Spir Group ASA Q1 2025: Revenue growth of 20 percent and increased operational profitability

13 May 2025 07:00 CEST

Oslo, 13 May 2025: Spir Group (“the Group”, OSE: SPIR) increased revenues by 20
percent in Q1 2025 compared to the same quarter in 2024 to NOK 315.8 million,
while EBITDA improved by 54 percent to NOK 50.5 million. Cash EBITDA increased
by NOK 20 million, reaching NOK 29.9 million. The growth was driven by 24
percent growth in the real estate business area, while the public administration
business area continued its steady growth with revenue up 3 percent and run-rate
ARR up 8 percent compared to one year earlier.

“The strong performance in our real estate segment is not solely driven by
increased market activity, we are also beginning to see clear benefits from our
strategic initiatives. We are pleased to report a robust start to the year with
accelerated revenue growth and enhanced financial metrics,” says Per Haakon
Lomsdalen, CEO of Spir Group.

The Group’s annual recurring revenue (ARR) increased by 10 percent compared to
Q1 last year, reaching NOK 439 million. Spir Group delivers its offerings as
recurring subscriptions, transaction-based data & software sales, and consulting
services related to implementation and utilization of its solutions.

The public administration service, operating through Sikri, maintains a steady
rate of organic growth. Sikri continues to operate with high margins and a
commercial momentum, while Cash EBITDA grew 50 percent to NOK 14 million. Sikri
operates with long contracts, low churn and an increasing share of subscription
revenues.

“Looking ahead, a key priority for the Group will be to further strengthen our
overall Cash EBITDA. The strategic measures we have implemented are already
yielding solid results, yet we see untapped potential. The start of 2025 marks a
positive step forward, and we look forward to building on this momentum and
leveraging our strong market positions,” 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/hegnarmedia/#!/hegnarmedia/20250513_5

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:
Per Haakon Lomsdalen
Chief Executive Officer
Tel: +47 90 27 19 18
Email: per.lomsdalen@spirgroup.com

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 Nordic software house delivering mission critical software and
data within two business areas; Real estate and Public Administration. In Real
estate, Spir Group helps to streamline complex real estate processes through
specialized niche software and data. In Public Administration, Spir Group is one
of Norway’s leading software providers, delivering solutions for case
management, archiving, quality management and internal control systems to the
public sector in Norway. The Group’s customers range from municipalities,
governmental agencies, real estate agents, banks, insurance companies,
appraisers, property developers, media companies, builders, property owners,
engineers, power companies, and building materials production companies. Our
mission is to help our customers streamline their operations and drive
digitization through software, data and artificial intelligence.

More information:
Access the news on Oslo Bors NewsWeb site

646097_Spir Group Q1 2025 report_final.pdf
646097_Spir Group Q1 2025 presentation_final.pdf