Spir Group (SPIR) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue grew 13% year-over-year to NOK 274 million (MNOK 274), with annual recurring revenue up 11% to NOK 443 million, driven by strong real estate market activity and successful integration of acquisitions including Onboard/Unbolt.

• Full-year 2024 revenue was NOK 1,127 million (+7%), with net income of NOK 51 million, reversing a loss from 2023.

• Real estate segment led growth with Q4 revenue up 23%, supported by Ambita, Boligmappa, Metria, and Iverdi.

• Public administration segment maintained steady growth, with Sikri Q4 revenue up 4% and an 80% win rate in tenders.

• Strategic acquisitions and integrations, including Onboard/Unbolt and 4Cast Media, strengthened real estate data offerings and market position.

Financial highlights

• Q4 2024 gross profit was NOK 191 million (+19%), adjusted EBITDA was NOK 51 million (+29%), and net income was NOK 7 million (up from -17 million in Q4 2023).

• Full-year adjusted EBITDA was NOK 201 million (+6%), cash EBITDA was NOK 95 million (+30%), and free cash flow increased to NOK 86 million.

• Net finance improved to NOK -6 million in FY 2024, aided by one-off gains from Unbolt consolidation and interest rate swaps.

• Capex for FY 2024 was NOK 99 million (9% of revenue), with significant investments in product development and platform scaling.

• Equity ratio at year-end 2024 was 53%, with net interest-bearing debt at NOK 708 million.

Outlook and guidance

• Positive outlook for 2025, expecting continued growth in subscription-based revenues, low churn, and strong real estate and public administration segments.

• Planned capital investment for 2025 is NOK 90–95 million, focusing on margin enhancement and ROI.

• Open data implementation in Sweden may impact Metria's revenue but is expected to improve gross profit and create new product opportunities.

• Ongoing cost control, use of generative AI, and pursuit of bolt-on acquisitions to streamline operations and strengthen the real estate ecosystem.