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RNS - Spir Group ASA Q1 2025: Revenue growth of 20 percent and increased operational profitability

Company: Spir Group ASA Date: 2025-05-13 Language: Norwegian Register to download
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# **Spir Group ASA – Q1 2025**

CEO Per Haakon Lomsdalen & CFO Cecilie Brænd Hekneby

13 May 2025

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## **Strong revenue growth and increased profitability**

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# **Financial Review**

Q1 2025

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#### **Q1 2025 – FINANCIAL REVIEW**

## **Highlights Q1 2025**

### High market activity and increased revenue materializing in strong growth in cash EBITDA

- Overall revenue growth of 20% to MNOK 316 compared with Q1 2024 including MNOK 10 in new revenue, and 10% growth in annual recurring revenue (ARR)
- Increased gross profit of MNOK 194, up 21% from Q1 2024
- Adj EBITDA of MNOK 52 up 51 percent from MNOK 35 in Q1 2024
- Cash EBITDA of MNOK 30 up MNOK 20 from Q1 2024
- Depreciation and amortization of MNOK 39 up from MNOK 32 is impacted by Iverdi and higher
- Finance income down MNOK 8 following lower gain on interest rate swaps, finance expenses of MNOK 18 at same level as in Q1 2024
- Net income of MNOK -9 compared to MNOK -6 in Q1 2024 impacted by lower financial income and higher level of depreciation and amortization

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29% 33%

## **Strong revenue development driven by extraordinary high activity in the Norwegain real-estate market in the quarter**

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- 20% revenue growth in the quarter driven by 24% growth in the real estate business area including 10 MNOK in new revenue from iVerdi
- Within Public Administration Sikri has steady revenue growth of 3% and growth in run-rate ARR of 8%
- Revenue growth of 4% in Metria negatively impacted by Open Data but higher gross profit (lower COGS)

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## **Scalable revenue growth**

- Total revenue up 20% to NOK 316 million in the quarter
- Subscription revenue up +4% in the quarter following steady ARR-development across the companies. ARR I Metria down 5% as consequence of the implementation of Open Data, but with higher margins
- Transaction-based revenue up 35% in the quarter impacted by strong development in the real estate market in Norway and market recovery in Sweden
- Consulting revenues up 7% in the quarter. Fewer upgrade projects in Sikri since the majority of customers have migrated to cloud are offset by increased demand for Metria's consultant services within climate and sustainability

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Q1 2024 Q1 2025

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## **Increased operational profitability with Cash EBITDA up 20 MNOK in the quarter**

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- Increased operational profitability across the Group with all companies delivering solid growth in Cash EBITDA
- Development in Cash EBITDA in segment Other is impacted by new costs in Spir Data (previously Unbolt AS) mainly related to new initiatives to consolidate data and drive synergies and innovation across the real estate business area

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## **Extraordinary high activity and increased margins**

#### **Main developments**

- Revenue up 29% to MNOK 140 in Q1 2025
- Transaction-based revenue up 32% to MNOK 126 in the quarter following extraordinary high activity in the Norwegian real estate market with properties put out for sale up by 28%
- Annual recurring revenue (ARR) at the end of March was steady at MNOK 43.
- The commencement of new homes in Q1 2025 was up 31 percent, positively affecting Ambita's sale of digital maps and digital real-estate information
- Gross profit in Q1 2025 of MNOK 55 is up 28% from Q1 2024
- Adj EBITDA<sup>1</sup> of MNOK 20 in Q1 2025 is up 58% with 15% EBITDA-margin
- Cash EBITDA of MNOK 17 is up 72% from MNOK 10 in Q1 2024

1) No adjustments in Q1 2025 nor in Q1 2024

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**Q1 Revenue (MNOK) and adj EBITDA margin<sup>1</sup>**

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## **Continued revenue growth and focus on profitability starting to show results**

#### **Main developments**

- Revenue up 24% to MNOK 17 in Q1 2025
- Run rate ARR of B2B-revenue MNOK 55 up 12% from Q1 2024
- Transaction based revenues mainly from B2Cproducts introduced late 2023 of MNOK 3
- Focus on measures to increase profitability
- Adj EBITDA<sup>1</sup> of MNOK 4 up from MNOK -3 one year earlier
- Cash EBITDA of -2 up from -8 in Q1 2024

1) No adjustments in Q1 2025 nor in Q1 2024 2) 2024 figures restated after merger with 4CM

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**Q1 Revenue (MNOK) and adj EBITDA margin1,2**

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## **Revenue impacted by Open Data but 12% growth in gross profit and doubled cash EBITDA**

