v3.26.1
Segment reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Sub-Unit Information by Revenue
Revenues are reported for the Equipment and Service groupings described above;
sub-unit
information is presented where it is regularly provided to the CODM.
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
(in millions of $)
   
2026
     
2025
     
2026
     
2025
  
Equipment revenue
            
Data Center
      232.4        118.0        339.4        170.3  
Power Solutions
      273.6        181.5        441.7        295.8  
Compression
      63.3        54.6        110.7        98.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total equipment revenue
   
 
569.3
 
   
 
354.1
 
   
 
891.8
 
   
 
564.3
 
Service revenue
            
Transactional
      236.1        192.8        442.3        364.8  
Contractual
      132.3        112.6        272.4        224.4  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total service revenue
   
 
368.4
 
   
 
305.4
 
   
 
714.7
 
   
 
589.2
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total revenue
   
 
937.7
 
   
 
659.5
 
   
 
1,606.5
 
   
 
1,153.5
 
Schedule of Segment Reporting Financial Information
Selected financial information for each segment is as follows:
 
 
  
Three Months Ended June 30, 2026
 
(in millions of $)
  
Equipment
 
  
Service
 
  
Total from
Reportable Segments
 
Total revenue
      569.3        368.4        937.7  
Less: Significant segment expenses regularly provided to the CODM (a)
         
Cost of goods and services sold
      (421.6 )      (208.2 )      (629.8 )
Research and development
      (20.6 )      (11.3 )      (31.9 )
Selling, general and administrative expenses
      (65.0 )
 
      (53.6 )
 
      (118.6 )
 
Depreciation and amortization
      14.4        12.7        27.1  
Other
non-cash
items (b)
      1.2        0.8        2.0  
Management adjustments (c)
      0.4        0.9        1.3  
Other segment items (d)
      0.5        0.1        0.6  
  
 
 
     
 
 
     
 
 
  
Adjusted Segment EBITDA (e)
   
 
78.6
 
   
 
109.8
 
   
 
188.4
 

 
  
Three Months Ended June 30, 2025
 
(in millions of $)
  
Equipment
 
  
Service
 
  
Total from
Reportable Segments
 
Total revenue
      354.1        305.4        659.5  
Less: Significant segment expenses regularly provided to the CODM (a)
         
Cost of goods and services sold
      (251.0 )      (180.1 )      (431.1 )
Research and development
      (13.9 )      (13.3 )      (27.2 )
Selling, general and administrative expenses
      (35.9 )
 
      (40.6 )
 
      (76.5 )
 
Depreciation and amortization
      11.3        13.3        24.6  
Other
non-cash
items (b)
      1.2        0.9        2.1  
Management adjustments (c)
      0.1        0.5        0.6  
Other segment items (d)
      0.2        (0.2 )      —   
  
 
 
     
 
 
     
 
 
  
Adjusted Segment EBITDA (e)
   
 
66.1
 
   
 
85.9
 
   
 
152.0
 
 
 
  
Six Months Ended June 30, 2026
 
(in millions of $)
  
Equipment
 
  
Service
 
  
Total from
Reportable Segments
 
Total revenue
      891.8        714.7        1,606.5  
Less: Significant segment expenses regularly provided to the
CODM (a)
         
Cost of goods and services sold
      (662.5 )      (402.3 )      (1,064.8 )
Research and development
      (39.3 )      (21.5 )      (60.8 )
Selling, general and administrative expenses
      (120.5 )
 
      (100.3 )
 
      (220.8 )
 
Depreciation and amortization
      27.1        25.2        52.3  
Other
non-cash
items (b)
      3.3        2.2        5.5  
Management adjustments (c)
      0.6        1.5        2.1  
Other segment items (d)
      1.0        0.3        1.3  
  
 
 
     
 
 
     
 
 
  
Adjusted Segment EBITDA (e)
   
 
101.5
 
   
 
219.8
 
   
 
321.3
 
 
 
  
Six Months Ended June 30, 2025
 
(in millions of $)
  
Equipment
 
  
Service
 
  
Total from
Reportable Segments
 
Total revenue
      564.3        589.2        1,153.5  
Less: Significant segment expenses regularly provided to the
CODM (a)
         
Cost of goods and services sold
      (397.5 )      (338.2 )      (735.7 )
 
