Via Transportation: Steady Cruising in FY26

Research evidence excerpt

Via Transportation: Steady Cruising in FY26

Deutsche Bank

Research

Rating Company Date

Buy Via Transportation 12 May 2026

North America Reuters Bloomberg Rating Buy

United States VIA.N VIA US Price target (USD) 25.00 Price at 11 May 26 16.93

34-week range 53.93 – 13.43

TMT

Software Valuation & Risks

Steady Cruising in FY26

Brad Zelnick

Via reported a solid start to the year with building momentum in large transit Research Analyst

+1-212-250-8563 network "TaaS" deals, highlighted by four already secured in 2026 representing

over $40mn in ACV. Recent wins, paired with a record $650mn pipeline (nearly Bhavin Shah, CFA

double y/y), led to a FY revenue guidance raise in excess of the Q1 beat. Research Analyst

Geographically, the quarter was headlined by particular strength in the US (+36% +1-212-250-6775

y/y) and UK (+68% y/y), offset by challenges in Germany (+3% y/y). While this

Chris Fountain healthy revenue beat alleviates some concerns about organic growth exiting Q4, Research Associate

headwinds in Germany and margins were in focus. On a positive note, we were +1-212-250-1575

pleased to learn that integration activities for Downtowner are progressing well

and Via is already seeing early cross-sell success with its base of 94 customers. Nick Giovacchini

Research Associate

Via is leaning into its strength as a complete platform, but as a result, gross profit +1-212-250-9075

growth is lagging revenue growth due to a more services-intensive mix.

Additionally, Q1 gross margins faced a difficult y/y comparison, as Q1 of the prior

year included nearly 5% of high-margin, one-time revenue which did not repeat, Key changes

further pressuring gross margins. Layering onto this, strengthening of the Israeli Price target (USD) 30 25 -17%