Inin Group As · OSL:ININ
Inin Group As — H2 2022 Earnings Presentation
32 slides from Inin Group As's earnings presentation, Mar 9, 2023
Slide 1: H2 2022 Presentation
ININ H?2 2022 Presentation 9 March 2023
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 is an investment company focused on infrastructure and industry services
Inin Group is an investment company focused on infrastructure and industry services * Inin is a listed investment company with Our mission * avertical-focused buy-and-build strategy... + ..within infrastructure and industry services To create value by identifying investment niches in the Nordics opp
Slide 4: Today we are developing three platforms within infra, building inspection and electrotechnical services
Today — we are developing three platforms within infra, building inspection and electrotechnical services... ININ [ 65%" T 100% ] 65%! Nordic HADELAND ee) ELEKTRO AS ~ PRU ae E 3 Inspekt roup Electrotechnical services: Infrastructure: Inspection: High- and low voltage Rail focused construction, Test
Slide 5: Future platform
future XININ Future platform i + Infrastructure and industry services sectors in the H Nordics + Strong potential for H growth and development! * Strong, entrepreneurial, management H [ 65%" T 100% | 65% Nordic HADELAND (1s) ELEKTRO AS ~ Geese ES Inspekt Electrotechnical services: Infrastructure: In
Slide 6: H2 & 2022 proforma
O1 H2 & 2022 proforma
Slide 7: 2H 2022: Highlights and subsequent events
2H 2022: Highlights and subsequent events H2 2022 HIGHLIGHTS Financial + Revenue growth of 90% in H2 2022 (NOK 133M) vs H2 2021 (NOK 70M) (pro-forma) + EBIT of NOK IM in H2 2022 vs -6 in H2 2021 (pro-forma) * Strong orderbook amounting to NOK 263M Operational * Closing of Simplifai sale: Reduced cas
Slide 8: Significant organic growth in the portfolio
Significant organic growth in the portfolio Pro-forma H2 2021 vs H2 2022 Pro-forma FY 2021 vs FY 2022 revenue & EBIT revenue & EBIT Pro-forma revenue (MNOK) Pro-forma EBIT (MNOk) Pro-forma revenue (MNOK) Pro-forma EBIT (MNOkK) +114 (+97%), 232 1 8 - -12 H2 2021 H2 2022 H2 2021 H2 2022 FY 2021 FY 202
Slide 9: Inin has gone from a development company to an industrial owner and investment company
Inin has gone from a development company to an industrial owner and investment company A year ago, Inin Group owned Simplifai and Elop Today, Inin Group owns Nordic Infrastructure Group, Technology which delivered H2 2021 revenue of NOK 9M Hadeland Elektro and Inspekt. Together they generated and EB
Slide 10: Order backlog
Order backlog Order backlog (MNOk) ININ +222 (+543%) v 263 4 31.12.2021 31.12.2022 10
Slide 11: NOK 97M in cash at year end
NOK 97M in cash at year end NOK million 450 4 150 4 50 100 4 Al 56 50 | - Cash 30.6.2022 Cash flow! Cash 31.12.2022 Vendor note? Elop Tech? 4) nin received NOK 86M at closing on 6 July 2022 for the sale of Simplifai 2) A vendor note of NOK 50M is due 30 months after closing of Simplifai transaction
Slide 12: Segments
QO2 Segments Inin Group - H2 2022
Slide 13: Nordic Infrastructure Group: Consists of business units operating in Norway and Sweden
<i Nordic Infrastructure Group: Consists of 4 business units — operating in Norway and Sweden! Nordic HQ: Oslo _..__ Gjermund Sogn . CEO, Nordic Infrastructure Group aire structure Employees: 54 (31.12.2022) + Founder of NI Group and one of the original founders of roup Active in NO & SWE NRC Group
Slide 14: Nordic Infrastructure Group: Strong growth in 2022, expecting continued rapid growth
Nordic Infrastructure Group Nordic Infrastructure Group: Strong growth in 2022, expecting continued rapid growth General highlights * Received ISO 9001 and ISO 14001 certification + 15 new employees Several contract wins in H2 2022 proves competitiveness: * SEK 6.9 million contract to deliver a cont
Slide 15: Inspekt
£3 Inspekt Inspekt AB’s ambition is to become the new benchmark for TIC-companies in the Nordics... About Inspekt Inspekt AB management * Inspekt operates within testing, inspection, certification (TIC) and technical consultation * Will provide clients and stakeholders an entrepreneurial { approach
Slide 16: Platform, Organic expansion, Add-on
• Platform • Organic expansion • Add-on • • • • • • • •
Slide 17: Hadeland Elektro is an electrotechnical specialist holding all relevant certificates
IHADELAND IELEKTRO AS Hadeland Elektro is an electrotechnical specialist holding all relevant certificates for Norway Jon Haugsbakken CEO, Hadeland Elektro + 20 years of experience in electrotechnical work, including rail ELEKTRO As mployees: 16 HADELAND #@: Gran, Norway se Active in NO Services & c