#### **Main developments**

- Revenue in Q1 2025 impacted by two months with Open Data but up 4% to MNOK 77
- Implementation of the EU Open Data directive impacts revenue within Geodato negatively as large parts of COGS disappears, but has positive impact on gross profit which is up 12%
- Subscription revenue down 8% and run-rate ARR of MNOK 109 down 5% following implementation of Open Data, but with higher profitability
- Transaction based revenue up 14% to MNOK 29 positively impacted by the Swedish real estate market picking up, and increased end user volumes within banking and finance
- Steady demand for consulting services with revenue up 7% to MNOK 20
- Increased profitability with adj EBITDA<sup>1</sup> of MNOK 12 and cash EBITDA of MNOK 8 up from MNOK 4 in Q1 2024, following increased gross profit and cost initiatives showing results

1) Adjusted for restructuring- and integration costs - MNOK 0.9 in Q1 2025 and MNOK 1.2 in Q1 2024

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**Q1 Revenue (MNOK) and adj. EBITDA margin<sup>1</sup>**

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## **New revenue from Iverdi impacts Q1 2025 with MNOK 10 and MNOK 16 in ARR**

#### **Main developments**

- Ivit Norway's most used professional software for valuation engineers
- Revenue of MNOK 10 in Q1 2025
- Run-rate ARR of MNOK 16
- 23% increase in reports Q/Q
- Gross profit of MNOK 8 with 82% gross margin
- Adjusted EBITDA<sup>1</sup> of MNOK 3 with 27% adj EBITDA-margin
- Cash EBITDA of MNOK 2 and increasing profitability

**Q1 Revenue (MNOK) and adj. EBITDA margin<sup>1</sup>**

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1) No non-recurring adjustments in Q1 2025 nor in Q1 2024

2) Iverdi consolidated from 28.8 2024 (one month in Q3 2024)

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25% 24%

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29% 30%

## **Steady revenue growth with ARR up 8% and increased profitability**

#### **Main developments**

**Q1 Revenue (MNOK) and adj. EBITDA margin<sup>1</sup>**

- Revenue up 3% to MNOK 69 in Q1 2025
- Subscription revenue up 7% in the quarter to MNOK 53 following run-rate ARR growth of 8% to MNOK 215
- Consulting revenues up 8% to MNOK 16. Fewer upgrade projects as the majority of customers are migrated to cloud, but seasonal variation
- Gross profit up 9% to MNOK 64 with 93% gross margin (up from 88%)
- Adjusted EBITDA<sup>1</sup> of MNOK 23 with 33% adj EBITDA-margin
- Cash EBITDA of MNOK 14 up 50% from Q1 2024

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1) Adjusted for restructuring costs – MNOK 0.5 in Q1 25 and MNOK 0.2 in Q1 24

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#### **Q1 2025 - FINANCIAL REVIEW**

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## **Optimizing investments across the Group to capitalize on growth potential**

- Total capex of MNOK 21 in Q1 2025, down 3 MNOK from Q1 2024 incl MNOK 1 from new segment Iverdi
- 7% of revenue in the quarter invested to develop new functionality and features to strengthen the market leading positions
- Increased focus on ROI and optimization of spend across the Group
- Planned range of capex for FY 2025 is MNOK 90-95 compared to MNOK 115 in FY 2024 when adjusting for full year effect of Unbolt and subsidiaries

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### **Free cash flow up from MNOK 130 in Q1 2024 to MNOK 138 in Q1 2025**

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#### **YTD 2025 FINANCIAL POSITION**

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## **Strategy of reducing interest bearing debt**

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#### **Financial position 31.03.2025 (MNOK) Net interest-bearing debt (MNOK)**

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#### **Details**

- NIBD incl lease liabilities decreased from MNOK 708 at year-end 2024 to MNOK 582 in March 2025
	- NIBD ex lease liabilities -MNOK 122
	- Lease liabilities -MNOK 4
- 67% of interest-bearing debt as of 31.03.2025 covered by interest rate swaps at favorable terms:
	- MNOK 243 at 3.24% (mature in 2032)
	- MNOK 162 at 3.25% (mature in 2028)
- Equity ratio of 50%
- Cash-balance of MNOK 93
- Liquidity reserve of MNOK 100

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## **Q1 2025 financial summary**

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**Accelerated total revenue growth driven by the Real Estate business area**

### **#1 #3 #23**

**Steady growth in Public Administration business area with increasing ARR and long contracts**

### **Increasing cash EBITDA and continued focus on cost control across the two business areas**

## **#4**

**Strategy of reducing NIBD with strict focus on down payment on borrowings**

**Continued improved financial results and positioned for further growth**

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# **Q1 Business Update**

Per Haakon Lomsdalen

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## **Software house with #1 positions in two business areas**

