22 March 2024 - ININ Group's subsidiary Nordic Infrastructure Group AS has today
signed the share purchase agreement to acquire 100 percent of the shares in
railway contractor Banefjell AS.

Reference is made to the stock exchange announcement dated 4 July 2023 regarding
the planned acquisition.

"The acquisition of Banefjell strengthens Nordic Infrastructure Group's position
in south-west Norway, and will enable us to jointly take on larger project
scopes together. We look forward to combining our capacity and specialist
railway competence to win more work together," says Gjermund Sogn, CEO of Nordic
Infrastructure Group.  

Banefjell is an experienced railway contractor that delivers a wide range of
services including operations and maintenance, track and sleeper replacement,
concrete rehabilitation, signalling and electrical work, and salvage operations.
Its main clients are Bane NOR and VY Gruppen, who Banefjell supports on the
southern railway line (Norwegian: "Sørlandsbanen) in Norway.

The company was established in 2013 and has generated steady revenue growth
since inception. In 2023, the company delivered revenue of NOK 125 million with
an operating profit (EBIT) of NOK 14 million. The company has a healthy balance
sheet with close to zero debt. Banefjell has delivered positive financial
results every year it has been in operation.

Banefjell is valued at NOK 77 million in the transaction. The acquisition will
be settled 45 percent in Nordic Infrastructure Group shares and 55 percent in
cash in three different tranches. 

Banefjell becomes part of ININ Group's Rail Infrastructure investment platform,
which is headed up by Nordic Infrastructure Group.

Closing of the transaction is expected by the end of March 2024. 

(ENDS)

For further information, please contact:
Øivind Horpestad, CEO of ININ Group, Tel: +47 910 00 626

About ININ Group AS
ININ Group is a listed investment company operating as an industrial owner with
investments in companies within infrastructure and industry services niches in
the Nordics. The group aims to create value by identifying investment
opportunities within profitable niches with potential for development,
consolidation and growth, working in collaboration with the platform companies
to deliver sustainable growth and superior profitability. For more information,
please visit: www.inin.no