Spir Group (SPIR) Q2 2025 earnings summary

Executive summary

• Completed divestment of Sikri AS 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 2025 and 18% in H1 2025, with strong profitability gains and sharpened focus on real estate software and data.

• Introduced an attractive dividend policy and paid/proposed a special dividend of NOK 2.44 per share (NOK 324 million) following Sikri divestment.

• Streamlined operations and organization, targeting increased profitability, scalability, and a robust M&A strategy.

Financial highlights

• Q2 2025 revenue rose 11% to NOK 268 million; H1 2025 revenue up 18% to NOK 515 million.

• Gross profit grew 22% in Q2 2025 to NOK 142 million, with gross margin at 52.9%.

• Adjusted EBITDA increased 28% to NOK 42 million in Q2 2025; cash EBITDA up 67% to NOK 25 million.

• Cash EBITDA margin improved from 6% to 9% in Q2 2025.

• Annual Recurring Revenue (ARR) run rate at NOK 216 million, up 5% year-over-year.

Outlook and guidance

• Positive outlook with continued demand for secure, efficient IT solutions and digital real estate services.

• Focus on optimizing investments, enhancing margins, and improving cash flow; FY 2025 capex projected at NOK 55–60 million, down from NOK 81 million.

• NOK 10 million OpEx/cost reduction program on track for 2025.

• Expect continued growth in software business for 2025, with AI integration as a future driver.