# EDGAR Filing Document

**Accession Number:** 0002109150
**File Stem:** 0001193125-26-256089
**Filing Date:** 2026-6
**Character Count:** 37611
**Document Hash:** d463b77dd1e2631956d3ea9af8d6b178
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-256089.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001193125-26-256089

**CONFORMED SUBMISSION TYPE**: S-1MEF

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INNIO Group Holding B.V.
- **CENTRAL INDEX KEY:** 0002109150
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORS & GENERATORS [3621]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2M
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1MEF
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296476
- **FILM NUMBER:** 261062883

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NYMPHENBURGER STRASSE 5, 80335
- **CITY:** MUNICH
- **PROVINCE COUNTRY:** 2M
- **ZIP:** 00000
- **BUSINESS PHONE:** 43 6664 80833 3230

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NYMPHENBURGER STRASSE 5, 80335
- **CITY:** MUNICH
- **PROVINCE COUNTRY:** 2M
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INNIO Holding GmbH
- **DATE OF NAME CHANGE:** 20260203

**As filed with the Securities and Exchange Commission on June 3, 2026.**

<br> **Registration No. 333-**

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM S-1**

**REGISTRATION STATEMENT *UNDER***

***THE SECURITIES ACT OF 1933***

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**INNIO Group Holding B.V.\***

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **The Netherlands** | **3621** | **Not Applicable** |
| (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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| | |
|:---|:---|
| <br>**Nymphenburger Strasse 5** <br>**80335 Munich**<br>**Germany**<br>**+49.89.89.82.7221**<br>| <br>**1101 W. St. Paul Ave.**<br>**Waukesha, WI 53188**<br>**+1.262.547.3311**<br>|

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(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

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**INNIO Holding Inc.<br>1101 W. St. Paul Ave.**

**Waukesha, WI 53188**

**+1.262.547.3311**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

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***Copies to:***

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| | | |
|:---|:---|:---|
| **Marc D. Jaffe**<br>**Ian D. Schuman**<br>**Oliver Seiler**<br>**Jennifer M. Gascoyne**<br>**Latham & Watkins LLP**<br>**1271 Avenue of the Americas**<br>**New York, NY 10020**<br>**(212) 906-1200** | **Paul van der Bijl<br>NautaDutilh N.V.**<br>**Beethovenstraat 400<br>1082 PR Amsterdam**<br>**The Netherlands**<br>**+31 20 717 1000** | **Rod Miller**<br>**David Dixter**<br>**Philipp Klöckner**<br>**Milbank LLP**<br>**55 Hudson Yards**<br>**New York, NY 10001**<br>**(212) 530-5000** |

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**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☒ (File No. 333-295751)

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company  | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**This Registration Statement shall become effective upon filing in accordance with Rule 462(b) promulgated under the Securities Act.**

(\*) We converted the legal form of our company from a German limited liability company (*Gesellschaft mit beschränkter Haftung*) to a Dutch private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) and changed our name from INNIO Holding GmbH to INNIO Group Holding B.V. We then intend to convert the legal form of our company under Dutch law from a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) to a public company (*naamloze vennootschap*) and to change our name from INNIO Group Holding B.V. to INNIO N.V. prior to the closing of this offering.

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**EXPLANATORY NOTE AND INCORPORATION OF CERTAIN INFORMATION BY REFERENCE**

This Registration Statement (the "Registration Statement") is being filed with the U.S. Securities and Exchange Commission (the "Commission") pursuant to Rule 462(b) under the Securities Act of 1933, as amended. This Registration Statement relates to the public offering of common shares, nominal value EUR 0.04 per common share (the "Common Shares"), of INNIO Group Holding B.V. (the "Registrant") contemplated by the Registration Statement on Form- S-1 (File No. 333-295751), initially filed with the Commission by the Registrant on May 11, 2026 (as amended, the "Prior Registration Statement"), pursuant to the Securities Act, which was declared effective by the Commission on June 3, 2026. The contents of the Prior Registration Statement, including all amendments and exhibits thereto, are incorporated by reference into this Registration Statement.

The Registrant is filing this Registration Statement for the sole purpose of registering the sale of an additional 17,250,000 Common Shares, 2,250,000 of which are subject to purchase upon exercise of the underwriters' option to purchase additional Common Shares. The additional Common Shares that are being registered for issuance and sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in the Calculation of Registration Fee table contained in the Prior Registration Statement.

