InTiCa Systems: Low point reached

According to SMC Research, InTiCa Systems ' half-year sales fell by 13 percent due to the pronounced weakness of its smaller Industry & Infrastructure division. At the same time, however, the company significantly improved its free cash flow from minus €2.2 million to plus €1.5 million. SMC analyst Holger Steffen believes the bottom has likely been reached and maintains a "Hold" rating on the stock.

In a challenging environment, InTiCa suffered a 13 percent decline in sales to EUR 34.4 million and an EBIT loss of EUR -1.3 million in the first half of 2025. However, the revenue losses were exclusively attributable to the smaller Industry & Infrastructure segment (-70 percent to EUR 2.4 million), as customers in the solar industry there suffered significantly from Asian competition. In the larger Mobility segment, however, slight growth of 3 percent to EUR 32.0 million was achieved.

According to the analysts, earnings would also have looked better had special effects such as high consulting costs related to the restructuring and non-cash currency losses not caused a substantial additional burden. The progress is therefore more clearly evident in the free cash flow, which improved significantly from -2.2 million euros to +1.5 million euros year-on-year.

The order situation also appears to be improving somewhat, after the order backlog was still low at EUR 76.7 million at the half-year reporting date. Management currently expects to reach the midpoint of the full-year sales target range of EUR 66 to 72 million, while the lower end of the EBIT guidance of EUR -0.5 to 1.5 million is considered the most likely scenario.

The analysts left their revenue estimates unchanged (which had already amounted to €69 million for 2025) and slightly reduced their earnings estimates (from €0.0 million to €-0.5 million EBIT for 2025). At the same time, they consider it quite possible that this will mark the low point, followed by a recovery in the coming years. Promising initiatives for diversifying activities and the strong momentum in the electromobility market support this, according to the analysts.

Based on this scenario, the analysts derive an updated price target of €3.60 (previously: €3.80), which, despite a reduction due to more cautious margin estimates, remains well above the current price. However, they continue to assume that this recovery potential will only be sustainably realized once InTiCa has returned to a growth path with positive results. Therefore, their rating remains "Hold."

(Source: Aktien-Global-Researchguide, September 3, 2025 at 8:35 a.m.)

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Information in accordance with Delegated Regulation (EU) 2016/958

The financial analysis underlying this summary was completed on September 2, 2025, at 6:05 p.m. and published on September 3, 2025, at 8:15 a.m.

It can be viewed at the following address: https://www.smc-research.com/wp-content/uploads/2025/09/2025-09-03-SMC-Update-InTiCa_frei.pdf

The disclosure of conflicts of interest associated with the original document can be found in the appendix/disclaimer of the document.