Research and development
      (23.8 )      (22.6 )      (46.4 )
Selling, general and administrative expenses
      (73.3 )
 
      (80.9 )
 
      (154.2 )
Depreciation and amortization
      21.9        26.1        48.0  
Other
non-cash
items (b)
      2.1        1.6        3.7  
Management adjustments (c)
      0.1        0.9        1.0  
Other segment items (d)
      0.5        0.1        0.6  
  
 
 
     
 
 
     
 
 
  
Adjusted Segment EBITDA (e)
   
 
94.3
 
   
 
176.2
 
   
 
270.5
 
Note
s:
 
(a)
Significant segment expenses represent categories that are regularly provided to and used by the CODM to assess performance and allocate resources. These include Cost of equipment and products sold, Cost of services sold, Selling, general and administrative expenses, Research and development expenses, and Other segment items that are not individually significant.
(b)
Other
non-cash
items include amortization expenses of capitalized costs to obtain contracts.
(c)
Management adjustments are described below in the reconciliation of Adjusted Segment EBITDA to Net income.
 
(d)
Other segment items represent the residual components of the CODM measure of segment profit that are not otherwise separately disclosed as revenue or significant expense categories. It primarily includes Other operating (income) expense—net and other
non-significant
cost categories (including certain shared or allocated costs included in segment results) that are reviewed by the CODM in aggregate (e.g., foreign currency transaction gains and losses, gains and losses on asset disposals, and miscellaneous operating items).
(e)
Adjusted Segment EBITDA is the CODM’s segment profit measure. Corporate/unallocated costs (“HQ”) are not included in Adjusted Segment EBITDA and are presented in the reconciliation to consolidated Net income.
Summary of Reconciliation of Adjusted Segment EBITDA to Net income
Adjusted Segment EBITDA is reconciled to Net income by presenting unallocated corporate costs not included in segment results, management adjustments, other
non-cash
items, depreciation and amortization, Interest and other financial charges—net,
non-operating
income (expense) and Income tax expense.
 
 
  
Three Months Ended June 30,
 
  
Six Months Ended June 30,
 
(in millions of $)
  
2026
 
  
2025
 
  
2026
 
  
2025
 
Total Adjusted Segment EBITDA
      188.4        152.0        321.3     270.5  
Unallocated corporate costs (HQ & other not included in Adjusted Segment EBITDA)
    (16.1 )     (7.9 )       (26.5 )      (12.4 )
Acquisition and Divestment related gains (losses) - net
    (0.5 )     (0.7 )       (0.7 )      (0.4 )
Transaction costs
    (0.5 )     —         (4.6 )      — 
Transformation costs
    (1.8 )     (3.1 )       (5.3 )      (5.7 )
IPO and Public market readiness costs
    (81.2 )     (0.1 )       (91.1 )      (0.1 )
Share-based compensation
    (1.1 )     —       (1.1 )      —   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Management adjustments
      (85.1 )      (3.9 )      (102.8 )      (6.2 )
Other
non-cash
items
    (2.0 )    (2.1 )       (5.5 )      (3.7 )
Depreciation and amortization
    (40.1 )     (37.0 )       (78.3 )      (72.1 )
Other income (expense) - net
      3.7        0.9        6.9        1.5  
Interest expense and related financing costs - net
      (52.9 )      (21.5 )      (123.7 )      (50.1 )
Income tax expense
      (12.8 )
 
 
      (18.1 )
 
      (17.3 )
 
      (30.1 )
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net income (loss)
   
 
(16.9
)
   
 
62.4
 
   
 
(25.9
)
   
 
97.4
 
Summary of Long-lived Assets Attributable to Geographic Areas
 
  •  
IPO and Public market readiness costs that the Company incurs to implement financial statements in US GAAP, including: implementing SOX-compliant internal controls, improving processes and organization required for public US markets, bonuses linked to successful public offering including long-term incentive plans, and legal and advisory fees related to INNIO’s IPO. During the six months ended June 30, 2026, the Company incurred the following costs:
 
•
Long-term incentive program 2023
  
$61.5 million
•
Costs related to financial statements in US GAAP
  
$20.8 million
•
Advisory fees
  
$4.1 million
•
Others
  
$3.7 million
•
Legal fees
  
$1.0 million