28 October 2024 - ININ Group today reports estimated net asset value (NAV) of
NOK 780 million, up from NOK 755 million at the beginning of the quarter. The
group delivered revenue of NOK 479 million (198) and adjusted EBITDA of NOK 47
million (19), which, respectively correspond to increases of 142 and 150 percent
versus the same quarter last year. 

ININ Group is an industrial owner with investments in companies within
infrastructure services niches in the Nordics.

"The third quarter is high activity season for outdoor maintenance work and our
solid results reflect this. We are pleased with the production level in our
platform companies, their respective growth and improved profitability," says
Øivind Horpestad, CEO of ININ Group.

ININ Group's order intake in the third quarter was NOK 482 million, from growth
in existing contracts and several smaller and medium-sized awards. The group's
order backlog stood at NOK 996 million at the end of the quarter, compared to
NOK 1,039 million at the beginning of the period. 

INVESTMENT PLATFORM UPDATE
Currently, ININ Group consists of three investment platforms: ININ Rail
Infrastructure, ININ Power, and ININ 
Inspekt (testing, inspection and certification - TIC). 

ININ Rail Infrastructure continues to deliver solid organic growth and stable
EBITDA margins. The segment delivered revenue of NOK 265 million and EBITDA of
NOK 22.6 million, equivalent to a margin of 8.5 percent, in the third quarter. 

ININ Power's performance improvement program continues to yield results. In the
third quarter, the segment delivered revenue of NOK 209 million with EBITDA of
NOK 16.5 million, equivalent to an EBTIDA margin of 7.9 percent on a pro-forma
basis. ININ Power completed the acquisition of 100 percent of the shares in site
preparation contractor Skyttermoen Anlegg during the third quarter. 

"We are starting to see the impact of the ongoing performance improvement
program and are happy to have Skyttermoen onboard, further strengthening the
operations and results of ININ Power," adds Øivind Horpestad. 

ININ Inspekt delivered revenue of NOK 25.7 million and EBITDA of NOK -1.9
million in this year's third quarter. The business continues to recruit top
talent from within the industry, but at lower quantity levels than previous
quarters. Its main focus is on winning new contracts and thereby further
improving staff utilization rate going forward. Activity in Norway has picked up
significantly in the third quarter. 

VOLUNTARY SHARE EXCHANGE OFFER
Qben Infra is progressing to complete the offer to all ININ Group shareholders
to acquire the shares in ININ Group with payment in shares in Qben Infra Ab, to
be listed on First North Premier in Stockholm. Shareholders representing a total
of 91,516,417 shares have accepted the share exchange offer from Qben Infra,
directed at ININ Group's 140 largest shareholders. The acceptance rate amounts
to 77% of the share capital in ININ Group on a fully diluted basis. As soon as
Qben Infra has completed the offer prospectus, the offer will be presented to
the remaining shareholders of ININ Group. Qben Infra expects to list Qben Infra
on First North Premier in Stockholm in Q4 2024.

OUTLOOK
Activity in ININ Group's primary markets remains high, and the group's outlook
therefore remains positive. Growth is expected in the rail infrastructure market
in both Norway and Sweden due to wide-spread political backing for national
railway system enhancement. Within power distribution, urbanization,
industrialization, growth in adoption of electric vehicles, and growth in
renewable energy drives demand for electrical infrastructure. 

ININ Group has announced the intention to acquire Trasé AS (28 May 2024) and
Nordnes Narvik (29 May 2024). Including the two planned acquisitions, ININ Group
forecasts ININ Group forecasts NOK 2.0 billion in revenue and NOK 190 million in
adjusted EBITDA for full-year 2024, on pro-forma, fully consolidated, basis. In
addition, ININ Group forecasts adjusted EBITA on proforma basis to be in the
range of NOK 85-95 million for the full-year 2024. The planned acquisitions are
subject to customary closing conditions, satisfactory due diligence, and final
transaction documentation.  

PRESENTATION AT 08:30 (CET) TODAY
ININ Group will hold a webcast presentation at 08:30 (CET) today. Presenter is
CEO Øivind Horpestad.

Register for the online event at: https://bit.ly/ININ_Q3_2024 

Questions can be submitted during the live webcast through a Q&A function. 

The presentation material and third quarter 2024 financial report are enclosed
to this announcement.
(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 r with investments in companies within
infrastructure 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 close collaboration with the
platform companies to deliver sustainable growth and profitability. For more
information, please visit: www.inin.no   

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Fredrik Ekholm, Investment Manager, at 08:00 am
(CET) on 28 October 2024.