. 8 AktG. This includes using the shares to ser- vice Executive Board remuneration and employee par- ticipation programmes. The shares were acquired by a credit institution com- missioned by the Company, exclusively via the stock exchange in XETRA trading. Detailed information is available on the Company's website at https://www.ivu.com/en/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 QUARTERLY REPORT Q3-2026 Important projects VELVET RELIES ON IVU.RAIL FOR FRENCH HIGH-SPEED RAIL OPERATIONS Velvet is set to board the French high-speed rail market from 2028. As the country's first independent high-speed transport operator, it will offer around ten million additional seats annually on the Atlantic coast. Twelve high-speed trains of the latest Alstom Avelia Horizon type will connect Bordeaux, Nantes, Angers and Rennes with Paris, thereby providing additional capacity on these highly sought-after routes. Velvet relies on IVU.rail for the comprehensive planning and dispatch of vehicles and personnel. The integrated software combines timetable planning and vehicle working/duty scheduling, as well as vehicle and personnel dispatch, into a single system. Via the control centre, Velvet also retains close oversight of day-to-day operations and can react fast in the event of any disruptions. As a Software-as-a-Service solution, IVU.rail can be flexibly adjusted to the growing requests of railway operations. This enables Velvet to prepare its processes for future operations at an early stage. With Velvet, IVU gains another customer in the French rail transport, thereby continuing its successful progress in an important growth market. REGIOBUS POTSDAM MITTELMARK USES IVU'S GRAPHICAL PARKING DISPATCH regiobus Potsdam Mittelmark is one of the largest regional bus operators in Brandenburg. With 165 vehicles and 70 bus routes, the company connects the Potsdam-Mittelmark area, Brandenburg an der Havel, and Potsdam. The mobility service provider has been relying on IVU solutions for many years. As part of the gradual electrification of its bus fleet, regiobus Potsdam Mittelmark is digitising processes at its depots. To this end, the company is adding graphical parking dispatch to its depot and vehicle management. The solution links vehicle and workshop data, replaces manual processes and automatically allocates parking spaces and subsequent actions. Drivers get the information directly on their on-board computers as they enter the depot. The electrification of bus fleets requires complex charging and depot management, which IVU covers with an end-to-end software solution. The project confirms the strategic focus on integrated solutions, including in rural areas.
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QUARTERLY REPORT Q3-2026 7 Important projects BERLINER VERKEHRSBETRIEBE OPTS FOR IVU'S DEPOT MANAGEMENT Berliner Verkehrsbetriebe (BVG) is Germany's largest local public transport operator. With buses, underground trains, trams, and ferries, they reliably transport more than a billion passengers to their destinations every year, thereby ensuring mobility in the capital. By electrifying its bus fleet, the BVG is helping to actively drive forward the mobility turnaround. Two new depots for electric buses are being built in Marienfelde and Treptow-Köpenick. BVG has now awarded the allowance for the depot management system to IVU. The solution digitises and manages BVG's processes and integrates charging and load management for the comprehensive bus fleet. It supports the coordination of key operational and maintenance processes at the depots, automates key processes and creates a shared database to facilitate communication between dispatch, the maintenance workshop, and the drivers. It also provides current operational information and helps with the assignment of vehicles to suitable parking spaces. The project continues IVU's long-standing collaboration with BVG. The use of the software solution at two new depots strengthens IVU's position in its home market of Berlin. HELLENIC TRAIN PLANS GREECE'S RAIL TRANSPORT WITH IVU.RAIL Hellenic Train, Greece's national railway company, operates around 300 trips daily. With 550 vehicles and around 500 employees in the operational division, the rail operator manages a substantial part of rail transport throughout the country. Until now, Hellenic Train planned personnel and vehicles in isolated, largely manual procedures with different legacy systems. In future, the standard solution IVU.rail will bring together both processes in a single integrated system, thereby digitising them. This eases dispatching work, creates a reliable database, and helps to better coordinate between personnel and vehicle deployment. In addition, the solution takes contractual rules, prepares payroll accounting and ensures more efficient planning through optimisation functions. IVU.rail runs as Software-as-a-Service in IVU.cloud. Hellenic Train thus obtains a central system environment that simplifies operations and allows swift implementation. With Hellenic Train, IVU wins another national railway as a customer for IVU.rail. This continues to drive international expansion. IVU thereby strengthens its position as a leading global provider of resource optimisation in rail.
