Inin Group As · OSL:ININ
Inin Group As — Q4 2023 Earnings Presentation
31 slides from Inin Group As's earnings presentation, 2024
Slide 1: ININ Q4 2023 Company update
ININ Q4 2023 Company update
Slide 2: Cautionary note
Cautionary note This presentation includes forward-looking information and statements that are subject to risks and uncertainties. Actual results may differ significantly from those communicated herein. Such forward-looking information pertain to, amongst other things; (a) forecasts, projections and
Slide 3: ININ Group in brief
O1 ININ Group in brief
Slide 4: Listed investment company focusing on infrastructure services sectors in the Nordics
Listed investment company focusing on infrastructure services sectors in the Nordics | fp a ININ 838 rr el Day ININ Vertical-focused investment and buy-and-build strategy within infrastructure services niches in the Nordics Creating value through a combination of M&A and organic growth and developme
Slide 5: Clear strategy for continued, profitable growth
Clear strategy for continued, profitable growth Investment and consolidation in profitable niches Ownership Rationale Key target criteria initiatives (eo) + Acquisitions that serve as a i: exxa G2 + - a starting point for consolidating a targeted | | market or niche + Preference is given to Continue
Slide 6: Highlights
QO2 Highlights
Slide 7: Company Valuation EV/EBITDA (excl. IFRS 16)
Valuation Operational metrics Company EV/EBITDA (excl. IFRS 16) Sales CAGR EBITDA (%) ROCE 2023E 2024E 2025E '20A-'23A 2023E 2023E Rail construction NRC 6.5x 5.7x 4.7x 1% 2% 5% Salcef Group 10.2x 8.7x 8.0x 31% 14% 18% Median 8.3x 7.2x 6.4x 16% 8% 11% Average 8.3x 7.2x 6.4x 16% 8% 11% TIC Eurofins Sc
Slide 8: After roughly one year of operations, we estimate a money multiple of 1.7x
After roughly one year of operations, we estimate a money multiple of 1.7x on our investments Testing, Inspection & Rail Infrastructure see ae Power Infrastructure Platforms Total Certification 330 35 525 29 185 (@) Invested NAV Invested NAV Invested NAV Invested NAV ININ Note: Values in million NOK
Slide 9: Full-year 2023 financial results
Full-year 2023 financial results Revenue — Full year EBITDA — Full year +615 The fundamental change that was initiated in mid (+929%) 2022, and has been MNOK MNOK ongoing throughout 2023, See 14 is showing. A year of changes and growth also || comes with additional cost and suboptimal operations — g
Slide 10: Q4 2023 - Highlights
Q4 2023 - Highlights Revenue (actual) EBITDA (actual) Rail Infrastructure * Strong quarter in terms of revenue * Towards end of year, focus on tendering for 2024 work Power Infrastructure * Strong quarter in terms of revenue and positive development in profitability as a result of actions taken duri
Slide 11: Q4 2023 - Highlights (cont.)
Q4 2023 —- Highlights (cont.) Business development New contracts and order book development Standen v Energy, infra and telecom construction and Rail Infrastructure 136% FEeMRECETSS maintenance company Laje AS + NOK 37 million to M : 621 v Rail contractor Team 1435 AS upgrade to FATC system Y Divest
Slide 12: Investment platform update
03 Investment platform update ININ Group — Q4 2023
Slide 13: ININ has three main infrastructure platforms
ININ has three main infrastructure platforms ININ CAPITAL PARTNERS 85.6%! Rail Infrastructure Nordic Infrastructure Group Rail focused construction, competence and service supply ININ ININ 100% Power Distribution Energy infra and telecom construction and maintenance Notes: 1) Remaining shares held b
Slide 14: Acquisitions and organic initiatives
Acquisitions and organic initiatives Sep. Oct. Nov. Dec. Jan. Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. =x Estabtohed ‘Tem shoots a= am Rail ee R Railpro SLA CEE] ABeMa (0TEAM 498 Infrastructure TEDEN Power Distribution (eictSerno ac LAZ. . Established Closing — Established Testing, £3
Slide 15: Rail Infrastructure platform
Rail Infrastructure platform High production activity combined with strong organic growth * Rail-focused construction, maintenance, competence and service supply * High production activity, strong organic growth, combined with robust order book * Group has close to doubled its revenue in 2023 vs. 20