The required opinion and consents are listed on the Exhibit Index attached hereto and filed herewith.

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**EXHIBIT INDEX**

The following documents are filed as exhibits to this Registration Statement, and all other exhibits previously filed as exhibits to the Registrant's Registration Statement on Form S-1, as amended (File No. 333-295751), are incorporated by reference into, and shall be deemed to be a part of, this filing.

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 5.1 | [<u>Opinion of NautaDutilh N.V., Dutch counsel to the registrant, as to the validity of common shares.</u>](inio-ex5_1.htm) |
| 23.1 | [<u>Consent of KPMG AG Wirtschaftsprüfungsgesellschaft, Independent Registered Public Accounting Firm.</u>](inio-ex23_1.htm) |
| 23.2 | [<u>Consent of NautaDutilh N.V. (included in the opinion filed as Exhibit 5.1 to this registration statement).</u>](inio-ex5_1.htm) |
| 24.1 | [<u>Power of Attorney (included on the signature page to this registration statement).</u>](#signatures) |
| 107 | [<u>Filing Fee Table.</u>](inio-exfiling_fees.htm) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Munich, Germany on June 3, 2026.

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| | |
|:---|:---|
| **INNIO Group Holding B.V.** | **INNIO Group Holding B.V.** |
| By: | /s/ Olaf Berlien |
|  | Dr. Olaf Berlien |
|  | President and Chief Executive Officer  |
| By: | /s/ Dennis Schulze |
|  | Dr. Dennis Schulze |
|  | Chief Financial Officer |

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Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Olaf Berlien | Chief Executive Officer and Director (Principal Executive Officer) | June 3, 2026 |
| Dr. Olaf Berlien | Chief Executive Officer and Director (Principal Executive Officer) | June 3, 2026 |
| /s/ Dennis Schulze | Chief Financial Officer and Director<br>(Principal Financial Officer and Principal Accounting Officer) | June 3, 2026 |
| Dr. Dennis Schulze | Chief Financial Officer and Director<br>(Principal Financial Officer and Principal Accounting Officer) | June 3, 2026 |

---

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**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the requirements of the Securities Act, the undersigned certifies that it is the duly authorized United States representative of the registrant and has duly caused this registration statement to be signed by the undersigned, thereunto duly authorized, in the City of Waukesha, Wisconsin, on June 3, 2026.

**INNIO Holding Inc.**

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| | |
|:---|:---|
| By: | /s/ Andrew Dawson |
| Name: | Andrew Dawson |
| Title: | North America Chief Financial Officer |

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| | |
|:---|:---|
| By: | /s/ Roger George |
| Name: | Roger George |
| Title: | North America Chief Executive Officer |

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## Exhibit 5.1

**Exhibit 5.1**

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| | | |
|:---|:---|:---|
| ATTORNEYS • CIVIL LAW NOTARIES • TAX ADVISERS | ![img22032069_0.jpg](img22032069_0.jpg) | ![img22032069_0.jpg](img22032069_0.jpg) |
| P.O. Box 7113<br>1007 JC Amsterdam<br>Beethovenstraat 400<br>1082 PR Amsterdam<br>T +31 20 71 71 000<br>F +31 20 71 71 111 |  | Amsterdam, 3 June 2026 (by reference to Eastern Time). |

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To the Company:

We have acted as legal counsel as to Dutch law to the Company in connection with the Offering and the filing of the Registration Statement with the SEC. This opinion letter is rendered to you in order to be filed with the SEC as an exhibit to the Registration Statement.

Capitalised terms used in this opinion letter have the meanings set forth in Exhibit A to this opinion letter. The headings used in this opinion letter are for convenience of reference only and are not to affect its construction or to be taken into consideration in its interpretation.

This opinion letter is strictly limited to the matters stated in it and may not be read as extending by implication to any matters not specifically referred to in it. Nothing in this opinion letter should be taken as expressing an opinion in respect of any representations or warranties, or other information, contained in any document reviewed by us in connection with this opinion letter.

In rendering the opinions expressed in this opinion letter, we have reviewed and relied upon drafts of the Reviewed Documents, a draft of the Registration Statement, pdf copies of the Pre-Conversion Certificate and the B.V. Deed of Conversion and drafts of the Deed of Amendment Nominal Value, the B.V. Articles, the N.V. Deed of Conversion and the Resolutions and we have assumed that the Reviewed Documents shall be entered into for bona fide commercial reasons. We have not investigated or verified any factual matter disclosed to us in the course of our review.

