Inin Group (ININ) Q2 2024 earnings summary

Executive summary

• Revenue in H1 2024 reached NOK 715.1 million, up 339% year-over-year, driven by organic growth and acquisitions in Rail Infrastructure.

• Adjusted EBITDA improved, but net loss widened to NOK -67.6 million due to higher expenses and depreciation.

• Order backlog as of June 30, 2024, was NOK 1,039 million.

• Qben Infra launched a voluntary share exchange offer, valuing shares at NOK 6.0–7.7, with 73% acceptance, potentially leading to delisting and relisting.

• Closed and signed termsheets for key acquisitions, strengthening the Nordic Infrastructure Group.

Financial highlights

• H1 2024 revenue was NOK 715.1 million, up from NOK 163.3 million in H1 2023.

• Adjusted EBITDA improved to NOK 10 million; reported EBITDA at NOK -2.1 million.

• Net loss for H1 2024 was NOK -67.6 million, compared to NOK -17.7 million in H1 2023.

• Cash position at quarter-end was NOK 99.4 million.

• Equity ratio declined to 21.4% as of June 30, 2024.

Outlook and guidance

• Anticipates continued growth in all platforms, with pro-forma full-year 2024 revenue forecast at NOK 2.0 billion and EBITDA at NOK 199 million.

• Retail Exchange Offer from Qben Infra expected to launch in Q3 2024, pending regulatory approval.

• Activity in core markets remains high, with strong demand in rail infrastructure and power distribution.