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05 September 2023

Inin Group H1 results

Home> News >    Inin Group H1 results

Inin Group AS delivered revenue of NOK 102.7 million in this year’s second quarter, up 58 percent from the same period last year (NOK 65.1 million). EBIT was NOK -4.1 million in the second quarter (NOK -9.8 million)

Link to the presentation, the report and the webcast recording.

The group’s M&A activity continues to be high, and numerous new acquisitions agreements were reached during the quarter. “We are continuing our growth – both organically and through acquisitions. The EBIT in the second quarter is negatively impacted by substantial acquisition costs. We expect to deliver positive results in the second half of the year,” says Øivind Horpestad, CEO of Inin Group.

Inin Group secured several new contracts during the second quarter, including a NOK 30.7 million track ballast replacement project and a contract expansion from NOK 21 to NOK 53.5 million for installation of signalling systems. At quarter-end, the group’s order backlog was NOK 274 million, compared to NOK 175 million one year earlier.

For the first half of 2023, Inin Group delivered revenue of NOK 163.3 million, an increase of 64 percent versus the same period last year (99.4, pro-forma). EBIT for the period was NOK -14.3 million (NOK -21.4 million, pro-forma in H1 2022).

High M&A activity

Inin Group currently consists of three investment platforms: Rail Infrastructure, Power Distribution, and Testing, Inspection & Certification (TIC). Mass Handling & Recycling will be added as a fourth investment platform upon closing of the acquisition of TW Gruppen AS.

During the second quarter, and in subsequent months, Inin Group has closed three acquisitions, entered into three new share purchase agreements (SPA), and signed two new term sheets for potential acquisitions, including:

Rail Infrastructure: Signed SPA to acquire rail contractor Team 1435 AS, closed the acquisition of fibre optics contractor Thuve’n Anlegg & Bane (Q3), and agreed term sheets to acquire railway contractor and signalling experts SLAM Jernbaneteknikk AS (Q3) and railway contractor Banefjell AS (Q3).
Power Distribution: Signed SPA to acquire large, regional infrastructure construction and service company Laje AS (Q3)
Testing, Inspection & Certification: Closed the acquisition of NDT companies Trygg Inspection AB and AlfaTest AB (Q3), plus established Inspekt Norway AS.
Mass Handling & Recycling: Signed SPA to acquire TW Gruppen (Q3).

“We target highly fragmented business segments with our M&A efforts, and we are experiencing great interest from companies that would like to become part of Inin Group. We expect to complete several announced transactions in the next weeks and months. Both Laje and TW Gruppen will significantly increase Inin Group’s revenue and earnings potential going forward,” adds Øyvind Horpestad.


Inin Group’s Rail Infrastructure, Power Distribution and Testing, Inspection & Certification investment platforms are all continuing to experience high tendering activity. The order backlog of NOK 274 million and numerous frame agreements provide solid visibility for the rest of the year.

TW Gruppen have not delivered as they planned in 2023, the mass recycling facility is delayed and not expected to be up-and-running with full production capacity until the end of 2023. This will impact expected revenue and EBIT from TW Gruppen negatively in 2023, but it will at the same time reduce the consideration Inin Group will have to pay TW Gruppen as part of the latter’s EBIT-based earn-out model for the 12-month period that started in August 2023.

Through the combination of Inin Group’s current platforms and announced acquisitions, Inin Group aims to deliver full-year pro forma revenues of approximately NOK 1.5 billion in 2023, with pro forma EBITDA of approximately NOK 80 million.

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