This opinion letter sets out our opinion on certain matters of the laws with general applicability of the Netherlands, and, insofar as they are directly applicable in the Netherlands, of the European Union, as at today's date and as presently interpreted under published authoritative case law of the Dutch courts, the General Court and the Court of Justice of the European Union. We do not express any opinion on Dutch or European competition law, data protection law, tax law, securitisation law or regulatory law. No undertaking is assumed on our part to revise, update or amend this opinion letter in connection with, or to notify or inform you of, any developments and/or changes of Dutch law subsequent to today's date. We do not purport to opine on the consequences of amendments to the Reviewed Documents, the Registration Statement or the Corporate Documents subsequent to the date of this opinion letter.

The opinions expressed in this opinion letter are to be construed and interpreted in accordance with Dutch law. The competent courts at Amsterdam, the Netherlands, have exclusive jurisdiction to settle any issues of interpretation or liability arising out of or in connection with this opinion letter. Any legal relationship arising out of or in connection with this opinion letter (whether contractual or non-contractual), including the above submission to jurisdiction, is governed by Dutch law and shall be subject to the general terms and conditions of NautaDutilh. Any liability arising out of or in connection with this opinion letter shall be limited to the amount which is paid out under NautaDutilh's insurance policy in the matter concerned. No person other than NautaDutilh may be held liable in connection with this opinion letter.

All legal relationships are subject to NautaDutilh N.V.'s general terms and conditions (see https://www.nautadutilh.com/terms), which apply mutatis mutandis to our relationship with third parties relying on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court and will be provided free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 2 |

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In this opinion letter, legal concepts are expressed in English terms. The Dutch legal concepts concerned may not be identical in meaning to the concepts described by the English terms as they exist under the law of other jurisdictions. In the event of a conflict or inconsistency, the relevant expression shall be deemed to refer only to the Dutch legal concepts described by the English terms.

For the purposes of this opinion letter, we have assumed that:

a.drafts of documents reviewed by us will be signed in the form of those drafts, each copy of a document conforms to the original, each original is authentic, and each signature is the genuine signature of the individual purported to have placed that signature;

b.if any signature under any document is an electronic signature (as opposed to a handwritten ("wet ink") signature) only, it is either a qualified electronic signature within the meaning of the eIDAS Regulation, or the method used for signing is otherwise sufficiently reliable;

c.the Registration Statement has been or will be declared effective by the SEC in the form reviewed by us;

d.the Company has been duly incorporated as a *Gesellschaft mit beschränkter Haftung* pursuant to the laws of Germany;

e.all factual factual statements made and the confirmations given in the Pre-Conversion Certificate are complete and correct;

f.the Company's equity (*eigen vermogen*) shall be sufficient to allow for the aggregate nominal value of the Secondary Shares to be charged against the Company's share premium reserve and to pay up the Secondary Shares in full in accordance with the relevant Resolutions and the Deed of Issue of Secondary Shares;

g.(i) no internal regulations (*reglementen*) have been, or shall have been, adopted by any corporate body of the Company which would affect the validity of the resolutions recorded in the Resolutions and (ii) the B.V. Articles will be the Articles of Association in force and at the time the Deed of Issue of Secondary Shares is executed;

h.at the time the Deed of Issue of Secondary Shares is executed (i) the relevant resolutions recorded in the Resolutions shall be in full force and effect and (ii) the factual statements made and the confirmations given in the Resolutions and in the Deed of Issue of Secondary Shares, respectively, shall be complete and correct;

i.each Power of Attorney (i) is, or shall be, in full force and effect and (ii) under any applicable law other than Dutch law, validly authorises the person or persons purported to be granted power of attorney, to represent and bind the relevant principal for the purposes stated therein; and

j.the Offering, to the extent made in the Netherlands, has been, is and will be made in conformity with the Prospectus Regulation and the rules promulgated thereunder.

Based upon and subject to the foregoing and subject to the qualifications set forth in this opinion letter and to any matters, documents or events not disclosed to us, we express the following opinions:

**Cross-Border Conversion and Corporate Status**

1. The Company has been duly converted into a *besloten vennootschap met beperkte aansprakelijkheid* pursuant to the cross-border conversion effected by the B.V. Deed of Conversion and, upon the execution of the N.V. Deed of Conversion, shall be validly existing as a *naamloze vennootschap*.