Slide 18: Hadeland Elektro, our electrotechnical platform ready for expansion
IHADELAND IELEKTRO AS Hadeland Elektro, our electrotechnical platform ready for expansion Largest contract wins in H2 2022 * NOK 12 million for track power supply at “Grakallbanen” * Subcontractor to Malthe Winje for Trondheim municipality * Execution period: 2022 and 2023 * NOK 10 million for track
Slide 19: Inin Group has received an offer for Elop Technology
elop Inin Group has received an offer from an undisclosed entity for Elop Technology elop TECHNOLOGY ININ . . Offer from an undisclosed entity to reinforce Elop Technology's international expansion and create synergies within a company that intends to pursue a process of a public listing on NASDAQ P
Slide 20: Transforming Inin Group into a listed investment vehicle
Transforming Inin Group into a listed investment vehicle NEW AND STREAMLINED STRATEGY * Transforming Inin Group into a listed investment vehicle with a long-term investment horizon * Focus on a buy-and-build strategy in infrastructure and industry services niches in the Nordics + New private equity-
Slide 21: Summary & outlook
03 Summary & outlook Inin Group - H2 2022
Slide 22: Portfolio companies expected to reach +800MNOK revenue, ~11% margin in 2025
Nordic HADELAND XN iniastuetwe EE Inspekt @siciere ns Inin Group portfolio companies expected to reach +800MNOK in revenue - margin of ~11% in 2025 Pro-forma revenue! (MNOkK) Pro-forma EBITDA? (MNOkK) 97 900 4 25%) 847 100 5 (11%) 800 + 719 ao | 70 700 + (10%) 600 | 539 evs 500 4 60 4 : 4 23 400 4 i
Slide 23: 74% of the budgeted revenue for 2023 is in the orderbook
Nordic Inf Ni wesw EZ inspekt 74% of the budgeted revenue for 2023 is in the orderbook Budgeted revenue (MNOK) 400 4 300 200 100 ININ 355 2023B Orderbook 31.12.2022 HB inin Group - excluding announced acquisitions & advanced negotiations Note: Announced potential acquisitions and advanced negotiatio
Slide 24: Ambition to surpass NOK 1 billion in 2024
Nordic HADELAND DE ictus EE Inspekt @@ cereus Ambition to surpass NOK 1 billion in 2024 Revenue! (MNOkK) EBITDA"? (MNOkK) 189 1600 7 200 5 (12%) 1400 4 4200 | 150 | 1000 | H%) soo | soo = 100 | | = 600 | 205 48 400 | 184 50 | e%) zs 200 | 4 366 514 Gaal (ax) | a . y 70 © 20228 —«20238~* RAF SCS*C«OE
Slide 25: Summary and outlook
Summary and outlook Summary Successful strategy change for Inin Group, including acquisitions of two profitable, growing companies — serving as robust platforms to build on Established Testing, Inspection and Certification (TIC) platform through Inspekt AB Strong pro-forma revenue growth both y-o-y
Slide 26: As a shareholder, you get exposure to high-margin infrastructure niches
As a shareholder, you get exciting exposure to high-margin Infrastructure niches that you normally don't have access to. All the portfolio companies can at some point be listed on the stock exchange or sold separately, and new exciting portfolio companies within infrastructure services will be creat
Slide 27: Appendix
Appendix
Slide 28: General
General General Inin Group AS (the Company, previously Elop AS) was founded in 2018 and is a limited liability company who is incorporated and domiciled in Norway, with its head office in Henrik Ibsens gate 100, 0255 Oslo, Norway. The Company is listed on Euronext Growth Oslo and has the ticker “INI
Slide 29: Inin Group consolidated income statement
Inin Group consolidated income statement Amounts in NOK thousand Note 2H 2022 2H 2021 FY 2022 FY 2021 Revenue 65 412 241 66 229 266 Total revenue 65 412 241 66 229 266 Cost of sales 31 985 215 32 744 220 Employee benefit expenses 29 594 6 116 38 599 26 091 Other operating expenses 22 042 14 150 32 8
Slide 30: Inin Group consolidated balance sheet
Inin Group consolidated balance sheet Amounts in NOK thousand Note 31 Dec. 2022 31 Dec. 2021 Amounts in NOK thousand Note 31 Dec. 2022 31 Dec. 2021 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Goodwill 98 931 94 114 Share capital 6 549 5 900 Intangible assets 58 394 87 367 Treasury shares
Slide 31: Cashflow statement
Cashflow statement Amounts in NOK thousand Note 2H 2022 2H 2021 FY 2022 FY 2021 Cashflows from operating activities Profit/(loss) before income tax (20 392) (23 368) (42 990) (55 843) Adjustments for Taxes paid - - - Depreciation and amortization 4 373 3 766 8 485 6 677 Share-based expenses 5 391 99
Slide 32: Largest shareholders
# Name Number of shares % of top 20 % of total 1 GIMLE INVEST AS 13 835 736 16,49 % 10,56 % 2 SOGN INVEST AS 13 062 538 15,57 % 9,97 % 3 MELANDSØ INVEST AS 12 271 081 14,63 % 9,37 % 4 ININ GROUP AS 4 189 072 4,99 % 3,20 % 5 MIDDELBORG INVEST AS 3 831 842 4,57 % 2,93 % 6 BHM HOLDING AS 3 782 730 4,51