INNIO (INIO) Registration filing summary

Company overview and business model

• Operates as a global provider of distributed energy solutions, focusing on gas-fueled reciprocating engines for critical infrastructure, including data centers, power grids, and industrial applications.

• Business is organized into Equipment (new engines, products, solutions) and Services (aftermarket, long-term agreements, digital solutions) segments.

• Installed base of 44 GW as of Dec 31, 2025, with 3.4 GW power delivered, and a global manufacturing footprint across Europe and North America.

• Services segment generates recurring, high-margin revenue, underpinned by long-term service agreements and proprietary parts.

• Focuses on high-growth markets such as data centers, with modular, behind-the-meter solutions for rapid deployment and grid independence.

Financial performance and metrics

• FY 2025 revenue: $2,636.8M (22.1% YoY growth); net income: $141.8M (54.1% YoY growth); Adjusted EBITDA: $549.0M (19.4% YoY growth).

• Q1 2026 revenue: $668.6M (35.3% YoY growth); net loss: $9.0M (vs. $35.0M net income Q1 2025); Adjusted EBITDA: $122.5M (7.5% YoY growth).

• Equipment Order Intake for FY 2025: $3,884.0M (187.8% YoY growth); Q1 2026: $1,617.5M (147.7% YoY growth).

• Services revenue grew 15% between 2023 and 2025, with seven consecutive years of growth as of Dec 31, 2025.

• Cash and cash equivalents as of March 31, 2026: $841.2M; long-term debt: $2,621.1M.

Use of proceeds and capital allocation

• No proceeds from the IPO will be received by the company; all shares sold are by the principal shareholder.

• The offering aims to create a public market, facilitate future access to equity markets, and increase visibility.

• Capital expenditures in 2025 were 6.5% of revenue, focused on capacity expansion, especially in North America.

• Distributed $723.8M as capital repayment in 2025 and $163.4M as a dividend in 2024 to the principal shareholder.