Inin Group (ININ) H1 2025 earnings summary

Executive summary

• Operating revenues reached NOK 1,069.6 million in H1 2025, up from NOK 715.1 million year-over-year, driven by organic growth and acquisitions.

• EBITDA improved to NOK 96.8 million from NOK -2.1 million in H1 2024, with EBIT at NOK 35.4 million versus NOK -43.7 million.

• Net profit was NOK -43.0 million, an improvement from NOK -67.6 million in H1 2024, impacted by a one-off bond refinancing expense.

• Major acquisitions and contract wins across Rail, Power, and Inspection segments supported growth.

Financial highlights

• Revenue increased 49.6% year-over-year to NOK 1,069.6 million in H1 2025.

• EBITDA rose to NOK 96.8 million from NOK -2.1 million; EBIT improved to NOK 35.4 million from NOK -43.7 million.

• Net financial items were NOK -69.9 million, mainly due to a NOK 39.9 million one-off bond refinancing cost.

• Cash and cash equivalents at period end were NOK 145.0 million, up from NOK 99.4 million a year earlier.

• Equity ratio declined to 12.3% from 16.5% at year-end 2024.

Outlook and guidance

• Rail market growth expected due to urbanization, environmental trends, and political support for public transport.

• Power segment to benefit from renewable energy demand and infrastructure upgrades.

• Inspection (TIC) segment driven by regulatory requirements, international trade, and sustainability focus.