Inin Group As · OSL:ININ
Inin Group As — Q2 2024 Earnings Presentation
36 slides from Inin Group As's earnings presentation, Aug 1, 2024
Slide 1: ININ Q2 2024 Company update
ININ Q2 2024 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 in the Nordics
Listed investment company focusing on infrastructure services sectors in the Nordics Vertical-focused investment and buy-and-build strategy within infrastructure services niches in the Nordics nl Creating value through a combination of M&A and organic growth and development initiatives Diversified a
Slide 5: Highlights: Q2 2024
QO2 Highlights: Q2 2024
Slide 6: NAV MNOK. Multiple on invested capital 2.2x
NAV 755 MNOK. Multiple on invested capital 2.2x NAV (MNOK) Invested vs NAV (MNOK) Q4/23 QU/24 Q2/24 Invested NAV <ININ
Slide 7: We estimate our platforms combined Net Asset Value
We estimate our platforms combined Net Asset Value _ ‘Adi, liquidity, NAV 100% size & minority to be NOK 755 million per 30.06.2024 Applied peer multiple, deducted for estimated Net Debt, weighted % LTM and % NTM. Applied liquidity & size discount of 15% 15 Adj. liquidity, NAV 100% size & minority A
Slide 8: Q2 2024 - Highlights
Q2 2024 - Highlights Operations and financial Revenue (actual) EBITDA (actual) Rail Infrastructure * Busy season for outdoor railway MNOK a MNOK (9%) maintenance work * Strong production and revenue 7s generation * Healthy 10% EBITDA margin 321 w Power Infrastructure * First quarter with positive EB
Slide 9: Q2 2024 - Highlights
Q2 2024 - Highlights Business development New contracts and order book development Order book development ¥ 100% of shares of site preparation contractor Rail Infrastructure Skyttermoen Anlegg AS (Power Distribution) * MNOK 105 for track i Total RicmoCT SATS ballast work on Oslo- [itserréac) [_|Ears
Slide 10: Investment platform update
O03 Investment platform update ININ Group — Q2 2024
Slide 11: ININ has three main infrastructure platforms
ININ has three main infrastructure platforms <ININ ENEN ININ 85.6%! 100% Rail Infrastructure Power Distribution Nordic Infrastructure Group Rail focused construction, competence and service supply Energy infra and telecom construction and maintenance Other platform companies: Other platform companie
Slide 12: Rail Infrastructure platform
Rail Infrastructure platform * Solid organic growth + Strong order intake: MNOK 252 announced in Q2, solid order backlog + High-activity season for railway Strong Q2 for the rail segment, both in terms of revenue growth and margins Revenue MNOK 220 EBITDA MNOK 32,7M Facts and figures Geographical pr
Slide 13: Power Distribution platform
Power Distribution platform Facts and figures + Platform serves three main segments: energy infrastructure, telecom, and electrification + Platform headed by Inin Power AS + BeMa and Thuve’n Bane og Anlegg, both acquired during 2023, moved to Power Distribution platform to strengthen charging statio
Slide 14: Testing, Inspection and Certification (TIC) platform
Testing, Inspection and Certification (TIC) platform Facts and figures * Strategy: Utilize M&A to build a leader within the rapidly growing Nordic TIC market, challenging the two incumbents + Platform headed by Nordic Inspekt Group AB (Inspekt) + Platform established in 2022 * 73 FTEs as of 30 June
Slide 15: Voluntary share exchange offer from Qben Infra
04 Voluntary share exchange offer from Qben Infra ININ Group — Q2 2024
Slide 16: Voluntary share exchange offer from Qben Infra
Voluntary share exchange offer from Qben Infra Proposal values Inin Group shares at NOK 6.0 - 7.7 per share on a fully diluted basis Proposed transaction + Offer: All Inin Group AS shareholders are offered 0.2562606 new Qben Infra shares per Inin Group share * Ownership: Assuming full acceptance, In
Slide 17: Offer to remaining shareholders | Next steps
Offer to remaining shareholders | Next steps Top 140 shareholders have so far received the offer Offer to remaining shareholders + An offer on the same terms will follow to all remaining ININ Group shareholders that did not receive the offer that was directed at the 140 largest shareholders. * Such
Slide 18: Market and outlook
Q5 Market and outlook ININ Group — Q2 2024
