28 February 2024 - ININ Group with strong revenue growth, revenue in Q4 2023 up
394% compared to Q4 2022, full year 2023 revenue growth of 929%, NOK  682
million (NOK 65 million). The net asset value (NAV) of ININ Group' investment
platforms was NOK 525 million at the end of 2023, up from NOK 320 million.

ININ Group is a listed investment company operating as an industrial owner with
investments in companies within infrastructure services niches in the Nordics. 

"The combined NAV of our investment platforms adjusted for our ownership share
was NOK 525 million end of Q4, which represents an increase of 1.7x since the
time of our investment, reflecting solid organic growth and improved
profitability in all our platform companies," says Øivind Horpestad, CEO of ININ
Group.

ININ Group experienced strong operations and high activity across the portfolio
in the fourth quarter.

In the fourth quarter 2023, ININ Group delivered revenue of NOK 321 million, an
increase of 394% from the corresponding period in 2022 (NOK 65 million). The
increase is driven by a combination of organic growth and acquisitions. EBITDA
in the fourth quarter 2023 was NOK 4 million, compared to NOK -11 million in Q4
2022. 

For the full year 2023, ININ Group delivered revenue of NOK 682 million, a
growth of 929% from NOK 66 million in 2022. EBITDA for the full year 2023 was
NOK 14 million, a substantial improvement compared to NOK -38 million in 2022. 

"We deliver significantly improved EBITDA results in both the fourth quarter and
full year 2023. However, margins have been affected by significant investments
in growing our platforms, for example our Testing, Inspection and Certification
platform, which recruited more than 40 experts during the second half of last
year. We have a strong orderbook at the beginning of the year and expect both
growth and increased EBITDA margins in 2024," adds Øivind Horpestad. 

ININ Group's order backlog stood at NOK 621 million at the end of the fourth
quarter 2023, compared to NOK 263 million one year earlier.

ININ Group's cash flow from operating activities was NOK 97.2 million in the
fourth quarter 2023, compared to NOK 10 million in the corresponding quarter
2022. The company's cash balance was NOK 44.3 million as of 31 December 2023. 

INVESTMENT PLATFORM UPDATE
Currently, ININ Group consists of three investment platforms: Rail
Infrastructure