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Spir Group (SPIR) investor relations material

Spir Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Achieved strong operational and financial performance in Q3 2025, with revenue growth above market rate and continued transformation toward real estate data and software.

  • Completed divestment of Sikri and Hjemla, making the company a pure-play real estate data and software provider.

  • Acquired Prosper AI's Real Estate Broker Solutions to strengthen AI-driven offerings for real estate professionals.

  • Expanded product offerings and customer base, with notable SaaS and GIS consulting service growth.

  • Launched new AI-driven products, including an AI assistant in iVerdi's EVIT and integration with Boligmappa.

Financial highlights

  • Q3 2025 revenue grew 8% to MNOK 236, with gross profit up 15% and gross margin improving to 54.6%.

  • Adjusted cash EBITDA increased 52% year-on-year to NOK 27.5 million, with margin rising to 11.6%.

  • Free cash flow improved by MNOK 8 compared to Q3 2024, reaching NOK 12 million.

  • Net interest-bearing debt reduced to negative MNOK 9.3 after paying down NOK 476 million in gross debt.

  • Extraordinary dividend of NOK 324 million distributed following Sikri divestment.

Outlook and guidance

  • Targets organic growth rate of 6%-9% long-term, with normalized OpEx growth of 5%-8%.

  • Rolling out a cost reduction program of at least NOK 20 million for 2026, in addition to NOK 10 million already implemented.

  • Aims for cash EBITDA margin of 12%-15%, up from 7.5% on a rolling 12-month basis.

  • Plans to distribute 40%-60% of cash EBITDA to shareholders via dividends or buybacks.

  • Positive outlook with growing demand for digital real estate solutions and stable transaction volumes.

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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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