31 May 2024 - ININ Group today reports estimated net asset value (NAV) of NOK
745 million as of 31 March 2024. Subsequent to the end of this year's first
quarter, Qben Infra announced that it will make a voluntary share exchange offer
to acquire all the outstanding shares in ININ Group in a transaction that values
ININ Group's outstanding share capital in a range of NOK 890-1,130 million on a
fully diluted basis.

The NAV of NOK 745 million represents a return of 2.2x on ININ Group's
investments in its platform companies, reflecting solid value creation in the
group's three platform companies. ININ Group is an industrial owner with
investments in companies within infrastructure services niches in the Nordics.

"Our platform companies conduct work outdoors, which means that the first
quarter, which is impacted by the winter season in Scandinavia, is always the
year's weakest. However, we have grown the order backlog substantially in the
quarter, and revenue has also increased," says Øivind Horpestad, CEO of ININ
Group.

ININ Group grew its order backlog to a record high NOK 1,010 million at the end
of this year's first quarter. Subsequent to the end of the quarter, Inin Group
has announced three new contracts - worth NOK 105, 37 and 110 million,
respectively, which are not included in the aforementioned backlog figure. 

ININ Group reports LTM (last twelve months) revenue per 31 March 2024 of NOK
1,632 million, up from NOK 1,114 million from the LTM period ending 31 March
2023. EBITDA for LTM Q1 2024 was NOK 79 million, compared to NOK 46 million LTM
Q1 2023. ININ Group has actively grown through M&A, and therefore the pro forma
figures are most relevant when assessing ININ Group and the ININ Group
financials. The reported financial figures for Q1 are available in the Q1
financials report on www.inin.no. 

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