Inin Group As · OSL:ININ
Inin Group As — Q1 2024 Earnings Presentation
28 slides from Inin Group As's earnings presentation, May 1, 2024
Slide 1: ININ Q1 2024 Company update
ININ Qi 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: Highlights
O1 Highlights
Slide 4: We estimate our platforms combined Net Asset Value to be NOK 745 million
We estimate our platforms combined Net Asset Value to be NOK 745 million per 31.03.2024 @i2024 Adj liquiaity, NAV 100% size & minority Applied peer multiple, deducted for estimated Net Debt, weighted % LTM and % NTM. Applied liquidity & size discount of 15% 115 @i2024 Adj liquidity, NAV 100% size &
Slide 5: We currently estimate a money multiple of 2.2x on our investments
We currently estimate a money multiple of 2.2x on our investments Testing, Inspection & Certification 20x) 26x) 415 50 280 745 Rail Infrastructure Power Infrastructure Platforms Total 20 © 210 345 ; a Invested NAV Invested NAV Invested NAV Invested NAV ININ Note: Values in million NOK
Slide 6: Q1 2024 - Highlights
Qi 2024 - Highlights Operations Rail Infrastructure * High activity despite harsh winter conditions + Welcomed Banefjell, SLAM Jernbaneteknikk and Hadeland Elektro to the group Power Infrastructure * High activity, but impacted by slow Easter in Ql as well as harsh winter conditions * Focus on profi
Slide 7: Q1 2024 - Highlights (cont.)
Qi 2024 — Highlights (cont.) Business development New contracts and order book development ions Major contracts signed: Order book development! v Remaining 35% of electrical contractor Hadeland Power Distribution Completed acqui Elektro AS * NOK 40 million contract = ee v Railway contractor and sign
Slide 8: Several large contracts won in Q1 and subsequent to end of Q1
Several large contracts won in Qi and subsequent to end of Qi NOK 105 million Rail Infrastructure | 5 April 2024 NOK 105 million contract to conduct track rebuilding and track ballast works on sections of the main railroad that runs northbound from Oslo to Eidsvoll. Rail Production AS to collaborate
Slide 9: Qben Infra offer for Inin Group shareholders
• Offer: All Inin Group AS shareholders are offered 0.2562606 new Qben Infra shares per Inin Group share. • • Ownership: Assuming full acceptance, Inin Group shareholders will own 48.7% of Qben Infra. • • Approval: The transaction requires a 2/3 majority vote at Inin Group’s general meeting. • • Pre
Slide 10: Investment platform update
03 Investment platform update ININ Group — Q1 2024
Slide 11: 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 12: Rail Infrastructure platform
Rail Infrastructure platform Rail-focused construction, maintenance, competence Quarterly highlights Presence and companies! + LTM revenue? up 58% from 487M NOK N to 769M NOK R railpo + LTM EBITDA? increase of 58% from Si RailSupply 46M NOK to 71M NOK E konvei * Orderbook 568M NOK ‘ciscrna A TEAM 14
Slide 13: Power Distribution platform
Power Distribution platform Services within energy infrastructure, telecom and electrification Key facts and figures ININ & fff ) 100% = Power 289 2002 Ownership Industry FTEs Units Founded Quarterly highlights Presence and companies! Historical financial development of Power! > + LTM revenue! up 25
Slide 14: Testing, Inspection and Certification platform
Testing, Inspection and Certification platform Testing, Inspection and Certification (TIC) — building a focused niche leader in the Nordics Key facts and figures 200 = nn) Fl cnn OWE ? Tso pecton eta Ownership Industry FTEs Units Founded Quarterly highlights Presence and companies Historical financi
Slide 15: Market and outlook
04 Market and outlook ININ Group — Q1 2024
Slide 16: 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 17: 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 18: 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 19: Q1 2024 summary
Qi 2024 summary Strong revenue growth* \7 +58% vs it a12023 Solid EBITDA improvement* |Z mnok 7Q) vs MNOK 46 in @1 2028 LTM *Pro forma LTM Solid order backlog MNOK 1 ,O1 O per 31 Mar 2024 Closed acquisitions of SLAM and Banefjell in Q1 - further strengthening Nordic Infrastructure Group
Slide 20: Q&A
Q&A
Slide 21: Appendix
Appendix
Slide 22: 05.1 Covenant reporting
05.1 Covenant reporting
Slide 23: Leverage ratio and interest cover ratio
Q1'24 Q1'24 Leverage ratio Interest Cover Ratio (LTM) Adjusted pro-forma EBITDA - ownership adjusted 80 094 711 Un-adjusted pro-forma EBITDA 78 537 604 Reported Net Financial Items 10 407 275 Adjustments 1 557 107 Less: Non-Finance Charges - Adjusted pro-forma EBITDA - ownership adjusted 80 094 711
Slide 24: 05.2 ININ Group in brief
05.2 ININ Group in brief
Slide 25: 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 26: 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 27: 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
Slide 28: 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