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Spir Group (SPIR) investor relations material
Spir Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue grew 1.1% year-over-year in Q4 2025 to MNOK 204.1, with full-year revenue up 11.3% to MNOK 954.8, driven by transaction-based and consulting revenues despite a challenging Swedish housing market and open data effects.
Gross margin improved to 61.1% in Q4 and 54.9% for the year, reflecting lower COGS and margin initiatives.
Adjusted EBITDA for Q4 was MNOK 23.7 (down 3.8% YoY), while full-year adjusted EBITDA rose 19.5% to MNOK 127.3.
Net income for Q4 was MNOK -3.9, but full-year net income surged to MNOK 802.4, mainly due to the gain from the Sikri AS divestment.
Financial highlights
Q4 subscription revenue declined 4.7% YoY, while transaction-based revenue rose 0.8% and consulting revenue increased 8.0%.
Full-year subscription revenue fell 1.1%, but transaction-based revenue grew 14.3% and consulting revenue 9.0%.
Q4 adjusted cash EBITDA was MNOK 14.4 (margin 7.1%), up from MNOK 3.9 (margin 1.9%) YoY; full-year adjusted cash EBITDA doubled to MNOK 84 (margin 8.8%).
Operating profit (EBIT) for Q4 was MNOK -10.6 (down from -8.1 YoY); full-year EBIT was MNOK -6.1 (down from -0.7 YoY).
Net interest-bearing debt (NIBD) including leasing was reduced to negative MNOK 15.8 at year-end, from MNOK 707.7 a year earlier.
Outlook and guidance
Profitability is expected to improve in Sweden due to lower data costs from open data, despite lower subscription revenues.
The group aims to expand through organic growth and bolt-on acquisitions, leveraging regulatory and digitalization trends in Norway and Sweden.
- Q2 2025 saw 11% revenue growth, margin expansion, and strengthened finances post-Sikri divestment.SPIR
Q2 20253 Feb 2026 - Record Q2 revenue and net income, with strong recurring growth and positive H2 outlook.SPIR
Q2 202423 Jan 2026 - Revenue up 7% and net income jumps to MNOK 40, driven by Real Estate and Unbolt gains.SPIR
Q3 202414 Jan 2026 - Double-digit revenue and profit growth in 2024, driven by real estate and acquisitions.SPIR
Q4 202416 Dec 2025 - Q1 2025 saw 20% revenue growth, higher margins, and improved cash flow with a strong outlook.SPIR
Q1 202525 Nov 2025 - Q3 2025 saw 8% revenue growth, net debt eliminated, and new long-term growth targets set.SPIR
Q3 202511 Nov 2025
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