Strong brands delivering mission-critical software and data

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## **Real Estate – Strong quarter with overall revenue growth**

Improved operational profitability

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- Spir Group´s overall revenue **increased by 20%** in Q1 driven by strong growth in the Real Estate business area
- Ambita is driven by strong development in the transaction based real estate market, and maintains the **strong market position** in a competitive market
- In Q1 Ambita launched the Prosper sales assignment, an **AI service** that uses artificial intelligence to generate detailed property prospects
- Commencement of new homes increased by **31% in Q1 2025** compared to the same quarter last year, positively impacting Ambita's "Eiendomsutvikling" business area
- With iVerdi, around **90,000 condition reports** are generated annually through the Ivit solution, enhancing Spir Group's real estate data with unique insights on the condition of Norwegian homes
- Following the implementation of Open Data in Sweden, which removed significant Geodata costs for Metria, **gross profit increased** in line with management expectations and with a positive outlook for 2025
- Boligmappa continued to **grow the usage** of its services by both homeowners, craftsmen and other industry partners

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## **Public Administration – Continued solid progress**

Steady ARR increase as a result of strong upsell momentum

- The majority of the growth in the ARR is related to **upsell and cross sell** within existing customers
- In Q1 Sikri won the tender for Indigo IKS (Hamar, Løten, and Stange) with a three-year **contract worth MNOK 8.7** and several options for renewal and add-on sales to seven additional municipalities
- Stavanger Municipality, won in July 2024, went live at the end of Q1, valuing Sikri as a **strategic partner**, not just a system provider

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# **Outlook**

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# **Outlook**

### **Continue to pursue our growth strategy**

- Our outlook remains positive and the demand for secure and efficient IT solutions is growing across our business areas
- Subscription revenue expected to grow steadily with low churn due to long-term contracts
- High win rate and long-term customer contracts continues to generate steady growth within public administration
- Ongoing investment optimization to enhance margins, cash flow, and ROI; FY 2025 capex projected at MNOK 90–95
- Cost control and efficiency improvements continue to be key focus areas as we need to adjust to the current market situation at all time
- Solid building blocks in place and foresee continued growth in our software business for 2025

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## **Introducing**

### **Line Cecilie Stenseth, Interim CFO**

- Currently holds the position of Group Finance Manager, with extensive experience gained from both Spir Group and its subsidiary, Ambita
- Prior experience from the finance departments of Eltek and Vestre Viken HF
- Stenseth is a proven talent with demonstrated strategic insight, strong leadership skills, and a consistent track record of delivering results
- Effective from 15 May 2025

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# **Thank you!**

Do you have any questions? Feel free to contact us! [cecilie.hekneby@spirgroup.com](mailto:cecilie.hekneby@spirgroup.com?subject=Question%20regarding%20Spir%20Group%20ASA%20Q1%202024%20presentation)

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## **Disclaimer**

This Presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

Information provided on the market environment, market developments, growth rates, market trends and on the competitive situation in the markets and regions in which the Company operates is based on data, statistical information and reports by third parties and/or prepared by the Company based on its own information and information derived from such third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein.

FORWARD LOOKING STATEMENTS. Matters discussed in this document may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "will," "may," "continue," "should" and similar expressions. Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; and developments in the Company's markets. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company and the Manager believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of the Company or the industry to differ materially from those results expressed or implied in this document by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement.

THE INFORMATION WITH RESPECT TO ANY PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED.

NO UPDATES. Nothing contained in the Information is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, the Information speaks as of the date hereof. Neither the delivery of this presentation nor any purchase of any of the securities, assets, businesses or undertakings of the Company shall, under any circumstances, be construed to indicate or imply that there has been no change in the affairs of the Company since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by the Company or the Manager for updating the Information (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. The Information is necessarily based on economic, market and other conditions as in effect on, and the information made available to the Manager as of, the date hereof or as stated herein. It should be understood that subsequent developments may affect such information and that the Company and the Manager have no expectation or obligation to update or revise such information.

This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as legal venue.

