Spir Group ASA

Investor Presentation • Aug 19, 2025

Spir Group ASA – Q2 2025

CEO Per Haakon Lomsdalen & Interim CFO Line Cecilie Stenseth

19 August 2025

Business Update

Q2 2025

Strong revenue growth and increased profitability

Simplified and sharpened Spir – Ready to accelerate growth and profitability

SPIR GROUP GOING FORWARD

Pure-play real estate data and software company with leading positions in Norway and Sweden

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Clear pathway to growth through increased revenue per real estate transaction, new vertical software solutions, and broadened customer base.

Streamlining organisation and increasing scalability – targeting profitability

Debt reduced to NOK 141 million, down from 649 million at June end. Dividend of NOK 324 million, and attractive dividend policy introduced following divestment of Sikri AS

Transforming into a pure-play real estate software and data provider

Unique combination of data, domain expertise and software for the entire real estate journey

Unique and comprehensive data platform which is continuously reinforced

Deep and unique domain competence in the real estate ecosystem

Trusted by all players in the industry, involved in 9 of 10 real estate transactions

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Broad software product portfolio covering all aspects of the real estate journey

Spir delivers mission-critical data and software to key players in the real estate industry

• Property Data Public registries and Municipal information (Infoland "meglerpakke")
• Property Condition reports
• Digital Land Registry title and deed recording
• Automated Property Prospectus
• Digital Maps

• Property data
• Digital Land Registry title and deed recording
• Climate and risk data
• Market analytics and reports

• Property Data
• Property Documentation Platform (Boligmappa)
• Building Permit Application
• Digital Maps and Property Search Solutions
• Appraisal Software
• Market analytics and reports

REAL ESTATE AGENTS BANKING & INSURANCE CONSTRUCTION UTILITY AND LAND DEVELOPERS

• Property Data
• Geo Data and Geo Information Services
• Digital Maps and Property Search Solutions
• Infrastructure Planning Software
• Property and Forestry Valuation Software

Financial Review

Q2 and H1 2025

Strong balance sheet following Sikri divestment

• Enterprise value NOK 1 billion
• NOK 900 million paid at closing, 24 July 2025, and 100 million to be settled in 2028
• NOK 50 million earn-out contingent on Sikri performance in 2025

Sikri divestment Dividend policy Special dividend

• Dividend of NOK 2.44 per share, equaling approx. NOK 324 million, proposed by the Board
• To be resolved by an extraordinary general meeting on 11 September 2025

Debt reduction

• Downpayment of MNOK 293.7 on Facility A - Term Loan Bullet
• Spir Group has also decided to pay down debt to 141 MNOK in Q3.

• Leaves headroom for a prudent, disciplined approach to selective bolt-on M&A

• Spir Group's overall objective is to create long-term value for its owners, partly through a positive development in the share price and partly through dividends.

• The Group's long-term dividend policy is to have a payout ratio of 40-60 % of Cash EBITDA, provided that the Group's capital adequacy is at a satisfactory level.
• The company is expected to maintain a leverage ratio (NIBD/adj. EBITDA) under 2.0.

Highlights Q2 og H1 2025

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

• Overall revenue growth of 11% to MNOK 268 compared with Q2 2024 including MNOK 12 in new revenue.
• Revenue growth of 18% in H1 to MNOK 515, including MNOK 21 in inorganic growth
• Increased gross profit of MNOK 142 in Q2 up 22%, and MNOK 271 in H1 up 25 %.
• Adj EBITDA of MNOK 42 up 28% from MNOK 33 in Q2 2024, and MNOK 68 up 46% from MNOK 47 in H1.
• Cash EBITDA of MNOK 25 up MNOK 10 from Q2 2024, and MNOK 37 up MNOK 25 from H1 2024.
• Cash EBITDA margin increased from 6% to 9% in Q2 and from 3% to 7% in H1

Strong revenue development and increased operational profitability with Cash EBITDA up 25 MNOK in H1

CASH EBITDA DEVELOPMENT H/H

• 18% revenue growth in H1 driven by strong growth in the real estate market, and MNOK 21 in new revenue from iVerdi.
• Metria delivers flat revenue growth in local currency (+4 % in NOK) impacted by Open Data, but EBITDA up by 49% (lower COGS)
• 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 Group