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8 QUARTERLY REPORT Q3-2026 Income CONSOLIDATED INCOME STATEMENT 1 JANUARY TO 30 SEPTEMBER 2026 Q3-2026 Q3-2025 JAN-SEP 2026 JAN-SEP 2025 € THOU. € THOU. € THOU. € THOU. Revenue 39,451 37,746 111,523 101,713 Other income 64 648 383 1,001 Cost of materials -6,820 -6,818 -20,040 -19,565 Gross profit 32,695 31,576 91,866 83,149 Personnel expenses -20,331 -20,132 -64,748 -60,404 Depreciation and amortisation on non- current assets -1,107 -878 -3,442 -3,272 Other expenses -4,339 -5,043 -13,454 -12,940 Earnings before interest and taxes (EBIT) 6,918 5,523 10,222 6,533 Financial income 249 132 763 575 Financial expenses -205 -209 -605 -644 Result from investments accounted for using the equity method 0 0 72 32 Earnings before taxes (EBT) 6,962 5,446 10,452 6,496 Income taxes -2,157 -1,688 -3,216 -2,014 CONSOLIDATED NET RESULT 4,805 3,758 7,236 4,482 Number of potentially diluted ordinary shares (in thousands) 17,285 17,370 Earnings per share (diluted) €0.42 €0.26 Weighted average shares outstanding (in thousands) 17,242 17,327 Earnings per share (basic) €0.42 €0.26 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1 JANUARY TO 30 SEPTEMBER 2026 JAN-SEP 2026 JAN-SEP 2025 € THOU. € THOU. Consolidated net result 7,236 4,482 Currency translation -2 4 Other comprehensive income to be reclassified to the consolidated income statement in subse- quent periods -2 4 Other comprehensive income after taxes -2 4 CONSOLIDATED COMPREHENSIVE INCOME AFTER TAXES 7,234 4,486
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QUARTERLY REPORT Q3-2026 9 Balance sheet CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2026 30 SEP 2026 31 DEC 2025 ASSETS € THOU. € THOU. A. Current assets 1. Cash and cash equivalents 48,554 44,066 2. Other financial assets 26,326 25,902 3. Trade receivables 20,002 31,156 4. Contract assets 27,769 18,269 5. Inventories 4,642 4,714 6. Income tax assets 4,434 735 7. Other current assets 6,564 6,495 Total current assets 138,291 131,337 B. Non-current assets 1. Property, plant and equipment 1,805 1,973 2. Intangible assets 4,679 5,736 3. Goodwill 19,163 19,163 4. At-equity investments 405 333 5. Right-of-use assets 16,767 18,132 6. Deferred taxes 2,613 2,352 Total non-current assets 45,432 47,689 TOTAL ASSETS 183,723 179,026
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10 QUARTERLY REPORT Q3-2026 Balance sheet 30 SEP 2026 31 DEC 2025 EQUITY AND LIABILITIES € THOU. € THOU. A. Current liabilities 1. Current trade accounts payable 2,601 4,303 2. Contract liabilities 37,701 23,796 3. Current lease liabilities 1,828 1,828 4. Provisions 2,870 2,409 5. Income tax liabilities 9,221 9,288 6. Financial liabilities 1,091 1,335 7. Other non-financial liabilities 15,934 19,732 Total current liabilities 71,246 62,691 B. Non-current liabilities 1. Lease liabilities 16,446 17,694 2. Deferred taxes 3,268 43 3. Provisions for pensions 2,622 2,691 4. Provisions 1,047 1,047 Total non-current liabilities 23,383 21,475 C. Equity 1. Subscribed capital 17,719 17,719 2. Capital reserve 2,054 1,588 3. Retained earnings 78,472 80,781 4. Other reserve 296 298 5. Own shares -9,447 -5,526 Total equity 89,094 94,860 TOTAL EQUITY AND LIABILITIES 183,723 179,026
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QUARTERLY REPORT Q3-2026 11 Equity CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 JANUARY TO 30 SEPTEMBER 2026 SUBSCRIBED CAPITAL CAPITAL RESERVE RETAINED EARNINGS OTHER RESERVES FOREIGN CURRENCY ADJUST- MENT ITEM OWN SHARES 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 Sep 2025 0 0 4,482 0 0 0 4,482 Other comprehensive in- come after taxes 0 0 0 0 4 0 4 Consolidated comprehensive income after taxes 0 0 4,482 0 4 0 4,486 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 -19 -19 Share-based Executive Board remuneration 0 103 0 0 0 0 103 Dividend distribution (€0.28 per share) 0 0 -4,859 0 0 0 -4,859 AS AT 30 SEP. 2025 17,719 1,487 71,965 -95 233 -5,593 85,716 As at 1 January 2026 17,719 1,588 80,781 69 229 -5,526 94,860 Consolidated net result 1 Jan - 30 Sep 2026 0 0 7,236 0 0 0 7,236 Other comprehensive in- come after taxes 0 0 0 0 -2 0 -2 Consolidated comprehensive income after taxes 0 0 7,236 0 -2 0 7,234 Allocation to the reserves 0 0 0 0 0 0 0 Acquisition of own shares 0 0 0 0 0 -5,353 -5,353 Use of own shares 0 232 0 0 0 1,498 1,730 Transaction costs 0 0 0 0 0 -66 -66 Share-based Executive Board remuneration 0 234 0 0 0 0 234 Dividend distribution (€0.55 per share) 0 0 -9,545 0 0 0 -9,545 AS AT 30 SEP. 2026 17,719 2,054 78,472 69 227 -9,447 89,094
