Inin Group (ININ) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of NOK 479.4 million, up from NOK 198 million in Q3 2023, with EBITDA of NOK 39.8–40.1 million and operating profit of NOK 13.2–13.5 million.

• Order intake reached NOK 482 million, maintaining a solid order backlog of NOK 996 million as of September 30, 2024.

• Completed acquisition of Skyttermoen Anlegg AS, strengthening the Power platform; pending acquisitions of Trasé AS and Nordnes Narvik AS expected to close in late Q4 2024.

• 73% of shares accepted Qben Infra's share exchange offer, with 77% control on a fully diluted basis; voluntary share exchange offer process ongoing, with a retail offer planned for Q4 2024.

• Q3 2024 saw strong revenue growth, margin improvement, and continued M&A activity across rail, power, and TIC platforms.

Financial highlights

• Q3 2024 revenue reached NOK 479–479.4 million, up from NOK 198 million in Q3 2023; year-to-date revenue at NOK 1,194 million.

• Q3 2024 EBITDA was NOK 39.8–40.1 million; adjusted pro-forma EBITDA at NOK 81 million; year-to-date adjusted EBITDA at NOK 91 million.

• EBIT was NOK 13.2–13.5 million; net loss for Q3 2024 was NOK -4.6 million; year-to-date net loss at NOK -72.2 million.

• Cash flow from operations was NOK 70.1 million, up from NOK 4 million year-over-year.

• Cash and cash equivalents at quarter-end were NOK 147–147.5 million.

Outlook and guidance

• Full-year 2024 forecast: NOK 2.0 billion in revenue and NOK 190 million in adjusted EBITDA on a pro-forma, fully consolidated basis, including pending acquisitions.

• Adjusted EBITA for 2024 expected in the NOK 85–95 million range.

• Activity in core markets remains high, with positive outlook driven by infrastructure demand in Norway and Sweden.

• Retail Exchange Offer for remaining shareholders expected in Q4 2024, pending regulatory approval.