Spir Group (SPIR) Q3 2025 earnings summary

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.