Spir Group (SPIR) Q4 2025 earnings summary

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.