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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.
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Q2 2025 earnings summary19 Aug, 2025

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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Frequently asked questions

Sikri Holding AS provides case processing, and document management and archiving solutions to the public sector in Norway. It offers FAST Turnkey Contract service for limited companies; Trinn 1, a case processing and administration solution that covers other services included in the FAST-service agreement, run the cases and manage customer’s documents and communication in all areas; and Trinn 2, an electronic document management and archive solution. The company was founded in 2000 and is based in Lysaker, Norway

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