Spir Group ASA Q3 2024: Revenue improvement and double-digit EBITDA growth

13 Nov 2024 07:00 CET

Oslo, 13 November 2024: Spir Group ASA (“Spir Group” or “the company”, OSE
ticker: SPIR) increased revenues by 7 percent in the third quarter of 2024
compared to the same quarter last year to NOK 282.0 million, while adjusted
EBITDA improved 14 percent to NOK 58.7 million. Spir Group’s real estate
business area grew revenues by 15 percent, as Ambita, Boligmappa and Metria all
delivered double-digit revenue growth in the quarter. Within public
administration, Sikri won all public tenders during the quarter and delivered 4
percent revenue growth adjusted for the bi-annual election revenue.

“During Q3 2024, Spir Group performed well with solid revenue growth and
significantly improved profitability. The Spir companies provide
mission-critical software and data across two core business areas – real estate
and public administration – with market leading positions. The enhanced
financial performance is a result of the strategic initiatives we have
implemented during the past 12-18 months. We have continued to improve our
commercial, sales-focused organization, while maintaining strict cost
discipline,” says Per Haakon Lomsdalen, CEO of Spir Group.

Spir Group’s real estate business area was strengthened during the third quarter
through the acquisition of Unbolt AS, the market-leading software provider for
appraisers. Unbolt brings NOK 50 million of Software-as-a-Service Annual
Recurring Revenue (ARR) and ARR-like revenues with significant growth potential
and is a natural extension to the company’s real estate business area. Spir
Group’s ARR increased by 10 percent to NOK 425 million at quarter-end.

“This strategic acquisition generates important synergies within our real estate
offering. Unbolt, through its subsidiary iVerdi AS, provides software and
analysis utilized by the majority of real estate-appraisers across Norway,
enabling us to offer a broader range of services to our customers, strengthening
Spir Group's position as a trusted provider of software and data in the property
transaction market,” says Lomsdalen.

In Sweden, Spir Group’s continued initiatives to streamline Metria is proving
effective. Metria increased revenues by 16 percent in the quarter, while also
enhancing profitability.

“We are continuing to execute on our strategy. There is a growing demand for
secure and effective IT solutions across both business areas, as well as steady
growth in subscription revenues. The improvements in the real estate markets of
Norway and Sweden are positively impacting our financials, while Sikri continues
to deliver solid results within public administration in Norway. We are only at
the beginning of tapping into the Group’s potential, and we are eager to improve
our performance even further going forward,” says Lomsdalen.

***

Investors, analysts, and media are welcome to follow a webcast presentation of
the results today at 08:00. The presentation will be held by CEO Per Haakon
Lomsdalen and CFO Cecilie Brænd Hekneby.

Webcast link: https://channel.royalcast.com/landingpage/hegnarmedia/20241113_2/



The report and presentation are available for download from
https://spirgroup.com/reports-and-presentations and www.newsweb.no. The webcast
will be available for replay immediately after the live stream is concluded.

For further queries, please contact:

Cecilie Brænd Hekneby

Chief Financial Officer & IR

Tel: +47 99 29 38 26

Email: cecilie.hekneby@spirgroup.com

About Spir Group

Spir Group is a software house providing highly specialized software and
services towards the public sector and a leading company within property data,
property technology and data economics in the Nordics. Our customer base spans
public sector as well as private businesses within real estate, banking,
insurance, property developers, media companies, builders, property owners,
taxation companies, engineers, power companies and building materials
production. Our ambition is to build the leading Nordic ecosystem for public
administration, property technology, analysis and data.

More information:
Access the news on Oslo Bors NewsWeb site

632001_Spir Group Q3 2024 presentation_final.pdf
632001_Spir Group Q3 2024 report_final.pdf