Inin Group As · OSL:ININ
Inin Group As — Q3 2024 Earnings Presentation
31 slides from Inin Group As's earnings presentation, Oct 28, 2024
Slide 1: ININ Q3 2024 Company update
ININ Q3 2024 Company update 28 October 2024
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: Q3 2024
QO2 Highlights: Q3 2024
Slide 6: NAV MNOK. Multiple on invested capital 1.9x
NAV 780 MNOK. Multiple on invested capital 1.9x NAV (MNOK) Invested vs NAV (MNOK) nave) ax) 780 525 Q4/23 Qi/24 Q2/24 Q3/24 Invested NAV <ININ
Slide 7: We estimate our platforms combined Net Asset Value
We estimate our platforms combined Net Asset Value to be NOK 780 million per 30.09.2024 Applied peer multiple, deducted for estimated Net Debt, weighted % LTM and % NTM. Applied liquidity & size i 3 @3 2024 ‘Adi, liquidity, NAV 100% discount of 15% size & minority . 145 Applied peer multiple, 75 wo
Slide 8: Q3 2024 - Highlights
Q3 2024 - Highlights Operations and financial MNOK Group Revenue (reported) (+281) * Strong revenue growth and continued margin improvement ININ Rail Infrastructure * Strong production and revenue generation as Q3 is busy season for outdoor railway maintenance work * EBITDA margin at 8.5% ININ Power
Slide 9: Q3 2024 | Consolidated pro-forma figures
Q3 2024 | Consolidated pro-forma figures Q3 2024 Revenue: NOK 500 million Adjusted EBITDA: NOK 81 million <ININ Year-to-date 2024 Revenue: NOK 1.278 million Adjusted EBITDA: NOK 91 million
Slide 10: Q3 2024 - Orderbook
Q3 2024 -— Orderbook New contracts and order book development Order book (MNOK)? Hl Total MM Ns Standard Frame agreements -1% T -4% 1039 : + Order intake! of 1010 996 approximately NOK 482 million in Q3 2024, from 296 408 305 growth in existing contracts and several smaller and 621 medium-sized new
Slide 11: Investment platform update
O03 Investment platform update ININ Group — Q3 2024
Slide 12: ININ has three main infrastructure platforms
ININ has three main infrastructure platforms ININ ININ CAPITAL PARTNERS, 82.6% ININ Rail Infrastructure 911% ININ Power Nordic Infrastructure Group Rail focused construction, competence and service supply Energy infra and telecom construction and maintenance Other platform companies: Other platform
Slide 13: ININ Rail Infrastructure
ININ Rail Infrastructure Facts and figures * Rail-focused construction, maintenance, competence and service supply + Platform headed by Nordic Infrastructure Group AS * Founded in 2014 * 229 FTEs as of 30 June 2024 <ININ " Unauelted proforma figures Geographical presence * Solid organic growth + Ter
Slide 14: ININ Power
ININ Power 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 station and fiber effor
Slide 15: ININ Inspekt (TIC)
ININ Inspect (TIC) 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 2024 = N aa N ‘Unaudited proforma
Slide 16: Voluntary share exchange offer from Qben Infra — process update
04 Voluntary share exchange offer from Qben Infra — process update ININ Group — Q3 2024
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 — Q3 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 and outlook
Summary and outlook IZ 7 Revenue growth of Solid order backlog MNOK 236 vs Q3 2023 in the [MA MNOK 996 per 30 Sept 2024 three platform companies (pro-forma) Adj. pro-forma EBITDA improvement 4 Completed acquisition of Skyttermoen WP Anlegg MNOK 81 vs MNOK 62 in Q3 2023 Acquisitions of Nordnes Narvik
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 Q3 2024 YTD 2024 Q3 2023 YTD 2023 FY 2023 Revenue 479 274 1 194 422 197 522 360 780 682 653 Total revenue 479 274 1 194 422 197 522 360 780 682 653 Cost of sales 216 182 527 570 125 396 209 197 368 386 Employee benefit expenses 156 577
Slide 27: ININ Group consolidated balance sheet
ININ Group consolidated balance sheet Amounts in NOK thousand 30 Sep 2024 30 Sep 2023 31 Dec 2023 Amounts in NOK thousand 30 Sep 2024 30 Sep 2023 31 Dec 2023 EQUITY AND LIABILITIES ASSETS Equity Non-current assets Share capital 6 737 6 549 6 737 Goodwill 311 986 135 197 161 322 Treasury shares (315)
Slide 28: Cashflow statement
Cashflow statement Amounts in NOK thousand Q3 2024 YTD 2024 Q3 2023 YTD 2023 FY 2023 Amounts in NOK thousand Q3 2024 YTD 2024 Q3 2023 YTD 2023 FY 2023 Cashflows from operating activities Profit/(loss) before income tax (1 740) (67 331) 7 570 (8 887) (74 356) Cash flows from financing activities Adju
Slide 29: Top 20 shareholders
# Investor Number of shares % of top 20 % of total Type Country 1 SOGN INVEST AS 15 806 545 18,1 % 11,7 % PRIV NOR 2 GIMLE INVEST AS 12 289 183 14,1 % 9,1 % PRIV NOR 3 MELANDSØ INVEST AS 11 571 081 13,3 % 8,6 % PRIV NOR 4 B.T. HOLDING AS 4 786 004 5,5 % 3,6 % PRIV NOR 5 GRANSHAGEN INVEST AS 4 193 76
Slide 30: Bond covenant reporting
05.1 Bond covenant reporting
Slide 31: Q3'24 Leverage ratio (LTM)
Q3'24 Q3'24 Leverage ratio Interest Cover Ratio (LTM) Adjusted pro-forma EBITDA - ownership adjusted 114 056 212 Adjusted pro-forma EBITDA - ownership adjusted 114 056 212 Net Finance Charges 17 329 075 Total Total Financial Indebtedness 514 539 739 Annualized Finance Charges 52 027 496 Reported Cas