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Spir Group (SPIR) investor relations material
Spir Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed divestment of Sikri/Sikre for NOK 1 billion, transforming into a pure-play real estate data and software company and significantly reducing debt.
Achieved 11% revenue growth in Q2 and 18% in H1 2025, with strong profitability gains and contributions from all segments.
Gross profit grew 22% in Q2, with gross margin improving to 53% and cash EBITDA up 67% to NOK 25 million (9% margin).
Special dividend of NOK 324 million (NOK 2.44 per share) paid/proposed following Sikri divestment.
Introduced updated dividend policy of 40–60% of cash EBITDA and focused on prudent M&A.
Financial highlights
Q2 2025 revenue: NOK/MNOK 268 (up 11% year-over-year); H1 2025 revenue: NOK/MNOK 515 (up 18%).
Q2 2025 gross profit: NOK/MNOK 142 (up 22%); gross margin: 53%.
Adjusted EBITDA in Q2 2025: NOK/MNOK 42 (up 28%); cash EBITDA up 66% to NOK/MNOK 25.
Free cash flow was negative NOK 70 million in Q2, but positive NOK 68 million for H1.
Cash balance at June was NOK 15 million, with NOK 900 million received in July from Sikri divestment.
Outlook and guidance
Focus on improving margins, cash flow, and ROI, with a NOK 10 million OpEx reduction plan underway.
CapEx for 2025 expected at NOK/MNOK 55–60, down from NOK/MNOK 81 last year.
Strategic direction centers on unifying operations, connecting data, innovating with AI, and expanding through new products and acquisitions.
Positive outlook with continued demand for digital real estate solutions and secure IT across business areas.
Transaction-based revenues expected to track real estate market activity; Swedish market showing signs of recovery.
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