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01 June 2023

Q1 2023 company update and results

Home> News >    Q1 2023 company update and results

Inin Group AS, an investment company focused on infrastructure and industry, delivered revenue of NOK 57.6 million in this year’s first quarter, up 71 percent from the same quarter last year (NOK 33.8 million). EBIT was NOK -8.3 million in the first quarter, an improvement from NOK -10.9 million in the corresponding quarter last year, affected by normal seasonality in the winter period. 

Q1 2023 Company update presentation can be found here

“I am pleased to see that we deliver an expected strong revenue growth in the quarter. The negative EBIT is to a large degree explained by seasonality effects as the first quarter is traditionally slow in the infrastructure industry. We are experiencing a strong market with high tender activity, solid order intake and a rising order backlog, which bodes well for the coming quarters,” says Øivind Horpestad, CEO of Inin Group.

Inin Group secured multiple new contracts during the first quarter. The group’s order backlog stood at NOK 290 million at the end of March, up from NOK 263 million at the beginning of the year.

Subsequent to the end of the first quarter 2023, Inin Group has announced more than NOK 70 million in new contracts.


In March, Inin Group announced changes that had transformed the company to a fully-fledged, listed investment vehicle with a long-term investment horizon, focusing on a buy-and-build strategy within infrastructure and industry services niches in the Nordics.

As of 31 March 2023, Inin Group consists of three investment platforms: Rail Infrastructure, Power Distribution, and TIC – testing, inspection and certification. In addition, the group has a Non-core platform.

During the first quarter, Inin Group signed a term sheet for a potential acquisition and established a joint venture-business within the Rail Infrastructure investment platform.

So far in 2023, Inin Group has closed one acquisition and signed a term sheet for another acquisition within the TIC investment platform, established a joint venture business and signed two term sheets for potential acquisitions within the Rail Infrastructure investment platform. In addition, Inin Group has signed a term sheet to acquire TW Gruppen AS, which will establish Mass Handling & Recycling as a fourth investment platform.

“We have a vertical-focused buy-and-build strategy. We aim to create value through a combination of M&A and organic growth and development initiatives. Our M&A activity level has been very high so far in 2023 and we expect to close several of the acquisitions during the second and third quarter. This will significantly strengthen our revenue and earnings potential going forward,” says Øivind Horpestad.


A solid order backlog of 290 million provides good visibility for the current Inin Group. Continued high tendering activity is expected as maintenance requirements of public rail infrastructure continues to grow.

Through the combination of Inin Group’s current platforms and announced acquisitions, Inin Group aims to deliver pro forma revenues of more than NOK 700 million in 2023, up from NOK 222 million in 2022.

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