Correction: ININ Group update on Qben Infra share exchange offer and financial forecast for 2024

02 Oct 2024 16:19 CEST

(The amendments are related to certain adjustments in the enclosed investor
presentation. ININ Group’s financial forecast for 2024 remains unchanged.)

1 October 2024 – In relation to Qben Infra’s share exchange offer to the
shareholders in ININ Group, ININ Group announces financial forecasts for
full-year 2024. ININ Group forecasts NOK 2.0 billion in revenue and NOK 190
million in adjusted EBITDA for full-year 2024, on pro-forma, fully consolidated,
basis. In addition, ININ Group forecasts adjusted EBITA on pro-forma basis to be
in the range of NOK 85-95 million for the full-year 2024.

Qben Infra is progressing to complete the offer to all ININ Group shareholders
to acquire the shares in ININ Group with payment in shares in Qben Infra Ab, to
be listed on First North Premier in Stockholm. Shareholders representing a total
of 91,516,417 shares have accepted the share exchange offer from Qben Infra,
directed at ININ Group’s 140 largest shareholders. The acceptance rate amounts
to 77% of the share capital capital in ININ Group on a fully diluted basis. As
soon as Qben Infra has completed the offer prospectus, the offer will be
presented to the remaining shareholders of ININ Group. Qben Infra expects to
list Qben Infra on First North Premier in Stockholm in Q4 2024.

On 30 August 2024, ININ Group provided an updated guiding in relation to its
presentation of the Q2 results and its Q2/half-year financial report. ININ Group
reported at that time that it had announced the intention to acquire Trasé AS
(28 May 2024), Nordnes Narvik (29 May 2024) and Skyttermoen AS (27 June 2024).
Including the three contemplated acquisitions, ININ Group forecasted NOK 2.0
billion in revenue and NOK 199 million in adjusted EBITDA for full-year 2024, on
pro-forma, fully consolidated, basis. The acquisition of Skyttermoen AS was
completed on 25 September 2024. The acquisitions of Trasé AS and Nordnes Narvik
AS are expected to be completed late in Q4 2024. The planned acquisitions are
subject to customary closing conditions, satisfactory due diligence, and final
transaction documentation.

REVISED FULL-YEAR 2024 FORECAST
The revised financial forecast for ININ Group indicates NOK 2.0 billion in
revenue and NOK 190 million in adjusted EBITDA for full-year 2024, on pro-forma,
fully consolidated, basis. The slight deviation in adjusted EBITDA is mainly
related to delayed project start-ups within Inspekt.

The forecast is adjusted for costs related to IT-separation and consultant costs
in ININ Power. Note also that no consideration has been taken for potential
costs related to the listing process or additional integration and system costs
in the ININ Group companies. The forecast takes into consideration the adjusted
structure following the Qben Infra transaction, where the current management
agreement with ININ Capital Partners will be terminated, and in isolation this
will reduce the overhead cost in ININ Group.

ININ Group’s actual outcomes for total revenue, adjusted EBITDA and adjusted
EBITA may differ materially from the outcomes expressed in such forward-looking
statements.

The forecasts for total revenue, adjusted EBITDA and adjusted EBITA for the 2024
financial year were prepared in accordance with accounting policies that
essentially correspond with the accounting policies (IFRS) applied by ININ
Group. The forecast is made on a pro forma basis, meaning that all acquisitions
completed and expected to be completed during the financial year of 2024 have
been included as if they were completed on 1 January 2024. The forecast
specifically includes the acquisition of Skyttermoen AS, which was closed on 25
September 2024, as well as two contemplated and not yet signed acquisitions
(Trasé AS and Nordnes Narvik AS), which are expected to be signed in Q4 2024.

KEY ASSUMPTIONS FOR FINANCIAL FORECAST
The forecast of the ININ Group’s total revenue, adjusted EBITDA and adjusted
EBITA for the 2024 financial year, which pertains to the period from 1 January
to 31 December 2024, is also based on the following assumptions broken down by
those that the ININ Group is able to influence and those that are outside ININ
Group’s control.

Assumptions outside the ININ Group’s control (fully or partly):
• General cost inflation of 3-5% (different assumptions for different cost
categories) based on the general economic trend.
• Constant currency.

Assumptions that ININ Group can influence (fully or partly) that are important
in relation to the forecast for 2024:
• An increase in revenues for the segment ININ Inspekt (Testing, Inspection &
Certification), related to gained market shares as well as significantly
improved margins, as a result of increased scale and personnel utilisation.
• A continued improvement of margins for the segment ININ Power, driven by
improved project margins and the impact of recent cost reductions efforts in
Laje.
• That ININ Group follows through with the two contemplated acquisitions, with
the following contributions to the financial year 2024 to the group on a pro
forma basis; Trasé AS and Nordnes Narvik AS: Expected approximately NOK 100
million in total revenues and NOK 20 million in total adjusted EBITA on a full
year 2024 NGAAP basis (both to be included in ININ Rail Infrastructure
platform).

The failure of these assumptions to be fulfilled, singly or in combination, may
have a material adverse effect on the possibility of realising the forecast for
total revenue, adjusted EBITDA and adjusted EBITA for the 2024 financial year.

PRESENTATION ATTACHED
A presentation prepared by Qben Infra to be used in meetings with analysts and
potential investors is enclosed with this announcement.

For further information, please contact: Øivind Horpestad, CEO of ININ Group,
Tel: +47 910 00 626.

About ININ Group
AS ININ Group is a listed investment company with investments in companies
within infrastructure services niches in the Nordics. The group aims to create
value by identifying investment opportunities within profitable niches with
potential for development, consolidation, and growth, working in close
collaboration with the platform companies to deliver sustainable growth and
profitability. For more information, please visit: www.inin.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Fredrik Ekholm, Investment Manager, at 14:55 pm
(CET) on 1 October 2024.

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628916_241002_ININ Group Company Update Oct 2 update.pdf