Revenue increase and improved Cash EBITDA

MAIN DEVELOPMENTS

• Revenue up 8% to MNOK 165 in Q2 2025 and up 17% to MNOK 304 in H1 2025.
• Transaction-based revenue up 5% to MNOK 147 in the quarter, and up 16% in H1 following extraordinary high activity in the Norwegian real estate market first quarter. Properties put out for sale up by 4% in Q2 and 13% in H1.
• The commencement of new homes in Q2 2025 was down 14 percent, still 20% revenue growth in Ambita's solution for building applications and neighbor notification.
• Gross profit in Q2 2025 of MNOK 63 is up 6% from Q2 2024.
• Adj EBITDA¹ in Q2 at same level as last year (MNOK 33), but Cash EBITDA of MNOK 31 is up 12%.
• Adj EBITDA¹ in H1 of MNOK 48 is up 16%, and Cash EBITDA increased by 27% to MNOK 48.
• 1) No adjustments in Q1 2025 nor in Q1 2024

Q/Q REVENUE (MNOK) AND ADJ EBITDA MARGIN¹

H/H REVENUE (MNOK) AND ADJ. EBITDA MARGIN¹

MAIN DEVELOPMENTS

• Revenue up 19% to MNOK 16 in Q2 2025 and up 22 % to MNOK 32.6 in H1 2025
• Run rate ARR of B2B-revenue MNOK 55 up 10% from end of Q2 2024
• Transaction based revenues mainly from B2C-products introduced late 2023 of MNOK 2.5
• Focus on measures to increase profitability
• Adj. EBITDA¹ of MNOK 3 in Q2 up from MNOK -0.1 last year, and adj. EBITDA of MNOK 6.9 in H1 improved by MNOK 10.3 compared to last year

• Cash EBITDA of -2 up from -4 in Q2 2024 and Cash EBITDA of -4 up from -12 in H1

• 1) Adjusted for non-recurring items MNOK 0.6 in Q2 and H1. No adjustments in 2024.

• 2) 2024 figures restated after merger with 4CM

Q/Q REVENUE (MNOK) AND ADJ EBITDA MARGIN1,2

H/H REVENUE (MNOK) AND ADJ. EBITDA MARGIN1,2

13

Increased gross profit and strong development in cash EBITDA

MAIN DEVELOPMENTS

• Revenue in Q2 2025 impacted by Open Data. Flat revenue in local currency
• Implementation of the EU Open Data directive impacts revenue within Geodata negatively as large parts of COGS disappears, but has positive impact on gross profit which is up 25% in Q2 and 18% in H1.
• Subscription revenue down 10% and run-rate ARR of MNOK 101 down 16% following implementation of Open Data, but with higher profitability
• Transaction based revenue up 16% to MNOK 29 in Q2 and 15% to MNOK 59 in H1 positively impacted by the Swedish real estate market picking up, and increased end user volumes within banking and finance
• Consulting revenues up 14% to MNOK 22 in Q2 and 11% to MNOK 42 in H1.
• Increased profitability with adj EBITDA¹ of MNOK 16 and cash EBITDA of MNOK 11 up from MNOK 1 in Q2 2024, following increased gross profit and cost initiatives showing results
• 1) Adjusted for restructuring- and integration costs MNOK 0.2 in Q2 2025 (MNOK 2.9 in Q2 2024) and MNOK 1.1 in H1 2025 (MNOK 4.1 in H1 2024)

New revenue from Iverdi impacts Q2 2025 with MNOK 12 and MNOK 4 in Adj. EBITDA

MAIN DEVELOPMENTS

• Ivit Norway's most used professional software for valuation engineers
• Revenue up 13% to MNOK 12 in Q2 2025 and up 25% to MNOK 21 in H1 2025.
• Gross profit in Q2 2025 of MNOK 10 is up 13% from Q2 2024.
• Adj EBITDA¹ in Q2 down 31% to 4MNOK, but still increased profitability as Cash EBITDA is up 23% to MNOK 2.4.
• Adj EBITDA¹ in H1 of MNOK 6.6 is down 19%, but Cash EBITDA increased by MNOK 3.3 to MNOK 4.0.
• 1) No non-recurring adjustments in Q2 and H1 2025 nor in Q2 and H1 2024
• 2) 2024 numbers are proforma. Iverdi consolidated from 28.8 2024 (one month in Q3 2024) – Numbers restated as result of IFRS15

Q2 AND H1 2025 - FINANCIAL REVIEW

Optimizing investments across the Group to capitalize on growth potential

• Total capex of MNOK 13 in Q2 2025, down 1 MNOK from Q2 2024 incl MNOK 2 from new segment Iverdi
• Total capex of MNOK 26 in H1 2025, down 4 MNOK from H1 2024 incl MNOK 3 from new segment Iverdi
• 5% of revenue in the quarter and first half 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 55-60 compared to MNOK 81 in FY 2024 ex Sikri when adjusting for full year effect of Unbolt and subsidiaries.

