Inin Group (ININ) H2 2025 earnings summary

Executive summary

• Operating as a listed investment company, the group focuses on infrastructure and industry services in the Nordics, leveraging a buy-and-build strategy with three main platforms: Rail, Power, and Inspection (TIC).

• Qben Rail was divested in January 2026 for up to NOK 850 million, realizing a 2.3x return on invested equity over three years.

• Qben Power and Qben Inspection (TIC) remain core platforms, with Qben Power showing positive EBITA and Qben Inspection reporting negative EBITA for 2025.

Financial highlights

• Group operating revenue (excluding Qben Rail) was NOK 942.6 million in 2025, up from NOK 884.1 million in 2024.

• EBIT improved to NOK -11 million from NOK -112.2 million year-over-year.

• Net loss from continuing operations was NOK -125.9 million (2024: NOK -120.5 million); net loss for the period was NOK -91.5 million (2024: NOK -149.1 million).

• Cash flow from operating activities was NOK 112.7 million, with total assets at NOK 1,291.9 million and equity at NOK 136.1 million (equity ratio 10.5%).

• No dividend was paid or recommended for 2025.

Outlook and guidance

• Anticipates continued growth in infrastructure and industry services, driven by urbanization, renewable energy, and regulatory trends.

• Expects market growth for Qben Power and Inspection platforms due to increased demand for electrification, grid stability, and TIC services.