Slide 16: Power Distribution platform
Power Distribution platform Services within energy infrastructure, telecom and electrification Key facts and figures ININ € fn ? Ownership Industry FTEs Units Founded + Platform serves three main segments: Presence and companies! Historical financial development of Power? » energy Infrastructure, te
Slide 17: Testing, Inspection and Certification platform
Testing, Inspection and Certification platform Testing, Inspection and Certification (TIC) — building a focused niche leader in the Nordics * Platform headed by Nordic Inspekt Group AB (Inspekt) * Investment platform established in 2022 * Strategy: Utilize M&A to build a leader within the rapidly gr
Slide 18: Market and outlook
04 Market and outlook ININ Group — Q4 2023
Slide 19: Rail Infrastructure platform | Market
Rail Infrastructure platform | Market Growth anticipated due to widespread political backing for national railway system enhancement BANE NOR Value creation strategy: NTP2 vs actual spend > Fornyerjernbane for te ilarder fora yedre punktligheten = NTP =NTP one Projected -50o55 G9%) 24%) 24%) Sconarp
Slide 20: Power Infrastructure platform | Market
Power Infrastructure platform | Market Pressure to invest into power infrastructure in Norway is growing Value creation strategy: Annual grid investments in Norway > infrastructure 194 94 17g 186 18,6 184 16,4 = Power infra. = Telecom Electrification '22 23e 24e 25e 26e 27e 28e 29e ININ ~33% Expecte
Slide 21: TIC platform | Market
TIC platform | Market Opportunity to gain market share in highly fragmented TIC market of SEK >30bn = Non-destructive testing = Consulting ININ * Cc Value creation strategy: * Currently, NDT (Non-Destructive Testing) is the largest service area NDT y to check various objects, ctions, including concr
Slide 22: Q4 summary
Q4 summary 7 Zz Strong revenue growth* +394% v5 04202 Solid EBITDA improvement* MNOK 4 vs MNOK -11 in Q4 2022 *Reported figures nA mf Solid order backlog MNOK 621 per 31 Dec 2023 (excluding unclosed acquisitions) Closed acquisitions of Laje in @4 — will deliver step change in revenues for ININ Group
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: ESG Policy and KPI's
ESG Policy and KPI’s We commit ourselves to creating lasting value for both the company and society by integrating sustainability into all aspects of our operations. Innovation, collaboration, and improvement will drive a conscious effort to minimize our climate impact and strive to leave a positive
Slide 26: Green infrastructure services
Green infrastructure services Rail infrastructure Status: ISO 14001 ESG policy Head of sustainability Opportunities: Green infrastructure Climate adaptation Increasing capacity Nordic Infrastructure Group Power distribution Status: “Miljofyrtarn’ certified ESG-policy Head of sustainability Opportuni
Slide 27: General
General General ININ Group AS (the Company, previously Elop AS) was founded in 2013 and is a limited liability company who is incorporated and domiciled in Norway, with its head office in Henrik bsens gate 100, 0255 Oslo, Norway. The Company is listed on Euronext Growth Oslo and has the ticker “ININ
Slide 28: ININ Group consolidated income statement
ININ Group consolidated income statement
Slide 29: ININ Group consolidated balance sheet
ININ Group consolidated balance sheet
Slide 30: Cashflow statement
Cashflow statement in NOK thousand Fy 2023 Cashflows from operating activities Cash flows from financing activities Profit/(loss) before income tax (20030) (14683) (28917) (45361) Adjustments for (518) - (2727) - 1m and amortization 15138 © 6063 31923 11629 Share-based expenses - 5390 = 5594 Valuati
Slide 31: Top shareholders
# Inves tor Number of s ha res % of top 20 % of total Type Country 1 GIMLE INVEST AS 13 733 599 15,7% 10,2% PRIV NOR 2 MELANDSØ INVEST AS 11 571 081 13,2% 8,6% PRIV NOR 3 SOGN INVEST AS 11 197 129 12,8% 8,3% PRIV NOR 4 ININ GROUP AS 5 485 671 6,3% 4,1% PRIV NOR 5 DNB MARKETS AKSJEHANDEL/-ANALYSE 4 5