Free cash flow up impacted by seasonal fluctuations

FREE CASH FLOW (MNOK)¹ CASH FLOW BRIDGE H1 2025

Outlook

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
• Following the divestment of Sikri AS, Spir will sharpen its focus as the market leader in real estate data and software across Norway and Sweden
• Ongoing focus on optimizing investments to enhance margins, improve cash flow, and prioritize ROI; FY 2025 capex projected at MNOK 55–60 (down from MNOK 81 in FY 2024, adjusted for Sikri divestment).
• Product development investments expected to contribute to margin improvement and stronger cash flow yield over time
• Cost control and efficiency remain key priorities to adapt to market conditions. A cost reduction program targeting NOK 10 million in savings is implemented and on track
• Solid building blocks in place and foresee continued growth in our software business for 2025

OUR STRATEGIC DIRECTION

The trusted partner powering real estate's digital future

Thank you!

Do you have any questions? Feel free to contact us! line.stenseth@spirgroup.com

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.

Appendix

Historical financial proforma figures, adjusted for acquired and divested business

APPENDIX

ARR* growth 5% for Spir Group year-over-year

Annual Recurring Revenue (MNOK)

Updated proforma financials

Revenue (MNOK)	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Ambita	110	137	115	82	109	153	127	94	140	165
Boligmappa	11	11	11	13	13	14	15	16	16	16
Metria	72	75	62	74	74	74	72	84	77	78
Iverdi	7	8	8	6	7	10	8	7	10	12
Other/elimination	2	0	3	3	0	1	1	-5	4	-3
Total revenues	202	231	199	178	203	252	223	197	247	268
Sikri	66	66	73	69	67	66	63	73	69	70
Total revenues incl. Sikri	268	297	272	247	270	318	286	269	316	338

(MNOK) Gross Profit	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Ambita	44	55	46	37	43	59	50	54	55	63
Boligmappa	11	10	11	13	13	14	15	16	16	16
Metria	45	47	38	47	45	43	43	52	50	54
Iverdi	6	5	6	3	6	9	7	6	8	10
Other/elimination	1	0	3	2	1	0	2	-11	0	0
Total Gross Profit	107	117	104	102	108	124	117	118	130	142
Sikri	57	56	57	60	59	59	56	65	64	64
Total Gross Profit incl. Sikri	164	173	161	162	167	183	173	183	195	206

ARR (MNOK)	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Total ARR	193	193	194	200	200	205	221	233	224	216
Sikri	186	190	191	198	199	201	204	210	215	232
Total ARR incl. Sikri	379	383	385	398	399	406	425	443	439	448

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

2) Proforma figures 2023-2024 adjusted for acquisition of iVerdi and Spir Data.

3) Due to a historic accounting error in 2020-2023 in Ambita, the comparative figures for 2023 have been revised. Revenue in 2023 is affected by MNOK 1.0.

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

Updated proforma financials

EBITDA (MNOK)	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Ambita	16	30	22	11	13	33	21	16	20	33
Boligmappa	0	-1	1	0	-3	0	4	3	4	3
Metria	13	8	9	11	10	7	15	15	11	16
Iverdi	4	3	3	-1	2	6	3	2	3	4
Other/elimination	-7	-6	-6	-8	-7	-6	-9	0	-13	-18
Total EBITDA	26	34	29	13	15	40	34	35	25	38
(Sikri) Discontinued	16	18	22	20	20	24	22	16	26	26
Total EBITDA incl Sikri	42	52	51	33	35	64	57	52	51	64

EBITDA (MNOK) Adjusted	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Ambita	16	30	22	46	13	33	22	14	20	33
Boligmappa	0	-1	1	-3	-3	0	4	3	4	3
Metria	16	11	11	13	12	9	15	17	12	17
Iverdi	4	3	3	-1	2	6	3	2	3	4
Other/elimination	-5	-5	-6	-12	-10	-13	-10	1	-13	-15
Total adjusted EBITDA	31	38	31	42	14	35	34	35	26	42
(Sikri) Discontinued	18	18	23	21	20	24	23	17	26	26
adjusted EBITDA incl Sikri Total	49	56	54	63	34	59	57	52	52	69

EBITDA (MNOK) Cash	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25
Ambita	12	26	18	38	10	28	18	12	17	31
Boligmappa	-6	-7	-4	-12	-7	-6	-1	-3	-2	-2
Metria	8	4	5	5	4	1	11	9	8	11
Iverdi	0	0	1	-5	-1	2	0	-1	2	-5
Other/elimination	-8	-7	-8	-13	-7	-6	-9	0	-13	-18
Total cash EBITDA	6	16	12	12	-1	19	19	17	12	17
(Sikri) Discontinued	8	10	14	10	10	11	13	12	14	17
Total Cash EBITDA incl Sikri	14	26	26	22	9	30	32	29	26	35