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 3 |

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**Secondary Shares**

2. When issued and accepted in accordance with the relevant Resolutions and the Deed of Issue of Secondary Shares, the Secondary Shares, including the Secondary Option Shares, shall be validly issued, fully paid and non-assessable.

The opinions expressed above are subject to the following qualifications:

A.Opinion 1 must not be read to imply that the Company cannot be dissolved (*ontbonden*). A company such as the Company may be dissolved, inter alia by the competent court at the request of the company's board of directors, any interested party (*belanghebbende*) or the public prosecution office in certain circumstances, such as when there are certain defects in the incorporation of the company. Any such dissolution will not have retro-active effect.

B.Pursuant to Section 2:7 DCC, any transaction entered into by a legal entity may be nullified by the legal entity itself or its liquidator in bankruptcy proceedings (*curator*) if the objects of that entity were transgressed by the transaction and the other party to the transaction knew or should have known this without independent investigation (*wist of zonder eigen onderzoek moest weten*). The Dutch Supreme Court (*Hoge Raad der Nederlanden*) has ruled that in determining whether the objects of a legal entity are transgressed, not only the description of the objects in that legal entity's articles of association (*statuten*) is decisive, but all (relevant) circumstances must be taken into account, in particular whether the interests of the legal entity were served by the transaction. Based on the objects clause contained in the B.V. Articles, we have no reason to believe that, by entering into the Reviewed Documents, the Company would transgress the description of the objects contained in its Articles of Association. However, we cannot assess whether there are other relevant circumstances that must be taken into account, in particular whether the interests of the Company are served by entering into the Reviewed Documents since this is a matter of fact.

C.Pursuant to Section 2:98c DCC, a company such as the Company may grant loans (*leningen verstrekken*) only in accordance with the restrictions set out in Section 2:98c DCC, and may not provide security (*zekerheid stellen*), give a price guarantee (*koersgarantie geven*) or otherwise bind itself, whether jointly and severally or otherwise with or for third parties (*zich op andere wijze sterk maken of zich hoofdelijk of anderszins naast of voor anderen verbinden*) with a view to (*met het oog op*) the subscription or acquisition by third parties of shares in its share capital or depository receipts. This prohibition also applies to its subsidiaries (*dochtervennootschappen*). It is generally assumed that a transaction entered into in violation of Section 2:98c DCC is null and void (*nietig*). Based on the content of the Reviewed Documents, we have no reason to believe that the Company or its subsidiaries will violate Section 2:98c DCC in connection with the acquisition of the Secondary Shares. However, we cannot confirm this definitively, since the determination of whether a company (or a subsidiary) has provided security, has given a price guarantee or has otherwise bound itself, with a view to the subscription or acquisition by third parties of shares in its share capital or depository receipts, as described above, is a matter of fact.

D.The opinions expressed in this opinion letter may be limited or affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.rules relating to Insolvency Proceedings or similar proceedings under a foreign law and other rules affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the provisions of fraudulent preference and fraudulent conveyance (*Actio Pauliana*) and similar rights available in other jurisdictions to insolvency practitioners and insolvency office holders in bankruptcy proceedings or creditors;

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 4 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.claims based on tort (*onrechtmatige daad*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.sanctions and measures, including but not limited to those concerning export control, pursuant to European Union regulations, under the Dutch Sanctions Act 1977 (*Sanctiewet 1977*) or other legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.the Anti-Boycott Regulation, Anti Money Laundering Laws and related legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.any intervention, recovery or resolution measure by any regulatory or other authority or governmental body in relation to financial enterprises or their affiliated entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.the rules of force majeure (*niet toerekenbare tekortkoming*), reasonableness and fairness (*redelijkheid en billijkheid*), suspension (*opschorting*), dissolution (*ontbinding*), unforeseen circumstances (*onvoorziene omstandigheden*) and vitiated consent (i.e., duress (*bedreiging*), fraud (*bedrog*), abuse of circumstances (*misbruik van omstandigheden*) and error (*dwaling*)) or a difference of intention (*wil*) and declaration (*verklaring*).