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: NTP? vs actual spend » Fornyer jernbanen for atte milliarder - for & bedre punktligheten =NTP =NTP So * Operates as a main contractor
Slide 20: Power Distribution platform | Market
Power Distribution platform | Market Pressure to invest into power infrastructure in Norway is growing 26 % = Power infra. = Telecom Electrification <ININ Value creation strategy: * Energy infrastructure segment mainly comprises services towards regional and distribution grid, substations and projec
Slide 21: TIC platform | Market
TIC platform | Market Opportunity to gain market share in highly fragmented TIC market of SEK >30bn \o% , = Non-destructive testing = Consulting Value creation strategy: Currently, NDT (Non-Destructive Testing) is the largest service area NDT is a way to check various objects, welds and construction
Slide 22: Summary
Summary 7 Zz Strong revenue growth in H1 2024 +339% 5 112028 Adj. EBITDA improvement mnox 10 vs MNOK -7 in Hi 2023 nA mS Solid order backlog uno 1,039 per 30 Jun 2024 Closed acquisitions of SLAM and Banefjell in Qi, signed termsheets with Nordnes Narvik and Trasé in Q2 — further strengthening Nordic
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: 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 Ibsens gate 100, 0255 Oslo, Norway. The Company is listed on Euronext Growth Oslo and has the ticker “INI
Slide 26: ININ Group consolidated income statement
ININ Group consolidated income statement Amounts in NOK thousand H1 2024 H1 2023 FY 2023 FY 2022 Revenue 715 148 163 258 682 653 66 841 Total revenue 715 148 163 258 682 653 66 841 Cost of sales 311 387 83 801 368 386 33 957 Employee benefit expenses 265 625 51 464 182 480 38 953 Other operating exp
Slide 27: ININ Group consolidated balance sheet
ININ Group consolidated balance sheet Amounts in NOK thousand H1 2024 H1 2023 Amounts in NOK thousand H1 2024 H1 2023 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Goodwill 240 803 83 999 Share capital 6 737 6 549 Intangible assets 51 362 57 004 Treasury shares (496) (256) Property, plant
Slide 28: Cashflow statement
Cashflow statement Amounts in NOK thousand 1H 2024 1H 2023 Amounts in NOK thousand 1H 2024 1H 2023 Cashflows from operating activities Cash flows from financing activities Profit/(loss) before income tax (65 591) (16 457) Dividend payment - - Adjustments for Lease payment - IFRS 16 (29 695) - Taxes
Slide 29: Top shareholders
Number of # Investor % of top 20 % of total Type Country shares 1 SOGN INVEST AS 12 976 545 14,5 % 9,6 % PRIV NOR 2 GIMLE INVEST AS 12 289 183 13,7 % 9,1 % PRIV NOR 3 MELANDSØ INVEST AS 11 571 081 12,9 % 8,6 % PRIV NOR 4 ININ GROUP AS 10 279 641 11,5 % 7,6 % PRIV NOR 5 DNB Markets Aksjehandel/-analy
Slide 30: Bond covenant reporting
05.1 Bond covenant reporting
Slide 31: Q1'24 Leverage ratio (LTM)
Q1'24 Q2’24 Q1'24 Q2’24 Leverage ratio Interest Cover Ratio (LTM) Adjusted pro-forma EBITDA - ownership adjusted 80 094 711 82 165 314 Un-adjusted pro-forma EBITDA 78 537 604 79 347 623 Reported Net Financial Items 10 407 275 11 284 272 Adjustments 1 557 107 2 817 690 Less: Non-Finance Charges - - A
Slide 32: ESG report
05.2 ESG report
Slide 33: Environment
Environment Focus area Climate change Energy use & mix GHG-emissions (Scope 1,2,3) Circular economy Outflows Waste 2900,00 2344,05 Testing & Inspection Infrastructure 2000,00 = Rail Infrastructure = Power Infrastructure 41500,00 1454.96 4000,00 287,43 10068 48681 526.86 >» 500,00 Cl Cl 870 74s 3534.
Slide 34: Social
Social Focus area Own Health and safety workforce Employee data (gender Turnover Social KPI Target Target Q1-24 Q2-24 YTD year Lost time injury freq. Rate 0 . 0,0 813 442 (LT Reduction in work related accidents * 10% 2027 - - - Tot. sick leave <3,0 % . 55 43 49 Turnover rate <5,0 % - 31% 23% 26% Fem
Slide 35: Governance
Governance Focus area Governance Corporate culture & conduct Prevention and detection of corruption & bribery Confirmed incidents - corruption & bribery Supply chain - follow-up & control Governance KPI Target Qi-24 Q2-24 Reported incidents/ breaches of CoC ® 0 ® Corruption cases ie) 0 Whistleblower
Slide 36: ESG Policy and KPIs
ESG Policy and KPIs 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