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# **Appendix**

Historical financial proforma figures, adjusted for acquired and divested business

**APPENDIX**

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## **ARR growth 10% for Spir Group year-over-year**

Annual Recurring Revenue (MNOK)

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## **Updated proforma financials1,2,3**

| (MNOK)<br>Revenue | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|-------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| Sikri             | 66    | 66    | 73    | 69    | 67    | 66    | 63    | 73    | 69    |
| Ambita            | 110   | 137   | 115   | 82    | 109   | 153   | 127   | 94    | 140   |
| 3)<br>Boligmappa  | 11    | 11    | 11    | 13    | 13    | 14    | 15    | 16    | 16    |
| Metria            | 72    | 75    | 62    | 74    | 74    | 74    | 72    | 84    | 77    |
| Iverdi            | -     | -     | -     | -     | -     | -     | 4     | 9     | 10    |
| Other/elimination | 2     | 0     | 3     | 3     |       | 1     | 1     | -5    | 4     |
| Total<br>revenues | 261   | 289   | 264   | 241   | 263   | 308   | 282   | 271   | 316   |

| (MNOK)<br>Profit<br>Gross | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|---------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| Sikri                     | 57    | 56    | 57    | 60    | 59    | 59    | 56    | 65    | 64    |
| Ambita                    | 44    | 55    | 46    | 37    | 43    | 59    | 50    | 54    | 55    |
| 3)<br>Boligmappa          | 11    | 10    | 11    | 13    | 13    | 14    | 15    | 16    | 16    |
| Metria                    | 45    | 47    | 38    | 47    | 45    | 43    | 43    | 52    | 50    |
| Iverdi                    | -     | -     | -     | -     | -     | -     | 3     | 6     | 8     |
| Other/elimination         | 1     | -     | 3     | 2     | 1     | -     | 2     | -11   | 0     |
| Profit<br>Total<br>Gross  | 158   | 168   | 155   | 159   | 161   | 175   | 169   | 183   | 194   |
|                           |       |       |       |       |       |       |       |       |       |
| (MNOK)<br>ARR             | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
| Total<br>ARR              | 379   | 383   | 385   | 398   | 399   | 406   | 425   | 443   | 439   |

1) Proforma figures for 2023 have been adjusted for the divestment of Metria Planning and Surveying

2) Due to a historic accounting error during the period 2020-2023 in Ambita, the comparative numbersd for 2023 have been restated

The error specifically affects revenues. Revenue is affected by MNOK 1.0

3) Boligmappa comparative figures for 2024 have been restated following the merger with 4CastMedia AS as at 1 January 2024

## **Updated proforma financials1,2**

| (MNOK)<br>EBITDA  | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|-------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| Sikri             | 16    | 18    | 22    | 20    | 18    | 19    | 19    | 23    | 22    |
| Ambita            | 16    | 30    | 22    | 11    | 13    | 33    | 21    | 16    | 20    |
| 3)<br>Boligmappa  | -     | -1    | 1     | -     | -3    | -     | 4     | 3     | 4     |
| Metria            | 13    | 8     | 9     | 11    | 10    | 7     | 15    | 15    | 11    |
| Iverdi            | -     | -     | -     | -     | 3     | 6     | 1     | 2     | 3     |
| Other/elimination | -7    | -6    | -6    | -8    | -5    | -1    | -6    | -6    | -10   |
| Total<br>EBITDA   | 38    | 49    | 48    | 34    | 36    | 64    | 55    | 52    | 51    |

| (MNOK)<br>Adjusted<br>EBITDA | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| Sikri                        | 18    | 18    | 23    | 18    | 18    | 19    | 20    | 23    | 23    |
| Ambita                       | 16    | 30    | 22    | 13    | 13    | 33    | 22    | 14    | 20    |
| 3)<br>Boligmappa             | -     | -1    | 1     | -3    | -3    | -     | 4     | 3     | 4     |
| Metria                       | 16    | 11    | 11    | 13    | 12    | 9     | 15    | 17    | 12    |
| Iverdi                       | -     | -     | -     | -     | 3     | 6     | 3     | 2     | 3     |
| Other/elimination            | -5    | -5    | -6    | -5    | -8    | -8    | -7    | -6    | -9    |
| adjusted<br>Total<br>EBITDA  | 45    | 53    | 51    | 37    | 35    | 59    | 57    | 52    | 52    |

| (MNOK)<br>Cash<br>EBITDA | Q1'23 | Q2'23 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 |
|--------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|
| Sikri                    | 8     | 10    | 14    | 10    | 10    | 11    | 13    | 12    | 14    |
| Ambita                   | 12    | 26    | 18    | 10    | 10    | 28    | 18    | 12    | 17    |
| 3)<br>Boligmappa         | -6    | -7    | -4    | -8    | -7    | -6    | -1    | -3    | -2    |
| Metria                   | 8     | 4     | 5     | 4     | 4     | 1     | 11    | 9     | 8     |
| Iverdi                   | -     | -     | -     | -     | -     | -     | -     | -1    | 2     |
| Other/elimination        | -8    | -7    | -8    | -5    | -8    | -3    | -8    | -8    | -10   |
| Total<br>cash<br>EBITDA  | 14    | 26    | 25    | 10    | 9     | 31    | 33    | 21    | 30    |

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