E.The term "non-assessable" has no equivalent in the Dutch language and for purposes of this opinion letter such term should be interpreted to mean that a holder of an Ordinary Share shall not by reason of merely being such a holder be subject to assessment or calls by the Company or its creditors for further payment on such Ordinary Share.

F.This opinion letter does not purport to express any opinion or view on the operational rules and procedures of any clearing or settlement system or agency.

We consent to the filing of this opinion letter as an exhibit to the Registration Statement and also consent to the reference to NautaDutilh in the Registration Statement under the caption "Legal Matters". In giving this consent we do not admit or imply that we are a person whose consent is required under Section 7 of the United States Securities Act of 1933, as amended, or any rules and regulations promulgated thereunder.

Sincerely yours,

/s/ NautaDutilh N.V.

NautaDutilh N.V.

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 5 |

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**EXHIBIT A**

**LIST OF DEFINITIONS**

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| | |
|:---|:---|
| &nbsp;&nbsp;"**Anti Money Laundering Laws**"<br>| &nbsp;&nbsp;The European Anti-Money Laundering Directives, as implemented in the Netherlands in the Money Laundering and Terrorist Financing Prevention Act (*Wet ter voorkoming van witwassen en financieren van terrorisme*) and the Dutch Criminal Code (*Wetboek van Strafrecht*). |
| &nbsp;&nbsp;"**Anti-Boycott Regulation**" | &nbsp;&nbsp;The Council Regulation (EC) No 2271/96 of 22 November 1996 on protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom. |
| &nbsp;&nbsp;"**Articles of Association**" | &nbsp;&nbsp;The Company's articles of association (*statuten*) as they read from time to time. |
| &nbsp;&nbsp;"**Bankruptcy Code**" | &nbsp;&nbsp;The Dutch Bankruptcy Code (*Faillissementswet*). |
| &nbsp;&nbsp;"**Board**" | &nbsp;&nbsp;The Company's board of directors (*bestuur*). |
| &nbsp;&nbsp;"**B.V. Articles**" | &nbsp;&nbsp;The Articles of Association as they read immediately after the execution of the duly completed Deed of Amendment Nominal Value.<br>|
| &nbsp;&nbsp;**"B.V. Deed of Conversion"** | &nbsp;&nbsp;The deed of cross-border conversion and amendment dated 2 June 2026.<br>|
| &nbsp;&nbsp;"**Commercial Register**" | &nbsp;&nbsp;The Dutch Commercial Register (*handelsregister*). <br>|
| &nbsp;&nbsp;"**Company**" | &nbsp;&nbsp;INNIO Group Holding B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*), registered with the Commercial Register under number 42074282, to be converted into and renamed INNIO N.V., a public company with limited liability (*naamloze vennootschap*) in connection with the Offering. |
| &nbsp;&nbsp;"**Common Shares**" | &nbsp;&nbsp;Common shares in the Company's capital, with a nominal value of EUR 0.04 each.<br>|
| &nbsp;&nbsp;"**Corporate Documents**" | &nbsp;&nbsp;The Pre-Conversion Certificate, the B.V. Deed of Conversion, the Deed of Amendment Nominal Value, the N.V. Deed of Conversion, the B.V. Articles and the Resolutions. |
| &nbsp;&nbsp;"**DCC**" | &nbsp;&nbsp;The Dutch Civil Code (*Burgerlijk Wetboek*). |
| &nbsp;&nbsp;"**Deed of Amendment Nominal Value**" | &nbsp;&nbsp;The draft deed of amendment to the Articles of Association prepared by us with reference number 83103611 M 59515959.<br>|