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12 QUARTERLY REPORT Q3-2026 Cash flows CONSOLIDATED STATEMENT OF CASH FLOWS 1 JANUARY TO 30 SEPTEMBER 2026 JAN-SEP 2026 JAN-SEP 2025 € THOU. € THOU. 1. Operating activities Earnings before taxes 10,452 6,496 Depreciation and amortisation on non -current assets 3,442 3,272 Change in provisions 392 -2,895 Net interest income -158 69 Equity-settled share-based payment 1,964 1,699 Share of result from investments accounted for using the equity method -72 -32 Result from the disposal of assets 1 0 Change in current assets and liabilities Inventories 72 -1,222 Receivables and other assets 1,161 10,723 Liabilities (excluding provisions) 8,160 3,033 Interest paid -115 -112 Income taxes paid -4,017 -4,059 Cash flow from operating activities 21,282 16,972 2. Investing activities Payments made for investments in non -current assets -709 -1,018 Interest received 763 575 Cash flow from investing activities 54 -443 3. Financing activities Acquisition of own shares (incl. transaction costs) -5,419 -441 Payments for the repayment of lease liabilities -1,881 -1,775 Payment of dividends -9,545 -4,859 Cash flow from financing activities -16,845 -7,075 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 4,491 9,454 Change in cash and cash equivalents from currency translation -3 0 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 48,554 30,543
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QUARTERLY REPORT Q3-2026 13 Remarks ACCOUNTING AND VALUATION METHODS The accounting and valuation methods applied to the quarterly report as of 30 September 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 quarterly 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 September 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 September 2026. RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES We affirm to the best of our knowledge that, in accord- ance with the applicable accounting principles, the quarterly report conveys a true and fair view of IVU’s assets, financial position and results of operations. The business performance, including the result of op- erations, and the position of IVU are presented in such a way as to convey a true and fair view, and the mate- rial opportunities and risks relating to IVU’s expected development are described. Berlin, 5 November 2026 THE EXECUTIVE BOARD Martin Müller-Elschner Petra Meiser Leon Struijk
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14 QUARTERLY REPORT 2026 Financial calendar FINANCIAL CALENDAR THURSDAY, 5 NOVEMBER 2026 Quarterly report as at 30 September Earnings call TUESDAY - WEDNESDAY, 24-25 NOVEMBER 2026 Analyst event – German Equity Forum WEDNESDAY, 10 FEBRUARY 2027 Investor conference – Hamburg Investor Days (HIT) FRIDAY, 19 MARCH 2027 Annual report 2026 Earnings call WEDNESDAY, 5 MAY 2027 Quarterly report as at 31 March Earnings call WEDNESDAY, 26 MAY 2027 Annual General Meeting THURSDAY, 5 AUGUST 2027 Half-year financial report as at 30 June Earnings call THURSDAY, 4 NOVEMBER 2027 Quarterly report as at 30 September Earnings call 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): Velvet p. 6 (right): regiobus Potsdam Mittelmark p. 7 (left): BVG p. 7 (right): AdobeStock/Rytis
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IVU Traffic Technologies AG Bundesallee 88 12161 Berlin Germany T +49.30.859 06 - 954 contact@ivu.com www.ivu.com