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 6 |

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|:---|:---|
| &nbsp;&nbsp;"**Deed of Issue of Secondary Shares**" | &nbsp;&nbsp;The draft deed of issue of the Secondary Shares, including the Secondary Option Shares, prepared by us with reference number 83103611 M 59515911.<br>|
| &nbsp;&nbsp;"**eIDAS Regulation**"<br>| &nbsp;&nbsp;Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC. |
| &nbsp;&nbsp;"**General Meeting**" | &nbsp;&nbsp;The Company's general meeting (*algemene vergadering*). |
| &nbsp;&nbsp;"**Insolvency Proceedings**" | &nbsp;&nbsp;Any insolvency proceedings within the meaning of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), as amended by Regulation (EU) 2021/2260 of the European Parliament and of the Council of 15 December 2021, listed in Annex A thereto and any statutory proceedings for the restructuring of debts (*akkoordprocedure*) pursuant to the Bankruptcy Code. |
| &nbsp;&nbsp;"**N.V. Deed of Conversion**" | &nbsp;&nbsp;The draft deed of conversion and amendment to the Articles of Association prepared by us with reference number 83103611 M 59515823. |
| &nbsp;&nbsp;"**NautaDutilh**" | &nbsp;&nbsp;NautaDutilh N.V.  |
| &nbsp;&nbsp;"**the Netherlands**" | &nbsp;&nbsp;The European territory of the Kingdom of the Netherlands and "**Dutch**" is in or from the Netherlands. |
| &nbsp;&nbsp;"**Offering**" | &nbsp;&nbsp;The offering of Common Shares as contemplated by the Registration Statement. |
| &nbsp;&nbsp;"**Option**" | &nbsp;&nbsp;The option to acquire a portion of the Secondary Shares, to be granted by AI Alpine (Luxembourg) S.à r.l. to the Underwriters pursuant to the Underwriting Agreement. |
| &nbsp;&nbsp;"**Power of Attorney**" | &nbsp;&nbsp;Each power of attorney granted or to be granted for purposes of the execution of the B.V. Deed of Conversion and the Deed of Issue of Secondary Shares and each power of attorney as contained in the Resolutions.<br>|
| &nbsp;&nbsp;"**Pre-Conversion Certificate** " | &nbsp;&nbsp;The pre-conversion certificate issued pursuant to German law and dated 13 May 2026, relating to the Company's cross-border conversion from a *Gesellschaft mit beschränkter Haftung* into a *besloten vennootschap met beperkte aansprakelijkheid* pursuant to the B.V. Deed of Conversion.<br>|

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|:---|:---|
| ![img22032069_1.jpg](img22032069_1.jpg) | ![img22032069_1.jpg](img22032069_1.jpg) |
|  | 7 |

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| | |
|:---|:---|
| &nbsp;&nbsp;"**Prospectus Regulation**" | &nbsp;&nbsp;Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. |
| &nbsp;&nbsp;"**Registration Statement**" | &nbsp;&nbsp;The Company's registration statement on Form S-1 filed or to be filed with the SEC in connection with the Offering in the form reviewed by us. |
| &nbsp;&nbsp;"**Resolutions**" | &nbsp;&nbsp;Each of the following:<br>**a.**the written resolution of the Board dated 3 June 2026; and<br>**b.**the written resolution of the General Meeting dated 3 June 2026. |
| &nbsp;&nbsp;"**Reviewed Documents**" | &nbsp;&nbsp;The Deed of Issue of Secondary Shares and the Underwriting Agreement. |
| &nbsp;&nbsp;"**SEC**" | &nbsp;&nbsp;The United States Securities and Exchange Commission. |
| &nbsp;&nbsp;"**Secondary Option Shares**" | &nbsp;&nbsp;The Secondary Shares in respect of which the Option is or can be exercised.<br>|
| &nbsp;&nbsp;"**Secondary Shares**"<br>| &nbsp;&nbsp;Part of the 749,975,000 Common Shares issued to AI Alpine (Luxembourg) S.à r.l. pursuant to the Deed of Issue of Secondary Shares that are offered for sale in the Offering and referenced as such in the Registration Statement.<br>|
| &nbsp;&nbsp;"**Underwriters**" | &nbsp;&nbsp;The Underwriters, as defined in the Underwriting Agreement. |
| &nbsp;&nbsp;"**Underwriting Agreement**" | &nbsp;&nbsp;The underwriting agreement to be entered into between the Company and the Underwriters in connection with the Offering in the form received by us. |

---

------

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 26, 2026, with respect to the consolidated financial statements of INNIO Holding GmbH, incorporated by reference herein and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG AG Wirtschaftsprüfungsgesellschaft

Stuttgart, Germany

June 3, 2026

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **INNIO Group Holding B.V.**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common shares, nominal value EUR 0.04 per share | 457(a) | 17250000 | $27.00 | $465750000.00 | 0.0001381 | $64320.07 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $465750000.00  |  | $64320.07  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $64320.07  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1 (a) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended. (b) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase. 2 (a) The Registrant previously paid a registration fee of $13,810.00 in connection with the initial filing of the Registration Statement on Form S-1 on May 11, 2026. The fee was estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act. This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a). (b) See note 1(b) above.

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| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---